B—ll

1950 NEW ZEALAND

REPORT OF THE EARTHQUAKE AND WAR DAMAGE COMMISSION ESTABLISHED UNDER THE EARTHQUAKE AND WAR DAMAGE ACT, 1944, FOR THE YEAR ENDED 31st MARCH, 1950

Presented to Both Houses of the General Assembly Pursuant to the Provisions of the Earthquake and War Damage Act, 1944

Wellington, Bth June, 1950. In accordance with tlie provisions of section 23 of the Earthquake and ar Damage Act, 1944, the following report, with a statement of accounts, is presented for the year ended 31st March, 1950 : # (1) The Commission records with regret, the death of Mr. Robert Caughley, C.8.E. ? a valued member of the Commission since its establishment in 1941. The Commission also lost the services of Mr. H. G. Wiley, whose membership dates from 1946 and who< resigned his appointment to reside in Australia. (2) The following is a comparative statement for the last four years of the operation of the Earthquake and War Damage Act. As from the Ist November, 1949, disaster insurance was included in the scheme for the first time :

Twelve Twelve Twelve Twelve Months Months Months Months. Ended 31st Ended 31st Ended 31st Ended 31st March, 1947. March, 1948. j March, 1949. March, 1950. Income — £ £ £ £ Premiums — (1) Earthquake and war damage 410,065 494,938 540,704 563,009 24,15& (2) Storm and flood from 1st November, 1949, Nil Nil Nil to 31st March, 1950 129,951 179,761 Interest 94,860 129,957 Outgo— Claims — (1) Earthquake and war damage 1,779 7,917 !> 00 2,16.1 6,606 (2) Storm and flood from 1st November, 1949, Nil Nil to 31st March, 1950 Salaries Other working-expenses Discount to insurance offices 2,162 2,166 9,965 2,493 1,410 11,843 2,643 1,665 13,573 2,382 1,044 14,947 Nil 739,78S Cost of exchange adjustment Surplus Total of Earthquake and War Damage Account Nil 488,853 Nil 601,232 339,525 300,013 5,328,081 5,929,313 6,229,326 Nil 0-797 6,952,292 16,822 0-583 Total of Disaster Account Nil Nil Ratio per cent, of working-expenses to premium 1 • 055 0-789 income exclusive of discount to insurance offices