Page 4 Advertisements Column 4

New Zealand Times, Volume XXIX, Issue 4215, 23 September 1874, Page 4

Prospectus. NEW ZEALAND INSURANCE COMPANY—ESTABLISHED 1859. Incorporated under “The Joint Stock Companies’ Act, 1860," and “The Joint Stock Companies’ Amendment Act, 1862. CAPITAL SHARES OF £lO EACH. Subscribed Capital—£2oo,ooo. Re-Insur-ance Fund —£10,000.directors': Chairman—Hon. James Williamson. Deputy-Chairman—Samuel Browning, Esq. J. S. Maofarlane, Esq. I Thomas Russell, Esq. G. B. Owen, Esq. | ' C. J. Stone, Esq. W. O. Wilson, Esq. - ••• ' Solicitors : Messrs.'- Whitaker and Russell. Bankers 'Barit'of /New Zealand. In consequence of the extension of the business of this Company, and the numerous and urgent applications which have been made, both by the Public and the Proprietary, to increase the Capital and to widen its operations by the issue of New Shares, and thereby increase the number of Shareholders, an Extraordinary Meeting of Shareholders was held on the 9th inst., when the Company resolved to increase the Capital to One Million Pounds, by the creation of 100,000 Shares of £lO each. Of these shares, it has been determined to offer 50,000 to the public, the remaining 50,000 shares to be allotted to the present Shareholders in exchange for their interest in the Company.. The present Proprietors thus offer one-half of the Company’s interest for sale.’ The shares now offered to the public are of £lO each, of which £2 is to he paid up, they null be sold at £1 10s. each, or. fifty shillings premium, payable as follows—£oHo 0 per share on .application. q-00 „ on allotment. 1o 0 „ "on 31st May, 1875.„ j 0 0 on SOthNovember, 1875. ■~’~l 0 0 „ on 31st May,-1870. £1 10 0 One half of the sums to bo paid from time to time will be credited to capital, excepting the last payment, when ss. will go to capital, thus making the complete payment to Capital Account of £2 per share. Any sums received on account of capital before the 30th November next will be credited with interest at the rate of. 10 per cent, per annum from the date of allotment to that date, and from that 'date they will carry full dividend rate, and participate in all the future advantages accruing in proportion to. the amount of capital paid. Any Shareholder may prepay his instalments, and thereupon his prepayments after 30th November next will carry full dividend rate from date of payment/ In case of default being made in payment of anv instalment, the, Directors to have full power to forfeit any shares in respect of which such default is made, and to sell or otherwise ■ dispbse of them, as thsy think fit. i - I "To ensure a general, distribution, the 50,1)00 j’ shares now offered will bc divided as follows :. - —Auckland, 15,0.00 J :; Dunedin, ; 10,000 ; Christchurch, 7000 ; Wellington, 6000 ; -Nel|P sol, 2000 ; -Taranaki, , 1000 ; Napier, 2000 ; AVestland, 1000 ; Wanganui, 1000 ; reserved for the Australian Colonies, 5000 ; and the Directors reserve thq-right not to allot to any of the places named any greater number than that allowed to each place. •-. The applications for shares will be considered and allotted in order of date of application, the first applicants, if eligible as Proprietors, will be first considered. The Directors do not bind themselves to allot any shares to any person they may consider not eligible as a shareholder, and they-may return the application money to such applicant. The present Proprietors will thus receive 50,000 shares of £2 each, represented by the present paid-up capital of the Company ; the present Re-In-surance Fund of £40,000 will belong to the New Account, to begin from 30th November next, in which the new shareholders, will -participate in proportion to the capital paid-up. The new Shareholders’ payments of- £2 per share of capital will make the Paid-up Capital £200,000 ; the Company will then stand with a Subscribed Capital of £l,00t),000, with £200,000 paid-up, and a Re-Insurance Fund of £40,000. The Premium on the New Shares, and all the funds and property of the Company as it now exists, over and above the present paid-up capital of £IOO,OOO, and the £-10,000 Re-Insurance Fund will belong to and be divisible among the old Shareholders. , - The steady progress which this Company has made is well known. The original amount paid by the first Shareholders was £lßls, an additional issue of New Shafes was made in 1862, and £3372 was then capitalised, making in all £8227. The capital now stands .at £1.00,000, it having grown to this amount from time to time out of profits.’ In addition to this, and out of profits also; a Re-Insnrance Fund of £IO,OOO, and a Reserve Fund of £35,000, have been added to’ the . Company’s assets. And during the whole) period of tho Company’s existence, the Shareholders have received dividends at the irate of 10 per cent, per annum, and the amount paid in dividends has been £72,171. V _ _ ; Bosses amounting to nearly. .Half a Million have occurred since the commencement of business, and have invariably been promptly met. , -i " The amount of accumulated funds belonging to the Company, and"invested, now stands'at £211,000. : .The investments consist, of Real Property, /Mortgages,,., Bank, Loan Company, Gas and other Shares, City Debentures, &c.' , The interest, acojwing - from these..,in vestments would pay on ■ the proposed increased Capital of £200,000, a .rate of interest to the Shareholders equal to 7i per cent., that is to say if all the premiums were lost, the Company would be able to declare a dividend of 7i per cent, from the present invested- accumulations, whereas, the ,invested funds, when the present plan is carried out, will begin with £210,000. The progress of the Company is shown in the subjoined tabular statement ; . , * 12 months'ending May In each year But reference to the last Half-yearly Report of the Directors shows in a still more striking manner the present rapid growth of tho Company ; from this report it will he seen that the premiums for the half-year ending 31st May, 1871, were . £03,216, .being an increase of £18,790 upon the preceding Half-year, and an increase of £11,495 upon tho corresponding Half-year of 1873, arid as tho Directors have since taken further: steps for increasing the Company’s business , and extending: tho’sphere of its operations, they see no reason why/tho future of the Company should not ho as successful as’ the past, the more so as it is hoped an extended list of Shareholders will materially tend to increase the Company’s business'and promote its general'interests. •' ’ I ’i Copies of the Articles of Association, and of the Resolutions'passetl'at tho last Meeting, can he seen at the Head’ Office, and at the Offices of the Agents,oLthe Company. . . | Applications, accompanied by the payment of 10s. on- each share applied'for, must be made on the forma of application, and forwarded to the Agents Of the Coriipauy, or to-the Manager at tho Head Office, Auckland, on or before' - the 10th day of October, 1871. ' • . v : Prospectuses and Forms of Application can ho obtained at the Company’s' Office, Auckland ; Betilunb & Hunter,-. Custom .House Quay, Wellington; or from any of the. Agents of tho Company,—By order of the Board, GEORGE P.; PIERCE, Manager. Auckland, 11th September, 1871.