NATIONAL INSURANCE COMPANY.

Evening Star, Issue 4897, 11 November 1878, Page 2

NATIONAL INSURANCE COMPANY.

«. ■£■ « nl *i general meeting of the National Fire and Marine Insurant Company was held in Watson's Hotel this afternoon; Mr Bamsay, deputy-chairman of directors presiding. The advertisement calling the meeting having been read, and the minutes of last half-yeariv meetinir confirmed, the chairman said: Wifli the permission of shareholders present I will take the reptrt and balancesheet as read. It is my pleasing duty to preside on this occasion, and I have to congratulate shareholders on the satisfactory results of the operations of the past six mouths. It is gratifying to tind the business of the company steadily increasing. The present position and prospects of the company aro highly tafcisfactory. During the past the company has more than held its own, the receipts exhibiting an increase on the corresponding period of last year. This in the face oY the reduced rates now prevalent evidences the expansion and augmentation of the business of the company from new sources. onHSL™ J aVe beon """Pell*! to make concessions to our constituents to retain frinvV 6 bavo ™ re compensated for any decrease of revenue thus 'induced by the acquisition of now business. You are aware that the company has now bee* £ existence for a period of five years, and as this term is regarded by undomritersw" *£ ? ?r: °! ** ll to interesting Md in* stmctive to review the operations of the qn nyiennium just brought to a close. The fire premium income, less w-insuranoeV amounts to L 196.227 12s Gd; while the r t qTZJ J. •«, Tho fire loBBeB P* a amount "a.* 0 mari ° e 1088M ™ L 111.413 12s bd. The net profits for the rEf> 3 K , « W « l the handß o»e figure of J-130,469 8s 3d out of which the shareholders have received L 40,000 in the shape of L 85.000 have been created, and the balance of L 5.469 8s 3d carried to next year k lhe gross income from alluources aggregates the large amount of 1433,904 Us fl *You will observe that the business of the com" pany is assuming large proportions, and our increasing reserves tend materially to strengthen and establish its position. The directors have considered it prudent to fortify the position of the company by building up as large reserves as it is possible to do. Should we be fortunate enough to experience another equally prosperous half-yeai. HLT& T^ e £fi ato Beein « our ™*™ l stand at LIOO.OOO, or an amount equal to double our capital. I conclude by moving tho adoptionof the reperfc and balaice-sheetT •i£* bonded the motion, which was earned nem. eon: ■ t. % r H V J " Walter moved a vote of thanks to the chairman and directors for the able manner m which they had conducted the company's business. Mr Wilms moved a vote of thanks to the general manager and officers, which* Mr W. sh^s^ch 8 manager ' "Pledged » »