GOVERNMENT INSURANCE DEPARTMENT.

New Zealand Herald, Volume XXV, Issue 9095, 2 July 1888, Page 5

GOVERNMENT INSURANCE DEPARTMENT.

ANNUAL REPORT. [BY TELEGRAPH. —SPECIAL CORRESPONDENT.] Wellington, Saturday. The annual report of the Government Insurance Commissioner has been presented to the House. The numberof proposal.- received during the year were 4517, representing £1,126,095, of which 3124 were completed, the amount insured being £766,952, or £49,487 in excess of the previous year's business. In the general section there were 2609 insurance policies, amounting to £662,702, and 29 endowment policies, asearing £2965; while 477 policies in the temperance section represented £101,285. The policies included 11 contracts for annuities, for which annuitants paid £3075, the annual payments under these being £346. The new annual premiums represented by the business done amount to £22,061, besides £7659 received as single premiums, and the price of annuities granted. The claims by death, on account of 160 deaths, amounted, with bonus additions, to £59,973 15s; claims on endowment assurances to £3462. Seven children's endowments matured insuring £800. £30,305 was paid as cash value for reversionary bonuses surrendered. Tho gross income for the year, from all sources, was £268,372, an increase of £11,220 on that of the previous year. The interest on invested funds was £66,380, or £8104 above that of tho preceding twelve months, »nd £3144 In excess of the total amount payable for claims arising during the year. The accumulated fund on 31st December, 1887, amounted to £1,328,493. The tontine savings fund system ha? proved eminently successful. It is proposed this year to aek for legislative powers to carry into effecb Mr. Frankland's scheme to amalgamate the funds of the general and temperance sections, and differentiate the profits in so far only as tho mortality experience of tho two sections prove to be dissimilar. Tho industrial branch is now practically closed. The total amount of tho department's funds invested on mortgago at bho end of ISS7 was £266,498, the sum lent during the year under tho system of repayment by instalment being £29,355, distributed among 104 mortgagors.