[By Telegraph.] Auckland, Jan.-14. The 38th half-yearly meeting of shareholders, of the above Company, was held this afternoon—the Hon. James Williamson in the chair. E. J. Pierce, Esq., manager, read the half-yearly re port. The Chairman, in moving the adoption, said : —“ At last meeting a hope was expressed that the half-year, just ended, would prove more profitable than the one which preceded it, but I regret to say. that hope has not been realised. On the contrary our losses have been exceptionally severe. I must, how ever, state that these have not resulted from the acceptance of doubtful risks. On the_ contrary, the losses have been on first class policies. In addition to these exceptionally heavy losses we have of course suffered from the greatly reduced rates of premiums brought about by a competition amongst rival establishments unprecedented in the history of Insurance Companies in these colonies; and not only that, but we have been passing through a period of great depres sion, which has most materially affected our marine insurances. With a revival of trade, which seems now to have set in, and an increase of our imports and exports, we may reasonably look to a more extended business in this direction. Your directors have to report that , the Company has withdrawn from country business in the State of California, which has proved to be of an unpro ductive character. They have also taken precautions to carefully scrutinise all the Company’s risks, to guard against over insurance, which is the result of a low rate of premium, and further, all heavy block 1 risks have been avoided, and a care ful re-distribution has been effected, and I am' warranted in stating that the class of business secured is of a most satis factory description. It is not a pleasing duty which devolves on me on the present occasion, having to announce that your directors cannot recommend a higher dividend for the last half year than at the rate of 5 per cent. per annum. At the date of closing of the books on 30th November the Knowsley Hall, London 1 o Liverpool, had not yet been posted as a missing ship, but your directors deemed it prudent to provide for a moiety of the sum the Com pany has upon that vessel, as one of our re-adjusted losses. 