DUNEDIN.

Thames Star, Volume VII, Issue 1980, 12 May 1875, Page 2

DUNEDIN.

„ .Tuesday. The third half-yearly meeting of the shareholders of the National Insurance Company was held yesterday afternoon; Fifty shareholders were present. The chairman (Mr Larnach) recapitulated the business done by the company since its formation, and referred to its highly satisfactory condition. The adoption of the report having been proposed and seconded. Mr It. H. Leary—as representing a large number of the shareholders —moved, as an amendment, that £12,508 (being 2s 6d per share) be added to the capital account in lieu of being carried, to the reserve fund.as. it was proposed. A company showing such h?ndsome profits as the National Insurance Company could surely afford a larger dividend; The money, if carried to the capital account will still be retained, and would be available for any purposes which may be required. Mr Dunning seconded the amendment.. In answer to a question, Mr Leary explained that what he meant was, that of the £30,000 proposed to be carried to the reserve fund, £10,000 should be carried to the capital account. This would not affect,the dividend. The Chairman added Jithafc the matter had been under consideration before the report was drawn up, and it was thought more desirable Jtq get the reserve fund up to £30,000 before making any appropriation in the manner! indicated. The directors had in view on a future occasion to increase the capital , account, as Mr Leary indicated. Mr , Leary demanded that a. ballot should be taken on his proposal, as he wanted to give I some six or seven people whom he represented, and who were not personally present, an opportunity of. recording their Votes. Mr Jiees asked if it was proposed to amalgamate with the New Zealand Insurance Company, and Mr Kennedy having stated that he should oppose any such proposal, a ballot was taken, and the amendment was negatived by three to one. Messrs W. J. M. Larnach and 'Robert Wilson (the retiring directors) were re- : elected. Mr R. A. Law was elected a director in the place of; Mr Richard; Oliver. Messrs R. G. Begg and A. W.; Morris were re-elected auditors.