NEW ZEALAND INSURANCE CO

New Zealand Times, Volume XXXVIII, Issue 8654, 12 February 1914, Page 6

NEW ZEALAND INSURANCE CO

SUCCESSFUL YEAR’S OPERATIONS. Press Association.

AUCKLAND, February 11. The annual meeting of the New Zealand Insurance Company was held this evening, and the report and balancesheet, as already telegraphed, were adopted. The retiring directors, Messrs A: M. Myers, R. C. Carr, and C. V, Houghton, were re-elected. Mr R. Stewart, in commenting on. the balance-sheet and the success which had attended the year’s operations, asked whether it could not have been, possible to have paid a bigger dividend than 10 per cent. The chairman replied that the directors had always been actuated by tho idea of building up a big reserve fund,, so that in the event of any big loss there would be ho strain upon the finances of the company. It might b<s as well next year to -increase the capi.. tal, and they could take it from him that the day was not far distant when legislation would come into force limiting the amount of interest they might receive upon investments. Another shareholder asked whethet the amount the company had to pay in income tax in New Zealand was noi greater than in New South Wales. The chairman; “ That is so.” A shareholder: “That shows how the Massey Government helps the capitalist.”