FARMERS' INSURANCE ASSOCIATION.

Dominion, Volume 4, Issue 1216, 26 August 1911, Page 8

FARMERS' INSURANCE ASSOCIATION.

' ;■ ANNUAL MEETING. Tho annual meeting of the shareholders of tho New Zealand Farmers' Co-opera-tivo_ Insurance Association, was held in Christchureh on Wednesday, Air. F. D. S. Ncavo presiding. Tho directors' report was to tho effect that the income brought • forward, including a 'balance of .£4lO 55., was -Gl.j.SyfJ 3s. 3d., and the expenditure had been JiVSH!) His. Id., leaving the sum of -£'m Us. "lid. to bo dealt with. A sum of .£2OOO had been appropriated to rcinsuro current risks, and a balance of ■£590(i (is. lid. remained for distribution, out of which the directors recommended the payment of a dividend at a rate of 7 per cent, on paid-up capital, a bonus cf 10 per cent, to shareholders who had not benefited by the reduction of 33 1-3 . per cent, on firo premiums, and the transfer of .£ISOO to the reserve fund, making the total amount of the rcservo fund <£19!500, tho balanco being carried forward.. Provision; had been made-' in tho accounts for ail unadjusted losses. The chairman's report was to the effect that tiie losses for the year had been lunch less than in previous years. The gross premium inconio showed an 'inereayo of ,£7Gsou the provic-us year. Tho only disquieting feature of tho .insurance business was that of insurance against accident: "With regard to that, both the ero- .. plover and tho family doctor worked ' against them.' Everyone seemed to think that it was his or her duty to get as much as possible out of tho association. There . was no doubt that a- largo number of people who suffered from weak hearts or other complaints obtained from th? insurance companies large sums, which they were not entitled to as insurance for. accidents. Ho deplored the proposed Government Bill, which would put restrictions on insurance companies and .' make them responsible even for thn wilful j carelessness■ of workers. ■ It had'been ! thought that' the granting of facilities for insurance, against accidents would bo a useful addition to the association, but every year tho profits- grew Jess and loss, and the work attached, to.it grew, more and Tho insurance against fire and marine had btwai imiro fnvournblo than for some' years past.V The .report was'adopted, and ifc was agreed to pay a bonus of 5 p:-r cent, to the staff. Tho retiring directors (Messrs. E, Btunden, A. R. Bloxam, J. Cameron, E. B. Iloldsworth, and W.-B. Howell) . tvero re-elected.