UNION INSURANCE COMPANY.

Akaroa Mail and Banks Peninsula Advertiser, Volume 2, Issue 206, 9 July 1878, Page 3

UNION INSURANCE COMPANY.

At a meeting «f the. shareholders of the above Company, onJuly 2nd, the following • printed reportwas, adopted :—ln presentmg their first; repbrt,, ycjUr Directors have pleasure in cohgratulatirig the shareholders ?C on the progres¥bf the Company. After the whole H .of the preliminary and X ot&r expenses incidental to the formation of "a «ew Cbmpajjjr, and £10,616 Os 2d for j "'' Ki-tosaiimces, there remains to- the credit of profit and loss' account, a balance of £14,142 5s Id, which is a highly satisfactory result for the time the Company has been working. Your Directors are of. pinion that the r interests of ihe Company would be best ' served by cs_rrying-thei-whole of this -Blount forward to next year, and, 1 therefore, do not re*cooteifl_fd./tae payment of a dividend, 'though' the -balance > shown would be amply sufficient for the* purpose,, after making due allowance;! ot .ihe value of unearned premiums on risks current on May 31. ' Since the formation of the Compnay, Branch .Offices have ;been opened at Dunedin, Wellington, Auckland, Melbourne, Sydney, and London, and Agencies; have been established in almost every town in, Now Zealand. Your Directors propose to extend the operations of the Company as opportunities for doing so, with piofit, -t' <presentthemselvea ;.-.,-,, Your Directors cordially; recognise th* , ; assistance: hitherto, given by jthe shareholders, and trust that this support, upon ' which the "success of th 6 Company so materially depends, will lie continued in the future. *,■■*•' U will devolve -upon #c meeting to' '.elect Directors,in Car--Tuthers, Montgomery, .aliipudliQlmeV who" retire from the Board? *y lot, jbut are •eligible for themselves acpoi'dmgly; also'to elect two Auditors Jsfr the ensuing IStnotitbs, and-tp fir for future General' meetingsj BALAHCE-SaHET, May 81,1878. • ■- * *. eiabiw-ibs:' Capital— 4 £' s. d. £ s. d. Allotment 25,000 0 0 ' Third call 12,500 0' o'. Lessamai. v, " v -*-"• unpaid 9617 fi 12,403 2 5 Fourth call paid in ad- j , ' vanfce 2,75 l 2,6! '''Profit and lots «. ...14,142 &*s] y \f ' £54,266 10 I, 1 , deposits bearing interest ... 24,5Q0 -,-$., 0 ~„ _, Investments--,- '„.' 0 0 „. -Qrlice premier? M »«? , ..< .2/M-rH' 1 Office furniture ...., ... 753 8 3 Cash at branches,and amounts ,owipg\at head ofHce and agencies .♦.: v * r v • >..- 6,859 : 7 7 Caßhiabank .«-.' «. 261 3 2 ' .•**-'..' £54,266 10 1 . and Loss Account. LIABILITIES. "To fire and marine losses ... 3,792 10 9 ... I Preliminary expenses (in- . cludiag £500 registration fee) ... 2,473 9 7 , Stationery 1,263 14 6 Fire and marine reinsurances ... X.. f ... 10,516. 0 2 Marine discounts, agents' ' * commission, and sundry charges ..; ... 11,140 2 1 Balance 14,142 5. 1 j- , , , __■ . £43,335 2 2 ~:i <■ , r , ASSETS. . By fire and marine premiums 42,355 1$ 5 Transferees 188 2 6 Interest ' ... . 791 13 2 We have examined the above balancesheet and profit and loss account, together with the vouchers, accounts, the books of tbe Company, and securities, and hereby certify that the above is a correct statement of the affairs of tbe Company. F. X Weight, > Adito E.S.HABLKY, } Audltore - Christchnreh, June 24,1878.