COMMERCIAL.

New Zealand Times, Volume XXX, Issue 4420, 20 May 1875, Page 2

COMMERCIAL.

election or office-bearers.

NATIONAL FIRE AND MARINE INSURANCE COMPANY, N.Z. . (From the Otago Guardian, May 11.) The half-yearly meeting of the above company, for the six months ending March 31, was held yesterday afternoon, in the City Council Chambers. There was a large and influential attendance. Mr. W. J. M. Larnach presided. The minutes of the previous meeting having been read and confirmed. The Chairman called upon the manager (Mr. Jack) to read the REPORT AND BALANCE-SHEET. The following is the report:— “The directors, in submitting their third report and balance-sheet, have pleasure in announcing^continued prosperity and advancement in the affairs of the company, both in New Zealand and its foreign agencies. . “The total receipts for the half-year, (including £5535 Bs. fid. carried forward from previous balance) are £43,605 5 5 “The expenditure for same period has been .. .. .. .. 24,201 11 3 , “Leaving for'distribution the sum of.. 19,573 14 2 “Which your directors recommend should be appropriated as follows “1. By placing a further sum to Reserve Fund of (which will then stand at £30,000) 15,000 0 0 “2. By payment of a dividend at the rate of 10 per cent, on paid-up capital, which will absorb .. 2,500 0 0 “3. By carrying forward to next half-year the balance - .. .. 2,073 14 2“Provision has been ! made in the accounts for £1777, unadjusted losses at date of closing books, also for re-insurances in marine department, and all known liabilities. “ The colony was visited lately by an epidemic in fires, making large calls on the funds of insurance offices. The moderate amounts hitherto authorised Jby your .directors-in fire department saved the company from heavy loss. “It will devolve on the meeting to elect three directors in place of Mr. Richard Oliver, absent from the colony, and Messrs. W. J. M. Larnacb and Robert Wilson, who retire in terms of Articles of Association. Messrs. Larnach and Wilson are eligible for re-elec-tion, and offer themselves accordingly. “ The shareholders will also require to elect two auditors for the ensuing year. Messrs. A. C. Begg and A. W. Morris offer themselves for re-election. “ Your directors again embrace this opportunity of tendering their hearty thanks to the shareholders and supporters of the company, for their help In bringing business. If this is continued, the company cannot fail to prosper and increase in popularity, both here and elsewhere. “The dividend now recommended by the directors, if adopted by the shareholders, will be payable at the company's offices. Manse-street, Dunedin, on Monday, I7th May, and at the several agencies on receipt of advice. “ By order of the Board. “ W. J. M. Larnach, Chairman." The Chairman said: In reviewing this, the third period of the company’s existence, Ido not think that it is necessary to detain you long, as the report appears of so satisfactory a nature. There is nothing exciting in the state of the company’s affairs, which are progressing satisfactorily. You are aware that the days of monopoly have gone by, and instead of one company, as was formerly the cose, occupying the field of this colony, there are now four doing so. Notwithstanding this, the company has gone on gradually progressing until it has attained the position in which you find it to-day ; and its business is still growing with it. The directors have been careful not to desire to progress too fast, bat have been content to make sure of their way, which you will admit they have done. The losses from fire throughout the colony, especially recently, have been very heavy. It Is only lately that the insurance companies in New Zealand, within fourteen days, lost £20.000. Though this company has been perhaps most fortunate in not beingbitso heavily as the older companies, yet recently it has had its share of fcheiU-luckto which they have been subjected. The losses by fire made up. in small sums, for the last halfyear, £BOOO, and those on marine Insurances £OOOO, making in all a total of £14,000, out of a revenue of £35,000. Altogether, you will observe that the revenue has improved during each half-year. The greatest improvement has been made in the marine department. This department of the company’s business appears to increase more rapidly than any other. At least it Is more profitable than the fire department. The charges of the company for the last half-year are somewhat less than previously. The staff, however, is in such working order that they could do four times the work if they bad it to do, but asmaller staff could not carry on the business. Liabilities, such as losses at date of closing the books, alsorc-insuranccs, inlhemarino department, and, in fact, all known liabilities, have been written off, and provided for. At the commencement ©f this half-year, the company haa started with a clear ,

sheet. One of the most important parts of the report, and to which the shareholders’ attention is called, you will observe, is that the large amount of £15,000 has been added to the reserve fund. The directors have done this after careful consideration, and believing it to be the interest of the company to haven strong fund of that kind, in case of unforeseen reverse coming upon them suddenly. Of course it will b the shareholders to determine whether this is to main. lam inclined to think that it right direction. The London branch of the business, you will be glad to hear, is fairly at work, P raises to do a good business. The report , agents there are of the most pitisfactory nat , we have no fear, notwithstanding ihestrog U, ’ tion there, but that this company will obtain aJalr share of the business. The directors, rt doing what thev could towards the progress pi f the *ll’ as ' l ranee Company, have been at kmes guidir « *;!L advice of its general manager. Although the directors as a body have had the interest of the company considerably at heart, yet without a good captain they could hardly have got on so well. The thanks of the company are certainly due to its general manager. I am sorry to have to refer to the loss which the company has sustained recently in the case of its manager at Auckland an officer . most highly appreciated by the company. In fact, the directors see some difficulty in obtaining some one to fill his place. It will now devolve upon you to elect three directors in the room of those gentlemen named in the report, and who retire. As far as Mr. Wilson and myself are concerned, I am at liberty to say that if it is the desire of this meeting that any qualified shareholders should be elected in our place. We have no wish to bo re-elected, and would retire in favor of any gentlemen whom the meeting desires to be elected in preference to us. It will be interesting to know, gentlemen, since the National Insurance Company started into existence, what wo have done. If this balance-sheet be adopted, the reserve fund will then stand at £30,000; the amount paid in dividends has been £7500; losses, £22,000 ; preliminary expenses, £2500 ; making a total sum of £62,000 gathered together by the company during its existence, besides charges. There is one matter to which I am sorry to have to refer ; it only occurred yesterday. I mean the loss of the Elderslie, by which this company has suffered to the extent of £7oo—it may uot reach this sum, however, but the positive loss at present known is £SOO. As a source of gratification I may mention that, out of a possible loss of £11,250, this company cannot lose more than £7OO. The company altogether has been blessed with good fortune In its operations throughout the colony. I now move the adoption of the report. Mr. Reeves asked how it was that the sum of £9050 14s. Sd. was permitted to remain in the hands of the agencies and branches, while liabilities remained to the extent shown in the balance-sheet. The Chairman, in reply, explained that these balances were for the most part in the possession of Australian agencies. It was not money actually in hand, but composed in back debts. It was necessary that a certain balance should remain in the hands of the Australian and distant brandies. The manager had written to all agents requesting them to keep their accounts as closely as possible. He might explain that in consequence of the competition in Australia it was necessary for the insurance companies there to give three or four months terms, and this company had to do the same. It might be satisfactory to shareholders to know that the company’s agents in foreign parts had given ample security for their fidelity. In answer to a question put by Mr. Walter, he said that the practice had not been introduced here of taking bills for insurances effected.

Mr. R. H. Leary said that he represented a number of shareholders who thought that a portion of the profits should be applied in a manner different from that recommended in the report. Ho was also of the same opinion himself, and considered that a company showing such large profits ought surely to be able to afford better dividends. He therefore moved, as an amendment, “ That, instead of carrying £16,000 to the reserve fund, £12,500 be added to the capital of the company, and the remaining £2500 to the reserve fund.”

Mr. Dunning seconded the amendment. After a discussion, in which several shareholders took part, a ballot was taken, which resulted in 1,047 votes being recorded for the amendment, and 3,878 for the adoption of the report. The original motion was therefore carried.

Mr. R. H. Lowe was elected director, in the room of Mr. Richard Oliver, .who is absent from the colony; and the retiring directors, Messrs, Wilson and Larnach, were unanimously re-elected. Messrs. Morris and Bcgg were also re-elected auditors. A vote of thanks to the chairman and directors concluded the proceedings.

LONDON MARKETS. (From the European Mail, March 19. Tallow has met an improved demand during the month, and nearly the whole catalogued at the weekly sales has been disposed of. Mutton is without alteration ; but beef having been more plentiful, has declined Is. 6d. per cwt. The present quotations are —Mutton, fair to good, 89s. Gd. to 41s. Gd.; beef, fair to'good, 38s. Gd. to 395. Gd.; and mixed melting, fair to good, 395. to 40s. Cd. per cwt. Import, 1219 packages. Sales, 3554 packages. . Stock In first hands, 3488 packages, against 8956 packages at this time last year. By last telegraphic advices from the colonies, the total shipments for the month ending March 2, from the ports of Adelaide, Melbourne, and Sydney, were 3800 casks, against 2651 casks in 1875, 3534 casks in 1873, and 5500 casks in 1872.

Hides. —The inquiry has been very dull, and the value of ox and cow, in common with other descriptions of sole leather hides, has fallen fully Old. per lb. Horse hides were partly cleared without quotable alteration. The total sales amount to 5229 hides, as follows -Ox and cow, Sydney, Ist heavy, fair to good, G|d.; cow, 6§d. ; Brisbane, Ist heavy, C|d. ; Ist light, 6d. ; cow, CJd. per lb. Horse, best, av. 22.i1b5., 9s. 9d. to 30s. ; 2nds, av. 22Hbs., 7s. Cd. ; staked, av. ITlbs., Bs. 7d. per hide. Import, 302 hides. Stock, 670 S hides. Messrs. Anning & Cobb quote -heavy good, av. 56 to 621b5., at C'Jd. to 6£d.; middling to fair, av. 56 to C2lba., 6d. to Old.; inferior or in bad condition, av. 56 to 621b5., sffd. s|d.; light, good, av. 49, to 451b5., Cjd. to 6|d.; middling to fair, av. 40 to 451b5., s|d. to Gd.; kips, av. 12 to 151b5., sJfd. to Cd. Leather.— Crop sides have heen in fair request at from, late rates to an occasional fall of id. per lb. The transactions comprise 9658 sides—light, 13d. to 14d.: heavy, fair to good, 13ld. to 14d.; common to middling, 123 d. to 13id.; extra heavy, 12Jd. to 14d.; 2nds and inferior, 12d. to 13id. per lb. Wheat and Flour. —The only grain arrival from Australia has been a small lot of flour by the Gateside, from Adelaide. Messrs. Burrows and Perks say;—“ln the absence of any arrivals or stocks on the spot, wo can only give nominal quotations of Adelaide wheat, viz., 4Ss. to 40s. per 49G lbs. cx granary here ; the first small arrivals may, if fine, bring 50s. Superfine Adelaide flour is worth from 335. to 345.; fine, 30s, toSIs.; and households 28s. to 20s. per 280 lbs. nett, ex store here.. Tasmanian wheat, if equal in quality to the shipments of last season, would bring from 465. to 485., and New Zealand from 425. to 48s. per 496 lbs. ex granary.”