NEW ZEALAND INSURANCE COMPANY.

New Zealand Mail, Issue 1037, 15 January 1892, Page 16

NEW ZEALAND INSURANCE COMPANY.

ANNUAL REPORT.

(press association) Auckland. January 9. The annual meeting of the New Zealand Insurance Company takes place on Wednesday next. The following report has been issued to shareholders:—“The directors have pleasuie in submitting to the shareholders the statement cf accounts for the • year ending 30th November, IS9I, which, after paying an interim dividend in July last of 2s 6d per share, shows a balance to the credit of profit and loss of L 30.258 18s, which your directors recommend should be appropriated as follows : --To dividend at the rate of 12§ per cent per annum, L 12.500 ; to transfer to investment fluctuation account, Llo,ooo ; to balance carried forward- to new, account, L 7756 ISs ; total, L 30.256 ISs. The directors regret having to report an unexpected depreciation in the value of I the Company'sin vestmentsduringthepast vear. The balance at credit of profit and loss, after a per cent dividend, would have been sufficient to cover the shrinkage, but tne directors are of opinion that the whole of it cannot fairly be charged to the one year's earnings, and they accordingly recommend that in addition to the investment fluctuation account after writing off from this account ail the ascertainable depreciation, there will remain, in your directors’ opinion, ample provision for every possible contingency. The accounts, this year, show Auckland City leasehold as a separate asset, the revenue from which still continues disappointing. A Sinking Fund has been established which will redeem the outlay some years before the expiration of lease. The directors, with unfeigned sorrow, have to record that during the past year they have sustained a very great loss in the death of Mr G. P. Fierce, who for more than thirty years was their chief executive officer, and whose ripe judgment aud skilful administration contributed so largely to the success of the Company. ANNUAL MEETING. Auckland, January 13. At the annual meeting of the shareholders of tho New Zealand Insurance Company to* day, the Chairman of Directors, Mr D. Campbell, in moving the adoption of the report and balance-sheet, said that the premium income showed a satisfactory increase upon that of last year. The losses for the year were somewhat larger than those of the previous twelve months, but against these the expenses were also less, the net result of the year’s working being a profit of 2U per cent on she paid up capital of the Company. The depreciation of the investments, instead of being made a charge upon the year’s profit, would be met by the transfer of a certain sum from the reserve fund. With regard to the figures as they now stood under the head of investments returning normal interest, the directors were satisfied that the Company had ample ■value. Gratifying returns continue to be received from the branches and agencies. The Chairman alluded with sorrow to the death of Mr G. P. Pierce, the general manager, and said that his successor, Mr Warwick Weston, would bring to the Board authoritative knowledge and experience, the value of which could hardly be overestimated. The report and balance-sheet were then adopted. Messrs J. Russell and Robert Rose were re-elected directors, aud Messrs Bordman and Waymouth were again appointed auditors. The meeting closed with the usual vote of thanks to the directors, officers, and agents of the Company.