STANDARD FIRE AND MARINE INSURANCE COMPANY.

Evening Star, Issue 3602, 8 September 1874, Page 3

STANDARD FIRE AND MARINE INSURANCE COMPANY.

The half-yearly meeting of the Standard Fire and Marine Insurance Company was held yesterday afternoon at the Athenaeum, F. Reid in the chair. The attendance of shareho'der* was small. The half-yearly report for the half-year ending June 30th was brought up, as follows : In presenting the first half-yearly balancesheet, the directors desire to congratulate the shareholders on the prosperity and future prospects of the company. Thereceipts for thehalf-yeararaount t0L7,163 16s 3d. After deducting the whole of the preliminary expenses, losses, and cost of management, there remains the sura of L 3.591 14s lid to credit of profit and loss account. The sum of L 17.750 has been invested on first-class securities, at interest ranging from six to eight per cent. * > In the acceptance of risks the utmost care, consistent the nature of the business,- Las been exercised in every department. . The Company not being formed in sufficient time to secure a share of Jhe last season’s wool export trade, and the Home agents’ returns of not being to hand, the half-yearly transactions have been confined to firs and coastal marine insurance. Agenesias have been established in Great Britain and in the Australian Colonies, and the directors confidently anticipate a increase of business during the ensuiug half-year. The following is the statement of accounts for the half-year Liabilities.—To capital, calls on 47,000 shares at 10s, L 23.500-; to balance of profit and loss account, L3,59114s lid; total, L 27.091 14s lid Assets.—By unpaid calls on shares, L9Bl 18s 6d; investments, LI 7,750; in bank, branches, and hands of agents, L 8.359 16s sd; total. L 27,091 14s lid. Profit and Loss Account.— To fire premiums, L 5,228 18s 6d ; marine premiums, L 1,812 19s lid ; interest, transfer fees. &c., L12116s lOd ; total, L 7.163 15s 3d. By fire losses, less salvages, L 959 9s 8d ; marine do, do, LIU; salaries and fees, L 527 12s 2d ; preliminary expenses, L 694 12s 5d ; license and registration fees, L 460 5s ; printing, stationery, advertising, 4c., L 297 9s 9d; agents’ commission. L41317s 2d; rent, stamps, postages, telegrams, &c., LlO7 14s 2d; balance, L 3.591 14s lid; total, L 7,163 15s 3d. The Chairman said though the balance’ sheet appeared humble when contrasted with the balances of other companies, taking into consideration afi the circumstances under which the Company was started it did not present so bad an appea-auce, and there was nothing in it to be ashamed of. 1 1 should be borne in mind that the Company was stare-, d too late to secure a share of the last season’s wool export business; and it was also started Just after t|m eommeueemeat of business by WP powerful local companies.' They Jiad Reen yery unfortunate ip regard to their Lon4«m agenpy. They sent Home a power ef attorney to a firm’which they had every Nason to believe would accept the azeucy. and when they expected to receive advices of having got full lines, it was dispiriting t-i receive infoi matron that the firm would not accept the agency, as, doing business for another office, they could not accept it. However, they took the earliest oppprtunity of appointing a London agency, and had been fortunate in getting the London branch of a leading Dunedin firm to accept agency Their country agencies ip aij parts of Aew & aland were now in working order, and fihowed a considerable accession of buiness. With regard to their fire business, be might say that since the 30th June they hj id, from Otago alone, taken nearly L2,oooin fire premiums, which would be allowed to be a very favorable result, and business was constantly increasing from all quarters The Company, in connection with the tandard Building Society, had secured the lease for fourteen years of the present offices at a small coat. The prosperity of the Company ■ greatly advanced by each shareh' IderVxeitwg himself to influence bpsingas. Before adoption of the report, he w'eul j Pflke the opportunity of referring to the pnergy of their manager, Mr *O. Hpid. The great success whiph the Company had pehieyed was largely owing to that gentleWap’s persevering exertions. Mr Barer seconding the motion, the report was adopted. In answer to a question. The Chairman said that since the balance was struck the loss was L 1,500, vote of thanks to the chairman concluded the proceedings. „