TARANAKI FARMERS' MUTUAL FIRE INSURANCE.

Taranaki Daily News, Volume XLVII, Issue 8080, 10 April 1906, Page 2

TARANAKI FARMERS' MUTUAL FIRE INSURANCE.

encouraging prospects.

The first annual meeting of the Taranaki Farmers' Mutual Fire Insurance Association was held in Elthaui on Monday. Mr James Boddie, Chairman of Directors, presided, and representatives were present from all over the province.

The annual report, which was unanimously adopted, stated that the work of the linancial year ended 31st March, 1906, had been most satisfactory and encouraging. During the year insurances wore accepted as follows On first-class risks to the amount of £51,024 :is Id, on second-class risks £1230 10s Bd, making a total of £55,255. The number of individual insurers was 180, representing 235 policies, of an avorage of £235 2s Aid per policy. The progress of business was shown as follows September 1905, insurances accepted £74!)!), October £17689, November £20732, December £27307, January £33,092, February £39,815, March £55,255.

The face value of all premium notes held by the Association in respect of completed risks for the year, amount to £3309 6s. After deducting tho amount of premiums received, £284 18s Id, there remains premium notes amounting to £3024 7s lid "available for assessment for the purposes of the Act. In addition to this asset, there remains, aftor paying and providing for all liabilities of the Association a sum of £9O, to bo carried forward to the Reserve Fund, in terms of tho Act. Considering the brief period that tho Association has been in active existence, and the heavy necessary preliminary expenses of and incidental to the successful flotation and equipment of such a concern, the result of the period's working must be looked upon with satisfaction.

The expenses of management total £lB9 19s 7d. This amount will be seeu to include the preliminary expenses of flotation, books and stationery (sufficient for many years), salaries, directors'. and agents' fees, the latter ODvering at least three years' business on the mutual systom, and in respect of which no future commission will be payable.

| As tho Mutual Firo Insurance Act, 1903, provides that policies should not issue until £40,000 worth of insurances were accepted, the matter of tho issuo of policies proper has been somewhat dolaped. The interim receipts issued arc, however, practically of equal effect, which has been instanced by the fact of tho State lending aud other departments accepting same, aud transferring accordingly. Under the circumstances the directors were ploasod to know that no serious inconvenience has been occasioned. The policies are now being written up, aud will be forwarded to the members with the least possible delay.

The election of directors resulted in the appointment of Messrs. Boddic, Blair, Baker, Lambie, Maxwell, Dive and Thomson, of whom Mr Jas. Boddio was re-elected Chairman.