The Manawatu Standard (PUBLISHED DAILY.) The Oldest Daily Newspaper on the West Coast. MONDAY, MAY 18, 1885. FIRE INSURANCE RATES.

Manawatu Standard, Volume IX, Issue 139, 18 May 1885, Page 2

Manawatu Standard (PUBLISHED DAILY.) The Oldest Daily Newspaper on the West Coast. MONDAY, MAY 18, 1885. FIRE INSURANCE RATES.

We direct attention to a letter appearing elsewhere, reprinted from the Feildihg Star, m reference to the vexed question of the alleged extortionate rates for fire insurance, which are charged south of the JRangitikei river. ,; ; To the ordinaiy mind it does seem incomprehensible why such rules should prevail, and how it is that insurers are so forbearing m the matter. It is universally contended that the rates' now char. geaWe under the code, to which the companies^ doing business on the West Coast ;,have been m some mysterious way induced' to subscribe,* are most extortionate, and out of "all proportion to the risks incurred. It woold appear that insurers resident m Feilding are beginning to realize the fact that they nave borne the undue burden long enough, and to think ?t is time they combiued for self-protection. To be successful m their resistance of the black mail which has been so un- . scrupulously levied since the Insurance Companies Association came into existence, there must be thorough unanimity among the insurers, and it would be as well that the matter were taken up by Palmerston, and a combination entered into between the: two towns to jendeavour, ,l).v every legitimate means, to obtain '^n^iWelioration of the presehfrexorbi-taril-^ariffi •'. Our contemporary the .>i/tj* indorses . the. views, expressed by^ife • correspondent, tio far as recommending a -nfreeting of insurersgoes, jto endeavour to force a reduction of the rates ;tp. the same level as those north of the Rangitikei River, ■but it would not exclude the local agents, for m nearly every case such agents are property holders who effect large insurances on their own account, and are. therefore equally interested m securing a low tariff. In fact they are interested doubly m getting lessey rate/s,VJ»r the pre-. sent tariff is m a great degree prohibitive. The New Zealand Insurance Company, it, is popularity believed, took a prominent part m bringing pressure to hear oh the qther . insurance companies doing "business m New Zealand to coerce them into subscribing^ £o the exI tor donate existing tariff k:bm plained of. But we have on> more than one . occasion heard the local agent affirm .that the present Irigfe rates greatly interfered irith the extension of business, and that! a Reduction m tariff would bring about an immediate and substantial increase m the number and amount of policies effected. In other words, many would insure who now decline^ a-matter of principle and ways and means to recognise a tariff which is virtually prohibitive, and cannot be justified i by any arguments used m its defence. The annual cost of insurance m premises situated m blocks of buildings eitljer m Palmerston or Feilding, under. existing conditions, is equivalent to rental, an 4is pqosidered by all as .a -m6jSt iniquitous and unjustifiable I sure that wore the insurers to unite , in' opposition, they could m course of time compel a reduction m the i outrageous tariff now ruling. The ! *SVar;'promises its correspondent that if He will take the initiative m the I matter, he will have our contemporary^ hearty support m» whatever action he takes, so long as it is per- ■ fectly m ai cordance with good faith'

and liberal public spirit* Wo trust Palmerston will act m accord with the sister Borough m a combined effort to resist to the utmost the oppressive tariff' now m force, and bring pressure to hear to compel its eventual reduction within reasonable limits.