COMPANY AFFAIRS.

Auckland Star, Volume LXIX, Issue 210, 6 September 1938, Page 4

COMPANY AFFAIRS.

STANDARD INSURANCE,

HIGHER PREMIUM INCOME. (By Telegraph.—Special to " Star.") DUXEDIX, Monday. Speaking to-day at the sixty-fourth annual meeting of the Standard Insurance Company, the chairman, Mr. W. F. Edmond, said the premium income of £184,880 had -shown a substantial increase, being £13,031 more than last year, which necessitated the placing of" £8500 to reserve for unearned premiums, thereby maintaining a percentage of 62 per cent. Interest from investment amounted to £25,380, a sum more than ■sufficient to pay the annual dividend. Mr. Edmond said it was seven years since the company was in this fortunate position. At the same time it would be too optimistic to suggest that these figures could be maintained, as the company had' a large holding of 1938 bonds maturing in November next, which, after conversion, would show a very low rate of interest indeed, and this naturally would reduce the company's income materially. The chairman announced that'the board had in a tangible manner shown its appreciation of the staffs work by placing to the credit of the provident fund the sum of £3250. Mr. G. W. Hutchison, of Auckland, seconding the adoption of the report, said it might appear that the net profit, which showed a high return on the paid-up capital of the company, was fairly substantial, but it had to be remembered that the company was using in addition to capital shareholders' funds in the form of reserves amounting to £205.000 and on tho aggregate of the two. namely, £495,000. the return was only R.S per cent. Mr. Hutchison commended the policy of the hoard in its generous treatment of the staff by grants to the staff provident fund. The renort was adopted and Messrs. G. W. Hutchison and Herbert Price were reelected directors.