“Is insurance economically gambling ? (asks Canon Peter Green, in the ‘Manchester Guardian”). If I have paid a given sum—say, fifty pounds—annually to my life insurance society for thirty years my bankers will allow me an overdraft on the policy, and it has a surrender value. If the annual amount I have paid my bookmaker, above what I have received frem him, averages fifty pounds, what is the surrender value of that fact, and how much will my banker allow me to overdraw on the strength of it ? If I can convince my banker that my warehouse and its contents are insured for ten thousand pounds, he will let me have an overdraft. Will he do the same for me if I tell him that I have just wired to my bookie to put me a hundred pounds on a hundred to one chance for the Derby ? It is, therefore, quite certain that insurance is not gambling from the economic standpoint.”
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Hauraki Plains Gazette, Volume XXXX, Issue 5467, 28 August 1929, Page 3
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160Untitled Hauraki Plains Gazette, Volume XXXX, Issue 5467, 28 August 1929, Page 3
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