Govt. Life Office Opened

Press, Volume CIII, Issue 30496, 18 July 1964, Page 14

Govt. Life Office Opened

The new Government Life Insurance building in Cathedral square had sparked off a rebuilding programme in Christchurch, said the Minister in charge of the office (Mr Rae) at the opening ceremony yesterday,

Mr Rae called it a noble building on a noble site. The Government Life Office was not a big employing department, and building for staff needs would be trifling. But as an investment the office could house itself and at the same time make space available for others. “This policy has to bear some relation to income while building is in progress,” Mr Rae said, “and we cannot have too many buildings at one time.” He said the new building had cost “the thick end of £1,000,000,” and it had been immobilised from earning any money while it was being completed. It was now dominated by the Inland Revenue Department, which was taking up four floors. “I can only say that when you come here to be taxed you couldn’t be taxed on nicer premises.” Work of Office Speaking of the work of the Government Life Insurance Office, Mr Rae said that the office had not only assisted in placing life insurance in New Zealand on a sound basis; a great feature of its work had been the provision of insurance protection at low cost, thereby serving

as a useful yardstick of life insurance services and charges. Its premium charges over its full range of coverages had always been low. “Participation in Government Life insurance is restricted to residents of New Zealand, where the expectation of life is one of the highest in the world,” said Mr Rae. “This is one of the reasons for the low premiums which are a feature of the office. Investments “Funds are invested in Government securities, local body loans, loans on farms, business premises and private houses, and to a minor degree in loans to policyholders on their policies. These investments have played a part in developing the country, financing hospital, harbour and a multitude of other public works, and assisting individual New Zealanders to own their businesses and homes.” Mr G. Robertson, the Government Insurance Commissioner, said the new building was a monument to the work of his predecessor, Mr J. K. Watson, who had died only a fortnight ago on the eve of his retirement. In Mr Watson’s term the office had embarked on a comprehensive building programme. New offices had been opened at Wanganui and Otahuhu in the last year and another was opened at Takapuna a month ago. Two more were now being built at Gisborne and New Plymouth. “Dynamic Approach”

The Mayor of Christchurch (Mr Manning) told the gathering that those in civic authority could not allow the

centre of the city to deteriorate in any way, and a dynamic approach to the development of the heart of Christchurch was being encouraged. Mr Manning said he knew the new building would attract other businesses to the centre of Christchurch, and also more customers. It was the forerunner of a number of new buildings projected for the Square. “The heart of the city is showing life and vigour,” said Mr Manning. “These new buildings will contribute to

the aesthetic nature of the Square.” r Mr R. M. Macfarlane, member of Parliament for Christchurch Central, said he had at times deplored the spread of industry and commerce in some of the ways in which it had gone into residential areas.

“I have always advocated in Christchurch that we have got to extend and go upwards,” said Mr Macfarlane. “This type of building is going to be the answer to many of our problems in the future.”