NEW ZEALAND INSURANCE COMPANY.

Nelson Evening Mail, Volume XIII, Issue 16, 18 January 1878, Page 2

NEW ZEALAND INSURANCE COMPANY.

H4LF- YEARLY REPORT.

Thk half-yearly meeting of the shareholders of the New Zealand Insurance Company waa held on Wednesday last, in the office, Insurance Buildings, the Hon. James Williamson, chairman of directors, presiding. About iif teen other gentlemen were present. The usual preliminary business having been gone through, The Manager (Mr G. P. Pierce) read the thirty-fourth report and balance sheet. Appended is a copj ;—

The directors submit to the shareholders the report and balance-sheet for the half-year ending 30th November, 1877. The total receipts, including the balance brought forward from last half-year,! aye heen £150,731 13s ; and the total expenditure for the same period has been £126,103 I7s Id ; this includes £31,363 estimated as sufficient to cover all known losses and averages up to the end of the half-year. There remains at the credit of profit'and loss account £24.677 15s lld, out of which your directors now declare a dividend of fifteen per cent, on the paid-up capital, leaving £9,677 15s lld to be carried forward to the nexfc half-year. The dividends will be payable at the head office to-morrow, and at branches and agencies on receipt of advice.

As provided by the deed of settlement, Messrs Williamson, Browning, and Owen will be proposed for re-election. Messrs Laurie and Fraser offer themselves for re-election as auditors. For the Board of Directors, James Williamson, Chairman. Siaiem-s-nt op Accounts tor thb Ham? - tbae Ending 30th Noveiibeh, 1877. pbofie and loss. Dr. £ 8> (!_ To Dividend, half-year ending 31st May, _ 187 7 .. ... ... 15,000 0 0 „ Commission, salaries, and other cspeases ... ... ... 20,463 17 5 „£ ire and marine losses . . „ 59,276 19 8 „ Appropriation for unpaid losses .. 31,303 0 0 „ Balance ... ... ... 24,677 15 11 £150,781 13 0 Cr. £ 8< 3. By Balance from last half-year . . 19,065 18 10 „ Appropriation last half-year ... 38,018 O 0 „ Fire and marine premiums less reinsurances ... ... 83,760 15 10 „ Interes*-, rents, transfer fees, &c. ... 9,306 18 4. £150,781 13 0 BALANCE SHEET. Dr. £ a# ,}. To Capital ... .. ... 200,000 0 0 „ Re-msurauce fund ... ... 100,000 0 0 „ Appropriation for unpaid losses ... 31,363 0 0 „ Dividends unpaid „. .. 18 9 „ Due bank .. .. ... 20,10118 10 „ Deposits .. .. ... 7)2 50 O O „ aundry accounts owing by Company 752 17 0 „ Balance .. .. .. 21,677 15 11 £381,146 10 G By Investments.. ... ... 314,841 17 5 „ Hire and marine premiums due ... 2,014 7 5 „ Interest, rents, and sundry accounts due ... ... 2,900 17 10 „ Bills receivable ... „ 1,640 3 3 „ Furniture, firo engines, &c. ... 1,256 10 8 „ Branches ow'ng ... .. 30,302 9 0 „ Cash in hand ... ... 1 3 187 &11 £384,146 10 6 The auditors have examined fche books and accounts of .the company for the half-year ended 30th November, 1877, and have fco report that the balance-sheet now presented to the shareholders is a full and fair balancesheet, and exhibits a true and correct statement of the affairs of the company. Geokge Eraser, 1 A ... W. S. Laurie, 'f Au <^ors.

The Chairman : said Gentlemen, —In moving the adoption of the balance-sheet and report that you hare just heard read, it may be necessary for me to say a few words. I would first refer to the steady progress which, as the shareholders will see from a perusal of the balance-sheet, the company has been making. The amount of fire and marine premiums received during the past half-year has been £83,760, while for the corresponding half-year of 1876 the total was only £73,389. This shows that there is as compared with other halfyears a gradual and steady increase in the progress of our business. Though it is very true that we have had a better half-year than usual, so far as premiums go, yet we have also had, what all companies of this nature are subject to from time to timevery heavy losses in our marine risks. Some of the losses occurred in connection with our very best risks. For instance, the Ships Avalanche, Queen Bee, and Queen of the South, the schooner Hinemoa, and the steamer Bulli. Still it is satisfactory to us to be enabled to come forward with the usual dividend, and to carry over a fair amount to the new account. I might say that there are circumstances connected with marine risks which directors cannot guard against. In many cases we know that these marine disasters were attributable to the persons to whom the vessels were intrusted— neglect on their part, want of sobriety or of attention to their work. The steady growth of our business has caused your directors to think it right and prudent to appoint another officer -an inspector — whose duty it will be to go round all our branches, and to report to us as to how things are being carried on, also as to the nature of the risks taken. At present he is engaged in going round the branch offices iu the South, and as soon as he completes his visits of inspection in New Zealand, he will give his attention to the various places in the other colonies where we are doing business. The office of the inspector i3 very useful, and the proper discharge of its duties is well worthy tbe additional cost it may entail. Shareholders will not, I hope, forget that it is in their power to do a great deal for the interests of the company by not only giving it their own business, but by influencing their friends to do likewise. I thing such periodical meetings as these should bring the good arising out of the companies like this forcibly home to the miuds of colonists. £15,000 set aside for distribution # amongst the people of the country is an item tending powerfully to its (the colony) prosperity. I have only once more to add that if our losses duriug the past half-year are considerably above the average, it is not due to any want of care or attention on the part of the directors. As I said before, there are circumstances connected with insurance risks which no foresight can entirely prevent ; and, taking everything into consideration, I think the directors have a fair right to congratulate themselves on the balance-sheet which they have laid before you. Therefore, gentlemen, I beg to move, " That the report and balance-sheet be adopted, and that it he printed and circulated amongst the shareholders." The motion was seconded by Mr J. Edson, aud agreed to vein. ds. Messrs Williamson, Browning, and Owen, were then re-elected directors of the compauy and Messrs Laurie and Eraser auditors.