NEW ZEALAND GOVERNMENT LIFE INSURANCE ASSOCIATION.

New Zealand Times, Volume XLIV, Issue 7488, 28 May 1885, Page 2

NEW ZEALAND GOVERNMENT LIFE INSURANCE ASSOCIATION.

FIRST ANNUAL MEETING. The first annual meeting of pojicyholdera in the New Zealand Government Life Insurance Association was convened for 2 o’clock yesterday afternoon at the Athemenra. At that hour Mr H. D, Bell took the chair, about 25 persons being present; and in accordance with notice published in the papers, the meeting was formally adjourned till 8 o’clock at the Drillshed. At 8 o’clock the Drillahed was attended by about 250 persons. Sir Julius Vogel (Colonial Treasurer and Chairman of Directors) occupied the chair, and there were with him on the platform Messrs G. Fisher, G. V. Shannon, H. D. Bell, G, S. Graham, J, 0, Gavin (Secretary to the Treasury), J. H. Bethune, N. Beid» and B. C. Hamerton (Public Trustee), all members of the Board of Directors of the Association.

THE CHAIRMAN’S SPEECH, . Sit Julius Vogel said he should first ask that the report (already printed and circulated) should be taken as read. This was agreed to, and the claUse of the Act authorising the meeting was read. . Sir Julius Vogel said he had now to ask the policyholders present to approve the annual report. Before doing so, he might be allowed to make a few remarks upon the nature, of the business. The report showed that they were "doing an enormous business, and that they had accumulated an immense fund, or rather that an immense fund had been handed over, to the Association as now incorporated. He thought he might safely express the opinion that the incorporation of the Association would largely increase the business'; for the incorporation was a step in the direction of popularising the institution by banding over the business,to the policyholders, who were the proprietors and shareholders of the Association. The change, however, could not be effected in a day, and he thought it very satisfactory that the Government, on so short a notice, had been able to hand over the undertaking. They had now a million of accrued funds, of which only L4OUO was in Government securities. Seeing how largely the ‘j funds had been employed Government Investments, and; how, in a Colony like this, the Investment of money affected an institution, the policyholders must say, he thought, that the handing bverinaycha condition of the Association was most satisfac-’ tory. Thb object of the Act passed last session was to give the management of the institution into the hands of the shareholders; through a board of directors, of whom, three were to be elected.: There were also to be local boards, and upon that question he should have more to say later on. Meanwhile hewould refer to the work done by the Central Board. First of all, they had decided to abolish the industrial branch of the institution. Years ago—in 1874, ha thought—the industrial branch.was first started, and after it had been in work for about eighteen months the then Government, after mature # deliberation, decided that it was not expedient, and abolished it accordingly.. It was again instituted, he believed, with some idea that it would lead up* to a system of national insurance, and now the Board had unanimously decided that it would be undesirable to continue to carry the branch on. The branch encouraged insurers in most extravagant manners. The profits depended largely upon the resources of insurers, and a large number of lapses had taken place. Out of 2675 policies issued in that branch last year, 2186 were on - female and infant lives, and business of that kind would nofc.he thought, commend itself to the approbation of policyholders generally. Another step that the-Board had determined upon was to increase the rates of premiums. Their present terms were very much less than ■ those of other companies, and the increase they proposed to make would still leave less than other companies. The actuaries had recommended that step as the interests of the policyholders.’ By charging higher premiums they would be able to give. larger bonuses; and such an arrangement, he.need hardly say, would be very much in the interests of existing policyholders. That course had been adopted upon the strong recommendations of their actuarial advisers. The Board had also purchased properties in various parts of the Colony, and he wished to make further reference to that matter. Properties were purchased in Wellington and Dunedin before the-new Board came into operationthat in Wellington some months before and Dunedin just previously. The intention was that the purchase should not be made in Dunedin without the approval of the Board, and Mr Luckie, who went to negotiate, was instructed not to conclude it without the consent of the Board being obtained. But it appeared that several people were after the property, and his colleague, Mr Stout, recommended' that the purchase should be concluded, and, accordingly, the purchase had to be made without waiting for the., approval of the Board. That purchase was undoubtedly a good ode, and he was informed that an offer had been made in Dunedin o! an advance of upon, the price paid. The. property yielded a rental of six per cent, and was not fully occupied. They had also purchased properties in Auckland and Christchurch. The feeling of the Board was that they should not be behind in regard bo the premises in which they their business, and they could not have abetter investment than city property in each district; for these prooertiea would yield at least six* per cent besides the Association haying free offices, the capital value of which increased year by year. Moat ridiculous stories had been circulated all over the country in respect to these purchases by idle persons. There was one statement that the purchases would reduce the amount for distribution at the next quinquennial distribution. He need scarcely say that there was not a shadow of truth in such an assertion; the distribution would depend upon the amount .of the Association’s liabilities and assets. . The buildings were certainly worth what was paid for them, and therefore they could not reduce the amount of distribution. If the'valuation were made at the end of this year, these buildings would go in as assets, and they might even increase the distribution. Then with regard to the staff the Board took over. They took over the staff from the Government of all the old officers, and they had retained it since, with the exception of a few, who., had obtained better employment elsewhere. They had only increased the salaries of two officers, and they had decided that in future, in engaging officers, they would incur none of those liabilities incidental to the service under the Government, such as superannuated allowances. Engagements would be subject to one month’s notice, unless otherwise determined, on either side. -He had a few words to say about Mr Luckie. The Board had considered it very undesirable to place Mr Luckie in such a position as to lead him to feel aggrieved it, subsequently, anyperson was appointed to a superior office. They recognised that gcntlemau’s devotion and services to the institution, but they also felt that he had not had that experience in large offices which would justify their placing him in such a position as Jo preclude their placing anyone in a superior position, and Hr Luckie acquiesced mc»t cheerfully; in. the decision of the Board. ±±e might say that no steps had been taken bo appoint anyone to such a position, nor, as tar as ne was aware, did the Board contemplate anything of the kind. They had simply acted soas to enable them to make what appointment they might, at a future time, consider necessary. He hoped he had said nothing which might be construed a* derogatory to Mr Luckie; for, in any case, it was hoped that that gentleman’s services would be retained by the Association as locg as possible. (Hear, hear.) They had under consideration a proposal for increasing the efficiency of the agencies in all parts of the Colony, and to jndeavor to obtain the assistance of policy-

Holders in obtaining new business. Policyholders should realise that they were more largely interested than anyone else, inasQiuch as they shared la the profits. They proposed to offer, therefore, small concessions to policyholders placing new business in the hands Cf tho agents throughout the country. He. rather regretted that none .cf their female, policyholders -had .attended there Caat r evening, for .he looked Upon . them ?'s a valuable source. A benefit arising rom the - connection cl 4 ibc > Association with the Grovernment was that of being; able to keep its,funds closely invested. The Board had concluded to invest a considerable portion of the funds in mortgages and real properly, in respect to which they would exercise great caution. The Act at present permitted them to loan up to 50 per cent., and they proposed to ask Parliament to extend that limit to twothirds, because they found that would be necessary in order to get the best securities. They also proposed to ask Parliament to give them permission to sell outside the Colony, believing that such a coUrse would be very remunerative. He brought up the estimates of revenue arid expenditure for the present year, wliich might td Hate been sent out in the report. They must not place great reliance upon ic, because, ai they woiild be aware, the amount of revenue; cs well as of* expenditure, i would depend -upori the new business done, upon which agent:? commission had to be paid. The question had been asked in print, why the Board did not publish the proportion of its expenditure to ita income. The writer evidently knew very little about insurance business, or be would have known that the expenditure must of course Increase with the business. Last year, expenditure was remarkably small in proportion to the income, representing only 10 per cani, and he hoped the expenditure would be larger this year, because that Would indicate that they wCre .getting a larger amount of rieW business. In regard to rbe expenditure last year, He had already cold then! that they bad not increased any salaries os yet. They were constantly malting fresh appointments, as were seduced away by other companies anc} they occasionally aUd gdt .otHer officers. . .These appointments . were * by the Finance Committee, and almost always adopted byi the Board.* He-mentioned that fact in order to show how ridiculous were tho statements frequently made, that he made the appointments. He was a member of the Committee, but he very Seldom attended ita meetings. There was not a person appointed yet with whom he was personally acquainted. A proposal was now before the Board that ■ they should ask one of their elected members to pay a short visit to England for the purpose of selecting one or two young men at a moderate salary to come out and join the staff. They thought this desirable, because, although they had a very largo staff, there was only one gentleman upon it who had had experience in other parts of the world in insurance business, and that gentleman had gained his experience in the Australian - Colonies. They felt sometimes tho want of that experience which was gained in largo offices. That was simply an ideawhich they haa under consideration. He had nothing more to*ay about their present business,and be would now come to the question of

LOCAL BOARDS. Yesterday he received a telegram from Mr A. L. Wilson, chairman of a meeting held in Invercargill, at which the following resolution was passed :— M That In the opinion of this meeting the proposal of the Central Board to Create local boards in Auckland, Christchurch, and Dunedin is premature; and, further, that before local boards are established a tote of the .policyholders should be taken on the subject;” He had also had a private telegram, which said that thd meeting was ."got.up by His political opponents* that there were 23 people present; that the meeting was a hole-and-corner one; Advertised only on the morning of the evening it was held ; and that a majority in. Invercargill was in favor of local boards. Now it was absurd; Sir, Julius Vogel continued; to suppose that the Boaid. had any personal feeling oii this matter. It had been insinuated that lie wished to get these Boards appoirited, but the Idea - that he wished to use political patronage to get gentlemen appointed at a a salary of LIOO a year was contemptible. There was no greater nuisance to be met with than the distribution of political patronage; for in using it for every person you pleased you displeased ten or twelve. These appointments rested with the Board—not with him, ha hoped those gentlemen would be too conscientious to make such appointments other than in the interests of the Association. Beally,he ought to apologise-to the referring to the subject of .these rumors and statements. A rumor spread through the Colony that there was a political issue in question In connection with this matter. There

had been, it was true, a difference of opinion on the Board Is respect to It, but the subject had been argued out harmoniously, and on its merits. They had not been able to agree, and he thought he might say on behalf of a majority of the Board, that it would be satisfactory to have the opinion of the policy-holders upon it. (Hear, hear.) He thought that opinion ought to -be taken. He bad prbposed local boards because he considered taat they would extend the powersof policyholders, and that was theobjecthehad in viewallalongin the incorporation of the Association. If the Boards were appointed many thousands of policyholders would have local Directors, and they would have a large discretion in the selection of their Directors. As regarded the cost, that would be a mere trifle an institution with such an income as theirs. For LIOO each, a clerk’s salary, they would get Directors, gentlemen of position and influence, who would be invaluable in representing the . institution and getting business for it. At present they had agents all over the country, but they had no influential gentlemen in the centres who would jielp the. agents and help to disabuse-the stories industriously circulated to the .discredit of the Association. These Boards would be of great assistance in enabling the Association to Invest money. He did not say that they should give to those Boards the power of investing money, but when they had applications for investment it would be very satisfactory to be able to reter to. disinterested persons whom they knew, and whose opinions were reliable. He had heard it stated that localboarda could not be trusted ; that if they wera allowed to invest money, or recommend investments, they would misuse the money. He must say-he thought that was a libel upon the gentlemen of other cities. Surely if would be possible to obtain gentlemen in other parts of New Zealand than Wellington who were worthy to be j entrusted with responsibility. If the argument: he alluded to held good, then tne elective principle was a mistake altogether. For himself, he was anxious for the time to arrive when the elective principle would be more fully carried out; ana he looked forward to the time when the Government would give -entire control to the shareholders.,(Hear, hear.) Members of these local boards, as business increased, would become members of the Central Board, so that in time tho elective element in the Central Board would be largely increased. In his opinion, if the-policyholders were unwilling to have these local Boards, they ought immediately to increase the elective intereat in the Central Board to give policyholders a larger share in the management. He wanted to . increase the power of the policyholders- as far os itwaipossible I to do so. There were, one or two tnings, however, which the Government, he thought, could not part with, even if they-gave -up—controUto—the—policyholders. The Government must determine what should be the nature of the investments of the Association ; thp approval pr disapproval of tho basis upqti which the business was carried on; and the approval, more or less, of the officers appointed' to fill the higher offices. These points, ifc seemed to him r the Government must retain* and that was the result't> bo looked to. In his Opinion that result would be brought about by local boarda. The Government was gl ving a guarantee, and while they gave that guarantee they expectedto get a certain amount of control in return. He desired, to: see this matter of local Boards fully ventilated, and therefore ifc had been ,decided to allow any policyholder to move a motion without notice; and'upon such a notice a poll could be demanded by two policyholders. __ In the poll Sfoxies "would "be /allowed-"' In conclusion, ir Julius- cautioned the policyholders that many reports- were spread about iu reference to- the conduct of the Association.' : ‘ Policyholders should, remember that they were shareholders, and If it was found necessary for them to make complaint or inquiry, he was quite sure that the members of the Board, so far as lay in their power, would give any information. He formally moved the adoption of the report. Sir Julius had spoken for nearly any hour at the conclusion of his spaech. , , Mr H. D. Bell seconded the motion. Sir Julius Vogel would be glad to answer any questions. In answer to a question, the Chairman said the proposed increase of rates would not affect present policyholders. The Hoard; would, of course, keep faith in all contracts they had made. Hr George Fisher, M.H.8., said the only point on which he differed with the hon Chairman was that he had been too general. The hon gentleman was most amiable and genial, and it was therefore very hard to differ, from him ; but affability 'and geniality would not make elevenpence into a shilling. In regard to the purchase of costly properties that expenditure was, he considered, unjustifiable. Gentlemen who bad been directors of local companies would understand iu what manner this expenditure would interfere with their promises. The Dunedin expenditure was objectionable on'general as well as _.legal points, since the Act provided, in section 76, that the Board should only purchase such land and premises as were necessary for its business. However, the mischief was done, and he only mentioned it ia. order that "similar mistakes in the future mightbe averted. The practical working out of this would be that the ■properties would not return. 6 per cent. The Dunedin property was. not returning that percentage now; and even if it, were, what sort of business had they, drifted into ? On the site they bad purchased were soma shops and an hotel, and as soon as they hod completed the purchase they received a request to paint the hotel and Jo make certain alterations in it, or the Licensing Committee would not grant the license. Thus they had drifted

into shop and Hotel renting. The Board was too late to atop the Dunedin purchase, but they were not too .la'o tp atop the Auckland one. A proposal was made that they should make a purchase of this property for L22.00J, and eventually they ,got it lot L 19.000. A motion was proposed by himsdf that the purchase should be deferred until after this meetins ! hut, by the.casting vote of the Chairman (Mr Tole. an Auckland gfntleman who was rtdt Insured in this Aiisociatlori), the idotidn was lost. Thij building .piiicliasod at Auckland would haVe to bo rebuilt before they could make ahy Use of the site.- That Was what he called a fundamental mistake. But a fundamental defect in the constitution of the Association, was the connection of the Association with the Government. A great deal was made of the State guarantee, but to suppose that this g larantce Was absoliUe'y necessary was a great mistake. The Association was not leaning upon the Government- -the Government was leaning upon the Association. They had now accumulated binds Of a million, and how much hid the Government in use of that amount? 1.858,000. And yet the hon, gentleniaii had told, theid what a grdat advantage it was for the Association .to bo able to go tolhe Treasury arid borrow 1.0 ),000. He (Mr Fisher) would like .to quote some figures , fn seepeot to the money hejd .by the Government, end made lip, lasniiring the ,'surp. ato.'.-be L359,0D0. The Government held L 359,000 at 4J per cent. With interest compounded that would return 1,83,379 at the end of the qninquennmm: but if it were placed (as it could be) among the mercantile community, at 6 per cent, it would yield in the same time L 121,215, showing a loss to the Association of 1.32,835; and at Si per dent, L132,8CD, showing a loss of L 44.486, or at an average of 6j per dent.) a total loss of L 39.000.. The L 200.000 held by the Government at 3 per cent.’would return L55,2DC; at 0 per cent, 1.07,524, showing a loss of L 12.268 ; at CJ per cent., 1,74,017, showing a loss of L 18.761; or a total loss bythonioney nothaving been invested with the mercantile cmfiioUnity of 1)43,104 at 3 o'er dent.; and LG3.247 at, 6i per cent. So that, thoyi lost Biol OOP, which plight to Come into their pockets,/but-did not-do so. It realty meant that a large proportion of the people of the Colony who were not insured In the Association benefited from the investments of policyholders. That was most unfair to the policyholders. The Colonial Treasurer ought not to be Chairman of this Board, for he was a large borrower; and ought he to sit and adjudicate upon his own applications for loans? If the principle were good, then every man who applied fgr a loan should take the chair. In fact, the hon. gentleman had himself expressed his wish to be relieved of the duties he now fulfilled. Sir Julius Vogel: The sooner the Colonial Treasurer gets off the Board the better. Mr Fisher: So I think, sir. Sir Julius Vogel: You will have to get Someone who understands the business. Mr Fisher said that was very cutting sarcasm. As to the proposal to employ a general manager, he might as well say at once that he would oppose that proposal. Why should they not give these good billets to their own good men? First of all it was supposed that they must have this new man; now it was not so essential. His own opinion was that in Mr Richardson they had a gentleman who was quite equal to filling the position. And tho institution was extremely fortunate in having in its service Mr Franklyn, another very talented gentleman. These gentlemen had not, perhaps, stood in high places; hut he looked at a man's ability, not at bis age or reputation. As to local boards, the Central Board had considered that this was a question upon which the policyholders should be Consulted. Did the Bank of New Zealand) jthe Loan and Mercantile Company, dr tha New Zealand Shipping Company, have local (boards scattered all over the country? If it was desired to give several gentlemen lilOO a year, for Heaven's sake give it to them, and let them hear no more abodt it. If the local boards over hid power to deal with the funds; then good-bye to the Association. Mr Fisher having been frequently and lovtdly applauded, resumed his seat with the hope that he had said nothing winch would be construed as personal. . MrH. D. Bell hoped it would not go forth that the Utterances of Mr Fisher were the views of the elected Directors. He must say with reference to the Christchurch purchase, Mr Fisher was tho gentleman who wont to Christchurch to inspect the site, anti Mr FLher was tha gentleman who recommended the purchase. Mr Fisher, in fact, was making statements, not perhaps knowingly, which mu-t not bo believed. (“ What about the Auckland purchase?”) He (Mr Bell) went into that question, and as a business man, he came to the conclusion that tha purchase was a fairly good one, and be believed that they could get to-day more than they paid for it. Did the policyholders consider it a fair thing that the platform of this meeting should be used for a speech which would bo published in all the papers next day, and would be used by all agents of other companies against them. Was it wise that it should go forth that this was a concern run for the purpose of the Government? The main thing which enabled the agents to get business was the State guarantee. Yet a member of the Board said, and the meeting cheered the sentiment, that the sooner they got rid of that guarantee the better. Nothing had been written, said, or dona which would be so disastrous to the Association as tha speech just delivered; and he asked whether the policyholders thought the Directors had so little probity or trustworthiness as to allow the affairs of tho Association to be carried on as Mr Fisher had said. Mr Fisher made a personal explanation. The Ghristchurch property was purchased for L 10,225, ind with it they got a brand new building built in tha most modern style of architectural art. Let the meeting mark the difference between the character of that and the Auckland purchase. Mr 6. S. Graham said he must reply to Mr Fisher. That gentleman contrasted the two purchases. So far as the Christchurch property he would say nothing. As regarded the Auckland purchase, Mr Fisher did not direct the attention of the meeting at the same time to the fact that of that property they had LSOO a year rent for one part, L 209 for another, and they were to get L 330 per annum in a .few weeks. That was in return for an outlay of L 19.000. As to local boards, he (should heartily coincide with any movement to place the matter in the hands of the policyholders. For the nresent he thought these boards were not required. Mr F. A. Krull was sorry that the dirty linen had not been washed at home. He was glad to hear certain alleged irregularities exposed by Mr Fisher, "and it what that gentleman said about the Act was true then they should have to put Mr Jelllooe on to the Board. But looking at the gentlemen by whom the Chairman was surrounded, he felt entire confidence in them. He hoped it would not go forth Wellington people were selfish—that they wanted all the good buildings, and would allow none to be established in other parts of the Colony. Let the policyholders be united in the effort to make their institution superior to any in the Colony. He hoped the meeting would support the Board, and give them handsome offices and local boards if they wanted them Other companies might be larger than this at present, but this one would excel them all if the policyholders only stuck together. (ApMr G. Tuatlo, jun., rose to object to the adoption. He pointed ont that it was stated in the report that, as a large majority of the Board was in favor of tha proposal for local boards, it was not considered necessary to place it before the' policyholders Yet the only members of the Board who were placed there by the policyholders objected to that proposal. He thought Mr Fisher had acted in a thoroughly proper manner. 1 Mr E. T. Gillon asked whether the adoption of the report would preclude a motion being. brought up in reference to local Boards. The Chairman replied: No; that the adoption of the report was simply the acceptance of a statement made by the Board.

, Sir Julias Vogel, replying, said the Board rather wished that the opinion of tbs policyholders should be taken on the question of local Boards; and it would probably be better, now, after what had been said, to nave a poll. There was a great deal of truth in what Mr Bell said about \fr Fisher’s speech, but it was only fair to say that the speech, as a whole, was a very fair one, and was calculated to do the Association some good. . As to the legality of buying premises, that question had been submitted to the solicitors, arid they had held that the Board had the powentb'make the purchases under, another section. (Mr Fisher : “ No, it was the other way about.”) _ His idea was that they should not be behind other offices in the way of buildings. They were going to put up a fine building here, and they had no doubt but that they should let it as far as they wanted to. They ought to have the best sites and the best buildings, as compared with other similar companies. As to the profit of the investment, if gentlemen knew to what an enormous extent properties had gone up in the Colony, they would: feel assured that there could be no loss on that account. Mr Fisher remarked that the Australian Mutual Provident Society-gave L 14.000 for a magnificent corner site at Auckland, but this Association had given a larger price for a barrack. ■ , ''' ■ ■ Sir Julius Vogel said that Company had a very good site, but it was not, he believed, so good as theirs. (Laughter.) They must bear in mind that they must not look at these matters from a too local point of view. He hardly thought Mr Fisher was correct in saying that as the Government owed the institution money, tbelatter coold not go to the Government and borrow money. The securities were held by the Government for a certain amount, and the investment was a very great concession to the Association. It was absolutely essential, if the Government was to give the Association guarantee, acertain amount of the Association’s lands should bo invested in Government securities. They had not turned away one single..a»o(ioation for money; and, while the Association tad those securities the Government had Vej n badly in want of some means tor ’■ of Government funds—so much so, that only W q a y before yesterday he had to telegraph Home 'nthority for the investment of L120,(W0 of * rus t f an a s . Mr Fisher would _ excise him io» saying that he knew nothing about the business 0 f

such an Association as, this. For him to propone, to tile pplioyholdtfrs thilt they (ihoiild do away,with the Government guarantee was to propose that they. Should be idiots. No person would be so stupid as pot to see that it would be much better to invest with a company like thii, Which Had ri lafge reserve, than witn an ordinary mutual conipanjh PoliCyhflders in this Association had this advantage, that if the actuarial calculation was that the liabilities would be larger for any period than the lisscts, ifllfln the Government had to guarantee the deficiency;- Vfhat Wth4r mutual Office in the world, he should like to knOw, offered such advantages. As to'appointing a manager, Mr Fisher's remarks upon that head were hardly wise, but he (the speaker) agreed with him in so far as concerned the appointment of a colonial man if possible. Mr Fisher had said that the Bank of New Zealand had no local Boards; bilt the managers for that institution in Dunedin and Wellington did not probably get less than L2OOO a year, and if they (the Government Association) could get Similar gent'enien for a few hundreds a year; they would be very lUckv; Then Mr Fisher Said, “If local lioatds Hake coiltrol pf the funds, good-bye to, tile institution,” It was very unfair to suggest that immaculate persons fit to handle the funds of the institution were only tp be found,in Wellington. , There were men jnst as capable,! and .wist as holiest, mother centres of the Colohy. And ifWlr Fisher believed what he said, then, to Jiim, the sooner they did away with the elective element altogether the better. (Applause.) The motion for the adoption of the report was then put, and carried unanimously. LOCAL BOARDS. Mr G. Beetham, M.H.E., moved, “That the appointment of local Boards he referred to the policyholders of the Association, and that a poll be taken,” Mr Hdworth seconded the Motion. Sir Julius Vogel pointed out that _ this motiori did not give the meeting the Option of expressing ari opinion upon the local Boards; Mr Beetham explained that his sold object' •rims that the whole of tlie policyholders in the Colony should- express an opinion. (Applause.) ; Sir Julius Vogel repeated that this , motion did not decide the question either one way or the other. . ' 1 .* i

Mr Beetham thereupon moved, “That it is undesirable that local Boards should be established in the chief centres of the Colony.” Mr Howorth seconded the motion. Mr Krull said the motion was a trap ; the mover wanted the meeting to express Us disapproval of tho proposal. The latter motion was put, and carried by a large majority. A poll was thereupon demanded by Mr Beetham, who explained that he wished the matter to be referred to the whole of the policy-holders. Sir Julius Vogel announced that in accordance with the demand of two shareholders a poll of tho policyholders would bo taken on the question on that day one month. In Wellington. ' The motion originally moved by Mr Beetham was not put, and the meeting terminated about 11 o'clock with a vote of thanks to the chair.