NEW ZEALAND INSURANCE COMPANY. HALF-YEARLY GENERAL MEETING.

Daily Southern Cross, Volume XXIV, Issue 3432, 16 July 1868, Page 5

NEW ZEALAND INSURANCE COMPANY. HALF-YEARLY GENERAL MEETING.

Tbi half •yearly general meeting of the New Zealand Insurance Company was held at the Company's offices, 'Shortland-street, yesterday. „ .There were preseut Mr. James Williamson, chairman, of the Company, who presided,; Mr. S. Brown- ' jng, deputy chairman j Messrs. W. C. Wilson, G. Crutnmer, P. Grace, T. Russell, J. S, Macfarlane, ' T>. M. Murdoch, G. B. Owen, C. J. Stone, W. Merrs. "Mr. G. P. PlBRCit (secretary) read the advertise- ' xnent calling the meeting, also the minutes of last meeting, Which were confirmed. The Sioretary then read the following report and statement of accounts :—: — ,

*' Report. " Your Directors submit herewith the half-yearly Statement of affairs »f the Company, terminating the 81st May, 1868. "After making provision for all ascertained losses up to the present time, there remains a sum of £11,439 ss. available for division, which your Directors propose to appropriate as follows : — To a dividend at the rate of 10 per cent, per annum £2,750 0 0 To addition to reserve fund (making that fund up to £20,000) ... 7,628 18 5 To balance carried forward to next half-year 1,060 6 7 ' £11,439 5 0 *• Your Directors hare the satisfaction of informing the shareholders that new and eligible offices have been built for the Company at Dunedin, and that they are about erecting offices at Christchurch, both of which important branches are now under the mpervision of officers sent from the Head Office. " The dividend will be payable at the Head Office of the Company on and after the 16th instant, and at the branches on receipt of advice, " For the Board of Directors. «' James Williamson, " Chairman." Statbhstt op Accounts fob the Half-tear ending 31st May, 1868.

" The Auditor! have examined the books and accounts of the Company for the half-year ended 31st May, 1868,[and have to report that the balance-sheet now presented to the shareholders is a full and fair balaooe-sheet, and exhibits a true and correct stateneat of the affairs of the Company. «'G*orge Fbaser, ) Auditor - "H. N. Warnkb, j AuaitoM"Auokland, July 14th, 1868." The CHAiBMAir said that it was now his duty to propose the adoption of the report they had juit heard read. He thought that the report did not require anything to be said in its favour, as it was one of the best they had had since they had been a company. The business was being looked after in the very best manner, and the directors had introduced changes which they hoped would prove for the better. To several places they had sent young men \rho bad serred in that office, and they had also made alterations in the terms of paying them which would, he thought, tend to increased caution on their part. They were to be paid principally from the net profits derived from their office. He thought they would find that in future half-years business would be of a more paying nature. He was perfectly satisfied with the report, and he thought that the shareholders generally would bs so also. He thought their stock ought to stand better than it had done, and in his opinion the time was coming when it would be a more prominent feature in the stock reports of that place than it was now. Local institutions, such as that, he believed might do much good if they were supported by the oommunity. That company had received very great rapport from the population of New Zealand, who, in doing so, had studied their own interests, and there was no doubt that that institution had saved a great deal of money to the community. A large amount might be kept in the place, so long as local institutions did the business on terms as favourable as what might be termed foreign companies. He did not think there was any necessity to say more, as the report wa« so favourable. It was even more favourable than might appear on the face of it, because there was not a loss throughout the- last or the former half-year but which had been provided for. He could say that there were actually no loises to be provided for. He would conclude by proposing that the report should be' adopted and circulated amongst the shareholders. Mr. Gra.CE leconded the Chairman's motion, and, in doing »o, said that he was glad to see their worthy chairman, Mr. James Williamson, back again amongst them. He was certain that there would ba nothing 4eficient in the conduct of the Company. The motion for the adoption of the report was put and carried.

: APPOINTMENT 09 AUDITOKS. The next business was the appointment of auditors for the ensuing year. Mr. W. C. Wilson moved that Mr. George Fraser and Mr. H. N. Warner should be re-appointed. The motion was seconded and carried unanimously. Mr. Fkaseb. thanked the meeting for the honour done him. - -

■PBfANXS TO THE OMIOKBS. — THE RATE OV PBEMIITM. Mr. MoßDOOHsaid he had great pleasure in moving a TQte of thanks to the directors and officers of the company, He thought that the result disclosed in the report was ezoeedingly gratifying, He might take that opportunity of assuring the directors that during his (Mr. Murdoch's) recent visit to the South he learned— not from acquaintance with these officers, but from public report— that the company had very jut reason to be satisfied with the changes that the chairman "had r alluded to, The officers in charge of the .Southern agencies he had heard remarkably well spoken of, as active and intelligent, and doing the company a great deal of good. He had no doubt that the business in these provinces would be considerably increased. 'Mr. W. Mnuijg seconded the motion, which was cforied:" ' Mr. Bvssell said that he had been requested by the Chairman to return thanks for the vote of thanks to the directors and officers, which had just been passed. In doing so, he wished to say a few words on the topics which had been touched upon. In appointing the gentlemen to the Southern offices, the directors wished that the changes should be permanent and lasting. They had determined to build ; and in one place (Dunedin) they had built substantial offices. The premises at Dunedin were good, suitable for business, and partly occupied by their agents and partly let. They proposed erecting premises in Christchurch — substantial premues — and they had secured a site in tbVneighb'ourhood of the Bank of New Zealand and Bank of New South Wales. Besides haying the offices there, he expected they would derive a revenue frtm the other part, which would repay the money ■pent upon the buildipg. Thus they would probably have their offices' rent-free. He anticipated the day would come soon when they should have an office built which they could point to &■ the head office of the Company. He was sorry to differ in one respect, from the remarks that had fallen from their worthy Chairman, and he would express his dissent. He thought, when they had £28,000 of income from fire and marine premiums against £26,000 of expenditure, that the success hardly came up to what had been expressed by thtir worthy Chairman. Ha (Mr. Russell) was very well satisfied with the balanceshe*t, which showed that the directors were not •nxiflpi'to'diTide the money, bat to increase tb« .

s canty winch the public had in the sum accumulated, tWeb \ increasing the security of the institution. He wouli advert to another matter ia c u.neutiou with the balftiice-sheet. People said that the company wore raising the rates of insurance, and putting additional burdeui upon them. Hia (Mr. Russell's) answer was, that, so long as there was only £28,000 against £26,000, that was a sufficient reply to the cry that they wer« making too much money. He would also allude to the outcry that had arisen from the idea that that Compauy was the first to raise the rates. That was not the case. The rates now exacted were not more than sufficient to pay for the risks incurred. The movement did not originate with the local company. They were quite willing to take their fair snare of the odium, if there was any odium in the matter, but he felt satisfied that it would be shown that the rates were not more than sufficient to cover the risks. Another object for which the alteration had been made wa«, to socure uniformity in tha rates throughout New Zealand. In some of the Southern provinces insurances bad been made for a quarter of the |sum charged in Auckland on similar risks, aud such a difference required alteration. There was no reason why 255. should be taken in Chriatchurch for what was charged £5 in Auckland. Thus one of tWe main objects of the alteration of the tariff was to equalise the rates for similar risks in the various towns. The outcry had been raised because some gentlemen had been paying extremely low rates, and these had now been raised to what was sufficient. They had no desire to put an extra burden upon people, but simply to get a fair rate for the risk. Although expressing [dissent from part of the observations made by the chairman, he had the greatest confi. dence iu that institution. The affairs of the Company had as much attention from the directors as their personal affairs, not only at the head office, but at the agencies. The business of the Company engaged the directois' constant attention from day to day. The agents had been spoken of by Mr. Murdoch, and, with such men, the business, already large, might confidently be expected to increase. He believed, with the Chairman, that they would improve their position, and that the stock of the Company would soon be saleable at prices far beyond thoie that it has been selling at lately. This concluded the proceedings.

Dr. Tooapital To reserve fund „ To appropriation for fire and marine loues „ To dividends unpaid To due branches ... To profit and low £ a. d. 65,000 0 0 12,371 1 7 13,770 0 0 61 12 0 134 12 8 11,439 5 0 Cb. By investment* By fire and marine premiums due By interest By bills receivable By furniture, eDgine, &c. By cash By branches owing „ £92,776 11 3 £ s. d. 81,108 6 11 432 17 10 2,354 17 7 3,437 9 9 684 13 6 2,104 4 4 2,654 1 4 £92,776 11 3

BXLANCI-SHIJkT.

PROFIT AND LOSS.