STATE INSURANCE

Sun (Auckland), Volume I, Issue 198, 10 November 1927, Page 1

STATE INSURANCE

NEW SOUTH WALES REPORT EFFICIENT ECONOMY By Cable.—Press Association.—Copyright Reed. 9.15 a.m. SYDNEY, To-day. The first annual report of the Government Insurance Office discloses the accumulated surplus, Inclusive of funds controlled by the Treasury Board since 1911, to be £480,000. Administrative costs for the year 1926 amounted to 9.32 per cent, only, which is claimed to be a refutation of the charge that an insurance business cannot be carried on by the State with efficient economy. The report urges the Government to consider: (1) That the present system, as a medium for compensation, should be I discontinued in New South Wales. ! (2) That a State workers’ compensai tion fund be established, to be contributed to by the employers on a basis l of annual assessment, and a flat rate I chargeable on wages. ; It is claimed that the cost of comj pensation would be reduced to a mini- | mum, and the result would be a conI siderable financial relief to the cornjinunity. — A. and N.Z.