NEW ZEALAND INSURANCE CO

Dominion, Volume 3, Issue 738, 10 February 1910, Page 6

NEW ZEALAND INSURANCE CO

'.';• ■'; v ANNiJAL-ItEETiNa. - . '■;• (By.-.Telesraph.—Press. Association;) -... ~i '■.;.'.:,'-;■'•>•'■: ..Auchiaiid, February 9.V \<The' annual. general'. meetiuff. of ehareholdcrs' in :■ the New' Zealana ' Insurance Company was -held" this , afternoon. •'•'Mr. MaUnew AS Olarki 'chairman of.' directors,preaided, and iu the course ol his'address saia: "The result;of. the. year's-operations: has not beou'up to the expectations formed, twelve. mouths. since.., During the' first half', of the financial -'year/ conditions'in respect to; fire .losses' prevailed, ih'certain' fields of. tho company's 'operations'' which'had been unkLown for yearai' but ■ I am ple'ased '■ to say that these .conditions have not ■ so far been, repeated/and .that the.-:position in this, regard has -greatly improved' during the. first.quarter.*of'the current-year; in, addition' to-the' abnormal lire' losses reJerred to, it'hasueen , a matter of common' knowledge that,marine. ,casualties '< have been ifreiiuenMand .disastrous, l , including am unusual [percentage of. losses in ' the ranka.-oV ,'well-known- linersAi Tho, directors lmve ; continued r during the past year to carry, out a §till closer -revision , in' regard to certain trades and, classes of steamers, and thought it Advisable that the: general, manager should personally visit ljqndon,,where a , considerable amount ot■; marine, insurance is done by the company.l Wo have had the benefit of his per-' sonal investigations in putting into force such- changes as should'conduco to a muchimproved; conrtition • of. things. ,• In ■ this pruning process will,,be., found 'the ex-' planation for the shrinkage in premium revenue, which has amounted to £608 282 133. Hii, 'as against'"£62o,424 12s. Id. in- tho previous: year. -Thia "has -also a bearing upon' the ■ ratio .- of bosses; ; for, whilst tho' revenue during;the year- ha 3 been cut down,, the accounts', have had to bear the loss resulting from.the larger volume of business written in previous years In respect to ;flre; underwriting in the Dominion, there is no "change , in tha position since our last meeting with regard to rates, whilst on the other hand tho expenses are burdened with- a tax for the maintenance-- :ofi ; fire'' brigades," 'which is moro severe and .oppressive- than any such tax in. Australasia.-- There is a slight increase in the expense-ratio, largely attributable to i tho'. decrease in revenue., One gratifying feature. 6f. ! the balance-sheet is in the increased revenue from interest and rent, which has amounted to £28,6ff1,.aa .against £26,875. in the ■ previous ■ year, being an increase of £1773.; The market : value of the, company's .'securities is - largely in excess of the..values atiwhich' they stand in the- balance-sheet.'.'.'After deducting the interim dividend : August v last.thero is an available'baldnccof"£34,B6l 12b. Ud;, out .of '• which" tlie , directors-recommend that £10,000 bo.carried to:tho resorve fund, and £15,0C0,'b0: applied to payment of.,dividcnd; for tho' half .year; making 4s. per share for. tho year; leaviug' a balaiico of £9861 Ws. lid. in-.the new account, as' against *879j Is. 3d. in ; the previous-year. The outlook for the current year'is far .more hopeful in all fields except-that of the Dominion,: and,the. directors expect,at; the next, annual meeting'-' to report an improved, condition of affairs.". ':..;..' ... .- ■■' .

'.The motion to adopt .the report was carried without • dissent;' ; The" only question asked' pertaining to the ■subject, matter of the annual report'-was , a .iiuory as- to whether the fire insurance, business of thecomnany still showed a. loss. The chairman's rsnly. was that it, had not .shown a loss but it had not : shown "much.- proßt; ■■ So long as'that was the condition of'things- , he thought it-would'be an unwise policy to give up or oven to limit unduly' a lino of business which,in -all .probability .would again become, profitable'some day.'. . Kessrs. Matthew A.' Clark.iThomas -Buddie, and 'Henry.Horton. the, retiring dire;tors, were re-elected, and Mossrs. J." P. Uuddlo. and ■ A-. J. -Denriiston ' were ;: 'rc-' appointed,auditors, to 'the-company. ,' ! :