Page 4 Advertisements Column 4

New Zealand Times, Volume XXIX, Issue 4220, 29 September 1874, Page 4

Prospectus.' NEW ZEALAND . INSURANCE COME ANY.-ESTABLISHED 1859. Incorporated under “The Joint Stock Companies* Act, I 860,” and “The Joint Stock Companies’ Amendment Act, 1862," CAPITAL SHAKES,.--OP; £lO EACH. Subscribed Capital- t -£200,000. Rb-Insuh- ■ ance -Eond —£40,000directors : Chairman—Hon., James Williamson. Deputy-Chainnai}—Samuel Browning, Esq. J. S. Macfarlano; Escp .1 Thomas Russell, Esq. Ct. B. Owen, Esq. j C. J, Stone, Esq. W. p,;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 ui'gent 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’.', interest for sale. The shares now offered to the public 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. 10 0 „ - on allotment. 1 0 O '- on Slat May, 1875. 10 0 • „ „on 30th November, 1875. 1 0 0 , •'on 31st May, 1870. £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 sa.‘will go to capital, thus making the complete payment to Capital Account of £2 per share. Any suras received on account of capital before the 30th November next will be 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 rate 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 madej and to sell or otherwise dispose of them, (is. they think fit. To ensure a general distribution, the 50,000 shares now offered will be. divided as follows ; —Auckland* 15,000 ; Dunodiu, 19,000;' Christchurch, 7000 ;, Wellington, 6000 ; Nelsol, 2000 ; Taranaki, 1000 ; Napier, 2000; Westland, 1000,; Wanganui, 1000 ; reserved for the ’.'Australia^'‘Colonies, 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 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 Re-Insurance Ruud 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 Re-Insurance Euhd 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 Re-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, the Shareholders have received dividends at the rate of 10 per cent, per annum, and the amount 1 paid in dividends has been £72,171. " Losses amounting’ to nearly Half a Million have occurred since the commencement of business, and haVe\ ; ihVariahly been promptly met. : The amount of ai'ciffiiuhited funds, belonging to the Company, and* invested, now stands at £214,000. The investments consist of Real Property, Mortgaged, l ' Brink, Loan Company, Gas and other Shares', City Debentures, &o. 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 74 percent., that is to say if all the premiums were lost, tho Company would be able to declare a dividend of per cent, from the present invested accumulations, whereas, the invested funds, when the 2'>reaent plan is carried out, will begin with £240,000. : Tho'progress of the Company 1 is shown in the subjoined tabular statement : 1 12 months ending May in each year. But reference to the last Half-yearly Report of the Directors shows in ft still more striking manner tho present rapid growth of the Company ; from this report it will he seen that the premiums for the half-year ending 31st May, 1874, wore £03,216, being an increase of £18,790 upon tho preceding Half-year, and an increase of £11,405 upon tho corresponding Half-year of 1873, and as tho Directors have since taken further steps for increasing the Company’s business and extending tho sphere of its operations, they see no reason why the future of - the Company should not be as successful as tho past, the more so as it is hoped an extended list of Shareholders will materially tend to increase the,Cpihpahy’s business and promote its general iute^etts. Copies of the Articlespf Association, and of tho Resolutions passed’at tho last Meetings can be seen at the - Head Office, and at the Offices of tlio Agents'of the'Company. Applications, liccomplanied by the , payment of 10s. on. each.Bharc..apyliod for, must be made on the forms of application, and forwarded to the Agents of tho Company, or to-the Manager at the Head ; Office, Auckland, on or before tho 10th day of October, 1874. . ■ _ . Prospectuses and Forms of Application can he obtained at the Company’s Office,-Auck-land ; Bethune &’ Hunter, Custom House Quay, Wellington ; or from any of the Agents of the Company.—By order Of the Board, GEORGE P. PIERCE, Manager. Auckland, 11th September, 1874.