The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1917-01-10
THE MANNING @ TIMES.

JING TIMES. !
enty-fiYe thousand dollars upon which
we could have established the grad.
ers and sales tenn to which j have
above referred. NJ q y &.
izing money to be borrowed for Glenn
son College on the credit of the State;
this money to be repaid from funds
accruing to the credit Of the college.
1t q similar act were passed by the
Legislature authorizing Is the State
i Warehouse Commission er, the Cover
nor and the Comptroller General to
borrow on the credit of the State a
Sufficient amount to meet any loss
which might arise before the prenf-
iums collected We're sufficient, said
money to be repaidias the premiums
are collected, then we could soon lay
reduce the rate so that the farmers
of this State would get the benefit Of
a cheaper rate of insurance. II we
have the same good fortune that has
attended us for two and !, one-half
years, it would not be necessary ever
TO borrow a cent. Had this been done
in the beginning the reserve fund
would now be sufficient to guarantee
that the credit of the State would
never have to be used in any emer-
gency.
| The bill which / propose does not
in the beginning contemplate insur-
ing over one thousand bales in any
one location. If it becomes necessary
to protect more than this number in
any one location it can be done by
our present reinsurance facilities,
which are amply sufficient.
| In Germany and Switzerland they
have insurance by the government,
is regulated by law. The insurance
rates in European countries generally
in time of peace were on the average
about one-twelfth of the rate being
paid in South Caroln Furthermore,
the expense of writing this insurance
is about two cents for every one hun
dred dollars written. I suppose that
the average rate paid the stock com
panies in South Carolina would be
about S1.25 per one hundred dollars,
while the expense of writing same is
forty-three per cent. of the $1.25.
These figures are nightmare to the
insurance companies in this country,
who know that sooner or later the
|
surance or the organization of mutual
companies where the rates will be
very much lower.
The Federal Government early in
the war, on account of the prohibitive
marine risk, established a bureau of
insurance, and it is very interesting
to note what in one year it did for
the Federal Government. The insur-
ance companies arbitrarily placed the
rates at prohibitive point and
claimed that there was no profit in it
for them. The Federal Government
gave marine insurance, and in one
year made ap roft of more than two
million dollars. During that time it
issued 1850 policies, covering about
$140 1000, 100000, on American cargoes
and ships carrying noncontraband
goods. The figures of this bureau
show that the gross premiums for in
surance issued amounts to $2,9O4,-
$4,000, while the lossess were onlv
$771 $4,000, of which $58,811.0O was
recovered in salvage.
This government insurance was of
inestimable benefit to the entire coun-
try, especially to the cotton of the
South, by providing more reasonable
! insurance.
Armed Piracy.
! The difference in the fire losses
since the passage of the Laney-Odom
Act has been approximately fifty per
cent. less than for any year previous
to the passage of this act. You have
doubtless seen the figures given by
Insurance Commissioner McMaster
showing the great, decrease in fire
losses since the passage of the Ianey-
Odom Act in the State at large. I
herewith submit the figures taken
from the books of the Fire Depart
ment in the City of Columbia show
ing the olsses each month during
1915 to December 1, 1916, when this
report was cUmpleted:
Fire Loss.
1915 1916
January @. s. 14017.O4 S 6,87O.83
FEBRUARY 9191.05 4,076.O3
March 84,68G.46 7,364.O5
April 10,653.25 6,793.55
May - - 12,599.2O 582.1O
June 8,773.25 73183
July STILL 41.8O
August 6,531.69 2,O39.O2
september 5,275.40 17,993.6
October 754.85 126 50