NATIONAL INSURANCE CO.

Evening Star, Issue 15035, 18 November 1912, Page 4

NATIONAL INSURANCE CO.

AJnfUAL MEETING TO-DAY.

A SATISFACTORY YEAR

lie annual meeting of the National Insurance Company of New Zealand was held this alternoon in the company's offices. Mr T. W. Kempthorne, acting chairman of directors, presided. The report contained the following clauses:—The net revenue for the year amounts to £161,381 15s lid. After paying an interim dividend of £IO,OOO, there is a surplus of £35.412 4s 3d, to which i™oo-7 b -, e , a £J ed balance from last vear, S, 29 '?? 7 , 3M - Takin S frora the £64,699 17s lid the £15,000 which the directors • av l^ dd , ed to tha reserve fund, the total is £49,699 17s lid. The directors now recommend the payment of a further dividend of Is and a bonus of 6d per sharo (making the total distribution for the year 7?m?«n PW f-f e '-' which wi» absorb ±,Io,UX); contribution to officers' superannuation, and provident fund, £5,000a " nu f arry forwa «i £29,699 17s lid the Acting Chairman said : I deeply reg»* to announce that our chairman (Mr J. M. Ritchie) was overtaken a few weeks since by a very serious illness, and in consequence is unable to be present to-dav. ,n tl f-° t0 a P o]o S is ° tot the absence of ft/ff <S« Jamea Mills), who is still out of *ew Zealand, but expected to VC f y 6 + hort J' V - U a,SO hem \l 7Vu^-, to tho death recently of Mr Archibald Hill Jack, the first general manager of this company, who retained that position till 1892, when he left for London to take charge of the London office ™H , ho retired at ihe suggestion of his medical advisers. Now. taldng the remit and balance-sheet for the year ended W ember 30 1912, which has been Si the hands of all shareholders long enough for ample persual, I presume vou will accent in a li thi6 bein S *°< l have pleX K°I ,n £ adopfcion of "Port and ou com^oT^ 10 ' th ? Period Th « think L n y<Jars u ' ork > J «nturo to to vSiTI I T€ S ard . as highly satisfaclence of t^ U ha \° aga,n un ™«takabl 0 eviI Cat Care and discrimination selectfo? IT m exp6r^.°,f °" r £t ".ff hi the selection ol risks. With respect to the figures m the balance-sheet, a brief com Cliabilir 61 ' be « to **" AsTo the liabilities, the capitajl paid up still t rv?fZ hj i inge , d 3t ilo0 ' C °3- a "d Ihe re-nm-bi hj! ♦*? Cen by £15,000, r p J; . g Q tho tol : al reserTO account £250.000 Svnt CUrr ° nt risks ™ acprovis.on under that head. The amo it due to sundry creditors and appropriations 11669 ff-'T^V^^ last year of 4*51,009 ll h lOd. Coming to UreVsets loans on mortgage now aniount to £283 995 ios lUd, being an increase, of £52 489 18s 7d over the 1911 period. In freehold wo i°- am ° nnt . (£9 - BC °) » unSnS iJebenture increase is £3.900 the totil L bemi SLm"' 5 ° Dly a sma " Aviation. in lln J % 3 , f mparcd wit h £ 32-200 was £3? fifii n 6 Sf ance , l! 1 bank in 1911 «aa• £o2 66l 0s Bd, au d in 1912 £21691 t,4 ' C f Ued mterest on mortTafe 'and inciea,e of assets of £21,660 10s 8d Oni promram income hae increased £6,170; Wo of^V arc ksS hy £4 ' 674 -' * bu°t tV v', ' 2 ™° re than Jast war, trat t.ie latio to premium income is about the same, 35.30 per cent, Tho rate if interest earned on investments is £4 i& bd against £4 l 3s 2d last vear. Yot will gather from this that those who bor rowed money from us got their advances at the very lowest market rates. The mfpTo7n° m intc ™ fc ™d wnts amounts to £20,070, against, £18,493 in 1911, but vou 00 v, rei, ' e,ll ! jer lllat Jast rear we wrote*off

iBLO premium on a purchase of debentures. When we last met, vou will also remember, I stated that the board considered the time had arrived to establish a superannuation and provident fund for the staff, and that we hoped to have a scheme prepared to submit to vou at this meeting if you approved of the'suggestion, lour approval was unanimous; we therefore took the necessary steps to give effect to your sanction. The rules and regulations are now ready, and in the report we are considering to-day we recommend that after paying a dividend of Is per share, and 6d bonus (equal to 2s 6d per share for the year), the first contribution shall bo £5,000. Now, with respect to the deed between the company and the staff creating this fund, I may briefly state that the rules governing the" aseocia"tion have been prepared under the advice of the company's solicitors, and the basis cf contributions to the fund settled bv Mr George Leslie, the actuary, after "most elaborate calculations. The trustees will bo the directors and general manager for the time being, and the funds will be kept distinct from the general busings of the company. All present members of the staff under the age of 55 years may become contributors to the fund on its establishment, and all persons joining the staff of the company hereafter under the age of 35 years shall become contributors. Their respective contributions will be a percentage on salaries received, and according to the age of a member, to be deducted as the salaries become payable. The company shall from time to time contribute a like amount, so that the contributions of the company shall be equal to the aggregate of the contributions of the members, making together a total sum of close on £I,OOO per annum. Your directors are so impressed with the importance of encouraging the members of the staff to provide for their old ■ age or possible trouble arising through ill-health that they propose and express the hope that the shareholders will agree to pay the whole of the firet year's contribution from the funds of the company. Thereafter the company and staff will contribute half each, as stated abore. Your directors hope and believe that the establishment of this fund on sound and yet liberal lines will prove a continuous source of strength to the company by attracting and attaching to your service the most industrious and reliable ciass of officers. 1 do not think it necessary to ray more in lespect to the report and balance-sheet or the superannuation fund, but if more information is desired I will willingly give it. I now ask, as moved, that the report and balance-sheet as presented be adopted. The motion for the adoption of the report and balance-sheet was seconded by -Mr C. W. S. Chamberlain, who expressed tho greatest satisfaction with the very fine result of the year's work, and said he thought the exceptionally solid position of tho company fully warranted the increased dividend. The motion was carried. Messrs A. Burt and John Moloney, the retiring directors, were re-elected. The retiring auditors, Messrs T. S. Graham and E. 11. Smith, were also reelected.