Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-07-28

ment are controlled by q board consisting
OF the colonial treasurer. the surveyor GER
erai, the commissioner OF taxes and the IN
are mainly confined to New Zealand gov
eminent securities and to loans to local
bodies and policy-hoiderB and on real es-
tate. Its assets are $te, $4,000 Its income
interest. amounted to nearly =. 10000. and
Its expenses were 70 per cent OF the pre-
MUM income. Since fts inception 1t has
paid ua, 10000 In claims During the last
fffteen years there has been an increase OF
81 per cent in the number OF policies In
force, OF 10 per cent In the sum assured.
Of 26S per cent In the bonuses, OF I6S per
cent In the annufties, of 81 per cent In the
income. OF 132 per cent in the accumulated
funds. and q decrease of per cent in the
expenses Of management and of 80 per
cent in the ratio of total expenses to total
income.
An accident insurance branch was opened
in 1901. mainly for the purpose of covering
the liabilities of employers of labor. which
had been much increased by the workers
compensation for-Accidents act passed the
previous year. Personal accident policies
are also issued. The costs of conducting
the business are carried entirely by the
accident branch and the life funds are In
no case liable.
A combined Insurance and annuity scheme
has been in. operation since 1893 IN return
for monthly deductions amounting to about
SIS annually for every 500 of salary the
insurance department contracts to give a
uniform initial insurance of 500, increasing
with the salary, until the age of sixty is
reached. and after that an annuity varying
with the age at entry. These policies are
placed in separate table. but are merged
In the general business and share In the
distribution Of profits. The scheme is com
pulsory upon all civil servants who do not
insure of their own wish. But more than
80 per cent Of the government employees
have taken out their insurance of their own
initiative. They may insure In whatever
company they choose
Fire Insurance.
A little more than a year ago fire In
surance department was established. in
compliance with strong popular demand.
The fire insurance companies had kept
rates at an exorbitant figure. and. as the
life insurance department had proved so
successful, the people all over the colony
demanded that the government should go
into the business and establish fair rates
and a more liberal policy.
The department opened its doors with
fat reduction of 10 per cent in all classes
Of business. The private companies met
this, and then cut under still farther by
reduction of 80 Ia per cent on dwellings
the W. of insurance classification-and
the government promptly made It's rates
the same. There the rate question has
rested ever since, while the companies have
been trying flank movement If the owner
of an insured property takes out govern
ment policy the underwriters cancel his
insurance. If the government cannot take
a risk the owner finds that the private COM
panies at once raise the rates. The compa-
MES refuse to recognize the department or
reinsure its risks. But it has been able to
make reinsurance arrangements with
Lloyds' in London and is not disturbed by
the attempted boycott 1t is careful not
to jeopardize the interests of its clients in
its fight with the private companies and
If 1t cannot take the whole of a big risk
it cancels it's own business rather than sub
ject the owner of the property to the boy
colt of the combine
The fire insurance department has saved
to the people in the first year of its opera
ton more sthan half million dollars in
premiums The commissioner Is Wen satis-
fed with the results of the first year
work. But he Is conservative man, ana
said that he did not consider 1t sufficient
test of the merits of the scheme.