NATIONAL INSURANCE COMPANY

Otago Daily Times, Issue 16545, 19 November 1915, Page 3

NATIONAL INSURANCE COMPANY

ANNUAL MEETING,

The annual meeting of the National Insurance Company of New Zealand was held in the board room of the company yesterday afternoon. There was a large attendance of shareholders, and Mr J. Moloney occupied the chair. The Chairman said that before proceeding with the business of the meeting ho would like to mako reference to the late Mr T. W. Kempthorne, who had been a director of the company for 30 years, and latterly chairman, and through whose death the company had sustained a very great loss. Mr Kempthorno had been a man wise in counsel and just in his relations to men, and they might not look upon his like again. The figures in the balance sheet differed so little from those of last year that it was not necessary for him to say much regarding them. The loans on mortgage had increased by £45,000, and on debentures there was a decrease of £47,600. Money on deposit at short call had increased by £11,000, and the balance at the bankers was greater by £10,591. The assets of the company now totalled £532,686. The present was scarcely the time for guessing, so that shareholders would havo to rest content with the knowledge that unless something extraordinary happened through the war the investments were safe. In the profit and loss account both the net premium income (£153,598) and interest and rents (£23,945) showed increases on the previous year's income. Losses, commissions, salaries, etc., and Government taxes were practically the same as in last year's balance < sheet, the net result for the year, including £29,573 brought forward from last year, being £72,920. Out of this sum an interim dividend of Is per share, amounting to £10,000, had been paid in March of this year, and £15,000 had been added to the reserve fund, which stood at £300,000. The directors now recommended the payment of a further dividend of Is and a bonus of 6d per 6hare, making the total distribution for the year 2s 6d per share. The directors also recommended a vote to the Sick and "Wounded Soldiers' Fund of £1000. Although, shareholders had already contributed to this fund it was felt that the company should contribute this year. Several members of the staff and a member of the board had volunteered for active service, and their places had been kept open for them, and the work on those remaining had been very heavy in order that the positions might be kept open. It was proposed to grant six months' salary to members of the staff who had volunteered. He moved the adoption of the report and balance sheet. Mr C. W. Chamberlain seconded the motion, and 6aid that they had reason to be pleased with the results shown, for notwithstanding the very hard times they had come through the position must be considered eminently satisfactory. A large sum had been added to the reserve fund, and shareholders had received the usual dividend and a bonus, and that, he thought, spoke volumes for the skill and care exhibited over the affairs of the company by the management. The chairman had referred to the great loss the company had sustained through the death of Mr Kempthorne, and he fully endorsed all that had been said. Mr Kempthorne was a man whom they all profoundly respected. Under existing circumstances he thought the grant to the Sick and Wounded Soldiers' Fund was liberal.

Mr F. W. Mitchell having made certain suggestions as to dealing with the grant to the Sick and Wounded Soldiers' Fund, the report and balance sheet were adopted. On the motion of Mr J. Arkle, seconded by Captain Sundstrum, Messrs A\ Burt and J. Moloney were reappointed directors, and Messrs T, S. Graham and E. K. Smith auditors, at the same remuneration as previously, the latter Vppomtment being made on the motion of Mr J. Mill, seconded by Mr J. Arkle. Mr F. W. Mitchell moved a vote of thanks to the managers, directors, and staff of the company, and said that it was eo long since the company had produced anything to which reproach could be attached that if any departure from what they were now accustomed to took place they would think the whole country was going, back. The Chairman briefly acknowledged the vote.