Page 4 Advertisements Column 2

Waikato Times, Volume XIX, Issue 1573, 3 August 1882, Page 4

Notices.

p S 0 S. P E 0 T U S, THE MUTUAL FIRE AND MARINE INSURANCE COMPANY OF NEW ZEALAND. Incorporated under " The Joint Stock Companies Act, I860," and the several Amendments thereof. CAPITAL £200,000 Divir>Ki> into 200,000 Sharks ok £1 Kvoir, Payable as follows : One Shilling per share upon application, One Shilling per Share upon allotment, and One Shilling per share on the eighth day of January. 1883 (if required). Directors : J ohn Buchanan, of Auckland. Merchant William Buchanan, of North Shore, Gentleman William David Dallcn, 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 McKenzie, of Auckland, Merchant James McGowan, of the Thames, Merchant Richard Monk, of Auckland, Gentleman William Henry Skinner, of Auckland, Builder Bankers : The National Bank of New Zealand, Limited. Solicitors : Messrs Hesketh and Richmond. Temporary Offices : Canada Buildings, Queen-street. The objects for which the Company is established arc :—: — 1. To carry on the business of Fire and Marine Insurance in all or such ot 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 liabilities of any other Company carrying on Fire and Marine Insurance business. 3. To purchase, lease, or otherwise acquire any real or personal pioperty which may be convenient or necessary for the purpose of the Company. 4. To sell, demise, mortgage, impiovo, manage, or otherwise deal with any pioperty of the Company. 5. To invest the monies of the Company in such securities as may from time to time be deemed expedient and without limiting the geneiality of this clause. To take or otherwise acquire and hold 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 moucj , cither 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 propeity (both present and futiue), including its uncalled capital. 7. To do all such other things as are incidental or conducive to the advancement of the above objects. This Company lias now been fully established, and vv itliout any appeal to the public o\ ci 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 different to those of the other Insurance Companies now existing in the colony. Of these principles the chief is that know n as the Mutual principle, by which the profits of the Company, after paying interest at the rate of S per cent, to the shareholders upon their paid up capital, and after such deductions for the formation and replenishment of the resen c fund and other contingencies, are to be divided into two equal parts, one part of which will bo divided between the Insuicis in proportion to the premiums paid by them respectively to the company during the last preceding year, and the olhei pat t will be divided amongot the shaicholdcis in pioportion to the paid up capital on their shares respectively. By these means shareholders deri\ c the following benefits ; — Ist. They leceive 8 per cent, per , 'annum upon their paid-up capital. 2nd. They receive as a bonus or di\ idend one-half of the balance of profits distributed in proportion to the amount of their paidup capital, while In&uiers rccci\e 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 oceupics the double position of shareholder and insurer, then he partakes of both sets of benefits. Another featmc in connection with the undertaking is that shareholders are only 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 jnsui cr 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 using extra precautions to prevent fires by which their bonus or dividend would be absorbed. 1 In this way both Shareholders and 1 Insurers work together for one and 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 losses. In this way each set o* beneficjaires 'has a special and particular interest in 1 the welfare and prosperity of, the underl taking, and it is this principle which 1 ' 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 prosperity of the Company, so each feels its reverses, , though both are felt in different degrees. I As to the necessity for such an undertaking, it is quite clear that it is called for. The business of ,Fire and Marine Insurances has been, "and still is 'increasing throughout the colony, and especially is this so in the " Auckland Provincial District. ' " ' ' • ' 1 The vast returns which have" been ob- ' tamed by our local companies demonstrate 1 beyond a doubt that a /business f,,of'jvery i great magnitude is being, transacted year : after year, and that these .ejiormous re1 suits are produced upon La' very small amount of called-,^)? capital.'/ , I / 1 Npne of^iHwe fextoiowUhanK results^ . formed f-nb"on'i-w|>inutoaT|nnneiplej{»by f -nb"on'i-w|>inutoaT|nnneiplej{»by