STANDARD INSURANCE CO.

Rangitikei Advocate and Manawatu Argus, Volume XXXI, Issue 8756, 5 March 1907, Page 2

STANDARD INSURANCE CO.

Per Press Association; Dunedin, March i. The Hon. Fergus, who presided at the annual meeting o£ the Standard Insurance Company this afternoon, said the profit on underwriting was .£5,014, which was a small return for the business, but they must expect lean years as well as fat ones, and unavoidable circumstances had contributed to keep down their gains. No part of their profit had been derived from the New Zealand section. Their fire business had resulted in actual loss and there was no doubt that the year’s fire business in the Colony had left considerable shortage to all companies pursuing a policy of safety, which had been characteristic of this company so many years. The directors have added £5,000 to reserve fund, bringing this up to £50,000. They had also a reinsurance reserve of £25,000, or a total at reserve equal to the paid up capital. The directors believed that it was sound policy, whenever possible, to strengthen the reserves, and this they were determined to continue. They paid an interim dividend and, after providing for all likely contingencies, now recommended a dividend at the rate of 7- per c nt, with a bonus of 2J, making 10 per cent for the year, and to carry forward £7,188. Latbe. At the mooting of the Standard Insurance Co,, the Hon. J. B. Callan, in seconding the motion for the adoption of the report and balance-sheet, said one point which was a matter of regret was that underwriting in New Zealand for this year had not been a success, but as the chairman had said, they had to take the lean years with the fat ones. This year, ho understood, had been a peculiarly unfortunate onejn regard to fires in New Zealand. In connection with that it was an important thing, and ho agreed with the directors, that the reserve fund should bo increased. It was a wise policy. It was satisfactory to see that the investments wore good ones. The motion was carried;

Tho retiring directors, Messrs John Mill and W. F. Edmond; were re-elected.