Page 1 Advertisements Column 6

Thames Star, Volume XIII, Issue 4233, 1 August 1882, Page 1

Insurance Compianies PROSPECTUS. , THE MUTUAL FIRE AND MARINE INSURANCE COMPANY OF NEW ZEALAND. Incorporated under "The Joint Stock Companies Act, I860," and the several Amendments thereof." CAPITAL .... £200,000 Divided into 200,000 Shabss or £1 Each, Payable as follows:—One Shilling per share upon application, One Shilling per Share upon allotment, and One Shilling per share on the eighth day of January,-1883 (if required. DIEECTOBS: * John Buchanan, of Auckland, Merchant William Buohanan, of North 1 Shore, Gentleman William David Dallen, of Auckland, facturer.'Alexander Dewar, of Auckland, Merchant James Dickey, of Auckland, Ironmonger Walter Dowden, of Auckland, Auctioneer Thorcns Haneoik, of Auckland, Brewer Donald Hugh MoKenzie, ,of ; Auckland, Merchant James McGf-owon, of the Thames, Merchant Richard Monk, of Auckland,-Gentleman William Henry Skinner, o; Auckland, Builder Bafkebs : .The National Bank of New -Zealand, Limited. Solicitors: Messrs Hesketh and Richmond. Tempobaby Offices : Canada Buildings, Queen street. riIHE oljecfs for which the Company 7 is JL established are:— 1. To carry on the 1-business of Fire and Marine Insurance in all or such of ' - its branches as the Company shall from time to time determine. i 2. To purchase or otherwise acquire and - : - take over all or any part of the business property or liabilities of any other Company carrying on Fire and Marine Insurance business. 3, To purchase, lease, or otherwise acquire any real or personal property which may be convenient or neceE- . ■ sary for the purpose of. the Com- : pany. 4. To sell, demise, mortgage, improve, manage, or otherwise deal with any property of the Company. i 5. To invest the moneys'of the Company in such securities as may from time to time be deemed expedient and without limiting the generality of this clause. To take or otherwise acquire and hold shares or Stock in any Company, or in any partnership arrangement transaction which may be deemed directly or indirectly advantageous to the Company. 6. If deemed advisable, to borrow money either with or without security on all" or any of the property of! the Com-, pany, or by issuing debentures charged on all or any of the Company's property (both present and future), including its uncalled capital. ■ , 7. To do all such- other things as are in-! cidental or conducive.to the advancejnent'of the above objects. This Company, has now; been fully established, and without any appeal to the public over Ten' Thousand Shares have been already applied for. In many instances the applications were.repeated and the number of Shares doubled. : '•:..,.,! „■'• : ; The Company. has been, established on principles different to those of the^ other Insurance Companies now existing in the colony. Of these principles the chief is that known as the Mutual principle, by which the profits of the Company, after paying interest »t the rate of 8 per cent, to the shareholders upon their paid up capital, and after such deductions for the formation and replenishment of the reserve fund and other contingencies, are to be divided into two equal parts, one part of which will be divided between the Insures in proportion to the premiums paid by them respectively to the company during the last preceding year, and the other part will bj divided amongst the shareholders in proportion to the paid up capital on their shares reßpectiv-ly. By these means Shareholders derive tbe following benefits:— Ist. They receiva 8 per cent, per annum upon their paid-up capital. 2nd. They receive as a bonus or dividend one-half of the b dance of profits distributed in proportionfto the amount of their paid up capital, while •'" Insurers receive as a bonus or dividend the other half of balance of profits, distributed in proportion to the premiums paid by them during tha last preceding year. If a person occupies the double position of Shareholder and Insurer, then he partakes of both sets of benefits. Another feature in connection with' the undertaking is that Shareholders only are liable for losses. Tbe advantages derivable from an undertaking, based on such principles, must at once appear clear to every intelligent mind j for the Shareholder and Insurer are stimulated alike to advance tbe interest of the Company and prevent losses—First, by directing business to the company. Second, by exercising caution in the selection of risks which they bring; and, Third, by' using extra precautions to prevent fires, by which their bonus or dividend would be absorbed. , , In this way: both Shareholders and Insurers work together for one and tbe same object, eaoh being stimulated to make the business of the Company as large'as possible, and bo produce a large bonus or dividend, in which they each equally participate. This same result or object also acts as a preventive to the occurrence of fires and lossos. In this way, each set of beneficiares has a Bpecial and particular interest in the welfareand prosperity of the undertaking,, and it is this principle which forms the, company's strongest safeguard and protection. r . The larger the number of Shareholders and Insurers, the further this safeguard and protection is extended, ' for as each feels tbe