Page 4 Advertisements Column 4

Waikato Times, Volume XIX, Issue 1577, 12 August 1882, Page 4

■p R O S PE"-0 T U S, THE MUTUAL FIRE AND MARINE INSURANCE COMPANY OF NEW ZEALAND. Incorporated under " The- Joint t Stock Companies Act, 1860," and the several Amendments thereof.

CAPITAL ' : £200,000 Divided into , 200,000 Shares ok ,£1 Each, Payable as follows : One Shilling per share upon application, One bhilling per Share upon allotment, andOne 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 Alexander Dewar, of Auckland, Merchant James Dickey, of Auckland, Ironmonger Walter Dowden, of Auckland, Auctioneer' Thomas Hancock, of Aiickland,' Brewer Donald Hugh ' McKeuzie, of Auckland, Merchant Jaine3 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. TEiMPORARY Offices : Canada Buildings, Queen-fetreet.

The objects for which the Company is established are :—: — 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 auy 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 property which may be convenient or necessary for the purpose of the Company. 4. To sell, demise, mortgage, im- , prove, manage, or otherwise deal with any property of the Company. 5. To invest the monies of the Company in such securities as may irom time to time be deemed expedient and without limiting the generality of this clause. To take or otherwise acquire and hold shares or Stock in any Company, or in any pai tnership arrangement transaction ' which may be deemed directly or indirectly advantageous to the Company. 6. If deemed advisable, to boirow 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. 7. To do all such 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 shaves 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 known as the Mutual principle, by which the profits of the Company, after paying interest at the rate of 8 per cent, to the shareholders upon their paid tip capital, ami 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 be divided amongst the shareholders in proportion to the paid up capital on their shares respectively* By these means shareholders derive the following benefits : — Ifat. They receive 8 per cent, per annum upoii 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 paidup capital, while 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 ot benefits. Another feature 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 insurer 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. In this way both Shareholders and 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 wliich 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* ibeneficiaires has a special and particular interest in the welfare and prosperity of the undertaking, and it ia 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 ' q uite clear that it 5 g called for. ' The business of Fire.*and' l Marioe s Insurances has been, and still is increas-, ing'thrqughoutthe'cbloriy^and/e'sjpeci^ly, is this : s0 in the Axickland Proyincial, District. sr /\ •• 'i,*''if% ( ',',- ' The vast returns' whicfc'have* been obtamed by our locfilcomp'anieB demonstrate beyond'sfdoubt that a* brisinessr-of , very.' gVeat mignitude'.is neifag^trMiiScted yjear' after year; and that- tKese* enormous ife J r 'Sulte^ar«^p]^u(^d^idpp^^Y^ry^Bi&%ll. wnouptTof ;called^i^capi^V $£%$/$$ ? J>S i^^oneJ^>theBiß|[ex^oxdlQ&^^^^^ 'formedf^upoh,^ iWhioK'fevery/additibn^lfliisiirerSiiby^iiisuETv