Insurance Companies . ] P R O SPEGT.U S. THE MUTUAL EIRE AND MARINE INSURANCE COMPANY OF NEW ZEALAND. Incorporated under " The .Joint Stodk Coin-. panics Act, I860," and the several Amendments thereof, CAPITAL ... ;i.M : . ... J8200.000 Divided into 200,000 Shakes,-'of ■ . ■'.;; ' £i Each, :V. -j ,-.. -, r Payable as follows:—One Shilling '■ per share I upon application, One Shilling per Share upon allotment, and One Shilling per share on the eighth day Vof January, 1883 (if required. *? ■..«..' : DISECTOBS: John Buohanan, of' Auckland, Merchant William Bushanani of-North Shore, Gentler man . t - '-■"■'.. ; William David Dallen, of Auckland,* Manufacturer Alexander Dewar, of Auckland, Merchant James Dickey, of Auckland, Ironmonger Walter Dowden, of Auckland; Auctioneer ThotcHg.Hanco.!k,!.of Auckland, Brewer Donald Hugh MeKenzie, of Auckland, Mer- ■ chant, .;,;,; ■ . •:■. Jurats McGowan, of the Thames, Merchant Richard Monk, of Auckland, Gentleman William Henry Skinnerybf Auckland, Builder .-: *v ' Babkebb : *• ■' ■■■' The National Bank of New Zealand, Limited. SoHClTOBfl: Messrs Hesketh and Richmond. Tempobaey Offices: Canada Buildings; Queen street. .', rpHE olvjecls for-which, the Company is JL established are:— 1. To carry on the business of Fire and Marine Inßurauce in all or such of its branches aB the Company shall from time to time determine. 2. To purchase or otherwise acquire arid take over all or any part of the business properly or liabilities of aiiy 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 necegBary for the purpose of the Com- ■- --- -.prayr" ■■■—-"■ ' ■' " "*" " 4..T0.ee11, demise, mortgage, improve,- - -manage^ or otherwise deal with;, any ! V property of the Company. 5. To invest the moneys of the Company" in such securities aB may from time to time be deemed expedient and : without limiting^ the generality of I this clause; To. take-or otherwise acquiro 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 Company, or by issuing debentures charged on all or any of the Com- /; pany's property (both present and future), including its uncalled capital. 7. To do all such other things as are incidental or conducive to the advancement of the above objects. This Company has now been fully : established, and without any appeal to the public over Ten Thousand. Shareß 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 diflerent to thoße 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"fundand other contingencies, are to be divided into two equal parts, one part of which will be divided between the Insurers 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 benefits: — ,
let. They receiva 8 per cent, per annum upon their paid-up capital. 2nd. They receive aa a bonus or dividend one-half of the b dance of profits distributed in proportion to the amount of their paid up capital, while . > Insurers receive aB a bonus or dividend the other half of balance of profits, distributed in proportion to the premiums paid by them during the last preceding year. If a person occupies the double" position of Shareholder and lusurer, 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 under- ' I taking, based on such principles, must at once 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 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 aud Insurers work together for one and the same object, each being stimulated to make the business of the Company as large as possible, and 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. J In this way, each set of beneficiares has a special and particular interest in the welfare and. r prosperity,ofthe undertaking,, and it it this principle which forms 7( the companj's. strongest safeguard and protection." The' larger 'the number of Shareholders and 1 Insurers, the further this safeguard .and protection is extended, for ai each feels the
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https://paperspast.natlib.govt.nz/newspapers/THS18820803.2.2.6
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Thames Star, Volume XIII, Issue 4240, 3 August 1882, Page 1
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843Page 1 Advertisements Column 6 Thames Star, Volume XIII, Issue 4240, 3 August 1882, Page 1
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