PARLIAMENT.

Evening Star, Issue 4183, 24 July 1876, Page 2

PARLIAMENT.

[Bt Tkleobaph.] : ABOUT THE LOBBIES. (From our Special Correspondent.) Wellington, Jnly.32. The Kelson and West Coast members caucused this mwhiiig, and It it naderstood they decided to support the Government. Of the proceedings of the Wellington members the ‘ArgUs* reports The decision of those present was unanimous that Messrs Whitaker’s and Wakefield’s resolutions should be opposed, one or two members strongly characterising them as a rotation of good faith and of the principle agreed upon, in the passing of the Abolition Act last year. The unity of the Colony would be endangered It any serious att> mpt were made to deprive (be South of its land fund by making it oonsoldated revenue, end the meeting on these considerationsagreed thab the resolutions ought to be opposed. General confidence wis expressed in the Government measures and policy. The members present were Messrs Pearce, Hunter, Hnnt, Brandon, Ballanoe, Bryce, and Johnston. Mr Andrew was absent at Kelson. Mr Bunny, it may be stated, was opposed-to Mr Whitakers motion, and moved the resolution to support the Government. Mr Fitsherbert refuted, in his position, to attend the meeting.. The private opinion of nearly all present was that the interests o! Wellington required the rejection of the resolutions, the support of the and the umty of the Colony. Mr Brandon agreed to tike first and last propositions. Mr Andrew Is said to haVe declared his intention of supporting Mr Whitaker, but until his opinion is definitely known it perhaps ought to be assumed that he will finite oaths question with the' Other Wellington members.’*

The annual report en goldfields laid upon the table shows the value of gold exported during 1875 was L 1,407,770, and daring the quarter eliding March, 1876, L 330.523. The total revenue . derived f om thfl goldfields of the Colony in 4875 was L 88.616, and during thd quarter endiugMarch, 1876, L 20.161. There has been adecrease in the gold detains for 1875 as compared with the two ; previous years, yfit the returns show an increase in the revet ue of L 4,473 as compared with 1874, and of L 990 for the quarter ending Maxchlast tipon that . - collected during the same period last year. The increase has not beOh Uniform upon all sources of revenue—there has been a decrease upon business licenses, gold duly, etc, while gold mining leases, miners' rights, depasturing leases, etc., have considerably increased. ■ The report by Messrs Arthur H. Bailey And ■.*?,- P. Patteson, the London actuaries appointed to make a detailed Investigation into the fflaiwwfai condition of the Government Insurance Department has been presented to Parliament. During the five years of its "xistence the income from the ordinary branch of the department, consisting Of premiums, Annuity purchase money, in- ■ teresti fines, afid fees, K&S Ll/1,845 5s while the ' “ out-go" during the same period was as follows: Claims, L 22.750; surrender*, L 293 7s lid; an- ; Uftit.es, L2,9fK) 9s 4d j commission^?,o6l Ss 54 j expenses, L 28,302 18s lid j showing a total “ ont-go” . Of jWi 377 13a 7d. This kft » fund at 30th June, 1875, of L 109.967 12s Id, The department was liable at the same date for 4,958 L 1,833,810 j two immediate annuities of L 1,240; ten annuities of Other descriptions of L93s—the premiums payable Under these several contracts shioiUltillg to Ls?,6io per annum. The actuaries state that, in order to determine the sufficiency of the fund to meet these liabilities, they had to cpn* slder Upon tVMi basis the valuation should ’be inade. On this point they remark i— 1 “No sufficient experience bas yet been acquired of the mortality among assured livesin New Zealand or in any of the - Australian Colonies, but having regard to the . climate and character of the people, there is reason r : to believe that it will not diner materially from the corresponding mortality in England. We consider, therefore, that the most suitable basis of mortality tor the present investigation is that known as the Institute of Actuaries. H.M., and we have adopted it accordingly for aesnrwica risks. The annuities have been valued by w* Carlisle tab.e, the H.M. table not being suitable for thi» liabilities, many annuities being granted upoU' female lives." Having estimated the rate ol interest on moneys received under the Act, and* invested at 4} per cent., the actuaries proceed to remark:—“ To make provision tor future expenses, ' profits, and contingencies, the' value of what is called the * loading* has been computed and reserved; that is, special calculation has been made for each pelicy, the bare premium of which " : would be sufficient for the risk, according to €Ke_ table of mortality and rate of interest assumed tor the valuation, and the difference between; the pre- > ? mioms actually payable and the premiums thus computed has been capitalised and reserved. Pro- - vision is thus made, amongst other things; for the - heavier mortality expected among those lives on * which extra premiums have been charged for health or occupation. The additional annual premiums fonnln this manner a special fund available to meet '* the increased annual mortality. The summary and - valuation of the ordinary branch made on these i principles will be found in the schedule. The general result is as follows Funds, L 109.967: ' estimated liability, L 97.776; surplus, L 12.191. 'Bat the surplus is more, apparent than real.” The actuaries omthis point remarks Having regard to the rates of premium charged, we think that this result is satisfactory, but we wish to add that in our opinion this surplus would, not be properly divisible ; V as no division is to be made until another five yearn, have elapsed. The question does not now arise, bat when that time should come we thinkthat a further reserve will have to be made tor the future bonuses on those policies on which a limited numb rof premiums only is payable, and, which constitute * about 11 per cent, of the number. If the loading on this class of assurances bad been distributed equally over the whole term of life and a corresponding reserve made on the ' present occasion, wo believe from some calculations we have mode that the surplus would have been materially reduced.” The amount of commission and the expenses connected with the working of the department have, been very high, amounting to L35,3842s 4d during the five years'; in fact, commission and expenses have absorbed 24 per cent, of thepremiums. In the leading Australian Insurance Societies, and notably in the case of the Mutual Provident Society, t he rate on premiums for commissions and expenses tor the last five years has been 15*57. It has to be said on behalf of the Government branch that the rate of expense last year had fallen to 19*2 per cent. The actna-ies think the rates of preminm too low, and recommend the discontinuance of the industrial branch of the insurance departmeut on the ground that it has been carried bn at a positive loss. This suggestion has since been adopted. The Auckland members also had a canons to-day, and considered farther terms tor separation which, os now sketched, will leave that Province LIOO.OOO to spend on reproductive works, after paying its share of the North Island loan charges and contributions to the Federal Government. The Canterbury members command the situation, and if they throw in their support with Auckland and Otago the coalition must triumph. They reokon on the support of twenty Otago members, hub seventeen is all they can fairly expect, as Messrs Pyke, Eey nolds, Taiaroa, and Manders are sure to support " the Government. -. :