FIRE INSURANCE.

Mount Ida Chronicle, Volume 26, Issue 1369, 16 January 1896, Page 2

FIRE INSURANCE.

The meeting called by M r Giiffie, Mayor of ISasohy, of persons interested in-fire insurance was held in the Town Hall on 1' riil.iy e\ ening, 10th inst., ami was somewhat _ poorly a'.teiuled. The Chairman explained that- the object of the meeting, which had Ueen culle.l at the n-quest of a considerable number of those interested in ■he subject, was to take into consideration the existing charges for fire insurance, and, if thought necessary, to define some means whereby rates should be taken at a lower •vale. .As they were all aware, there was a com I limit ion among fi ,-o itisuiuiiee cowpanitf !o raise the taiili, which was so high it) many eases as to be almost prohibiti* e. The rates in this locality had al ays I,em on a higher scale than in othi j r parts, anil lik hud not tiie least doubt in his mind In t, what, some scheme would have to be started for their protection. Some suggested ■> oual company mnd others u municipal company, but it was for the meeting to fay \vKa !<>rni the scheme should take.

After one or two of those present hud expiessed the opinion that *ometliini> could be done locally, Mr Dawson moved—That this meeting is of opinion that the time litis cDtii 1 * when u Mutual Otiarar. tee - lukui-uui'',-S-.iuiety should be formed in Nasehy. 'mid hat His \\ orship the Mayor, Messrs Lundoii, V\ iistm, Jas. Milcheil, J. R. Sniilh, > "d the mover (with poA'er to add to their number) be a committee to draw iiprnhe 10 this end.—Seconded by Mr Jones. Mr Wilson was quite in accord with the proposition, but did not think it was possible for Naseby ami district to support a company, as they would not. have suilivieiit funds. He would like to support such a company it they were able to carry it through He thought the meeting • u#ht to express its feelings so far as the present combination went. The Inveteargill scheme was a very good one, and if it succeeded, as he hoped it world, they could join in it. He would move as an amendment—That this meeting pledges itself to support my fire insurance company outside of t,ho existing combination either local, colonial, < r foreign -provided the rates be reasonable. Mr AJitche l ! tecumlcd the nmenrimea-t.

A lengthy discussion then ensued. Sir V\ .F. Iniler was of <*l pi 1/toil that fn a town like Nnsely where there was a plentiful water supply and mi efficient (ire Iwigade, they ought easily to form such u society, and in a very short time lime sufficient funds. T'i show thiit this was mt >* wild cat scheme he need only mention Lh.it Homo of the largo companies —the Union S.S. Co. for instance —had ait i sunini.e fund of their own, and had large num.-; stand ng to it* credit. It would have (>. he a conditio;', that thos who iljij not Keep up 'he pav nient would foifeit ny lid), tltfc tU'.'i tu. Mr (Jleim lie r-m,»rKjTi.f t>ia • speaker. and .dsn ,-Hcd irsMiiees of larye companies at Home which never insured, hut muilc provision f IM . losses hy putting aside ft ftiinl. 1 his question had been mooted more titan 20 years ago, and it ii hitd been carried out they would h.ive hail a 1 t of money now. To his mini] it would ho the most valuable tiling ever started in Naseby. Tlueompanies h.id hound them down for over .SO year?, and though they puid lurge suiiik of money away, they hardly ever got unythi.i t : hack. Some of the companies paid as mu li us £BOO per year to some of their men, H.-.d their up-country clients were fleeced tor ii. Mr Wilson s'tid he would like to support & local scheme if he thought it practicable, hut as there would be a considerable am >unt of labour attached to formulating a sehemn that would take in the district, and as he had moved an amendment, he would ask the the mover of the motion i.o withdraw hu name and insert that of Mr Glenn, wl.c apparently had iiu doubt of its success. Mr Mitchell, would like to ktiow it lio were insured for, any .€7OO, and his place got, burnt down in a couple of weeks how wu.s to replace his stock. Ho would be glad to siipj ort any scheme which uiiarminteed Iho insiders, but that was where lhn.trouble cime in. Ii would he right enough if there wei e no tires for t i.ree or four years and thii: fund-i (iot a eh in. e to accumulate. Mr \V. K. Imlef ex I,lined thai in C ■ vest i aeh nrui wo ld he i u-poiisilile :n .ro)»nii..n tn the. union '■ of Irs iimu' - . illb'l U.i'e .!el.u'- |.| (III! ■ ci> >.ln], e- ; ■. ci.s'it b.|„. .. j. * . . \ir l: 1... K I . 1. . m' Willi e.nclfil maing ••••*•!, i"i 1-1 t.. veie ll.g I limey 'i in-ei ,• |l .'I i i.\ i. ';e iit-t few yea>H. He nid leceivcd ie. >n- >( ructions from I is company to be pre* <o that hi.- I 'ui-irks c Hoi be uken as com.: >' him ill hi* privul.j capacity. 11l mii... •a-es ile new lanir imim-iI the premiums, n:-ri not he s lowered them. Theclliingcs win '•l)c..i the gol.liiehls in comparison to i. < i vv us very slichtiy, in the towns the nil": ii ,d bun Cm I idfc'uloii>ly low, und many -i he coniinuiies would have had to COine do\ if they h'td not made an alieration. The •. were certainly Home dangerous buildings n , Xuj-cby, but they would liiel that if » IDi.j ' had aileccnl house his picniiumH would liXt he very heavy. Mr '(.' hnn said they wanted to benetit i heim-eh ei' instead of others. Mr VVili.oi poi ii< d out that thf> amen •!• in.-in «ai n"i ■iiiiagonistic Lo the motion, i.s .ii. r iecl to support a local, colonial, or forei; n '■tiie-.-. _ ' Oil the chairman inking the opinion of H.e meeting, the .in en inietit wiik carried nud the mulion loi.t. He thereti()on said

would have to arrive at the conclusion that the meeting pledged itself to support any fcninJJany outside of the existing combination which would carry on the insurance business at- the same tariff" is existed at the present time. As a number of those present did not seem satisfied with the decision arrived at, M; Mitchell said that it was quite on the cards, in accordance with the resoluti'-m just passed, that a local company would be supported if started, and Mr James Dawson commenced a desultory conversation on the possibilities of formulating a practicable scheme by remarking that he did not see why their money should not put up a little palace in Naseby \ instead of helping to put up large buildings . in the big towns. Mr Beeth promised to support any local company that was started. He hid intended to insure his stock-in-trade, but owing to the advance in rates would not now do so. Mr W. F. Inder pointed out that if they loaned a Mutual Guarantee Scociety the pro, ess was very simple, merely requiring a (j oc ment, and to see what support those were likely to afford such a scheme, mdved—That a Local Fire Insurance Company be formed in Naseby.—Seconded by Mr Glenn. Mr Ginsberg thought the rates were excessive. but if the members of a company had to guarantee each other it might turn out another Nenthorn. Nothing definite was arrived at, and the meeting concluded with the usual vote to the chiir.