N.Z. FIRE INSURANCE CO.

Gisborne Times, Volume XXVI, Issue 2114, 13 February 1908, Page 3

N.Z. FIRE INSURANCE CO.

ANNUAL meeting. Press Association. AUCKLAND, Feb. 12. Tho •annual meeting of tlio sliaro"liblders of the .New. Zealand Insurance Co. .was held .this afternoon. V 'ln moving the adoption ol tlio «»- . nual report, tho chairman, the Hon. H. Thorne George, said; —“iho business of tho company is increasing m ;» most satisfactory manner, niitl wo have again a record to place before the shareholders in the premium income which amounted to the large sum of £016,410. 'being an increase on tho .previous year of .Col,‘-Ob, k hich shows'that wo are still limiting steady progress in the insurance ■world. Our interest and rents .amount to £26.342, giving a return ol 3.84 tier cent., which is a decrease from last year, hut this is partly accounted for by the fact that- some securities were realised in order to meet- our liabilities cuused by Aho calamity at San Francisco, and these cave 'an amount in cash considerably over the values at which they stood in our books. The result is that wo are now carrying a lirger propoi tion _ o ,f gilt-edged securities, which conso-y-'guently means a low rate ot interest, no less than £l4, ,01- ol these securities 'bearing interest at 31 per cent, and under. As regards the Gan Francisco disasters, shareholders will be pleased to know that om estimate- of £255,604 for these losses 3ias been ample, and now that they have been virtually settled, there is a email surplus from this amount in our favor. As to the debat side ot the account, our expenses are -14 T • 765 This is an increase on the pie .cions year, but as our business expands wo must also expect to see an ,j> fncreaso in our expenses. Our los.es the year amount to £406.0< <, and full provision has been ball known and unadjusted Lbe loss ratio to premium income is bo. JO nw cent., and our surplus on underwriting amounts to £60,0<3, being equal to 10.56 per cent, on our net. premium income, which result shareholders will, no doubt, consider saty’isfaotory. After .all owing for he 1 interim dividend was paid last- Au» net, the available balance you have to deal with amounts to Abl.bel, from which your directors lecominend the following appropriations: £25,000 to he transferred to the ieTerre fund, which will then amount to £155,000, and £.35,000 to the reinsunineofund, which will then stand Rt £235,000, these two »uiids amounting to the substantial figure ot .. 000. Your directors feel assured that ‘ the policy of building up *™ lo TO ’ serves will meet with the approval ol ... the shareholders and .that the quesj —>hion of increased dividends sliou.i It,and over. In the meanwhile, the -balance of £21,674 is carried forwurd to the new account, out of which vour directors recommend the pav •V meat of a dividend at the rate ot 2s tier share, amounting to Ll-j.OOU, making 10 ner cent, for the year. a U ‘ Fire Brigades Act was An a*A e “ . tlie session of passed o lir = i eX ;st.ing fire briParliament _ nw b * n „ formed, •gades, aad <>G- operating under the will shortly he o. considerable -Art. Tin. *.ll ■ S?flSt"£ mn- t« iy*. ■SSk a” Sll ttTS'x ajh-■' must toe raise,!, .V.... iafih + something nearer the l itos return . needed, so tint midoi-d-f 1904 wn. Abfaiu a fair tor writers may c undertaking.” the risks they a moved, and Air. Mr. AY. Winstoi. '' >o ,}r-d- the reV. J. Alexander sec. \[ r flyers, Relection of Alessrs_. A. u to the CJ. Carr, and C. V. Hong. jjnunidirectorate, the motion bein^, -pKfusly adopted.