NEW ZEALAND INSURANCE COMPANY.

Taranaki Herald, Volume XLI, Issue 9291, 18 January 1892, Page 3

NEW ZEALAND INSURANCE COMPANY.

THE CHAIRMAN'S ADDRESS.

The Chairman (Dr. J. L. Campbell), in moving the adoption of the report and balance-sheet at the annual meeting of the company, on Wednesday last, said : — Gentlemen, — Tho report has been in your hands for some time, affording you the opportunity of mastering its contents and comparing it with last year's statement of accounts. I have now to make a few remarks in explanation of the report and generally, as to the company's position and progress sinco your directors had last the pleasure of mooting yon. Tho first and most material point— our premium income —shows, though r\ small, still a satisfactory, increase upon that of last' year. Our losses for tho eamo period are somewhat large ; but against this our expenses have been less, the net result for tho year being a profit of 20 per cent, on the paid-up capital of the company. I have now to touch upon a less satisfactory subject, namely, the depreciation of our invest* ments, provision for which has been made by writing off tho item as given in tbe balance- sheet. I think you will endorse the course taken by your directors, that tbe whole of the shrinkage should not be made a charge oh the year's profits, but be met In. the manner we now .ask you to confirm —by the transfer of £15,000 from the reserve fund. This sum, with the £10,000 which has been added to tbe investment fluctuation account taken from tho year's profits will, in the opinion of your Directors, be not only more than actually requited to meet the present case, but will make provision for any contingency which may arise. You;\vill note that the Auckland City leasehold has been shown as a eerpaate asset, and the extinction of its cost has been provided for before the extinction of tho , lease by tho sinking fund. With regard to the figures as they now stand under head of investments returning normal interest, your Board feol satisfied the Company has ample value. I am pleased to be able to inform you that we continue to receive from all cur branches and agencies gratifying returns, and although competition for business is as keon and' uncompromising as over, there are indications that the suicidal recourse to cutting rates will no longer be continued. You are aware that just previous to our last our Australian branches had been exhaustively examined by the inspector, and since then our American business has been thoroughly inspected by Mr Weston, who has reported most favorably upon it. It is w th feelings of deepebt sorrow that I hare to allude to tho closing Saragfgph of the report which records the oath of our late manager George Patrick Pierce, and it only remains for me to emphasise ftotn this chair the eulogy pronounced upon liia character by the Board 'of Directors. Shareholders, I am well assured, will be pleased to learn, and -wilL cordially approve of the step taken by the Board in the presentation to his widow of a year's salary, as a grateful tribute to her husband's almost life's service of unwearied devotion to the company. His " place has been filled by the appointment ■6i Mr Weston, and in securing his services I need hardly' remind shareholders that they obtain the practical knowledge of one who bos personally visited every branch agency we have throughout the world, and who therefore brings to the Board an authoritative knowledge and experience, the value of which can harlly be overestimated.