TOWN EDITION. The Daily Telegraph WEDNESDAY, SEPTEMBER 7, 1881.

Daily Telegraph (Napier), Issue 3180, 7 September 1881, Page 2

TOWN EDITION. The Daily Telegraph WEDNESDAY, SEPTEMBER 7, 1881.

So many of our readers are interested in the success of the Government Life Assurance bneiaets that we need offer no excuse {or laying before tbein in this column a summary of the report of the London Actuaries, for which we are indebted to the Wellington correspondent of a contemporary. After some preliminary remarks on the magnitude and difficulty of their task, explanatory of the apparent delay in presenting the report, the Actuaries proceed to summarise the financial transactions of the departmen' during the quinquennium ac follows; — The.fund in 1875 amounted to £100 967, and since then the receipts had been— from premiums, £482,392; annuity purchase money, 4J 12,228; interest, £66,238 ; sundries, £99 ; total, £560,958 —which added to the fund existing at the commencement of the quinquennium, made up a total of £670,926 (shillings and pence are disregarded in each of the sa'SD quoted). The outgoings during the five years amounted to £211,590, viz.: for claims, £114.850; sundries, £1058 : annuities, £8716; expenses, including commissions, £76,964. This left a net fund on the 30lh June, 1880, of £459 335 The insurers uumbered 7704. viz.: 6542 males and 202 females. The average sums insured were £374 and £275 respectively. The largest number of premiums are paid half-yearly, quarterly comes next, and yearly third, only a few being paid monthly. The average age at entry is put at 36 for males, and 38 for females. The actuaries remark that as there is no definite information respecting the death rate that may be expected to pi-eva:l among the insured lives in New Zealand, nor any mortality statistics for the coluny generally available for the purpose of the present investigation, from such tests as they have been able to make triTe doee not appear to be any g\eat difference between the general rate of mortality experienced in the last quinquennium amongst the lives assured under table 1 and eimilar lives in Great Britain. They do not, upon general grounds, see much reason for expecting a contrary result, but they consider that it would be wise to collect and tabulate all available information on this head, especially aeto the death rate of older lives. After full consideration, they think that the Institute of Actuaries ,1 H.M." table is the most suitable table of mortality to adopt for the present valuation, nevertheless they have thought it prudent to make a further provision beyond what an estimate on this basis would provide. They observe that, in a large number of cases additional premiums have been charged, the lives having been assumed to be a certain number of years older, upon the ground that they were deemed to be below the average in point of future longevity. Tα these cases the risks have been classified according to the true and not the assumed age, which is considered

to be the most suitable method of procedure. The effect is that the surcharge is taken in the aggregate form in the annual fund applicable to meet the additional claims arising from the expected increase of mortality in this class of lives. 'I , he realised assets on the 30th June, 1880, were £4C9 335, the estimated net liability as per valuation was £381,740. The surplus is therefore £77,595. In view of all the circumstances, and especially to the necessity of proceeding cautiously for some time until the prevailing rates of mortality and interest have been better ascertained, the actuaries suggest that the whole of this amount be not divided on this occasion, but that the distribution should be restricted to a sum not exceeding £60,000. Apart from other consideration*, they feel satisfied that some portion of the surplus has arisen through the operation of what is sometimes termed "suspended mortality," or the lightened death rate resulting from the recent selection of so large a proportion of the lives. Experience has shown that an acceleration of the rate of mortality exhibited by any general lives are no longer of the recent selection, and it is expedient that gome further reserve should be made on this account. They recommend that this should on the present occasion be done by leaving undivided some portiou of the estimated Burplue rather than by assessing a part of the liabilities by another table of mortality. With reference to the question as to the best and fairest system of distributing the profits, they consider that the surplus proposed for division has been derived mainly from what is called the " loading" upon the premiums having been found to be more than sufficient for the expenses incurred ; therefore they consider that it will do a substantial justice to the policy-holders, without a needless amount of labor in calculating, to divide that surplus in proportion to the accumulated "loading." They deem it an unnecessary requirement to introduce the element of interest in this process, and think it sufficient to ascertain the amount of "loading" on the premiums received on each policy. This being the first division of profits, the accumulation on this occasion should be taken as from the dates of the policies. The "loading" used for this purpose in the case of the whole term policies, should be that corresponding to the annual premiums under table 1 (taking the increased age where the lives are under average), so that caterisparibns, the sum apportioned as the bonus in cash, will be the same whether the policy be effected under tables 1 or 2, or the premiums be receivable by annual or more frequent instalments. The same principles are applicable to endowments assurances, and to policies of other classes. If, as is commonly the case, it is desired to convert the cash bonuses into corresponding additions to the aums assured, a lower rate of interest than that adopted in the valuation should be assured for the purpose. The actuaries consider the tables of rates given in the prospectus to be sufficient under the present circumstances. They are undoubtedly low, and especially so afthe older ages, and if the rate of interest in the colony were to falj materially, the rates in question would require revision before any new ♦.ransactione were entered into. The rates for single premiums given in Table 2 appear to be inconsistent with the other rates showing in the same table, and with those in Table 1, being relatively higher. They have aiso tested the table of surrender value given on page g of the prospectus, and they consider that on the basis of the present valuatiou the amounts promised to be allowed, whether in cash or paid-up policy, can be granted with safety. They do not think that either should be increased, and they recommend that in applying them the real and not the increased ages of the lives assured be taken, aa both rates of premiums and amounts of surrender allowance must be ultimately determined by competition on the spot, as long as the first are sufficient, and the second are not too high. Iα conclusion, the actuaries say, " The results of our valuation '

show that the finances of the department are in a sound condition, auJ considering the low rate of premium paid by assured, the amount of the divisable surplus appears to us very satisfactory, and the business ot the department to have been well conducted, and in such a manner as to reflect great credit on those who have been responsible for its management."

Scarlet fever i.s very prevalent both at Dunedin and Port Chalmers.

Mr Murtagh's horse Angler has been scratched for the Hawke's Bay Racing Club's Hurdle Race and Handicap.

The Auckland Harbor Board has resolved to call for tender-" for the first section of the reclamation works at Calliope Point in connection with the new dock.

Letterß of naturalisation have been issued to A. Larsen, of Ashley Clinton; J. Johannsen, Makaretu; J. P. Hemrningsen, Sherwood ; and to 0. P. Jensen, Makaretu.

Mr J. S. Master, formerly of Napier, in the Native Department, aad who was transferred to rtaglan as Olerk of the Resident Magistrate's Court, has had his services dispensed with.

The patentee of the totalisator, Mr Franck, has commenced legal proceedings against the Canterbury Jockey Club and Messrs Hobba and Goodwin for infringements of his patent. The trial is fixed for October 24.

The latest, token of respect and esteem on the part of the Government towards Colonel TrimUe is the appointmenr, of Mr Alfred Trimble to the office ot Receiver of Land Revenue for the Land Districts of Hu-wera and Parihaka.

Judge Gillies, at Auoklancl, is successfully cultivating ;he sorghum plant, which it is known oan be profitably grown for the production of sugar, but he says that he has satisfied himself that beet-root cannot be crown as a sugar producer in New Zealand.

Wβ remind the ratepayers of the Spit Ward that the polling for the election of a councillor to repiesent that ward takes place to-morrow. The polling place is the old mill store opposite the Shakespeare Hotel. Mr Renouf's address appears in another column.

The police have in their possession the remains of a battered old gold watch, which is worth, for the sake of the gold, about £3. The article was found close to a garden gate adjoining , the premises of the police station, and had evidently been placed there for the sake of concealment.

Messrs Metcalfe, Siddeley, and Co., of Sydney, have been advised that Money Wigritn and Sons' new steam company has been floated with a capital of £1,000,000, and that their Australian trade will be resumed. The steamships will be fitted with the necessary appliauces to carry frozen meat. The Norfolk will probably the first steamer.

A special train will leave Waipukurau at 5.15, and Waipawa at 5.45 p.m. on Friday afternoon next, calling , at intermediate stations, arriving at Napier in time to allow passengers to attend the last performance of the Pollard Juvenile Opera Troupe, who are announced to play the well-known comio opera "Pinafore" on that occasion. The specicl train returns the same evening immediately after the close of the entertainment. Tickets may be obtained till 2 p.m. on Friday from the various stationmastere on the line.

This is how the big £30,000 diamond robbery at the Cape was effected. A company of burglars purchased one of the largest and best iron safes procurable for money in London. They shipped it to the Cape of Good Hope. Two of the ganarfolfovved it. At Capetown they had it sold by auction. It was purchased for the diamond field. Nobody would buy such a safe as that unless he had something valuable to put into ifc. The original Investors followed the safe. One morning when the purchaser opened it the £30,000 worth of property which he had deposited there was gone. The safe had not been broken open. The thieves had made duplicate keys to fit it before they put it up to auction.

Mr Ormond, in the House of Representatives, has given notice of the following , motion :—" That there be laid before this House, (1) A copy of the undertaking said to have been given by the Loan Agents that the colony would not go into the Home market for fresh loans until 1883, and all correspondence relating , thereto. (2) A copy of the communication from the JLoan Agents, referred to in Sir Julius Vogel's returned letter, suggesting means for obtaining money to meet the then pressing colonial requirements, and all correspondence relating thereto. (3) A copy of the telegram from Sir Julius Vogel, also referred to in his returned letter, in which he suggested other means of obtaining money for colonial purposes, and all correspondence on the subject."

The Ellesmere Guardian says:—The special correspondent of the Lyttelton Times at Wellington states that he has heard " on good authority " that there is a probability of Sir George Grey, at the forthcoming election, contesting either Mr Hall's or Mr Kolleston's peat. Should the venerable "Knight of Kawau" really come up this way to oppose the Premier—and we do not look upon such an occurrence as at all an improbability—it will truly be a case of " bearding , the lion in his own den." Sir George had better make sure of a seat elsewhere, though, before he decides upon wooing the sweet voices of thG " free and independent " of this district, for really we do not think he would have the remotest change of being returned as M.H.R. for Selwyn. He would, in our opinion, stand a far better chance of being elected for the " Cathedral City, " as he was on a former memorable occasion.

The Theatre Koyal was again crowded last night by an audience eager to hear Mr Pollards' juveniles in " Les Cloches de Corneville." A waiting , crowd assembled at the doors of the theatre sometime before the hour of opening, and by the time the curtain rose the house was full., The opera was repeated with all the enthusiasm which is so charming in the acting of these youngsters. The choruses went smoother than on the previous evening, and the whole performance appeared to give the greatest satisfaction to the general_ audience,_ and unmitigated delisrht to the junior portion of it. To-night will be the last performance of " Les Cloches," and on Thursday " Pinafore" will be revived. We understand that, under the superintendence of Mr Darbyshire, a number of improvements have been made in the performance of this opera as given when the children were here before. The performance as given by the original caste in London is more closely adhered to, and many of the situations are greatly improved. Mr W. Lant Carpenter, who visited the Australian colonies lately, has contributed the following to an English scientific, periodical:—" When in Wellington and Dunedin, N.Z., at the end of December last, my opinion wan asked by the Government telegraphic officials there upon a pair of ordinary ' Edison-Bell telephones ' (not Edison lett-telepliones, as they are too frequently called) which they had just received from the United States for purposes of experiment. A careful trial under various conditions showed me that they were very good average instruments of ordinary delicacy, such as I had seen hundreds of previously in England and the State*?. With these instruments, however, Dr. Lemon, the Superintendent of the and Telegraph Service, was able to converse clearly between Wellington and Napier, over an ordinary land line 232 miles in length, while battery currents were passing over the wires on the same posts. Id New Zealand, telegraphic communication is, and telephonic communication will be, entirely in the hands of the Government. In Melbourne the telephone-exchange ie worked by a private company, but the erection and maintenance of wires is carried put by the "Victorian Government at ihe

annual rate of £5 per subscriber. In Honolulu I found (last January) telephonic oominuuication all over the town, but no telegraphs at all. The Kincr of the Sandwich Islands however, Alii Kalakaua, told me that he greatly needed submarine cables between the various islands. On my return to England I had the pleasure of sending to Sydney materials for a private telephonic > line on sugar plantations in the "Fiji Islands, V and my friend Mr Frederick Cobb, manager A of the Falkland Islands Company, tells me m that the line he took out there at xny * suggestion is a great success."

The Pollard Lilipufcian Company at the Theatre Royal to-nighfc in " Los Cloches de Corneville," at 7.45. The fortnightly meeting of the Napier Temperance Mutual Improvement Society to-night at 8. The Artillery Volunteers will parade for drill to-night at 7.30.

Mr E. Lyndon will sell to-morrow drapery and clothing in the estate of John Nicholson, at 11 a.m.

A tea and soriee will he held in the Churoh of England school-room, Taradale, to-morrow evening. Eymer's coach will leave town at 5.15, returning to Napier at 9.30.

Messrs Monteith and Co., will hold their annual sale of stock, implements, &c, at the IT. B. A. and P. Society's chow yards, Hastings, on October the 14th ,■ they will also sell on the 28th instant, at the Hastings sale yards, a large number of heifers, &c.

A reward of £1 is offei'ed for the recovery of a cow which has etraved.

A special train leaves Waipukurau for Napier, calling at intermediate stations, afc 5.15 p.m. on Friday, returning after the opera.

Mr Renouf inserts an address to the burgesses of the North Ward. ,■■*

Notices are given that John Lewis, Edward M'Nab Plank, and Thomas Stanley, debtors, intend to make application for their discharge from bankruptcy. The JS'ew Zealand Clothing Factory an« nounce that enormous reductions have been made in the goods for sale at their establishment.

Several new advertisements will be found in our " Wanted " column.