NEW ZEALAND INSURANCE COMPANY. ANNUAL MEETING. FIFTEEN PER CENT DIVIDEND. Auckland, Jan. 9.

Te Aroha News, Volume VI, Issue 333, 12 January 1889, Page 5

NEW ZEALAND INSURANCE COMPANY. ANNUAL MEETING. FIFTEEN PER CENT DIVIDEND. Auckland, Jan. 9.

The ordinary groneral meeting of the New Zealand Insurance Company was held atth 0 office of the Company, Queen-sbveeL, at 2 pm. to-day. There was a good attendance of shareholders and Dr. J. L. Campbell (President) occupied Iho chair.

KKFOLVr AND BALANCE SHEET. The annual report ot the directors for the 1 wehc months ended November 30th, 1888, and balance-sheet for the same period, were ] jrcseii ted as follows :—: — The directors have the pleasure ot submitting to the hhaicholders a statement of the lcsulla of Uie opeiations of tho Company for the year ending 30th November, 1888. The not piomiums, less re-insurances, amount, to £249,445 15s lid, showing the ' very satisfactory increase of £26,861 17s 5d over last year. After providing for all ascertained losBOB and writing off £13,186 Is 3d as depreciation on investments, paying an interim dividend of 3s per share in July last, and carrying £8,000 to investment fluctuation account, there remains a sum of £20,008 2f. 7d available for division, which your directors recommend (should be appropriated as follows :— To the payment of a dividend at the late of 15 per cent, per annum, £15,000; balance carried forwaid, 5,088 2s 7d ; Messrs Buddie and Owen are the retiring directors, botli being eligible lor re-election. The directors greatly regret the decease of their two esteemed colleagues, Messrs Williamson and Browning, who have been members ot the Board since the fOlf 01 mation of the Conn any. You will be asked to fill the vacancies thus created. Ib will also devolve on the shareholders j loappointtwo auditors for the ensuing year. It has been deemed advisable, owing to the incioase in the value of the shaie?, to iedncc the qualification for director of the Company, and it is proposed to submit to an extraordinary general meeting, to be held immediately after the general meeting of shareholders, a resolution that the qualification henceforth be 000 instead of 1,000 shaio.s. Tho dividend Avill be payable at the head office to-morrow, and at branches and agencies on receipt of advice. — For the Boatd of Directors, J. Logak CuirJun^L, Chairman. Statement ok Accounts iok tjjk Ykar Exmxu 30tjc November, 1888 : — Profit and lo=,s : To dividend for the half-year ended 30th November, 1887, £15,000 ; dividend for the half-year ended 31st May, 1888, £15,000 ; commissions, salaries, and other expenses, £64,882 17^ 3d; ( !o\ernment taxes and pay mentstofire and marine associations, £5,117 6s ; fire and marine losses and appropriation for unpaid losses, £160,17218^9d ; investment fluctuation account, £3.000 ; balance, £20, 05S 2s 7d ; total, £288,261 4s 7d. Cr : Bv balanco at 30th November, 1887, £19,143 19s 3d; by fire and marine premiums, less returns and reinsurances, £249,445 13s lid ; by interest and rents, £19,669 31s scl : total, £288,26 14s 7d. Balance-sheet :— Dr.: To capital, £200,000; reserve fund, £135,000 ; re-insuranco fund, £100,000— £235,000 ; investment fluctuation account — vi/., amount last .year, £10,470 5= l 2d : transfer from profit and loss account, C 3,000 —£18,470 5s 2d ; less written oil" foi depreciation in sundry investment^, £13,186 la 8d —£5,284 3=; 6d ; appiopi i.ition foi unpaid losses, C 49,448; deposits and othei liabilities, £32,320 4s 6d : balance, £20,088 2s 7d. Total: £542,140 10s r/J.r /J. Cr. : By Investments — moitgagcs and shaie 6 ?, -€122,977 7s 4d ; Company's fice hold oifice pictures and other properties 1 , £297,8729 :$ 9rl ; United Suites bonds, £12,524 8s 5d ; debonfcurcs, t'17,530 lls 4d ; loans at call, short ocriods, and h'ved bank deposit, £27,802 4s' 8d : £478,707 Is 6d. Accrued inteiesl and rents, £1,219 7s 7d ; bills receivable, £476 16s 7d ; sundiy debtors, C 534 12s Id ; branch and agency balances, £56,788 4s lid ; cash in bank and in hand, £4,413 17s lid : total, £542,140 10s 7d. ! The Chairman, in moving the adoption of tho i cporfc and balance sheet, said :—: — It aflords your directors much pleasure to be able to meet you to-day, and notwithstanding our looses having been exceptionally i hea\y, to lecommcndthcpayment of thenow almost customary dividend of 15 per cent, without trenching on the reserve fund, ; and after carrying the sum of £8,000 to cicdit ot imestment fluctuation account ! and writing oil £13,186 as depreciation in investments. Tho increase of £26,821 19s 5d in premiums is certainly extiemoly gratifying. That increase has, been distiibuted o\er nearly the whole i area ot the Company's operations. ! Our two largest losses are lepreseiucd by j the sum of C7,0G0 on the loss of the wool ship, General Picton, from Melbourne, and ■ £5,045 at tho qricat fire in Brisbane last September. Thero has been, as was to be expected, a diminution in interest receipts from our investiments, arising from the dcci'eased value of money. Looking to the fall which has taken place in real estate, your directors have most carefully gone over the whole of tho securities and investments of the Company and have wiitten these down to a .->afc margin. Not content with their own judgment, your directors submitted these to the scrutiny and revision of tho auditors. These gentlemen being in every way independent of the directors, receiving their appointment direct fiom your hand., wo considered it ' would bo a cau*e of satisfaction for you to know that they had sat in judgment upon so vital a point, and acquiesced in the figures which appear in the balance-sheet. A& regards expenses, wo have been able to kcepthe rates to about the same as last year, slightly exceeding 28 I per cent, on the premium income. The I greater portion of these expenses is tho coraj mission paid to agents, who control a very considerable amount of business. It devolves upon 3 ? ou at this meeting to elect two directors in the place of Messrs Owen and Bnddle who retire, but are eligible and .seek re-olection. Also to elect two directors to fill the vacancies caused by the deaths of your late Chairman and Deputy | Chairman Messrs Williamson and Browning You will note by the report in your hands that action has been taken in tho direction of reducing the qualification enabling shareholders to hold a seat at tho Board. Accordingto existing articles of association, no person is eligible unless holding 1,000 shares in his own right. At fjho price which tho Company shares now stand and have now for !»o long stood, above qualification represents a capital investment of £2000. Tho directoi's coniader that so large a, sum limits within too narrow a radius your choico of directors, and ,at the extraordinary general meeting which takes place on termination of the present proceedings a resolution will bo submitted reducing the qualification to 500 shares,which it is hoped may bo more- in accovdanco with the views of shareholders and nicotiwith their appt oval. With these few romarks I beg to move tho adoption of tho report and balance-sheet. j Mr T. Buddie seconded tho adoption of. ' the report, and tho resolution was carried,

Directors.— Messrs T. Buddie, G. ,B. Owen, Jas. Russell and Koberfc Rose were re-elected directors without opposition. Auditoks. — For the office of auditors Messrs Waymouth, Milne, Eraser, and Boardman were proposed, and the voting was as follows : Boardman, 20 ; Eraser, 7 ; ; Jnb. Waymouth, 18 ; Milpe, 4. Messrs I Boardman and Waymouth. were declared duly elected. Thanks. — Mr Vickers proposed a vote of thanks to the directors, auditor?, . and officers, on behalf of the shareholders. Mr Hawkins seconded the motion, which was carried with applause. The Chairman returned thanks on behalf o£ tho directors, and Mr G. P. Pierce returned thanks on behalf of the staff. Extkyojidinaky M hktinh. — An extraordinary general meeting was then held when the subjoined resolutions -wcie carried unanimously : — 1 That the articles of Association be alfcetcd in manner following : (a) In article 5 tho wotds "live hundred " shall be for the woids ll one thousand.'' (j;) In subjection 2 of article 66, the words, "five hundred " shall be substituted for the words l< one chou&and." The meeting then terminated.