N.Z. INSURANCE COMPANY.

Taranaki Daily News, Volume XLVIII, Issue 81918, 15 February 1907, Page 2

N.Z. INSURANCE COMPANY.

SIXTY-EIGHTH ANNUAL JIiiETIXG. Per Press Association. Auckland, February 13. | The annual meeting of the New Zealand insurance Company wan held i.uilav, the lion Seymour Thorne George, Chairman of Directors, presiding. The ciiiairman, in moving the adoption ol the report and balance-sheet, said the all'airs of the company were in a satislactorv position. The losses for I lie year (apart from the 'Frisco losses) were £1340,740, wiiicii was fairly normal The profit on underwriting amounted to ..CS'I.OW. The amount of the San Francisco losse.s, according to the latest advices, reached £2So,lilM, which the directors suggest should lie uu't ill tile follow injr manner;— I'iist l>y transferring to this account the balance of the profit and loss account, £137,0(17; also £1.1,000 from the investment fluctuation account, which was derived from excess obtained on sale of properties during the year. Jt was also' proposed to transier £3O,O(JU irom the unearned premium account (this having been overprovided in previous year), and to transfer from the reserve fund the

sum of £l2O/15,5. These sums :iogctiier amounted to £303,452, which, after paying the Han Francisco losses of £35.3,094, will leave credit balance of -C17,7i17 l(is 'ld, -out of which t'' l ' directors advise payment of a dividend of 10 per cent, on shares numbered. 1 to 125.000, which will absorb C1 2..">00, leaving to carry forward to the new account ..£5257 ills Ud. The balance-sheet showed a plid-up capital of £300,000, with remainder of uncalled capitals amom.ii-. (o £1,200,0000; also a reserve lu.m of £130,000 niklj reinsurance fund 1 £200,000, thus, leaving the complin a >ll ono (inancial position The motion for the adoption of the icport, ami balanee-iicet was carried unanimously, p X l"ii ™ l , lri "K directors, Messrs T f' C 1,, 1' k > '" ld It- florton. wi'ic re-elected without opposition. On the motion of .Mr ji. Jicnnic 'Um reso[ ved that a yearly sum *,f UOOU lie paid to the directors for UKur Niu'vioes, A ' J) ™ p! -t«n and .J. F. Huddle were elected auditors.

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