STATE FIRE OFFICE

Dominion, Volume 7, Issue 2205, 18 July 1914, Page 5

STATE FIRE OFFICE

/: ■•■ :■ — *— — ■ ■ ■ '! A RECORD YEAR. : The year, 1913 has proved the most' successful in the history of the office— the profits being the largest ever earned in any one year,' and. the business in all respects being most satisfactory (says ' the annual report of-the manager of the State Firo Insurance' Department). The net profits, after appropriating a further sum of £2014-9s. 6d. to reserve for unearned "premiums, -amounted to the man of £15,443 10s. 2d., as against £14,023 12s. 9d. for 1912 and £5037 Bs. 7d.:for 1911. 'Tho-total accumulated profit at the close of the year was £41,904.' Tho net income, including interest on investments, was £61,280 13e. 9d. The not premium income was £59,417 11s. 2d., as against £54,380 2s. 7d. for 1912, showing an inoreaso of £5037 Bs. 7d. Tho net losses • were £27,97-5 3s. 3d., as compared with £25,111 9s. sd. ■ for_ 1912, the ratio to premium income being 47.08 per cent, and 46.17 per cent, respectively. The ratio of working expenses was 26.6 per cent, for 1913, and 26.7 per cent, for 1912. Included in the charges are contributions to fire boards under the Fire Brigades Act, 190S, tho amount expended under this heading for 1913 being £1116 Bs. Id. : ■ At the close of 1913, the reserve funds amounted to. £65,671 16s. 10d.,,'as against £48,213 7s. 2d. for the previous year. The investments, after repaying tho:loan of £2000,-the onlv part of the £100,000 of capital authorised by Parliament which it'was found necessary to raise, to establish the office, stood at the close of.tho vear at £44,250, compared with £37,000 for 1912. The offico has liow wiped off its balance-sheet all liabilities on capital account, and is supported entirely by an excellent reserve fund, accumulated solelv by its own efforts, of over £65.000. The'dnnKP.T of over calling upon the Government for assistance may safely be said to bo exceedingly remote. . ' :