FARMERS' INSURANCE.

Star (Christchurch), Issue 11784, 23 August 1916, Page 2

FARMERS' INSURANCE.

MEETING OF CO OPERATIVE ASS9CIAIIJN. « ~' The twenty-fifth meeting of the Farmers' Co-operative Insurance Association of New Zealand wa.s heid in the rooms, Cash el Street, this afternoon. Mr It. 11. Holdsworth. chairman of directors, presided, and about fifteen shareholders attended. The chairman said that sinco tho end of the financial year the association had lost tho services of Mr John Bonnie, who had been a director, and had deno good work for the association. ■ Tho Securities Investigation Committe>e reported that the securities wore satisfactory. The securities wero valued at £140,363, against, which loans amounting to £74,350 had been grouted. The chairman in moviug the adoption of the report, and balancesheot pub li&hed previously, said that the year had been an exceptionally unfortunate one as far as losses were conerned. Tli>j total for tho year was JL'oTOS. and the average for the past ten years was only £L'BSo. This year, consequently, tho dividend was smaller tb-an usual. On tho other hand, .tho association's securities were very satisfactory. The investments were" on first-class rural land i.i Canterbury, and these had' not suffered depreciation of value. The association's freehold property was a valuable asset. As to the future, he thought that it was possible now to look forward to success in the wai-j to a victory that would put an end to German frightfulness on both land and sea. Mr J. Talbot, who seconded the motion, said that the association deserved to be congratulated, especially in respect to its investment. The financial position was quite sound. Mr T. W. Adams said that the valuations of securities a.? set were made -sonvo years ago. The values in some cases had almost doubled since. That was another item which added to the satisfactory state of. tho investments. Mr W. F. Pannott «iid that the volume of business seemed to be small iu comparison with the period during which the association had been in operation- Ho was pleased to learn that the association's investments had been made on a sound basis, but he thought that the volume of business might be increased. Perhaps the directors, during the coming year, would consider whether or hot tho business could be increased in comparison with the growth of the Dominion The chairman said that in Canterbury there wero between 4000 and 5000 ! Government tenants. Their insurance | business went to tho Government De- ' partment. and the association had suffered in consequence. Previously the I business from tho largo estates cut up for those tenants came to the assoeia- . tion. I The motion was carried, j Messrs T. W. Adams, J. Gough, 11. i E M'Gowan and J. Talbot were, reelected directors, and Messrs 'W. M Ollivicr and A. M'Kellar were re-elect-ed auditors A bonus of 5 per cent on the salaries wfi * s ' voted to members of the- staff, end a vote of thanks was passed to the directors.