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Thursday, 17 November 1938

Mr ANTHONY (Richmond) . - In the terms in which it is couched, the amendment would not be in the best interests of the board, for the particular reason that to throw on the board the whole of the responsibility of the insurer would defeat the very purpose of insurance, which is the spreading of a risk in order to average losses, lt would confine the whole of the risk to the one commodity held by the one party. It is not necessarily assured that a profit would be made by confining the business to one particular commodity. On the law of average, over a certain number of risks, some- come through and others may go down. If the amendment were accepted, the board would bc placed in an extremely dangerous position. I was rather "disposed towards another amendment which I thought was to be moved, which would. have given the board- certain latitude to determine this matter in course of time.

Mr Pollard - 'Would the honorable member support that amendment?

Mr ANTHONY - Yes. This amendment would place a binding obligation on the board, and might eventually encompass its ruin. I am unable to support it.

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