UNION INSURANCE COMPANY.

Globe, Volume XXI, Issue 1668, 25 June 1879, Page 3

UNION INSURANCE COMPANY.

The following is the report of tho Directors to bo presented at the annual general meeting of shareholders on July 2nd : Your directors have pleasure in presenting to the shareholders the second report and balance sheet of the company. It will bo seen from tho latter that after providing for all losses sustained, expenses of management, and every other charge, there remains a balance of £30,374 17s lOd, to be dealt with at this meeting. This result your directors think will be considered satisfactory by the shareholders, especially when it is remembered how fraught with disaster the past year has proved to both Fire and Marine branches of Insurance business in the colony. The balance above mentioned your directors recommend be dealt with as follows: — £ s. d. To payment of a dividend of Is 3d per share (which is slightly in excess of 10 per cent, on the paid-up capital for the last twelve months) 6,250 0 0 To the credit of a Reserve Fund 20,000 0 0 Leaving a balance to be carried forward to next year of ... „ 4,124 17 10 £30,374 17 10 Tho reserve fund now commenced your directors hope to be able to considerably augment year by year. If the proposal to pay a dividend is sanctioned by the shareholders, the warrants for same may be obtained at the head office directly after the meeting, and at the branches immediately on receipt of advice. It will be gratifying to the shareholders to notice from the balance sheet the progressive character of the company's business, and your directors have every confidence in the future prospects of the company, if cordially supported as hitherto by the shareholders. During the past year the general manager visited tho Australian coloniea, inspected the branches already in operation there, and opened new ones in Ade'aide and Launceston. Besides these extensions the company has taken over on satisfactory terms the business of the Hawke's Bay Insurance Company. As favorable opportunities present themselves your directors propose to extend the operations of the company. The following directors retire by lot, and are eligible for re-election:—Messrs J. T. Peacock, G. G. Stead, and W. Reeves. It will devolve on the meeting to elect two auditors, in place of Messrs Wright and Harley, who retire, but aro eligible for re-election. J. T. Peacock, Chairman. Christchurch, 24th June, 1879.