N.Z. INSURANCE COMPANY.

Otago Daily Times, Issue 11937, 10 January 1901, Page 6

N.Z. INSURANCE COMPANY.

(Fhom Our Own Correspondent.) AUCKLAND, January 9. Tlie annual meeting of shareholders in the New Zealand Insurance Company was held this afternoon. Mr J. L. "Wilson, chairman of directors, presided. The Chairman said the results were in every way favourable. The net premium income now reached the large figure of £342.036, the profit on underwriting being £50,581. There , has also been a substantial increase of £26,752 on premiums, and the interests and rents have exceeded last year's return by £1400. The increase in premiums was not owing to the company having entered new ffclds or to any special development at any particular time, but was general, and due to the popularity of the company and the activity and watchfulness of its representatives. The expenses had increased , , certain changes in London involving a temporary extra expenditure. These are responsible for a considerable part of the increase, and the expansion of revenue fov the balance. ''The ratio, however, was very little, if anything, over what it was last year, and less than it has been in some! previous years. The directors thought on this occasion they might well pay a nomis of one shilling per share to what had been the usual dividend for some years, making for the past year 12i per cent. The reserves had also been materially, augmented last year. Reference was made by the chairman to the expansion in America. Since then the necessary deposits had been made enabling the company to take tho.t step when the time seemed opportune for doing so. The insurance business, however, in the Eastern States had been in a demoralised condition for some time past, so the directors had decided to confine the operations of the company to the Western States, where they had been doing business since 1875. The company's investments had been very considerably strengthened during the year, and the directors hud pleasure in calling attention to the item of about £40.000, invested in British Government consols. The report and balance sheet were adopted without discussion. Messrs Thos. Buddie and A. G. Horton, the retiring directors, were re-elected unopposed.