NEW ZEALAND INSURANCE CO.

Auckland Star, Volume XXX, Issue 8, 11 January 1899, Page 5

NEW ZEALAND INSURANCE CO.

ANMJAL MEETING.

The annual general meeting of shareholders in the New Zealand Insurance Company was held this afternoon at the Company's office, Dr. J. Logan Campbell (chairman of directors) presided, and there was a good attendance of directors and shareholders.

The sixtieth report and balancesheet of the Company for the year ended 30th November, I*B9B, already published in the, columns of the 'Star,' were presented and taken as read. ■ THE CHAIRMAN'S ADDRESS. The chairman said: — The report rind balance-sheet which have been placed in your hands for perusal in anticipation of to-day's meeting Avill np doubt have prepared you for an address from the chair not of that satisfactory character which, as a rule, it has been my pleasingduty to deliver. The directors hoped,--when-they last met you, that the exceptionally heavy looses which they had then to record would not /have, been repeated, but they regret that the report now before you shows the Company has again had to meet severe and quite "unprecedented losses. The directors, however, think it right to inform shareholders that the heaviest losses have been made oivfirst-elass risks.

It,may interest you to know that your Company is not alone in this experience, as many kindred institutions have suffered severely, and. ours is not a singular position, in having -to trench on reserve funds to pay a dividend. You are doubtless aware that provision is made for this in our Articles of Association, clause 108 enacting that reserves, amongst other objects, are 'for equalising dividends.' That being so, and considering^ the strength of our reserves, your directors feel justified in recommending, thepayment of;2/.a share for the second half of the year, making 10 per cent, per annum. Your directors do not anticipate a continuance of the present cycle of bad times, but look forward to improved and more profitable business. Such. a rim of losses as the present has arisen in the history of r.lmost every Insurance company, and in our large business we could hardly expect to escape. Your directors, how rever, are well satisfied with the business of the Company generally, which shows a steady increase, at almost every one of its branches.

I would point out that although the item 'expenses', in the balance-sheet shows an increased amount, the percentage it bears to revenue is less than last year.

Regarding our investments, you maiy recollect that last year shareholders were told that these had .just undergone the periodical scrutiny of the Board, and most of them had been revalued by experts, with the result; that they were then found to be still in excess of the v^lue placed upon them in our books.: You will notice that on one or two which have been realised during the year, there has been a profit, which has not been brought into profit and loss^.but added f° Investment. Fluctuation Ac-: count. Our Inspector-of Brandies, Mr .T. C_ Hanna, has just returned after a two years' inspection of our numerous i and widespread, agencies, 'flic Board have been in constant toucli with him during his absence, and his able reports from time to time have been of great service to the: Company. .--"*"_' The past year has been one of grea,t anxiety to your directors and' Executive; but they look forward With hope; and confidence to the future and tp the steady and continuous growth and prosperity of the Company, owing to its''wide and valuable connection, not only in the colonies, but in almost every, pari/ Of the World. The share-; holders may rest: assured1 that, a.s usual,,every loss known to us Up to the Ist December has been amply.-pro-; vided for. With these remarks I beg to move the adoption Of the report and balance-sheet. Mr A. G. Horton seconded the adoption of tbereport, which was agreed to without dissent. . - ; . Directors: Messrs A. H. Nathan and J. 'L. Wilson were re-elected directors unopposed.' Messrs "H. . Gilfillan and W. E. Holmes were re-appdihted auditors. v Mr Wilson and; Mic-. Natbatn returhed/thanks for the confidence \ shown by re-electing on- the. Board. ' Thanks.—Mr H. N. Garland moved that a- vote of thanks be tendered the directors and* officers of the Company., Although results-might not be satisfactory, still the directors, and officers, he felt sure, had earned; the thanks of shareholders all the same:-v.

; >Mr A. Lovett seconded the motioh, which Was agreed to. The chairman, in returning thanks on behalf of the directors; expressed the hope that when they : met.next year matters would be more, prosperous. :."'■ ' - •-:'' ': ■ .■■•■'*_ Mr Hugh Craig, in responding'for the staff, said they all felt very keenly the position of things for the-past two years, but if loyalty, attention to business, and keen discrimination would restore matters to the. usual prosperous" condition, the shareholders . might depend the staff would; do its utmost, and he had ever.-hope and confidence they would next year present a far more creditable appearance than they • unfortunately did ,at the: present time; • ! - This; closed the proceedings.