FIRE LOSSES LIGHT

Evening Post, Volume CXVIII, Issue 56, 4 September 1934, Page 12

FIRE LOSSES LIGHT

THE STANDARD INSURANCE

(By Telegrapri)

(Special to the "Evening Post.")

DUNEDIN, This Day

"In view of the very diflieult times which have been experienced during the past twelve months, and of which we have not seen the end, I feel sure you will agree that the report and accounts placed before you today show a satislactory position," said Mr. W.-F. Edmond, chairman of directors, in moving the adoption of the annual report and balance-sheet, at the sixtieth annual general meeting of the Standard Insurance Co., Ltd., yesterday. The chairman' of directors referred to the fact- that during the past year the company's fire losses in the Dominion and abroad had been unusually light, considering that it was an established fact that heavy fire losses ran with a period of depression in trade. This year, however, had proved an exception to this experience, the company's losses for the year being well below, the average, as was seen from its low percentage rate of 37 per cent. Summarising the year's results, ... the chairmau said the net revenue for the year amounted to £171.3G6 3s 3d and the expenditure to £123,093 Is lOd, leaving a balance of £47,073 Is 7d, to which had to be added the balance carried forward from last year, £23.853 18s lOd, making a total of £71,027. -From this an interim dividend was. paid in March last, amounting to £12,500. leaving available a balance of £59,027. This the directors had. subject to approval, dealt with as follows: Allocated to reserve fund, £20.000; depreciation, £5000: donated to staff provident fund, £1500; and. they recommended that the balance, £32.527, be dealt with as follows: Pay a dividend for the half-year ended June, 1934, at the rate of Is 3d per share, and carry forward to next year £20,027.

The" report.was adopted, and the retiring directors, Mr. W. F. Edmond and Mr. E. C. Hazlett, were re-elected.