Page 8 Advertisements Column 4

New Zealand Times, Volume XXIX, Issue 4218, 26 September 1874, Page 8

Prospectus. NEW ZEALAND INSURANCE COMPANY.—ESTABLISHED 1859. Incorporated under " Tho Joint Stock Companies' Act, I 860," and "Tho Joint Stock Companies' Amondmont Act, 1802." CAPITAL SHAKES OF £lO EACH. SuliSCltl!<E» O.UMTAI £200,000. ItE-INSUK-ANC'I! FtlNl>—£4o,ooo. iiimtcTfiim: Chairman—Hon. Jainos Williamson. Deputy-Chairman—Huimul Browning, Esq. J. S. Mncfiirliuiu, Ew[. I Thomas Russell, Esq. G. B. Owen, Esq. | O. .T. Stone, Esq. W. O. Wilson, Esq. Soi.toitoiih : Messrs. Whitakor and Russell. Baniucus : Bank of Now Zealand. In conscquuiico of tho extension of tho business of this Company, and tho numerous and urgent applications which havo been nude, both by the Public and tho 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 tho 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 public are of £lO each, of which £2 is to be paid up, they will be sold at £4 10s. each, or fifty shillings premium, payable as follows : £0 10 0 per share on application. 10 0 „ on allotment. 10 0 „ . on 31st May, 1875. 10 0 „ on 30th November, 1875. 10 0 „ on 31st May, 1576. li 10 0 One half of the sums to be paid from time to time will be credited to capital, excepting the tent, when ss. will go to capital, thus j Mi.e complete payment to Capital £2 per share. Any sums received on account of capital before the 30th November next will be credited 'X at the rate of 10 per cent, per :i the date of allotment to that date, and from that date they will carry full divi-,i„-nri ~to | an d participate in all the future 1 accruing in proportion to the In case of default being mac any instalment, the D ; ™«+™ I power to forfeit any shar ' such default is made, and to sell or otherwise dispose of them, as they think fit. '"- ensure a general distribution, the 50,000 i now offered will be divided as follows : —Auckland, 15,000. ; Dunedin, 10,000 ; Christchurch, 7000 ; Wellington, GOOO ; Nelsol, 2000 ; Taranaki, 1000 ; Napier, 2000 ; Westland, 1000 ; Wangamii, 1000 ; reserved for the Australian Colonies, 5000 ; and the ;rve the right not to allot to any „ L . 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 first applicants, if eligible as Proprietors, will be 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 Fund 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 Fund 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 lie-Insurance Fund will belong to and be divisible among the old Shareholders. The steady progress which this Company has madeiswell 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 out of profits. In addition to this, and out of profits also, a Ee-Insurance Fund of £40,000, and a Reserve Fund of £35,000, have been added to the Company's assets. And during the whole period of the Company's existence, tho 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 tho proposed increased Capital of £200,000, a rate of interest to the Shareholders equal to 7i per cent., that is to say if all the premiums were lost, the Company would be able to declare a dividend of 7J per cent, from the present invested accumulations, whereas, the invested funds, when tho present plan is carried out, will begin with £240,000. The progress of tho Company is shown in the subjoined tabular statement : 1801 .. 6,300 010 3,802 11 3 1802 .. 12,605 11 3 1,170 8 2 1803 .. 32,528 14 f. 9,404 1 i 1804 .. 47,372 17 0 28,350 9 0 1805 .. 47,110 8 7 32,370 10 2 1800 .. 40,852 3 4 20,730 22 1807 .. 43,105 10 0 40,835 10 C 1808 .. 50,501 1 3 41,730 7 0 1800 .. 58,803 18 0 57,534 12 0 1870 .. 05,301 12 1 61,804 15 3 1871 .. 0«,540 14 3 35,005 511 1872 .. 70,350 010 44,478 8 7 1873 .. 80,428 11 4 50,417 19 7 1874 .. 107,043 17 2 01,842 19 0 Total, £755,330 4 3 490,037 10 3 £72,171 os. 4(1. * 12 months ending May in eacli yoar. But reference to the last Half-yearly Report of the Directors shows in a still moro striking manner the present rapid growth of tho Com- ; from this report it will bo seen that the liuma for tho half-year ending 31st May, 1874, were £63,210, being an increase of £18,790 upon the preceding Half-year, aud an increase of £11,495 upon the corresponding Half-year of 1873, and as the Directors have since taken further steps for increasing tho Company's business and extending the sphere of its operations, thoy see no reason why the future of the Company should not be as successful as tho past, the moro so as it is hoped an extended list of Shareholders will materially tend to increase tho Company's business and promote its general interests. tho Resolutions passed at tho last Meeting, can bo seen at the Head Office, and at the Offices of tho Agents of tho Company. Applications, accompanied by the payment of 10s. on each sliaro applied for, must be made on the forms of application, and forwarded to the Agents of tho Company, or to the Manager at tho Head Office, Auckland, on or before the 10th day of Octobor, 1874. Prospectuses and Forma of Application can bo obtained at tho Company's Offico, Auckland ; Bktiiunk & HuNTBli, Custom Houso Quay, Wellington ; or from any of the Agents of tho Company.—By order of tho Board, GEORGE P. PIERCE, Manager. Auckland, 11th Sopteinbor, 1874.