Evening bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1895-1912, 1907-10-12

4
rend them are fruitiess.
frame buildings are rapidly be-
ing erected where they Should neTer
be altered. and constitute a rap.aiy
Increasing menace to the safety OF tine
city.
j, Many of our best buildings, and
some of them of recent construction.
how glarlng disregard for ordinary
precautions against fire, IL not dis
regard of the building laws OF the
Territory.
Our water supply il precarious.
Our fire department is Inadequate.
II is effective and well handled as far
as It goes, but unable TO cope with a
large conflagration.
1T has come to the notice Of this
committee that 1t has been difficult
since the fire in San Francisco TO OBJ
tain sufficient insurance on many OF
cur local risks, and we have been
told by gentlemen of the highest
standing that tinkering with the rates
at the present time would undoubt-
eddy cause sorM of the best companies
to withdraw; those companies that
we cannot AFFORD to lose: those dollar
Gor-dollar companies. This would be
aeplorable and of serious import to
the community
| "Of course II Is optional with the
Association to set what value they
please on this statement. Suffice II
TO say your committee is satisfied
from the knowledge which they have
acquired that the danger is real.
Referring again to Mr.. Wake
fields tables, the statement that dur
ing the last four years the profits
rom fire insurance have been abnor-
NAL In this Territory are absolutely
true. Unfortunately, We are unable
to find any records of any earlier
years, say for ten or fifteen years,
whereby comprehensive comparison
of losses and gains could be made,
ana II seems to be unfair to base our
calculations on the four years of plen-
ty Just passed, especially when Il Is
rloimed that IL figures, say for fifteen
wears past were available, It would
show very little, II any, profit Ia
those in the fire insurance business
In conclusion, the time seems Ia
your committee to be inopportune to
commence this agitation. Following
close upon the heels of the disaster
III San Francisco, which wiped scores
Of insurance companies out Of exist.
Z, cnce, and shattered the most stable oil
them all to the core, n demand of this
= kind can only produce irritation ano
a would probably accomplish no good
: Your committee feels assured
with the completion of the Nuuanr
dam (Which cannot now be long de
layed), and the additional securit,
from the abundant supply of watel
which It will furnish, that a sub
stantial reduction in the basis rat,
hay be asked for and easily obtained
:, "E. A. M'INERNY,
, wv. r. LUCAS,
"E. II. PARIS,
Committee on Trade and Finance.
Al Paris stated that the business com
= munity would not be greatly benefited
- by a reduction In premiums, as tn
. enlarged profits from the insuranc
business came from the Chinese an,
japanese quarters, where rates from
to s per cent. were charged.
Mclnerny said that not a singl
!, usiness man had kicked to the com
mittee except Wakefield.
Paris called attention to the fac
that by means of co-insurance insur
ors could greatly reduce their prem
, iums. This was very interesting I
the members present. many of whor
had never heard of this feature.
. McInerny proceeded to read an an
a swer from Wakefield. quoting stats
- ties to carry his point. McIiern
. pointed out that In spite of these ilg
Ires the rates charged for the build
3 ings in the business center were ratf
or cheap than otherwise, in spite c
. the fact that in reality this was
veritable trap.
~ McInerny added that he ha
u thought n reduction in rates woul
. mean an increase of business. II
had, however, been assured by tn
a local agents that reduction of rate
,s would drive out the good companit
a End leave only the cheap and irr'
sponsiblc ones. He had been surpri
ed that no "non-board" companie
which usually cut rates right an
a left, had come here, since here W;
such a golden harvest. but he ha
!, found that couple of such had trie
40 10 operate here. but had withdraw
=, because they could not cut the rat
"a here.
n, Cation asked whether there WI
: any proposition to have local cor
pany.
McInerny answered that a local 4
surance company would be wiped o,
. in case of "A general conflagration.
y" Cation said that 1t would be