Page 1 Advertisements Column 6

Thames Star, Volume XIII, Issue 4241, 4 August 1882, Page 1

Insurance Companies prospectus. : THE MUTUAL FIRE AND MARINE INSURANCE COMPANY OF NEW ZEALAND. Incorporated under " The Joint Stook Com-, panics Act, 1860," and the several Amendments thereof, CAPITAL ; £200,000 Divided into 200,000 Shares.of £1 Each, Payable aB 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. Dibectoks: . j John Buchanan, of Auckland, Merchant William Buohanan, of North Shore, Gentleman : William David Dallen, of Auckland, Manufacturer Alexander Dewar, of Auckland, Merchant James Dickey, of Auckland, Ironmonger Walter Dowden, of Auckland, Anrtioneer ThotKiia Hatico k, of Auckland, Brew- r Donald Hugh MrKer.z'e, of; Autkbmd, Mer--chant ! i , Jumes McG-ownn, of the Thames, Merchant i Eicbard Monk.of Auiklund; Qentleinisn' ' \ William Henry SkinnerjO'' Auckland, Builder Baekebs : The Fationuißank of New Zealand, Limited. Soltcitobs : Messrs Hesleth and Richmond. Tempobaex Orfices : Canada Buildings, Queen street. rpHE otjeefs for which the Company is JL ettablished are:— 1. To carry on the bueinees of Fire and Marine Insurance in all or such of . its branches as the Company shall from time to time determine. a :L 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 ac- ■ '. quire any real or personal property which may be convenient or necessary for the purpose of the Company. 4. To sell, demise, mortgage, 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, 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 Company'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 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 ia that known bb the Mutual principle, by which the profits of the Company, after paying interest et 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 Insurers in proportion to the premiums paid by them respecti oly to the company during the last preceding year, and ' the other part will b=j divided amongst the ' shareholders in proportion to the paid up ' capital on their, shures respectively. By these I means Shareholders derive the 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 bilanoe.:of profits distributed in proportion to the amount of their paid up capital, while i Insurers receive as 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 Insurer, then he partakes of both sets of benefits. Another feature in connection with the undertaking ia that Shareholders only are liable for losses. The advantages derivable from an undertaking, based on such principles, must at once appear clear to every intelligent mind ; for the Shareholder and Insurer are stimulated alike ' to advance the interest of the Company and , prevent losses —First, by directing business to the company. Second, by exercising cautiou 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 aud the same object, each being stimulated to make the business of the Company as large as possible, aad so produce a large bonus or dividend, in which they each equally pariicipate. This same result or object also acts as a preventive to the occurrence of fires and losses. In this way, each set of beueficiares 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 Insurers, the further this safeguard and protection is extended, for as each feels the'