STANDARD INSURANCE CO.

New Zealand Herald, Volume LXIV, Issue 19719, 19 August 1927, Page 9

STANDARD INSURANCE CO.

DIVIDEND OF 16f PER CENT. CAPITALISATION OF RESERVES. Tho annual report of the Standard Insurance Company, for the year ended June 30, states that the net revenue was £315,597 13s 10d, as against £240,246 18s lOd in the previous year. The expenditure was £280,627 4s 8d (£194,387 4s 6d), leaving a balance of £34,970 14s 2d, to which is added the balance from the previous year of £17,849 16s 9d, making a total of £52,820 10s lid. An interim dividend paid in March absorbed £12,500; the directors havo placed £IO,OOO to the reserve fund and recommend a dividend for the second half-year at the rate of Is 3d a share, requiring £12,500. This will leave £17,820 10s lid-to.be carried forward. The report states that £50,000 has been capitalised by declaring out of reserve a special bonus dividend of 5s a share, and simultaneously making a call of that amount. In 1919 £25,000 of reserves were capitalised and in 1924 £50,000 were similarly transferred from reserve to capital. When effect is gi en to the present proposal the capital of the company will be £200.000 in £5 shares paid to £i and the reserve'fund will be £150,030. Following is a comparison of the company's results and appropriations for the last three years:— 1924-25 1925-26 1926-27 Broupht forward £18.071 £18,490 £ 17,850 Net profits . . 10.919 45,860 34,971 £59.990 £*1.350 £52.821 Keserve fund . . 16,000 21.500 10,000 Dividend per cent. 15 16 2-3 16 2-3 Amount ... 22.500 25.000 25,000 Carried forward £18,190 £17,850 £17,820 The .profit and loss account shows that the net premium income was £292,719, as against £219,509 in the previous year. Losses amounted to £159,570 18s Id (£104,030), equivalent to 54.51 per cent. (47.39 per cent.) of premium income, while management expenses amounted to £89.606 6s 7d, equiva.ent to 30.61 per cent. (38.9 per cent.). An addition of £30,000 has been made to the reserve for unexpired risks and £1450 appropriated for depreciation of office premise leaving [an underwriting surplus of £12.091 19s 2d (£24,728). To the latter is added net income from investments £22.864 17s 6d (£20,738). making, with transfer fees, the net profit named in the report. The company's assets total £596.516 12s 6d. as against £537,904. the increase being distributed among most of the items, of which the principal are:—New Zealand and Australian war loans. £277.750. .and Government debentures. C 54.180. muni cinal and local bodies' debentures £W.590: loans on mortgaie, £35.959 oTires and other pi -pertv. £79.993; rash and branch balances. £95.866. DAIRY PRODUCE PRICES. LONDON MARKET VALUES. The New Zealand Loan and Mercantile Agency Company. Ltd., has received the following cablegram from its London house, dated Aiumst 17.—New Zealand Initter. 168s to 170s per cwt. (last week 170s to 1725) : the market is verv slow New Zealand cheese. 92s to 93s f last week 92s to 945) ; the market is slow. AUCKLANT COMPANIES. THREE NEW REGISTRATIONS. Three new private companies were registered in Auckland yesterday. Details are as follows: Betterton Manufacturing Company. Ltd., wholesale and retail clothiers and clothing manufacturers, etc. Capital: £2OOO, in £1 shares. Subscribers: J. Woodhall and E. Betterton. 1000 shares each. The Commercial Loan and Finance Company. • Ltd. Capital: £IOOO. in £1 shares. Subscribers: E. A, Sly, 999 shares: L. M. Sly, one share. Clear, Laurie and Hardy, Ltd. Objects: To acquire the business of tailors and outfitters carried on by H. G. Clear. T. R. Laurie and B. S Hardy, etc. Capital: £ISOO, in £1 shares. Subscribers: FT. G. F. Clear, T. R. Laurie and B. S. Hardy, 500 shares each. THE PRICE OF GOLD. ! A. and N.Z.-Sun. LONDON, Aug. 17. Gold is quoted to-day at 84s per oz. CHICAGO WHEAT MARKET. A. and N.Z. CHICAGO, Aug. 17. Wheat. —September, 1 dollar cents per bushel; December, 1 dollar 47£ cents; March, 1 dollar 50g cents. CALCUTTA TEA SALES. (Received August; 18. 8.30 p.m.) A. and N.Z. CALCUTTA. Aug. 17 At the Calcutta tea sales the offerings were of tho usual standing and quality. The market showed a firmer tone and bidding was more general and brisker, especially for common medium sorts. At the improved values better teas were not so well supported, with an occasional fall in values. Average, prices were:—Common Pekoe and Souchong, 11 annas 6 pies to 12 annas; clean, common broken Pekoe and Souchong, 12 annas 6 pi s to 13 annas; even black leaf Pekoe, 13 annas 6 pies to 14 annas. TARANAKI O!LFIELDS. Taranaki Oilfields Ltd., report as follows for the week ended August 13: —Waiapu No. 2 well: Testing water shut-off August 15. Gisborne No 1 well: Depth 375 ft. in sand and shale. Caving in badly. Now running 12£ in. cjiametor casing. PRICES. FOR HEMP. The New Zealand Loan and Mercantile Agency Company, Ltd., has received the following cablegram from its London house, dated August 17. Nsw Zealand hemp, good fair, £37 Hast week, £37) ; high-point fair, £36 (£os ss); low fair, £34 10s (£34). LONDON TALLOW MARKET. Dalgety and Company, Ltd., report having received the following cablegram from their London house, dated August 17, —The tallow market is nominally unchanged. „ S SOUTHERN EXCHANGES. [by telegraph.—press association*.] WELLINGTON. Thursday fho following sales were made on the Stock Exchange today:—Wellington Trust and Loan, £26 15s; Gear Meat, 36s 3d. CHRISTCHURCH, Thursday The following sales were, made on the Stock Exchange to-day : —National Bank of Australasia (£lO paid), £l7 3s 6d; National Bank oi New Zealand, £6 15s 6d; Commercial Bank ot Australia, 27s 6d; Queensland Insurance, 56s 6d; Bank oi' New South Wales (cum div.). £44 15s; Dalgety and Co., £l3 15s; Golds brough, Mort._4ss (two parcels); (rights). 8s lid (two parcels), and 9s; West port Coal, 33s 3d Stockton Coal (ord.l, Is I0d: British Tobacco, 53s 9d; Kauri Timber, 25s 3d; New Zealand Refrigerating, 6s Bd. DUNEDIN. Thursday Tho following sale was made on the Stuck Exchange to-day National Bank of New Zealand, £6 15s.