Page 1 Advertisements Column 5

Thames Star, Volume XIII, Issue 4239, 2 August 1882, Page 1

Insurance -Companies PROSPECTUS. THE MUTUAL FIRE AND MARINE INSURANCE COMPANY OF NEW ZEALAND. Incorporated under " The Joint Stock Companies Act, 1860," and the \several Amendments thereof. \ CAPITAL. ... '~ £200,000 Divided into 200,000 Shakes of £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. ; DlBBCTOBS: ' John Buchanan, of Merchant William Bushanan.Yoifj.North Shore, Gentleman >.' William David Dallen, of Auckland, Manufacturer, . ■ (X ..-■--; '-. ! Alexander Dewar, of Auckland, Merchant ' James Dickey,'of Auckland, Ironmonger Walter Dowden, of Auckland, Auctioneer Thomas Hancotk, of Auckland, Brewer Donald Hugh McKenzi'ejj' o Auckland, Mer-, ohant James McGowon, of the. Thames, Merchant \ Richard Monk, of Aucklandj Gentleman • William Henry Skinner, of Auckland, Builder Bahkebs: The National Bank of .New Zealand, Limited. SoiiiciTOES: Messrs Hesketh and Richmond. Tbmpoeaet Offices : Canada Buildings, Queen street. TITHE otjeefs for which the Company is JL established are:— 1. To carry oh the business of Fire and Marine Insurance in all or Buch of its branches as the Company shall from time to time determine. 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 necessary for the purpose of the pany4. To sell, demise, mortage, improve, manage, or otherwise deal with any property of the Company. 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, tojborrpw money , either with or without security on all | or any of the property pf the Company, or by issuing . debentures charged on all or any of the Company's property (both present and future), including its .uncalled onpital. 7. To do all such other things as are incidental or conducire to the advanceI ment of the above objects. This Company has now been fully eetab--1 lished, 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 dinerent 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 at 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 Insure-s 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 respectively. By these means Shareholders derive the following beneßts: — ] st. They receiva 8 per cent, per annum upon their paid-up capital.' ' 2nd. They receive as a bonus or dividend one-half of the balance of profits distributed in proportion to 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 daring the 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. The advantages derivable from an undertaking, based on such principles, must at once I | appear clear to every intelligent mind ; for the Shareholder and Insurer are .stimulated alike j to advance the interest of the Company and ' prevent losses—First, by directing business to i 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 Shareholdersaudlnsurers work together for one and the same object, each being stimulated to mate the business of the. Company as large as possible, aad so 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 losses: In this way, each »et of beneficiares has a special and particular interest in the welfare and prosperity of the undertaking, and it is this principle which forms the company's strongest safeguard and protection. ■ The larger the number of Shareholders and; In- • surers, the further this safeguard and, protection is extended, for as each feels the