NEW ZEALAND INSURANCE COMPANY.

Wairarapa Age, Volume XXXII, Issue 9715, 10 February 1910, Page 5

NEW ZEALAND INSURANCE COMPANY.

ANNUAL MEETING. DIVIDEND OF 4a PER SHARE DECLARED. By Telegraph—Press Association. AUCKLAND. February 9. The annual general meeting of shareholders in the New Zealand Insurance Company was held this afternoon. Mr M. A. Clark, Chairman of Directors, who presided, said the result of the. year's operations had nob been up to expectations formed last year.. During the first half of the financial year conditions in respect to fire losses prevailed in certain fields of the Company's operation?, which had been unknown for years, but he was pleased to say that these conditions had not so far been repeated, and that the position in this regard had greatly improved during the first quarter of the current year. He referred to the tax for the maintenance of Fire Brigades as severe and oppressive. There wais a slight increase in the ex ■ pense ratio, largely attributable to the decrease in revenue. One gratifying feature of the balance sheet was the increased revenue from interest and rent which amounted to £28,648 as against £26,875 in the previous year. The market value of ! the Company's securities was largely in excess of the values,at which they stood in the balance-sheet. After deduction of the interim dividend paid in August last there was an available balance of £34,861 12s Id, out of which directors recommended that £IO,OOO be carried to the reserve fund, and £15,0u0 be applied to payment of dividend for the half year, making 4s per share for the year, leaving a balance of £9,861 12s lid in the new account, as against £8,793 Is 3d in the previous year. The outlook for the current year was far more hopeful in all fields except that \of the Dominion, < and the directors expect at next annual meeting to report an improved condition of affairs. Messrs Matthew A. Clark, Thomas Buddie and Henry Horton, the retiring directors, were re-elected, and Messrs J. F. Buddie and A. J. Denniston were re-ap-v pointed auditors to the Company.