N.Z. Farmers' Union.

Bruce Herald, Volume XXXXII, Issue 63, 9 August 1906, Page 7

N.Z. Farmers' Union.

BENEFITS OE MUTUAL FIRE IN■SUiIANCE. The Dunedin Star made the following gratifying reference to the» Union's Mutual Insurance Scheme :—Tae iirst annual meeting of the Otago Farmers' Union Fire insurance Association held in show week, shows another promising start in the co-operative direction. Alter nine months' world, risus taken grew from £27,000 to £7/,-i/», representing 2(8 policies, and-the balance sheet showed a net profit of £ll2 4/2, after writing off all preliminary expenses. The profit was to close on 2/10 per cent, on the amount insured. It has been a day of small things with the Association, but the outlook is certainly promising and jnit.nl difficulties have be.ii .>vi")iu..iuo even if there is some amount of bucolic vis inertia yet to be overcome. They have taken risks totalling close on £BO,OOO, and ih'air loss ias n.teu £». Their venture has Uvn the menus oi reducing tire premiuns on risks sum as,theirs from 8/tJ to, :;/-, and it wjll be strange indeed if iho volume of» usiness does not increase largely in the future. Without doubt, farmers *ire insurance risiis are the best in tho colony. In the Australian ataUs large areas of country are devasted yearly by bush fires, and in Canada, v here a mutual scheme of lire insurance has been in operation for more than half a century, losses by lightning are from 60 to 75 per cent, of the total disbursed. In favoured New Zealand -farmers are exempt to a very large extent from such catastrophies. Sucn Lei ing the condition of things, it will betray indifference, amounting almost to stupidity, if farmers take their risks to offices that cannot possibly, offer them the same terms as those worked on co-operative Ikies. The success of the Otago Association has been duplicated in. Taranaki, where in the htst year of business, risks were taken to the amount of £50,000, and no losses incurred. These successes should banish timidity from the farming, comt muaiity, and add further triumphs to the good principle of co-operative trading, which has potentialities that are but imperfectly understood, and not adequately appreciated. And yet the novelty of the principle has long since 'been removed by practical demonstration.—Advocate.