STANDARD INSURANCE COMPANY.

Otago Witness, Issue 2402, 15 March 1900, Page 9

STANDARD INSURANCE COMPANY.

The twenty-sixth annual meeting of the shareholders of the Standard Fire and Marine Insxirance Company was held on the sth inst. in the Board Room of the Agricultural Hall, and was attended by some 20 shareholders. Mr John Reid (chairman of directors) presided. The annual report and balance sheet were as follows : ■ — The directors have pleasure in submitting th« annual report and balance sheet for the year ending December 81, 1899. , The income for the year, including the tialanco brought forward" from last year, amounts to £93,137 Is 4cl, and the expenditure to £76,813 3s Od, leaving a balance of £16,323 18 4 From this amount ' your directors 'paid an interim dividend in June last amounting to . . £2,812 10 0 " And recommend that • the balance be appropriated as follows : — To carry to reserve ' fund (which will • then stand at £20,000) 5,000 0 0 To pay a dividend for half - year ending December 31, at the rate of 7£ per cent, per annum 2,812 10 0 To carry forward to next year .. 5,698 18 4 £16,303 18 4 Full provision has been made in the accounts for all ascertained losses to the close of the i year. The dividend now recommended, if approved by the shareholders, will be payable at the company's oSces immediately after the meeting. Mr David Baxter and Mr John Mill (the latter gentleman was appointed by your directors i to fill the vacancy created by the retirement of Mr James Smith, jun.) retire from the directorate, as provided by the articles of association. Both are eligible and offer themselves for re-election. Mr Bartleman offers himself for re-election as auditor. John Reid, Chaiiman. Dunedin, 16th Fcb vary, 1908. Balance Sheet for Year ending 31st December, 1899. Liabilities. To capital sxibscribed — 100,000 shares at £10 . . £1,000,000 0 0 ' Less uncalled .. 925,000 0 0 Capital paid up " £75,000 0 0 "Reserve fund .; 15,000 0 0 Re-insurance reserve " . . . . 3,5,000 0 0 Sundry creditors, as per ledger 1,760 10 10 Appropriation for unpaid and unadjusted losses 3,958 7 3 Balance of profit and loss aecoxxnt .. 13,511 8 4 £124,260 6 5 Assets. By investments £61,903 1 0 Deposits bearing interest .. 28,704 9 6 Office furniture and stationery 2,453 19 9 Cash in bank, at head office, and branches 18,814 0 11 Accrued interest 1,402 19 2 Outstanding at head office and branches 10,906 17 11 Bills receivable „....„. 74 18 2 £124,260 6 5 Pbofit and Loss Account. ■To losses (including appropriation for unpaid and unadjusted) .. £30,245 13 1 Re-insurances, discounts, and return premiums 30,751 16 1 -Stationery .. : 750 0 0 .Government licenses and taxes 809 15 4 Underwriters' Associations and Fire Brigades .. .. 1,012 1 5 Bad and doubtful debts .. 44 111 Commissions, expenses of management, and charges .. 13,199 16 2 Balance .. 11,409 3 2 £88,222 6 2 By fire, marine, and guarantee ' premiums £84,163 19 10 "Interest on investments .. .. 3,975 210 fees .. 20 1 0 -Unclaimed dividends written • off ■.. 58 2 6 £88,222 6 2 To dividend waid 31st " • December, 1898 £2,812 10 0 Dividend paid (interim) 30th | June, 1899 .. 2,812 10 0 £ 5,625 0 0 Balance .. .. „ 13,511 8 4 £19,136 8 4 By balance on 31st December, 1898 £ 7,727 5 2 - Balance "brought down .. .. 11,409 3 2 £19,136 8 4 I have examined the above balance sheet and profit and loss statement, together with vouchers and accounts, as also the books of the company and securities, and hereby certify that the above agrees with the same, and is a correct statement of the affairs of the company. A. Bartleman, F.1.A.N.Z., Auditor. Dunedin, 14th February, 1900. The Chairman, in moving the adoption of therepoit, said: Gentlemen, I will follow the usual course, and ask you to accept tlif* repot t and balance sheet as read. As il has beun in ;y_pur hands for some days, you ha\ c no doubt made yourselves acquainted with <he position cf the company. It is most gratifying lo your directors to be able to submit a haJanre sheet exhibitingsuch a substantial profit upon the year's operations. Referring to tlio \ '<>fil arid loss statement, you will observe tlira th" profit for the year, together with the b. 'ame jbrought forward from last year, amonuts to *816,323. From this amount your d. _"ctwpaid an interim dividend at the r.uo <<< 7^ per cent, per annum in June last amoui '.ni< t>j '£2812 10s, and now propose to psiv • -irpil;u dividend for the half-year ended ]\ cr-mbor 31. They further propose lo can 5 \ o rose \ c •fund the sum" of £5000, thus pj. icing half jfcne amount which was withdraw 1 1 two years |ago in consequence of tho great Welboiwnc Sire. Some shareholders might si Ic. [ oei'i[; jthat the company have had a good yo.tv, v, by wot pay a bonus in addition to th« Vj. P r cent. 6teiJia-Yea*? In reply to this, I \,ish to >a>

that yotir directors consider it the wisest and safest policy to bring the reserve fund up to it 1 } former figures, at least, before considering

the question of reverting to the bonus, so that the company may be prepared to meet any contingency. From the very nature of our business, times may occur again in which the company have to meet serious fire conflagrations or marine losses, or both simultaneously. Of course, we hope such may not occur, but the company must be prepared. With this explanation, the proposals of your directors will, I feel assured, meet with your cordial support. After making the appropriation I have indicated, our reserve fund will stand at £20,000 (our re-insurance reserve is £15,000) ; total reserve will then be £35,000, and we carry forward to next year £5698 18s 4d. Our premium income, you will observe, shows an increase of nearly £4000 on the previous year, which is no doubt attributable to the imp:oved state of trade and the increased value of colonial produce assisting us in both the fire and marine department. We hope to see a still further increase of income this year. Our income from interest is slightly less than last year, owing to the' very low rate current with the banks for money on deposit and our inability to find suitable mortgage securities. However, in this respect things have improved, and. several considerable sums have been loaned out on freeholds lately. Theie is, i think, nothing further in the balanca sheet calling for remark from me. The position the company occupies' to-day is in every way satisfactory. Notwithstanding the keen competition for business, we not only hold our own, as you see, but h,ave made progress, and with our growing connection I have no doubt the company will continue to do so. Shareholders can do much to assist the company, as I have on previous occasions reminded them. It should be a matter of duty to support the institution to which they look for dividends. Many shareholders do this, but there remains much that could be done by others. In this connection I wish to express the directors' appreciation of the services rendered by our managers and agents, to whose care and attention the company's success is largely due. As usual, you a,re called upon to elect two directors at this annual pleating. The directors retiring on this occasion are Mr David Baxter and Mr John Mill. The latter gentleman was elected by your board to fill the place of Mr James Smith, who resigned in consequence of his leaving Dunedin to settle in the country. Both these gentlemen offer themselves for reelection. Mr Bartleman, the auditor, also retires, but offei c hmr-elf or re-election. With these remarks, gentlemen, I beg to move the adoption of the report and balance sheet. The Hon. T. Fergus seconded the adoption of the report and balance sheet, remarking that they spoke for themselves, and that in addition to what the chairman had given, very little was required in the way of information. He wished to say, however, that not only had the board adopted a cautious policy during the_ past year, so far as business was concerned, but they had gone carefully into all the investments' of 'the company, looking at all the securities critically, and they had made ample provision for any possible losses. The securities which they thought should still further be written down had been written down, and there was sufficient balance in reserve yet to meet any losses that might accrue He thought it was right the shareholders should know that not only had the difectors attended carefully to the insurance business, but that they had also been mindful of the investments of the company. Mr A. North asked what amount of reeerye the company wishe"cl to get ivp to before giving the shareholders larger dividends.

The Chairman replied that they wanted another £5000, so as to bring the reserve up to what it had previously been.

The adoption of the report was adopted unanimously.

ELECTIONS, ETC,

Mr A. Sligo moved the re-eleotion of Messrs David Baxter and John Mill as directors, and this was seconded by Mr North, and also carried with unanimity.

On the motion of Mr A. Melville, seconded by Mr J. Sim, a similar compliment was paid to Mr A. Bartleman in his re-ap-. pointment as auditor for the company. Mr J. Mitchell proposed a hearty vote of thanks to the directors, general manager, and staff of the company, and also that the company should present a horse to the contingent.

Mr Sligo seconded the vote of thanks, but thought that the questions comprised in the motion should be put separately, in case there should be any dissent from one of them. The questions were put separately, and both were adopted without dissent, but the latter part of the motion was, to make it in order, put in the form of a recommendation to the directors that a horse should be given from the head office to the fourth contingent, and was seconded by Mr Melville. The Chairman thanked the shareholders present for their expression of thanks and confidence, and remarked that, as he had said before, while the directors did all they could, and could no doubt do a good deal, yet they were practically in the hands of the general manager, so he went' on the principle of having a good general manager and leaving a good deal to him.

Mr Fisher (the general manager), on behalf of the staff, returned thanks for the vote the shareholders had adopted. This concluded the business.