GOVERNMENT INSURANCE.

New Zealand Times, Volume XXXVII, Issue 6329, 25 July 1881, Page 2

GOVERNMENT INSURANCE.

TO THE EDITOR OF THE HEW ZEALAND TIMES. SIR, —I have read with interest the letter of Mr. Riverstone, which appears in yonr issue of this morning, as well as those which have been published elsewhere, bearing on the above subject. I have made enquities as to the othtr companies in New Zealand, and find that their secretaries are gentlemen trained to business, who - have gained experience in more than one life office. Besides, some of their clerks arc also men wtc have learned the routine and technicalities of insurance in other offices. Now, as there is no one in the whole of the Government Department who has ever been in any other life office, it appears to me that (setting aside the proposal to transferthe business to one of the Australian offices, as that would be to cut our own colonial throat by sending the money out of the country) the Government might offer such a salary as would induce one of these gentlemen to take in hand the working of the colonial fcheme. By doing this the increased salary, if any, would be saved ten times over the first year. The Commissioner has so many calls on his valuable time a-t Deputy Commissioner of Stamps, Registrar of Joint Stock Companies, &c., that it must be impossible for him to devote that attention to insurance business which is necessary for the successful conduct of an office, while bin colleague, Mr. Knight, has not gone through tha business training, without which no man can manage a life insurance society. Coming to the question of profits, I am afraid Mr Riverstone displays some of that sauguiue disposition which forme, aa all who know him are aware, a prominent feature in his character when he expects a reduction in taxation to the extent-of £40,000 out of the £60,000 realised by the department. My own idea is that the colony would be well paid with less than half the amount. I have now no pecuinary interest in the Government institution, having surrendered my policy a few months ago. At that time I was told by the Actuary that I would not share in the profits, made up to the end of tbe previous year, but'as the bonus should, except for the unusual delay in making the valuation, have been distributed before I gave up my policy, X contend that I should not be allowed to suffer for his fault. I hope, therefore, that the Legislature will vote the distributing of the profits among all those from whose contributions they were amassed. —I am, &c., S. B. D.