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New Zealand Times, Volume XLIV, Issue 7488, 28 May 1885, Page 2

In the course of bis remarks at last -night’s meeting of the policy-holders of the Government Insurance Association, Me Geokgb Fisher saidlf the Local Boards ever had power to deal with the funds, then good bye to the!Association.” That remark naturally leads to the question —What'standing does'the Act give to the Local in the event of their being appointed ? Unfortunatelythe Act is not 'oonblusive oh that important point. The 35th section, which deals with the sub jeot is as follows“ Bach. Local Board shall be invested with such powers ;aa the [Central] Board’may' from time totime deem expedient; and such powers, when given, shall only be exercised by the Local Board in reference to the. affairs of the Association in the place and within the area to which its powers -and instructions have.been extended by the [Central] Board.” Judging by the tone of Sir Julius Vo<sel’s_remarks, he and a majority of the Central Board desire that Local Boards shall be appointed, and shall be invested with substantial powers, but shall have no part in the investment of the funds of the Association, That appears to be a reasonable restriction, but a perusal of the whole Act makes it very doubtful whether, nolwith-

standing the general authority given by the 35th section) the Central Board Could place the Local Boards in the position ot which Mr George FisUbr seemed to stand so much in dread. We believe that at the most they would be little more than Boards of advice, and that the' policy-holders would SeoUro little or no substantial advantage by the appointment of local Directors. But Sir Julius Vogel stated that a majority of tIVO Central Board thought it woiild be satisfactory if the Question Were submitted to the vote of the policy-holders, and it will be seen from our report fhat that course is going to be adopted, if we Play jildge by the feeling of the meeting list night, the policy-holders in Wellington are strongly Opposed to the appointment of Local Boards, and one of pur yesterday’s Invercargill, telegrams wopld apparently indicate that a siaillat feeling exists in that part of the Colony. Sir Julius VooeP, however, places no faith in that telegram, and has been informed that the ’ feeling is' generally the other way. Our own opinion is that, whilst the policy-holders would derive no benefit from the Local Boards, the creation of such a superfluous lot of machinery would impede. rather than facilitate the operations of the Association. The supposition that the appointment of Local Boards would popularise the Association appears tP , ds . more fanciful than real. 1 hero is this further point tO be cdnSidered. The appointrUeftt of a large number ot Local Boards is quite out of the question, but, nevertheless, if any were to be' appointed) it is likely that jealousy would be'excited in towns and districts which had been left out in the cold. The contention of Sir Julius Vogel that throughout the Colony men are to bo found “just as capable and just, as honest as in Wellington ” is of course admitted, but the fact does not decide the issue. The question is whether the services ot those capable and honest men are; required on Local Boards of the Association. If there be really pil-stiope for the exercise Of' their abilities in that direction there is' no use in calling for their service?. We notice that Sir Julius Vooel expressed the opinion that, if the Local Boards were not appointed, the policy-holders would have to be more strongly represented on the Central Board. We feel certain, however, that Sir Julius is not prepared to alter the balance ot power on the Central Board as long as the State continues to guarantee the Association. Whatever may be said to the contrary, that guarantee is the principal prop of the concern. '