GOVERNMENT LIFE ASSURANCE ASSOCIATION.

Hawera & Normanby Star, Volume VIII, Issue 1354, 9 July 1886, Page 2

GOVERNMENT LIFE ASSURANCE ASSOCIATION.

M FETING OF POLICYHOLDERS.

A meeting of members of the associatiou was held in the Borough Council Chambers on Thursday eveuing. There was a fair attendance.

The Mayor was voted to the chair, and mentioned th.it members bad already received their voting papers. There were three proposals for them to discuss, and it was for the meeting to consider which proposal would be best. He bad expeclej a larger meeting, but there wna a Masonic meeting that night, and also something on at the town hall, both of which no doubt kept some people away. Mr. McGnue said he was inclined to propose Mr. Bell's resolution, and would inovfi that it was desirable that the management of the association should revert to tbe Governmen'. He thought that, looking back 8 or 9 mouths, the result of the piesent inelhod was not satisfactory as compared with the management by Government. The board no sooner got into power than it commenced to buy pioperlies in the. large centres. A committe3 of both Houses was sitting to consider that question, and it was therefore sub judice, and he wonld say no more on that subject. The mixed board bad also gone in for expensive offices which, be thought, were not reqnired. Tbe guarantee of the colony waß better than phowv offices. He remarked on the great increase iv the cost of management, the inciease having been £20,000 in two years. That was an alarming state ot thing*, aud the soouer they changed it the better. Sir Julius Vogel himself behevod tlrtt Government would carry it on better than a board. He was glad that Mr. Dutbie had been elected, as he was a man they all knew something of, aud he was in favor of handing it back to Government. Mr. Bell also was a conRCientions man, aud he wished it to revert back. He thought that looking at all the statements made by the most reliableiuen, thpy wonld be in favor of handing it back. Mr. Fisner had brought himself into great notoriety hv Ins oourse of action, but he bad hurt the institution more than he would ever be able to do ii, good.

Mr. Haughey seconded the motion

Mr. Laisbley supported the motion. He was altogether iv favor of it. What mußt guide them most would be the report of the directors, and of tbe principal shareholders in Wellington. To the names mentioned by Mr. McGture, ho might add those of Major Atkinson and Mr. Rollrston, and there were no men better able than those five to judge Tbe colonial guarantee and economy of management were the strong arguments in favor of Government control. The arguments against were that (Jovernment were not able to find suitable investment for the fuuds, but it was of little use to make profit if it was all swallowed up again. There had been no increase in the business to warrant tbe increase in expenses. Mr. Fisher's proposal would give the balance of power to the policyholders, but if that resolution were carried, it was improbable that the country would continue its guarantee, and the association would probably lapse into a kind of private company. Pol icy holders were willing to pay h reasonable sum per hundred and get good security. They did not niuoh care about profits, and if tbe guarantee were abandoned lie, for one, should throw up his policy and take out another in Australian Mutual Provident or sonic other similar company. For those reasons bo should support the moti</H.

My. Kmjj should nho support the motion. Since the association had been under iLh preKont innnaKeinout, it had be«m made use of by pettifogging political jobbers, who sought to make a cat's paw of tlio institution. Mr. Fisher's proposal would inenn £1000 a year in salaries to directors for bitting occasionally. The thing could be better worked by Governmeut, who bad offices all over the colony, and officers everywhere. If the mixed board bad found it necessary to erect offices in tbo large centres, it would soon find it expedient, no doubt, to do tbe same iv tbe medium centres, such as Wanganm and New Plymouth. It was better to be safe and do a medium business than to do a large and risky one. He did not think the Government would mtnage extravagantly. He had every faith iv the Goverument, and very little faith in political jobbers in Wellingtjn. He hoped that members who bad not been present would, when they read the report in tbe Star, fill in their papers aud send them to Wellington. Tbe matter was of vital interest, and forms could be obtained at tbe post office.

Mr. Laisbley said there was another point with regard to half-and-half boards, and that was that they did not work amicably together— not as if they bad tbe interest of tbe association at heart. Those elected seemed to think that tbe nominees wt-re antagonistic to them. Mr. Fisher meant well he, thought, bat he

agreed with Mr. McGuire that be had done more barm thau be would do good if he bad tbe matter in hand twenty years. Mr. McGuire said that those who had not spoken no doubt were in favor of the motion. There was, therefore, no need to say anything more.

Mr. Laishley paid that if there were any opponents, he would like to hear anything they might say. No fuitber remarks being made, The Mayor put the resolution, which was carried unanimously.

On the 6uggestiou of Mr. Laishley, a subscription was made by those present to defray incidental expenses.

A vote of thanks to the major closed he proceedings.