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Hawke's Bay Times, Volume 15, Issue 768, 10 March 1870, Page 2

We have been favored by the Government Annuity Commissioner vith copies of the papers connected with the Government Life Insurance and Annuities office, comprising the Act of the Assembly, the complete regulations respecting the ma'ter, some plain rules for the guidance of persons desiring to insure or purchase annuities, and the tables relating to the granting; of deferred annuities. We alluded to this matter at the time of the passing of the Act, and we are glad to find that the Government has at length given effect to it by the development of the system, which was brought into operation on the first of the present month, by the opening of agencies at all the principal post-offices in the colony, It is scarcely necessary for us to say a word in favor of the exercise of so self-evident an act of prudence as the effecting of an insurance against the inevitable event of death, on the part of such as have others dependent on their exertions for their periodical income, or that of making future provision for old age or disability to such as are dependent upon their own exertions for the same. The advantages of the practice—we had almost said the duty—is sufficiently obvious, but until the Government itself took the matter in hand there were not wanting objections or obstacles to its being carried out, in the too heavy charges made by private associations, and the risk of losing all run by the party assured. But these objections are obviated in the Government plan. No profit is sought to be gained to the revenue

from this source, though great public advantage will accrue from the use by the Government of the accumulating funds as borrowed capital, and no risk is run by the assured, as the Government have their own securities in which to invest the funds, and hold themselves responsible foi the due fulfilment of their part of the contract. As the existing postal staff undertake the duty of assurer;'!, the Government have neither buildings to maintain nor agencies to support specially for the work.