NATIONAL INSURANCE CO.

Taranaki Daily News, Volume LV, Issue 156, 19 November 1912, Page 5

NATIONAL INSURANCE CO.

A HANDSOME SUPERANNUATION FUND. By Telegraph—Press Association. Dunedin, Last Night. The annual meeting of the National Insurance Company of New Zealand was held this afternoon. Mr. T. W. Kempthorne, acting-chairman of directors, presided. In moving the adoption of the annual report and balance-sheet, the chairman expressed satisfaction with the result of the year's work. The premium income had increased by £OI7O, while the losses showed a decrease of £4574, giving a ritio of 44.65 per cent. The rate of interest earned on investments was £4 l'2s (id, as against £4 13s 2d last year. Referring to the proposed superannuation fund for the staff, the speaker said that the directors recommended a contribution of £SOOO by the company. Continuing, the chairman said that all the present members of the staff umier 55 years of age may become contributors to the fund on its establishment, and all persons joining the staff thereafter under the age of 35 years shall become contributors. Their respective contributions will be a percentage of the salary received and according to the age of the member, to be deducted as salaries became payable. The company shall, from time to time, contribute a like amount, so that the contributions of the company shall be equal to the aggregate of the contributions of members, making together a mm of ciose or £IOOO per annum. T.' dirnctnM propose, and express a ho;, that the. shareholders will agree, to pC the whole of the first year's contritions from the funds of the compel Thereafter the company ajid the ;% will contribute half each. The mocibii was carried. The retiring directors, Messrs. A. Burt and J. Moloney, were re-elected.