STANDARD INSURANCE.

Auckland Star, Volume XX, Issue 53, 6 March 1889, Page 8

STANDARD INSURANCE.

THE CHAIRMAN'S SPEECH

(BY TELEGKAI'H. —I'IIKSS ARSOOIATIOK, )

Duxkdtx, this day,

Mr Eetd, at the annniil meeting of tl-io Standard Insurance Company, said tlieru

Ftiil exists v necessity for improvement in the rates for lire insurance, which, owing to tho ftrong competi'ion in several placca in which they a;e operating, are behitf re duced to a ligure far too low to be remunerative. Ho proceeded: I am glad to say that in home directions efforts have been made to remedy this, ami in fchic* eJibrt we cordially co-operate. Ourprotniumiucomefor the year exhibits a steady and satisfactory progress. It might have been largely increased, but it is Hie effort of tho directors to do a safe and profitable business rather than secure ;i big income ; hence we frequently find it necessary to lot business go past us at rates which wo feel to be inadequate. In interest our investments) aro less than luec year, but thw was to be expected owin^ to the low rate paid by banks for deporit.* as:d the general lowering of the rate of interest on mortgages. It is very difficult now- to find satisfactory investments. There is recently an improvement in this respect, and tho directoru hone to ccc large returns fov the present year. Our interest, however, compares very favourably with that obtained by other companies. Our expenses of management average about £26. A return recently published in tho " Insurance und.Finance Journal" gives the average cost of management of fifty-four lire insuranoe companies v!) £o3 '6a, I think then that wo may consider our expenses as very moderate, '-t'lie acuounta show a credit balance afoer deducting the dividend paid in June last; of £1.1% 10s 2d. The directors recommend the payment of the ueuul dividend ef 7£ per cent,^ per jDDum, nn'J ih&i itit) tj*ilai\sa of 0a fM b$ 'innUid torward,