NATIONAL FUND

Wairarapa Times-Age, 10 June 1938, Page 8

NATIONAL FUND

TO MEET EARTHQUAKE & OTHER LOSSES

CHAMBERS OF COMMERCE PROPOSAL.

EXTERNAL INVESTMENT ADVISED.

(By Telegraph—Press Association.) WELLINGTON, This Day.'

Consideration was given by the executive of the Associated Chambers of Commerce today to the proposal of the Napier Chamber that, in view-' Of • he frequent occurrence in New Zealand of earthquakes, floods, droughts, frosts and gales, a national fund should be established by the Government, invested outside New Zealand and' utilised when necessary to meet :he‘ havoc caused by such disasters. The meeting agreed that some strong fund was desirable for such eventualities and decided to present to the Government the following remit carried at one of the past conferences of the Association: —

“That with a view to improving our securities for loans overseas, and for coping with any future earthquake disaster, this conference urges upon the Government to introduce legislation making reasonable. provision for :uch eventualities as occurred in connection ■ with the Hawke’s Bay' earthquake disaster of 1931. This confersnce considers that such a "system, when introduced, , should be on, an equitable basis and that - the fund should be established by general taxation, the fund to be invested outside New Zealand and to be free from political control.” It was agreed further to ask the Government at the same time to consider expanding the scope of the scheme to embrace disasters other han earthquakes.