NEW ZEALAND INSURANCE COMPANY.

Daily Southern Cross, Volume XXVI, Issue 3999, 16 June 1870, Page 4

NEW ZEALAND INSURANCE COMPANY.

NINETEENTH HALF-YEARLY MEETING 8 The nineteenth, half-yearly meeting of the shareholders of ,the New Zealand Insurance Company was held yesterday i at 2 o'clock, at the office of the company, Shortlandstreet. There was a moderate attendance of shareholders ; and J. Williamson, ex-Chair- j man of Directors, occupied the chair. Mr. G. P. Pierce, Manager, read the advertisement convening the 1 meeting, aa well as the minutes of "the last meeting, which were confirmed. He also read the following j j report and balance-sheet : — j " Nineteenth Report of the Directors of! the New Zealand Insurance Company for the half-year ending May 31st, 1870, presented I at the general meeting of shareholders, held ! at the Company's offices, on Wednesday, June 15, 1870. — Accompanying the present J report will be found the usual accounts and balance-sheet of the Company for the halfyear ending the 31st May, 1870. The past J half-year closes the eleventh year of the Company's existence, and the Directors have the satisfaction of reporting that the business is steadily progressing. After paying all claims, expenses of management, and making due provision for claims unadjusted, there remains a profit of £13,829 16s. sd. ; from which your Directors propose to pay a dividend at the rate of 10 per cent, per annum, : placing £5,000 to the reserve fund, which [ will then be increased to £25,000, and carrying forward to the profit and loss account the sum of £6,079 16s. sd. The Directors have long recognised the importance of forming a reinsurance account, as a set-off against fclve valuation of risks outstanding at the period of the half-yearly balances, and they ire happy to have been able to write off a substantial amount to this account during the half-year just ended. A very eligible <dte, in the most central pai't of the city, has been secured, and a spacious and handsome building for the Head Office of this Company is in course of erection. The portion of the edifice not required by the Company will be let, and, jour Directors believe, will return a handsome interest on the outlay. The dividend will be payable on and after the 16th insutn*, and at the agencies on receipt of advice. — For the Board of Directors, James Williamson, ( hairman "

"Statement ov Accounts for the Halfyear ending May 31, 1870. " Profit! and Loss. — Dr. : To dividend, €2,750 ; fire and marine losses. £14,863 7s. 4d. ; commission, expenses, &c, £5,192 19s. 9d. ; appropriation for fire and marine losses to be paid, £8,570 ; reinsurance account, £10,000 ; balance, £13,829 165. 5d.: total, .£55,212 3s. 6d. -Or. : By balance from last half-year, £9,543 2s. Id. ; fire and marine premiums, £34,295 15s. Gd. ; interest, transfer fees, &c, £4,068 ss. lid. ; appropriation for unpaid losses last half-year, £7,305 : total, £55,212 3s. 6d.

" Balance - Sheet. — Dr. : To capital, £55,000 ; reserve fund, £20,000 ; reinsurance account, £10,000 ; debts due by company, £500; losses sustained (not vet paid), £9,355 19s. 4c1. ; clue branches, £38 2s. Id. ; profit and loss, £13,829 lGs. 5d : total, £108,723 17s. 10d.— Ci\: By investments, £95,793 17s. 4d. ; fire and marine premiums, and interest duo, £1,734 13s. 4d.; bills receivable, £1,417 JOs, Cd. ; furniture, engines, &c, 1560; suspense account, £5 65. ; cash in Bank of New Zealand, £3,934 14s. 2d. ; branches owing, £5,277 16s. 6d : total, £108,723 Is. lOd. " The auditors have examined the books and accounts of the company for the halfyear ended 31 &t May, and have to report that the balance-sheet now presented to the shareholders is a full and fair balance-sheet, and exhibits a true and correct statement of the affairs of the company. — George Eraser, H. N. Warner, Auditors. — Auckland, June 6, 1570."

The Chairman, in moving the adoption of the report, said : Gentlemen, it is now my duty to move the adoption of the report, and I must say that on the present ocoasion it is a very pleasant duty. I think the report has said quite sufficient to convince the proprietors, and those outside, that the institution is a complete success ; and I think also that the Directors have shown that their management has been to the best of their ability. Insurance companies are very generally looked upon as very risky investments. I think with the majority of people that there is a great deal of risk attending insurance companies, which is only to be obviated by judicious management. It is true that the risk in this company is an unlimited one, but it has been the business of the Directors of this company to limit that liability as much as possible, by foresight and forethought. We have our risks so divided that anything like a disastrous loss, that is to say, such a loss as would bring the company to grief, ig rendered almost impossible. Now, I think, the present flourishing condition of this institution, considering the comparatively short time that it has been in existence, is a clear proof of the correctness of the old saying, which is perhaps not a very reverent one, that " the Lord helps the man who helps himself." These accumulations have, on former occasions, been sent out of the country, and this particular branch of business is one, as we know, that can be done on the credit of the community, without locking up any very large amount of capital. There are many other things that a young community are able, if they are only willing, to do for themselves, and I think that the example set by this and one or two other local institutions ought to stimulate the people to do what it is within the compass of their own means to do for themselves. I have no doubt that one item which appears in the balance-sheet will give satisfaction to many outsiders — that is, the sum set apart for re-insurance. I think that is a judicious course for the company to pursue. I do not think that there is anything further on which it is necessary to remark, especially as "the report is of a nature which cannot fail to be satisfactory to the shareholders. I have therefore much pleasure in moving the adoption of the report. Mr. T. M. Stewart : Mr. Chairman and gentlemen,l have very much pleasure indeed in seconding the adoption of this report, and I quite coincide with the remarks passed by the chairman with regard to the New Zealand Insurance Company as one of the most successful enterprises of the same nature that have come under my notice during a long colonial experience. I think that for many years I have not seen a report from a public company of any kind that could be so' gratifying to the shareholders as the report just read is likely to be. Even if insurance is so risky an undertaking, I think this report shows quite clearly that, in the NewZealand branch, at least with the care in the management that has been displayed hitherto, this element of risk can be to a great extent obviated. The motion for the adoption of the report was ixnanimously agreed to.

APPOINTMENT OF AUDITORS. TheCHAißMANStatedthatthe next business before the meeting was the election of two auditors in the place of Messrs. Fraser and Warner, who were eligible for re-election. Mr. T. Russell moved the re-appointment of the retiring auditors. Mr. W. I. Taylor seconded the motion, which was unanimously agreed to. The Chairman inquired whether any shareholder had any question to ask, and, there being no response, Mr/ Taylor proposed a vote of thanks to the Chairman and Directors, and the officers and agents of the company, for their able management during the past half-year. Mr. Stewart seconded the motion, which was unanimously agreed to. , > The Chairman : I will just sty, in return for the very high compliment that you have paid us, that we feel grateful for it> and i while saying bo I must remark that the efforts on the part of -the Directors have been zealously seconded by the officers and agents, both here and at a distance, and very much of the success of the company deperrds upon those agents who ace at a distance from us, and consequently are not under the same control as those on the spot. ; * The meeting then Separated.

I The New Zealand Agrieultaral Society's j Ploughing and Braining MatcU^nll be held I ion Wednesday, the 29th initanw ' <