STANDARD INSURANCE COMPANY.

Globe, Volume XXIII, Issue 2194, 8 March 1881, Page 3

STANDARD INSURANCE COMPANY.

[PBKBB ASSOCIATION lEIBGBAM.J DUNEDIN, March 7. The ordinary general meeting of the Standard Fire and Marine Insurance Company was held to-day. In the course of his remarks, Mr John Reid (chairman) said, " The last yearly report informed you that, in deference to the opinions expressed [by the shareholders, we had withdrawn from the American business, and also ceased to take insurances on hulls of ships. To this cause was attributed the falling off of the premium income, and to the samo cause, together with the generally depressed state of trade, must be ascribed the falling off of the income for the half-year now under review, as compared with the half-year ended December 1879. Not only have we lost the income from the sources indioated, but during the half-year we have had to meet losses on hull policies amounting to £3677. lam glad to say that our liability on this class of risk has now nearly ceased. In a few instances, where policies expired when ships were at sea, it has been neoessary to issue policies to carry veseels to Home ports, but these are being cancelled from time to time as the vessels arrive, and in a very short time they will have all run off. Then, again, from the American and London general business, both of which were closed some time since, considerable losses have come to account during the half-year, but, so far as oan be ascertained, no further claims of any importance are likely to arise. You will notice that the sum of £7500 has been set aside as appropriation for unpaid losses which occurred prior to December 31st, but had not been adjusted. This is a provision which you will recognise the importance of, and I am sure concur in the arrangement." After a lengthy and pretty warm discussion the report was adopted, and the following motion agreed to on a vote by thirteen to five :—" That the services of the managing director be dispensed with." The following motion was negatived by a considerable majority:—" That the directors be requested to convene a special meeting of the shareholders for the purpose of considering the advisability of winding up the oompany, or adopting whatever other steps the said meeting may decido on." The retiring directors (lleasrs Charles Stewart and James Anderson) were re-elected.