Wellington, Friday. Vincent County.

Waikato Times, Volume XVII, Issue 1420, 9 August 1881, Page 2

Wellington, Friday. Vincent County.

Tiik Vincent County Council show a want of funds through being deprived ot subsidies, to rates and percentage of land fund. They therefoie <v,k for £8000 to finish the erection of a bridge over the Molyneux at Alexandra.

Government Insurance. Mr Godfrey Knight, Actuary, reports on the Government Life Insurance Department to the Colonial Treasurer that the business of the quinquennium shows a net mcreabe of one hundred and thiitythree per cent, over the bu&iness of the previous quinquennium, and an increase in the same time of one hundred and twenty-seven per cent, in the sum assured. This is a very remarkable increase, considering the competition of foreign offices to secure advantage of low death late of New Zealand. The quantity ot business transacted is owing to this, that it docs not re-assure with other offices. The risks undertaken are all accepted by the Head Office, and the full benefit of the low rate of mortality in New Zealand is thus secured. There also has been a strict rule of paying commission to regularly-appointed agents only. The funds during the quinquennium have increased about three hundred ami eighteen per cent., and the annual income has increased one hundred and thirteen per cent. Regarding the expen&es of management the office has been worked cheaper than any office doing business in New Zealand. It has been worked at a rate less than that if a company twenty years older, aud at about half the cobt of private offices of its own age. There have been few deaths from consumption or such like diseases. The statement of caiibes of death bhows that the medical examination has generally been very effective. The result of the valuation shows a surplus of £73,670 from this amount there is retained to form a reserve fund to meet unforseen contingencies and to equalise futur bonuses tho sum of £17,670 leaving a divisible suiplus of £.36.000 to piovide leversionary bonuses on all policies entitled to participate. The actuary recommends that thi6 divisiblo surplus be distributed in proportion to tho loading 1 , that is, the difference between the net premium and the office premiums, accumulated at interest. It is recommended that participation in the surplus be confined to whole life and endownments assutance policies, and that all holders of sach policies who have paid two years proiuuim in full and whose policies are in force at the date of valuation should be entitled to participate. The actuary says : — ' ' Ido not know of any office that has at such a high standard of valuation in its tenth year and there are very few old offices able to make such strong reserve* as those I have recommended." Mr Knight recommends the re -opening of the industrial branch.