POLITICAL NOTES.

Greymouth Evening Star, 10 July 1908, Page 2

POLITICAL NOTES.

The National Annuities Bill promised in the Governor's Speech has not yet made its appearance, and no intimation has yet been given of the lines on which it will proceed. It is interesting however, to recall the Bill of 1906, of which Sir Joseph Ward had charge. That proposed to set up a branch of the Government Life Insurance Department, for the purposes of the Act, and to transfer to it all contracts then existing on the books of the. department of the following classes:—lmmediate annuities, deferred annuities, and endowments and investments. In order to encourage the public to take up national annuities, the Colonial Treasurer was authorised to subsidise on a basis fixed upon the premium payable, and on the scheme also proposed to subsidise friendly societies in respect of the weekly allowances made to aged members. The minimum annuity to be granted was iixed at £l3 per annum. In the event of death before the age at which the annuity was payable, all deposits with subsidies were to be returned with compound interest at the rate of 3 per cent, per annum. If death occurred during tho first five years after the annuity became duo tho balance of live years' annuity would bo paid to the representatives of the annuitant. If death occurred after five years, a proportionate payment would bo made. Tho maximum annuity for which the premiums were to be subsidised was fixed at £156 per annum.