NEW ZEALAND INSURANCE COMPANY.

New Zealand Mail, Issue 545, 15 July 1882, Page 15

NEW ZEALAND INSURANCE COMPANY.

(UNITED PRESS ASSOCIATION). Auckland, July 12.

At the half-yearly meeting of the New Zealand Insurance Company, the report showed that, after making ample provision for all liabilities, and carrying £20,000 to the reserve fund, there remains £21,584 for the division as dividend of 15 per cent., and £6584 carried forward.

The Chairman (C. J. Stone) in moving the adoption of the report, said the losses paid and now adjusted at the time of the closing of accouuts amounted to £627,388; although these have been unusually heavy, only one, the Loch Maree, lost on the voyage from Australia to Loudon, has been of any considerable amount. The fire losses both in Australia and New Zealand have been very numerous. A further sum of £20,000 had been carried to the Reserve Fund, which now stands at £70,000. This will enable the management to equalise dividends should it be required at any future time to draw on it for that purpose. The re-insurance fund, specially set apart for protection of outstanding risks and to provide for exceptional losses, now stands at £IOO,OOO. In continuation, he said we may hope to add to these funds from time to time as the volume of our business increases. Investments now amount to £377,629. They are first-class securities, and their market value is considerably in excess of the amount set down in the balance-sheet, and shows an average return of about 6 per cent. Acting on the principle—a wise one we think—of pushing our operations far and wide, agencies have been established in the principal parts of India, and we have recently commenced business under favorable auspices in Cape Colony, China, and Japan.