The Equitable Insurance Association.

Gisborne Standard and Cook County Gazette, Volume IV, Issue 586, 24 March 1891, Page 2

The Equitable Insurance Association.

AN INDIGNATION MEETING. Hokitika, March 19. An influential meeting of shareholders of the Equitable Insurance Association, representing 12,000 shares, was held last night, Mr Bevan being in the chair. The business operations of the Association for the last four years were exhaustively dilated upon, and

the enormous losses, amounting in the aggregate to £42,693 18s during that period, Were fully discussed. A general expression of opinion prevailed that a reckless, extravagant and vicious system had been disclosed by the balance-sheets hitherto issued by the directors; that the auditors and Directors had failed in their duty in not having previously reported on the value of the assets ; that withholding the balance-sheet for 1890 un it after the general meeting had been held in Dunedin demanded the most searching inquiry in view of large amount of deficit, which the shareholders would be called upon to pay in making tip the affairs of the Company; that the business might have been sold to greater advantage as a going concern had the Directors confided in the shareholders. Great stress was laid on the oft-repeated assurances of the Directors and Manager during the past two years of the gradual increasing prosperity of the Association. The shareholders had been lulled imo false security by these specious arguments and explanations; that the Directors must have known whan issuing 'he balance-sheets the hopelessly Involved condition into whi h the shareholders were being p uuged in Carrying on the businesa without capital; and that they must bo held ri-.pousible for their actions. The following resolutions wore unanimously carried I—This meeting is st Opinion that exhaustive investigations into ! the of the Association is absolutely

necessary in view of the enormous losses disclosed by the Directors ; that a committee ponsistlpg of five shareholders, two representing Otago apd Canterbury, two Westland and Nelson, and cue for the North Island, to be chosen from the resident shareholders, be appointed for the purpose ; that the Greymouth, Westport, and Nelson shareholders be earnestly requested to co operate in order to secure a strong West Coast representation at all the meetings of the Associaiim ; that in the interests of the shareholders it is desirable not to appoint a liquidator until the report js laid before the shareholders by such an investigation committee ; that the shareholders throughout the Colony be requested to co-operate in giving effect to these important resolutions, and for the protection of their vital interests. A standing Committee was appointed for tns purpose of taking all necessary steps (or protecting the interests of the shareholders the Westland district)