EARTHQUAKE FUND: QUESTIONS ASKED

Greymouth Evening Star, 21 September 1949, Page 8

EARTHQUAKE FUND: QUESTIONS ASKED

WELLINGTON, Sept. 20 (P.A.).— Speaking to the vote for the Earthquake and War Damage Fund in the House of Representatives this evening, Mr W. H. Gillespie (Opposition, Hurunui) said the fund was growing by more than £500,000 a year and now exceeded £6,000,000. Was it to be allowed to go on increasing indefinitely? Mr Gillespie said Mr Nash had earlier’ declined to extend the fund to insurance against other acts of God, but had more recently been converted to that action, after repeated requests to do so. Mr G. F. Sim (Opposition, Waikato) suggested that the term “war damage” was now a misnomer and should be deleted. The Minister of Finance (Mr. Nash) said that, while it was hoped the occasion would never arise for the payment of war damage, that was the original purpose of the fund and there was reason for retaining the present name for the fund, Mr Nash claimed that the present rate of earthquake insurance of one shilling per cent, was the cheapest available anywhere and only about one-quarter of the premium rate which private enterprise would charge for the same protection.