NEW ZEALAND INSURANCE COMPANY.

Otago Daily Times, Issue 10263, 22 January 1895, Page 3

NEW ZEALAND INSURANCE COMPANY.

The annual mooting of tho New Zealand Insurance Company waa held at Auckland on the 9th insfc.

The following is tho fifty-sixth report, which was presented by the directors :—" The direotora have pleasure in presenting to shareholders the accounts for November 1894. Tho profit on the year's transactions, after making full provision for all ascertained losses f.o date of the balance, amounts to £44,905 4s Bd. The balance brought forward from 1893, after the payment of a dividend in January 1894, was £19,203 10s 5d ;—total, £64,109 153 2d. Deduct the interim dividend paid iv July last, £12,500, and there is an available balaucn at profit aud loss account ou November 30, 1891, of £51,608 15a 2d, from which the directors recommend tho following appropriations :—Payment of a dividend at the rate of 12£ par cent, per annum, £12,500; payment of a bonus to shareholders of 6d per share, £2500; investment fluctuation account, £3000; in reduction of the company's freehold property, £10,000; contribution to Auckland City leasehold sinking fund, £5000 ; balance carried forward to new accounts, £18,S08 153 2d. Your directors have, as usual, gone carefully through the securities, and have made reductions where necessary. They had valuations made by experts of the whale of tho company's landed properties, which valuations in the aggregate do not materially aitsr the iigares now appearing in the company's books. It h, however, considered a wise policy and in the interests of shareholders to appropriate a further Bum of £10,000 iv reduction of these it, perlies. Thi; satisfactory proflt for the year enables the directors to recommend the above for the approval of shareholders; as also an appropriation of £3000 to the investment fluctuation account, and £5000 to the sinking fund of the Auckland city leasehold."

Dr W. L. Campball, cbsicinaa of directors, in moviug the adoption of tho report and balance sheet, made thn following remarks :— You will note thnt the premium iacome hr.s slightly decreased. This avisea from our bavins; withdrawn from whet have proved unprofitable fields. But if our iucoina h»s suffered in that direction the coinpauy h more taau compensated by the decrease in the loassa. Tho slight shrinkage under tbe head of interest and routs, I nejd hardly remark, is attributable to the continued depri^sioa uuder which this colony, a? well as the sistec Australuu colonies, still labours. Shareholder? will doubtless endorse the policy of the board in tiifcin? the pressnt favourable opportunity for making further appropriations towards the investment fluctuntion account cf £3000, towards ths company's property account of £10,000. ti-sii to leasehold sinking fund of £5000. In order to make sure that the company's properties »ra not standing in the books at more than tho.ir true value your directors in September last obtained reports from experts in the different places where we hold properties, both at home aad abroad, and they are pleased in being able to state that tho results show that the amount now standing in the books has been fully verified. You will uota that ths item expenses compares favourably with last year, aud would have appeared eveu more favourably bub for the reason that the New Zealand Ctoveroment culled up two yeais' land tax: in 1894, which payments are included in the accounts before you. As the directors understand that amongst some of our shareholders there is a feeling of uueasmess respecting our holding in two or three joint stock companies upon which thero in a liability on the shares, we think it is duo to onr shareholders on this occasion to state that, a3 far as two of these companies areconc&ruad our total liability is trifling. Respecting the third, the Now Zealand and Kiver Plate Land Mortgage Company, your directors after careful consideration of the value of that company's assets here arrived at the conclusion that they are more thau sufficient to cover all the liabilities of that company, and in this opinion they are confirmed by the report of your director (Mr Horton) and your general manager (Mr Weßton), who, whilst in London representing your interests at the late annual meeting of the Now Zealand and River Plate Land and Mortgage Company, have given the question of the iiuancial position of that company their careful consideration. The arrangements that have been made as to the gradual realisation of the assets of the New Zealand and River Plate Land and Mortgaga Company have, in our opinion, put that company into a much more satisfactory position for its shareholders, and we have now good reason to believe that regular dividends will in future be paid, and that we will, within a moderate time, be able to raa.li3B this investment without farther loss. Shareholders may conclude from what I have said that the liability on thia investment is practically nominal, and the arrangements just concluded respecting the future operations of that company not only prevent any further increase of this liability, but, on the contrary, provide a very material decrease. In conclusion, I en.ii only say that shareholders may rest assured that the board will not relax its best efforts to secure to the company in future success equal to that of the past, and it has pleasure in testifying to the unwearied exertions of a most able staff of officers towards that end. It is beyond ths power of the most gifted to pronounce what tho future has in store; but let us hope thut the feeling of unrest which pervaded all classes during the past jeer, causing capital to remain unemployed, may pass away at an early date, and go lift the prevailing depression from the Australian colonies, as well as from our own doors, and lot us always remember snd bo thankful that if there is any colony iv fcha world that possesses more recuperative powers than another it is New Zealand.

The adoption of the report was seconded by Mr T. Buddie, and carried unanimously.

On the motion of Mr Jan. E&ynes, seconded by Mr H. Haines, the three retiring directors (Messrs T. Buddie, T. Hose, and J. Russell) were re-elected for the ensuing year.

Mr H. T. George, in moving that the tiro retiring auditors (Mess™ A. Boardmau and H. Gilfillau, jun.) be re-elected, expressed his strong disapproval of tho Bysteia of electing the auditors of any company for two consecutive terms, which he said was absolutely wrong and unsound in principle. He wished to leave this as a suggestion to tha directors, whether an alteration in the articles of association could not be made which would make it impossible for any auditor or auditors of the company to continue iv office for two years ia succession. The Chairman said the matter would receive due consideration from the directors.

The motion wag carried. A vote of thanks to the officers oi the company was also carried.