NATIONAL INSURANCE COMPANY.

Evening Star, Issue 3964, 8 November 1875, Page 3

NATIONAL INSURANCE COMPANY.

< The fourth half-yearly meeting of the National Insurance Company was held in the City Council Chambers this afternoon. There were Amut thirty shareholders present, and Mr \V. J. M. ijamaeli presided. The CiiAIKMAN explained the compivny’s state of alfairs. The company had now been two years in existence, this being the fourth halfyearly meeting, and he was glad to say that its position continued good and its progress was satisfactory, as they would see from the balance - sheet. A great deal more business could nave been done during the half-year had the directors chosen to accept business of a more risky nature. Although the last halfyear was tlm worst period of the year, the profits equalled those of the previous half-year, ami in comparison to those of the corresponding period of 187-1 gave Lltl.ooo more. The losses for the half-year hail been about the same. The business of the Company, both domestic that was the business of New Zealand—and foreign, had been good. Of course; the profits could be increased if they were prepared take larger risks, but tffo directors thought it more prudent to lake only a certain amount until the reserve fund warranted them in accepting larger risks. The shareholders would be aware that during the past half-year the dire .tors had thought it prudent to let the general m nager vi.-ii Australia, and 1m bad been able to make very good arrangements in the interests of the company in the four pr ncipal Colonies, with. every prospect of an increase of. ( business. The visit, of. Mr Jack find prove ! very satisfac-

Tory, and the directors hoped that very good results would hereafter accrue to the company. The company lost L 4,500 hy the Strathmore, and L 2.500 hy the Strathnaver. The directors had purchased a coiner in Hereford street, Christchurch, for L 2,450, for a permanent office there. Their view in buying a permanent site was to show their Northern friends that they did not wish to make the company a Dunedin institution. Ihe site at Custom House square, Dunedin, had been disposed of at a profit of LI,000; the directors considering it more prudent to make that handsome profit than to tamper with the old building. Aa soon as a good site at a reasonable price offered itself the shareholders would secure it. He thought the thanks of tho shareholders were certainly due to the manager and officers of the company. He called on the manager to read from the ‘ Review ’ on the wisdom of keeping the reserve fund strong. The report as already published was then adopted. A dividend of fifteen per cent, was thus declared, and L 5,000 carried to the reserve fund. Mr K. H. Leary was elected auditor by 928 votes against 874 for Mr Moodie.