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Inangahua Times, Volume VII, Issue 1074, 14 April 1882, Page 2

In the face of at least one influential insurance company retiring from the Reefton field, with the probability of others following suit, and the certainty of increased rates on the part of those who remain, Hie public of this district shouro look to their own interests, and, if possible, be independent of outside insuratiice altogi^er. It has been propoßedjjspd we sW»refy' ; hppe that thel proposaT will be « fl&rried ?outs that % %cai>inufual Insurance company should be' floated oh the principle, but, of courlfa on a small scale, of the Mutual Proiodent Society of Australia, which has proved such a gigantic success. No doubt an ample water supply would be one of the best and most effectual forms of insurance, for with the pressure that could be secured through the favourable position of Reefton, the hottest fire could be speedily extinguished, but in the meantime, a mutual company of the kind indicated would prove of the greatest possible service, The capital required would not be large, and the probability is that the expenses of such a company would be amply paid, with perhaps a little over, by the interest on it. At piesent, the insurance companies in some cases demand five per cent premium, which is simply ruinous, and in every case the rates are ridiculously exorbitant. Should a small mutual company be established these would be altogether avoided, and, indeed, if prefeired, no capital whatever need be embarked in it. All that would be

necessary would be for the principal property holders and business men to enter into a joint bond to recoup each other in case of fire such sums as may be respectively agreed on between them) for damage either to their buildings or their goods, and should fortunately no such disaster ensue, the money to be called up would be nothing. On the contrary, should a fire take place, the loss divided amongst a number would be individually trifling and hardly felt. Such an insurance would allow many a resident to sleep easier in his bed, knowing that at least, in case of accident, his loss would not be a total one. There would be no insurance money to pay unless a fire occurred, and then in all probability the sum to be contributed by each person would not amount to as great a sum as his present yearly premiums. No one knows who may be the first sufferer, and precaution of the kind, while costing nothing, should no danger arise, would be materially appreciated if it should occur. The suggestion is well worth the consideration of property holders in Ree,fton, and for ' their own safety's sake it is to be hoped Uhat they will act on it.