TARANAKI F.M.F.I. ASSOCIATION.

Taranaki Daily News, 30 April 1917, Page 3

TARANAKI F.M.F.I. ASSOCIATION.

"^» j ANNUAL MEETING. j The twelfth annual mooting of the Talianaki Farmers' Mutual Firo Insurance Asociation was hold at Elthani on Saturday, Mr. H. I). Forsyth, chairman of directors, presiding over a fair attendance of members. Apologies were received on behalf of Messrs I'owdrell, Maxwell and Lambie, directors. The report and balance-sheet showed that during the year there had bron a. further improvement in the financial position of the association. Fire losses amounted to £245, the second heaviest in the association's history. The chairman, in moving the adoption of the report, said the satisfactory balance-sheet produced that day was a matter for congratulation. It proved that the association had done good work, and was, in fact, the best year they had experienced. The premium policies had been reduced to Cs Sd in three' years, and the profit was nearly ,€SOO. They had had an uphill fight since the institution of the association, 12 years gao, starting off scratch, with no money and small business. The:expeneies had then been very high, on account of the few policies. Still'they had hung on, and showed a profit of £7353 during that period. These results must be considered very satisfactory. At inception they charged a 10s rate, then in 1910 they were able to reduce this to Bs, and a further reduction to Gs 8d in 1913. Progress had been steady, and not one year had they shown a loss, In 1912 they made a big move forward, but after that they lost some of the dairy companies. The position was recovered in 1915, when insurances aggregating £233,451 were secured, and this was further secured during 1916 and 1917. Losses had been very light, the association being very fortunate. Then the farmer was afraid the premium notes would be called up. Other difficulties were also cropping up, but these had been surmounted, and there was now no probable chance of theso being required. The value of the accumulated funds was sufficient to prevent the necessity for this. Farmers should be made to.realise the benefits of tho insurance in the association, for by increased business they would be enabled to reduce the rates. As it stood the association were charging 2s less than similar institutions. Puf. in another way, the benefit the farmers to-day received was the difference between what they paid the association and what would be charged by rival concerns with the association out of the way. This was a farmers' concern, and should asure the support of the whole of Taranaki. They had certainly received a fair share of insurance, but if farmers were only loyal they could make it a still greater success, and also reduce the, premiums. The cost of running had been fairly heavy, and they could do three or four times the business at very littls increased cost. Had the farmers all given' their support they would have all been money in'pocket. and would have also been able to pay all expenses, with fire losses thrown in. By increasing the business they could further reduce th& premium. Mr. J. Best seconded the motion.

Mr. White thought they might gain more business if they made more use. of the press by advertising. There was nothing to gain by secrecy. Mr Gane, senr., thought that if the chairman attended the dairy factory meetings successful results were almost certain.

The chairman said the directors had this matter in hand.

Mr. White thought their agents should move around more. Farmers did not care to waste the time in going in and out o c +nwn.

Mr. Gane, senr, said it was through the ay.ociation coining in that they had tut down the high rates previously charged. Mr. White disagreed. The Government Instituted their office a year earlier than the association.

ELECTION OP OFFICERS. The following direoors were elected:— Messrs H. D. Forsyth, Jos. Best, S. Death, jnr., R. Lambie, W. D. Powdrell, E, Maxwell and T. Phillips. Mr. E. Parrott was re-elected auditor at a fee of ten guineas.