STANDARD INSURANCE COMPANY.

Otago Witness, Issue 2921, 9 March 1910, Page 38

STANDARD INSURANCE COMPANY.

ANNUAL MEETING. The thirty-sixth annual meeting of the Standard Fire and Marine Insurance Company was held on the 7th ins*. The Hon. T. Fergus, chairman of directors, presided, and there were about a dozen shareholders present.. The annual report has already been published. The Chairman said:—Gentlemen, before moving the adoption of the report and balance sheet, I am sure you will join with me in regretting that we have absent from our meeting to-day two of our direotors — Mr John Reid, former chairman, and a tower of strength to us, and Dr Hocken, who has been indisposed for some little time back. Although Mr Reid is not with us tonlay, he has been in frequent attendance at the company's office during the year, and is still active in promoting its best interests. Dr Hocken, though indisposed, is on the way to recovery, and we trust soon fgain to have his presence and counsel at our board meetings. The balance sheet which I have the pleasure to present to you —the thirty sixth in rotation —will, I have no doubt, be regarded by you as extremely favourable. The year over which we have passed has not been without its trials and losses, and the list of calamities •in our Dominion has been very large. I am happy, however, to be able to state that we have come through the year with fairly good results. We were unfortunately interested in two severe marine casualties which occurred within a few days of each other on the coast of South Africa —namely, the Maori, bound for New Zealand, and the Waratah, from Australia to London. On both vessels we had full lines. The gross income has overtopped that of any other year by mere than £IO,OOO, and our net premium income shows an increase of £6571. The balance standing at profit and loss account for the year is £20,639, out of which our usual interim divide id at the rate of 7g per cent, per annum was pail in June last, amounting to £2812, which left an available balance of £17,826. From this your directors have added to the reserve fund £SOOO, which will now stand at £60,000, and recommend a further dividend at the rate' of 7}, per cent, per annum, amounting to £2812. and also a bonus at the rate of 2g per cent., amounting to £1875, and io carry forward to next year £8139, a slightly greater sum than was carried forward last year. It must be very gratifying indeed to the shareholders that, notwithstanding the very keen competition which we have met on all sides, more or less legitimate, the efforts of your officers and shareholders have been crowned with so much success, and that the revenue has been so substantially increased. You will also notice that the interest on investments is likewise slightly increased. During the year the re-investment of our funds has been going on as moneys came in from securities which had matured, and I am happy to be able to assure the shareholders that our investments of whatever character —debentures or mortgages—are in an unimpeachable condition. As is usual, your directors appointed a committee to carefully investigate all securities, and its report, which was considered by the board and unanimously adopted, was to the effect that the securities and investments were extremely satisfactory. They are substantial, easily realisable, and remunerative. With respect to tha bra.nch of our business which we entered on a year or two ago —i.e., the accident insurance, I am pleased to inform you that this has so far. been a successful venture, and -as we are getting more in touch with the manufacturers and employers of labour, the revenue is likely to substantially increase. I cannot but express the appreciation which the board and myself have of the care w'th which this branch of our business has been initiated. The underwriting has shown a profit amounting to £5439, or equ il to a little more than 8 per cent, on our net turnover. I should likewise have mentioned that the interest on investments show 4.74 per cent., and that our working expenses this year are less than they were during the preceding year. It will be unnecessary, however, for ine to go into figures at greater length, as the balance sheet has been in the hands of shareholders for some considerable time. The retiring directors are Messrs William F. Edmond and John Mill, but they are both eligible, and offer themselves for re-election. Mr Paterson is the retiring audnor, but he has likewise placed his services again at the disposal of the shareholders. I have now pleasure in moving the adoption of the report and balance sheet.—(Applause.)

Mr T. Brown, in seconding the motion, congratulated the management upon the result of the year's operations. It was very pleasing to find they were able to pay dividends out of investments, and they had now come within reasonable distance of having their reserve equal to their capital (capital called up). The Standard Company was no doubt in a very healthy condition, and he was glad to see that it had after many years reached that condition. They had started a new branch which he supposed in some measure had swelled the returns, and ; t was a good thing to find that public companies were getting a share of that business.

The motion for the adoption of the re port and balance sheet was carried unani mouslv.

Mr E. R. Smith moved tba re-election of Messrs W. F. Edmond and J. Mill a* directors, and .referred to the improved condition of the affaire of the company.— The motion was carried, and Messrs Edmond and Mill returned thanks for the renewed mark of confidence in them. The Chairman mentioned that Messrs Edmond and Mill had worked most assiduously in the interests of the company, and had, besides, put a lot of remunerative business in the company's way. He had been approached some time ago as to raising the directors' fees, but had said the board was not ready to agree to that, but after consideration and consultation with members of tho board he had agreed to move that the remuneration of the directors should be 500 guineas per annum, to be apportioned as they thought fit. Mr G. Joachim seconded the motion, and said ha thought when a board of directors could produce such a balance sheet the sum mentioned was a very modest one. Tha jiosuiiaa. /^OUxiSftkai 1 was

one of great responsibility and anxiety, and he felt sure the proposal to raise the fees would be carried. The motion was carried unanimously. On the motion of the Chairman, seconded by Mr John Mitchell, Mr J. G. Patterson was re-elected auditor at a salary of £75 per annum. The Chairman remarked in this connection that with the growing business of t'he company Mr Patterson's work had increased, but he had done it wisely and well, with regu-« larky and perfection. Mr John Mitchell moved a vote of thanks to the directors for the results they had brought about. In the motion he alsp included members of the staff. Mr Joachim seconded the motion, whicK was carried, and the Chairman replied on' behalf of the directors. They had, he said, endeavoured to advance the business of the Standard Company, which was peculiarly a Dunedin company. He would pay a tribute to the general manager for the most admirable and excellent manner in which he conducted the business of the company. He thought the general man-: ager should be proud of the result of his labours after all these years. There was no man more highly respected in insurance circles than Mr T. R. Fisher. Mr Fisher thanked the chairman for the very nattering terms in which he ha<f referred to him. He thought they alt knew the interests of the company were his interests. He had not spared himself in endeavouring to bring, about good results. To the officers of the company ife was always a source of gratification to be in a position to show good results. Bufc in any insurance business there was always a liability of some catastrophe happening 1 which might cost a considerable sum of money. However, it was wonderful what could be done by care and prudence. The meeting then ended.