UNION INSURANCE COMPANY.

Nelson Evening Mail, Volume XIV, Issue 163, 10 July 1879, Page 4

UNION INSURANCE COMPANY.

[Lyttelton Times, July 3.] The second general meeting of the Union Fire and Marine Insurance Company was held yesterday, at noon, in the Company's Board room, Hereford street. There was a Urge and influential attendance of shareholders, and all the Directors were present. Tbe Bon J. T. Peacock, Chairman of Directors, presided, and opened the proceedings by celling apon the General Mansger, Mr W. Devenisb Meares, to read the advertisement calling the meeting. The Secretary read the advertisement, also the minutes of the last annuel meeting, which were confirmed. The Chairman said that he presumed that every shareholder present bad read the report and balance sheet, which he would therefore take as read. The Chairman then moved the adoption of tbe report in tbe following words : — Gentlemen, — In moving the adoption of the report now laid before yoa, I will take the opportunity of saying a few words, in order tbat the shareholders may be made thoroughly acqdainted with tbe position of the Company, although no doubt the report itself is very lull so far as the actual resoit is concerned. Tbe conservative policy which tbe directors last year intimated tbey were determined to parsoe, has been strictly adhered to, as evidenced by the large amount we have paid for re-insurances, and we have no reason to repent having taken such a course, for althoogh the losses (which have been common to all Insurance Companies) are heavy, tbey might have been greater, for at no period in tbe history of tbe Colony have losses been ao frequent or so great as daring the present* year, commencing Jan. 1, they baying amounted in the aggregate to at least £182,000 for fire, aod for marine , £70,000, prominent among them being tbe recent conflagration iv Wellington. The losses not covered by insurance at * the latter fire are said to amount to at I least £60,000. Of course the greatest amount of care cannot always prevent losses, still the chances may be lessened. Daring the past year yoar Directors have bad before tbem tbe question of rates, which at one time threatened to fall to an unremunerative figure. lam glad, however to say that prudent counsels have somewhat prevailed, and that matters are now on a better footing theii they were a few months ago. It will no doubt be gratifying to you to learn that notwithstanding the fact that a large number of onr sbares are continually changing hands, still tbey •re held in the various towns of the Colony almost exactly in the same proportion at when they were first allotted. This, I think, is encouraging, as it points to tbe fact that our interests are well scattered throughout New Zealand* By the articles of association calls were to be made at fixed periods nntil 20s per share was paid, but discretion is given to tbe Directois to defer auch calls should they think proper. After, considering the question, we' came to the conclusion to defer tbem for tbe present. We have every reason to believe tbat this course met with the hearty approval of the shareholders. It maybe that further calls will be unnecessary now that we hava been able to oarry se large a sum to a reserve fund. You will observe that a Bmall'portion of the calls made is h) arrears. These arrears have been considerably reduced since. May 31, and on the whole tbe amount cannot be considered. excessive, for out of a total of £75,000 called within a period of 21 months, rather less tban £1000 re. mf ins unpaid. Since we last met, the Directors liave purchased au; office on a freehold site' in Wellington in a very gttbd'p'osition. The General Manager has, during the year, visited all tbe branches and reduced our risks at such places es'he considered advisable, and reported favourably upon our prospects and. business generally. Wbile on his visit to Australia, he established branches in Adelaide and Launceston. We are now doing a very fair business at these places, and with every prospect of increasing it. Since I last addressed you, onr offices here have been completed, and we have now an admirably arranged head office, witb sufficient accommodation for years to come, while standing at a moderate rental. In concluding my remarks, 1 think Tarn quite justified in co gratulafing the Company on its success. No otber Colontal Company bas a'tained so prominent a position, or received so large an amount of preaiums at ao early a stage of its existence. It has procured by careful selection a olaes of officers and agents who, by their perseverance, have contributed to such success. Our representatives are a body of gentlemen with whom we have every reason to be pleased, and whose connection with the Company cannot fail to be of material advantage to us in the future. Your Directors and officers have striven hard to do their duty to you, and I now ask you to do the same by them, and assist them in their efforts, not only by bringing your own business, hut by endeavouring to secure us the support of your friends. I beg to move the adoption of the report and balancesheet (Applause.) Mr P. Cunningham had very much pleasure in seconding the adoption of the report. Having read the balanceaheet and very perfect report, and having heard the explanation given by the Ob-irnuND, he thought it was quite fmneoawvy for bim to make any farther remarks. _ He would simply

saythat he believed the shareholders would all agree with the Directors that the Company had great cause to congratulate themselves upon the success attained during the past twelve months. Such a report coming at the end of so critical a period as has been that of the past twelve months, was certainly a good cause for their being pleased with the year's results. He was certain that when the time came for the shareholders to express their opinion as to the manner in which that result had been attained they would do so most cordially. (Applause.)

The Chairman asked if any gentleman present had any remark to make. There being no response to the invitation,

The Chairman said, "As no shareholder wishes to Bpeak to the resolution, or to aek any question for the sake of obtaining additional information, I shall now put the resolution." The adoption of the report was then carried unanimously. The Chairman said that the next business was the election of the Directors, in place of those who were retiring, but who were of course eligible There were no other gentlemen offering themselves as candidates for the office, and Messrs J. T. Peacock, G. G. Stead, and "W. Eeeves were re-elected.

Mr F. E. "Wright and Mr E. S. Harley were re-elected as Auditors."

Tbe meeting terminated alter passing votes of thanks to the Directors, General Manager, and officers of the Company.