SUCCESSFUL VENTURE

Evening Star, Issue 20876, 20 August 1931, Page 3

SUCCESSFUL VENTURE

CSTY CORPORATION INSURANCE FUND GOOD PROGRESS MADE The departmental reports issued by the City Council for tho year ended March 31 contain tho following reference to the city’s insurance fund In contrast with the less satisfactory figures of tho trading departments forth o past year, as compared with those of previous years, it is pleasing to bo able to record a. satisfactory year’s operations in respect of the insurance fund. At March 31, 1931, the fund stood at £75.304 10s Id, as compared with £07,462'0s Cd at balancing dato tho previous year. The surplus for the year was therefore £7,842 15s 7d, of which £3,216 18s 8d was earned by the accident branch and the balance (£4,025 16s lid) by the fire branch. The only claim made on the fire' branch lor the year was in respect of replacing a plateglass window at the gas showrooms, amounting to £l3 ISs. The year opened with twelve accident cases on tho books, while 143 new claims arose during tho year, which finished up with fourteen cases still claiming compensation. In addition to these figures 112 reports wore furnished of minor accidents, out of which no claim for compensation arose. The number of claims culling for payments and the cost for the year were distributed departmcntally as follow; —

No. of Department. CTiimn. £ s. d. £ s. d. Municipal ... 1* -ii* 13 II Rcllcf work ‘ JS m u m Water «8 » l» K.p. and 1 21 103 10 ]0 E.)’. and L. IWaipoii Dam) M M« Id * fm== O -(1.5 8 0 Tramways 1.5 * -'5 y 0 Totals 115 jC’ifilH l> 7 Number of claims ex-ending £135 o Number ot claiirr. exceeding £SO, but not exceeding £llOO ™ Number of Haims seceding £25, but not exceeding £SO .. ... ... • • ; Number ot c'ain s less than £2j H.' For record purposes it is to bo stated that the accident branch has been in operation I‘or fourteen years, while tlio fire branch' lias just completed its thirteenth year. Originally a. sum of £IO,OOO was set aside as tho nucleus of the fire branch, jind if wo allow compound interest at 5 per rent, on this sum the amount would bo £18,850. , , If, therefore, that amount be deducted from £75,004 16s Id wo get a resijlt of £56,448 to represent the net iraiu at March 31 last to the city from the venture of conducting its own fire and accident risks for the period already stated. That is equal to a shade over an average of £4,000 per year.