Page 1 Advertisements Column 5

Thames Star, Volume XIII, Issue 4242, 5 August 1882, Page 1

Insurance Companies PRO S P ICTUS. THE MUTUAL HER AND MARINE INSURANCE COMPANY OF NEW ZEALAND. Incorpornted under "The Joint Sr.nck Componies Acf, 1F60,"l F60," arid the severnl Amendments thereof. • -, • CAPITAL £200,000 Divided into 200,000 Shakes of £1 Each, Payable as follows: —One Shilling per share " lipon Bpplicalion, One Sliilling per Share upon-allotment, and One Shilling per share on the eighth clay of Junuary, 1883 (if required. Directors: John Buchanin, of Auekhnd, Merchant WiUiam Bu-ilianan, of North Shore, Gentleman ' : William Duvid Dalleu, of Auckland, Monu'f«ciurer Alexander Dewar, of Auckland, Merchant ; James I)icl<ey, of Auckland, Ironmonger Walter Dowden, of Auckland. Auctioneer , Thomas Hanco'k.'of Auckland, Brewer : Donald Hugh M<Kenzie, of A-ucllnnd, Merchant James MiQ-ownn, o' the Thames, Merchant Richard Monk, of Auckland, Gentleman William Henry Skinner, o' Auckland, Builder Bankers : ■„ ' The NationulEaivk of NewZeuliii.d, Lin.ited. ; ?0Ii!CITOHS: I Messrs Hesieth and Richmond. . i . Tempoeaet Ojpices : Canada Buildings, Queen street. rIVBE ,o>jec!s for which, the Company is 1 established are:— 1. To carry on the. hueinees of Fire and Marine Insurance in all or such of •■'•:■> its branches as the Company ehall ' from lime to time determine.' 2. To purchase or otherwise acquire and take over all or any part, of the business property or liabilities of auy other Company carrying on Fire and Marine Insurance business. ' ' 3. To purchase, lease, or otherwise acquire any realor personal property which may be convenient or npceesary for; the purposo of the Company. 4. To sell, demise, mortgage, improve, manage, or otherwise deal with any property of the Company. 6, To invest the moneyß 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 bold 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 nil 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 ench other things as are incidental or conducive to the advancement of the above objects. This Company has now been fully estab. 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 diflerent 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 Insurers in proportion to the premiums paid by them respecti ely to the company during the last preceding year, and the other part will b • divided amongst the shareholders in proportion to the paid up capital on*their shures respectively. By these 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 b lance 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 during the last preceiing year. •If a person occupies t^o double pa3ifion of Shareholder and Insurer, then he partakes of both sets of benefits. Another featuro 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 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 caution in the selection of risks which they bring ; and, Third, by usiug 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 aud 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 lo.ases. In fcbis way, each' set 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, Insurers, the further this safeguard and: protection is extended, for as each feels the