STANDARD INSURANCE. COMPANY.

Otago Daily Times, Issue 8756, 19 March 1890, Page 5

STANDARD INSURANCE. COMPANY.

Tho 10th animal moot lig of simrohoMats was | idd in the Standard Insurance builduigs at d ■ .ra. ou tho sth inst.; John Keid, ehmru lan ot icoctow, in the chair. There was only -a small, tteiidanco of .shareholder!;. KEI'OUT AND lIAI.ANCB HIIEST, The following auuunl jreport was ' taken as q*h\ . Your directors Imvo to report, that Kho Incom-i nr thu venr ending December 3" 1. ineludn« the balance l.rou({lit forward from List, •par amounts to £Sts,!>sS 7s Bd, ami thu .ox|,endituro 3^702 13. id, leaving « balance of Jit:j.2Ds Ms «d. 4om this Amount the directors paid 'tho usual Inedm UlvldßUd ill Juno last (J82812 Ills), and r<=:omi<ieud that the biilancu Ira npu roprmtwl as lllOra!° t7!l>" 52812 10 0 L'o cir'ry to reserve fund, which will then stand at J!l'.i,UOU ... .- 2000 0 0 11'""1..."" ""'".r1"" 011 t =000 0 0 lCcarrv'forward to nest year ... 3530 1-10 |.'ull provision lins been made in iliu ac icounts for n 1 Vicerinil od io.sea to the elo 3 i> of the yoar. The clivil'ond now recommended, if approved Jiy the sharelioldi- s will bo payable at the lie&cl oilice. hlKh tro-i bunediu, on Holiday, March 1,3, and at the r^iu'l-oa on receipt of ndvlui. Mr JohK.KeidandMr William Uuvso rotiM from the directory as provided by the articles of «BWOiatlon. Bolhara plißibleand offer themselves for rc-olectioii. Mr- l!e« K ofturo himself for le-election iw auditor. Tho Chairman saisi: I presume ;vou will as j usual take the report and balance sheet as read. I therefore, propose to at once moves their adoption and in doing so »m pleased to- bo able to ror,«.«tuhite the i-h.-ireholciors upon :the success which ana attended the year's ope* atioHS. It has been very gratifying to hear on all sides shareholders expressing their apprecml iau ot tno result The .total income for the year, trom all sources, amounts to £81,071, The^remmm income is about £2000 better tlu-n last year showing that our business connection is steadily increasing. Our income would certainly have been considerably augmentedbut for the very coitions line of policy which we have pursued for some years past. Wo think it expedient to keep oar lines small m townships where the buildings are cbkiiy wood, in all dangerous localities, and to avoid such special hazards as experience has shown usi do not pay at tho current rates of premium. Ine expenditure amounts to £73,702; so that there is a credit balance after deducting tho interim dividend paid in June last of £10,443 4s fid. Your directors have recommended, and I Lave no doubt you will concur in their recommendation, that" £2000 of this amount be plseed to the credit of reserve fund, wbiot will then stand, at £19,000; and that £2000 bo appropriated fori depreciation of securities. You are all aware- | that during the last few years there has been a. ! great shrinkage in the value of property-; - but mo doubt we shall, as times mend, see improvei meet in this respect. However this may be., your directors, after a very careful revision o£ I tho securities, have thought it prudeut to eefe ! asicie this sum—not necessarily that it will be required to meet losses, but as a provision: lor possible contingencies. Of course, we hope* it miy not ba required. After making thetc- ! provisions we propose to pay the usual dividend and carry forward £3630 14j fid to next yo.-ir. Our ratio of expenses, including license fer-s and 11 per cent, property tax, is 2736 per cent, 23 l uw a? , we think, it can be brought consisi tei.t with efficiency. Of course it varies a littleI each year. I may mention that the business iit i New Zealand has this year boeu satisfactory. la i Melbourne and Sydney we have met with exI ceptionally heavy losscu, particularly in the early | part of the year, when raauy very serious fire losses occurred, and had it not been for the very cautious line ofjpolicy to which I have referred as guiding us the losses of tho company in these fires. j would have been very much move considerable. That we ore much indebted to the care exercised, by the company's officers in the conduct of the business for the excellent sheet presented today, lam glad to allirm; and lam sure, genlle- ! ineu, that if watchful care will do it we may j hope for even better results in the future. With these remarks, I beg to move the adoption of the report and balance sheet. Mr H. J. Walter, in seconding (lie chairman's motion for the adoption of the report, said it was most gratifying to the shareholders, to have such a report as this presented to thr-m. Tho motion for the adoption of the report and balance sheet was then put and carried unanimously. ELECTION OF DIRECTORS. Mr D. Baxter moved that the retiring j directors, Messrs John Eeid and William Royse, be re-elected. Mr O. Haynes seconded the motion, which was carried unanimously. ELECTION OF AUDITOH. The Chairman said he could bear the strongest testimony to tho satisfactory way in which Mr A. C. Begg bad discharged the duties of auditor, and not to re-elect him would bo equivalent to passing a vote of censure, which that gentleman certainly did nn» deserve. He bagged, therefore, to move that Mr Begg be re-elected auditor. Mr G. S. BnonmcK seconded the motion, which was carried nan. con. VOTES OS THANKS. Mr H. J. Walter moved a vote of thanks to the directors and oflice-bearerrs of the company. Blr Bartleman seconded the motion, which was unanimously agreed to. The Chairman, in roturnicg thanto, said it showed his coEfidcnco in tie company's stability whon he had not sold n single sbnro since the beginning, but on the contrary had added to the number." He joined tho company at a time when reverses were coming on thick and fast, but he had never lost confidence, and was now a larger shareholder than over. The shareholders might rest assured that he and his co-directors would devote their best attention to tho affairs of the company. THE AUDIT QUESTION. Mr C. Haynes said that if ho was not; too late he would like to brin^ forward the question whether two auditors should not be appointed instead of one. If the articles of association provided only for one, he would suggest to the directors they should consider the advisability or otherwise of appointing an additional auditor. He thought himself that it would be advisable to have two. The Chairman ssis »be matter would receive the careful consideration of the director?, bat personally he might at once tell Mr Haynes very frankly that lisa own belief was that one auditor was better thau two. He did not like to have divided authority. Kven in cases of arbitration ore good man was better than three pulling against each other, and with only one the work was certain to be more thoroughly tnd conscientiously performed. He looked upon an auditor pretty much in the same way, and he believed that the work would be better done by one good man. However, the matter would receive the best consideration of the directors, and ho was glad the suggestion had been made. Mr Fisheb (general manager) said that as the meeting had been good enough to pass a vote of thank 3to the staff, ho wished on their behalf to thank the shareholders heartily. Success was of course more than tho staff could guarantee, but it was always to their gain that success should atl end tho operations of a company which they had all so much interest in. The meeting then terminated.