STANDARD INSURANCE COMPANY

Otago Witness, Issue 2817, 4 March 1908, Page 25

STANDARD INSURANCE COMPANY

ANNUAL MEETING.

The annual general meeting of shareholders in the Standard Fire and Marine Insurance Company of Jfew Zealand (Limited) was held at the company's offices on the , 3rd inst., and was attended by about 20 snaie h °The rS report and balance sheet were taker, as read, £»d the Hon. T. Fergus . in movins their adoption, sa,id that before he proceeded to review the 1 items i he meeting would no doubt bear with him while he alluded to the great loss which the company bad sustained during the past year by the death of two of the directors. Mr BWs connection with the company was of very long standing, Jhe having been auditor from 187* until March, 1891, when he retired, but a few months later was elected a director, which Position he held uninterruptedly till his death. Mr Maurice Joel, who likewise joined the great majority very shortly after Mr Begg s decease was also a zealous servant of long landing, having held the position of director for a period of 23 years. Both these gentlemen had taken a very warm interest in the affairs of the Standard, and contributed in no small measure to its success. The board, after due consideration had offered Mr Begg's seat to a most ■worthy and strenuous friend of the company—Dr Hoeken,— and the position, he was glad to say, had been accepted by him. Referring to the report, they would note that; the income for the year, including balance brought forward (omitting shillings and pence) was £112,579, and the expenditure £92,693, leaving v balance of £19,886 From this amount the directors had placed £5000 to the credit of the reserve fund and had paid the usual interim dividend in August last— £2Bl2 10s, — and they now recommended that the balance be appropriated to the payment of a further dividend for the half-year at the rate of 74 per cent, per annum and a bonus of 2£ per cent., which would make 10 per cent, for the year, and carry forward a balance of £7386 Is 9d, which was rather more than la6t year. Considering ihe numerous fires which had occurred in this colony and in Australia, some involving considerable loss, they would, he thought, agree that the outsome was very satisfactory. Turning to the balance sheet, they would observe that the loans on mortgage, company's properties, debentures, and shares were shown separately, as ho mentioned last year was their intention to so state them in future. They amounted in all to £151,063 17s 8d ; Jast year they i totalled £139,939 4s, and were shown '

under the head " investment?, so therS was an increase under this heading of £11,124 12s 9d. Owing to this the amount at credit with their bankers at head office and branches had been reduced by £5623 12s. On the other side, they would notice that their reserve fund now stood a* £55,000 and their reinsurance reserve a* £25,000, or a -total of £80,000. Referring to the profit and 'loss statement, the premium income showed an increase of ovei £6000, and their interest on investments, which amounted- to £6653 5s 3d, was rather more than last year. On tha other side, their losses were somewhat heavier than for 1906- (about £1200). It was Mgnjfiean,*-' tb>t notwithstanding such keen competition" .their income had increased so much, but ie was likewise an undoubted fact that the insurance profits had not been commensurate with the business dene. Government licenses and taxes and contributions to flre brigades were heavier, and the latter item will, he feared, increase very considerably under the newlyconstituted Fire Boards. It was^p be hoped that the Fire Boards, while doing all they, can to ensure efficiency, would not launohV into extravagant expenditure. He had ntf fault to find on that score with thesa bodies as yet, but " verbum sap." The figures quoted would, he thought, show tin company to be in a very satisfactory poa\« tion. The directors had observed a very, careful line of policy, always having irt view a safe and profitable business, and th;s course they purposed to follow. To their staff was due credit for their attention ami for their enterprise,, which had brought) about the expansion of business referred to, in spite of the severe competition which in these days they had to face.- Changes had > oocured in _$b<ejr ■ Ghfisfchurch and Wellington offices, but he 'was glad to say the services of both Mr Scott and Mr Evans would not be lo3t to the company, as they, continued with them as advising directors. ' In the. early part of the year they had authorised the directors, by" special resolu« tion, to register the company as Tha Standard Fire and Marine Insurance Com* pany of New Zealand (Limited). This has been done. The company «ras re-registered on February 11, and its title changed accordingly. By this operation the company N has been brought into line with modern practice. The company's subscribed capital remained at £1,000,000 which, with their accumulated reserves, unquestionably offered a very substantial guarantee to their clients. In 'regard to the outlook for 1908, the year had commenced none too well. Fires had been numerous throughout the Dominion and in Australia. The conflagration in Christ* church was as extensive as any that had occurred in the colony, and their loss by that fire would probably be about £4000. Then, just prior to this there was a serious fire in Timaru. Bush and grass fires' in the Commonwealth and in the Dominion, owing to the serious drought, had also been very frequent and occasioned much loss of property. Their company had, however, escaped fairly well. "Bad be{rinninqfs often make good endings," and the directors therefore looked Jforward hopefully that the succeeding months of the current year might be less disastrous than the past Mr G. B. Bullock, in seconding the adoption of the report and balance sheet, felt sure that there was only one feeling among shareholders— that of appreciation -of the way the business of the com pan v had been conducted during the past year. The report and balance sheet revealed t most satisfactory state of affairs, and h« was sure the shareholders were very satisfied. The motion was carried unanimously. The retiring directors, Messrs John Reid and Daniel Havnes, and the retiring auditor, Mr J. G. Patterson, F.N.Z.A.A., were re-elected. Mr A. Sligo said the chairman had alluded to fires in the Dominion. No wonder insurance companies approached their balance sheets in fear and trembling. He (the speaker) confessed to having felt' anxious, but had satisfied himself that this company was still on the up-grade. Hay-, ing quoted figures in support of" this statement,' Mr Sligo went on to say that under the circumstances the shareholders should be satisfied with a dividend of 10 per cent. He pa ; d a high tribute to the "capable, econorrjio, and careful " Board of Directors, and proposed a hearty vote of thanks to the directors, management, an<f officials generally.

While Frank Geddes. a single man w*^ snipe-shooting near Sale, Victoria, he was bitten on the finger by a tiger snake, and died next day in the Sale JJospital. A rouoher for £2354 has been passed for payment to the Greymouth Harbour Board, being the amount of royalty on State Coal Mines Department to December sold to the publio from the opening of the State Coal Min^3 Department to December 3l r 1906.