STANDARD INSURANCE COMPANY.

Star (Christchurch), Issue 6122, 8 March 1898, Page 1

STANDARD INSURANCE COMPANY.

JJPbb Prtcrs AfMociATJON.I DUtfEiOIN', Masch 7, Tlie an\nual .meeting' -of tih& Standard Insurance Conrjivny was Jield *bis afternoon. The Chairman' {Mr Johfl Reid)> said :— Our losses have Ibeeh abnormally heavy during the past year. . In p&rticuJanr, the company suffered in the" conflagtiaifcion which took place in lE©} bourne hi Nbrena&er last to the extent of wetnty -£10,000: . Bad years must be looked! for by Insurance Companies as well aagooA ones. To provide for them we haTO-jwrndenily laid bypart of our profits to a reserve fund, and l on this occasion have had! to fall back upon it to the extent of deiO,oOC>.. The Directors; although unable to reKommoend , the payment of the usual dividend ©f 74- per cent r . ,h"ave recommended the payment of an jamount per share, which, with the interim dividend paid in June last will give the shareholders a dividend of 5 per cent for the year. We are sorry tliat on this ocoasioh we have to break our dividend paying record, as for the last sixteen years the company has, regularly paid its 1-1 per cent. Our charges, including licenses, Government taxes, and fire brigades have been 31 p6r cent, which is- -well within the usual ratio for insurance companies. It' will interest you to know that, as the company has a considerable business in Australia, since our last meeting tariff agreements' have been brought into operation in Victoria, New So^th Wales and South Australia. These- agreements have not aimed at establishing any considerable increase of rates, but rather to secure rating on an equitable aod scientific basis, to place the business on a, better footing and to pi-event that reckless competition which occurs when so many offices are competing for business where no such, agreements exist. After some discussion as to the propriety of taking JEIO,OOO from the . roserve and paying a dividend with part of it, arid the "ratio of expenses, the Chairman pointed out that the reserve was .intended to equalise dividends. The subject of expense was never lost, sight of. The report was adopted. Messrs Daniel Haynes and Maurice Joel, the retiring Directors, were re-elected and Mr Bartleman was re-appointed auditor. :