FARMERS’ INSURANCE.

Otago Witness, Issue 3613, 12 June 1923, Page 54

FARMERS’ INSURANCE.

MUTUAL FIRE ASSOCIATION. EIGHTEENTH ANNUAL MEETING. Tho eighteenth annual meeting of the Otago Farmers’ Union Mutual Fire Insurance Association was held at the Express Company's board room at 10 a.in. yesterday. : *L Cutrke presided in the absence of Mr \v. Grey, the chairman, who is absent from the country. The annual report was as follows:—We hav e again to report a year of good progress for the association; in fact, much ot the largest increase of business since the inception of the Otago Farmers' Union Mutual Fire and Accident Insurance Association 18 years ago. This is accounted for largely by the reductions in rates in the tire insurance department, adopted on July i, 1922, which reductions your directors indicated would be made during the year which closed on March 3,1, 1922. A comparison of one or two rates may not be out of pi act- for the information of farmers who have not, as yet, insured with us—viz., brick buildings, our rate is 2s 6d, other companies 3s Id; wood buildings, our rate !3 ss, other companies 8c 8d ; dairies, coal and washhouses, our rate is 7s, other companies 8s ; shepherds' huts, our rate is 7s, other implement sheds, our rate is Bs, other companies 12s 8d; cowbyre with milking plant and engine, our rate is 10s 6d, other companies 15s 4d, and rates on other risks have been reduced in the same proportion. This being so, we have had no difficulty in securing business, and your directors look forward to a iui ther very large increase during the current year. The total insurances held at March 31, 1922, were £420,535, and the total at March 31, 1923, £564,093, thus showing an increase oi £113,558 fer the year. The cash reserve at the balance date was £7953 Is 7d, and the balance sheet shows a net profit of £832 5s Td. The fire insurance claims for tiie year totalled £365 Gs Gd, and claims in th© accident department totalled £3O 13s lOd. The lire insurance premiums amounted to £1694 15s 9d, and the accident insurance premiums to £36.2 3s sd, making the- total premium income £"2056 :9s 2d for the year. The steady increase of business means increased vigilance- and consequently much heavier work for the secretary and his staff, and we hav© found them equal to r 1! the needs and requirements of the work, and are pleased to record the director!’ appreciation of their services. The directors and de.hr© to express their appreciation of the "services of our agents throughout the country. Our association has n>w grown to verv largo dimensions, and we feel sure that farmers, one and all, are realising that becoming members of the Mutual they rave money for themselves, and prove the value of co-operac tion when carried cut on sound linos. In moving the adoption of the annual report, the Chairman said that when they, made a start with the farmers' insurance scheme 19 years ago everybody laughed at them. Its successful launching was largely due to Mr G. H. Stewart and Mt Buckland. At that time the insurance companies were charging 13s and 18s for dwellings and outbuildings. They started the association with risks of £IO,OOO. and now had worked up to £600,000. They had gradually reduced their rates from 10s to ss.' and the farmers were tumbling in wholesale. It was sometimes said that the farmers wore the meanest people on earth, and he was half inclined to believe it, though he waa one of the. Mr A. C. Leary, in seconding the motion, said it showed that the farmers were quit© callable of carrying out an enterprise on business lines. They ought to be most grateful to (li e men who founded this institution, and battled along for a- number of rears with very little support. Farmers "were realising more and more that they must combine and support their own institutions. Mr J. Christie congratulated the association on its steady progress and absolute soundness. The motion was carried.

The present directors, Messrs W. Grev J. Clarke, H. J. Webb, J. Christie, C. F. Overton, and A. C. Leary, were re-elected unopposed. Their remuneration was fixed at £6O, as for the previous year.

Mr T. H. Thompson was reappointed aud tor at a fee of 15 guineas.