Page 4 Advertisements Column 4

New Zealand Times, Volume XXIX, Issue 4213, 21 September 1874, Page 4

Prospectus. TVT EW ZEALAND INSURANCE i_S| COMPANY.—ESTABLISHED 1859. Incorporated under <( The Joint Stock Companies' Act,.1860," and. “The Joint-Stock , Companies’ Amendment Act, 1862.” CAPITAL SHARES OP £lO EACH. Subscribed OawtXl— £2oo,ooo. Re-Insur-ance EUND—£4O,OOO. DIRECTORS : Chairman—Hon. James lYilliamson. Deputy-Chairman—Samuel Browning, Esq. J. S. Macfarlane, Eap I Thomas Bussell, Esq. G. B. Owen, Esq. i j O. J. Stone, Esq. W. C. Wilson, Esq. Solicitors : Messrs. Whitaker and Bussell. Bankers ; Bank of New Zealand. In consequence of the extension of the business of this Company,.and .the numerous and urgent applications which have been nude, both by the Public and . the Proprietary, to increase the . Capital and to widen its operations by the issue of New Shares, and thereby increase the number of Shareholders, an Extraordinary Meeting, of . Shareholders was held on the 9th inst., when' the Company resolved to increase the Capital to One Million Pounds, by the creation of 100,000 Shares of £lO each. Of these shares, it has been determined to offer 50,000 to the public, the remaining 50,000 shares to be allotted to the present. Shareholders in exchange for their interest in the Company. The present Proprietors thus offer one-half of the Company’s interest for sale. The shares now offered to the publi- are of £lO each, of which £2 is to be paid up, they will bo sold at £4 10s. each, or fifty shillings premium, payable as follows ; £0 10 0 per share on application. 1 0 0 „ on allotment. 1 0 O' „ on',3lst May, 1875. 10 0 „ on 30th November, 1875. 10 0 „ on 31st May, 1876. £4 10 0 One half of the sums to be paid from time to time will be credited .to capital, excepting the last payment, when , ss. will go to capital, thus making the complete .payment to Capital Account of £2 per share. Any, sums received on account of capital before the 30th November next will he credited with interest at the rate of 10 per cent, per annum from the date of allotment to that date, and from that date they will carry full dividend rate, and participate in all the future advantages accruing, in proportion to the amount of capital paid. Any Shareholder may prepay his .instalments, and thereupon his prepayments after, 30th November next will carry full dividend fate from date of payment. In case of default being made in payment of any instalment, the Directors to have full power to forfeit any shares in respect of which such default is made, and to sell or otherwise I dispose of them, as they think fit. To ensure a general distribution, the 50,000 shares now offered will be divided as follows : i—Auckland, 15,000 ; , Dunedin, 10,000 ; Christchurch, 7000 ; Wellington; 6000 ; Nelsol, 2000; Taranaki, 1000 ■; Napier, 2000 ; Westland, TOOO ; Wanganui, 1000 ; , reserved for the Australian polonies, 5000 ; and the Directors reserve the right not to allot to any of the places named any greater number than that allowed to each place. , The applications for shares will be considered and allotted in order of date of application, the I first applicants, if eligible as Proprietors, will Ibe first considered. The Directors 'do not bind themselves .to allot, any shares to any person they may consider not eligible as a shareholder, and they, may return the . application money, to such applicant. The- present Proprietors will thus receive 50,000 shares of £2 each, represented by the present paid-up capital of the Company ; the present Re-In-surance Eund of £40,000 will belong to the New Account, to begin from 30th November next, in which the new. shareholders will participate in proportion ! to,. the capital paid-up. The new Shareholders’, payments of , £2 per share of capital will make the Paid-up Capital £200,000; the,Company, will then.stand with a Subscribed Capital of £1,000,000, . with £200,000 paid-up, and a Ee-Insurance Eund of £40,000. The Premium on the New Shares, and all the funds and property of the Company, as it now , exists, over and. above the present paid-up capital of £IOO,OOO, and, the £40,000 Ee-Insurance Eund will belong to and be divisible among the; old Shareholders. The steady progress, which this Company has made is well known. The original amount paid by the first Shareholders was £4845, an additional issue of New Shares was made in 1862, and £3372 was then capitalised, making in all £8227. The’ capital now stands at £IOO,OOO, it having grown to this amount from time to time put of profits. In addition to this, and out of profits also, a. Re-Insurance Eund of £40,000, and a Reserve Eund of £35,000, have been added to the Company’s assets. And during the whole period of the'Company’s existence, the Shareholders have received dividends.at the rate of 10 per cent, per annum, and the amount paid in dividends has been £72,171. Losses amounting to nearly Half a Million have occurred since, the .commencement' of business, and have invariably been promptly, met. The amount of accumulated funds belonging to the Company, and invested, now stands at £214,000. The investments consist of Real Property, Mortgages, Bank, Loan Company, Gas and other Shares', City. Debentures, &c. The interest accruing from these investments would pay on the proposed increased Capital, of £200,000, a rate of interest to the Shareholders equal to 7J per cent., that is to say if all the premiums were lost,. the Company would he able to declare a dividend of 7£ per cent, from the present invested accumulations, whereas, the invested funds, when the present plan is carried out, will begin with £240,000, . The progress of the Company is shown in the subjoined tabular statement * 12 months ending May In each year. But reference to the last Half-yearly Report of the Directors shows, in a still more striking manner the present rapid growth of the Company ; from this report it will be seen that the premiums for the half-year ending 31st May, 1874, were £63,210, being an increase of £18,790 upon the preceding Half-year, and an increase of £11,495 upon the corresponding Half-year of 1873, and as, the Directors have since taken, further steps, for increasing the Company’s business and extending the sphere of its operations, they see no reason why the future of, the, Company should not be. as successful as the past, the more so as it is hoped an extended list of Shareholders will materially tend to increase, the Company’s business and promote its general interests. > Copies of tho Articles of Association, and of the Resolutions, passed at the. last Meeting, can be seen at the Head Office, and at tho Offices of tho Agents of tho Company,, ; / Applications, accompanied by-tho payment of 10s. on each share applied 'for, must he made on tho forms of application, and forwarded to the Agents of the. Company, or, to tho Manager at tho Head Office, Auckland, on or before tho 10th day of October, 1874. , Prospectuses and. Eorms of Application can be obtained at. the Company's Office, Auckland ;' Betuune &Hunter,. Custom. House Quay, Wellington;. or from any of ,the Agents of tho Company.—By order of the Board, GEORGE P. PIERCE, Manager. ( Auckland, 11th September, 1874;