MUTUAL FIRE INSURANCE.

Taranaki Daily News, Volume LII, Issue 82, 3 May 1909, Page 3

MUTUAL FIRE INSURANCE.

TARANAKI FARMERS' ASSOCIATION

The fourth annual*meeting of the above Association was held on Friday afternoon at Eltham. Mr. E. Maxwell presided. -The report stated that the business of tint past year had improved the position of the Association. The premium income for the year totalled £1237 5s 2d, au increase of £llO on the previous year. The net insurances in force at the close of the previous year amounted to £180.014, and at tile close of the year iiow uuder review had increased to £11)4,103. The policies then in force numbered 772. making the average risk approximately £231. During the year one fire loss of £150" was sustained. After making provision for all general liabilities, the cash reserve at the end of the financial year amounted to £1548 9s 7d, being ,£B(>fl 12s 6d in advance of the previous year.

The chairman moved the adoption of the report and balance-sheet.—(Seconded by Mr. J. Christoffvl. Mr. J. Thomson asked if there were any intention of lowem.g the premiums. "Mr. Maxwell replied that the questiou had been considered by the directors, but so far nothing definite had been arrived at.

The fire losses in the previous year amounted to £775. as against £lso*last year.-

Replying to Mr. J. U. Murray, tin: chairman said the directors had been as careful as possible in regard to accepting fire risks, and the business being done was what might ltr termed a good class. He had not heard anv suggestion that the losses had been due to oversight on the part of directors or to over-insurance. It was noticeable during the Inst i'ew months that, as was usuallv the case in a time of depression, (ire losses had been very great throughout the country; but tin- Taranaki Association's lo<s had been very small. During the year a careful inspection of all r isks had been made, and the director* were of opinion that in no case had over-insurance been allowed.

The report and balance-sheet were adopted. All the retiring directors, with the exception of 'Mr. Dive, who would not accept office, were .re-elected, the directorate now being: Messrs J. Christoffel, J. T. Quin, F. W. AYilkie. S. Forsyth, •T. Best, I". Maxwell, and .T. Lambie (elected in Mr. Dive's place). A vote of thanks was passed to the retiring directors. Mr. Lambie remarked that good luck 111 escaping fires bad been associated with good management of the retiring directors.—Star.