EQUITABLE INSURANCE ASSOCIATION.

Manawatu Herald, Volume VII, Issue 267, 17 May 1889, Page 2

EQUITABLE INSURANCE ASSOCIATION.

The sixth annual gerftrtfHnetetitig of shareholders in the Equitable In snrance Association of New Zea'and was held in the Association's offices on April 29. Between' :^o fend 50 shareholders attended, 1 and Mr J Hazlett presided in the absence, through illness, of Mr E; B. Cargill, chairman of directors. The report and balance sheet were taken as read. The report was as follows : — The directots beg to submit report and balance sheet for the twelve months ended Decern' er 81, 1888. The receipts for the year*- v*u *

have been . . . . £29,781 6 0 And the expenditure . . £41,537 0 9 With apportion for unadjusted and probable losses .. .. .. £7,854 8 5 And written off .. .. £3,567 4 7

, £52,958 13 9 Leaving a balance of £28,516, 18s 4d to the debit of the profit and loss to be carried forward. Ail known claims to the end of the year have been included in the " ap propififttion ijpr unadjusted and pro-

J- 1 55- --■ bable losses. The Chairman, in moving the adoption -of the report and balancesheet, said i 'Gentlemen, it devolves upon me to-day, in the absence of your chairman owing to serious illness, to move the adoption of the report and balance sheet for the year ending 81st December, 1888, which have just been presented to you. The sheet would have been circulated at. an earlier date but for the fact, of which you are all aware, that the books were required in Melbourne for the arbitration case thenpending „ with the Acoident Indemnity Fire- . and Marine Company, and it is only 12 days since they came to hand. • Before proceeding with my remarks ■".* in connection with the balance sheet'; : I have much pleasure in informiitg. * you' that we have received advices.,; from Melbourne to the effect that, an , award has been given in our favour .< • on all points -for the full amount claimed— -viz., £11 108, and yoW'directors are now taking prompt mea * sures for the collection of tjbe mobey. This, you will admit, js very satisfao* tory. In moving the "adoption of the report, I must, say that your directors regret exceedingly that the results of the year's Dperations have been so' l unsatisfactory. On the position df "<' affairs being fully recognised/ your directors consulted with 3 ou, as yoii . are aware, concerning the advisability of disposing of the business, but on discovering that satisfactory arrangements could not be completed in this direction, and that the loss to the shareholders would have been considerable, they called a private, meeting of the Dunedin shareholders^ . and after much discussion, a com*, mittee of shareholders was appointed - to investigate the affairs of the: com*--pany and report at a further meeting.' Messrs J. B. Callan, \V. S. Angus, P. S Browning, R. A. Lawsorf, Stewirtf ' Fraser, Alexander Sligo, D. fcusjelj,, . and John Maitiand Jones, represent^ .! iog 9350 shares, were the gentlemen chosen, and after enquiry they reexported as follows : — "In making our investigations, we came to the conclusion that if the company is wound up the capital already subscribed is like'y. to be lost, and that an additional- amount of capital will be required , to. meet , the losses and expenses incurred in liquidating. A further meeting oi the Dunedin shareholders was held on Friday the 23rd November, 1888; : when the committee put the result of their investigations before them, and it was enthusiastically resolved that the company should be carried on. In view of all the above oircum* stances, we are of opinion : " (1.) That the company should be carried on.

"(2.) That under the peculiar circumstances in which the company finds itself, and as it is of th> utmost importance in the interests of the company that a final conclusion whether to wind-up or to carry on, should be arrived at as speedi y as possib c, no time should be lost in inviting an expression of opinion from the shareholders in other parts of the colony.

" (3.) With this object we advise that two delegates (one representing the directors and the other selected from the Committee) should visit the different centres ana put the result of the committee's investigations before the shareholders of these places* so that they may be in complete pos* session of the position of. affairs, and thus be the bett-.r enabled to come .to $ decision. . : . • -

-"That the suggestion made by >3b3£ directors themselves — namelyj that they should resign in a body at thee annual meeting in March next j 'leering themselves open for re-elec-tion if so disposed — should be carried into effect. The Committee would have preferred to have seen an imme*. diate resignation. It was pointed out, however, that an immediate re •' signation would perhaps render iti -d^cultto make arrangements with the bank, on the ground that the bank would like to know, the names of the direotors. with whom they were .dealing.

(5.). That a copy of this report be forwith forwarded to each share, holder."

This report was adopted by the Dunedin shareholders, and acting upon it, Messrs J. B. Oalan and M. Sinclair visited the towns in which " the bulk of the shares were held, and after explainimg nutters, received the-written assent of a very large majority of the shareholders to continue the business. Your directors thereupon secured the services of Mr A. Maxwell as general manager, of whose ability they are well satisfied, and who they feel sure will command the confidence and respect of the shareholders and insuring public. And having made the necessary finan* cial arrangements for oarrying on the business, they feel, confident that when the affairs of the company are properly reorganised and its business put upon a sound footing, that a period of prosperity will be the result and that the shareholders will reap the reward of their, determination to stand by the company. The policy of your directors in the future will be to do a safe and se ect business in places «'nly where experience ha* proved it to be profitable, and under the administration of your now general manager they have every confidence in predicting a satisfactory result ; and in confirmation of this, X may say that Mr Maxwell would not have resigned the assured position h%

has held so long had lie not been con. fident the company could be pilled through its troubles, and he has expressed this conviction to you* tors.