THE NATIONAL INSURANCE COMPANY.

Otago Daily Times, Issue 4436, 8 May 1876, Page 7

THE NATIONAL INSURANCE COMPANY.

The following is the fifth half-yearly report of the National Fire and Marine Insurance Company of New Zealand for the six months ending 31st March, 1876, and which is to be submitted to the shareholders at the half-yearly general meeting of the Company, to be held in the City Council Chambers, Dunedin, on Monday, the Bth May, 1876> at 2 p- m.:—

The Directors, in submitting their fifth report and balance sheet, have to cougratu late the shareholders on a considerable ac cession of business both at home and abroad The tofsal receipts for the half • year (including £10,411 193 Id carried forward from previous balance) have been... Tiie expenditure for the same perio-d has been

£64,201 3 0

38 887 16 11

leaving for distribution the sum of .„ ...£25,313 6 1 Which the Directors recommend should be appropriated as follows :— Ist. By placing a further sum to Reserve Fund of (wlvok will then stand at £50,000) £15,000 0 0 2nd. By payment of a dividend at the rate of 15 per cent, per annum on paid up capital, which will absorb £3,750 0 0 3rd. By carrying forward to next half year the balance £6,563 6 1

Provision has been made in the accounts for £9284 3s 3d, unadjusted losses, also reinsurances in marine department, and all known liabilities at date of closing books, which have been duly carried to profit and loss account.

This Company, unfortunately, has not escaped a share of the reverses which have attended the operations of almost every office at home or abroad doing marine bust ness, having sustained several " total losses" in first-cla?8 ships to and from the Colonies. During the past half year, the Directors concluded the purchase of two valuable freehold properties for the Company, viz., that block of buildings in Itattray street, Dunedin, lately owned by Messrs Hallenstein Bros., thus securing not only a good invast ment, but office accommodation fot the Company in a convenient and central position, »nd a block of land situate ai corner of Hereford street and Oxford Te-race, Chrifctchurch, a locality certain to increase in value.

It will be the duty of the meeting to elect three Directors, in place of Messrs Cargill, Driver, and Prosser, who retire by rotation, but who are eligible for re election, and ofit-r themselves accordingly. Two Auditors will also require to be elected, in place of Messrs A. C. Begg and R. H. Leary, whose term of office expires. The dividend now recommended by the Directors, if adoptt-d by the Shareholders, will Be payable at the Company's offices, Kattray street, Dunedin, on Monday, the 22nd May, and at the several agencies on receipt of advice. By order of the Board, W. J. M. LARNACH,

Chairman,