FEW ZEALAND INSURANCE COMPANY.

Otago Daily Times, Issue 9323, 14 January 1892, Page 2

FE W ZEALAND INSURANCE COMPANY.

(Fhom odb Own Cqebespondent.)

__-..' Auckland, January 13. The annual meeting of the New Zealand Insurance Company was held to-day.

The Chairman of Directors (Dr J. Logan Campbell), in moving the adoption of the report, said: Gentlemen, the report has been in your hands for some time, affording you an opportunity of mastering its contents and comparing, it with last year's statement and accounts. I have now to make a few remarks in explanation of the report, and generally as to the company's position and progress since your directors had last the pleasure of meeting you. The first and most material point, our premium income has : shown a small though still a- satisfactory increase upon that of last year. Our losses for the same period are somewhat larger, but expenses have been less, the net results for the year being a profit of 20 per cent, on the paid,up capital of the company. I have now to touch upon a less satisfactory subjectnamely, the depreciation of our investments, provision for which has been made by writing off the items as given in the balance sheet. I think you will endorse the course taken by your directors that the whole of the shrinkage should not be made a charge on the year's profits, but be met in the manlier you are asked to confirm by the transfer of .L15.000 from the reserve fund. This sum, with LIO.OCO which has been added to investment fluctuating account taken from year's profits, will, in the opinion of your directors, be not.orily more'than actually required to meet the present case, but will make-provision for any contingency which may arise. You will note that Auckland city leasehold has been1 shown as a separate asset, and the. estimation- of.- the cost of its extension has been provided for: by a sinking fund. With regard to the figures as they now stand under the head of investments returning normal interest your directors f eelsatisfied that the company has ample value. I am pleased to be able to inform you that we continue to receive from all our branches "and agencies gratifying returns, and. although competition for business is as keen and uncompromising as ever, there are indications that suicidal recourse to cutting will no longer be continued. You are aware that just previous to our last meeting our Australian branches had been exhaustively examined by the inspector, and since then our American business has been thoroughly inspected by Mr Weston, who has reported most favourably upon it. It is with feelings of deepest sorrow I have to allude to the closing paragraph of report, which records the death of our late manage, Mr Geo. Patrick Pierce, and it only remains for me to emphasise from this chair the eulogy pronounced upon his character by the board of directors. The shareholders, I am well assured, will be pleased to learn, and will cordially approve of the step taken by the board in plfesenting to his widow a year's salary as a: grateful tribute to her husband's almost li'e service of unwearied devotion to the company. His place has been filled by the appointment of Mr Weston, in securing whose services, I need hardly rsmind share" holders that they obtain the practical knowledge of one who has personally visited every branch agency we have throughout the world, and who, therefore, brings to the board an authoritative knowledge and experience, the value of which can hardly be over-estimated.

Mr T. Buddie seconded the motion for the adoption of the report and balance sheet, which was agreed to without debate.

Messrs R. Rose and .J. ltussell were. reelected auditors, and Messrs Boardman and Waymouth directors for the present year.

Mr .T. J. Taine' moved a vote of thanks to the officers and agents of the company, which, was seconded by Mr Boardman, and carried.