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New Zealand Herald, Volume XVI, Issue 5371, 3 February 1879, Page 6

NEW ZEALAND INSURANCE COM-PANY.—HALF-YEARLY MEETING. The half-yearly general meeting of the New Zealand lusurance Companj 7 was held afc 2 o'clock on Jan. Sch, in board room, Company's office, Queen-street. There v. as a largo and influential attendance. Dr. J. L. Campbell, in the absence of the Hon. J. Williamson, occupied the chair. Mr. G. P. Pieuce, Geuetal Manager, read the advertisement convening the meeting, and the minutes, which were confirmed, ile also read the half-yearly report aud balancesheet, as follows : — UEI'ORT. The Directors have mu.h pleasure in submitting to the shareholder* the'r thi ty-sixth report and balance-sheet. After making due provision fo* all ascertained losses t-» date, aud carrying £5,000 to the reserre fund, which now stands at £40,000, there lemains a sum of £19,233 Is lid available for division, which the Direc ore propose t; {ippmpri.ie f 1lowd; - Payment of dividend at the rato of 15 % £15,000 0 0 Balance carried forward 4,203 1 11 ! £19.253 1 11 W. mints for the dividend will be issued at the compa y's otliec to-in>rrow, and at the s.veral branches and age- cies oil receipt of advice. In accordance with the Deed of Settlement, Messrs. ilacfarlane, Stone, and Wilson will retire fiom olliee, and are eligible f:,r re-olect.on. Messrs. Laurie and Fraser als »offer theiuaelvoi (or re-election as Auditors. —For the Board of Directors. J auks Williamson*, Chairman. Statement of Accounts for tiir Half-year Ending 30, 1873. riIOFIT AND LOSS. Dr. £ s. d To Dividend, half-year ending May, 1873 15 00D 0 0 ~ Commissions, salaries, and other expenses .. .. .. .. 23,154 4 4 „ Fire aud marine losses .. .. 60.147 0 6 ~ Appropriation for unpaid lo3scs .. 23,415 0 0 ~ Reserve Fund.. .. .. .. 5,000 O 0 ~ Balance 10,233 1 11 £145,'J09 G 9 Or. £ s. d. By Balance from last half-year .. 18,573 S G ~ Appropriation last half-year .. 30,520 0 0 ~ Fire and marine piemiums, less reinsurances .. .. .. .. SG,IOO 13 0 ~ lutereat, rents, transfer fees, and protlt on investments realized.. 10,505 5 3 £145,909 0 9 BALA N C E-SIIE EX. l)r. & s. d. To L'ap'tai .. .. . • .. «» 200,000 0 0 „ ilu iiiaiirance Fund .. .. -- 10>,U00 0 0 ~ Kesmvit Fund .. .. .. 40 000 0 0 , y Appropriation for unpaid losses .. 23,415 0 0 ~ Deposits 14.4.0 0 0 ~ Balance .. .. .. .. 19.263 111 £397,093 1 11 Cr. £ s. d. By Investments 351,952 5 3 „ Fire and Marine Premiums due .. 1,b32 15 3 ~ Interest and rents due .. .. 2,SUU 0 2 „ Bills receivable 1,979 14 11 ~ Brand) aud Agency lialances .. 2i>,003 17 10 ~ Furniture, fire-engines, i&c. .. 1,313 1 7 ~ Cash in iank and on hand.. .. 11,«J59 17 11 £397.093 1 11 The auditors have examined the books and accounts of the company lor the half-year ended Novrmber 30, IS7S, and have to report that the balance-sheet now presented to the shareholders is a full and fair balauce-sbcet, and exhibits a true and correct statement of the atfairs of the company. rrLSiri Aud < to --

The Chairman, in moving the adoption of tbe report, said : Gentlemen, —The report now presented to you brings to a close the nineteenth year since the establishment of this company. I am pleased to state that your directors still find themselves enabled to recommeud 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 rcc ipts should, in the face of keen competition and reduction of rates, have nevertheless kept up to enable the present dividend to be declared must be especially gratifying. Our losses, though these have been very numerous, have not been for excessive amounts, aud it is remarkable that tliode sustained in the marine branch have nearly all beeu on lirst-claas risks, —for example, the ships Piako, City of Auckland, Taranaki, Tubal Cam, aud others. You will observe by the report that we propose an addition to the Reserve Fund of i'oOOO, which will make it now stand at £40,000 ; to this has to be added the re-insurance item of £100,0U0, which amounts must, i am confident, be not only a cause of satisfaction to shareholders, but also a source of confidence to the insured. The past progress of this company has been oue of almost unexampled prosperity, but the period has now arrived when we have to face a competition not hitherto existing. For wo have now more than twenty rival insurance companies in the lield, keenly contesting for business. The result has been a reduction of rates, which may not even be maintained as now existing, as we have to contend against now offices, striving to obtain busiuess by offering the bait of lower terms. Your directors can only meet this ditliculty by granting their supporters equally favourable terms. It is a new element, however, which may result in a diminution of our premiums in futuie years. Shareholders, however, in this company have reason to congratulate themselvej, that however much its premiums may be diminished, it can, from its own resources of invested capital, always insure a dividend beiug made. The directors deem they are warrauted iu asking a continuance of that past support which has been accorded to this company, as they can refer with satisfaction to the inauner in which its business has been conducted. It is hardly necessary j to remind shareholders how much the company can be benefited by their individual exertions iu its favour. 1 beg to move the adoption of the report and balance-sheet. Mr. Toxks : I have great pleasure in seconding the resolution. As remarked by the chairman, in the face of the keen competition which exists, we have reason to congratulate ourselves on our position. The motion waß put and carried. ELECTION OF DIRECTORS. For the position of directors there were, as stated in the report, five candidates for three seats, including the three retiring directors. Mr. J. J. TAixe proposed, "That the retiring directors be re-elected." Mr. S. Browning seconded the resolution. It was put to the meeting, and unanimously agreed to. AUDITORS. Mr. Vickers proposed, "That Messrs. Geo. Fraser aud W. cs. Laurie be re elected auditors." The resolution was seconded by Captain \Yorsl\ and carried. Mr. J. L. Wilson' : I beg to return thanks for being re-elected to the directory, and I am sure I may also do so on behalf of Messrs. Stone and Macfarlane in their absence. The He v. J. Wiiewp.ll proposed a vote of thanks to the directors, ageuty, and officers of the company. As to the directors, they must 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 oh. As to their agents, he found the agents of other 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 iu proposing the resolution. The Chairman, on behalf of the directors, and Mr. Pierce, on behalf of the officers, i returned thanks.