LAST NIGHT’S WIRES.

Poverty Bay Standard, Volume I, Issue 36, 10 January 1884, Page 2

LAST NIGHT’S WIRES.

[Per United Press Association,] Wellington, Jan. 9. An official enquiry into the circumstances connected with the striking of the steamer Tui on the Passage Rock, near Kapiti, whilst on a voyage from Foxton to Wellington, on the 30th ultimo, was opened at the Resident Magistrate’s Court this morning before Mr, H, 8. Wardell,’ Resident Magistrate, and Captains Horne and Watt, Nautical Assessors. The Court found Mr, Baldwin, the mate, guilty of an error in judgment in miscalculating his distance from Kapita Island, “ We consider that prompt measures were taken to ensure the safety of the vessel and those on board after she struck, and that all was done by both master and mate that could be done. We do not consider it necessary to interfere with the certificates, or pass grave censure on either officers, but feel that in coming through such narrow waters the master should satisfy himself that the vessel was on her right course. The certificates will be returned to the officers, the costs of the enquiry to be borne by the mate. A number of black fish, measuring from 20 to 25ft,, were captured on Te Aro beach this evening. New Plymouth, Jan. 9. The Harbor Engineer has tested a cargo of coal from Mokau, and reports it good for steam purposes; but the consumption is about 25 per cent, more than the Greymouth coal. This is easily counter-balanced, however, by the lower price at which supplies can be obtained. Christchurch, Jan. 9. At the Supreme Court, Adolph Duvall, for larceny, was sentenced to twelve months’ imprisonment ; Henry Jones, larceny from the person, five years’ penal servitude; John Lawrence, larceny, three years; John Wilson was acquitted on the charge of indecent assault; Morris Cavanagh was acquitted of larceny. Auckland, Jan. 9. At the Criminal Sessions, Augusta Baffin, for fraudulent bankruptcy, got six months with hard labor.

At the annual meeting of the N. Z. Insurance Co., the Chairman, the Hon. James Williamson, in moving the adoption of the report, said :—Gentleman, this year, like its predecessor, has been signalised by a large number of casualties, in which, we in common with other Insurance Cos.j engaged in the Marine, the Underwriters have suffered heavily. Having regard to the exceptional number of marine losses which have occurred by collisions and otherwise, during the past year, all over the world, and to the experience of other Cos., cannot but regard the result of our last year’s business as satisfactory. Past years of profitable business have had the effect of increasing the number of companies competing for Fire Insurance, some of whom have found that profits to ba derived from the business have not met their expectations, and Who, in trying to make up in quantity, have reduced premiums below the rate which experience proves -is sufficient to yield a reasonable profit. We have, therefore; found it inexpedient to throw up the business so affected and our premium income had somewhat to suffer. At the same time we have been avoiding, as far as possible, questionable business at unprofitable rates, and rejecting everything of a doubtful character, have striven to do safe business, and push it only when it could be done with safety. There appears to be some pounds for hoping that unhealthy competitiWfor the fire-insurance business, which has for some time past been prevailing here and elsewhere, is being checked, and that the attention of the head of fires has been directed to this subject, It may lead to a more adequate rate of premiums being obtained in the future, Our losses in this branch, though numerous, have in no case been excessive from any one fire. Prudent management, constant and careful inspection in selection of risks, and extending our business in all legitimate channels will, we hope, continue to afford the security we desire, and yield also profitable results. We can, I think, satisfactorily point to this Company during its twenty-four years’ history as one of steady and solid progress. We have sought security rather than display, and, considering the difficulty of getting business and the great opposition we have now to contend against, it is with no little pleasure that we can point to a net premium income of upwards of £2,001,000 in the year, the largest we have had since the formation of the Company, As you have already learnt in the report, it has been determined to carry £30,000 t,o the reserve fund, which is applicable to meet the losses. The next extraordinaiy character is, if necessary, to equalise dividends, the reserve fund now stands at £lOO,OOO, and re-insurance at a like amount. Securities have been carefully examined, and, from the profits on investments, £15,000 has been carried to an investment fluctuation fund. It will be satisfactory for you to know that values of our securities stand in accounts at a considerably less sum than they would realise if placed in the market. I would conclude by urging the shareholders to assist officials in their efforts to extend our business. We shall take care only to accept such extension as we think safe and profitable. I move “ That the report and balance-sheet for the year 1883 be received and adopted.” The motion was seconded by Mr. C. J. Stone, and carried. Messrs. Browing, Campbell, and Russell, the retiring directors, were re-elected. Reader Wood said he had much pleasure in moving that the thanks of the shareholders should be given to the directors, officers, and agents of the company. There was one point to which he wished to direct the attention of the directors, and particularly of the shareholders—viz.,—There was a very large amount of reserve and reinsurance fund—no less than £200,000, or just equal to the amount of the capital subscribed by the shareholders. During the whole of the time that this had been accumulating the shareholders had been receivings tolerably uniform dividends. It was usually 15 per cent., although sometimes it had been less than that; but. it had never been more than that. He might be wrong in his vjftws; still he could not see the use of accumulating such an excessively large reserve fund... He hoped in future the shareholders would be permitted to enjoy a little more of the prosperity of the Company than they had in the past, either by receiving larger dividends, or through the capital being increased by additions from the reserve fund. They were now nominally receiving a dividend of 15 per cent, on the paid-up capital; but, seeing that the accumulated reserve fund was £200,000, the capital of the Company was really £400,000. Their dividends Were only at the rate of 7J per cent., which was very small, considering the amount of funds in the hands of the directory. Major George, in seconding the motion, endorsed Mr.

Wood’s remarks about the large nrnnniit yf accumulated reserve fund, and the small amount of the dividends. The motion was then passed. The Chairman and Mr, G, G. Pierce, the General Manager, acknowledged the vote of thanks. The miners on strike at the Kawakawa coal mines have received notice to quit the Company’s houses to make room for new hands.