STANDARD INSURANCE COMPANY.

Lyttelton Times, Volume XCIII, Issue 10597, 5 March 1895, Page 6

STANDARD INSURANCE COMPANY.

ANNUAL MEETING. [Pee Press Association.! DUNEDIN, March 4. Thu Standard Insurance Company has now sttained its majority, the meeting today being the twenty-first. The report presented showed a profit of .-212,645 9s 9d, out of which » dividend of 74 per cent and a bonus of 2& per cent was recommended; also, to add .£IOOO to the Beiusurance Bessrve Fund, which will then stand at £15.000, and to carry forward £4145 9s 9d. Messrs M. Joel and A. C. Begg were reelected directors. It was mentioned that, since 1890, the company has added £22,000 to the Deserve Fund. Mr Eeid, the chairman, after referring to the balance-sheet and intimating that a dividend equal to 10 per cent would bs paid, said:—“Our net income foy the year was leas than for 1893 by £2619. This is scarcely to be wondered at, considering the large shrinkage which has taken place in the value of all property, particularly in our articles of export, wool, wheat, frozen meat, &c. This shrinkage in value has affected the volume of business in both departments, Are and marine. Then, as you all know, we have had to face at some points an unprecedentedly severe, indeed, senseless competition for firo business; More particularly has this been the case ia Otago and Auckland, which, of course, also affected our income. Sates at these points are also so low that one would fain hope they may be considered at bed-rock, that is, at the point at which an office will not see its way to extend its connection at the cost of soma other company. It is generally admitted that experience has shown the necessity for some measure of co-operation on tho part of insurance companies to prevent this useless and senseless rate cutting; and we hope that soma action may soon- be taken by companies to put a stop to a senseless competition, which we are euro ia not denired by the public, and for which, they do nob thank you.”