THE NEW ZEALAND INSURANCE COMPANY.

Otago Daily Times, Issue 5131, 29 July 1878, Page 7

THE NEW ZEALAND INSURANCE COMPANY.

The half-yearly meeting of the New Zealand Insurance Company was held at Auckland on the 10th of July, Dr Campbell presiding. The Directors reported that, notwithstanding the increasing competition and reduction in rates, the net premiums amount to L 101.829; interest, rent, transfer fees, _and increased value of investments, L 12.575; losses paid and outstanding accounts, L 7093. The directors deem it prudent, in view of the extension of the Company's business in two of the Pacific States of America, to set aside a sum of L 35,000 towards the creating of a reserve fund in order further to strengthen the position, should exceptional losses occur in this district, or in any wooden towns in New Zeala-id. Ercm the available balance cf LIS,S73, the Directors recommend the payment of a dividend of 15 per cent., which leaves a balance of L 3873 to be carried forward to the new account:— PROFIT AND LOSS ACCOUNT For the half-year ending May 31st, 1878. Dr- £ s. d. Dividend for half-year ending 30th November, L 877 .. .. 15,000 0 0 Cumrnis;- ion, salaries, and other expenses .. .. .. 21C40 0 8 Fire and marine losses .. .. 40,412 0 9 Appropriation for unpaid losses ~ 3o)o20 0 0 Reserve fund .. .. .. 35,000 0 0 Bilancc «,. .. .. 15.573 8 C Total .. £170,445 15 11 Cr. £ s . d. By balance from last half-year .. 24,077 15 11 Appropriation for last hulf-ycar .. 31^03 0 0 Fue ;ii d Marine premiums (.less reinsurances) .. .. 101 S:0 11 5 lntere«t, rent, and transfer fees .. 10,180 4 1 Incresed value of investaent3 .. 2,380 i G Total .. .. £170,440 15 11 The Chairman, in moving the adoption of the report, referred to the ke»n competition between rival companies, but remarked that the figures _ proved that the New Zealand Company still held the premier position in the Colony. The increase in the receipts was still maintained, and notwithstanding the exceptionally heavy losses, the custouiaiy average had not been exceeded. A tangible sum had been carried to the reserve fund, and every loss up to the closing of the books had been provided for. The paid-up capital amounted t:> L 200.000, the reinsurance fund to JL1(JO,OOO, and the new reserve fund to 1,35,000. j The report and balance-sheet were adopted.