NEW ZEALAND INSURANCE COMPANY.

Evening Star, Issue 10212, 14 January 1897, Page 4

NEW ZEALAND INSURANCE COMPANY.

The annual meeting of shareholders in the New- Zealand Insurance' Company, Limited, was held at Auokland yesterday afternoon, at the company's office, £)r J. L. Campbell (chairman of directors) presiding. The directors, in presenting the accounts of the company as at the 30th November, 18Q6, stated that the fire and marine premiums, after deductinc returns and reinsurances, amounted to £283.973 lis 2d, being an increase for the year of £16,056 14s sd; the profit on the year's transactions, after waking full provision for all ascertained losses to date of balance, amounted to £29,C96 18s 2d; the balance brought forward from 1895, after payment of dividend in January, 1896," was £12,562 13s lld-£41.659 12s Id. Deduct interim dividend paid in July last, £12,500, and there was an available balance at profit and loss account on 30th Noverabor, 1898, of £29,159 12k Id, from which the directors recommended the following appropriations:—Payment of a dividend at the rate of 2s 6d per share, £12,500 ; payment of bonus to shareholders of 6d per share, £2*500 ; balance carried forward to new account, £14,159 -12s ld-£29,15912s Id.

The Chairman, in moving the adoption of the report and balance-sheet, said : Your directors have pleasure in again meeting shareholders and being able to submit to them a satisfactory balance-sheet for the past year. The figures are in themselves sufficiently explanatory, requiring very few remarks from the chairman. The most gratifying feature is the increase in premiums, amounting to £16,056 14s sd, mainly due to the extended operations outside of New Zealand, and iu rents and interest, £2,532 7s 61, and a decrease of expenses. Against these Hems, however, we have to reoortl heavy lqsses, notably on two first-class risks—the foundering of the Drummond Castle and the running down of the Suen in the Channel by a British gunboat. The company's investments have again been most carefully revised, and now stand at an amount which will bear the closest scrutiny. When addressiug you last year I aliuded to the Council meeting of underwriters to be held at Wellington in February, when an endeavor would be made to afford relief iu all cases, where existing tariffs press unduly. The tariff, when revised, has been working smoothly and satisfactorily. Various modiI fications were made, generally in favor of ' the public, and at a meeting convened for next month at Dunedin fresh suggestions, submitted during the year, are to receive due consideration. I may mention that after more than a working of these New Zealand tariffs our experience is that on the whole they have not been the means of an appreciable I increase to our revenue in the colony. The increased rates at the centres where there has been undue competition have been to a I great extent neutralised by a reduction where tariffs had been in force at other places within the colory. The report and balance-sheet were agreed to unanimously. Messrs A. G. Horton, Thomas Russell, and Robert Rose, the retiring directors, were unanimously re-elected, and Messrs A. Boardman and H. Gilfillan, jun., were re-elected auditors. A hearty vote of thanks to the directors, the manager, and the officials of the company was passed.