STANDARD INSURANCE COMPANY.

New Zealand Mail, Issue 1201, 8 March 1895, Page 31

STANDARD INSURANCE COMPANY.

Dunedin, March 4. At the annual meeting of the Standard Insurance Company, Mr Reid, the chairman, after referring to the balahce-slieet, and intimating that a dividend equal to 10 per cent, would be paid, said.- Our net income for the year was less than that 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 bur articles of export—wool, wheat, frozen meat, &c. This shrinkage in value has affected the volume of business in both departments, fire , and marine. Then, as you all know, we have had to face at some points an unprecedentedly severe—indeed, senseless—competition for fire business, and more particularly has this been the case in Otago and Auckland, which, of course, also affected our income. The rates at these points are so low that one would fain hope they may be considered at bedrock that is, at the point at which the office will not see its way even to extend its connection at; the cost of some other company. Experience has shown the necessity for some measure of co-opera-tion on the part of Insurance Companies to prevent this useless and senseless ratecutting-, and we hope that some action may soon be taken by the companies to put a stop to this class of competition, which we feel sure is not desired by the public, and for which they do not thank you. The Standard Insurance Company has now attained its majority, the meeting today being the 21st. The report presented showed a profit of <£12,645 9s 9d, out of which a dividend of 71 per cent, and a bonus of 21 per cent, was recommended, also to add <£looo to the re-insuranee reserve fund, which will then stand at <£lsoo, and to carry forward <£4145 9s 9d. Messrs Joll and A. C. Begg were reelected directors. It was mentioned that since 1890 the company has added <£12,00 to the reserve f und.