NEW ZEALAND INSURANCE COMPANY.

Otago Daily Times, Issue 15063, 9 February 1911, Page 8

NEW ZEALAND INSURANCE COMPANY.

ANNUAL MEETING.

(Peb United Pbess Association.)

AUCKLAND, February 8.

The annual meeting of shareholders of Ihe New Zealand Insurance Company (Limited) was held at the company's office this afternoon. Mr Matthew A. Clark, chairman of directors, presided.

Tho report and balance sheet, which hive already been published, were token sr\ read.

In moving their adoption, the Chairman said, inter alia:—" The report and balance sheet shows a considerable improvement over last year in tho fire department. Tho year has been comparatively an uneventful ono, giving us an average number of claims to meet. The marine department has again caused anxiety, but we are glad to say. that the remedial measnres instituted some 12 months ago have alreadyproduced good effects, and are still working out towards very much more satisfactory results. Our accident department shows steady progress in revenue, and as the Workmen's Compensation Acts are bronght into more extended operation, we may reasonably expect further development along this line. Our total premium revenue is slightly less than the last balance sheet shows, due to cutting out of unprofitable marine business, the net (premium income being £605,E09, against, £608,282 last year. Our losses, including the usual full appropriation for unpaid claims, amount to £391,321, as against £433,964, showing the satisfactory improvement of £42,643. The expenses account runs to £172,592, a susbtaniial portion of the excess over last year being found in the ever-increasing Government taxation in various countries. Our interest and rent account has now touched £30,000. In view of this and the excellent amount of funds for disposal, and the fact that last year the company completed its jubilee period, the directors have felt justified in recommending that in addition to the nsual 10 per cent, dividend, amounting to 4s per share, of which 2s per share was paid in Angnst last as an interim dividend, a bonus of Is per share be also paid. The invested assets of the company now reach £781,089, showing a substantial increase of £48.574 over last year, while the total assets of the company are now £920,683, as compared with £870,354 in the previous report. It is proposed to transfer from profit and loss the sum of £25,000 to the reserve fund, making it £220,0C0, which, with the reinsurance fund of £250.000. brings up the total of these items to £470,000. In addition it is proposed to take from tho balance carried forward the sum of £500 to form the nucleus of a provident fund.

The motion for the adoption of the report and balance sheet was carried unani mously, on the motion of Mr J. M. Mennie, seconded by Mr C. H. Bennett. The retiring directors—Messrs Carr, Houghton, and Myers—were unanimously

re-elected. Mr Myers returned thanks on behalf of himself and his two fellow-directors.