CONTINUED PROGRESS

Otago Daily Times, Issue 26628, 26 November 1947, Page 7

CONTINUED PROGRESS

NATIONAL INSURANCE COMPANY YEAR’S WORK REVIEWED “ The past year has been one of continued progress in all the fields in which we operate, resulting in iricreased premium income, the total of which is now nearing the half-mil-lion,” the chairman of directors of the National Insurance Company of New Zealand, Ltd., Mr G. R. Ritchie, said, in moving the adoption of the annual report and statement of accounts at the annual meeting of shareholders in the company yesterday. “ While increased values of both commodities and buildings have no doubt contributed to this result, there has been independent of this, a definite development of all the departments of our business. The resulting underwriting profit, although not so large as that of last year, which was a record, may nevertheless be considered very satisfactory, and I feel sure you will so regard it. The general result for the year must be regarded as satisfactory, and although the underwriting profit is less than that of the previous year, variations must be expected in this account from year to year,” Mr Ritchie said. “As usual, the fullest provision has been made for all known and contingent ■losses and liabilities.” The extension of the company’s field of operations to India and the East by direct representation was developing, although progress was slow, and not without its difficulties, as those who followed world affairs, particularly those of the British Commonwealth no doubt realised, Mr Ritchie said There was good reason, however, to assume that when the new Govern ments of India and Pakistan recovered from their growing pains, the stabilisa tion of commerce and industry would follow. During the year the companyhad further extended its operations to Iraq under the control of the Bombay blanch, and it was anticipated that satisfactory results would follow. Mr Ritchie thanked the managers and all - other members of the staff for their work and loyalty to the company during the past year. As some consideration of their efforts, the directors had again arranged for the payment of a bonus to the staff. The seconder of the adoption of the annual report and statement of accounts, Mr T. Somerville, said that the continued progress of the company was. he was sure, quite satisfactory to the shareholders, and he joined in congratulating the general manager and other members of the staff on the excellent results achieved. The report and statement of accounts were adopted. Messrs G. R. Ritchie and W. Dowme Stewart were re-elected to the directorate. and Mr H. H. Sykes was reelected auditor. A motion of appreciation of the work done by the directors and staff was carried on the motion of Mr W. A. Flavell, the tributes being acknowledged by the chairman and the general manager, Mr C. W. Birch. The chairman offered the sympathy of the company to all those bereaved by the recent tragic fire in Christchurch. “It was,” he added, “an example of the terrible havoc which fire can cause.”