MUTUAL FIRE INSURANCE SOCIETY. PUBLIC MEETING AT THE ARCADE.

Evening Post, Volume XXII, Issue 90, 14 October 1881, Page 3

MUTUAL FIRE INSURANCE SOCIETY. PUBLIC MEETING AT THE ARCADE.

Nearly 100 persons attended a public meeting at the Aroade, Manners-street, laat evening, in response to an advertisement published by the promoters of the Wellington Mutual Fire Insurance Society, Limited, for tho purpose of ventilating the objects of the Bociety. His Worship the Mayor (\Jr. W. Hutchison, M.H.R!) presided. In opening the proceedings, he said he presumed moat, if no; all, of those present were agreed in the necessity for bringing about as cheap insurance rates as possible. At present some persons would be inclined to think these rates were father high. (Hear, hear.) It occurred <o him there could be no better plan of insurance than one based on the mutoal principle, and he therefore had great pleasure in aiding bo far aa he could any movement that tended in the direation of cooperation among the citizena. Concerning the present movement, he was not able to say much, not having had sufficient leisure in which to peruse the proposed rules. He pointed out, however, the necessity of there berng i an- absolute certainty among those "Whb - in-> Bured that their risks would be covered, and' that if any loss arose the eociety would make it good. Without that assurance he did not think the society could possibly succeed. (Applanne.) Mr. W. Le Cren, the aciingBeoretary, then read the rules of the proposed society, which, it was explained, was to be registered under the Industrial and Provident Societies Act, 1877, and the objeot of which was the insurance against loss or damage by fire of the property of its members. The qualification of members, it was stated, would consist of the taking up of £5 Bhares, 2a 6d per share to be deposited on application, 2a 6d per share to bo collected in January next, and the remainder to be only called up if necessary, according to certain rules. No member could hold more than 40 shares, and the number of shareholders was to be unlimited. It was added that copies of the rules had been deposited with the Registrar. Mr. J. Petheriok, jun., remarked that a society of this kind was greatly needed, in order to break up the combination entered into by the varioua insurance companies in the city. At tho same time, he declined to become a shareholder unless he had perfect confidence in the promoters. Mr. Le Cren hereupon stated that about 30 gentlemen, most of whom were large property-holders, had alroary intimated their intention of taking up shares, and he pointed out that the shareholders need not elect to the directorate any gentleman in whom the had not perfect confidence ; this rested entirely with themselves. Mr. D. L. Moody cited statistics showing the number of in&urable houses in Wellington (4321), and indicating the probable success of the project. Atter some further discussion of an unimportant character, Mr. M. L. Marks rose and expressed his opinion that much credit was due to the promoters, whoso efforts he hoped to see successful in subverting the present monopoly enjoyed by the local companies. He predicted that the venture would prove an emphatic success, and proposed the following resolution :—" That the rules submitted by the promoters of tho society be agreed to ; and that the city.be canvassed for shareholders, and that progress be reported at a meeting to be held within 14 days." This was seconded by Mr. O. W. Clayton, and carried unanimously. Several gentlemen having signed their names aa intending shareholders, aod it having been announced that applications for shares would be received by Mr. J. Compton. Dixon-street, or Mr. W. Lo Cren, Lambton Quay, the meeting terminated with the usual compliment to the chair.

" Embers from which the Sparks have fled."— Old maids.