DUNEDIN.

Thames Star, Volume XI, Issue 3713, 18 November 1880, Page 2

DUNEDIN.

Yesterday.

The seventh annual meeting of the shareholders in the National Insurance Company was held yesterday, Keith Ramsay, Esq., presiding. In briefly reviewing the operations of the Company during the past seven years, he said that the shareholders might congratulate themselves that the progress during that time had been very fair, and the company, after paying £5000 now due, will have paid £60,000 in dividends, and will also have paid £308,876 in losses up September 30th last, and will carried for* ward as a reserve: £100,033. Those results on a capital of £50,000 during seven years, were results that ought to satisfy the most fastidious of shareholders. He thought they might as shareholders, fairly congratulate themselves on the position they occupied at the close of the seventh year of their existence. The report which provided for ten per cent, dividends, and a bonus of 6d per share, absorbing £5000, and carrying forward £15,000 to the reinsurance fund was adopted. Mr Beeves inquired whether the directors had ever taken into con* sideration the desirability of capitalising the funds. He did not wish to reflect on the directors, but he doubted whether it was prudent for the Company to have a reserve fund which brought in 20 per Cent on that capital. The Chairman said the matter hact not before been considered by the directors, but they would be glad to hear any expression of opinion from shareholders taking an interest in the matter. The policy of the directors had been to build up. a strong reserve fund.