THE Grey River Argus. TUESDAY, MARCH 8, 1870.

Grey River Argus, Volume IX, Issue 645, 8 March 1870, Page 2

THE Grey River Argus. TUESDAY, MARCH 8, 1870.

Without attempting to preach a homily on the uncertainty of human life, and the duty of every man to make provision for those who may be dependent on his individual efforts, attention cannot be too publicly or too forcibly drawn to the scheme which the General Government has only lately elaborated for entering upon the business of life assurance and the granting of annuities. This is the result of a project which was put forward in the General Assembly by Mr Yogel during last session, which was at first considered visionary, but which has now been found to be thoroughly practical, capable of being extended throughout the whole Colony, and calculated to effect much good not only to the community at large, but also to the General Government itself. Making provision for a "rainy day " is very little thought of, as a rule, on the gold fields, and any simple provident scheme like that which is now laid before the public, ought to be appreciated and taken full advantage of. Like every new thing the Government system of life assurance will take a time ere it becomes popular, but there can be no doubt that ere long it will be as common as the Post Office Savings Banks are now, and it will become the rule of depositors in these banks to set aside a small portion of tlieir savings to the account of life assurance, or the purchase of an annuity. Objections have been raised that the Government is unduly interfering with the business of private companies, but this must give way to the superior advantages which the Government can offer to the public, not the least of which are ample security and the ability to undertake such risks at lower rates than private associa tions, because profit is not their aim ; because they have their own securities in which to invest from time to time the accumulated funds; because, without leaving idle an undue amount of accumulations, they have always ample funds to satisfy all payments due ; they save the charges usually made by insurance agents, and they require neither an extra staff nor costly buildings in which to conduct the business. Those are a few of the advantages which the Government system offers to the public, but the one most valued will be the security, after the news which only recently reached us from England of the failure of so many insurance offices, and the consequent exposures which are boing so constantly made of the rottenness of others. Now that the Greymouth Post Office has also become an Insurance Office, public attention should te given to the code of simple regulations which have been issued under the authority of the Government Annuities Act passed last session. In framing them, a very commendable degree of caution appears to have been exercised in avoiding innovations on established principles. The business to be conducted will be kept within certain limits. For instance, no provision is made for assurances other than on single lives. Within these limits, however, every convenience is offered to policy holders, such as the privilege of surrendering a policy, or assigning it to another person, after five years' payments have been made ; of converting an assurance into a reversionary annuity, or a deferred into an immediate annuity ; and, in cases where persona are unable to keep up their payments for the pur chase of an annuity, the Commissioner is empowered to grant an immediate or deferred, annuity equivalent to the money paid lip. Persons may proceed to Europe or the neighboring colonies without rendering their policies void. The business is to be conducted at the Money Order Offices, and insurers may change the office for paying their premiums at will. This, in a country with a larga shifting population like New Zealand, will be found a very useful provision. The tables show a considerable reduction in the rate of premiums, and assurances may be effected from the age df sixteen. The scheme is now fairly on its trial ; and while immediate results are not to be looked for, a few years will show how- far it is calculated to effect the objects aimed at,