Page 8 Advertisements Column 2

New Zealand Tablet, Volume V, Issue 262, 10 May 1878, Page 8

PRELIMINARY NOTICE. THE COLONIAL INSURANCE COMPANY OF NEW ZEALAND. (To be registered under the Joint Stock Companies Acts.) FOR FIRE AND MARINE INSURANCE. CAPITAL, TWO MILLIONS STERLING, In 200,000 Shares of £10 each, 10s per share payable thereon, making £100,000 cash capital. Chief Office : Wellington. BOARD OF DIRECTORS : Chairman : The Hon. C. J. Pharazyn, M.LC, Chairman Local Board Australian Mutual Provident Society. Vice-Chairman : The Hon. Randall Johnston, M.L.C., Managing Director Northern Laud and Loan Company. Jacob Joseph, Esq., Merchant. A. De B. Brandon, Esq., M.H.R., Local Director Australian Mutual Provident Society. E. W. Mills, Esq., Merchant. The Hon. M. S. Grace, 3M.L.C, Local Director Australian Mutual Provident Society. Walter J. Nathan, Esq., Merchant. Solicitors : Messrs Brandon and Sou, Wellington. General Manager : A thoroughly competent and experienced General Manager will be appointed. Bankers : To be hereafter appointed by the Directors Secretary for Organization " And subsequently agent for Canterbury ; " Mr Frank E. A. Graham. The above Directors are entrusted, with the organisation of the Company, and have power to frame the articles of association, and to register the same. They will provide for the Board a tenure of office of one year, and the annual retirement of the usual proportion of theix number. The Directors have each subscribed for £1000 cash interest in the Company, and have undertaken its formation as a thoroughly Colonial institution, with head-quarters in Wellington. One-half only of the shares will be immediately issued, and the Directors having already apportioned a considerable number elsewhere, , in seeming a large amount of support, will be shortly prepared to place an adequate proportion of the capital in the Province of Otago with persons whose influence ox business is calculated to be valuable to the Compauy. The Conipauy having thus secured a large amount of support, and. being able to offer to the public the guarantee of ample cash capital, will commence business. The whole of the remaininiug 100,000 shares being reserved for allotment in successive issues to actual insurers with the Company in proportion to the insurance premium paid by them. The Directors find business people perfectly prepared to enter the Association upon such allotments as are proportional to their influence while calculated to permanently secure their support. The interests of the general body of smaller insurers will also be consulted iv the allotment , but an important feature in the proposal is the determination of the Directors to reckon one half the total capital for future allotment to actual insurers, upon a definite and equitable basis. Several of the Directors have had experience of the great advan tages of mutuality in connection with the most successful Life Association existing and after long consideration the Board are satisfied that the present proposal comprehends the most practical embodiment of that principle applicable to fire and marine business. The Directors, therefore calculate upon the following results, viz : — That the Company will commence business with a large capital in. hand, be&ides undoubted security. That the method of fixing the capital will secure a large amount of business, and that the Company will have the sympathies of the public as a Colonial institution, holding open its doors to all insurers upon mutual principle, and yet backed by large capital, security and business. The companies hithexto formed have been uniformly successful ; the rapid progress of the Colony fully warrants the foundation of a similar institution in its capital city. The Directors have "been justified in thinking that the shares would be favourably regarded, and it was in that view, now fully confirmed that they decided upon retaining iv hand the half of the capital in the interests of insurers in. general, and consequently of the Association. A representative of the Company will shortly be in Otago. The rates and general terms of business of the Association will be similar to whatever may be current from time to time. F. E, A, GEAHAM,