NEW ZEALAND INSURANCE COMPANY.

Globe, Volume XXIV, Issue 2579, 13 July 1882, Page 3

NEW ZEALAND INSURANCE COMPANY.

TPBBSa ASSOCIATION THIESEAM 1 AUCKLAND, Jufy 12, At the meeting of the New Zealand Insurance Company, the Chairman (Mr O. J. Stone), in moving the adoption of the rsport, said the losses paid and now adjusted, at the iitna of closing accounts amounted to £627,388 Although these had boen unuaually heavy, only oue—ihe Loch Maree, lost on iiitj from Australia to London —had , jen of any amount. Their lire losses, both in Australia and~*Ns»Zealand, had been very numerous. They have carried a further sum of £20.000 to the reserve fund, which now stands at £; ; 0,00o. This would enable them to equalise dividends, should it be required at any future time to draw on it for that purpose. The reinsurance fund specially set apart for the protection of outstanding risks, and to provide for exceptional losses, now stands at £IOO,OOO. They might hope to add to these funds from time to time, as the volume of their business increases. The investments amounted to £377,629, and were first class, and their market value wa» considerably in excess of the amount set down in the balancesheet, and showed ai average return of about 6 per cent, Acting on the principle—a wise one he thought—of pushing their operations far and wide, agencies had been established in the prinoipal parts of India, and they had recently oommenced business under favorable auspices in the Cape Colony, China, and Japan. Their able inspector, Mr Warwick Weston, was now carefully supervising their branches on the Pacific coast, and would ihortly visit the Eastern States and report on the prospects for the business in other portioriß of '.he United States. The London agenoy : under Mr Beraton, had beeu made a branch, and had been removed into a mora central t-nd commodious premises in

Corahill. The remit had been moat satisfactory, and ha looked for a large accession of permanent busiest!, Mr B. Tonka seconded the motion, which was carried. A rate of thanii waa pasted to the directors and officers.