STATE FIRE OFFICE.

Taranaki Daily News, Volume LVII, Issue 51, 21 July 1914, Page 4

STATE FIRE OFFICE.

A RECORD YEAR. Tho year 1013 has proved the most successful ill ttfie- !\i>itory of the office—the profits being the largest ever earned in any one year, and the business in all respects being most satisfactory (says the annual report of the manager of th» State Fire Insurance Department). The net profits, after appropriating a fur'tilicr Bum of £2014 10s 2d, to reserve for unearned premium's) amounted to the sum of £15.443 10s 2d, against £14,023 12s 9d for '1912 and £5037 8s 7d for 1911. The total accumulated profit at the close of the year was £ 41,904. The net income, including interest on investments, was £61,280 13s. od. The net premium income was £59.4|17 Us 2d, as against £54,380 2s 7d for 1912, showing an increase of £5037 fcs 7d. The net losses were £27,975 3s 3d, as compared with £25,111 9s 6d for 1912, the ratio to premium income being 47.08 per cent, and 49.17 per cent, respectively. The ratio of working expend was 20.8 per cent, for ilftlS, and 20.7 per cent, for 1912, Included in the charges are contributions to fire I)oards under the Fire Brigades Act, IiBOS, the amount expended under this heading for 1913 being £lll6 8s Id.

At the close of 1913, the reserve funds amounted to £65,071 ilCs 10d, as against £■48,213 '7si'2d for the previous year. The investments, after repaying the loan of £2000:, the only part of the £.100,000 of capital authorised by Parliament which it was found necessary to raise to establish the office, stood at the close of the year at £44,250, compared witlt £37,000 for 1912. The office has now wiped off its balance-sheet all liabilities on capital account, and is supported entirely by an excellent reserve fund, accumulated solely by its own efforts, of over £65,000. The danger of ever calling upon tlu Government for assistance may safely be said to be exceedingly remote.