NEW ZEALAND INSURANCE COMPANY.

Globe, Volume XXIII, Issue 2272, 14 July 1881, Page 3

NEW ZEALAND INSURANCE COMPANY.

[press association telegram.] AUCKLAND, July 13. Tbe Now Zsaland Insurance Company’s half-yearly meeting was held to-day. The report elates that, after appropriating £275 in the reduction of the company’s premises, and writing off the whole of the furniture account, £24,725 is available for distribution. The directors propose the payment of a dividend of 3s per share, absorbing £15,000, the balance carried forward being £9725; total, £24,725. The profit and loss account shows fire and marine premiums, less re-insurance, £86,799 ; balance from last, halt, £21,797 ; appropriation, £18,973 ; interest, rents, &c., £11,557 ; total, £139,077In moving the adoption of the report, tho Chairman said—The premium income, as will be seen by reference to the balance-sheet, amounts to £86,779, showing an increase of £6,270 over tho corresponding half year in 1880. Our fire and marine losses occurring during tho past, half-year were £53,177, and a sum of £25,161 has been appropriated to meet all ascertained losses still unsettled at tho time of closing of the books. The past half-year has not been a favorable one for fire insurance. The incidence of losses in that branch of the business have boon considerably above the average in number if not in amount. There has been a growing tendency to reduce the rates of premiums both in Now Zeaknd and tho Australian colonies. Among the expenses of management appears for tho first time £I6OO, taxes paid to the Government, and now a considerable item in the accounts of insurance companies, leviable in New Zealand, Australia, and the United Kingdom, and equal to an income tax of 2s in the £ on the dividend declared for the half-year. Our reserve fund now stands at £150,000. Inspector Warraok Weston has just returned from East India, having placed the manager selected in London in charge of tho Calcutta branch, and established agencies of the company in other presidencies and in Colombo. It is the intention of the Board still further to extend the operations of the company wherever it can bo done with safety. Mr Peacock seconded tho adoption of the report. A Shareholder drew tho attention of tho meeting to tho remarks made by Judge Gillies at tho Supremo Court yesterday, in reference to excessive insurance, and said it might be desirable for tho chairman to make some observations on the subject. The Chairman said that before coming to the meeting ho had spoken to Mr Pierce in reference to tho matter, and they had come to tho conclusion that tho remarks of tho judge had brought this subject of excessive inouranoe sufficiently under public notice. However, as it had now been mentioned, ho might say that there was a groat amount of moral hazard in connection with insurance business which no amount of prudonoo would entirely save them from. They were continually reading in newspapers of fires which were tho result of nothing but incendiarism, but notwithstanding the difficulty in such cases, j the Crown prosecutors here and elsewhere were at last securing convictions against

offenders. This should exorcise a salutary effect on the morals of a portion of the community. Excessive insurance was a point on which the company was specially careful. The report was unanimously adopted, and a rote of thanks accorded to the directors and officers.