N.Z. INSURANCE COMPANY

Waikato Times, Volume 112, Issue 18705, 3 August 1932, Page 7

N.Z. INSURANCE COMPANY

THE ANNUAL MEETING. A DIVIDEND RECOMMENDED. AUCKLAND, Wednesday. At the annual meeting of -shareholders of the New Zealand Insurance Company, Limited, yesterday, the chairman of directors, Sir Alfred Bankart, presided over an attendance of about 40. The -chairman expressed .satisfaction with the result of the year’s -operations and the fact that the dividend rate had been maintained in spite of adverse economic. conditions. “ Our surplus from underwriting and Interest and rents,” continued the chairman, “ is £204,261, which added to the carry-forward from last year, £105,943, gives £310,204 to the credit of the appropriation account. An interim dividend of Is a share was paid in February last, 'leaving £235,204 available for distribution. Your directors have transferred £50,000 to the investment fluctuation ac'count and now recommend Ithe ■ lpayment tof a Anal dividend of Is a share, making 2s a share for the year ended May 31, 1932, and leaving £110,204 to carry forward to the new account. “ The directors feel that the year that has passed has been a successful one, and, I think I may say with reasonable confidence that the same care and close attention to every detail of our business will assure us at least -our share of what prosperity the wdrld may enjoy. The retiring directors, Sir Alfred Bankart, Messrs Oliver Nicholson and Charles Rhodes, were 1 - e-elected unopposed. The auditors, Messrs H. Gilflllan and F. C. Buddie, were reappointed. Mr J. Miller said the payment of the dividend meant a good deal to the Dominion, as 90 per cent, of the money would be distributed In New Zealand. At a subsequent meeting of the directors Sir Alfred Bankart was reelected chairman and Mr ‘i-I. Horton was re-elected deputy-chairman.