Page 1 Advertisements Column 5

Otago Daily Times, Issue 6383, 28 July 1882, Page 1

Proßpoctuß. PIOTON GOAL COMPANY (LIMITED). Capitol, £00,000, In 00,000 shares of £1 each, of which only 30,000 tiro at present offered to tho public. Terms, Is on application; lsfld ouallotment; tho balance by calls, as required, not exceeding 2a Od at a time, at intervals of not less than ono month. Aa the Share list will close on the 31st August next and a limited number only have been supplied to ouch district, early application should be made.. Spccimons of tlio coal can be 3eon, and copies of the prospectus and forms of application for shares obtained from GILLIE 3, STREET, & lIISLOP, 17jy Brokers for Duuedin. PROSPECTUS. THE ' VBUTUAL FIRE AND MARINE LtJ. insurance company of new ZEALAND. Incorporated under "Tho Joint Stock Companies Act, 1880," and the Beverol Amendments thoroof. CAPITAL .. .. £200,000, Divided into 200,000 Shareß of £1 each, Payable as follows :-Ono shilling per share upon application, one shilling per Bhavo upon allotment, and one shilling per share on the eighth day of January, 1883 (if required). Directors : JOHN BUCHANAN, of Auckland, Merchant WILLIAM BUCHANAN, of North Shoro, Gentleman WILLIAM DAVIO DALLEN, of Auckland,' Manufacturer ALEXANDER DEWAU, of Auckland, Merchant JAMES DICKEY, of Auckland, Ironmonger WALTER DOWDEN, of Auckland, Auctioneer TUOMAS HANCOCK, of Auckland, Brewor DONALD HUGH M'KENZIE, of Auckland, Merchant •' • JAMES M'GOWAN, of tho Thames, Merchant RICHARD MONK, of Auckland, Gentlcmai WILLIAM HENRY SKINNER, Auckland, Builder. Bankkhb: Tho National Bank of New Zealand (Limited). Solicitors : Messrs HESKETII and RICHMOND. Trmpokarv Ofkicbs : Canada Buildings, Queen street, Auckland. Tho objects for which the Company is established 1. To carfy on tho business of Fire aid Marino Insurance in all or mch of ita branches as the Company shall from timo to time dotermine. 2. To purchase or otherwise acqutro'and take over all or any part of the business, property, or liabilities ot any other Company carrying on Fire and Marino Insurance buairess. 3. To purchaso, lease, cr otherwise acquire any real or personal property which ttuy be convenient or necessary for tho purpose of the Company, 4. To sell, doinise, mortgage, improve,manage, or otherwise deal with uuy property of the Company. 6. To invest the moneys of the Company in such securities as may from time to time bo deemed expedient, and without limiting the generality of this clause. To take or otherwise acquire and hold Shares or Stotk in any Company, or in any partnership arrangement transaction which may bo deemed directly or indirectly advantageous to the Compuiy. 0. If dcemod advisable, to borrow monjy, either with or without security, on all or ony of the property of tho Company, or bf issuing debentures charged on all or any of the Company's property (both present! and future), including its uncalled capital. 7. To do all such other things as are incidental or conducive to the advancement of the above objects. This Company has now been fully established, and without any appeal to the public over Ton Thousand Shares have been already applied for. In many instances tho applications were repeated and the number of shares doubled. The Company has been established on principles different to those of the other Insurance Companies now existing in tho Colony. Of these principles, the chief is that known as the Mutual principle, by which tho profits of the Company, after paying interest at the rate of 8 per cent, to the shareholders tpon their paid-up capital, and after such deductions for tho formation and replenishment of the reservo fund and other contingencies, are to be divided into two equal parts, one part ot which will be divided .between tho insurers in proportion to the premiums p»id by them respectively to the Company during the last preceding year, ami the other part will be divjded amongat the shareholders in proportion to the ptid-up capital on their shares respectively. By these means shareholders derive the following benoflts:—, i . Ist. They receive 8 per cont. p*r »unum upon , their paid-up capital. * '■' !2nd. They receive as or-lienus" or-dlvidenil'one half of the balance of profits, distributed in proportion to the amount of their paid-up capital; while Insurers receive aa a bonus or dividend tho otW half of balance of profltß, distributed in proportion to the premiums paid by them during tho last preceding year. If a person occupies the double position of Shareholder and Insuier, then he partakes of both sots of benefits. " Another feature In connection with the undertaking is that Shareholders only are liable for bsses. The advantages derivable from an undertaking based on such principles must at once anpoar clear to every intelligent mind; for the Shareholder and Insurer are stimutated alike to advance tie interest of tho Company and prevent losses-first, by directing business to the Company; second, by exercising caution in the selection of risks which tiny bring; and third, by using extra precautions to pnvent fires by which their bonus or dividend would be ibaorbed. In this way both Shareholders and lisurers work together for one and the same object, eich being stimulated to make the business of the Company as large as possible, and so produce a large bonus or dividend, m whicli they each equally parJcipate. This same result or object also acts as a preventive to the occurrence of fires and losses. In this way each set of beneficiaries hai a special and particular interest in the welfare and prosperity of the undertaking, and It is this principlewhich forms the Company's strongest safeguard ani protection. ?he larger the number of Shareholders md Insurers, the further this safeguard and protectionis extended; for, as each feels the prosperity of the Company, so each feels Its revereoa, though both are felt in different degrees, As to the necessity for such an undertaking, it is quite clear that it is called for. Tho buineas of Fire and Marine Insurance has been, and still a, increasing throughout the Colony, and especially b this so in the Auckland Provincial District. The vast returns which have been obtained by our local companies demonstrate beyond a doubt that a business of very great magnitude is bein; transacted year after year, and that these enormous results are produced upon a very small amount if called-up capital. None of these extraordinary results, however, are produced by companies formed upon ;he mutual irinciplo, by which every additional insurer, by insuring, lessens the cost of insurance aid creates a powerful protection against that cardOßsness to which fires are chiefly due—a principle wrjch induces greater care and caution in all households and places of business. Building and population, tco, are both on the increase, and there is every prospect of this *ontinulng. All the Firo and Marino Insurance Canpauics in New Zealand are based upon the ordinary principles, by which profits are divided amongat Shareholders only, and such regard for insurers as is now proposed find no place in their constitution. It is reasonably concluded, therefore, tlat a wide field lies open to tho Company now introduced to the public, and a prospact of buccess certainly ts groat, if not greater, than that hitherto accomplishid by similar institutions is now presented for acceptance. As to the Company's projects— The succesß which has followed the. different Australian Mutual Life Associations musi be well known, and tho increasing number of sudi institutions augurs well that the principle of mutuality is the key to this vast measure of success. If success follows that principle when applied to risks of such an uncertain nature as life risks, it is impossible to advance any sound argumeit against the like resnlts being obtained in applying the like principle to the less hazardous undertaking of Firo and Marine Insurance. One Mutual Fire Society in Australia has been in oxiitencc nine yeara up'to May, 1881, and f3r the last eight years it has paid 20 per cent, bomii dividend equally between Shareholders and Insures, besides 8 per cent, interest to Shareholders upon their paidup capital; and in May, 1832 (the end of Ita tenth year), it had in invested funds the handsome amount of £45,000. What is more remarkable still is that these results have all been produced from a called-up capital of only Six thousand two hundred tnd fifty pounds. Forniß of application for Shares can be obtained at the Company's offices, Canada Buildings, .Auckland, or from any branch of the National Bant of New Zealand, where the same will .be received up to tho 10th August next. * If no allotment is made, the deposit will bereturned without deduction, and when the number «f Shares allotted is leas than the number appliod for tie surplus will be credited in reduction of the amount payable on allotment. Copies of the Memorandum and Articles o! Association of the Company may be inspscted at ths office of the Company's Solicitors. Agencies will be established thronghout tba Colony as soon as practicable. Dated at Auckland, this eighth day of July, 1882. Legal Wotiosß. IN BANKBUPTOY. XTOTICE.— The Otago Doily Times ia J3I duly appointed GAZETTE for all Notl<m under the Debtors tod Credliorn Act No. 1073. In the matter "Tho Debtors and Creditors Act, 1876 " and Amendment Acts, 1878 and 1879, and of tho Bankruptcy of PETER CURRIE, of St. Kilda, Labourer, a Debtor. riTOIS IS TO NOTIFY that Peter Currie, JL of St. Kilda, labourer, has this day filed, in the office of the Supreme Court at Dunedin, a Declaration of his inability to meot his Engagements with his Creditors The First Meeting of Creditora to be held at the said Supreme Courthouse on FBIDAY, tho twenty-eighth day of July, 1882, at the hour of ten o'clock in tho forenoon. Dated this twenty-second 18^ Deputy-registrar. NEW SEASON'S TEA, EX KILLARNEY. mHE famous " COOK and EAGLE" .1 brand, specially imported for our CONSTITUENTS. This ia tho first picking of Pouyong Tea, and finest out of China this year. In original half-chests STAVELY, AUSTIN, & CO., 20jy - Bond strcot.