NEW ZEALAND INSURANCE COMPANY.

Globe, Volume XXIV, Issue 2424, 12 January 1882, Page 3

NEW ZEALAND INSURANCE COMPANY.

Lpekss association tkleqeam.J AUCKLAND, January 11. At the half-yearly meeting of the New Zealand Insurance Company, the directors’ report showed :—Brought forward last year, £9725 ; net premiums, £78,563 ; interest and rents, £1146; expenses, £22,477; losses, £52,851 ; balance, £24,102. A dividend of 15 per cent, was declared, absorbing £15,000. The Hon. James Williamson, chairman, in moving the report and balance sheet, congratulated the shareholders on the business done for the half-year. The premium income exhibited a steady increase in the face of keen competition in rates and the advent of fresh companies. The directors were extending their operations wherever favorable openings presented themselves. The losses, both fire and marine, had been unusually heavy. Daring the latter part of the half-year £37,374 had been appropriated to meet unadjusted losses, including several heavy marine casualties which occurred during October and November. There was great difficulty experienced in getting safer and profitable investments for surplus funds, but the recent demand for money for investment had enabled the company fully to employ in this way its funds. The investments of the company were thoroughly safe and reliable, and the market value higher than the amount at which they stood in the balance sheet. Mr Oallanan seconded the motion for adoption, which was unanimously carried. The Hon. J. Williamson and Mr O. Stone were re elected directors. A vote of thanks was accorded the directors and officers of the company.