STANDARD INSURANCE COMPANY.

Star (Christchurch), Issue 5504, 3 March 1896, Page 1

STANDARD INSURANCE COMPANY.

•» [Peb. Pbbss Association.] • DUNEDIG, Mabch 2. The annual meeting of the Standard Insurance Company was held to-day. Mr A. C. Begg* who presided, in the absence through illness, of Mr John Eeid, moved the adoption of the report recommending a dividend of 7. per cent, leaving £366---12s Id to be carried forward. He said that the profit was small, and did not justify the payment of a bonus on this occasion. The gross income had amounted to £73,858 from underwriting account, or an increase on the previous year's of about £1200, There was a reduction in the amount received on interest on investments of £260. The losses had aggregated £32,600, or 66*52 per cent on the net premium income, as against 61:51 .per cent for. the preceding year. The conjpany unfortunately had some rather heavy marine losses on vessels engaged in the trade between Great Britain and Australia 5 and the fire rates until October last, when the tariff came into operation, were so low that with ordinary losses there was no room to look for any profit on the business. The ratio of expenses on the net income was 31'90'per cent, of which 3*BB per cent was paid for licenses, taxes and fire brigades. Mr A. Sligo seconded the motion to adopt the report, which, after some discussion, was carried. The Hon T. Fergus and Mr David Baxter were re-elected directors and Mr A. Baftleman was elected auditor.