STANDARD INSURANCE COMPANY.
The following is the twelfth half-yearly report and balance sheet of the Standard Fire and Marine Insurance Company of New Zealand, to be submitted to the half-yearly meetng of shareholders to be holden in the Temperance Hall, Dunedin, at 3 o'clock on Monday, ithe Bth March next : —
The Directors, in submitting to the shareholders the annexed statement of accounts for the half-year ending 31st December last, regret that the result is not more satisfactory. Owing to the depressed state of business, and the frequent and heavy losses by fire and sea, the Company, as a precautionary measure, has gradually been reducing its amounts at risk. This, together with the keen comptition between offices, and the consequent reduction of rates of premium, has had the effect of reducing the income, whilst tho losses have been very heavy. The Directors cannot recommend the payment of a dividend for the past half-year. Mr John Reid and Mr James Curie will retire from the directory by rotation, and the appointment of Mr A. C Begg as auditor will expire by effluxion of time. These gentlemen are eligible, and offer themselves for re-election. John Reip, Chairman, BALANCE-SHEET for the half-pear ending 31st December, 1879.' liabilities.
I have examined the above balance-sheet and profit and loss statement, together with the vouchors and accounts, as also the books of the Company and securities, and hereby certify that the above is a cor. roct statement of the affairs of the Company. (Signed) Alex. C. Beqg, Auditor. Dunedin, 18th February, 1880.
£ b. d. £ s. d, Co capital account,, 75,000 0 0 Less calls unpaid .. 892 13 0 ————74,107 7 0 „ Reserve fund 25,000 0 0 „ Sundry credits as por ledger ,7,180 19 10 Balance of profit and loss account .. 2,496 910 £108,784 16 8 ASSETS, 3y investments £90,045 6 7 Premises, office furniture, and stamps 4,560 2 2 „ Cash in Bank 578 6 6 Cash at agencies, outstanding, and " in hand .. .. .. 13,601 2 5 £108,784 10 8 Profit and Loss Account. Co fire and marine losses £29,619 3 3 „ Commission, salaries, and charges .. 8,117 18 6 „ Interest to Bank 750 10 4 Balance .. .. •• 2,496 910 £40,984 1 11 3y balance 30th Juno, 1879 .. .. £ 5,044 13 6 „ Net premiums received .. 32,452 13 7 Interest on investments and transfer fees 3,486 14 10 £40,984 1 11
STANDARD INSURANCE COMPANY.
Otago Witness, Issue 1476, 28 February 1880, Page 14
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