Page 1 Advertisements Column 5

Thames Star, Volume XIII, Issue 4245, 9 August 1882, Page 1

Insurance Companies PRO SPE CTU S. THE MUTUAL FIRE AND MARINE INSURANCE COMPANY OF NEW ZEALAND. Incorpornted under "The Joint Stock Companies /Act, 1860," and the seTeral Amendments thereof.. . - CAPITAL■;.... ~... ... £200,000 Divided into 200,000 Shares 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 eifhtlu, day; of January, 1883 (if required." Dieectobs: John Buchanan, of Auckland, Merchant William Bu-jhanan, of North Shore, Gentle* man ■'' .■■•■■ ■■■•■■.-.. ■■ ■-| William. David Dallen, of Auckland, Manufacturer Alexander Dewar, of Auckland, Merchant James Dickey, of Auckland, Ironmonger Walter Dowden, of Auckland, Auctioneer Thomas Hancock, of Auckland, Brewer Donald Hugh McKenzio, of Auckland, Merchant James McG-owan, of the Thames, Merchant Richard Monk, of Auckland, Gentleman William Henry Skinner, of Auckland, Builder Baukebs: The National Bank 6f New Zealand, Limited. PoIiTCITOBB! Messrs Hesieth and Richmond. Tempobaby OrriCES: Canada Buildings, Queen street. rpHE otjecls for which the Company is J. established are :■ — 1. To carry on the business of Fire and Marine Insurance in all or such of its branches os 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..T0 purchase, lease, or otherwise acquire any real or personal property which may be convenient or npceesary 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 thiß clause. To take or otherwise acquire and hold shares or Stock in any Company, or in any partnership arrangement transaction which may he deemed directly or indirectly j 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), inoluding its uncalled capital. 7. To do all such other things as Bre 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 diflerent to those ofthe_ other Insurance Companies now existing in the colony. 01 theße principles the chief is that known as the Mutual principle, by which the profits of the Company, after paying interest afc 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, arid 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 balance of profits distributed in proportion to the amount of their paid up capital, ' while Insurers receive twi 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 occiip^ea tho doublo 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 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 exereUiug caution in the selection of risks which they bring j 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 K3 possible, and so produce a large bonus or dividend, iv which they each equally participate. This same result or object also acts as a preventive to the occur-* rence of fires and losses. , : In this 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 protecj tion is extended, for ae^ each feels the