THE GLOBE. WEDNESDAY, JULY 12, 1882. LAST NIGHT’S MEETING.

Globe, Volume XXIV, Issue 2578, 12 July 1882, Page 2

THE GLOBE. WEDNESDAY, JULY 12, 1882. LAST NIGHT’S MEETING.

The citizens of Christchurch generally prior to tha meeting re fire insurance rates last night had hut a very faint idea of the amount of what one of the speakers aptly called “ black mail ” levied hy tha insurance companies. As wo before stated, Christchurch has been exceptionally free from fire losses, and this is fully home out by the figures quoted by Mr. Hobday. Prom these it will be seen that both in Dunedin and Auckland, each of which cities possess a very effective high pressure water supply, the losses have been far heavier during the past twelve months than in Canterbury. Just let us call the attention of our readers to the figures. The losses in Auckland ware £40,852, in Dunedin £51,625,(whi1e in Canterbury district, including Timaru, they were only £21,324. These figures most conclusively dispose of the fictitious arguments used by the insurance agents that risks in Christchurch are more hazardous than elsewhere. More than this, it also appears that despite an efficient high pressure water supply, the city that does not possess this advantage stands lowest in the list of losses. On what ground, therefore, do the insurance companies levy the excessive and exorbitant rates they do? The question of increased hazardous risks in Christchurch has been conclusively disproved of, so that wo are unable to see a single tenable position on the insurance company’s side. Bat it is when we come to the comparative rates charged on similar risks in Christchurch and Dunedin that the enormous and uncalled for discrepancy is made plain. These figures are completely astounding. They show in many instances that 50 per cent, advanced rates are charged here as compared to Dunedin, when precisely similar risks are offered. In one instance, indeed, on hotels, which are really the best risks, the advanced rate charged here amounts to nearly 100 per cent., being 80s per cent, in Christchurch, as compared with 42s per cent, in Dunedin. These facts, which cannot be controverted, mnsi show our citizens that for years past they have been patiently sitting down under a system whereby exorbitant and unjustly high premiums have been extracted. The “ ring,” as it is called, has had the entire monopoly of the insurance business. They have squeezed the very last penny out of the insurers, and now, finding that the hitherto patient milch cow is likely to upset the bucket, they promise in an indefinite sort of way to make a reduction. As we pointed out in a former article, it is exceedingly strange that tha public announcement of this intended redaction should have been made at tha same meeting where the chairman of an influential company bewailed the unprofitable nature of insurance business. We have dealt with one branch of the objection of insurance agents to reduce tha rates substantially, viz.—the hazardous character of the risks hero, which has proved to be entirely fallacious. Now we 1 come to another, viz.—the efficiency or otherwise of the appliances for fire extinction as compared with other cities. Whilst fully agreeing that our fire extinction plant is not so complete as could be wished, we cannot shut our eyes to the fact that in the two cities where an expensive water supply has been provided, the losses have been very largely in excess of those here. With the facta before ua that a chemical fire engine is on the way, and that it is probable we shall have a water supply, it is only fair to suppose tLat the fire losses here will be still further reduced. Where, then, is the unreasonableness of the insurers demanding an appreciable redaction in their premiums ? It is not asked that the companies shall reduce their rates below what would yield a fair profit, but insurers are certainly entitled to ask that they should be placed on the same footing as the risks of a similar character in other cities. We are- glad Mr. Louisson’s temporary amendment was so emphatically rejected. The time for that policy has passed. It is now the right of tho insurers to insist either that a fairly appreciable reduction shall take place in the rates now ruling, or that steps shall be taken to obtain in another way fair play. We are not the advocate of any particular scheme. All we want to see is fair dealing as between tha insurers and the insured. That at present tha latter are not fairly treated must be apparent to the most casual observer. The facts brought out at last night’s meeting must have considerably astonished those who heard them, and only prove what a patient and longaufferingpeoplethe Christchurch citizens are under a burden which, anywhere else would have been felt to be intolerable. The insurers have the remedy in their own hands. If they cannot get insurances here at a fair rate,, they can, as many are now doing, insure outside tho colony, or they can, as proposed, form a mutual insurance company. Wa leave the matter in tho hands of the citizens, only asking them carefully to consider the facts and figures adduced, last night.