MUTUAL FIRE INSURANCE.

Press, Volume LXIII, Issue 12824, 7 June 1907, Page 4

MUTUAL FIRE INSURANCE.

—. g_ _ • OTAGO FARMERS' UNION A_6OCIATIQ_J. t (rami asseoiAnov rntadaiH.) DUNTDIN, June S•Hie second annual meeting of the Otago Fannera* Union Fire In. suranoe Association waa he)d this afternoon. The reporfc for th© jnar ended March 31st showed that tbe amount of insurance had been increased by £26,285. tbe amount at the oommenoepient of the yea r being £79,478. while at the oloee of the present year it stood at £106,343, which t . represents three, hundred and fifty policies. A forward (rtep taken by the directo— waa to increaaa the boldinat of mutual on all risks, so considerably leas of tljo bnsineaa waa re-insurance tha_ during the first year. A considerable, reduction in ratea waa mado during the jsear, and members had expressed great-satis-faction at the rebates[given on aocount of tlie reduction. The bajancoeheot and profit and loss statement showed that losses by fire amounted to £8 6a Bd, that fixed payment© for the year amounted to £538 6s 4d, and that the rceerv-e account stood at £112 2a 2d from last year. The balance to credit of profit and losa account was £201. lo_ sd, of which £200 will be transferred to the reserve aocount, making tbe account up to £313 14a 7d. The results of two yeans' working seemed to baar out the statements that well-aelected farm siaks were about the beat of fire insurance business. The chairman stated that since tbe compilation of tho report, another £4000 had been added to new business. * It was decided to instruct the directors to consider tho question of amending th© constitution by providing that only two or three directors should retire by rotation each year, instead of the whole Po_.rd._s at present. A suggestion was received that tho Association should be represented at the proposed conference of various mutuals during show -week at Christchurch. air Orbell said the idea was, no doubt, that suoh conference would go into the question of re-insur-ancae. > At present, ordinary insurance companies would not accept re-insur--anoeß from the Association, although tbe State Fire Department did so. Pc__[_ty the mutuals might effect roinsuranpes with ono another. Mr Bega. approved of the idea, and said that at present, mutuals fixed their own ratee. At such oonferanoG ratee could he standardised. The suggestion wa© approved.