Notices. , ,
T) R 0 S P "e C T US, THE MUTUAL FIRE AND MARINE/ INSURANCE . CCMPAN Y OF NEW ZEALAND. Incorporated under " The Joint Stock Companies Act, 1860,' 1 and the several Amendments theieof. CAPITAL .-£200,000 Divided into 200,000 Sharks of £1 Each,, Payable as follows : One Shilling per share upon application, One bhilling per Share upon allotment, and One Shilling per share on the eighth day of January, 1883 (if required). Directors : John Buchanan, of Auckland. Merchant William Buchanan, of North Shore, Gentleman William David Dallen, of Auckland, Manufacturer Alexaudei 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 Bank him : The National Bank of New Zealand, Limited. Solicitors : Messrs He&keth and Richmond. Temporary OiauoES : Canad.i Buildings, Queen-street. The objects for whidi Lho Company is established aie :—: — 1. To ran yon tli c business of Fiie and Marino Insuiance in all oi such of its blanches as the Company shall from time to time dctenmne. 2. To pm chase or otherwise acquire and take over all oi any pai t oi the business property or liabilities of any other Company carrying on File and Maiino luminance business. 3. To purchase, lease, or othenvise acquire any leal or personal piopeity which may be convenient or necessary foi the piupo&e of the Company. 4. To sell, demise, mortgage, improve, manage, or otherwise deal with any piopcity of the Company. 5. To invest the monies of the Com- , pany in such securities as may from time to time be deemed expedient and without limiting the genoiality "of this clause. To take or otherwise acquire and hold shares or Stock m any Company, or in any paitucrship anangeinent tiansaction which may he deemed diiectly or indirectly advantageous to the Company. 6. If deemed advisable, to bonow money, either with or without security on all oi any of the piopcrty of the Company, or by issuing debentiues chaiged on all or any of the Company's piopeity (both piescvit and futuie), including its uncalled capital. 7. To do all such other things as are incidental or conduci\e to the advancement of the above objects. This Company has now been fully established, and without any appeal to the public over Ton Thousand Shares liav c been already applied for. In many instances the applications were repeated and the number of sliaics doubled. The Company has been established on piinciplcs difleientlotho&cof the other lnsui an co Companies now existing in the colony. Of these pi inciples the chief is th.it known as the Mutual principle, by which the proiits of the Company, after paying interest at the late of 8 per cent, to the shareholders upon their paid up capital, and after such deductions for the foimation and loplenishmont 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 be divided amongst the shareholders in proportion to the paid up capital on their shares respectively. By these means shareholdeis derive the following benefits : — Ist. They receive 8 per cent, per annum upon their paid-up capital. 2nd. They receive as a bonus or dhidend one-half of the balance of pio/its distiibuted in proportion to the amount of their paidup capital, while Insuioi& lecehe as a bonus or dividend the other half of balance of niofits, distributed in proportion to the piemiunis 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 ol benefits. Another feature in connection with the undertaking is that shaieholdeis 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 insurer arc stimulated alike to ad\ ance the interest of the Company and prevent losses — First, by directing business to the company ; second, by exercising caution in the selection of l'ibks 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 Insureis 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 f beneficiaires 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 prosperity of the Company, so each feels its reverses, though both are felt in different degrees. ■As to the necessity for such an undertaking, it is quite clear that it, >s called for. The business of- Fire ' and Marine [insurances, has been, and still is increasing throughout the colony, and especially ia this so in the Auckland Provincial District. > The vast returns which have been ' obtained by our local companies demonstrate beyond a doubt that a business of very jreat magnitude is Toeing transacted year ifteryear, and thatf remits" are* prbdnc|d^ivgon;^i^vcf'y small iaib Ant of> calledjup cal,gitai.| J 'l:'~^ , ,', ' jN^no* * of '^ vesul J;s,
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https://paperspast.natlib.govt.nz/newspapers/WT18820810.2.17.6
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Waikato Times, Volume XIX, Issue 1576, 10 August 1882, Page 4
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949Page 4 Advertisements Column 6 Waikato Times, Volume XIX, Issue 1576, 10 August 1882, Page 4
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