FARMERS’ FIRE INSURANCE

Stratford Evening Post, Volume XXXIX, Issue 11, 4 May 1914, Page 8

FARMERS’ FIRE INSURANCE

The ninth annual meeting of tin shareholders of the Taranaki Farmers' Mutual Eire Insurance Association was held at Eltham on Thursday. Mi J. T. Quin, chairman of directors, occupied tiie chair.

The annual report showed that the net premium income for the yeai amounted to £786 13s 7d, being £-15t 16s 4d under that of the previous year. This is owing to the Association having occason (through a Supreme Court decision) to cancel all dairy factory risks for the time being pending the dairy companies amending their mem qranda of associations. In the mean time, the , Association has been ap pointed State Fire Office agents fo: this class of business, and as you wil notice from the accounts receives a remunerative commission thereon. Tin insurance liability at the close of tin tear under review (after allowing reinsurance) amounted to £159,633, a; against £234,454 at the close of the previous year. Tills liability is classified as follows: —Farm and non-hazard ous risks 695, policies amounting tc £154,041 (making an average of ap proximately. £225); reinsurances, < policies (averaging £513) £3592. Tin total policies number 702, bringing the general average to approximately £228, being less than that if the previous year £276). Fire losses amount big to £2OO occurred during the year. The liquid assets at the end o ftlu financial year (after making provisio for all general liabilities) amountot toi£sss-3 14s lid, being £545 3s 9d ii advance of the previous year. Tin premium notes in force at the close of the year under review amounted to £B2IB 3s lOd, being a decrease o' £3609 17s lid (owing mainly to a Ins;; of dairy factory business), making r total of general assets over liabilities of £13,823 2s 6d. Under legislation o' last session, power is now given to associations under Ordor-in-Council tinsure its members against workers compensation claims. The director; i will consider the matter further, i 'Hie. balance-sheet showed : —Assets Cash on fixed deposit and mortgage 0563 17s Id; premium notes £B2IB 31 Od ; interest accrued, £36 3s 8d ; iota 013,893 Is 7d. Liabilities: £7O 2s 3d • balance £13,823 2s sd, receipts £1632s 6d ; expenditure, £327 5s 2d. Trans, for to reserve account, £540 18s; balance, £362 6s lid; insurance liability, I £159,633. Mr Quin moved the adoption of the report and balance-sheet and referred to the very satisfactory position the Association occupied. Mr Wright seconded the motion. Mr Gane thought the Mutual ought to be better supported by, every farmer. Mr Wright thought the Mutual Association might be bettor advertised, and if it were so it would be better supported, and tl/cy could afford to reduce the premium. Mr Gane wished to make it clear I hat those who had adavnees from the Government were not now compelled I to insure in the State office. I The motion for the adoption of the I report and balance-sheet was carried. | Mr Forsyth moved; That it be a recommendation to the incoming directorate to consider the advisability of reducing premiums. Mr Wright seconded the motion, which was carried. Th following wore elected a directorate: Messrs J. T. Quin, R. Lambic. H. i). Forsyth, C. J. Belcher, E. Maxwell, J. Best, and J. Christoffel. Mr Parrott was re-appointed auditor at a.fee of £7 7s. At a meeting of directors held subsequently, Mr J. T. Quin was reelected chairman.