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NATIONAL INSURANCE CO.

The. annual meeting of shareholders of the National Insurance Company of New Zealand was held at the company's oflicc, Punedin, this afternoon. Mr T. W. KcnrpthoniG (chairman of director.--; presided.

Mr Kompthorne was supported by all the other directors—Messrs A. Burt. R. Glcndining, John Moloney, G. R. Ritchie, aijii W. Pownie Stewart.

Tho Chainnan, in moving the adoption of the report and balance-sheet, said : Since our last annual meeting Sir James Mills, one of your director?, tendered his resignation, in eonseniience of his leaving for England, expressing his regret in having to do s.'. and which his fcllo-.v-direc-tors also regretted. .Mr \V. I'kovnie Stewart, in terms of our articles nf r.ssociatioti. was appointed to fill the vacancy. 1 have also to advise, on behalf of the boaut, that our esteemed branch manager, Mr Andrew Campbell, of the Melbourne branch, who has been in the company's service for 30 years, tendered his resignation in consequence 01 serious long-continued ill-health unfitting him to fulfil his responsible duties. 'Mr Alfred Mum ford sn-oreds Mr Campbell as Melbourne manager. This gentleman has been 15 \eai., in the company'.-; service. With regard to the figures in thf balance-sheet, 1 may brietty compare them with those of the former year. Liabilities : The capital authorised, subscribed, uncalled, and paid up remains unchanged since the 1913 balancing period. The reserve fund has been increased bv an additional £IO,OOO, and no,v totals £2b'S.CCO. Reserve to reinsure current risks stands at £63,000, as in 1913, and which is ample provision. Sundry creditors at branches and agencies is £5.121 8s lCd, as against £4,099 19s 9d in previous; balance. for lossaunpaid is £3,55S less than 1913, the respective figure- being £18,537 and £14,779. The total liabilities in the sheet—£-512,475 13s 9il—shows an increase of £7.127 13s over the 1913 period of £505.355 18s 9d. Assets -. Loans on mortgage £~'3j.351 Is Id, against £309.620 8s 103, shows an increase of £16,730 12s 3d. Freehold properties in New Zealand, as 1.,-1mc,£9,839. Debentures have increased by £7OO, and !,ow amount to £37.000. Money on doposit and short call decreased £15,000, the totals varving from £37,000 in 1013 to £,62. C00 this' vear /IDJ-5). balance at banker's, £29.093 12s lid, against £23.200 12s Id in 1913. Accrued mleicst on mortgage and rents amounts fo £5.310 6s lid, winch in precious year totalled £6,1-o 8s sil. Outstanding at branches and agencies represents an increase of £2,257 3s 5J over former w:;r £15.231 9*

sdj. and £3 7,513 12s JOd present balance. Profit ar.d loss account: Our los-c> amount to £12,151 Is 2d more than for the previous year, the totals being £iS,-'io6 Is Hd and £66,545 0s 6d. Commissions, snlarJc-, and other expenses are aUo heavier by £3.036 6s 3d, being £49.251 5. lOd and £-17 : 33 i 19s 9d. Government taxes increased from £5.934 6s Id in 1313 to £6,43 5s 2d. a:; advance of £433 2s 3d. Yon wid aio

notice in tho figures the eomntmv Y donation of £I,OOO to the patriotic fund. Fire, marine, and accident premiums are £3.211 15s lid loss than in former year. Interests, rents, etc., £22.627 5s 01. s.Jiow an increase of £1,358 38:; 7d over the previous year, and only require, addenda of £2,372 14s 3d to e.pial the £2S.CGO dividend wo arc paying the. shareholder- for the year. After the payment or this dividend we. carry forward £22.575 4s lid, being- £654 5s lid more than l«<t yerir. 1 may .-ay that slightly decreased premium.-, and heavier losses are anything but attractive to members of the board and oar good, loyal, reliable stall". We have, however, had many good ye:!rs, and can hardly expect to pscr.po lean ones altogether. 1 may point oirt that our investments arc amply covered by undoubted securities. and that tin; average of interest is £4 IS* 5d per cent. The ratio of loss on premium income is 52.35 per cent., and charges 57.5 ft per cent, for the year under review, which for the 1913 period amounted to 43.81 per cent, and 35.31 per cent, respectively. On account of this terrible European war the immediate outlook is the reverse or cheerful for both insurance companies and hiiin.vi life. I hope, however, that before the next annual meeting of the National Company]* shareholders takes place th it Kh JmpVrial Majesty the German Kai=cr and his lrfe-destroying associates, being the VOtirCC ailfl owe"<?I <>'"' present war woes, may Uo completely and everlastingly smashec/, and that neither halt nnr Hop nor compromise may take place until this absolute, necessity is accomplished. Then, when equitable 'clflement i; made by the tiansgressoi-s to t'ne wronged defending nations, wn may hopefully Jook forward for peace and prosperity for many generations to come. I now formally move the adoption of the report and balance-she.-t as presented.

Mr J. Aikle seconded ihe mot.icn for the adoption of the report balance-sheet. Ho called aifontio:; to iht: d>:tr of the reserve fnr.d, £285,000, and the reserve required to reinsure cunent rifles, £63X00, Kivring that the policy of the directors in thius adding to the weerves enabled the. company to face an}' difficulty with calmness and n-ssiuance.

The report was adopted. Messrs G. R. Ritchie and W. Downie Stewart were reappointed directors, and Messrs T. S. Graham r-nd E. R. Smith auditors. A vote of thank.; io the staff was carlied on tho njption of Mr Darcy Haggitt»

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Permanent link to this item

https://paperspast.natlib.govt.nz/newspapers/ESD19141117.2.33

Bibliographic details

NATIONAL INSURANCE CO., Issue 15652, 17 November 1914

Word Count
898

NATIONAL INSURANCE CO. Issue 15652, 17 November 1914

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