Natioual Insurance Company.

Southland Times, Issue 4792, 15 November 1883, Page 2

Natioual Insurance Company.

— ■•> [By Telegraph.] Duneein, Nov. li. The tenth annual meeting of shareholders in the National Insurance Company was held to-day. Mr J. M. Ritchie, Chairmaa of Directors, presided. The report and balance^ sheet were adopted. ( The figures shown in the3e have already been telegraphed) The Chairman, in moving the adoption o£ the report saidj he regretted that the direc* toia c?ul4 not congratulate the Bbareb.Qjde.iji

on a successful year's work. The underwriting for the year showed a total loss or £11,000, and but for the handsome income from investments it would have been open to question how far they ■would have been . justified in. distributing the usual dividend. The premium income had increased over 15 per cent, upon laßt year's, but the losses were unusually heavy. After taking all but £300,000 of neb premiums during the past two years, the company .were out of pocket £7000 after paving losses and expenses and reckoning unearned premiums. In a lengthy speech he showed the apparent causes of bucH a sf ate of affair*, referring to the commercial depression, < reckless competition and heavy marine losses this year. He also referred to the wonderful progress of the company for the paat ten years, showing that the funds had risen from £50,000 to #230,000. and he drew special attention to the fact that while he had called attention to the losses he nad taken no account of a sum of £53,715 which was called in the balance-sheet ''reserve to insure enrrent risks," but which might better be described as unearned premiums. The three retiring directors— Hon. B. Oliver, Messrs A. Bart and J. M. Eitchie — were re-elected, and votes of thanks to the officers, etc., were pftised.