STANDARD INSURANCE CO.

Hawera & Normanby Star, Volume LIII, Issue 9309, 6 March 1907, Page 6

STANDARD INSURANCE CO.

[press association.]

DUNEDIN, Mairch 4.

The Hon Thomas Fergus, who presided at the annual meeting of the Standard Insurance Co. said the profit on xmdexwrit- 1 ing was £5014, which was a small return for 'the business, but lean years as well as fat ones must be expected. Unavoidable circumstances had contributed to keep down, the gains, and no part of the profit was derived from the New Zealand! section of the fire business, which had resulted in an actual loss. He said there was no doubt the year'si fire business in the colony had left a considerable shortage to all companies pursuing a policy of safety. The directors have added £5000 to the reserve fund, bringing it up to £50,000, and re-insurance reserve to £26,000, or a total at jeserve equal to the paidup capital. The dijectoTS believed it was a sound policy wherever possible "bo strengthen the reserves, and this they were determined to continue. They had paid an interim dividend, and after providing for all likely contingencies, now recommend a dividend at the aiate of 7£ per cent, with a bonus of 2£, making 10 per cent for the year, and to carry forward £7188.

Hon J. B. Oallan, in seconding the . motion for the adoption ox the irapotrt and , balance-sheet, said one point whiahi was J a matter of regret was "that underwriting 1 in New Zealand for *his year had not been a success, But as the Chairman had said, they had to take lean years with fat ones. This year, he understood, had been a singularly unfortunate one in regard to fires/ in xNew Zealand. f

The motion was camried, and the retiring directors, Messrs John Mill amdi W. F. Edmond were re-elected.