ANNUAL MEETING OF UNION INSURANCE COMPANY.

Daily Telegraph (Napier), Issue 3733, 3 July 1883, Page 3

ANNUAL MEETING OF UNION INSURANCE COMPANY.

Christchurch, This day

The sixth annual meeting of the Union Insurance Company was hold at noon today. Tho report of the directors, recommending that out of the profits of the past year a dividend of ten per cent, should bo declared, £10,000 carried to tho reserve fund, and £0010 carried forward to next year, was unanimously adopted. Mr J. T. Peacock, the chairman of directors, said the company had continued to work with steady progress during last year, as evidenced by the fact that the premiums amounted to £17,209 more than during the preceding year. He said the business of the company in San Francisco was rapidly increasing, ancl to give the company a better standing in that city tho directors had invested £10,000 in United States bonds. During the last two months operations had been further extended by opening a branch in India, and by purchasing the business of the Mutual Insurance Company of Auckland. The winding up of the latter company was, lie said, another proof that the time for small companies to exist in New Zealand was rapidly drawing to a close, and altogether the prospects of the Union Company was of a very satisfactory character.

In reply to questions, the Chairman said tho company had only lost £1500 by the sinking of the ship AVaitara in the English Channel, also that there was no intention to call up more capital. Mr J. Palmer and Mr P. Cunningham, the retiring directors, were re-elected.