Hemp Mill Insurance.

Manawatu Herald, Volume III, Issue III, 25 March 1890, Page 2

Hemp Mill Insurance.

Mir Mowbray again waited upon the Hemp MiHera Association to urge the formation of a Mutual Fire Insurance Association. He stated that since the last -meeting he had endeavoured to obtain further par* tieulars, and desired to lay what he had obtained before the meeting. Between Otaki aa4 New Plymouth he found there were 102 mills, and during the lait eighteen there had been fourteen fires, the losses on which were £1500 for fibre and £1500 on plant. As he did not propose to insure the fibre the losses would thus represent for the twelvemonth £1000 on plant, which would be equal to a five per cent premium on £200 on any mill, as it was not suggested to take a much higher line than that on each mill. Add to this one per cent for management, the premiuns would only be six per cent, a sum about equal to the rates ruling for sawmills. In roply to questions, he stated that he had not found what would be . the cost of forming such an Association, or if the Government would be likely to demand the cash deposit and £200 stan?p as is the case with Fire In* surance Companies. He admitted that this particular time was rather inopportune to press the scheme. The members were of the opinion that some such proposal would be very useful if it conld be worked as suggested It is evident however that Mr Mowbray his j>lenty of -. work before h» has the scheme " out and dried ".