NEW ZEALAND INSURANCE COMPANY.

Press, Volume LX, Issue 11482, 15 January 1903, Page 5

NEW ZEALAND INSURANCE COMPANY.

A SArtISFACrORY BALANCE SHEET,

(HUBS ASSOCIATION TELEGRAM.)

AUCKLAND, January 14. The animal meeting of shareholders in the New Zealand Insurance Company was held thie afternoon, when there was a good attendance of shareholder*. Mr "Lhos. Buddie presided, in uhe absence of Mr A. U. Horton, chairman of dixecton.

In moving the adoption of the report and balance sheet (a summary of which was previously telegraphed), the Chairman expressed regret at the absence of Mr 'Horton, owing to tlhe state «f hie heaiuh. The Chairman referred to Mr Horton's wise counsel and business capacity, and considered tha» the ehareholders were In no email degree indebted to him for his able conduct of the chairmanship of the company, and for ite proud position today. Mr Horton c health has co far improved that he has been able to assiet in the preparation of the report and balance sheet. The Chairman went on io say that the figures would show that the taurines had oeen well and prudently conducted, and reflected credit upon übe company. The results justified the directors in :aoommending an increased dividend, which woe the highest on record for nbe past ten years. 6harehol-dere would thus readily perceive tihe splendid progress of the oompany, and judge of ite continued prosperity by the various figures in the balance sheet. In recommending the increased dividend, the directors had been careful to make adequate provision for all known and contingent losses and liabilities up to November 30th, and recommended an addrtkwj, of £25,000 to the reserves. They •were mom than satisfied with the result of the company's world-wide business during tine past two or three years. Continuing, tie Chairman said:—"lt must *x> apparent to all that the profit* shown in the oaiance sheet could not have been 'earned in JSTew Zealand, and have only been made possible by the extended nature of the company* operations. We fc*ve had good lock, but it most also be evident ttbat we cannot owe everything to good fortune. Good management is to be heartily acknowledged, as equally contributory to our satisfactory position, and tie branch managers and their staffs are no less to be thanked than those of the bead office. Good fortune and good management combined enable us to congratulate 70a apon the business of 1902. We have every hope that it will be oostioaed during 1905." TSie report and balance sheet w*re adopted, Mesm* A. H. "Nathan and 8. Tv George were re-elected directors, auditors were reappointed, and » rote of thanks to the <H»oton», offices/ and agent* earned.