6

[T. -V: MARTIN.

1.—14.

67. Mr. Sidey.] With regard to clause 13, about the powers for raising money, I suppose they are fully provided for in the Mutual Fire Insurance Act ?—Section 30 provides for power to borrow up to one-half of the premium notes, and provides also that the money shall only be expended in ascertained fire losses, and therefore as a corollary this follows. 68. There is no additional borrowing-power necessary ?— No, it simply deals with the money when borrowed. It may be applied to payment of ascertained losses on accident and fire insurance. 69. Was the point ever raised as to the proportion of liability between those insured against fire and those insured against accident? —No. 70. You say it would work out equitably on the whole? —Yes, as Mr. Malcolm said; and, as they are virtually all farmers, the man having a large number of men insured would also be likely to have a large number of buildings. It would work out both ways. I would like to mention that, to meet the case of the Fire Insurance Bill passing before this Bill, the words in brackets " or the share principle " at the end of clause 4 refer only to the Fire Insurance Bill. 71. The Chairman.] You think they ought to be cut out?—lf this Bill forms part of the other Bill it would be all right, but if the other Bill does not pass they would be better to come out, and the same applies to clause 11 and clause 12, where the words in brackets "or shares" occur.

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