Page 8 Advertisements Column 2

New Zealand Tablet, Volume V, Issue 265, 31 May 1878, Page 8

THE COLONIAL INSURANCE COMPANY OF NEW ZEALAND. (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. First issue, 100,000 shares — 2s 6d per share, payable on application ; 2s 6d upon allotment ; and 5s per share at call, not less than three months after registration. Chief Office : Wellington. BOARD OF DIRECTORS : ' V Chairman : The Hon. C. J. Pharazyn, M.LC, Chairman Local Board Australian Mutual Provident Society. Vice« Chairma n: The Hon. Randall Johnston, M.L.C., Managing Director Northern Loan and Land 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, M.L.0., Local Director Australian Mutual Provident Society. Walter J. Nathan, Esq., Merchant. LOCAL DIRECTORS— CHRISTCHURCH The Honourable Edward Richardson, M.H.R. Henry W. Lee, Esq., of Messrs Ward and Co. (">( "> W. Saunders, Esq., of Messrs Saunders and Henderson. C. W. Turner, Esq., Merchant. Solicitors : Messrs Brandon and Son, Wellington. General Manager: George Samuel Graham, Esq., now Inspector Norwich Union Insurance Company. Bankers : THE BANK OF NEW ZEALAND. Secretary fob Organization " And subsequently agent for Canterbury ; " Mr. Fredk. E. A. Graham. ■ Copies of the Memorandum and Articles of Association can be seen at the Office of the Company, and at any of the Branches of the Bank of New Zealand, where Forms of Application can be obtained, and deposits will be received. The Directors each subscribed for £1000 cash [being part of ordinary capital] prior to the formation of the Company, and have undertaken its organisation as a thoroughly Colonial institution, with headquarters in Wellington. One-half only of the shares will be immediately issued, and the Directors, having already apportioned a considerable number in securing a large amount of important support, are prepared to place the available balance in fair proportions throughout the Colony with persons whose business or influence is calculated to be valuable to the Company in the mutual interests of all concerned. The Company being thus possessed of strong insurance support, and being able to offer the public the guaranteeeof ample cash capital with thorough security, will commence business, the whole of the remaining 100,000 shares being reserved for future allotment in successive issues to actual insurers with the Company, under the provisions of the Articles of Association, in proportion to the insurance premiums paid by them. The proportion of shares for issue compared to the amount of pounds sterling of insurance premiums paid, will be , declared from time to time at the discretion of the Directors, so as to offer a continuous inducement to insurers to join the Company. Several of the Directors have had experience of the great- advantage of mutuality in connection with the most successful Life Assurance 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 are fully alive to the importance of considering in the first allotment the great body of small insurers ; and they haye <-\ also determined, notwithstanding any pressure, upon maintaining the . chief point of their proposal — viz., that they will keep in hand the whole of the remaining 100,000 shares for future allotment to actual insurers upon the definite and equitable basis above stated, which places all ranks of insurers upon an equal footing. The Directors hare therefore calculated upon the following results — viz. : That the method of fixing the capital will attach a large amount of business, and that the Company will have the sympathies of the public as a colonial institution, open to all insurers upon a mutual principle, and yet backed by large capital, security, and business. The companies hitherto formed have been uniformly successful, and the rapid progress of the Colony fully warrants the foundation of a similar institution in its capital city. The rates and general terms of business of the Company will be similar to whatever may be current from time to time, as the insured will be enabled to participate as nearly as possible in proportion to the profits derivable therefrom. It is not anticipated that any further calls will be made. The applications for shares will be considered as received, and the Lists will be closed in each Province at the discretion of the Directors. ' The Bank of New Zealand is now prepared to receive applications for shares. Applications may also be»made through J. B.BEADSHAW, Broker to the Company.