NEW ZEALAND INSURANCE COMPANY.

New Zealand Times, Volume XXXIII, Issue 5394, 11 July 1878, Page 2

NEW ZEALAND INSURANCE COMPANY.

(PER PRESS AQENCr). Auckland, Wednesday. At the half-yearly meeting of the New Zealand Insurance Company to-day, the directors reported that notwithstanding the increasing competition and the reduction in the rates, the net premiums amounted to £101,829, and interest, rent, transfer fees, and increased value of investments, £12,575. The losses paid and outstanding amounted to £76,932. The report adds that the directors deem it.prudent, in view of the extension of the company’s business in two of the Pacific States of America, to set aside a sum of £35v000 towards the creation of a reserve fund, in order to further strengthen their position should exceptional losses occur in those districts or in any wooden towns in New Zealand. From the available balance of £18,873 the directors recommend, the payment of a dividend of 15 per cent., which leaves a balance of £3873 to be carried forward. The profit and loss account for the half-year ending May was as follows : Dr. £ 8. dTo dividend half-year' ending 80th November, 1877 15,000 0 0 Commission, salaries, and other expenses.. .. .. .. .. 24,640 0 8 Fire and marine losses .. .. 46,412 G 9 Appropriation for unpaid losses .. 80,520 0 0 Deserve fund .. .. . » .. 35,000 0 0 Balance .» .. 18,873 8 0 Total « .. £170,445 15.11 *Cr. £ a. d. By balance from last half-year .. .. 24,677 16 11 Appropriation for last half-year .. 81,363 0.0 Fire and marine premiums (less reinsurances) 101,829 11 7 Interest, rents, and transfer fees .. 10,189 4 1 Increased value of investments .. 2,386 4 4

# Total .. £170,445 15 11 The Chairman, in moving the adoption of the report, referred to the keen competition of the rival jCompanies. The figures proved that the New Zealand Company still held the premier position in the colony. The receipts were still maintained, and notwithstanding exceptionally heavy losses, the customary average was not exceeded. A tangible sum would be carried to the reserve fund. Every loss up to closing the books was provided for. The paid-up capital was £200,000 ; fe-insurance fund, £IOO,OOO ; new reserve fund, £35,000.