NEW ZEALAND INSURANCE CO.

Dominion, Volume 4, Issue 1047, 9 February 1911, Page 8

NEW ZEALAND INSURANCE CO.

TIIE ANNUAL MEETING.' (Dy ( Tclccraph.-Prcsj Association.! . Auckland, February 3 The annual meeting of shareholders 'of tho Now Zealand Insurance Company Ltd was-held, at tho company's offlco this af' tcrnoon. Mr. Jlntthciv A. Clarki chairman of directors, presided. , Tho report'aud balance-sheet, which bavo already been published, were taken os read- ■ In moving (heir adoption tho chairman said, inter alia: "The report and balancesheet show considerable improvement over last year, In tho flro department tho year has been u comparatively unoventful ouo, giving us an average number pf claims to meet. Tlie 'marine department baa i

again enticed nnxlaty, but wo aro glad to say that. remedial measures instituted somo twelve months ago have already produced good effects and aro still working uut towardß a very much more satisfactory result. Our accident department shows steady progress in revenue, and as the Workmen's Compensation Acts are brought into more extended operation wo may reasonably cipect further developments along this line. Our total premium rovenuois slightly "less than last bal-ance-sheet showed, duo to the cutting out of unprofitable marine, business, tho net S:S" m income being, £605,50?, against £608,282 alst year, Our lossce. including the. usual full appropriation for unpaid wViS am °unt ■to ' £39U31, 'as' against £«3,964, chowmg tho satisfactory imL r^ mcnt °/' £ P- m - Tho expenses ncC t ?^ l J U ?S' to a. substantial, portion of tho excess over last year being ;S2?.i I ". tho ovcr-increasing Government taxation in various countries. Our inter«o(to" d -,""!' account has now touched ?'» In . viow of this, and the excellent f n m ?fW°io , fund 3 S ? r d 'snosal, and the tact that last year tho company completed .?™ ».? .i renomi ncndlng that, in additton to tho uaual ten per cent, dividend (amounting to 4s. per sharo, of which 2s. per share waa paid in August last as interim dividend), a bonus of Is. per share be also .paid. The invested assets of .the S?,?.mS?. i n T KMh £m ' m - showinß a Bubstantial incroaso of £48,574 over last year, while tho'total asst s of' tho »mSffiy 1 ; 0 T v £m , m as'-compared-.with £570,354 in tho previous report. It is pro?,?tcd^r t o r - a ,5 s n fe / fr , om " roflt ' and- loss the sum of £20,0C0 to tho reserve fund, making it £220,000 which,-with the reinsurance fund of £250,000. brings up the total of theso items to £470,000. In addition.' if is proposed to tako from the balance carried forward tho sura of £5000 to form tho nucleus of a provident fund.'.' The motion for tho adoption of tho report ana balance-sheet was carried unanimously, •On tho motion of-Mr. J. M. Mennie, socS?£ c ,l by ¥r r " c " .H. Bennett, tho retirinir directors, Messrs.. Carr, Houghton, and Myers, woro unanimously re-elected. Mr. Myers returned thanks-on behalf of himself and his.two follow directors.