THE EQUITABLE INSURANCE ASSOCIATION.

New Zealand Mail, Issue 992, 6 March 1891, Page 32

THE EQUITABLE INSURANCE ASSOCIATION.

ANNUAL MEETING.

(PER press association.) Dunedin, March 2. At the annual meeting of the Equitable Insurance Association, the annual report stated that the receipts for the year have been £17,994 11s 4d,' and the expenditure £19,827 ISs 3d, with appropriation for unadjusted and probable losses, £2201 9s lOd. and written off £47 11s 10d, which, with the debit balance from last year, leaves a balance of £42,693 18s Id to the debit of profit and loss to be carried forward. All the known losses to the end of the year have been included in the appropriation for unadjusted and probable losses. The Chairman, in his speech, stated that they bad retired from Australia, the fire and marine business having been taken over by the Union Insurance Company as from 24th February, on terms considered satisfactory. An extraordinary meeting would be called to confirm the action of the Directors. The report was adopted, and Messrs J. B. Callan and J. Hazlett were re-elected Directors. Mr J. B. Callan, the chairman, in moving the adoption of the report, said the director a regretted having to show loss on the year’s operations ot £4506 8s 6d. There was an increase of nearly £2OOO in the net premium income, a decrease of nearly £IOOO in the losses, and a decrease of £2OOO in the charges. The amounts owing were less by £9,450, and the total loss was less by £5,170 than the previous year. These figures showed marked improvement, and but for the ill-advised aotiou of certain shareholders, the result would have been satisfactory indeed. After dealing with the various branches at length, the chairman said the direotors had done their best to pull against the stream; but they had not found that hearty co-operation of shareholders they expected, and without it they found it an impossible task. In reply to a question the Chairman said the whole of the £10,655 of unpaid calls would practically be lost except the last call, representing about £2BOO. It was impossible to say how much the winding up would cost, but the shareholders would get nothing back. All liability had been taken over by the Union Company, so that if a fire occurred tbe shareholders would be at no loss. Replying to Mr Sligo, the General Manager said Mr Sligo was partially correct in saying that there had been a cessation of income after the meeting held by Mr Bevau, of Hokitika, and the subsequest discussion, but there was not an entire cessation. The Directors had made arrangements for largely increased business, and operations were commenced when the disturbance took place which caused the entire withdrawal of that business. But for this the income would have been between £22,000 and £23,000.