Page 3 Advertisements Column 2

Otago Daily Times, Issue 3933, 24 September 1874, Page 3

PUBLIC COMPANIES. SCOTTISH COMMERCIAL MSUR ANCE CO. FIRE, LIFE, AND ANNUITIES. Capital, £1,(KIO,000. Claims settled in Dunodin. WILLIAM BROWN AND CO., Aganta. Princeß street, opposite National Banh. C<TA£II>AHD INSOJ&ANCE COMj PANY. : FIRE AND MARINE. Head Office, Prince 3 street, Dunedin. CAPITAL .. .. ONE MILLION STERLING. DIRECTORS :— JAMES ANDERSON, .Kbq. GEORGE YOUNG, Esq. JAMES CURLE, Esq. L. THONEMAN, Es<j. DAVID BAXTER, Esq. G. P. REID, Esq. THE HON. JAMES PATERSON. Losses by Fire insured against on Stores, Ware houses, Dwelling-houses, &c, at current rates. The Company also takes risks on "Wool and all kinds of Merchandise, on land or at sea, on the most favourable terms. Particular attention is drawn to the fact that by provision in the articles of associition Insurers wiH participate in the profits of the Covnpany. CHAS. REID Oja Manager. ¥EW ZEALAND INSURANCE -*-" COMPANY. ESTABLISHED ISo9. Incorporated under "The Joint Stock Companies Act, 1800," and "The Joint Stock Companies Amendment Act, 18(52." CAPITAL .. .. .. ... . £1,000,000 (In 100,000 Shares of £10 each ) PAID-UP CAPITAL.. .. .. .. £200 000 RE-INSURANCE FUND .. .. .. £40,000 DiiiHCToris: Ciiairmax-HON. JAMES WILLIAMSON. Dki'Utv-Ciiaiiimax—SAMUEL BROWNING, Esq. J. S. MACFARLANE, Esq. THOMAS RUSSELL, Esq. G. B. OWEN, Esq. C. J. STONE, Esq. W. C. WILSON, Esq. Solicitous : MESSRS WHITAKER and RUSSELL. Bankers: BANK OF NEW ZEALAND.

In consequence of the extension of the business of this Company, and the numerous and urgent applications which have been made, 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 fltli instant when the Company resolved to increase the Capita] to One Million Pounds, by the creation of 100,000 .-hares of £10 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 £10 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. £1 0 0 „ on 31st May, 1875 £1 ° 0 ■> on aoth November, 1875. ~1 0 0 „ on 31sfc May, 187(5.

£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 5s will go to Capital, thus making the complete payment to Capital Account of £2 per share

Any sums 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 uiay prepay his instalments, and thereupon his prepaj ments, 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 n>ade, and to sell or otherwise dispose of them as they think fit. . J

To ensure a general distribution, the 50,000 Shares now offered will be divided as follows .-—Auckland 15,000; Dunedin, 10,000; Christchurch, 7000 • Wellington, GOOO ; Nelson, 2000; Taranaki, 1000 ; Napier 2000 ; Westlaud, 1000 ; Wangauui, 1000 ; reserved for the Australian 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 ur*t 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 tlie present paid-up capital of the Company • the present Re-Insurance Fund of £40,000 will belong to the New Account, to begin from 30th November next, in which the new Shareholders willparticipatc in proportion to the Capital paid np. The new Sharehoders' 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 Fund of £40 000 The Premium on the new Shares, and all the funds and property of the Compauy as it now exists over and above the present Paid-up Capital of £100,000 and the £40,0000 Re-Insurance Fund, will belong to and be dlvisiole amonjr the old shareholders.

The steady progress which this Company has made is well known. The original amount paid by the first Shareholders was £4845, an additional issue of new Shares was made in 1802, and £3372 was then capitalised, making in a 11£8827. The Capital now stands at £100,000, 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 iulded to the Company's assets. And, during the whole period of the Company':; existence, the 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.

Ihe 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 the proposed increased Capital of £200,000, a rate of interest to the shareholders equal to 7i j..er cent., that is to say, if all the premiums were lost the Company would be able to declare a dividend of 7k per cent, from the present invested accumulations"; whereas, the invested funds, when the present plan is carried out, will begin with £240,000.

The progress of the Company is shown in the subjoined tabular statement :—

I Amount of Year ".Amount of Pre- Amount of Dividends miums received. Losses Paid. Paid. £ s. d. £ s. d. £ s. d. S} 3,729 .4 5 515 11 7. 18(il 5,300 9 10 3,862 11 3 1802 12,5!>5 11 3 1,170 S 2 ISG3 32,528 14 5 9,404 1 4 ISG4 47,372 17 9 28,35(5 9 G 1805 47,110 8 7 32,376" 1« 2 ISOG 45,852 3 4 20,730 2 2 1867 43,105 19 0 49,835 10' (i 18G8 50,501 1 3 41,730 7 9 ISO!) 55.803 IS 9 57,534 12 G 1870 05.301 12' 1 51,804 15 3 1871 06,549 14 3 35,905 5 11----1872 79,350 010 44,478 8 7 1873 59.42S 11 4 . 50,417 19 7 1874 107,043 17 2 61,842 19 0 Total. £755,330 4 3 £490,037 19 3 "£72^171 0~4

* Twelve months ending May in each year. But reference to the last Half-yearly Report of the Directors shows in a stiil more striking manner the present rapid growth of the Company. From this Report it will be seen that the Premiums for the Halfyear ending 31st May, 1574, were £03,216, being an increase of £18.700 upon the preceding- Half-year and an increase of £11,495 upon the corresponding Half-year of 1873; and as the Directors have since taken further steps for increasing the Company's business and extending the sphere, of its operation*, they see no reason why the future of the Company should not be as successful as the past, the more so as it is hoped an extended list of Slioreholders will materially tend to increase the Company's business aud promote its general interests.

Copies of the Articles of Association, and of the Resolutions passed sit the hist Meeting, can be seen at Ihe Head Office and at the Offices of the Agents of the Company. Applications, accompanied by the payment of 10s on each share applied for, must be made on the proper form, and forwarded to the Agents of the Company, or to the Manager at the Head Office, Auckland, on or before the luth day of October, 1574. Prospectuses aud Forms of Application can be obtained .-it the Company's Office, Auckland, or from any of the Agents of the Company. By order of the Board. GEORGE P. PIERCE, Manager. _ Auckland, 11th September, 1574. 24a

DENTISTS. JJOWARD AND RAYMOND, SURGICAL AND MECHANICAL DENTISTS, Cgthwo Princks street. HAIRDRESSER-. ~ rfiHE GREATEST DISCOVERY OF -a- THE AGE. Just Received, another shipment of that Splendid EGYPTIAN HAIR COLOURING; restores the colour oi the hair, whether lost by age orsickness; does not colour or injure the skin or the finest fabric. Agent, :•!•'. iiEISSEL, Hairdresser, Princes street. Also, splendid patterns Tortoiscshell Hack Combs, I'ins, Sprays, Plaits, Hair Work of every description. For the Growth of Hair "USE BEISSEL'S CAKTIIAUADITE FLUID.