UNION INSURANCE COMPANY.

Oamaru Mail, Volume III, Issue 716, 3 July 1878, Page 2

UNION INSURANCE COMPANY.

[BY TELEUEAPH. ] Chkistuhuuch, July 2. The firat general meeting of the share holders of the Union Insurance Co. wa held to-day, the Hon. J. T. Peacock Chairman of the Board of Directors, pre siding. There was a large attendance The Chairman, in moving the adoption o the report and balance-sheet, said it wai unusual to submit a report for a period o nine months, and the directors woulc have preferred twelve months, but by th< Articles of Association they were bounc to have a meeting within the first year He thought shareholders would agree with him that there was every reason tc be satisfied with the progress made bj the Company. The income from premiums might have been greater, but the directors were determined to pursue a conservative policy, being convinced that large premiums do not always mean large profits. Several risks had been refused which subsequently came to grief. The heavy amount paid for re-insurances, couplad mth,y|hje a small losses, indicated the catt>Mii|iMMfcy»Qfithe directors. The ca roejHM|HHMH|!frtt L year, and felt that with them that it waSpljfliifM Ihij outset of a new Company the financial position in this way against a rainy day. After paying a compliment to the officers of the Company,'he said the directors proposed to extend the operations of the Company wherever openingJEgresented themselves. A favorable comparison might be made witli regard to the business done by other Companies during a similar period of

their existence, more especially when it was considered that the Company had to face an increased competition. All 'the preliminary expenses had been cleared off in preference to distributing them over a series of years. The business of the Company was progressing steadily, and he urged shareholders to co-operate with the directors in extending it. The directors recommended that the general meetings of the Company be held annually, which, for many is preferable to half-yearly;— The adoption of the report l was seconded by Mr. John Anderson, and carried unanimously.—Messrs. W. D. Carruthers, W. Montgomery, and John Studholme, the retiring directors, were re-elected.—lt was resolved that the annual general meetings be held during the first week in July.—Votea of thanks to the directors, the manager, and officers of the Company, concluded the business.