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Co-operative Horse -Insurance. [august, 



which was originally established in or about the year 1840, 

 was, until 1898, carried on with success as a voluntary associ- 

 ation. In the latter year it was deemed advisable to re- 

 construct it, and register it under the Companies Acts, and 

 it was therefore duly incorporated with the usual memorandum 

 and articles of association, at a cost of about £50. Presumably, 

 the members of the old association were ignorant of the 

 advantages to be gained by registration under the Industrial 

 and Provident Societies Acts, which would not have entailed 

 this amount being expended in promotion and incorporation, 

 and would have allowed further of even greater economy and 

 larger profits each year. 



The objects of the Association are set forth in the prospectus 

 as follows : — 



1. To provide veterinary attendance in all cases of illness 

 to animals insured with the Company within a radius of 

 eight miles. 



2. To pay to the insurers two-thirds of the market value of 

 the animals insured in case of death by accident or by natural 

 causes. 



The rates charged range as follows according to a definite 

 scale : 2s. 2d. per quarter, for an animal valued at £j 10s., £5 

 payable at death; 5s. gd., for one valued at £20, £13 6s. 8d. 

 payable at death ; 17s. 6d. for one valued at £60, £40 

 payable at death. For animals of greater value than /60 

 a special rate is quoted on application. These premiums 

 entitle the insurer to free veterinary attendance and medicine 

 should such be required during the period covered, and 

 members are further entitled to the services and advice of the 

 Company's veterinary surcreon at a reduced fee of 5s. when 

 purchasing a horse. 



The first balance sheet issued, covering the period from 

 3rd March (the date of incorporation) to 31st December, 1898, 

 shows that the enterprise began well under the new conditions 

 with a paid-up capital of £410 in £1 shares. The directors 

 were able to write off £32 8s. 6d. from the promotion account, 

 and after paying over £83 10s. for losses incurred by members, 

 in addition to management expenses, were in a position to 

 declare a dividend of 6 per cent., a rate which has been 

 consistently maintained ever since. 



