FIRE BRIGADES BILL.

Gisborne Times, Volume XXV, Issue 2208, 11 October 1907, Page 4

FIRE BRIGADES BILL.

Pross Association

AUCKLAND, Oot. 10. At tlio annual general meeting of the Smith British Insurance Company, the chairman said the year opened satisfactorily, but during the .second half a bad cycle throughout Australasia affected the year S results. while fire and marine ,business went indifferently. The accident department had justified its creation. The experience of leading fire insurance companies of the world itho past twelve months tended to show how important alike to the public ami shareholders it was that reserve funds should ho large enough to meet any emergency. It would be the 'policy of the directors, to augment the reserve on every possible occasion. Ho regretted that fire business in New Zealand was still in an unsatisfactory condition, itho revenue' being quite insufficient to cover losses and expenses, leaving no margin for conflagrations and contributions imposed on the companies. The contributions under tlio Fi.ro Brigades Act .would amount .to Si per cent, on the revenue. It was a most oppressive charge. 'He expressed a hope that it would be possible to secure such improvement in the firo rates as would give the compaaiies not oulv some margin over losses and expenses, but a reasonable provision for conflagration contingencies. The report and balance-sheet, already circulated, were adopted, together with resolutions converting tlio company into one of limited liability..