NEW ZEALAND INSURANCE COMPANY.—FORTY-SECOND HALF-YEARLY MEETING.

New Zealand Herald, Volume XIX, Issue 6288, 12 January 1882, Page 6

NEW ZEALAND INSURANCE COMPANY.—FORTY-SECOND HALF-YEARLY MEETING.

The forty-second half -yearly; meeting of the New Zealand Insurance Company was held yesterday afternoon at the head offices of the company. Insurance Buildings, Queenstreet, Auckland. The Hon. James Williamson, M.L.C., chairman of directors, presided. There were also present : Dr. Campbell, Messrs. Tonks, R. G. Wood, R. Laishley, W. Rattray, Simms, Rev. S. W. Baker, S. Browning, Vickers, Puden, Callnan, Owen, Heather, and other shareholders. The minute of the last halfyearly meeting, which were read by the general manager (Mr. G. P. Pierce), were confirmed. The General Makager then read the report and balance-shee as follow :— The directors beg to sabmit to the shareholders the lorty-second report and balance sheet, duly audited for the half-year endedittoli November last. Tho balance at the credit of profit and losi amonns to £'24,102 3s lOd. which it ii proposed to appropriate as foilows : £15,WW in payment of a dividend of 3j per shire, leaving £9102 3e 10d to be carried forward to next * half-year's account. Ample provision has been miJo for all losses outstanding, and claims, to date of balance. Mes3re- Stone and Williamson are the retirinj directors, and offerlhemselve* for reelection, It will be necessity to elect two auditors, in room of Messrs. Fra -er and Laurie, who vacate office, and are eligible for re-appointment. The dividend will be payable at the company"s office. Queen-street, to-mor-row, and at the eeveral branches and agencies on receipt of advice. For the Board of Directors,—James Williamson, Chairman. Statement of Accounts for the ESDixa November 30, ISSI.

Tke Auditors hare examined the Books and Accounts •ft c Company for the Half-year ended Nov. 30, ISSI, and h*ve to report that the Balance-sheet, now presented to the Shareholders, is a full and fair Balance-Sheet, and exhibits a true and correct statement of the affairs of the Company. Gkorqe Kbaser, ) Anditm _ W. S. LvuKiE, j" Au<utors - Auckland, January 10, 1882. The Chairman, on rising to move the adoption of the report and balance-sheet, said : Gentlemen, —It will not be necessary for me to trouble you with, any detailed explanation of the report which has just been read to you. I have great pleasure in congratulating the shareholders on the business done during the past half-year. The premium income exhibits a steady increase, which in the face of the keen competition in rates, and the advent of fresh companies, makes it very difficult to augment. I would remind you that a quiet and steady progress gives greater assuraace of real and safe development than a rapid accumulation of premiums involving risks inconsistent with the financial strength of a company. We are continuing steadily to extend our operations in various quarters, and shall do eo wherever and whenever favourable openings present themselves. Our losses, both fire and marine, have been unusually numerous, especially during the latter portion of the halfyear ; and as you will notice by the accounts presented to you, the large sum of £37,374 has been appropriated to meet unadjusted losses, including several heavy marine casualties which occurred during October and November last. I may allude also to the difficulty we have experienced in getting safe and profitable investments for our surplus funds. It is, however, satisfactory to know that the recent demand for money for investment has enabled us fully and profitably to employ the funds at our disposal. To this very important branch of our business your directors continue to devote their close and anxiou3 attention. Our investments are thoroughly safe and reliable, and their market value at the present time is higher than the amount at which they stand in the balance sheet. In conclusion, I would impress upon you the necessity of co-operating with the management, by using your influence in extending the business of this company, not only by giving your own business to it, but by using your best influence with your friends to do so also. With these remarks I beg to move that the report and balance sheet be adopted. Mr. Callnax briefly seconded the resolution for the adoption of the report and balance-sheet, aud the motion was carried unanimously.) Mr. Toxks proposed the re-election of the retiring directors, Messrs. Stone and Williamson. It was not necessary for him to say one word in support of the resolution. The balance-sheet which had been laid before them showed the great attention and care bestowed by the directors on the well-being of the company, and they could -not do better than leave their interests in their hands. Mr. S. ViCKrRS seconded the resolution, which-was put and carried. The Ciiaibmas said, in returning thanks for the continued confidence placed in him by the shareholders, he felt that a. great compliment had been paid to him. At the same time he would say that he had done what he could in the interests of the shareholders to the best of his ability, and the best guarantee that he would look after the interests of the company was the fact that he had a very large interest in it himself. In the few remarks which he had made in proposing the adoption of the report, he had referred to the Keen competition. Companies from all parts of the world were now doing business here. Some of these were very extensive, and it might be their interest to take risks whioh would not be remunerative to local companies; but he considered the public should bear in mind that it was greatly to the interest of the colony that all such business should, be done by themselves. The directors intended to do business on as moderate terms as would prevent loss and give a fair return to the shareholders for the risks incurred. Below that they did not wish to follow those

who took unremunerative risks. While I giving the business of the company their | closest at ention it had been the feeling of the directors that they shonld not force business where the premiums were not commensurate with the risks incurred. He again returned thanks. -j The Rev. Mr. Barer proposed the reelection of the two auditors, Messrs. George Fraser and YV. S. Laurie, ia whom, he said, the shareholders had every confidence. Mr. Lais OLE Y seconded the resolution, and it was carried. Mr. R. G. Wood moved that the thanks of the shareholders be given to the directors, officers, and agente of the company. Mr. Heather seconded the resolution, which was then put and carried. The Chairman- returned thanks for the vote of coufidence in the directors which had been passed. It would be their desire to keep the interests of the proprietors steadily in view in the future, as they had done in the past. Mr v G. P. Pierce thauked the meeting on behalf of the officers and agents, and said this would incite them to use continued endeavours to carry on the business of the company successfully. This concluded the business.

Dr, rROFTT ASD LOSS. ; '• j Tβ Dividend, half-year ending .. £ 8. d. M*y31,lS3l 15,000 0 0 ,, Commissions, Salaries, and other expenses .. .. £21,093 5 1 ,, Government Taxes and payments to Fire and Marine ! Associations .. 2 4 22,477 7 5 „ Fire and Marine Losses .. .. £40,642 10 7 „ Appropriation for ■ I Unpaid Losses .. 37,374 0 0 £78,016 10 7 Lees appropriation last Half-year .. 25,161 0 0 52,855 10 7 „ Balance 24,102 3 10 £114,435 1 10 Cr. £ 8. d. By Balance from last Half-year .. .. 24,725 0 5 ,, Fire and Marine Premiums—less Returni and Re-insurances .. 78 563 IS 8 „ Interest and Rents 11,127 7 9 „ Transfer Fees •• 19 0 0 £114,435 1 10 Da. BALANCE-SHEET. £ B. (I. To Capital 200,000 0 0 „ Reinsurance Fund 100,000 0 0 „ Reserve Fund 50,000 0 0 „ Appropriation for Unpaid Losses.. 37,1*74 0 0 „ Deposits and other Liabilities .. 1,525 110 „ Balance .. .. .. .. 24,102 3 10 £413,001 5 8 Cβ. . • £ a. d. By Investments— -Mortgages and Shares .. .. 151,327 8 9 Insurance Premises and other HeriUble Property .. .. 9S.36O 17 4 United States Bonds .. .. 10,600 0 0 Bebencures 61,970 4 i LoansatcaU : 36,500 0 0 £359,858 10 6 „ Accrued Interest and Rents .. 3,225 8 2 „ Bill3 Receivable 1,577 7 11 „ Cash a'. Bank and in Hand.. .. 15,104 5 0 ,, Sundry Debtors 1.506 2 0 „ Balances at Branches and Agencies 31,929 12 1 £413,001 5 8