Colonial Insurance Company.

Evening Post, Volume XXIX, Issue 112, 14 May 1885, Page 2

Colonial Insurance Company.

♦ ANNUAL MEETING. The annual meeting: of the Colonial Insurance Company was held yesterday afternoon in the Chamber of Commerce. There was a good attendance of members, the Hon. Randall Johnston (Chairman of Directors) presiding The following report was presented :— "The direotorß have the pleasure of submitting to the shareholders the report and financial statement for the year ended 31st March, 1885. The inoome for the year (inoludiug the balance brought forward, £342 10d 2d) is .£86,662 83 lOd. The expenditure for the came period (inoluding X8.U34 appropriated for unpaid and unadjusted loisea) is £80,628 2s Id, loading the snm of £6031 6s 9J. Out of this the directors recommend the payment of a dividend at the rate of 10 per cent, for tho past year on the paid-up capital of the Company (whioh will absorb .£5000) and that the balanoe (£1034 6s 9d)bo carried forward ta next year's uooonnt." The Chairman, in moving the adoption of the report and balance-sheet, referred to the ohange which had taken place in the management of the company. In October last Mr. Graham oeased to be general managor, and Mr. Frank Allen had been appointed in his eteatl. The shareholders—at any rate those in Wellington— were well acquainted with Mr. Allen, and if they knew him aa well as he (the Chairman) did they would recognise in him a man of energy and great bußinoßS oapaoity. Since last year tho business had been changed to this ojtenfc— that the Wellington office was now a separate branch, and Mr. Hatbroe had been appointed Wellington manager, the directors bestowing that advancement upon an officer of the company who deserved well at their hands. This year the balance-sheet had been drawn up rather differently than upon former occasions— the firs and marine business having been plaoed under separate head, ings, so that shareholders could see the amount of business done in eaoh branch. The fire business showed an increase, while the marine business showed a decrease for the year, and on the whole the total premiums were slightly under those received last year. The losses by fire were larger than ever before, but that was in no way owing to want of oare or to negligence on the part of officers of the company. While they had had bad lnck in regard to the fire department, good Inok had attended the marine department, and the losses in this branoh were considerably under those of last year. The heaviest loss was on the Lastingham, whioh was unavoidable, and no blame could be attributed to the company in regard to that. The re-insuranoe amounts were not very different from last year. The items for salaries of agents, _&0., were rather larger than last year, bnt in comparison with work done the net percentage was somewhat lops than it was before. After explaining further the various items in tho balance-sheet, the Chairman assured shareholders that the business of the company was a thoroughly good acd sound onej the limits were not excessive, and the risks did not belong to the class which might be called hazardous. The facts mentionod shonld give the shareholders' confidence in the future of the oompany. While the directors aimed at securing good dividends to the shareholders, their desire was that everyone who insured with the company should have his claims straightforwardly and equitably dealt with, and that there shonld be no donbt that losses would be fairly met. Mr. J. H. Wallace seconded the motion for the adoption of the report. The Eev. C. S. Ogg asked if he was in order in moving under the Artioles of Association that the directors' remuneration be reduced from £1000 to £300. He thought the amount of remuneration far too large, considering the dividends paid to shareholders. The great drawback to such companies was the extravagant manner in which they were managed. The Chairman ruled that it would be necessary to give notice of motion. He deprecated Mr. Ogg'a remarks as being unfair to the directors, who had undergone a great deal of anxiety and responsibility. The direotora wero , rtainly entitled to thoir remuneration, sci it it were diminished, the shareholders would probably find it difficult to get gentlemen to take office. It had, however, been in the power o' the shareholders from the beginning to limit the •mount the directors should receive. Mr. A. de B. Brandon pointed out that when there had been no dividends, tho directors had foregone their honorarium. Mr. Ogg remarked that he was brought into contact with the directors every day ; he knew them, and considered the work could not be Tery difficult if they did it. (Laughter.) Mr. Levin, as one of the directors, deprecated a discussion on such a subject when it could lead to nothing. If it was thought the directors were overpaid, he for one would be very happy to reoeive what the shareholders thought fit to allew; but the right course was to give notioo and have the question decided in the propor way. The motion was put »nd carried. The retiring' direotors-M«BSH. A. Do B. Brandon and Jacob Joseph— were then declared to bo duly re-elected members of the directory. Mr. Kirkcaldie wished to move that the directors be rednoed to five in somber, with' a remuneration 1 of £500 per annum. He desired this simply because he thought five directors ample tor the business. ' The Chairman remarked that tho two retiring directors had already been elected, and apart from that, notico of motion should be Riven. Mr. Kirkcaldie was evidently under a misapprehension aa to what had been done. A good deal of discussion ensued respecting the interpretation of certain clauses of the articlai of association, 'and what business oould or could not be brought forward at the meeting, Mr. Brandon pointing out that notice of motion should be given by Mr. Kirkealdie. The Chairman said as there was a misunderstanding he would put the question of the re-eleotion of the retiring directors again. On the motion being put the retiring director! were declared to be re-elected. Mr. Kirkcaldie said he bad another reso-

lution to propose, viz., that the balanceBheet should in future contain tho full lis of shareholders in the company. Mr. Deacon seconded the motion, which was agreed to The Chairman said the next business was the election of auditors. The following candidates wore proposod : — Mesara. D. T. Stuart, Deacon, and Kebblo. The two first-named gentlemen were elected, the remuneration being fixed at the same rate as previously. Mr. Wheeler moved a vote of thanks to the directors. The Rev. C. S. Ogg, who seoondod the motion, created considerable amusement by stating that the director*, having drawn .£IOOO, required no thanks, they having been sufficiently rewarded. The motion beinr oarried, the Chairman returned thanks on behalf of himself and his co-direotors. The Rev. C. S. Ogg proposed a vote of thanks to the general and looal managers and the officers of the oompany, whioh was unanimously oarried, and responded to by Messrs. Allen and Harbroe. This terminated the proceedings.