NEW ZEALAND ACCIDENT INSURANCE COMPANY.

New Zealand Herald, Volume XXI, Issue 6931, 4 February 1884, Page 1 (Supplement)

NEW ZEALAND ACCIDENT INSURANCE COMPANY.

Tiie annual meeting of shareholders of the New Zealand Aeuinent Insurance Company was held at the Insurance Buildings on the 31st January. There were present : Messrs. C. B, Stone, G. B. Owen, Alexander, Walker, Callnan, G P. Pierce, Whitehead, Edmiston, and other shareholders. Mr. D. B. Cruickshank (Chairman of Directors) presided. The General Manager (Mr. W. A. Thomson) read the report and balance-sheet, as follows :— The directors havo the satisfaction of reporting to the shareholders that, (luring the yenr 1853, the operations of the company havo been much extended in all the colonies, ami although the claims have been large, as compared with previous years, the income from new and renewal premiums has increased satisfactorily. After setting aside £4000 towards the compilation of a reserve fund, tlio amount to credit of profit and loss now stands at £1493 3s sd. Out of this, it is proposed to ray a dividend at the rate of 6d per share, of which 3d has already been paid for the half-ynar ending 30th June, 1883. In accordance with the deed of settlement, Messrs. Buddie and Tonks retire from office, and being eligible, offer themselves for re-election, it will be the duty of the shareholders to elect two au iitors for the ensuing year, and to fix their remuneration. The dividend will be payable to-m»rrow.—For tho Board Of Directors, D. H. CituicKsHANK, Chairman. STATEMENT FOR THE YEAR ENDING 31ST DECEMBER, ISS3. PROFIT AND LOSS. Dr.—Toamount paid for compensation, £6833 19s 3d ; general expenses, including directors'honorarium, C26SS 5s 7d; reserve fund, £4000; license fee. New Zealand Government, £50 ; advertising. £38 2s 2d ; i stationery, £234 4s lid ; medical costs, £104 14a 8d ; bad debt, £4 4s; Balance, £1435 3s 6d: total. £15 451 14s. Cr.—B* balance from last year, £4557 12s; less pay. ment of dividend, 31st December, 1882, £250; interim, 18S3. £250—£500! total. £4057 12s. Amount of nett premiums, £10,722 16s 4d ; interest and transfer fees, £671 5s 8d: total, £15,451145. BALANCE-SHEET. Dr.—To capital, IOo.OUO shares at £1, £100,000; leas unpaid, £98,000—£2000; reserve fund, £4000 : life members'acc.onnt, £1007 Is 3d; amounts owing by company £StllG»4i; overdraft Hank of N w Zetland, £270 lis (id; re-insuiancc fund for uuexpirod risks, iilono ; coutingent liabilities, x.15u0; profit and loss, £1195 3s sd: total. £12, 12a 60.

Cr. investments, £10 916 ; accrned interest, £ :03 1s 3d; bil-nce at branches, £1019 Cs 6d ; office furniture, £55 4s 9d : total, £12,093 l'2s Cd. The Chairman said : Gentlemen, — I think the report and balance - sheet will commend themselves to every shareholder present. in proposing their adop tion I do not intend to say anything on the merits of accident insurance, or the advantages which a company like ours confers on the general public. The Bteaoy increase in our business abundantly proves that these advantages are being more and more appreciated. Coming at once to the balancesheet—it will be in your recollection that your directors last year thought it wise to make substantial provision for contingent labilities and unexpired risks. This year we have further strengthened our hands by commencing to build up a reserve fund. Fo this purpose we have set aside £4000, whicu amount we hope to see augmented steadily year by year. I feel satisfied that the action ot the directors in this respect will meet with your approval. Accidental mortality and casualty would seem to be on the increase in the colonies. The proof of my assertion will be found in the fact that we have paid considerably more in claims for than during the three years of our previous existence altogether. For this reason alone it is surely prudent, after paying a good dividend, that we should be prepared for further losses than may be in store for us. We are promised opposition from various sources, and opposition will certainly help to popularise this class of insurance. But it appears to me that the work we have done since we commenced business clearly shows that no lower rates of premium than those we have been charging can be adopted for the safe working of any company. It now only remains for me to congratulate the shareholders on the result of uur operations for the past year, and to formally propose the adoption of the report and balance-sheet as read.

Mr. E. VValkkk seconded the motion. He agreed thoroughly with the remarks of the Cuairman, and thought it was a very wise plan, indeed, to begin building up a reserve fund, which he was glad to see amounted to so large a sum already. He hoped that course would be persisted in, and that such a sum would be accumulated as in a short time would secure the company against any losses. The motion for the adoption of the report was carried unanimously. DIRECTORS. Mr. Callnan proposed, " That Messrs. Buddie and Tonks be re-elected directors." They were men of business, and were well known. The manner in which the financial operations of the company had been conducted hitherto, he thought, was a safe guarantee that the future administration of the company was in very safe hands. Mr. Whitehead seconded the motion, — Carried. AUDITORS. On the motion of Mr, Alexander, seconded by Mr. R. Walker, Messrs. Milne and Way mouth were re-appointed auditors. thanks. On the motion of Mr. R. Walker, seconded by Mr. G. P. Pierce, a vote of thanks was passed to the directors and the officers of the company.