GOVERNMENT INSURANCE BOARD'S PROPERTY SPECULATIONS. Wellington, April 23.

Te Aroha News, Volume II, Issue 100, 2 May 1885, Page 3

GOVERNMENT INSURANCE BOARD'S PROPERTY SPECULATIONS. Wellington, April 23.

At the ordinary weekly meeting of the Government Insurance Association Board held yesterday, the subject of establishing local boards wes discussed, and a preliminary resolution in favour of local boards was adopted, after which the question was adjourned till next meeting. It is proposed to establish local boards at Auckland, Duuedin, and Christchurch. The stateineub of the ''Tiinaiu Herald" that it is proposed to establish fifteen boards in the colony is authoritatively denied, being; absolutely without ioundation, and such a suggestion was never made. As regards the acquirement of sites, wild statements concerning the^e purchases have also been circulated. There have been four purchase b made. The first was at Wellington, and comprised the building in \*hich the Association was located whilet it remained a Government Depaitment. The price paid was a reasonable one, and a consideiable amount in rents is received from other offices in the sime building. When the contemplated additions aro made, it is likely the Association will receive about s percent, from its investment and its own office room free, or nearly so. The purchase at Dunedin was so good that an advance of £10,000 could since have been obtained on it. The present rental on the property exceed 5 per cent, on the purchase money, and when tho property is improved by building, it will yield an excellent return on the investment, besides providing the space required by the Association for its own use. Tho properties at Auckland and Christchmcli have also tenants, and are likely to prove very remunerative invest ments, besides providing the necessary office accommodation. It is urged that in vestments in the four cities named cannot be bad onos if they yield fair present interest, for it is curtain that in the future they must greatly advance in value. To get 'fair present interest and office ac commodation free in these cities seems to be good policy, and to the best interests of the policy-holders.