GOVERNMENT INSURANCE ASSOCIATION.

Wairarapa Daily Times, Volume VII, Issue 1878, 2 January 1885, Page 2

GOVERNMENT INSURANCE ASSOCIATION.

: (From the Standard.) K meeting of Policy-holders was held at the Oddfellows' Ball, Greytown, last nightj December 30th at 7 p.m. for the purpose of hearing Mr Coleman Phillip's views, Mr Revans was voted to the chair. The Chairman in opening the meeting said that the course now pursued by the Government showed that the Association was

evidently;-in an unsatisfactory conditioned alluded to' Major Atkinson's and Sir Julius Yogel's .speeches in the., late -Parliament. After some ifuvther- .reiriarks. 'he. called upon Mr.Phillips to' express liis views.! " " Mr . Coleman Phlljip? ; ,theiv briefly addressed'the'meeting, -saying . that he ■thought the Wairariipa should returns 'titember to represent' the' countrydistricts of New Zealand at the Central ,Boad,-;. : ', ..'.. .. ..' That ihvas not advisnble-to-'confine' the'elected .wemberspf the Board solely to.Wellington residents. He thought ; tlmt'-th'e--Chairman's .allusion-to the differences of- opinion- between Sir Julius Vogel and Major Atkinson as to the nio'de'in which' the;'liffiiirs of the AssjQ.ciu.lipn had been carried on was very appropriate, and he would promise .policy. holders, to make full enquiry' therein. ' :Tliey had heard; of agents, •receiving large, money reither by way of salary or commission and "insurance^.'fands. being . Wrongly invested. . He did not . think-that the department, being guaranteed by the Government, ■ lieed have given cause for such remarks as had been made. Occupying the position it did, under Government guarantee, it , was rather •infra dig on the part.of any of its managers to have'brought the depart;jment V into' - Such;' public-i notice and comment. Mr Phillips then went onto read the'clauses of the Act under which, the Bowd of Management was to. be constituted j also to the annual meeting of policy holders, and the power of Directors in advancing money ■upon loan. He further referred to the. disqualification of Directors as laid down in the Act,. More especially as •to their not being Direetors in other like Associ&tions. He believed that some gentlemen had been nominated by the Government, who actually were owning seats on other Boards, and he much doubted whether Government nominees would have been elected by the policy holders, He thought that there should have been four (not three) gentlemen elected out of the ten who were to constitute the Board, and if Auckland, Christchurch. and Dunedin could each 1 have returned one member, it would have been just as well; ■ Mr Phillips then referred - to the guarantee fund, which by the Act was npt to exceed one million sterling, being ten-per cent of profits.

Mr Loasby thought the guarantee reserve fund of ten per cent, was too much. He considered five per cent, ample,. ' If Mr.Phillips was returned he hoped that he would investigate the matter. He also thought that-the Association should not be extended beyond New Zealand.

Mr Phillips replied that the Government of New Zealand could only guarantee within ita own colony, Dr Spratt remarked that he considered that if anyone.was competent to enquire into any little peculiarities in the working of the Department, it was Mr Phillips, who would do so fearlessly. Mr Loasby thought that the Board should grant liberal measures to poor poliay holders, who we compelled to allow their policies tp lapse, and moved the following resolution; "That this meeting does its utmost to secure Mr Philips'return." The Chairman; in a very complimentary manner to Mr Phillips, hoped that he might be able to second the motion, which was carried unanimously. Mr Loasby then suggested that the Wairarapa policy holders "plump" for Mr .Pbilips, in order to secure the return of a local mp<r ' Mr Cuff and Mr Western and one or two other gejitlemen, discussed whether policy holders could vote for one candidate only and it appeared (juite clear that such a'course could be 1 followed. A vote of thanks to the chairman terminated the meeting.