LIFE ASSURANCE.

Press, Volume XXI, Issue 2354, 19 February 1873, Page 3

LIFE ASSURANCE.

A public meeting of the inhabitants of Lyttelton was held in the Colonists' Hall on Monday evening, to hear Captain Baldwin. Travelling Sab-commissioner of the Government Annuities and" Life Assurance department, give .a lecture on this important subject, its history, principles, and advantages. There was a good attendance, and although ladies had been especially invited, yet they were unrepresented. The chair was t.tken by his Worship the Mayor, who said he had much pleasure in introducing the lecturer, and whatever might he. the. opinions of those present of Life Assurance, yet he- was certain the question was one that would ensure a patient hearing. Captain Baldwin, who was received with applause, said — Mr Chairman and. Gentlemen, I am sorry I cannot say ladies, for they are my greatest friends, and they make things go off so much better, it is a.misnomer to call what I am about to s.ay a lecture—it is an explanation I am about to propound to you of the scheme of the New Zealand Government Assurance. The subject ia a dry, dull, and uninteresting one, but nevertheless it is a most important one,' and is one that is not thoroughly understood. They were all of opinion that it was right to insure one's life, and although some did insure, yet there was among the generality of persons, a listnessness and carelessness, and the apathy was very great -and any one who had had his experience, must know this. The lecturer proceeded to give an account of his visit to the Salt Lake City, and drew a comparison between hstneasness of the wives in that city, and persons who did not trouble themselves about insuring their lives —without stopping, to inquire the cause of this apathy. The lecturer further proceeded to show that this apathy had led to wastefulness and the formation of bubble companies, which had started into existence during the past twenty years, and which had resulted in the loss of many a pound, and in ruin- to many ; showy advertisements, public statements, had beguiled many a man. to invest his hardearned savings into these bubbles. No other business had led to such an amount of dishonesty and knavery. The lecturer proceeded to read extracts from the London " Times' " leaders on this matter, and gave the history of the. Albert and European offices,:both of which offices stood;high in the"commercial world, but by theii failures bad involved mauy families into hopeless ruin, and in going through the colony he had met with many persons who had lost nearly all they possessed by these frauds. In reading these extracts they showed very dearly that something' w.as necessary to protect persons who insured their lives. What then was wanted ? It had been proved that restrictive legislation was a failnre — a restrictive Bill had been passed in 1844, and between that year and 1869,360 and npward, companies had been started, and of these 178 had gone to smash. He had been asked why the New Zealand Government had interfered in this matter, but he state that the Govornment had not interfered ; they had merely taken up and adopted Mr Gladstone's Bill, and in so doing had given the poorest man the greatest of securities; for this Bill not only gave the security of its name, but it gave the security of the State, and this was the best security that an insurer could have. Never in the whole history of insurance compaaies had such a company, or by any name whatever it might be called, had such a success, as had attended this New Zealand Government scheme. Last year it stood either fifth or sixth the highest in the world, and had done more business than the majority of the offices. It had been joined by the masses, and hy men without political bias, and why was this ? Why was it so successful ? Why was it so popular ? Simply because persons had thorough and entire confidence in it, and had thorough confidence in the security offered. The Government could insure cheaper that, other companies ; they were not obliged to have paid agents, or keep up large establishments. In this matter the Post-office authorities carried on the work, aud the tables Jhe held in his hands proved that the Government could offer greater inducements, and he might say it these inducements that had caused the JBill to pass withput one dissentient ?oice in the As«

'semhiyl l Clrotafn'riafdwin then proceeded to .*peak-on.theJßUL-and. read from the-tablea printed, proving what he hrul stated, and in doing so wished it to be t'n...roughly understood that he did not wish to say our word derogatory to other companies, but it was his duty to-explaiu the workiug of the Government Act in a fair, just, and impartial spirit. The lecturer then proceeded to show that the offered by other societies whre not a bent-fit to the insurer, and read a letter on this subject. The various inducements held o>it by the Government Bill were also fully < xj>l:iined ; it a'so did good to the colony, as the. motiey, instead of being sent out of the colony, was kept in it. The lecturer then in forcible terms adverted to the great stumbling block against insuring, that of procrastination, and addressed the younger members of the audience on this matter, and urged fiat this was a subject that should be considered by youns? and old, married «md single, all of whom should consider of those they lefi. behind them when they died. There was not a man in the colony who could not afford to lay by a small sum every week for this purpose, and in speaking thus strongly, he felt he was speaking for the widows and orphans, who should be piotected from want. [Applause.] He would be glad to answer any question, or give any information on this subject to those who.wished .it. In reply to a question the lecturer said that the funds . from the premiums did hot go into the Government funds, but there was a public trust fund vested in the hands of the Public Trustee of the colony. He... wished .emphatically' to state that not a single sixpence went iu.tO-.the Government funds. [Cheera,] The Chairman moved a vote of thanks to the lecturer, which was carried unanimously. •A vote of thanks, proposed by Captain Baldwin, to his Worship the Mayor, and carried, closed the meeting. After the lecture was over some proposals were made, and the scheme appears to be viqwed favorably in the town, where doubtless a large amount of business will be transacted.