THE NEW ZEALAND INSURANCE COMPANY.

Otago Daily Times, Issue 8398, 23 January 1889, Page 5 (Supplement)

THE NEW ZEALAND INSURANCE COMPANY.

The New Zealand Insurance Company's annual meeting was held on the 10th. A dividend of 15 por cent. is recommended, after writing oil £13,186 for depreciation on investments, paying an interim dividend of 3s per share in July last, and carrying £8000 to the investment fluctuation account. A balance of £5088 is also carried forward. The directors' report and the reeomrotndation. re divideud was unanimously adopted. Messrs Buddie, J. B. Owea, James Eussell, and Robert Rose were re-elected directors, and Messrs Boardinanand Waymouth were appointed auditors.

The Chairman (Dr Campbell) in moving the adoption of the report and balance sheet said: —" It affords your directors much pleasure to be able to meet you to-day, and notwithstanding cur losses having been exceptionally heavy, to recommend the payment of the now almost customary dividend of 15 per cent, without trenching upon the reserve, and after carrying the sum of £SOOO to credit of investment fluctuation account, and writing off £13,186 as depreciation in investments. She increase of £26,81119s 5d iv premiums is certainly extremely gratifying. That increase has been distributed over nearly tho whole area of tbo eorupnny's operations. Our two largest losses aro represented by tho. sum of £7000 on the loss of the wool ship General Victon from Melbourne, and £5045 at tlie great liro in Brisbane last September. Thero hxs lwcMi, ;\s was to be expected, a diminution of interest, ri.cr.ipls from our invistmu" Is, arising from thu decreased value of money. Looking to tho fall which has taken place, in real estate, your directors have mof t CiU'eful'y gone over tho whole of the propurlji s and investments of the company and Lave written these down to a safe margin. Not eon-

tent with their own judgment, your directors submitted those, to the scrutiny and revision of

theauditor*. The.';o<;'"nll<.men heingiuivcry way independent of the directors—receiving their oppomtmeut direct from your hands—we considered it would be a cause of satisfaction for you to know that they had sat in judgment upon k> vital a point, and acquiesced in the figures which appear in tho balance sheet. As regards expenses we have been able to keep the rates to about the. samo as last year, slightly exceeding 2S per ceut. on the premium income. Tho greater portiou of these expenses is the commission i aid to agents, who control a very considerable* amount of business. You will note by the report in your hands that action lias beer, taken in the direction of reducing the qualification enabling shareholders to hold a seat on the board. According to tho exist ins articles of association a person to he eligible must hold shares in his own right, which, at the price, which the company's shares now stand and lmve now for :-o long stood, represent-' a eapilal investment of .£201)0. The directors consider that so targe a sum limits within tn.i narrow a radius your choice of directors, and at the extraordinary general meeting which takes plact; on the termination of the present proceedings a resolution will be submitted reducing the qualification to 500 shares, which it is hoped may be more in accordance with the views of shareholders and meet with their approval. With these few remarks I beg to uinve the adoption of the report and halauce sheet."

A bos containing 1000 sovereigns, while being transferred from a waterman's bout to the steamer Alameda at Sydney, dropped ii>to the water, and although divers have since been unremitting in their efforts to recover the specie no trace of it has yet been found. The box is supi posed to be deeply embedded in the mud.