STANDARD INSURANCE COMPANY.

Otago Daily Times, Issue 12601, 3 March 1903, Page 2

STANDARD INSURANCE COMPANY.

■ o The twenty-ninth annual meeting of tho Standard Fire and Marine Insurance Company was held in the Board Room of tho : Agricultural Hsjll yesterday afternoon, and was Attended by 16 shareholders. Mr John Reid, chairman of directors, presided. The following report was submitted to tho meeting: — The directors have pleasure in submitting the report and balance sheet for the year ending December 31, 1902. The income for tho year, including the balaaco brought forward from loot yew, amounts to i! 08,097 7s 9d, and the expenditure to £5G.553 12s Id, leaving a balance of £22,143 16s S<l. From this amount your directors paid an interim dividend in June last amounting to £2812 10b, and iccommcßttal that the balance ba appropriated as follows:—■ To pay a dividend for half year ending December 31 at the ra'e of 7J per cent, per annum, £2312 10s; to pay a bonus of 2J per cent., £1875; to cwry to reserve fund (which will then ctaiid at £10,000), JEIODO; to cavry to reinsurance reserve (which will then stand at £20,000), ■ £5003; to provision for depreciation in securities, £2000; to carry forward to next year, *m 15s 8d;-total. £23,14315s B<l. Full provision has boon mado in the accounts fer alt ascertained losses to the c!os? of the year. The dividend and bonus now recommended, if approved by tho Ehprcho'.ders, will He payable at the cnmpnr.y'n office? immediately after the meeting. Tho Jlon. Thomas Fergus and Mr Alexander Thomson reiiri! from the directorate, as provided by ihc nrticles of association. Both are c'idble, and offer themselves for re-elec- ; lion. Mr Patterson offers himself for re-elec-tion as auditor. Tho Chairman, in moving tho adoption o f the report, said: Rc-iitkmmi,—l will ask you, as usual, to accept th'> report and Iwlanro r.boH sb read, and at once move Uf; adoption. On this oteaaon we submit our twenty-ninth annual report and balance sheet.' The result of the year's operation?, ■as dfeplcratl in the accounts, fe in every way EPjtfffaokiry. It. has not ahvuys beem our good forttrao to priwent a fcvourahle ba!niiiee sheet, as from th" very nature of ■the bitsin-e?3 cacnoh look for it. Wo must expect years when loosen will be exceptionally hreivy, wid ot!ici- ycar3 when rcsulte will b« favourable. The balance contain? a olear statement of the affaiw of the company. You will not.icn that tho vepert stales tlial (ho income for tho jw«r, including the kla.ncs forward from !a?t yc«V, is £103,697 Is 9d, ».nd the exp?ndi"turo to bo 12s Id, leaving a balanoe of £22,143 15? Bd. The interim divi-; diend, (cgcllifit with tUe dividend and bonus ikw lwonmwnded, will abrorb of this! •aniount £7500. We propose to carry to tho credit of the reserve fund £1000. and to tho reinsurance rMsrvo £5000. whicli will bring up these rss-rvm to £30,000 ftiul £20,000 rcspsctivoly. It i.i with very great atkfactio'i that: I refer to tiro improved petition of ihr.-o account?, for your directors fuly recognise the importanoa of strengthening Micm a. , ) much as possible when opportunity offpw, not only as a safeguard to ('he intornst of (sliarsholdera, but. to give confidonci! to our i-nwensrag conncol-ione. _ We ; also propose to set aside £2000 as provision ; for i!t.p'ic!.ition of securities', find to carry forward to next year £66*3 lfc Bd, a rather larger omount than we carried forward last year. Turning to tho profit and count, you will observe that our premium incomn is £97,700 is Id, which is a.n increase of £6529 15s on tho previous year. This shows a very satisfactory extension of the j oompany's business, and w> hope it may ba; maintained in the future. The interest from , our investments has produced £W66 4-3 lOd, or £405 19s 6d mow than last year, and gives a return of 4.36 per cent., which reay bo regarded a:? satisfactory, considering the low rnto of intea'est. which has been current j for Fomo time paet oncl tire difficulty there Irar, been in smiting satisfactory investment?. There is, I think, an increasing demand for money, and some prospect of improvement in the rate of interest. Our net losses aggregate £30,560 13s lid, or 51.87 | per cent, on the premium income, and our! charges are about the .same proportion as j usual. There are no other items in the | balance sheet whioli, I think, call for remark ■ from me. We may, I thin!:, fairly congratu- J late ourselves on the saitisfnctory financial I position the company now occupies. Wo j need more- business, and I would appeal to i you, a« on other occasions, to co-oporato . with and support tho company, and by so I doing help to secure this desirable cxpan- ; sion of the company's bminra-i. Thero is one other matter I wish to refer to. During tho year the company was deprived of tho services of tho gentleman entrusted by you to fill the position of auditor. 111healtU obliged Mr Bartlomaji—much to tho regTct of your directors—to resign his post after serving tho company as auditor, for the period of 11 years. PL's position was filled , by Mr J. G. Patterson, who was duly elocted by you in Becember last. This gentleman now rotircu, in nccordnmoa with our antioles of afjociation, a.nd offers him?elf for reelcotion. You have on this occasion to elect two directors in plaoe of tho Hon. Thomaa Fergus and Mr Alexander Thomson. Both being oliffible, offei themßelves for ro-eko-tion. I L\e.g to move the adoption of the report and balance sheet. Mr Fetor Barr had pleasure in seconding { the motion for the adoption of the report and balanco sheet. He thought the fact that the meeting was unnll was an indica- j tion of the satisfaction of the shareholders with the company's management, and particularly with the report and balance sheet before the meeting. It oould nqt be other than satisfactory to all of them to know < that the premium income* and the interest, received from investments had increased, : and that generally the prosperous state of ! the company was euch as that disclosed by the balance sheet. Hβ considered the directors wore acting very wisely in their dealings with the result of the last year's operntione. They were distributing by way of dividend and honus the sum of £7500 and adding J , £8000 to the Reserve Fund, which, in the j case of insurance companies particularly, all •■ shareholders would recognise was a proper thing to do. It waß no wonder that sliaro3 ; were firmly held by shareholders. On the I preamit market price their shares would ■ yield something like £7 15s or £7 17s per cent., and he would not bo much surprised to find people outside New Zealand, learning , they could get safe investments in such ! companies and hearing of these returns, : making inquiries for Standard Insurance | shares. Ho would also like to say he was \ pleased to hear the chairman refer in terms ; of appreciation to the late Mr Bartleman, • whoso name was i this year missed from the j balance sheet nnij from other balance sliest? I in tho city.—(Hear, hear.) | Tlio motion was carried unanimously. j On the motion of Mr Alexander Sligo, j (wconded by Mr J. Sim, tho Hon. T. Fergus j and Mr Alexander Thomson were- re-elected I directors. ■ Messrs Fergus and Thomson returned ; thanks for thtir re-election. I Mr G. H. Greenwood proposed, and Mr ; Robert Young seconded—" That Mr J. ft. i Patterson be re-elected auditor."—Tho '■ I motion was carried. i I On tho motion of Mr John Mitchell a ■ j hearty vote of thanks was accorded by ac- : I elamntion to tho directors, the manager, and J the staff. The Chairman acknowledged the- compli- , nient on behalf of tho directors, and Mr T. R. Fisher (general manager) replied on behalf of the staff.