STANDARD INSURANCE

Sun (Auckland), Volume IV, Issue 1066, 2 September 1930, Page 11

STANDARD INSURANCE

HEAVY FIRE LOSSES COMPANY’S YEAR REVIEWED Special to THE SUN DUNEDIN, Monday. Reference to the heavy toll made by tires in New Zealand was made by the chairman, Mr. W. F. Edmond, at the annual meeting of shareholders in the Standard Insurance Company, held today. For the six years ended 1928. the total loss by fire was £7,330,000, or an average of £1,222,000. It should be noted, however, that in 1923 the loss was just under £I,OO-0.000. and it increased in 1928 to £1,454,000. It was also worth noting that in Canada in 1920 the loss was 21s 6d per capita. The position was taken in hand, and in 1927 the loss was reduced to 16s. In Great Britain in 1920 the loss was 6s 2d, and in 1927 it was down to 3s 3d. In New Zealand in 1923 the loss was 14s lOd; in J 927 it had risen to 18s 4d, with a total of £1,300,000; and in 1928 to £1,450,000, equal to approximately £1 per capita. Those ligures were very significant. OPERATIONS OF COMPANY Referring to the Rural Intermediate Credit Board debentures, in which the Government was inviting large companies to invest, Mr. Edmond said that evidently the fact had been overlooked by the commissioner that the net re-

turn to such investors, after paying ; taxation, was slightly over £4 2s 6d, a fact which precluded the directors ! from subscribing, as otherwise they I would be prepared to do. Summarising the operations of the company, the chairman said the position was that, after making full provision for outstanding claims and placing £25,000 to reserve fund," allocat£l,Boo to the permanent staff guarantee and provident fund, and £2,000 to depreciation of office premises, there was an available balance of £35,644 9s 4d. Of that sum the directors recommended that a dividend at the rate of Is 3d a share be paid for the half-year, absorbing £12,500. and that the balance of £23,144 9s 4d be carried forward to next year. Shareholders would be glad to know that the permanent staff guarantee and provident fund was increasingly appreciated by the staff. The balance sheet published in November last showed that the fund then stood at £29,763 14s 3d, with 136 members I subscribing. On the present occasion the directors had voted to the fund by way of bonus the sum of £I,BOO and they felt confident that shareholders would again ratify their action The report was adopted, and the retiring directors, Messrs. U. C. liazlett and James Quale, were re-elected —— ' i