NATIONAL INSURANCE COMPANY.

Lyttelton Times, Volume LXXVI, Issue 9511, 5 September 1891, Page 5

NATIONAL INSURANCE COMPANY.

CISCULAE TO SHAEEHOLDEES. [Peb Peees Association.] DUNEDIN, Sept. 4. Tho National Insurance Company issues the following circular to its shareholders; —“ Tho Directors think it proper to take the earliest opportunity of advising you that the liquidation of the fire department of the London branch, which was the object of Mr Williams’ visit to England, last August, is practically completed, and the total cost of retirement, including all provision for unsettled losses, amounts to £24,123 in excess of what was in hand in reserve to insure current accounts. It has also been arranged that we retire from the general marine department at June 30, 1892, and the Directors regret that it is necessary to reserve a sum of £IO,OOO in provision against claims to como in before liabilities are completely extinguished. To provide for the items explained above, the Directoro propose to withdraw £38,835 from the reserve fund, bringing that down to £70,000. As the annual meeting is so near at hand, they supply this information without comment, but it may be us well to add that as tho capital and general reserve fund still amounts to £168,057, besides reserves to reinsure current risks, there is an actual value still represented in the assets of Company of 17a per share, exclusive of goodwill; and if the results of the past five or six years in tho Colonies are maintained, the Directors are justified in expressing the opinion that the prospects for profits in future are much better than they have been for years.”