NEW ZEALAND INSURANCE COMPANY.— GENERAL MEETING OF THE SHAREHOLDERS.

New Zealand Herald, Volume I, Issue 215, 21 July 1864, Page 4

NEW ZEALAND INSURANCE COMPANY.— GENERAL MEETING OF THE SHAREHOLDERS.

Yesterday there whs si meeting of the Shareholders of the above Company, at 2 o'clock, at their cilices in ishortland-street, to receive the half-yearly report and balance sheet. The members present were Messrs. 8. Browning, Wilson, Stone, Elliott, Cadmaii, Law, P. Graham, ,T. ji. Russell, Potter, Mears, P. Grace, Hcule, I'Vuser, Atkin, Malic, (J. J. Taylor; IS. lirownii>ir, Ks(|., iii tiio chair. Mr. l'liiutE the Manager, read tlio following Report:— "Seventh Report of the Dikectoks of tiiu New Zkai.anh Insurance Company. "The Directors of tlio New Zealand Insurance Company have again the pleasure to present to the proprietors their Report upon the accounts of the Company, for the half-year ending tlio lilsl Mav, 18tW. " Although the amount of losses is greater than during any previous half-yngr, the statement now laid before yon shews a balanco of pro/it amounting to £7UoO 7s. Ul. which, added to the balance brought forward l'romUielast half-year, leaves £10,021 10s. Od. for appropriation. Out of this sum the Directors declare a dividend on thepaid up capital of the Company, aL the rale of 10 per cent, pur annum, the balance to be cairictl to the credit of the Reserve Fund.

" The Dividend will be payable on and after Friday, tho ".!2nd instant. " Tho Directors recommend that tho sum 0f.£10,000 lie taken from the Reserve luuid, and applied to the augmentation of the paid-up capital of the Company, being reckoned as a payment by the present propietors of :CC> per share. The amount of paid-up capita! will then stand .i' to.OOO or .t'lß per share, and the Reserve Fund, £!M2l 10s. od. " The efforts of tho Directors to promote to tho utmost the future prosperity of this institution will not be wanting, and they look with confidence to the cordial and energetic support of the shareholders to second those efforts and thereby insure its continued success. "Jajius Williamson, " Chairman. Nuw Zealand Insl-kance Com cany, 31st Mav, ISG J. ntoriT A>'l> LOSS. £ s. a. To Reserve Fund Transfer ----- 3,170 9 7 „ Half-yearly Dividend ----- 1,500 0 0 „ I'iro and Marine Losses ----- 18,051 1 4 „ Expenses, Reut, Salaries, Commission, &c. - 3,773 0 4 „ Last .i-year's Balance unumiro-1 , 00 _ , priated ... J" J * „ Balance 7,036 7 1 10,921 10 5 £37,125 1 s £ s. it. By Balanco last V.vcar ------ 8,5i»1 12 11 „ Tire and Jlavino Premiums - 2t), ISS 15 2 ~ Interest ------- - i,ii/1 13 7 £37,125 1 S BALANCE SHEET. £ s. d. To Capital 30,c0n 0 0 „ Reserve Fund,*- ------ 15,000 0 0 „ Last Profit and Loss unappropriated - 3,555 3 „ lirauclics overpaid 483 17 0 „ I'roilL and lioss ------ 7,036 7 1 £56,105 7 5 .£ s. d. By Fire and Marine Premiums and Branches owing ------- 1,781 17 g „ Bills receivablo ------ 1,314 16 10 „ Investments and Furniture - 45.377 19 6 „ Cash in liank and baud ----- 4,'.130 13 5 £sti,tos 7 5 Tho Auditors having examined the books and accounts of the Company for the half-year ending 31st May, ISO-!, have to report that the .Balance Sheet now presented to the [Shareholders is a full and fair Balanco Sheet, and exhibits a true and correct statement of the atlkirs of tho Company, with t tho excep-

tinn of the Tipton Agency return, fur U'.e quarter ended 3<lth April, 18G I, received subsequently to the closing of the Accounts. ft. Eliott Eliott, ) Au;litols O'.:oKGE FIIASEIt, ) July I.3th, ISG4. The Chairman* moved the adoption of the Report. Mr. Cadman- congratulated the company on the small amount of loss either by marine or lire, incurred during the last sk months "in Auckland, he thought, it wrong for any company to talce insurances ori ve:>sel.-i goimr to harbours without buoys or harbour master, and he' thought it should be arranged by all the companies that thi-'V would not take insurances on vessels going to such ports. If the several-companies would agree together to take no insurances from vessels bound for ports in which there were neither properly laid down buoys, nor harbour masters appointed it would be conferring a great benefit on these ports and on s. ii.per-i generally as the authorities -would very soon be compelled to supply the deficiencies. He congratulated this company on abstaining from taking" such risks. He was sure that they would all feel that there was every reason-to be perfectly satisfied with the report, and he found no fault whatever ; liis remarks were only applied generally, and he bended to second the Chairman's motion. The Chairman- stated that the government had made arrangements to have buoys laid down, a pilot appointed, and a steam tug provided for the use of Port "Wnik-it". The Chairman also announced th:it the auditors wore to retire this year, but that they were eligible i<»r re-election. Mr. Cadman seconded by My. Law, moved that the auditors Messrs. Elliott, and I* rnser, be re-elected. Mi*. Cadman* proposed a vote ot thanks to the Chairman, Directors and Manager. '1 he fact that a balance of .£7OOO remained in spite of the loss of £18000, showed great foresight and good management on the part of tho Dircctor.-j. The Chaikman briefly returned thanks, and there no further business to bo transacted, the meeting separated.