Commercial.

Evening Star, Issue 4279, 13 November 1876, Page 3

Commercial.

The amount of revenue received at the Customhouse on goods cleared fer consumption this day was L1.33C 153 2d. Messrs Gillies, SI root, and Hislop report the sale of forty-two allotments of eight poles each in the township o£ Hillside, an at averageprico of L9O per allotment. The whole of the allotments were sold. The highest prico obtained for any one section waa L 180; the lowest L 43.

NATIONAL INSURANCE COMPANY.

The eixth half-yearly meeting of the National Insurance Compauy was held at the City Council Chambers tbis afternoon; Mr W.J. M. Larnach presiding. There were only some twenty shareholders present. The CHiiKMAN said that thi3 was the most quiet half-year the directors had had, and they were iu doubt whether there was any necessity for calling the shareholders together. It was only necessary that they should assemble once a year, at the close of the annual balance. At all events, the directors had a'ways pleasure iu meeting the shareholders. Tbis was the sixth half-yearly period on which they had assembled, and the result might be deemed to have always been a satisfactory ouo. Although the losses for the Inst half-year had been very large, he was glad to say that the p:emiums had been more than sufficient to meet tbera, and the directors wero able to decluro a dividend of 20 per ceut. Although the losses c <v: the half-year amounted to L 25.000 they were L 21.900 for the previous half-year; so that nrttwitlistat-'Kmf the heavy marine losses—principally out of New Zealand—the directors had been able to cope with them and bring forward a very satisfactory result. xhe premiums for the last half-year were L 12,000, as against L 36.000 for the half-year. One of the company's principal lasses occurred in Melbourne through the large fire in Bond street, by which they lost nearly L 4,000. The expenses had been L 13.000, of which L 5.000 was for trade discounts. In future it was the intention of the General Manager to show the actual working expenses, the trade discount being portioned off. Since the last halfyearly meeting the directors had found it necessary to open a branch office apart from the ageucv in Wellington. This was not because they wero "dissatisfied with the former agents, Messrs Johnston an<4 Co. (with whom they had reason to be more than satisfied), but because some of the shareholders preferred dealing with the Comi any direct rather than through a mercantile agency. He concluded by moving the adoption of the report. Mr E. Wilson seconded its adoption. The report (which provided for the paying of a dividend of 20 per cent, and the carrying of L 5.428 to the next half-year) was agreed to. Mr David Pkoudfoot: Might I ask this question —-Why the directors decided on the resistance of the Ceaarewitch's claim ? The Cbaibman was very glad the question had been asked. He might explain to the shareholders present that the directors had every desire to pay all claims without hesitation, so long as they considered they were studying the interests of the shareholders by doing so. They were desirous of settling the Cezarewitch's claim, but having been compelled to look through the log-book, from certain revelations and evidence ma<?e through that agoncy, without wishing to cast reflections on anyone connected with the ship, they felt compelled to take the course they had, in case the shareholders might afterwards say they had no right to pay the claim after having read such evidence in the logbook. They had consulted their solicitor before deciding on the course they had adopted. Mr Pkoudfoot : Don't yeu think the directors' own good sense—seeing the large amount at stake —should have been such as to lead them to take the advice of independent solicitors before taking the course they did ? The Chairman :»I was away at the time you speak of, but I am quite satisfied the course adopted was the best in-the interest of the shareholders. (Mr Taine : No.) Mr Ramsay, a director, explained that besides their own solicitors (Messrs Smith and Anderson) Messrs Macasaey and Denuiston were also consulted. The National Insurance Company took action after consulting the other insurance companies in Dunedin. Mr Prouw-oot wished to know what the costs of defending the action were. The Chairman replied that so far they amounted to something like L4OO. MtPboudfoot: Don't you think it just possible that the business of the Company has suffered di= ectly or indirectly in regard to this matter ? The Chairman thought not. The directors feared that if they paid the amount in the face of the captain's statements in the log-book, t&ey might have laid themselves open to blame by the ■hareholders for being too ready to part with their money. Mr Pkoudfoot expressed himself with the replies. On the motion of Mr J. Marshall, seconded by Mr Langlasds, a vote of thanks was accorded to the directors.

RAILWAY RETURNS. The following is tin abstract of the earnings on the Otago Railways for the month ending 0 tober 31,1876:—„ NORTHEKN DIVISION". „ 3 £ s. d. £ s. d. Goods 765 9 4> Passeugers &~2 4 6 Parcel,, &c 101 Vj 9 CENTRAL DIVISION. Goods *>.. 3ty2 7 8 Passengers "... 3096 11 6 Parcels, &c 825 19 7 SOUTHEBN DIVISION. Goods 2136 3 10 Passengers 1054 13 3 Parcels, &c. ... 29 4. 4 .. £11354 13 9