SOUTH BRITISH FIREAND MARINE INSTRANCE COMPANY.

Waikato Times, Volume III, Issue 145, 12 April 1873, Page 2

SOUTH BRITISH FIREAND MARINE INSTRANCE COMPANY.

Tub following is tbe report of the diieetora -it the last general mooting of the sh ireholder*. The resolutions pa-sued at the urjjtin o ' fallow. It wto be hoped that this colouial coiupmy will succeed in ilo,itiu.j the »dditional i shares they con' cmplate. It is much better that the interest on iim-ste I capital should remain m ths colony than pass into the poekatu of absentees • - Your directors huve culled you togetlier for the jnirposs of considering tlio propriety of increasing tlio capital of tlio company hy the creation and sale of new ahnroj. The shareholders are aware that there has been a large demand for the stock of the company. To satisfy this demand, to iorin tho nucleus of a reiervt 1 fund, and to inerea>v the paid-up capital and the biyincs-. of the CJiup.ui^ , arc tlie inttin objects to be obtained by increasing tbe number of shares.

INCUIUbE OK aiEVUH*. To increase the number of shares and to add to the immbi v | of s!iurolioW«M-s will jkitumlly ndd to tlie bu-mc-n of the ! lump my; will mike tlio liistitutiou still more uiilelv a I I'Dloiiial ono th.m it is at prc-rnt ; 2>p>u.nl, anil tliereloie , (liiiiinmi, .iii> n-k attai-liing to unlimited h.tbihu of slituvj lioidcL'd ; uud uUo add to tlic security of tbo nisiired by mj erensiuj,' tho number ot tliiwe-who arc respoa-nblo for any lossei.

I ui:-h'it\ r, fund. i Your directors neel not p nut out that confidence in tlio I prudent and careful nun lament of an Insurance C'jiuI pauy must bo the basis of its success. Your company is j doing u largo and constantly increasing, buauie»- j I increased. business incaiit increased risk and liubility , ami jour directors, therefore, desiring to act with prudence and caution, are anxious to have a fair amount set np.irt as a reserve fund as early as possible. The shareholders will readily perceive the value of a reserve fund man Insurance G'omp.iny. Such a fund is ever ready to meet unforeseen contingencies, to which all such companies doing u large busines-, are liable, without causing too great a strain on their ordinary resources, or materially afiectnig j their position and reputation The resolutions win • i \ our directors \\ 111 submit to vmi I will propose to increase mo capital of the cjuipauy b) "the l creatiuu and sale of t« eh c thousand five hundred (12,500) ! new shares of £20 each, and to oiler them, at Htteen shillings j premium, or tlurU slnllnv^s per share This would gtve°a i prolit to be carried ti> resent' fund nt imiu thtnm'i I Uiilc , imiidicU mi.l-eiHii ( i-iivc [vrnJa »75) IMKJi\(lll l.Wirvi \M> I.LT3IM -.*. \ our directors nUo feel tii it the prrscnt and increasing I business of tlie company makes it noee-,sary that the paid-up i eipilal ot the company should be increased Ifc is at prcs-pnt eighteen thoiiMiuUeveii hundred and fifty pounds (Jt15.750); by cairyingouft the propositions that will be submitted to you the number of share* m the company will be 37,500; capital, i;roO,000 ; paid-up capital, £^,125; reserve fund, £9,375 ; total paid-up capital and reserve fund, £37,500. To increase the number of shares aud the capital of company, in accordance w ltd the resolutions that will be subnutted to jou, «ill not onl\ be to add to the business of the Company, by the admission of new shareholders, but also by enabhug your directors to extend the amount of risk taken in particular caso s » in many instances your Directors are compelled for want of capital, to limit the amount they accept of risks ottered to them below what thoy mi"ht otherwise Uke. The prudential reasons assigned for lorming a rcjcn c fund ire general!} inure or less apphcablo to tlio invre.iso of capital The me. case of capital can be obtained cither b) making cills lor th«t purpose, or b\ l-Miing m>\\ shares,. Your directors mute the attention ot the- shareholders to>the latter I mode. The number of shares that may be authorised by the shareholders to be issued \Ml^ be allocated to each province m proportioi^ as noar us may be, to tb*r slia-f» of the company now held b) ea.-li, after pro Tiding lor lai au»iki aud Napier. Present sauivlioldi'rs lo have the option of purchasing shares of the new i>>ue m the proportion ol orx; no f share J to (nery h'»e shares now held by then m tlio ooinpuiv. i'\»r u(;&im.&". In antu ipation of the half-\ early meeting your directors have pleasure in informing }ou that the premiums, oo- far as at present adi lsed, to the close ol the half-year (February, 28th ultimo), amount to £i;{,sBt; losses incurred, £2,y&i 17s 9d ; funds mvestod, £21,03 U Us (id These figures prove that the Sourii British has, at the outlet of its career, met with the marked appro nil ot the insuring public And y our directors feel th.it the large measure of success which has so far attended the company's I operations is innmly due to the hearty support and warm interest taken in it by the shareholders generally, and to the active exertieus of the loem trustees and agents at the various branches. b"or the directors, } Aj.irCKr Bektu vm, J Chairman. j Aucklund, March, l«7«i |

|Kb*>OM I'IO.SS CA Kit lED LSVJJIMOCSJ/V. 1. That m order to inuLo provision for the constantly increasing busmen of tlio company additional capital and a ' reserve fund bo raised by the creation, aud •sule uL new share-,. { 2. That twelve thousand ii\e hundred additional shares of £20 each be created. U That the price (it which such tweho thousand iive hundred shared dhall be Hsiied shall bo at not less than iifteen shillings per share premium j ten {.lulling* per share to be paid on nppliLutiou, ten shillings per share on allotment, an bjlanc.) within one month from the date of allotment. 4. That Bliould tlk.' uhoite <*£ the said number of twelve thousand five hundreh shares not bo allotted befote the ltt d.iy of June nuxt, the haLwce remaining unaoLl at that date shall be rutunetl until the 24th day of March, 1874, after which date they may be disposed o£ by the directors at such piomuun as they shall determine, the premium j and pam-up cipitil together on each suaia not being less than the ordinary inaik.et price of the shires at the tune of sale. 5. That the premiums received forthe sale of the twelve thousand five hundred sb.ite.-i, or buoh poi tiou thei eof as • ni.iy be sold, shall be earned to a reserve fund. I