NEW ZEALAND INSURANCE COMPANY.

Auckland Star, Volume VI, Issue 1686, 14 July 1875, Page 2

NEW ZEALAND INSURANCE COMPANY.

HALF-YEARLY MEETINa.

The twenty-ninth half-yearly meeting of the Shareholders in the New Zealand Insurance Company was held to-day in the Board room of the office. Insurance Buildings, to receive the directors' report for the past six months, and other business. The Hon. Jas. Williamson, Chairman of Directors, presided. The twenty-ninth half-yearly report was read as follows :—" The directors have much pleasure in submitting to the shareholders the report of the result of the Company's operations during the half-year ended May 31, 1875. The premiums received amount to the sum of £75,332 11s. Id., showing an increase of £15,115 13s. 4d. over those received during the corresponding half-year of 1874, and an increase of £22,753 17s. 6d. over last half-year. The directors take this opportunity of tendering their thanks to the various agents, shareholders, and supporters foi their exertions in procuring business. The Marine losses sustained during the half-year have been above the average, including the Cospa.trick, Blencathra, Gothenburg, Jason, and other first-class vessels, and unexceptionable risks. The losses, as will be seen on reference to the accompanying statement of accounts, amounted to £62,444 ss. 7d. ; this embraces not merely all the losses actually ascertained and paid, but includes a fnil estimate of all claims that have arisen prior to the 31st of May. Carrying into effect the prospectus issued on 11th September, 1874, and Circular letter of 11th November last, the old shareholders are credited with" 15s. per share on the seventeen shares allotted them for one old share, and there stands at their credit on the 31st May the sum of £37,322 19s Bd., which, as the payments on new shares mature, will be further augmented, aad expended from time to time to the paying up the balance of calls, until the £2 on the above shares is fully paid up. From the annexed statement of accounts it will be observed that, after deducting all expenses, there remains to the credit of profit and loss a>al»nce of £19,686

10s 10(1. Your directors have modirifoj^t in declaring a dividend of twenty per cT 1 ■ per annum, which will absorb £13,834 foWm and will be payable by wananfrat the V■■ office on the 15th instant, and at the branch■ and agencies on the receipt of advice. <p?B auditors, Messrs. Fraser and Laurie, ret; ■ in accordance with the articles of associali ■ but oiler themselves for re-election.-./' I the Board of Directors, James Willow I Chairman." \ yft Pbopie asd Loss. \B To Dividend paid last half year 10 000 o"«B Old Shareholders 2893510 'E ~ Fire find Marine Losses 47,437 fi » 6 Commission, Salaries, and other ex- ■ penses •••••;:■ 13.995 j. R „ Appropriation for unpaid losses 16,007 ft .if, „ Balance - W^'lOijM By Balance ttam Hit half-year ■ 33,935 is ". H Ajrornpriatton ibr unpaid losses last ' ■ half-year 11,688 0 n I Fire and Marino Premiums 78,332 Hi, ■ „ Interest, Bent, Transfer Fees, &c... 6,165 ""6 j1! ■fi135,C21"167» ■ Balance-Sheet. .' ■ To Capital £200,000 0 0 8> a- 1 Less unpaid.. 60,877 5 0 fr 139.122 15 a ■ Re-insurance fmid 40,000 0 n H Appropriation for unpaid losses.... 15,007 00 ■ Branches credit BS9 15 i> I; Suspense account ..". C.704 5 j I Dividends ilnpaid 40 0 0 ■ Credit of old shareholders 37,32219 3 ■ Balance - 19.68G 1010 1 £2~>5.173~Tl I £ Kit By Investments 223.109 6 6 1 Fire and Marine premiums due .. 1 577 19 9 I Interests aid rents due 2,366 18 6 I Hills receivable 278 0 0 I Furniture, flre engines,' &c. 704 3 0 I Branches owing 17,766 8 0 I Cash iv hand and in bank 0,790 11 0 I £258,773 0~3 I WS. Laumh, / Editors. Auckland, July 13,1875. l; The Chairman in moving the adoption of the report anrl balance-sheet, said he had to I congratulate ihe shareholders on the resultof the half-year, which shewed that the people of the colony were beginning to be alive to their own interests, and to support local institutions. The business of the Company was incrensin?. TM3 fact shewed that they had nothing to fear from the competition 0 £ other Cormianies. Everything that could be done would be done by the directors for the continued prosperity of the Company. The Hon. C. J. Taylor seconded the adoption of the report and balance-sheeet, which, on being put to the meeting, was carried unanimously. . . Major George proposer?, and W. G. Wilson seconded, that the, retiring auditors be reelected. This was put by the Chairman, and carried unanimously; Mr L. O'Brien moved, and Major George seconded, a vote of thanks to the directors, agenfs, and officers of the Company for the past half-year. The Chairman, on behalf of the directors, and Mr Pearee, on behalf of the agents and officers, briefly acknowledged the compliment, the Chairman saying the fact of those concerned in the management being deeply interested in the institution was the be?t guarantee the shareholders could have of their continued exertions for its success. The meeting then terminated, the manager sating that the dividend would bo payable to-Hiorrow. ♦