REPORT OF THE GOVERNMENT ANNUITIES COMMISSIONER;

Appendix to the Journals of the House of Representatives, 1872 Session I, G-15

G.—No. 15.

REPORT OF THE GOVERNMENT ANNUITIES COMMISSIONER;

TOGETHER WITH ACCOUNTS TO 30th JUNE, 1872.

PRESENTED TO THE GENERAL ASSEMBLY IN ACCORDANCE WITH SECTION 29 OP " THE GOVERNMENT ANNUITIES ACT, 1869."

WELLINGTON.

1872.

G.—No. 15

Sir, — Government Annuities Office, 17th July, 1872. I have the honor to transmit to your Excellency my Annual Report, as required by the 29th section of " The Government Annuities Act, 1869." The annexed returns show the satisfactory progress which has been made in the operation of that Act, and of the amending Act of 1870. The number of proposals received during the year ended 30th June last is shown in the following statement: —

One-third of the number not taken up are still under consideration, the prescribed time for taking them up not having elapsed. The amount of claims paid during the same period on Assurance Policies was £1,200. The amount of receipts for the year was £18,100 19s. 2d., of which £543 was received as interest from the Colonial Treasury—interest for the last quarter, amounting to £221, being still due; and the expenditure was £8,089 13s. 2d. This expenditure includes £1,526 2s. 6d. for claims under policies, and £2,847 paid as medical fees and commission on account of new policies for that year; —-the commission paid during that period was on new policies only, and not on policies previously granted. With respect to the investment of accruing funds, I would observe, that the balance of moneys received under " The Government Annuities Act, 1869,'" has hitherto formod part of the Trust Funds of the Colony, and has been invested with the rest of those funds; but an arrangement is made by which interest has been, added to the balances at credit of the Annuities Account at the end of each quarter, so as .to give that account the full benefit of its accumulations. It is now intended to set apart such portions of the securities held by the Trust Fund as shall be equal to the present balance of the Annuities Account; and in future the balances that may accrue at the end of each quarter, with the interest on the securities held, will be invested from time to time in securities of similar character, bearing the highest rate of interest that can be obtained. In anticipation of a stream of immigration into New Zealand, it appears to me of great importance that provision should be made by law to enable intending emigrants in the United Kingdom to avail themselves of the Government Insurance Acts. Such an arrangement would tend to provide, to a considerable extent, a security for the permanent settlement of the insured immigrant in the Colony, and a guarantee against his family becoming, in the event of his death, a charge on public or private charity. Adverting to the Comparative Return numbered 3, showing the business transacted during twelve months by fifteen private Insurance Offices of very long standing (36 years being the average), as shown in their last published reports, I think that it is a subject of congratulation to the Colony that the New Zealand Government Insurance Department, which practically came into existence only about two years ago, holds so high a place in that list. I have the honor to be, Your Excellency's most obedient servant, W. Gisborne, His Excellency Sir George Bowen, G.C.M.G. Commissioner.

THIRD ANNUAL REPORT OF THE GOVERNMENT ANNUITIES COMMISSIONER.

Received. Declined. IT TAKEN UP. Class. No. Amount. No. Amoun . No. Amount. Insurance ... £ s. d. £ s. a. £ s. d. 1,769 708,500 0 0 131 47,350 0 0 400 123,900 0 0 Endowment 51 5,400 0 0 24 2,400 0 0 Annuities ... 6 345 10 8 per annum Total ... 713,900 0 0 131 1,826 47,350 0 0 424 126,300 0 0

REPORT OE GOVERNMENT ANNUITIES COMMISSIONER.

G.—No. 15.

4

No. 1. Return showing the Gross Amount of all Sums of Money received, and the Gross Amount of Life Assurance Endowments and Annuities granted for the same, from the Ist July, 1871, to 30th June, 1872.

No. 2. Statement of Eeceipts and Disbursements for the Tear ending 30th June, 1872. Receipts. £ s. d. Expenditure. £ s. d. Insurance Premiums, New and Renewal ... 14,738 7 7 Claims on Assurance Policies 1,200 0 0 Insurance Fines and Fees 13 7 0 Annuities Paid 326 2 6 Endowment Premiums, New and Renewal 277 12 9 Salaries 1,385 7 0 Annuity Premiums, New 2,528 11 10 Medical Fees 1,682 8 6 Interest from Investments 543 0 0 Commission,. 1,165 3 3 Advertising 1,415 8 11 General Expenses and Printing ... ... 915 3 0 Balance 10,011 6 0 18,100 19 2 18,100 19 2 Balance as above ... ... ... ... ... •■• £10,011 6 0 *Nett Balance on 30th June, 1871 ... ... ... ... ■•• 5,044 15 9 Balance on 30 June, 1872 ... ... ... ... ... £15,056 1 9 * The Account with the Trust Fund in Keport for the year ending 30th June, 1871, headed General Account, shows a balance of £6,832 Is 4d in favour of the Department; hut in order to show the actual balance of Receipt and Expenditure, the sum of £1,664 os. 7<J., appearing in'a foot note to that Account, together with a further sum of £123 15a., which was due as interest but not then received, should be deducted, leaving the balance as above.

No. 3. Comparative Return showing the New Life Assurance Business effected by Fifteen Offices established in Great Britain and the Colonies, during Twelve Months, as given in their recent Statements, published in the Assurance "Review," March Ist, 1872.

Insurances granted. Endowments granted. Annuities granted. Moneys Received. No. Amount. No. Amount. No. Amount. Insurance Endowment Annuities Fines Interest £ s. d. ...14,738 7 7 277 12 9 ... 2,528 11 10 13 7 0 543 0 0 £ a. d. 453,225 0 0 £ s. d. £ s. a. 1322 27 3,000 0 0 G 345 10 8 Total, 1871-72 ...18,100 19 2 „ 1870-71 ... 7,151 8 4 „ 70 ... 357 8 0 1322 395 53 453,225 0 0 177,574 0 0 27,800 0 0 27 10 3,000 0 0 1,100 0 0 6 4 345 10 8 352 5 0 Totals ..25,609 15 6 1770 658,599 0 0 I 37 4,100 0 0 10 697 15 8

° a § ||| M o CD I* C4H 'rt • o 3 2 -§§ § g^'a a g s s 5! ° fe.S "3.1 Claims in the last 12 Monti) s, including Bonuses. Date to which Balance Sheet is made up. Name op Company. 1848 1849 1825 1854 1815 1870 G-resham ... Australian Mutual Provident ... Standard ... The Briton The Scottish Widows' Fund New Zealand Government Insurance Department The liojal The Scottish Provident ... Liverpool and London and Globe North British and Mercantile ... The Crown Scottish Amicable Edinburgh Scottish Union ... Commercial Union Scottish Equitable 25 24 47 18 57 ]3 27 35 36 49 48 46 50 49 11 47 2,452 2,337 1,936 1,887 1,700 32,159 32,733 42, 725 17,473 31,667 £ 1,879,454 830,904 1,181,399 516,531 965,627 23,945 13,265 28,179 £ 173,841 47,683 381,241 171,128 482,430 30th June, 1871. 29th February, 1872. 15th November, 1870. 31st December, 1870. 31st December, 1870. 16,026 1845 1837 1836 1823 1825 1826 1823 1824 1861 1826 1,355 1,235 1,163 1,042 879 828 766 690 685 614 569 16,180 20,349 20,764 22,177 24,348 13,293 13,180 11,758 16,492 13,332 12,498 453,225 612,025 521,579 810,632 426,620 332,616 426,009 568,130 442,770 356,748 1,723 14,513 15,206 12,760 13,365 7,697 11,842 6,301 8,679 1,200 90,281 111,057 192,310 192,532 96, 376 104,327 70,678 133,487 21, 869 169,594 30th June, 187231st December, 1870. 31st December, 1870. 20th November, 1871. 31st December, 1870. 25th March, 1870. 31st December, 1870. 31st March, 1871. 80th June, 1871. 31st December, 1870. 1st March, 1871. 10^624