National Insurance Co

Southland Times, Issue 11898, 20 November 1891, Page 2

National Insurance Co

(By Telegraph.) Duxedix, Nov. 19. At the annual meeting of the National Insurance Co. Mr K. Ramsay presided, owing to the absence through influenza of Mr J. M. Ritchie. In moving the adoption of the report declaring a dividend of 10 per cent, the chairman went through the items in the halance sheet pointing out that the fire and marine premiums in the colony showed a gratifying increase. The loss ratio for New Zealand was 39 per cent, and for Australia 7-4 per cent. The cost of retiring from the London business had been much more than was expected and, as intimated by cir:ular, L3S,S3u had been takeu from the reserve fund to meet it. The average protits in the colonies for the past tive or six years showed a very good return indeed, and they had no good ground to anticipate worse results in the future. The current year was young yet but it had ojen (I well, there having Ijoe'n few losses so far. They had a large and good connection in New Zealand and throughout "Australia which the directors believe they can not only maintain but increase with advantage to the company, and it only wants a few years of fairly good luck to bring about |a repetition of the pleasant annual gatherings the}' enjoyed in the earlier part of their existence as a company. The Hon. S. Shrimski referred in strong terms to bad management in connection with the London business, and after an exciting discussion the report was adopted by a large majotity. Messrs Glendining, Hallenstein and Kempthorne, the retiring directors, were re-elected.