NATIONAL INSURANCE COMPANY.

Evening Star, Issue 3809, 10 May 1875, Page 3

NATIONAL INSURANCE COMPANY.

The tlhird half-yearly meeting of this Company, held this afternoon, was attended by upwards of fifty shareholders.

The Chairman (Mr Lamach) recapitulated the business done by the company since its formation,, and referred to Its hujMy aatis-t factory condition. In speaking (ctfthe death of Mr A. G. Millar (the company’s agent a& Auckland) he said the late Mr Millar was most highly appreciated by the directors and shareholders, and they weald find some difficulty in procuring a successor. _ The adoption the report as already published by us bavinggbeen duly proposed and seconded, Mr R. Least, as representing a largo number of shareholders, moved as an amendment that L 12.500 (being 2s fid per share) be added to the capital account in lieu of being carried to the reserve fund as proposed. A company showing such handsome profits as the National could surely afford a larger dividend. The money, if carried to the capital account, would still be retained, and would be available for any purposes which may be required. ’ Mr Dcnninq seconded the amendment.

In answer to a <mestion, Mr Leary explained that what he meant was that of the L 30,000 proposed to be carried to the reserve fund, L 12.500 should be carried to the capital account. This would not affect the dividend.

Mr Prosser said that the matter had been mentioned to him soihe days ago, and he thought it would be a >ery great mistake to reduce the reserve fund as proposed. The capital account was too large at present; at all events, it was quite large enough for all requirement#, and he would much prefer to see an extra dividend declared now if the shareholders wished it—though he would not approve, of this himself. When the money was standing as a reserve fund the shareholders could do as they pleased with it, and in the event of any unforeseen losses which might occur, he thought it better as a reserve fund than as capital, j

*^Ehe s Osalbman addfel that tlm. tfmdiir HISF been under consideration before the sepgvt was drawn up, and it was thought more desirable to get the reserve fund up to 1.30,000 before making any appropriation in the manner indicated. The directors had in view on some future occasion to increase the capital account as Mr Leary had indicated. Mr Least demanded that a ballot should be taken on his proposition, as be' wanted to give acme six or seven people whom he represented, and who were not personally present an opportunity of recording their votes. The G HAINAN : Is it the desire of the shareholders present that a ballot should be taken ? Mr Least : I totally bbject to your patting it in that way. Mr G. W. Eliott said that Mr Mam had been circulating a report that the proposal to increase the capital account eilianatbd from the Hew Zealand Insurance Company, of whWth he (the speaker) was local agent, ha reply thereto ho begged to deny that statement, which was as unworthy of oredboceas many other statements emanating from the same source. Mr Main explained that-he was induced, to make the remark because he saw Mt Bliott sitting immediately behind the chairman, and he heard him prompting the latter. Mr Reeves aakea if it was proposed to amalgamate with the.NowLtZealflmd Insurance Company : and Mr Kennedy having stated that he should oppose any proposal of the kind, a , ballot was taken, the amendment being negatived by three to one. • Messrs W. J. M. Lamach and Robt. Wilson (the retiring Directersbwere re-elected ; Mr R. A, Low was elected XMrector in place of Mr Richard Oliver j Messrs A, C. Hegg and A. W. Morris were re-elected auditors.