NATIONAL INSURANCE COMPANY.

Press, Issue 14828, 20 November 1913, Page 10

NATIONAL INSURANCE COMPANY.

ANNUAL MEETING. (PRESS ASSOCIATION TEW**-** ol^ DUNEDIN, November UTho annual meeting of shareholders, in the National Insurance Company was held this afternoon. Mr T. W. Kempthorne, chairman ol directors, said that shareholders have the same opinion as tho dire? that they had had another fortuna-.*-year. The net revenue amounted to £172,722 lis sd. Tho losses were . slightly heavier this year, being j £!_h.,345 Os 15;.. as against _-«3.CSI fes j Od in 1912, an increase of &2i& 1-s- ; The premiums tor the year 1913 were j -s-.10i.40'-. 4s 3d. those to? j amounted to £1-11.307 Lis bd. sno»mS| an increase of £10,Uu lus 10d. lhe hJ-> , ratio was -13.61 per cent., and 36.il por cent., in eacn case a s»-« l | lower than lusi'voar. "ilm investment*, amounted to £152,7 20. The * es sT** | fund had increased by ~_ To,ooo, j its total £2 76.000. Shareholders wouiu be pleased to karn that they had been üblo to strengthen this important see- , tien of .the eon.pany s power. --*■- •'•- surance conipiuv. to give contidcnce to the insuring public, must have a large authorised and subscnl-od capital, out there was wisdom iv Keeping _' A r™ capital down to the lowest efhcienliniit. so as to be able to pay attractive dividends thereon to shareholders, and never, if able, to mil in building up the reserve account. Current risks ; amounted to £lj3.WX>. a-*" against • £t;0,000 in 1912. sundry creditors at branches and agencies £ .('■99 19s 9d, ; which at last voar's balance stood at ; £3273 18s 3d. Appropriations for losses j unpaid amounted to £18.337. as com- j i-ared with £14.1-14 in l;-i3. Assets and leans on morttinge totalled £309,620 Ss : lOd. being £25.024 13s over last year. ; On account of the market price of land , being so much higher than in past: years, extraordinary care was taken ill respect to valuations, ..ut they were abio to say that the .securities they held against advance.-; made were absolute! v safe. Freehold properties stood as before—£93oo, dolwuturcs • £P-(..30'\ which in 1912 amounted to £107,3>", monev'on deposit at- short call £37,(XX). j against ,£33,000 last year. The other J asset items called for no special comment beyond saying that the total j assets amounted to £505.315 18s cd, ; an increase of £23,223 2s 7d over last j year. Commission, salaries,_ and other | oxpenres wero increased oy £25-59 9s 9d. j The Government taxes were ~6931 lis Id. about 4 per cent? of the cose of working tho company, and which was an item beyond their control. Interest and rents amounted to £21,2(3, an increase of £1189 over tbe previous year, and gave a rate of £4 13s lid per cent., and in this they would recognise that borrowers from the company got their advances at lowest market rates. Last year shareholders voted £5000 to the superannuation provident fund, and also £1000 to pay tho first year's entrance fee (£500) for the staff, with an equal contribution of Jt-500 from the company. In future tho staff and the company would contribute equally to the fund. The head offico had strongly advised all memoers under _a© ago of 55 years to join. Thanks wero due to the general manager, branch managers, and staffs under their guidance for tho excellent results of the year's work, and in recognition of their appreciation the Board has voted a bonus of 5 per cent, to all members of the staff below the rank of branch managers, on tho salaries they wero receiving.

Messrs R. Glcndining and T. \V Kempthorne were re-elected directors,