LATE COMMERCIAL.

Evening Star, Issue 12873, 24 July 1906, Page 5

LATE COMMERCIAL.

THE EQUITABLE LIFE. WELLINGTON, July 24. The general manager of the Equitable Life Assurance Society cables from Sydney stating that the society do not intend to transfer their New Zealand policies to the National IVlatua] or any other company. NEW ZEALAND INSURANCE COMPANY. AUCKLAND, Jury 24. The resolution increasing the capital of <the Now Zealand Insurance Company by a quarter of a million, in order to meet the San Francisco liabilities, and making the liability limited, was unanimously adopted at a meeting of shareholders to-day. The Chairman said that the financial position disclosed was a. particularly one. The directors had no difficulty in the awful and unexpected disaster at San Francisco in arranging the finances so as meet all liabilities as they arose, giving proof of the wisdom of the policy of building up strong reserves, Business under normal conditions would enable a_ reinforcement of the reserve by substantial sums from year to year. The disaster was a great object lesson, not only to the Government, who thought fit to start a fire insurance department, but to the people of fihe colony, which was not altogether free from earthquake risks. What would happen should such a calamity as that of San Francisco occur to our leading cities? How cotdd the State department see to snch a loss with no, reserves, their policy being to insure at the lowest possible rate without a, desire to make a profit or to build up substantial reserves to meet such a disaster as this one? The directors were of opinion that the scheme submitted was the least !>nerons to the shareholders, whilst, those who were nnable for financial reasons to lake np new shares would be able to obtain for their rights a sum probably equal to their loss of dividend this year'. PROPERTY SALE. Thirteen residential sites at Musselburgh were offered at auction by Alex. Harris and Co. to-day. The lots were part of an area acquired by the Drainage Board at the time of the erection of the pumping station, and which, after survey and "making up" with surplus soil, they •wished to dispose of. Bidding was spirited, and the sections were disposed of as follow :—Sections 1, 2, and 3 £ll7 10s, £97 10s, £9O, A. Findlay; sections 4, 5. £B7 10s, £IOO, H. Worth; section 6 £77 10s, G. Adess; section 7, £BO. J. Greave; sections 8, 9, and 10, £l6O £205, £125, G. C. Israel; section U, £IOO, Dickinson; sections 12, 13, £IOO. Tbe total sale rrrice was £1,435.'