MARINE INSURANCE.

Hauraki Plains Gazette, Volume XXXV, Issue 4786, 8 December 1924, Page 2

MARINE INSURANCE.

DAIRY PRODUCE RATES. GREAT SAVING TO PRODUCERS. The rearrangement of the rates fur marine insurance on dairy produce by the Dairy Control Board shows a reruction from 19s 7d on both butter and. cneese in 1921 to 7s for butter and 8s 6d for cheese. From 19s 7d in 1921 the rate was voluntarily reduced by the associated insurance companies to 17s 3d in 1922, to 13s ltd in 1923, and to 12s Id in 1924, but by being able to guarantee the whole of the insurance business for New Zealand on dairy produce the Control Board was able to induce the associated companies to reduce their rates i» the diastic fashion indicated. According to an authority on insurance, this does not necessarily mean that the companies will operate on a reduced rate of profit, because instead of having to pursue their business with 600 individual dairy companies throughout the country they will now be saved office and travelling expenses, and agency commissions formerly incurred in that pursuit.

The extent to which the producers have saved by the rearrangement may be gauged by the fact that if the whole of Now Zealand daily produce for the current season wree to be insured at the associated rates the payment would total £120,624, whereas on the rates now fixed the payment will be only £70’,675, a difference of just under £50,000. In point of fact, the actual saving .will be less than this, became some companies formerly had London policies at rates lower than those ruling in New Zealand.