Page 3 Advertisements Column 1

Globe, Volume XXIV, Issue 2675, 2 November 1882, Page 3

PROSPECTUS QUITABLE ■ A SSOCIATIQN OF NEW ZEALAND. FOB FIEE, MARINE, LIFE, AND FIDELITY GUARANTEE ASSURANCE. HEAD OFFICE, DUNEDIN. Temporary Offices; Albert Buildings, US' Princes street (opposite Post Office). CAPITAL, .£1,000,000, in 500,000 SHARES of £2 EACH. First issue, 200,000 shares, in respect of which, there shall be payable 6don application and 6d on allotment, and two calls of Gd each, payable at intervals off three and six months after allotments beyond which it is not intended to make any further calls, but if any call berequired it shall not exceed 6d at onetime, and three months' notice shall bo given. . Provisional Dikectosß (With power to add to their number) Messrs John Bathgate, M.H.R. E. B. Cargill George Esther, of Esther and Low James Finch, of J. Finch and Co. James Goro, Mayor James Gray, of Reid and Gi William Gregg, of W. Gregg an«C Co. D. Grant, of Granton James Hazlett, of Mackerras and? Hazlett John Hislop James Hogg, of Hogg, Howison, Nicol E.nd Co. Allan Holmes W. Hayman, of P. Hayman and Co. J. Maitland Jones, of Proctors, Jones and Co. Francis Meenan C. S. Reeves James Robin, of J. Robin and Co. A. Scoullar, of North and Scoußa^ James Seaton, M.H.R. J. Speight, of J. Speight and Co. Andrew Thomson, of Thomson Bros., Port Chalmers Job Wain, Jun. T. M. Wilkinson, of Wilkinson ami Pettit James Wilson, of J. Wilson and Charles Ziele.

Messrs H. F. Anderson H. P. Barber J. M. Dargaville, M.H.E. James Dacre Hon. Thomas Henderson, M.L.C. George Harper, of Coupland and Cou. Edward Isaacs John Lamb. CHRISTCHD Messrs W. S. King, of W. S. King and Co* Macgregor Watt, of "Watt and Co. A. Beanchamp, of Beauchamp and. Bell H. B. Sorensen, of H. B. Sorensenv and Co. - J. L. Scott, of Scott Bros., BaHjtrax Foundry Geo. King, Manager National Mortgage Agency Co. T. O. Kelsey, of T. O. Kelsey an* Co. F. Roach, P. Hayman and Co. John Carl, Colombo street E. J. T. Ford, Ford and Tipping? E. N. Newby, Lichfield street W. J. Fisher, High street H. Lake, High street J. P. Jamieson, Cashel street W. E. McDougall (Other names will be added in a day or two) "Who shall hold office for not longer than, one month after the allotment of shares, when a meeting of shareholders will be convened for the election of Directors for the first year Names of Provisional Directors in other centres will be added in future advertisements. Bajjkebs : The Colonial Bank of New Zealand. SoiiICITOBS : Messrs Bathgate and Meeson. Bbokees : Messrs W. P. Street and Co., Dunedin. Messrs T. B. Craig and J. S. Jameson, Christchurch. Iktebik Secbetabt : W. C. Kirealdy. FEBE AND MARINE DEPABTMENT. There exists among insurers in this colony a feeling of dissatisfaction with the present system of Fire Insurance. Kates are deemed too high by insurers,, but are affirmed by insurance offices to b« no higher than is dictated by prudence. The only solution of the difficulty is the introduction of a principle whereby the insurers may receive a share of the profits by the issue of bonus policies. Every insurer may thus obtain a direct interest in the business done, and while the premiums are maintained at a rate which, will afford sufficient stability to the Company in the event of extraordinary lossesthe insurers really reap a benefit, as thei share in the profits earned. The profits, will be applied in the first instance to the payment of interest to the shareholders afc. the rate of 10 per cent, on the paid-up capital, and the profits beyond the amount required for such payment will be applied.as follows: —After making suitable provision for a Reserve Fund_ and for an amount, to carry forward, a moiety of the balance will be reserved for the formation of a. Bonus Fund for distribution among the owners of bonus policies on whose risk there, shall have been no loss, and the remaining moiety at the disposal of the shareholders. The advantages of this system are obvious, as every insurer having a direct interest in the welfare of the Association, will no doubt be induced therebyto exercise greater caution, and use his influenceto bring as much sound business to the Company as possible. A large number of shares have already been applied for, but. none will be allotted till all applications have been received, as it will be the policy of the Directors to allot the shares as widely as possible among probable in—

ECONOMY AND CO-OPEEATION" will be made leading features in thmanagement of the Association, and thes e are principles which cannot fail to ensur® a marked .success, especially as the Business will be confined to the Colony o* New Zealand, and therefore under immediate control of the Directors. LIFE DEPARTMENT. The want of a local Life Assurance Company has long- been felt, and this want has been orly partially supplied by the Government scheme, while the scale of premiums chargeable by foreign Companie also doing business in less healthy regionis slightly higher than that which could with safety be adopted in our own more* temperate clime. This branch of the Association's business will be conducted solely on the mutual principle—that is, the whole of the net profits irill go to the policy-holders on a system at once safe and equitable, while the; shareholders are benefited, as the combinjvtiou of the two branches of the business is conducive to economy in management, and affords opportunities of commanding business not secured by companies devoted to either branch alone. The success whiclr has attended Mutual Life Assurance Companies elsewhere has been most remarkable. As an instance, the Colonial Mutual Assurance Society of Melbourne may bequoted, which during the first year issued 457 policies, and at the end of the eighth, year had 4313 policies, with an annual income of .£164,450. Although power will be taken in the Articles of Association for the carrying on of this branch of the business, it is not intended to open the department until the Eire Business has been well established, and until the services of a thoroughly competent actuary have been secured. The following reasons may be adduce*! from r.mong many which might be urged to show the certainty that success will be attendant on the Company's operations:— 1. The Association will supply two acknowledged wants, viz., Eire Insurance, conducted on principles equitable to insurers ; and Local Life Assurance. 2. The nature of the business to b&engaged in is ordinarily very profitable. 3. The diversity of the Association's operations constitutes a great source of strength. 4. The Association combining- the popularity of the co-operative principle together with the security to D& derived from a widely-diffused proprietary. The Memorandum and Articles of Association may be inspected at the office of the Solicitors. Applications for shares, which shall hm made on the prescribed form, must ba lodged with the Secretary, the Brokers, or the Colonial Bank of New Zealand, at any ' of its branches. T. B. CKAIG, High street, Christthareh. I J. S. JAMESON, 110-31 7354 Hereford street, Chxisfccharek-