N.Z. INSURANCE CO.

Taranaki Daily News, Volume LII, Issue 311, 10 February 1910, Page 5

N.Z. INSURANCE CO.

AXNUAIa MEETING. By Telegraph.—Press' Association Auckland, Xigjht. The annual general meeting of shareholders in the Xew Zealand Insurance Co. was held this afternoon. Mr. M. A. Clark, chairman of directors, who presided, said thy result of the year'* operation had not Men up to ilie expectations formed last year. Durinji the first half of the financial year, condition* in reipect to iire losses prevailed in certain fields of the company'* operation which had been unknown for years, lint lie was pleased to say ihit frhese conditions had not so far Ik' >n repeated, and that the position in this regard had greatly improved during f.ie frst quarter of the current year. Ife referred to ffie "tax for the maintenance of fir* brigades as severe and oppressive. There was a slight increase in ■the expense ratio, largely attributable to the decrease in revenue. One gratifying feature of ffi'e balance-sheet, was 'in the increased revenue, from interest and rent, wtich amounted to ;e2B,CIS. a* again £26,875 in the previous year. The market value of the company's securities was largely in excess of the at which they stood in the balAfter deducting the interim dividend paid in August last, there wa<? an available balance of £34,801 12s 11(1, out of which the directors remommend .that £IO,OOO be carried to the reserve fund, and £15,000 be applied to payment of the dividend for the half-year, making 4s pfer sharp for the year, and leaving a balance of £!)Sfil lJs lid in the new account, as against £8703 Is 3il in the previous year. The outlook for the current year was far more hopeful in all field*, except that, of the Dominion, and the directors expect at <he next) annual meeting to report as Improved condition of affairs. Messrs Matthew A. Clark, Thomas Buddie -ind Henry iTorton, the retiring directors, were re-elected, and Messrs J. F. Buddie and A. J. Denniston were re-appointed to the company.