NEW ZEALAND INSURANCE COMPANY.

New Zealand Times, Volume LXVII, Issue 3331, 13 January 1898, Page 3

NEW ZEALAND INSURANCE COMPANY.

By Telegraph.—Press Association. Auckland, January 12, The annual meeting of the New Zealand Insurance Company was held to-day, Mr J.i‘L. Wilson, in the absence of Dr J. L. Campbell, who is away in the South, occupying the chair. There was a full attendance of shareholders.

The Chairman, in moving the adoption of the report, said the directors regretted that the results of the past year’s operations had, through the occurrence of abnormally heavy nre losses, been less fortunate than those for many years past. With the exception of Melbourne these losses, though numerous, had not been individually large. Whilst the loss sustained in Melbourne was of course to be regretted, the Board wished to point out that the block was looked upon a safe one, well occupied and subdivided, and one in which any outbreak of fire would, in all probability, have been confined to the premises in which it originated. The Board, however, after making provision for that and all other ascertained losses, were able to recommend, in addition to the interim dividend at the rate of 12J- per cent, per annum paid in July last, a further dividend at the rate of 10 per cent, per annum, which would make Hiper cent, for the year, leaving .£2733 19s 2d at the credit of the Profit and Loss Account. Notwithstanding the keen competition for business and the lower rates of interest prevailing for investments, the revenue was well maintained, and it was as nearly as possible what it was last year. The Company’s investments and securities had again been carefully scrutinised and most of them revalued by experts, with the re • suit that they had been found to be in excess of the value placed upon them in the Company’s books. In the latter part of 1896 the directors appointed Mr J. C. Hanna, some time their manager at Wellington, to the position of branch inspector. Mr Hanna commenced his examination of their foreign branches early in 1897, and the directors were of opinion that his services ‘ would be found of great value to the Company. The shareholders would no doubt regret to learn that Mr Thomas ' Bussell had resigned his seat on the Board, which ho had held uninterrnptedly since the foundation of the Company. The directors, in minuting this resignation, thought it but right to record their appreciation of the valuable services rendered by Mr Bussell to tbo Company for a period extending over 38 years. The question of appointing a local director in London in place of Mr Bussell had not yet received the consideration of the Board. Occasional visits of some of the directors to Australia and England had been found of much advantage to the Company, .as such visits had afforded an opportunity of consulting with a number of their loading representatives, and particularly with their London managers, upon* very important points of policy connected with the welfare of the Company.- He might say that such visits had cost the Company nothing, and on more than one occasion had resulted in great benefit to the shareholders.' The report and balance - sheet were adopted. The Chairman said he had just received news from Melbourne of the losses of the Company through the recent fire, and these would be .£IOOO less than was anticipated. Messrs Thomas Buddie and James Bussell, the twe retiring directors, were re-elected without opposition. Messrs H. Gilfillan and W. B. Holmes were re-elected auditors.

Mr Seymour Thorne George moved a hearty vote of thanks to the directors, officers and agents of the Company. The Chairman returned thanks on behalf of the directors, and Mr Craig, general manager, on behalf of the staff.