MARINE INSURANCE.

Taranaki Daily News, 15 June 1917, Page 8

MARINE INSURANCE.

PROPOSED STATE CONTROL. At tho farmers' conference in the Good Templars' Hall yesterday a paper was to liave been read by Mr. E. Holder on marine insurance, but owing to the necessity of curtailing the proceedings Mr. Holden, at the request of the chairman (Mr. J. Connett) merely outlined the subject, and there was no discussion.

Mr. Holden said the cost of marine insurance had increased by 25 per cm'.., which meant that producers now paid half a million to insure their produce to the British market. At present the producers were practically in the har.ds of the private insurance companies, practically the whole of the money paid going out of the Dominion, and if they could keep it in the country it would ha so much better. They had been told recently that the Imperial authorities had taken over the war risks, and if that were so, why had tho companfe increased their rates? That was a point he considered well worth inquiring into. Some years ago the State had started a lire insurance department, the result heing that there was an immediate reduction in the rates charged by private companies. The State Department! had saved the public in twelve years £IOO,OOO. If that could be done in the fire insurance department, there was no reason why a State department should hot also reduce the rates of marine in-, surance. If the State would not take on the business, he thought! the producers should go a step further and form a marine insurance company of their own. Farmers at present were taking over their own lire insurance, and he could see no reason. why they should not take over marine risks as well. In the m/antime, however, he would simply move, ''That this mectin" of representative producers consider the time has arrived when the State should undertake marine insurance ibusiness, and respectfully urges the Government of New Zealand to immediately incorporate this class of risk with the business of the State Fire Insurance Department." Tho motion was seconded by Mr. L. Hill and carried Copies of the resolution are to be forwarded to the Hon. W. D. S. MaeDonald, the Board of Agriculture, and the members of Parliament for this district.