NEW ZEALAND INSURANCE COMPANY.

Globe, Volume XXIII, Issue 2148, 13 January 1881, Page 3

NEW ZEALAND INSURANCE COMPANY.

[PBBSH ASSOCIATION TBLBQEAM.] AUCKLAND, January 12. At the fortieth half-yearly meeting of the New Zealand Insurance Company to-day, the directors* report for the half-year ending Nor. 30th, 1880, showed that after malting provision for all ascertained losses to date, and carrying £IO,OOO to the reserve fund, which with reinsurance fund now stands at £150,000, there remains the sum of £21,797 2s 3d for division, which the directors propose should be appropriated us follows: —Dividend at the rate of 16 per cent, per annum, £15,000; and the balance to be carried forward £6797. The Hon. J. Williamson, who occupied the chair, said—ln moving the adoption of the report, my remarks will be few, as the figures will speak for themselves. On comparing the premiums with those in the balance-sheet for the corresponding period last year, it will be found that there is a docreose of £2OOO, owing principally to keen competition and the very low rates ruling in some places in New Zealand. The profit made during the halfyear is highly satisfactory. We have been enabled to increase the reserve fund by £IO,OOO, and the directors have felt justified in declaring a dividend of 15 per cent. Our investments and securities have received the careful attention of the directors, and the results as shown in the balance-sheet, are most satisfactory, considering the exceptional times of depression through which we have lately passed. Mr 0. J. Stone seconded the adoption of the report, which was carried. Messrs. Browning and Owen were re-elected directors, and Messrs. Lawrie and Fraser wore re-appointed auditors.