Page 1 Advertisements Column 5

Thames Star, Volume XIII, Issue 4243, 7 August 1882, Page 1

Insurance Companies PROSPECTUS. THE MUTUAL FIRE AND &AEINE INSURANCE COMPANY OF NEW ZEALAND. Incorporated under "The Joint Stock Companies Act, 1P60," and the several Amendments thereof. CAPITAL ... ~ £200,000 Divided into 200,000 Shabbs op £1 Each, Payable as follows:—One Shilling per sbare upon application, One Shilling per Share upon allotment, and One Shilling per share on the eighth day of January, 1883 (if required. DIBECTOBS: John Buchanan, of Auckland, Merchant Wi'liaro Buobanan, of North Shore, Gentleman' . ■ ■ William David Dallen, of Auckland, Manufacturer - Alexander Dewar, of Auckland, Merchant James Dickey, of Auckland, Ironmonger Waiter Dowden. of Auckland, Auctioneer Thomas Haneo'k, of Auckland, Brewer Donald Hugh MrKenz'e, of Auckland, Merchant James McGrownn, of the Thames, Merchant. Richard Monk, of Au'kinnd, Gentlemnn William Henry Skinner, of Auckland, Builder Ba>*kekb : . The Katiomil Fimk of-New Ze»lund, Lin ited. ; PofCITOBB: Messrs Hesfceth and Richmond. Tempobart Offices : Canada Buildings, Queen street. rilßß o'jeo's fcr which the Company in JL established are: — 1. To enrry on the businefs of Fire and Marine Insurance in all or such 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 linbililies 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 necersary for the purpose of the Com- - pany. 4. To sell, demise, mortgage, improve, manage, or otherwise deal with any property of the Company, 5. To invest the monrys of the Company in such securities as may from' time to lime be deemed expedient and without limiting the generality of this clause. To tnke or otherwise acquire and hold chares or Stock in any Company, or in any partnership arrangement transaction which may be deemed directly or indirectly advantageous to the Company. 6. If deem?d 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 aH 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 I 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 nfc 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 sbmves respectively. By these means Shareholders derive the following benefits :— Ist. They receira 8 per cent, per annum upon their paid-up capital. 2nd. T!-iay 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 difideod the other half of balance of profits, di'tributed in proportion to the premiums paid by them during the last preceding year. If a person oc;.Mip:e3 the double position of Shareholder and Insurer, them he partakes: of both sets of benefits. Another feature in connection with th 9 undertaking is that Shareholder* only are liable for losses. The advantages derivable from an undertaking, based on such principles, mu3t 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, fey directing business to the company. Second, by cxercisiug caution in the selection of risks which they bring ; and, Third, by usiug extra precautions to prevent fires, by which their b mus 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 a3 possible, and so pro- , duce a large bonus or dividend, iv which they ] each equally parricipate. This same result or object also acts as a preventive to the occurrence of fires and losses. In this way, each set of beneficiares lias 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 proteo tion is exteuded, for;.as each feels tbe