INSURANCE COMPANIES' DEPOSITS,

Hawke's Bay Herald, Volume XXXIII, Issue 11008, 1 September 1898, Page 2

INSURANCE COMPANIES' DEPOSITS,

The Foreign Imnranco Companies' Depoelta Act has not brought that prist to the mill whloh the Colonial Treatorer fondly imagined it wonld when he formalated his proposals. Ab originally lrarned the Aat required n large aaah deposit from eaoh c;mpany, which wonld simply h&ve meant a forced loan. As amended and paiaed it allowed econrltlea to bo deposited Instead Of oath, and a return presented to Parliament shows that the companies have tally availed themselves of tbls pro* vlilon. The Aaitrallnn Mntnal Provident Asaoolation has deposited title deed* to freehold premises valned at £51,700 ; the Matnal Life Aisoolatlon of Victoria title deeds, mortgages, and debenture! valued at £50,800; tbe National Mntnal Life Asioclatton of Viotoils mortgages and title deeds, £53.163; the Colonial Mataal Life Assurance Society mort» gages and title deeds, £66,757 ; the Citizens Life Assurance Company, title deeds and fixed deposit receipts, £17,000 ; the Scottish Metropolitan Life ABinranco Company, fixed deposit receipts, £10,000 ; the Equitable (United States), fixed deposit receipts, £8325; tbe New York Office, fixed deposit receipts, £5000 ; thi Provident and Industrial of New Zealand, fixed deposit receipts, £5000 ; the Australian Widows' Fund, fixed deposit rcoipts, £5000; and the New Zealand Acoldent, mortgages and debentures, £8700. The only company wbfeb has deposited cash is tbe Victoria, and the amount Is £5000.