B—ll

1947 NEW ZEALAND

REPORT OF THE EARTHQUAKE AND WAR DAMAGE COMMISSION ESTABLISHED UNDER THE EARTHQUAKE AND WAR DAMAGE ACT, 1944, FOR THE YEAR ENDED 31st MARCH, 1947

Presented to both Houses of the General Assembly pursuant to the Provisions of the Earthquake and War Damage Act, 1944

Wellington, 17th June, 1947. In accordance with the provisions of section 23 of the Earthquake and War Damage Act, 1944, the following report, with statement of accounts, is presented for the year ended 31st March, 1947: (1) During the year Mr. W. B. McKenzie resigned from the Commission, and Mr. H. G. Wiley was appointed in his place. Eight meetings of the Commission were held. (2) The following is a comparative statement from the 19th December, 1941, when the War Damage Act came into operation. As from Ist March, 1944, earthquake insurance was included in the scheme:—

— Period 19th | December, 1941,to 31st i March, 1944. Twelve Months ended 31st March, 1945. Twelve Months ended 31st March, 1946. Twelve Months ended 31st March, 1947. Income— £ £ £ £ Premium 3,911,892 320,274 365,861 410,065 Interest 74,092 99,516 104,725 94,860 Outgo— Claims 1,011 82 507 1,779 Salaries 8,784 2,042 2,035 2,162 Other working-expenses 2,548 965 1,220 2,091 Discount to insurance offices 943 7,891 8,733 9,965 Audit fee 220 75 75 75 Surplus 3,972,478 408,735 458,015 488,853 Total of Fund 3,972,478 4,381,213 4,839,228 5,328,081 Ratio, per cent., of working-expenses to premium 0-319 3-426 3-297 3-485 income Ratio, per cent., of working-expenses to total 0-313 2-614 2-563 2-830 income