An influential meeting of merchants and others favourable to the formation of a new Insurance Company was held on the 22nd August.
The meeting unanimously affirmed the desirability of forming a new Company, and resolved that the name of the Company should be - "The National Fire and Marine Insurance Company of New Zealand."
The capital was fixed at 500,000, in 50,000 shares of 10 each, with power to increase to 1,000,000.
The following gentlemen were appointed Provisional Directors: - Messrs G. Gray Russell, John Cargill, J. L. Butterworth, R. Oliver, James Smith, D. Proudfoot, R. A. Low, W. J. M. Larnach, E. Prosser, H. Driver, R. Wilson, C. R. Howden, A. Burt, C. S. Reeves, and G. C. Matheson.
The following were afterwards added to the Directory: - Messrs J. Scoular, W. Guthrie, K. Ramsay, J. Edmond, James Mills, J. T. Mackerras, J. Smith (Bing, Harris, and Co.), L. Thoneman, James Marshall, and Captain W. Baldwin.
Messrs Smith and Anderson were appointed solicitors; the National Bank of New Zealand, bankers; and Mr R. H. Leary, interim secretary.
One-fourth of the capital was subscribed by those present, and applications were received for a large number of shares from various inland centres, and from Christchurch.
Indeed so great was the demand that the Directors subsequently determined to increase the capital to 1,000,000.
100,000 shares at 10 each will be issued, 5s per share to be deposited on application, 5s on allotment, and 10s in four calls of 2s 6d, at intervals of three months.
- September, 2