The Feilding Star. TUESDAY, JULY 27, 1886. Government Insurance

Feilding Star, Volume VIII, Issue 19, 27 July 1886, Page 2

The Feilding Star. TUESDAY, JULY 27, 1886. Government Insurance

The votes of a large majority of the polieyholders have affirmed the desirableness of the control of the Association being handed back to the Government. The report of the Cofnmittee> appointed by the House tends* in the same direction. After condemning the land purchases in no measured' terms, as having been made partly for' speculative purposes; the report .goes on to say :-r-"Tno Committee considers the erection of costly buildings, with the idea of thereby attracting business,, quite unnecessary; and recommends that only such buildings, be provided as are .requisite for the proper and ' convenient conduct of the Association's t business. The Committee considers ;it extremely advisable that any future purchases, of land. or buildings, and all salaries of officers should be submitted for the approval of Parliament, tn respect to the general working of the Association under the present Board, in the opinion of your Committee the, evidence justifies the following conclusions :— That the disagreements of the Board, and the publicity given to these disagreements, have acted injuriously to the interests of the Association. That the working expense.'} of the Association have been considerably increased, and that no proportionate advantage has accrued. That the- interests of the polieyholders require that a portion of the funds should be invested in securities yielding a better return than can be obtained from Government securities. That canvassing for lives is necessary to the success of the Association. Your Committee has agreed to the following resolutions, which it recommends to theconsideration of the House : That the present Board should be abolished. That; the general management of the Association's business should be entrusted to an officer of high oharaoter and attainments, possessing experience in the business of assurance. That the Act of 1874 be re-enacted, subject to the, recommendations of this Committee. That not less than one-half of the funds of the Association should be invested in Government securities and in debentures of public bodies in New Zealand secured by rates. That the remainder of the funds shall be invested in advances on policies and on mortgage of freehold properties in New Zealand; provided that no such mortgage shall exceed one-half the market value of such property. That all moneys lent on mortgage should, be invested in the various provincial districts, as nearly as practicable, in the proportion in which the same have been derived from such districts, provided this can be done without : Loss to the Association. That applications for loans not exceeding £500, secured upon real property should have priority over applications for larger sums. That for dealing with investments a special Board should be appointed ; such Board to consist of the Minister in charge of the department, the General manager, the Surveyor-General, the Property Tax Commissioner, and the Public Trustee.That no investment by mortgMjjefor. loan should be made without '3hs unanimous vote ef all the tnetabers of the Board present at the mejiting, at which such loan is considered, and that in all cases the assent of}not less than th c-; mem' c s shall be&eauired. That canvassing for lives should be continued; and that every.encouragement be given to the issue of small policies." With the above we are not entirely in accord, as we do not think *the management of the,affaira>. < o¥'the association by a united Board has had £ fair trial. The unhappy diffgj-e'k'es of opinion which have existed between ' the several members since they were ! »itner nominated ?>r elected, have been the causes of failure, - not the system as laid- down -in -the. Act of 1884.