NEW ZEALAND INSURANCE COMPANY.

New Zealand Herald, Volume XXVI, Issue 9257, 10 January 1889, Page 6

NEW ZEALAND INSURANCE COMPANY.

ANNUAL MEETING. The shareholders of the New Zealand Insurance Company held their annual meeting yesterday in the long-room of the New Zealand Insurance Buildings. There was a large attendance. Dr. J. L. Campbell, Chairman of the Board of Directors, presided. REPORT AND BALANCE-SHEET. The directors' report and balance-sheet was as follows : —> The Directors hare the pleasure of submitting to the shareholders a statement of the results of the operations of the Company for the year ending 30th November, 1888. . The Net Premiums, less Reinsurances, amount to A 249.445 13a lid, shoeing the very satisfactory increase of £26,86117s 6d over last year. After providing for all ascertained losses and writing off £18,186 Is Bd, as depreciation on investments, paying an interim dividend of 3s per share in July last, and carrying £8000 to Investment Fluctuation Account, there remains a sum of £20,088 2s 7d available for division, which your Directors recommend should be appropriated as follows ;—

To tho payment of a dividend at; the rate of IS per cent, per annum £16,000 0 0 To balance carried forward .. 5,088 2 7 Messrs. Buddie and Owen are the retiring Directors, both being eligible for re-election. The Directors greatly regret the decease of their two esteemed colleagues, Messrs. Williamson and Browning, who have been members of the J3oard since the formation of the company. You will be asked to fill the vacancies thus created." It will also devolve on the shareholders to appoint two auditors for the ensuing year. It has been deemed advisable, owing to the increase in tho value of the shares, to reduce the qualification for Director of tho Company, and it is proposed to submit to an Extraordinary General Meeting, to be held immediately after the General Meeting of Shareholders, a resolution that the qualification henceforth be 600 instead of 1000 snares. The dividend will be payable at the Head Office to-morrow, and at Branches and Agencies on receipt of advice. For the Board of Directors. J . Looan Campbell, Chairman. Statement op Accounts for the Yeah Endino 80th November, 1888. Profit and Loss. Dr. £ a. d. £ s. d. To dividend for the halfyear ended 30th Novomber, 1887 .. 15,000 0 0 Dividend for the halfyear endod 31stMay, ISBB 16,000 0 0 — 80,000 0 0 Commissions, salaries, and other oxponeos 64,882 17 3 Government taxes and payments to Fire and Marine Associations.. 5,117 6 0 Fire and marine losses and appropriation for unpaid lossos .. .. 160,172 18 9 Investment Fluctuation Account .. 8,000 0 0 Balance 20,088 2 7 Cr. £288,201 4 7 By balance at 80th November, 1887 .. 19,145 19 3 Fire and marine premiums, less returns and reinsurances .. .. 249,445 13 11 Interest and rents 19,669 11 5 £288,261 4 7 Balance-sheet, Dk. £ a. d. £ s. d. , To capital 200,000 0 0 Reserve Fund.. .. 185,000 0 0 Reinsurance Fund .. 100,000 0 0 235,000 0 0 Investment Fluctuation Account—viz., amount last year .. 10,470 6 2 Transfer from Profit and Loss Account.. 8,000 0 0 £18,470 5 2 Less written off for depreciation in sundry investments .. 13,186 1 8 5,284 3 0 Appropriation for unpaid losses .. 39,448 0 0 Deposits and other liabilities .. 32,320 4 6 Balance ... .. 20,088 2 7 £642,140 10 7 Cn. By investments— Mortgages and shares 122,077 7 Company's freehold ofhee premises and other properties .. 297,872 9 0 United States Bonds 12,524 8 5 Debentures .. .. 17,530 11 i By loani) at call, short periods, and fixed bank deposits .. 27,802 4 8 — 478,707 1 6 Accrued interest and ronts .. .. 1,119 17 7 Bills receivable 478 10 7 Sundry debtors 584 12 1 Branch and Agency balances .. 66,788 411 Cash in bank and in hand .. .. 4,413 17 11 £542,140 10 7 The auditors havo examined the books and accounts of the Company for the yoar ended 80th November, 1888, and have to report that the balancesheet now-presented to tho shareholders Is a full and fair balance-shoot, and exhibits a true and correct statement of the affairs of tho Company. Geouoe Fiuser,! A dit A. BOARDMAN, /Auditors. Auckland, January 8, 1889. THE CHAIRMAN'S ADDRESS.

The Chairman said :—Gentlemen, it affords your directors much pleasure to be able to meet you to-day, and, notwithstan ing our losses having been exceptionally heavy to recommend the payment of the now almost) customary dividend of 15 per cent., not only without trenching on the Reserve Fund, and after carrying' the sum of £8000 to credit Investment Fluctuation Account, and writing oif £13,188 as depreciation in investments. The increase of £26,801 17s 5d in premiums is certainly extremely gratifying, that increase has been distributed over nearly the whole area of the Company's operations. Our two largest losses are represented by the sum of £7000 on the loss of the wool ship General Picton, from Melbourne, and £5045 at the great fire in Brisbane last September. There has been, as was to be expected, a diminution in interest receipts from our investments, arising from the decreased value of money. Looking to the fall which has taken place in real estate, your directors have most carefully gone over the whole of the securities and investments of the Company, and have written these down to a safe margin. Not content with their own judgment, your directors submitted these to the scrutiny and revision of the auditors. These gentlemen being in every way independent of the directors, receiving their appointment direct from your hands, we considered it would be a cause of satisfaction for you to know that they had «at in judgment upon so vital a point, and acquiesce in the figures which appear in the balance-sheet. As regards expenses, we have been able to keep the ratio to about the same as last year, slightly exceeding 28 per cent, on the premium income. The greater portion of these expenses is the commission paid to agents who control a very considerable amount of business. It devolves upon you at this meeting to elect two directors in the place of Messrs. Owen and Buddie, who retire, but are eligible and seek re-election. Also, to elect two directors to fill the vacancies caused by the deaths of your late chairman and deputy chairman, Messrs. Williamson and Browning. You will note by the report in your hands that action has been taken in the direction of reducing the qualification enabling shareholders to hold a seat at the board. According to existing articles of association, no person is eligible unless holding 1000 shares in his own right. At the price which the company's share now stand, and have now for so long stood, above qualification represents a capital investment of £2000. Your directors consider that so large a sum limits within too narrow a radius your choice of directors, and at the extraordinary general meeting, which takes place at the termination of the present proceedings, a resolution will be submitted reducing the qualification to 500 shares, which it is hoped may be more in accordance with the views of shareholders, and meet with their approval. With these few remarks I beg to move the adoption of the report and balance-sheet. ■ Tho report and balance - sheeb were adopted. ' DIRECTORS* Five candidates had been nominated for the four vacant positions on the directorate. , Major George stated that as the gentleman who was to propose him was unavoidably übeent, he would withdraw his candidature. Tho remaining four candidates—Messrs. T. Buddie, G. B. Owen, Jas, Russell, and R. Rose—were therefore elected. AUDITORS. Messrs. G. Fraser, A. Boardman, J. Waymouth, and J. Milne were nominated as auditors, and a ballot resulted in the election of Messrs. Boardman and Waymouth. THANKS. Mr. S. Vigkers proposed a vote of thanks to tho directors, auditors, and officers ofs the company. After reading the report, no comments were necessary ; and he was sure that the shareholders would gladly pass the vote. The motion was seconded by Mr. Hawkins, and adopted. Dr. Camfbkli. and Mr. G. P. Pieroe briefly acknowledged the vote. EXTRAORDINARY MEETING. At an extraordinary meeting of the shareholders, then held, the following motion

was passed on the motion of the Chairman : —"1. That the Articles of Association be altered in the manner following:—(a) In article 65 the words ' five hundred' shall be substituted for the words ' one thousand'; (b) In subsection 2 of article 66, the words ' five hundred' shall be substituted for the words ' one thousand.'"