Borough Council and Insurance.

Taranaki Daily News, Volume XLVII, Issue 782, 28 March 1905, Page 2

Borough Council and Insurance.

At Monday night's meeting of the Council, Messrs Jtauchope and Webster, district agents for the South Itritish Fire Insurance Company, wrote asking the Council to favour the eompany with a share of their insurance business-. "Our company should, we think," the agent slated, ."have i\ just claim on the Council's risks, as ire understand flint it is the only company in New Zealand that holds any of your Council's aebenturos, having mves-ted £IO.OOO in these securities when the lnsl borough loan was floated."

The Mayor : The tenants of the Council were instructed at lust meeting that they could insure where they liked, und the resolution was that the Council would insure their property with the State Fire OHice.

Cr. Wilson : That is not so. All the Council did was to confirm youi action in insuring the -baths with Hastate Fire OHice. I myself would opposv such a resolution, as you mention.

The Mayor admitted that the Council were not bound to anything by the discussion at last meeting. Cr. Medley : I think we should show some consideration to this company which took up the debentures. In fact, I think it would have been right to give them the £IOOO insurance on the baths.

Cr. Kruser : They did not take up debentures on that condition. Cr. Medley : No, bill we ought to support those who take debi-ulmvs. The State Fire Ollice certainly won't take up any of our debentures. On the motion of Cr. Wood it (was agreed that the Council should consider this particular company when its next insurance fell due.