WELLINGTON NEWS

Hokitika Guardian, 8 September 1927, Page 4

WELLINGTON NEWS

FIRE LOSSES IN NEW ZEALAND.

(Special to “ Guardian.”)

WELLINGTON, Sept. 5. It will amaze most people to find that the fire losses of the Dominion in 1926 amounted to approximately £l,159,000 whi -ii is equivalent to 17s per head of the population. As a matter of fact, according to underwriters, New Zealand has now displaced the United States in respect to losses by tires. It is well known that most tires are caused by carelessness or negligence. Few outbreaks are actually due to arson or incendiarism. Though in periods of bad times arson is not unknown. New Zealand cannot afford such a heavy loss and it is time some steps were taken to reduce it. Fires will occur no matter what precautions are taken, and that is recognised, but what is complained of is that with just a little more care about fifty per cent of the losses now incurred would be saved. Carelessness is in the main responsible lor most of tho fires and how best to get rid of this carelessness is the problem. The insurance companies believe that if nil inquiry be held whenever a fire occurs then the publicity involved would make everyone carefid. Such an inquiry would perhaps help to discover faulty building construction and tliis would help to direct the attention of tho authorities to the need for close supervision in building construction. Tho laws or bylaws relating to the storage of hazardous goods, empty cases, packing materials, etc., should bo strictly enforced by the governing authorities. Motor car ownership is now spreading and not all motor car owners are careful as to where they store motor spirit, for they are not abovo taking serious risks. If wo could save half of the present loss it would mean a saving of half a million sterling. Some people seem to think that if one 's insured it does not matter since the insurance company will pay the loss. Tho company does compensate the assured, but nevertheless there is a loss to the community. Tho municipal and other authorities must give consideration to this matter, and not fancy that in providing for a fire brigade they have done all that they need do.

MONEY STRINGENCY. The Post Office Savings Bank returns for the June quarter do not provide pleasant rending. The deposits amounted to £7.108,540 as coinpared with £7,907,337 in the corresponding quarter ioT last year a decrease of £858,797, which shows that while the desire to save may exist the power to do so is wanting. Iho shrinkage may also he due to the tact that the higher rate of interest for deposits offered by the trading banks lias attracted erstwhile depositors in tho Post Office Savings Bank, but this is scarcely the cause of the shrinkage. The withdrawals for the quarter totalled £7,853,391 as compared with £7,643,443 for file June quarter of last year an increase of £210,148. Decrease in v'leposits and increase in withdrawals cannot lie regarded as satisfactory. In the quarter under review the withdrawals exceeded the deposits by £745,041, while in tho June quarter of last year the deposits were in excess of the withdrawals by £323,894, so that compared with a year ago we are worse off by £1,068,915. The heavy withdrawals indicate that some people are drawing on their savings to meet li',ing expenses and to meet other commitments in respect to instalment payments on homo purchases, motor cars, furniture, etc. Owing to the

drop iti tl;o national income caused by the contraction in exports, relatively few people bare the choice of | saving and this is particularly the ] case with the usually thrifty workers, j consequently the deposits not only in ; the Post (Mlico Savings Hank hut in oilier institutions are not expanding as in normal times, consequently there i.s u ; 'kcon demand for deposits. The currency certificates of the I’ost Office Savings Bank carry comparatively high rates of interest and this may force the building and mortgage companies to increase their raters. Bearer money must be expected in New Zealand because of the stringency that irs now being experienced in the Commonwealth where conditions are very similar to those ruling in Nciv Zealand.