NATIONAL INSURANCE COMPANY.

Evening Post, Volume LX, Issue 119, 16 November 1900, Page 7

NATIONAL INSURANCE COMPANY.

+! • [BY TELEGRAPH.— P,SESg ASSOCIATION.] I)uNEDIN, 15th November. TUe. annual meeting of the National Insurance* Company was held to-day, Mr. J. M. Ritchie (Chairman of Directors) presiding. . In moving the adoption of the report and balance-sheet, the Chairman said: — Tho main features of the accounts, which are distinctly favourable, are-— An 1 increase in the net premiums, which. n.r.e fully £7000 mioro than last year, a small increase of something over £500 m the, interests and rents)' and a" smaller proportionate awjount of los^eSj though actually tlieso" are 'over £1200 more than last year. These enable us to pay .the u»uul dividend, of Is -3d per share (12£ per cent, for the year) ; to wipe off the offico furniture (£1000), 'which' the directors thought was an item thql had better disappear from the ass. ts; tb put £10,000 to tho reserve,, bringing tha-t up to £80,000;' and to carry forward' a, few huadred pounds less than was carried from tUg previous yea.r. Tfce vrmijum, income having increased pipce 1895 by 25 per cent, the responsibi'Ltie? had growai correspondingly; indeed, in larger proportion , because thc^y were . compelled to carry larger individual risks, and although 'these brought in 1 belter profits in good times, they "ran chances of bigger losses in unfavourable years. They seemed to have*got into a favourable eyelp of late,, but/ after all, if they examined' tho figures! they wMd find the underwriting profit was only about 12 per cent.- ' Thai" was, for every hundred pounds premium taken they saved tweiver- "The- investments, which "Tver©"continually scrutinised, were, so far as could b? ji)dged, quite safe and sound. He had no' hesitation in saying the National was a thoroughly sound institur tion, with" 'an' gXQeIIpRP staff, to wliom the Board was greatly indebted. Mr. Gr.' L. Dennast'on seconded- the motif© 1 for. the adojvti'qn o| tEef" rejorfc,' wnich was carried: nem. dis. ' . Mr. B. Hallefrstein having ' resigned from the directorate soon after leaving tie colony" 'for an' extended tpip, && number Q^the Boar^ reduced to six. Messrs. B. 'Glendining anc] T. \f. Kemp.tfibrne" wefd' 're-elected directors, : and Messrs. T. (S. ( S. Qraham ajid T. CaUender auditors. A hearty vote of thanks to the directors and £ta# was acknowledged by the Chairman.