NEW ZEALAND INSURANCE COMPANY.—HALF-YEARLY MEETING.

New Zealand Herald, Volume XVI, Issue 5350, 9 January 1879, Page 3

NEW ZEALAND INSURANCE COM-PANY.—HALF-YEARLY MEETING.

Tub half-yearly general meeting of the New Zealand Insurance Company was held at 2 o'clock yesterday, in the board-room, Company's office, Queen-street. There was a large and influential attendance. Dr. J. L. Campbell, in the absence of the Hon. J. Williamson, occupied the chair. Mr. G. P. Pierce, General Manager, read the advertisement convening the meeting, aud the minutes, which were confirmed. He also read the half-yearly report and balance* • sheet, as follows :— B.KPORT. The Ureetors have much pleasure ia submitting 10 the shareholders thc : r thirty-sixth report and baliuicc-sh«iet. After making due provision fo* all ascertained losses t9 date, aad carrying £5,000 to the reserve fund, which now stands at iMO,'jOO, there remains a sum of £19,283 Is lid available for division, which the Direc.ors propose t; appcopri.te asf. 1lows;— Payment of dividend at the rate of 15 % £15,000 0 0 Balance carried forward 4,203 1 11 £19,253 1 11 Warrants for the dividend will bo issued at the coiupa y's office to-morrow, and at the several br mches and uge-cies oti receipt of adricc. In accordance with the Deed of Settlement, Messrs. Jlacfatlane, Stone, and Wilson will retire fiom olHcc, and are eligible f r re-election. Laurie and Kraser als»offer themselvei for re-election as Auditors.—For the Board of Directors, James Williamson, Chairman. Statement or Accounts for thk Half-year Ending xnovkmbisx. 39, 1878. ritOFIT AND LOSS. Br. £ s. d. To Dividend, half-year ending May, 1573 15 000j 0 0 ~ Commissions, salaries, and other expenses 23,1542 4 4 ~ Firts anil marine losses .. .. G0,147.*-0 6 ~ Appropriation for uupaid losses .. 23,415 0 0 ~ Reserve Fund.. .. .„ .. fi,ooo O 6 ~ Uatauce.. .. ~ .. .. 19,283 111 £145,909 6 9 Or. J* b. d. By Balance from last half-year .. 15,873 8 6 ~ Appropriation last half-year .. 30,520 0 0 ~ Fire and marine premiums, less reinsurances .. .. .. .. 80,100 13 0 „ luturest, rents, trausfer fees, and profit on investments realized.. 10,505 5 3 £145,909 C 9 BALAJiCK-SIIEET. Dr. £ s. d To Capital 200,000 0 0 ~ Ke insurance Fund .. .. .. 100,000 0 0 ~ ttcseire Kund .. .. .. .. 40 o®o 0 0 ~ Appropriation for unpaid losses .. 23,415 0 0 ~ Deposits 14,4vQ 0 0 ~ Balance 19.283 1 11 j £397,098 1 11 Or. £ s. d. By Investments 351,952 6 3 ~ Fire and Marine Premiums due .. 1,832 15 3 ~ Interest and rents due .. .. 2,St»U 9 2 „ Bills receivable 1,979 U 11 ~ Branch and Agency Balanci-s .. 20,u(»J 17 10 ~ Furniiurt!. tiro unyiues, »&c. .. 1.313 1 7 Cash in rank and on lund.. .. 11,*.'59 17 11 £397.093 1 11 The auditors have examined the books andaocounti of th»' company for the half-year onded :iO. IS7B, and have to report that the balauce-sh- et now presented to the shareholders is a full ami fair balance-sheet. and exhibits a true and correct statement of the atfairs of the company. George Fk\skb, > W. S. Lauhik, r Audltors - The Chaiuman, in moving the adoption of the report, said : Gentlemen,—The report now presented to you brings to a close the nineteenth year «iuce the establishment of this company. I ain pleised to state that your directors still find themselves enabled to recommend a dividend being made to shareholders of the accustomed 15 per cent., —a remuneration which I have no doubt will cause the report to be received with satisfaction. That the recipts should, in the face of keen competition and redaction of rates, have nevertheless kept up to enable the present dividend to be declared must be especially gratifying. Our losses, though these have beeu very numerous, have not been for excessive amounts, and it is remarkable that those sustained iu the mariue branch have nearly all been on lirst-class risks,—for example, the ships Piako, City of Aucklaud, Taranaki, Tubal Cain, and others. You will observe by the report that we propose an addition to the Reserve Fund of £5000, which will make it now stand at £40,000 ; to this has to be added the re-insurance item of £100,000, which amounts must, L am confident, be not only a cause of satisfaction to shareholders, but also a source of coutideiue to the insured. The past progress of this company has been one of almost unexampled prosperity, but the p-riod has now arrived when we have to face a competition not hitherto existing. For we have now more than twenty rival insurance companies in the field, keenly contesting for business. The result has been a reduction of rates, which may not eveu be maintained as now existing, as wo have to contend against new oflioes, striving to obtain business by offering the bait of lower terms. Your directors can only meet this difficulty by grantiug their supporters equally favourable terms. It is a new element, however, which may result in a diininutijn of our premiums in future year*. Shareholders, however, in this company have reason to congratulate themselves, that | however much its premiums may be diminished, it can, from its own resources ; of invested capital, always innure a dividend hciug made. The directors deem they are warranted in asking; a continuance of that p.iyt support which has bi en accorded to this company, as they can refer with satisfaction to the manner in which its business has been conducted, it is hardly necessary to remind shareholders how much the cornpauy can be benefited by their individual exertions in ila favour. 1 beg to move the adoption of the report and balancc-sheet. Mr. Tonks : I have great pleasure in seconding ilio resolution. Aa remarked by the chairman, in the face of the keen competition which exists, we have reason to congratulate ourselves on our position. 'J he motion was put and carried. ELECTION OF I>JKJXTOKS. For the position of directors there were, as stated in the report, five candidates for three scats, including the three retiring directors. Mr. J. J. Tai.vk proposed, " That the retiring directors be re-elected." Mr. S. Browning seconded the resolution. It: was put to the mectiug, and unanimously agreed to. AUDITORS. Mr. Vicickus proposed, "That Messrs. Geo. Eraser aud \Y. S. Laurie be re-elected auditors." The resolution was seconded by Captain I Worsp, and carried. Mr. J. L. Wilson : I beg to return thauks for being re-elected to the directory, and I j atn sure I may also do so on behalf of Messrs. Stone aud Macfarlane in their absence. The ltev. J. Wjiewei.l proposed a vote of [ thanks to the directors, ogcuts, and officers s of the company. As to the directors, they ' muht be entitled to credit for the judgment and business talents they had displayed in conducting the affairs of the company. He did not think they could be improved on. Aa to their agents, he found the agents of companies rather fast-going, but in this company prudence and caution were exercised. As to the principal officers here, he had not met in any of the banks or public offices more courtesy and civility than here, and he had great pleasure in proposing the resolution. Tha Chairman, on behalf of the directors, and Mr. Pikkce, on behalf of the officers, returned thanks. The meeting thon terminated. 1 '