THE STANDARD INSURANCE COMPANY.

Timaru Herald, Volume LX, Issue 2646, 8 March 1898, Page 3

THE STANDARD INSURANCE COMPANY.

Per Press Association. DUNEDIN, March 7. At the annual meeting of the Standard Insurance Company held this afternoon the chairman, Mr John Reid, said that the losses had been abnormally heavy, during the past year m particular ; the company had Buffered m the conflagration which took place m Melbourne m November last to the extent of nearly £10,000. Bad years must be looked for by insurance companies as well aa good ones. To provide for them they had prudently laid by a part of their profits as a reserve fund, and on this occasion they had had to fall back upon it to the extent of £10,000. The directors although unable to recommend the payment of the usual dividend of 7£ percent, had recommended the payment of an amount per share which with the interim dividend paid m June last would give shareholders a dividend of 5 per cent, for the year. They were sorry on this occasion to have to break their dividend-paying record, as for the last sixteen years the company had regularly paid its 7£ per cent. The charges including licenses, Government taxes and fire brigades, had been 31 per cent, which was well within the usual ratio for insurance companies. It would interest them to know that, as the company had a considerable business m Australia, since their last meeting tariff agreements had been brought into operation m Victoria, New South Wales, and South Australia. These agreements had not aimed at establishing any considerable increase m rates, but lather to Becure rating on an equitable and scientific basis, to place business on a better footing, and to prevent that reckless competition which occurred where*, jso many offices were competing for ousiness, when no such agreements exist. ; At the Standard Insurance Company's luectiao, offfu- sftjnfi discussion &* to the propriety of taking £10,000 from the reserve and paying a dividend with part of Jt, and the ratio of expenses, the chairman pointed out that the reserve was intended to equalise dividends. The subject oi expense was never lost sight of. Messrs Daniel Haynesand Maurice Joel, the retiring directors, were re-elected, and Mr Bartleman was re-appointed auditor.