FARMERS' FIRE INSURANCE

Hawera & Normanby Star, Volume LI, Issue 9065, 10 April 1906, Page 5

FARMERS' FIRE INSURANCE

TARAXAKI MPfUAL ASSOCIATION.

The first annua' meeting of the Ta.ranaki Farmers' Mutual Fire Insurance Association was held on Monday, the Chairman of Directors, -Mr James Boddie, presiding. Amongst those present were Messrs. W. Cleaver, J. H. Corbett, H. D. Forsyth, E. Maxwell, Burgess, J. S. Young, R. White, T. O. Hodgson, W. Baker, R. Lawbie, Moffatt, Joseph .Best, G. Gibson, W. Blair, Joseph Bootten, J. Thompson, H. Gower, Birkett, H. Oit, A. L. Campbell, |A. Xaughton, C. H. White, J. Campbell, S. W. King, E. H. Gibson, and Mrs Birdsall. An apology for non-attendance was read rfom Mv B. Dive, Eltham.

ANNUAL REPORT.

Tina following report was presented and read by Mr W. J. Tristram, Secretary : — "Gentlemen, — In presenting their first annual report, your directors have much pleasure in stating that the work of the financial year ended 31st March, 1906, has been most satisfactory and encouraging. ■The statement of accounts to be laid be* fore- you shows that, during the period under review insurances were accepted as follows :-— "On first-class risks to the amount of> £51,024 3s 4d, on second-class risks £4230 1 16s Bd, making a total of £55,255: The number of individual insurers was 186, representing 265 policies, of an average of £235 2a 6£d per policy. . PROGRESS OF BUSINESS. ..., The following will sihow the progress' of .the- business since commencement of active t operations, namely :—: — Sepiemb&r,, 1905, insvuranoes r accepted £7489,. October £17,689, November' £20,732, December £27,307, . January ,£33,092, February £39,815, March '£55,255., , • . „

"Premium '*Nofces.— The face .value of all i premium notes .held -by the. Association in respect of completed risks for ('fhtft 1 year amount to £3309 69. ■ Alter deducting the' amount of premiums received,* £284' 18s' Id, there remain premium notes amount^ ing to £3024>73; : tld^ayailable for assess-;, truant for ; the purposesa^fe'-.tiie iAot. M addition to this asset, there remajasptfftef • paying asd liabilities of the Association^ a sum of £,9Q)7to be/.oarv ried iorw&rd to^excftawveaj^djwint feerm^ of^tJhe vAGt^uQ(H^|^tL9g: t^^efnpenod; IJl^t^i'AjgqQciiaj^ iimihary expenses of and ineidentelujbotthei >ucges§fi^flotatio]|@jand equipmettbr&frsuch i concern, the result of the period'sk»9Tk- I ing.nxust j^toi«#|ted«upOniVrtti«siatißf*ction "Management.— The expenses und&rttihjs' wadr;itotJaHo£ißa^ $s*~7&> . ; Tah^ainounfy will be seen to include tlue preHi^in^t^ez-* peiwas'i.ofr flotation, rboo^i and,jrtJ«tibneiry sufficient for many yean^i.saJtariesy.-dipec-'-:qrsf and agents? feesy-.the; latjfeiß covering* a* least three years' /bustotess. on?.tibe? nutual ( ,system. and ini*resp#st'« ©ft,) which 10 future commission vriß* fe, payable*, "Issue of Eolici«6.—As tto^MutuaUFire Insurance Act, 1903,.ptftyvideSftihat;poKieaesr should not ia?ae: until J340,00Q, Tvwrth off nsu-ranoes were Accepted, tihe, maitter^ofi the issue of policies proper hastbeeh-.'some-. what delayed. The interim receipts, issaed ir©.. However, practically of equal effect, which, has-been instanced. t by the.jaet.of' •he State lending and other i department iccenting same and transfemng accord-, ingly. Under the circumstances your I iireotors are pleased to know that, no serious inconvenience has been occasioned. The policies are now being written up. and will be forwarded to the members with the least possible delay. "Directors. — The meeting will be asked fo appoint seven directors in the place of Messrs., Boddie, Baker, . Blair, Dive._ Lambie, Murray and Maxwell, who retire by eflluxion of tsme, and it will also be necessary to appoint an auditor. "James Boddie, Chairman." STATEMENT FOR THE TEAR ENDED THE 31et MARCH, 19C113. ASSETS. Dash in hand 810 0 3a«h in, Bankol, New -Zealand 10118 6 Amount of,p»enrium notes- in ■ for^e,,... after, deducting" all' . payments,; thereon and as- :.. 6«s6mente levied 3024- 7 11 , . „; . £3134 16 5 . r , ( Lt|BEWTIES. Clieaiifis^outß^ndingj... .... 15 10 0 Au3itbV© feje^'.ana. commifi- „ , sions accrued 418 6 Total liabilities £20 8* 6 RECEIPIS. Cash received as' fixed payments due in 18(06 28418 1 Total receipts £284 18 1 EXPENDITURE. Expenses of Management, — Cash paid for agents' fees... 82 2 1 do. salaries 25 0 0 do. directore' fees 19 17 6 do. preliminary expenses incurred by Farmers' , Union 18 14 3 do. printing, stationery, «tc., .. 38 13 0 do. postages, telegrams, & ■expenses 5 12 3 Total expenses of niaaage- ... * ... £189 19 7 CtIRBENCT OF RISKS. Amount covered by policies in force, March 31, 1906— Mutual (three years) 1.. £55,255 .o_o MOVEMENT IN RISKS. Number of policies taken out during 'the year 1905-6, 235; amount, £55,255. CLASSIFICATION OF RISKS. . Farm and noiirhiazardouß. , First-class risks £51,024 3 4 Second-class risks £4,230 16 8. £55,255 0 0 PREMIUM NOTES OR UNDERTAKINGS.- '•%< ' On policies in force an 31st March, 1906, three years : — Amount of face value of all premium notes held by- As.sociation, and received during year and .legally liable < to assessment . ...- ...a>66\M o o Amount of all premium notes after deducting ail payments thereon & assessments levied £3024 7 11 Payments on premium notes received during year '05-6, .including all sums credited on said premium notes ... £284 18 1 Casii paid up to 31st March, n/t n 190 d .... £284 18 1 I have examined the books of the Association and compared same- with the vouchers produced, and hereby certify that in my opinion the above statentetnt is.pnk v perly darawn up so as to exhibit- a,- teufe/ and coorxoefview of the state of the Asso<aation,'B affaire, as shown >y.it» books, and ,tha* alj -my requirements have been complied with. ... -, .• ■■> - - (Sgnd) A. Nauohton,., Auditor. Eloiam,6/4/ f 06..- , .The election ©,f directom resuKied -inM5» appoiutmentr -of ,'Messrs Boddie, Blair, Baker, Lambie,' Maxwell, Dive and Thomson of whom. Mr Jas. 'Boddie was, reelected Chairman. — Argm