B—ll

1949 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, 1949

Presented to Both Houses of the General Assembly Pursuant to the Provisions of the Earthquake and War Damage Act, 1944

Wellington, 10th June, 1949. In accordance with the provisions of section 23 of the Earthquake and War Damage Act, 1944, the following report, with a statement of accounts, is presented for the year ended 31st March, 1949 : (1) There was no change in the personnel of the Commission during the year. Twelve meetings of the Commission were held. (2) The following is a comparative statement from 19th December, 1941, when the War Damage Act came into operation. As from the Ist March, 1944, earthquake insurance was included in the scheme :

Period 19th Twelve Twelve Twelve December, Months Months Months 1941, to 31st Ended 31st Ended 31st Ended 31st March, 1946. March, 1947. March, 1948. March, 1949. Income — £ £ £ £ Premiums 4,598,027 410,065 494,938 540,704 Interest 278,333 94,860 129,957 129,591 Outgo— Claims 1,600 1,779 7,917 12,876 Salaries 12,861 2,162 2,493 2,643 Other working-expenses 5,104 2,166 1,410 1,665 Discount to insurance offices 17,567 9,965 11,843 13,573 Cost of exchange adjustment Nil Nil Nil 339,525 Surplus 4,839,228 488,853 601,232 300,013 Total of fund 4,839,228 5,328,081 5,929,313 6,229,326 Ratio per cent, of working-expenses to premium 0-391 1;055 0-789 0-797 income exclusive of discount to insurance offices