Page 4 Advertisements Column 1

West Coast Times, Issue 4213, 19 October 1882, Page 4

—^ — • - ' •*- Frospectut. PROSPEC TUS OF THE EQUITABLB INSURANCE ASSOCIATI >N OF NKW Z :ALAJND. i oil FIRE, MARLNE, LIFE, & FIDELITY GUARANTEE ASSURANCE. Head Office Ddmbdin. Temporary Offices : Albert Buildings, 148 Princes street (opposite Post v.*ffice). Capital £1,000.000 In 500,000 shares of &i each. Fiist issue, 200,000 Shares, in respect of which there shall be payable 6 1 on application and 6d on allotment, and two calls of 6d each, parable at intervals of three and six months after allotment ; beyond which it is not intended t<> make any further call*, but if any call be required it shall not exceed 6d at one time and three months' notice shall be given. Provisional Dibxctobs | (With power to add to their number) : DUHBDIN ; Messrs John Batbgate, M.H.K. E. B. Cargill George Esther, of Esther and Low. James Gore, (Mayor) "William Gregg, of W. Gregg & Co. D. Grant, of Granton James Hazlett, of Mackerras and Hazlett James Hogg, of Hogg, Howison, Nicol & Co. Allan Holmes Francis Meenan C. S. Eeeves James Robin, of J* Robin & Co. A. Scoullar, of North and Scoullar James Seaton, M.H.R. Job Wain, jun. James Wilkie, of J. Wilkie & Co. T. M. Wilkinson, of Wilkinson and Pettit James Wilson, of J. Wilson >k Co. J. Maitland Jones, of Proctors, Jones & Co. J. Paterson, of Paterson and M'Leod J. Speight, of J. Speight & Co. hokitika ; llenrs W. L. Fowler, (Mayor) R. C. Reid William M'Kay Richard Campbell Dr F. Rossetti Dr D. P. James T. Paterson, of Paterson, Michel &Co. George Benning James Craig B. Dyson. Hokitika Bbocbbs: Pollock and Be van, Wharf street. Bankers : The Colonial Bank of New Zealand. Solicitobs: Messrs Batbgate and Meeson. Ditnedin Bboebbs ; Messrs W. P. Street and Co., Liverpool street. Interim Sbcbetabt: W. C Kirkcaldy, Dunedin. FIRE AND MARINE DEPARTMENT. There exists among Insurers in this colony a feeling of dissatisfaction with the present system of Fire Insurance. Bates are deemed too high by Insurers, bnt are affirmed by Insurance Offices to be no higher than is dictated by prudence. The only solution of tbe difficulty is the introduction of a principle whereby the Insurers may receive a share of the profits by the issue of bonus policies. Every Insurer may thu< obtain a direct interest in the butiness done, and while the premiums are maintained at a rate which will afford sufficient stability to tbe Company in the event of extraordinary loikb, tbe Insurers really reap a benefit, as they share in the profits earned. The profits will be applied in the fir^t instance to the payment of interest to the shareholders at the rate of 10 per cent on the paid-up capital, and the profits beyond the amount required for such payment will be applied as follows:— After making suitable provision for a Reserve Fund, and for an amount to carry forward, a moiety of tbe balance will be reserved £>r the formation of a Bonus Eund for distribution among the owners of bonus policies on whoie risk ' there shall have been no lois, tad the remaining moiety at the disposal of the shareholders The advantages of this pystem are obvious, as every Insurer, baring a direct interest in the welfare of the Association will no doubt be induced thereby to exercise greater cautiim, and use his influ°ne to bring as mnch sound busines to tbe Company as possible. A lar^e number of shares have already been applied lor, but none will be allotted till all applications have been received, as it will be tbe policy of the Directors to allot tbe shares as widely as possible among probable Insurers. ECONOMY AND CO-OPERATION Will be made leading features in the management of the Association, and these are principles which cannot fail to ensure a marked success, especially as the Fire business will be confined to the Colony of Ntw Zealand, and therefore under the immediate control of the directors. LIFE DEPARTMENT. The want of a local Life Assurance Company has long been felt, and this want has been only partially supplied by the Government Scheme ; while tbe scale •f premiums chargeable by foreign Com- I panics, also doing business in less healthy regioni, is slightly higher than that which Could with safety be adopted in our own more temperate climate. I This Branch of the Association's business will be conducted solely on the mutual principle— that is the whole of the ■et profits will go t9 the policy-holders on a system at once safe and equitable, while the Shareholders are benefited as the combination of the two branches of the business is conducive to economy in management, and affords opportunities of Commanding business not secured by companies devoted to either branch alone. The success which has attended Mutual Life Assurance Companies elsewhere has been most remarkable. As an instance, the Colonial Mutual Assurance Society of Melbourne may be quoted, which, during the first year, issued 457 policies, and at the end of the eighth year had 4313 policies, with an annual income of £164,450. Although power will be taken in the Articles of Association for the carrying on of this branch of tbe business, it is mot intended to open the department until the Fire Business has been well established, and until the services of a thoroughly competent actuary have been MCnied. The following reasons may be adduced from among many which might be urged