NATIONAL INSURANCE CO.

Gisborne Times, Volume XXVI, Issue 2353, 20 November 1908, Page 5

NATIONAL INSURANCE CO.

ANNUAL MEETING. A SATISFACTORY REPORT. [Press Association.] DUNEDIN, Nor. 19. The annual meeting of shareholders in the National Insurance Company was held to-day. The annual report stated tbit the net revenue for the year amounts to £129,577 3s 2d. After paying an -interim dividend o'f £7500, there is a surplus of £23,090 Is Bd, to which has to he added the balance from last year, £29,339 11s lOd; total, £52,429 13s 6d. The directors added to the reserve fund £15,000, leaving £37,429 13s 6d, and recommend the payment of a further dividend of 9d per share (making la. total distribution for the year of Is 6d per share), which' will' absorb £7500, and to carry forward £29,929 13s 6d. The chairman (Mr. Kemptliorne) said that result showed an improvement on the previous year, the revenue being somewhat better, and the losses a few thousand pounds less. The report was adopted. Commenting on the fact thiat the company paid £3841 8s lid to the Government in taxes, Mr, John Mill said that he presumed this was mostly for income tax. He did not think they should!’be called' , upon to pay such la large amount to the Government, which might in a wav be considered a rival concern. He hoped that this amount would not be employed to elbow the company out of business,