NATIONAL INSURANCE COMPANY.

Press, Volume LXIII, Issue 12966, 20 November 1907, Page 4

NATIONAL INSURANCE COMPANY.

: 4 —- (SPECIAL TO "TaM *M9i.") DUNEDIN, November 19. The annual meeting of the National Insurance Company was held; to-day. The chairman of directors (Mr J. M. Ritchie), in moving the adoption of the annual report, said that shareholders were to get the same dividend this year as last. Still, nevertheless, they had had a considerably poorer year than the. previous year—it had not been by any means so satisfactory, the losses being £21,836 greater than thVy were last year. That was about 60 per cent. more, litis large increase in less had occurred both in fire and marine business. There had been Berious conflagrations in New South "Wales, while there had' Been an unusual loss in ships. As against this loss, they had to congratulate themselves on the. increase of net premiums by about £4000. They had only carried forward £10,000 this year to the reserve fund, instead of £20,000 last year. Tlie Government tax was going on increasing, and ho was afraid it would be still higher next year, when the expenditure for fire boards came fo be taken into account. During the year they had added £11,000 1o their funds generally, which made tho total of capital, reserves and undivided profits £349,389. This mado them in this respect a long way ahead of any other doing purely colonial business, and if they compared them with tho amount of their annual premiums, their position was not equalled by any other colonial company. Tho report was adopted, and the retiring directors (Sir Uames Mills and Mr J. M. Ritchie) worb re-elected.