STANDARD INSURANCE COMPANY.

Evening Star, Issue 3911, 6 September 1875, Page 3

STANDARD INSURANCE COMPANY.

A general meeting of the shareholders in the Standard Fire and Marine Insurance Company was held in the Athenreum Hall at four o’clock this afternoon, the chairman (Mr G. P. Reid) presiding. The Chairman had much pleasure in coming before the meeting, and being in a position to present so favorable a report—a report which spoke for itself. The shareholders would see by the report that for the eighteen months during which the Company had been in existence they had nearly doubled their capital. The company had proved a financial success, inasmuch as lie found that no insurance or banking company, or anything else, had shown so excellent a result for the very short time they had carried on their operations—a result amounting to nearly a hundred per cent, on the paid-up capital of the company. The directors had not recommended a dividend, seeing the rapidly increasing business of the company and the apparently small capital, and believing that it would be better to retain the money than to pay a dividend and then to make fresh calls. Safety and economy had been the watchword of the company since the opening. A great amount of the success of the company’s affairs was due to the excellent tact of their manager (Mr C. Reid),

The following report for the half-year ending June 30 last was adopted : The gross income from all sources is L27,52917s 9d, and, after deducting re-insurancos, losses, cost of management, and all other charges, there remains to the credit of the profit and loss account, for the half-year, L 13.072 Is lOd, together with L 9,945 19s lid to credit at last half-year, and LB7O, being the amount of rents and interest accrued up to the 31st December, will givo a total of L 23.888 IsiOcl to credit of this account; from which will have to be deducted L 12,186, being the unexpircd value of current policies, and D 2,000 for prospective marine loss occurring during the half-year, but not yet payable, which will leave a net balance of L 9,702 la 9d available for application as tbo shareholders may determine. The directors recommend that a dividend at the rate of ton por cent, per annum, for the year ending 31 st December last, should be declared, and the amount can-led to capital account. Owing to the E resent and prospective increase of business", it will e necessary to increase the capital, either by direct calls or by capitalising profits; and the directors, being of opinion that the latter mode will be more acceptable to the shareholders, recommend that course. They also recommend that the balance of L 7,202 should remain to credit of profit and loss account till the next half-yearly balance when, if equally successful in business and fortu’ uate in escaping losses, there will be ample funds to pay a handsome bonus to insurers.”

Before the meeting closed, the Chairman expressed his gratification at there not being a single shareholder present who was not well satisfied with the action proposed by the directors.

A vote of thanks was, on the motion of Mr Baker, passed to the directors, the manager and the officers of the company. ° ’