N.Z. INSURANCE COMPACT.

New Zealand Herald, Volume LIII, Issue 16234, 20 May 1916, Page 6

N.Z. INSURANCE COMPACT.

TRUST BILL ADVANCED. FIRST DIVISION OF SESSION. - [BY TELEGRAPH —SPECIAL CORBESFOXDENT.J Wellington, Friday. The first division of the session toot place to-day, on the motion for the second reading of the New Zealand Insurance Company Trust Bill. Mr. J. S. Dickson (Parnell), in moving the second reading, explained that tha Bill was largely a machinery measure, giving to the New Zealand Company powers in regard to carrying on trust business similar to that already possessed by the South British and other companies in the Dominion.

oir Joseph Ward, in supporting tha Bill, said it was desirable that an institution such as the company concerned should possess the powers provided for. -ar. J. Payne urged that a Bill of this kind should not be allowed to pass until members had had an opportunity of thoroughly studying its provisions. Ha considered that insurance companies should confine themselves to instance business, and keep all their funds invested in giltedged securities, so that policy-holders would have an absolute guarantee thaS policies would be met at maturity. It the Bill passed they would be giving the company power to practically exercise tha functions of bankers, and also enter into competition with the Public Trust Offic«. Mr. Payne called for a division, vritb' the result that the second reading waa carried by 48 to 7. The *' Noes" wera Messrs. Oolvin, Fletcher, Parata, Payne, Poland, Walker, and Webb. The Bill was referred to a Special Committee set up to consider it.