AUCKLAND INSURANCE COMPANY.

New Zealand Herald, Volume IV, Issue 1054, 1 April 1867, Page 6

AUCKLAND INSURANCE COMPANY.

The fourth, half-yearly general meeting of the : shareholders in this Company was held on "Wed- . nesday, at the Company's offices, Queen-street, : David Nathan, Esq., Chairman of the Directors, , .presiding. The Chaxesiak having, read the notice convening the meeting, the Secretary read the . .minutes of the previous half-yearly meeting, , which were confirmed. ' The Seceetaby read the report and balance sheet,, as follow: — Fourth Report of the Directors, for the half-year ending February 10, 1867. Tour Directors have the honor to present to the Shareholders their fourth' Half-yearly report, accompanied by the Balance Sheet, duly certified by the Auditors. From the letter it will be seen that the income from Firo and Marine premiums has not been sufficient to cover the losses and expenses during the past six months. Tho Reserve Fund and interest arising from investment have consequently been absorbed. A liability of £320 arose at the close of the halfyear, but the claims not having been adjusted before the books -were balanced,, it is brought forward to the new half-year. This claim lias since been paid. Tho past year in Auckland hasbeen unprecedented for fires arising from causos other than- accidental, and as it is impossible for a young company to meet claims arising from incendiarism, without the risk of seriously diminishing the paid-up capital, and possibly of making fart, er calls upon the shareholders, the Directors are of opinion that it would bo wiser and safer to pass a resolution for winding-up the Company, which, if confirmed at a future meeting, will enable the shareholders to get back the whole, or the greater part of the money, they have paid up. Davie Nathan, Auckland) Murcli 14, 18G7. Chairman.

PROFIT AND LOSS ACCOUNT For Half-year ending- February 10, 18G7Db. £ e. d. £ a. d. To Fire and Marina Losses 2671 14 2 To Xaw Costs . . IG9 2 2810 1G -i Hess amount due by Pacific! Company . 300 0 0 2340 16 4 To expenses, viz: — Kent, Salaries, Stationery, Advertising, 'Commission, Re-insuratice - 393 0' o Depreciation in value of office furniniture . . . . . 30 0 0 Balance of preliminary expenses, being moioty for second year . .. 89 9 5 £3053 0 0 Ck. £ a. d. By Balance lOtli August, 1866 . . 158 10 7 Fire and Marine premiums . . 113 Jl7 6 Interest and stock transfer fees . 299 19 2 Shares forfeited . . . 60 0 0 Balance ...... 1401 12 0 £3053 6 0 BALANCE SHEET. Dit. £ s. d. To Capital 6700 0 0 Beserve fuud ..... 1400 0 0 £8100 0 0 Cit. £ e. d. By Investments 4975 0 0 Interest out-standing . . . IC2 18 2 Stock . . . . . . 80 0 0 Furniture . . . . 59 19 3 Pacific Insurance Company . . 300 0 0 Agency owing . . . . 31 5 B ' Cash in Bank and hand . . . 11-19 4 4 Profit and Loss .... 1401 12 9 ! £SIOO 0 0

"We have examined the above Balance Sheet, Summary, and accounts of the -Auckland Insurance Company, and compared them with the books, vouchers, writings and documents concerning them, and finding them correct, havo to report that the Bulance Sheet now presented to the shareholders is a full and true statement of the affairs of the Company. 0. Arthur,. Jojis li. Tolb.

Auckland, March 16, 1567. The Cmwiix formally moved tlie adoption of the report and balance sheet. The report and balance-sheet were adopted. Mr. Wood said that there might not be any doubt about the matter,, he •would submit the proposition in writing. He would move the following resolution, " That this meeting do agree with the proposition of the Directors, and hereby authorise the Directors to take the necessary steps for winding-up the aflairs of the Company in such manner as they think right, or to dispose of the business of the Auckland Insurance Company to some other office doing business in Auckland."

The proposition was seconded by Mr. Henry Isaacs.

The Chairman said that it was not that the Directors had any fear,, that they wound up the Company, but that they did so for the good of the shareholders, as such a suggestion had come from them. The business of the Company had been a source of great trouble and expenditure of time to the Directors whose attention had been constant!}' given to the affairs of the Company. The question which they had just been discussing was one that originated entirely with the shareholders. The Directors would be happy to take and pay their proportion of the calls. The Directors would not have thought of bringing anything of the kind into the report had it not sprung from the shareholders expressing their opinions freely to that effect, and the Directors did not wish to be opposed to the shareholders. There was no fear whatever on the part of the Directors themselves, but as the shareholders had expressed their opinion as to the propriety of winding-up or disposing of the business, the Directors accepted the decision of the shareholders.

The CHAimrAN said that it would be necessary to have a special general meeting to confirm the resolution; that meeting would take place on the 28th inst." Mr. Ma.uk Somerville moved, seconded hy Mr. Hold3Jiii>, a vote of thanks to the Chairman, Directors, and Secretary. This concluded the business of the meeting. —March 21.