STANDARD INSURANCE COMPANY.

Nelson Evening Mail, Volume XI, Issue 73, 14 March 1876, Page 2

STANDARD INSURANCE COMPANY.

. At the general meeting of the Standard Insurance Company in Dunedin on Monday week, the chairman, in moving the adoption of tbe report, said : — The past year has been one of unprecedented disasters to shipping of the very best class, and has been a most anxious time for underwriters, the Australian and New Zealand offices having been heavy losers. * * # It is a recognised principle that a season of mercantile depression is generally productive of heavy losses to Insurance Companies. Yonr Directors, therefore, have been most careful to reduce the amount of their lineß in all large business centres, so that, should any unusual depression arise, which many people seem to expect, the Company will not have extra large hazards in any one block. This will, in a great measure, account for the fact that tbe increases in premiums received during the post half-year, do not greatly exceed those of the preceding one, notwithstanding a great increase of new business ; but the directors consider it best to do a safe if small business, rather than a large . and hazardous one. Besides this, tbe wool eeason had scarcely commenced ' before balancing day, so that very little wool premiums are included in the account. And owing to the nonarrival of the December English mail, the business of the Home Agencies for one month does not appear in the accounts. By the returns received since, the premiums amounted to about £1,000. As you will see by reference to the accounts the balance to credit of profit and loss is £20,465 odd, to which may be added £659, interest of capital account, giving a total of £21,124, from which deduct £847 for unpaid losses, and £12,2*11, the value £13,088 of reinsuring existing policies, leaving a balance of £8,036,. The directors are most anxious to make a bonus distribution to insurers under Clause 83 of the Articles of Association, and regret very much that the present state of affairs does not warrant them in so doing. They however entertain the hope that by the expiration of the current halfyear so auspiciously begun, they will be in a position to recommend a distribution. On looking over the balancesheet you wili see that our working J expenses are very low in comparison to other companies ; and I think that the thanks of the shareholders are due to Mr Charles Reid for his able management. Mr Boyd moved the following amendment:*—"That instead of increasing the capital by ten per cent, as proposed by the directors, the same amount (£2,500) be placed to the credit of a reserve fund." ' The amend cnent lapsed for want of a seconder. In reply to a question, the chairman said that the marine loss waa about £12,000— £5,003 on hulls, and £7,000 on goods. The fires make the total losses £21,703 15s 9J. The report was unanimously agreed to.