UNION FIRE & MARINE INSURANCE COMPANY OF NEW ZEALAND.

Nelson Evening Mail, Volume XIV, Issue 163, 10 July 1879, Page 2

UNION FIRE & MARINE INSURANCE COMPANY OF NEW ZEALAND.

Report and Balance Sheet submitted to Shareholders at Second General Meeting of the Company, held at their Offices, Hereford Street, Christchurch, on Wednesday, 2nd July. Your Directors have pleasure in presenting to the Shareholders the Second Report and Balance Sheet of the Company. It will be seen from the latter, that after providing for all losses sustained, expenses of management, and every other charge, there remains a balance of £30,374 17s lOd, to be dealt with at this meeting. This result, your Directors think, will be considered satisfactory by the Shareholders, especially when it is remembered how fraught with disaster the past year has proved to both Fire and Marine branches of Insurance business in the Colony.

The balance above mentioned your Directors recommend be dealt with as follows :— To payment of a dividend of Is 3d per share (which is slightly in excess of 10 per cent on the paid-up capital for the last 12 mouths ... £6,250 0 0 To credit of a reserve fund ... 20,000 00 j Leaving a balance to be carried forward to next year of 4,124 17 10 Total £30,374 17 10 The Reserve Fund, now commenced, the Directors hope to be able to considerably augment year by year. If the proposal to pay a dividend is sanctioned by the Shareholders, the warrants for same may be obtained at the Head Oflice directly after the meeting, and at the Branches immediately on receipt of advice. It will be gratifying to the Shareholders to notice from the Balance Sheet the progressive character of the Company's business, and your directors have every confidence^ the future prospects of the Company, if cordially supported as hitherto by the Shareholders. During the past year the General Manager visited the Australian Colonies, insjpected the Branches already in operation there, and opened new ones in Adelaide and Launceston. Besides these extensions, the Company has taken over, on satisfactory terms, the business of the Hawke's Bay Insurance Company. As favourable opportunities present themselves, your Directors propose to exteed the operations of the Company. The following Directors retire by lot, and are eligible for re-election :— Messrs J. T. Peacock, G. G. Stead, and W. Reeves. It will devolve on the meeting to elect two Auditors in place of Messrs Wright and Harley, who retire but are eligible for reelection. J. T. Peacock, Chairman. Balance Sheet, May 31st, 1879. Liabilities, £ s. d. £ s. d. Capital account 75,000 0 0 Less unpaid ... 1,266 7 6 73,733 12 6 Calls paid in advance ... 63 15 0 Appropriation for losses and re-insurances unpaid ... 5,000 0 0 Balance 30,374 17 10 £109,172 5 4 Assets. " £ s. d. Mortgages 44,655 0 O Deposits bearing interest ... 39,500 0 0 Office premises 7 ; 059 8 11 Office furniture 1,321 18 0 Cash at Branches and Agencies, and owing at Head Office and Branches ... 13,375 6 7 Cash in Bank and in hand ... 3,260 11 10 £109,172 5 4 Profit and Loss Account. £ s. d. To Fire and Marine losses ... 32,546 13 8 „ Fire and Marine re-insur-ances and discounts ... 28,499 18 7 „ Stationery 866 9 6 „ Expenses of management, Agents' commissions, and sundry charges ... 15,776 14 5 „ Balance 30,374 17 10 £108,064 14 0 « t, £ s. d. By Balance brought forward 14.142 5 1 „ Fire and Marine premiums 88,326 18 6 I „ Interest received and accrued 5^47 7 n „ Transfer fees 48 2 6 £108,064 14 0 We have examined the above Balance Sheet and Profit and Loss Accouut, together with the vouchers, accounts, the books of the Company, and securities, and hereby certify that the above is a correct statement of the affairs of the Company. F. E. Wright,) . ... E.S.HA*LEY,} Audltors - Christchurch, June 24, 1879. {See Fourth Page.)