NEW ZEALAND INSURANCE COMPANY.

New Zealander, Volume XVIII, Issue 1702, 8 July 1862, Page 7

NEW ZEALAND INSURANCE COMPANY.

The ceneral meeting of the shareholders of this Company was held in the Company s office on the for the purpose of receiving the report of the i?l year ending 3lst of May, and for the appointment Ur Auditors The meeting was well attended, and was ItidS over by the Chairman, Thos. Henderson, Esq. P The minutes of the preceding meeting haring been read and confirmed, the Chairman moved that the Allowing report be read, which was accordingly done, m were also tables of the various premiums received, and the expenses and losses incurred at the different branches of the Company : keport. The directors of the New Zealand Insurance Com_.nv have again the pleasure of submitting their halfyearly report for the approval and adoption of the S^he°total S amount at risk as far as can be ascertained . £403 633 14s od.. and the total receipts from premiums for the half-year have been £8,806 17s. lid ; the losses during that period have been unusually light, • *he financial statement exhibits a net profit on the ■ operations to the 31st May, of £7,491 16s, gj ■ YQ Ur directors recommended that a dividend be declared at the rate of ten per cent, per annum, on the paid-np capital of the Company, leaving a sum of #6 910 Bs. sd. to be branded to the credit of a reserve fund such dividend to be payable at the Company’s office on Monday, the 7th instant. The shareholders admitted under the new Deed of Settlement, although pot receiving any immediate benefit from the declaration Of this dividend, will nevertheless participate in the filture advantage of the reserve filnd, which itself forms A very eousidenlbic botlils. the accotripanving table will give at a glance the progressive increase' of the Company’s new assurances, atld while it is indicative of the growing confidence of the public in the New Zealand Insurance Company, manifests at the same time a laudable and patriotic desire to support an institution conducted entirely by residents in the colony, which, instead of withdrawing hs capital for transmission to England or elsewhere, retains it, investing at moderate interest its surplus funds in colonial securities, and thereby materially promoting the advancing and prosperity of the country from which it derives its support. The directors would refer with much satisfaction to the fact that the fourteen agencies recently established are now in full operation ; and, that their efforts to extend the business of the Company have bee* ably seconded by the activity and interest manifested by the agents, the results now placed before the shareholders amply prove. The directors would take this opportunity of imEressing upon the share and policy holders how dcsirale it is that each in his own sphere should use every opportunity to extend the interests and business of the Company, bearing in mind that whatever directly benefits the institution must indirectly benefit more or less every individual member of it In concluding their report, the directors would assure the shareholders that the unprecedented success which has attended the Company’s operations during the past half-year, will serve only to [imduee them to exercise increase ! caution, rather than to lake criminately every risk that may be offered to them. 1 Thomas Henderson, Chairman. Profit and Loss. Db. £ 8. d, To Commission and other expenses 1,403 13 7 “ Fire Losses 139 17 8 u Marine Losses 209 4 8 “ Balance 7,491 16 5 £9,244 12 4 Cb. £ s. d. By Fire Premiums 4,314 19 4 Marine Premiums 4,491 18 7 “ Inteiest 437 14 3 £9,244 12 4 Balance Shkht. Db. £ a. d. To Dividend and Bonus uncalled for ... 78 12 6 “ Capital paid up 11,628 O O “ Profit and Loss 7,491 16 5 £19,198 8 II Ce. £ s. d. By Fire Premiums duo 82 15 0 H Marine Premiums due 186 7 10 n Investments 15,343 3 8 ,l Due by Branches 206 10 8 M Furniture 103 U 0 w Cash in Bank of New Zealand and on hand 3,076 0 f £19,198 8 11 The Auditors having examined the books and accounts of the Company for the half year ending 31st May, 1862, have to report that the balance sheet bow presented to the shareholders is a full and fair balance sheet, and exhibits a true and correct statement of the affairs of the Company. G. Eliott Eliott. Richard Ridings.

. The report haring been read, the. Chairman entered into a few remarks, declaring that after so full and concise a statement as that before the meeting, there was no need to enlarge upon it. He could not, however, allow the opportunity to pass without congratulating the Company on its continuous and unprecedented success, and hoped that each individual shareholder would exercise hia influence in every way « which he might be able, to cause even this succesa w be increased 5 with tbeho remark he would move

tlie adoption, of the report. Mr. George Eliott Eliott having seconded this motion, the report was unanimously adopted The meeting then proceeded to the election of Auditors for the ensuing year. Mr. T. Henderson explaining that of the two present Auditors, Mr. li. Hidings, who had gratuitously filled that office for the last three years, was desirous to resign ; Mr. Eliott, he believed, was willing to continue in office, and it would be therefore necessary to elect another gentleman in Mr. Hidings’ stead, and he would suggest to the meeting that the duties, which were every year becoming more onerous, should be remunerated by some pecuniary consideration. Mr. David Graham then proposed, and Mr. Bracr seconded the proposition, that Mr. Eliott be appointed one of the Auditors of the Company; after which it was proposed by Mr. Sauerbier, and seconded by Mr.- John Graham, that Mr. Geo. Fraser be appointed as the other Auditor. These motions having been put by the Chairman, were carried unanimously. The amount of the consideration to be awarded in return for the duties of these gentlemen was then taken into consideration, and after some little conversation amongst shareholders present, a motion made by Mr. J. Graham, and seconded by Mr. Craig, was carried, to the effect “ that it be left to the Directors of the Company to settle the amount of remuneration to the Auditors."” Mr. J. P. Stark then rose to suggest the advisability of instituting a Guarantee Society in connection with the present Company—such a society was much needed, he thought, in Auckland, and would prove a profitable investment to the shareholders. Messrs. D. Graham and others admitted the want of s uch an institution, but thought it inadvisable to connect it with the existing insurance company; and Mr. Henderson stated that when in Sydney he had heard that the “ European” Insurance and Guarantee Company intended to establish a branch in Auckland. The advisability of establishing such a Company on an independent basis of its own in this City Was generally acknowledged. Mr. Eliott then proposed t at a vote of thanks be given to the Chairman andhDirectors; in returning thanks for which Mr. Henderson begged that the thanks of the meeting be more especially given to the Manager and officers connected with the working of the Company, to whom great credit was due, which was acknowledged by Mr. Pierce on behalf of himself and those mentioned. Before the meeting broke up, Mr. Henderson read an extract of a letter from Messrs. Bcthune and Hunter, of Wellington, expressive of the strong hold which this Company had taken in the Colony, and showing the high estimation in which it was held in the Southern Provinces.

p', *- COMPARATIVE STATEMENT OF FIRE AND MARINE INSURANCES 1860 TO 1862. I860 Fike. Marine. Gross Amount of Premiums. Sum Insured. Liabilities. Gross Amount Premiums. Sum Insured. Liabilities. £ s. d. 2,702 3 1 3,127 5 6 7,353 12 11 £ 8. d. 166,245 0 0 259,078 0 0 347,020 0 0 £ ad. 154,325 0 0 178,828 0 0 319,810 0 0 £ s. d. 1,117 16 3 2,536 6 1 7,097 5 2 £ s. d. 41,743 2 3 104,087 11 5 311,808 0 8 £ s. d. 11,852 0 0 23,880 0 0 83,823 14 0 1861... 1862 Fire and Marine Losses paid by the Company since its establishment, £5,082 16s. lid.