N.Z. INSURANCE COMPANY.

Auckland Star, Volume XLVII, Issue 156, 1 July 1916, Page 9

N.Z. INSURANCE COMPANY.

TRUST ATTD AGENCY BUSINESS. PUBLICATION OF ACCOUNTS. (By Telegraph.—Parliamentary Reporter.) j WELLINGTON, Friday. The New Zealand Insurance Company Trust Bill passed its final stages in the Legislative Council to-day. The Hon. 0. Samuel, in referring to an alteration made in the bill by the Committee of Selection, said that "at the second reading stage the Hon. J. T. Paul had called attention to the difference between the bill and other Acts of similar nature that had been passed in regard to other companies conducting busiI ness similar to that referred to in this j bill. When the point was raised, he, Mr. Samuel, suggested that probably the I reason for the difference was that the I New Zealand Insurance Company was in I a different position from the other comj panics conducting trust and agency busi- | ness, in that it also was an insurance j company carrying on insurance business, I including accident insurance, and that in this capacity this company was probably bound by other Acte to afford periodical publicity regarding its financial position. He had ascertained that hie supposition was correct. The other com- ' panics referred to were companies that i conducted only trust and agency busij ness, and, therefore, were required by ! the provision in Acts relating to them to give publicity to their accounts. In the case of the New Zealand Insurance Company there were other Acts, including the Accident Insurance Act, which i provided for the regular publication of I accounts. However, it had appeared to the committee that it wae desirable that a clause similar to that referred to by Mr. Paul should be inserted, not because it was necessary in the present case, but as a precedent which it might be necessary to adopt in future in regard to other companies which migH be jin a financial position less favourable than fche New Zealand Insurance Company. A clause had, therefore, been inserted, providing for the publication of ! the annual balance-sheet. He moved that the report of the committee be agreed to. The report was adopted, and the bi'l I read a third time, and passed without j further discussion.