NEW ZEALAND INSURANCE COMPANY.

Taranaki Herald, Volume LV, Issue 14131, 10 February 1910, Page 3

NEW ZEALAND INSURANCE COMPANY.

ANNUAL MEETING. Per Press Association. AUCKLAND, Feb. 9. The annual general meeting of shareholders in the New Zealand Insurance Co. was held this afternoon. Mr. M. A. Clark, chairman of directors, who presided, said tho result of the year’s operation had not been up to the expectations formed last year. During the first half of the financial year, conditions in respect to fire losses prevailed in certain fields of the company’s operation which had been unknown for years, but he was pleasod to say that these conditions had not so far been repeated, and that the position in this regard had greatly improved during the first quarter of tho current year. Ho referred to, the tax for the maintenance of fire brigades as severe and oppressive. There a slight. increase in the expense ratio, largely attributable to tho decrease in revenue. One gratifying feature of the balance sheet was in the increased revenue from interest and rents, "’hm* l amounted to £28,048, as against £26,875 in tho previous year. The market value of the compnny ! s securities was largely in excess of the values at which they stood in the 1 balance sheet. After deducting the interim dividend paid in August last, there was an available balance of £34,861 12s Ilf out of which the directors recommend that £iU,UUU lie enrried to tho reserve fund, and -P.l 5 000 be applied to payment of the dividend for the half-year, making 4s per share for the year, and leaving a balance of £98.61 12s lid in the new account, as against £B/98 ]s 3d in the previous year. Tho outlook for the current year was far more hopeful in_ all fields', except that of the dominion, and the directors expect at the next annual meeting to report an improved condition of affairs. Messrs. Matthew A. Clark. Timkas Ruddle and Ho nr v Horten, tlm rotjnvg directors, were re-elected, and Merr’-p. .1. F. Ruddle and A. J. Douniston were re-appointed- auditors to tho company.