Page 1 Advertisements Column 5

Thames Star, Volume XIII, Issue 4248, 12 August 1882, Page 1

Insurance Companies , V E O S P E C T-TT S. THE MUTUAL FIEE ANP MAEINE INSUEANCE COMPANY OF NEW ZEALAND. Incorporated under "The Joint Stock Companies Act, I860," and the several Amendments thereof. CAPITAL .. ... , £200,000 Divided into 200,000 Shares of £1 Each, Payable as follows:—One Shilling per share u;x>n application, One Slutting per Share upon allotment, and One Shilling per share on the eighth day of January, 1883 (if required. DlBEOTOBS: John Buchannn, of Auckland, Merchant William Bu-shanan, of North Shore, Gentleman Willinm David Dallen, of Auckland, Manufiicturer Alexander Dewar, of Auckland, Merchant James Dickey, of Auckland, Ironmonger Walter Dowdeti, of Auckland, Auctioneer Thorcns Hanco'k. of Auckland,' Brewer Donald Hugh M'E"enzie, of Au'klnnd, Merchant James McGrow-n, of the Thatnra, Merchant Bichard Monl< <•( Aucklord, G»ntl<>mpn William Henr; Skinner, o' Aurldar.d, Builder Bafkebs : Tbe Kationbl Tunk of New Zeali-ncl, Liiiiited. Soltcitohs : Messrs Hesleth and Richmond. Tempoeabt Offices : Canada Buildings, Queen street. npHE objects for which the Company is JL established are: —• 1. To carry on the business of Fire and Marine Insurance in all or such of its branches as the Company shall from lime to 'time determine. 2. To purchase or otherwise acquire and take over all or any part of the business properly or liabilities of any other Company carrying on Fire and Marine Insurance business. 3. To purchase, lonse, or otherwise acquire 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 tbe 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 ..etlun'wise 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 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. j. 7. To do all f uch 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 d'flerent to those of the other Insurance Companies now existing in the colony. Of these principles the chief is that knowu as the Mutual principle, by which the profits of the Company, after paying interest ot 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 respectively 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 shares respectively. By these means Shareholders derive the following beneflts: — Ist. They receira 8 per cent, per annum upon their paid-up capital. ' 2nd. They receive as a bonus or diviI dend one-half of the balance of profits distributed in proportion to the amount of their paid up capital, whilo 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 is that Shareholders only are liable for losses. The advantages derivable from an undertaking, based on such prinoiples, 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, by directing busiuess 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 and Insurers work together for one and the same object, each being stimulated to make the business of tbe 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 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 protection is extended, for as each feels the