HALF-YEARLY MEETING OF NEW ZEALAND INSURANCE COMPANY.

Hawke's Bay Weekly Times, Volume 2, Issue 82, 27 July 1868, Page 180

HALF-YEARLY MEETING OF NEW ZEALAND INSURANCE COMPANY.

(Evening News, July 15.) The ordinary lialf yearly meeting of the shareholders of this Company was held at o’clock to-day, at the offices of the Company,''Fraser’s Buildings, to receive the half-yearly report and to elect two auditors. Jas. Williamson, Esq. occupied the chair. There were also present: Messrs Thomas Russell, S- Browning, W. C. Wilson, P. [Grace, J- S. Macfarlane, W. Mears, D. M. Murdoch, G. B. Owen, C. J. Stone, G. P. Pierce. The advertisement convening the meeting and the minutes of the previous meeting .were read by the Secretary and con firmed. The Secretary then read the following report:—

Fifteenth Report. Of the Directors of the New Zealand Insurance Compauy, for the Half-year ending May 31, 1868. . ' “ Your Directors submit herewith the Halfyearly statement of the affairs of the Company, terminating the 31st May, 1868. “After making provision for all ascertained losses up to the present time, there remains a sum of £11,439 5s available for .division, which your Directors propose to appropriate as follows

“Your Directors have the satisfaction of informing the Shareholders that new and eligible offices have been built for the Company at Dunedin, and they are about erecting offices at Christchurch, both of which important branches are now under the supervision of Officers sent from the head office. “ The dividend will he payable at the head office of the Company on and after the lGth inst., audat the branches on receipt of advices. • “ For the Board of Directors, ■ “James Williamson, “ Chairman.” Statement of accounts for the year ending May 1868:

* £92,776 11 $ The Auditors liave examined the hooks and accounts .of the. Company for the Half-year .ended 31sfc May,' 1868, ; and have to report ; that theBalance. Sheet now.presented to. the,Shareholders is a full and fair Balance Sheet,-and;*exhibits a true -and correct statement of the affairs of- the Company. .. ‘ / " : George. Eraser, 7 A H. N. Warner, )4 udltor8 * Auckland, July 14,1568. . .

The Chairman proposed the adoption of the. report, saying it was one of the most favorable that they had had since they became a Company, and recommended-itself without any recommendation, from him. He thought that at future meetings it would be found that the business had increased, and the stock of the Company would become more valuable. He himself was well satisfied with the report, and believed the Directors had reason to approve of it also. This was a local institution, and if it did business for the public on as good terms as any other, ought to be preferred ,to non local companies. '.He congratulating the meeting on the-position. of the New Zealand Insurance Company He-cordially moved, the adoption of..theReport.

Mr P. Grace seconded the motion, congratulatiag the meeting on the high character and efficiency of - their Chairman and Board of Directors.

The Report was adopted nem. con.

/Mr W. C. Wilson proposed, the re-elec-tion of Mr George Eraser and Mr H. N. Warner 1 as Auditors.

: Mr P. Grace seconded the motion, which was carried.

Mr Fraser briefly thanked the meeting for the confidence they had reposed in him and his colleague by re-electing them,... . , Mr Murdoch moved a vote of thanks to* the Chairman, Directors, and officers of the company, .and observed that the agents at the South were highly spoken of, and were likely to promote, the business of the Company. This was seconded by Mr Mears and Mr Grace, and carried.

Mr T. Russell said he might take the opportunity of ..alluding .to the new buildings at Dunedin, and tofche appointment of these Southern agents, both of which he thought would be productive of benefit tor the Company, and lie hoped to see a prosper- building, iu Auckland before long. He could not agree, with the Chairman that this -had been one of the most perous half-years. The statement of accounts would, at all events, refute the cry that the Company were, makiqg .too much capital. The raising of-the rates. had not, originated with this Company,., but they had concurred in the rise, as they were not more than sufficient, in order for them, to carry on business properly. The great difference which formerly prevailed between tho tariff,at Christchurch and at Auckland, could be founded .on no sound principle, and people here had. hitherto got their properties insured at a very low rate. Although he did not concur with the Chairman in the one particular spoken of, ho was nevertheless eonfi-. dent, of the success of this institution, whose stock, he believed, would soon rise, in the market. He thanked the meeting foe ( the vote of-confidence in . the directors and officers.—This concluded the ,business.

To a dividend at the rate of 10 per £ s d cent per annum Addition to Reserve Eund (making 2,750 0 0 that Eund up to £20,000)... Balance carried forward to next 7; 628 18 £ half-year 1,060 6 7. £11,439 5 0

PB.OTIT AND LOSS. Dr. & s d To' Ere and marine losses to 30th Jane, 1868 ... ... 26,023 4 6 Expenses ... ... . ... 4,161 11 8 Balance ... ... ...11,439 ; fi 0 ' J £41,624 1" 2 Cr. ' - ;

By Balance from last half-year .. 1,997 0 7 Fire and Marine premiums ., 28,910 11 8 Interest, and transfer fees ° .. 8,719 11? 10 Suspense ..account from .last . half-year ; ... „ .. 6,996.17 ; 6 £4-1,624.. 1 2

' BALANCE SHEET. ; ; Dr. ' ' --jg ••V;-3 Tq Capital... ... ;- ....BojOOO ,0.-- ; .0 Fund ... T2j371^/l • 7 i ? for “Eire and ynSu- 't ;o t v. ; i. -ii'j Marine losses :; ... 13,770 0. 0 ; v ; ;.- ( I)ividend8 unpaid ... ..i -'- ‘61/18; : 0 Due Branches, ... ... , ,134.12 .8 ' ‘ Profit and Iiss ’ ... ' 6 ; 0 £92,77.6 1.1 .3

■ Cr. £ ■ .' a d By Investments - T 81,108 0 11 Pire . and Marine Premiums due ‘ ... ... 432 17' 10 Interest ' ... 2,354 17 T ‘ Bills receivable ... ‘3,437 9 9 Purniture, Engine. &c. 684 13 6 ■ ... ■ ... 2,104 4 .4Branches owing ... . ... 2,654 I 4