UNION INSURANCE COMPANY.

Ashburton Guardian, Volume IV, Issue 985, 3 July 1883, Page 2

UNION INSURANCE COMPANY.

[by TELEGRAPH.] Christchurch, To-day. The sixth annual meeting of the Union Insurance Company was held at noon today. The report of the Directors recommended that out of the profits of the past year a dividend of 10 per cent be declared, LIO,OOO carried to the revenue fund and L 9,210 carried forward to next year. It was unanimously adopted. Mr J. T. Peacock, Chairman of Directors, said that the Company had continued to make steady progress during the past year, as was evidenced by the fact that the premiums amounted to L 17,269 more than during the preceding year. He said the business of the Company in San Francisco was rapidly increasing, and to give the Company a better standing in that city the Directors had invested LIO,OOO in United States Bonds. During the last two months operations had been further extended by opening a branch in India, and by purchasing the business of the Mutual insurance Company of Auckland. The winding up ot the latter Company was, he said, another proof that the time for small companies to exist in New Zealand was rapidly drawing to a close. Altogether the prospects of the Union Company were pf a very satisfactory character.

Replying to questions, the Chairman said the Company had only lost L 1,509 by the sinking of the ship VVaitara in the English Channel ; also, that there was no intention to call up more capital. Messrs J. Palmer and Cunningham, the retiring Directors, were re-elected.