THE LABOUR CANDIDATE

Evening Post, Volume XCVIII, Issue 136, 6 December 1919, Page 11

THE LABOUR CANDIDATE

Mr. A. W. Croskery, Labour candidate for the Suburbs seat, who has been suffering from a severe cold, resumed his platform campaign last night, when he addressed a meeting of electors at Makara.

Among the more important subjects dealt with by tho candidate were insurance and banking. He said that the Queensland Labour Government, on investigation, found that the accident insurance companies were only paying out 35 per cent, of the money received in premiums by way of benefits to the workers and their dependents; 65 per cent, being used up in profits and expenses. The Labour Government decided that the insurance companies were not performing a social service which justified their existence, and, therefore, made a State monopoly of accident insurance. It increased the benefits to the workers by from 75 per cent, to 100 per cent., and at the end of eighteen months the new department had a balance of £52,000. When this department was created, £100,000 was appropriated for the purpose; but only £2000 was drawn on. Resting on public credit, with the whole of the resources of the State,at its back, there was no need for capital; the income during the year was more than sufficient to meet the outgoings. In New Zealand accident insurance premiums in one year amounted to £349,222, and claims paid to £168,320, which meant that 52 per cent, of the premiums were absorbed in profits and expenses, and only 48 per cent, was paid to the workers. The State Fire Insurance Office of New Zealand reduced fire insurance premiums on some risks by 33 1-3 per cent., the average reduction being 25 per cent., and it was estimated that the people in New Zealand had saved £3,000,000 in insurance premiums as a result. If fire insurance were made a State monopoly, the figures indicated that the present insurance rates could be reduced by nearly one-half. The State Fire Insurance office had assests amounting to £244,927, with investments amounting to £199,480, including £100,000 invested in war bonds. This department was also virtually created without capital.