A. M. P. SOCIETY.

Gisborne Times, Volume XXVII, Issue 2495, 7 May 1909, Page 5

A. M. P. SOCIETY.

SIXTIETH ANNUAL REPORT

(Per Press Association.'

WELLINGTON, Alay G. A cablegram from Sydney, dated Alay Gth states that tho issue of the GOth annual report of the Australian Mutual Provident Society marks the occasion of its diamond jubilee. The amount of new business transacted during the year once more constitutes a record, being in excess cf that of the previous year by no less than £178,000. Policies to the number of 19,117 were issued in the ordinary department, assuring £5,042,351 and yielding annual premiums amounting to £184,370, the nc-t gain in the = volume .of business in force being as much as £2,699,000. In the industrial department 17,499 policies with annual premiums of £36,452. Claims by death in the ordinary department amounted to £793.390, including £248,145 for bonus additions, the experience in this respect being again exceedingly favorable. The usual searching investigation was made into mortgage securities and the stun of £0.103 has been written off the values of foree.oned properties, the value of office premises being also reduced by £13,280. Reference is made to the establishment of <a branch office in London, and it is said that a satisfactory commencement has bc-cn made, and that there is every indication that a large measure of success will attend the, extension. The report of the actuary, Air Richard Teece. F.1.A.F.F.A., opens with an interesting retrospect of the transactions of the last ton years and institutes various comparisons with the first 50 years of the Society’s history. The valuation has been conducted on the same stringent basis as heretofore, and the reserve for contingencies has been augmented by £IO,OOO. The amount of cash surplus avai'ble for division is u* 72,445, which will provide reversionary bonuses amounting to about £l,500,000. The rate of expense is again exceedingly moderate, being only about one per cent., on the total receipts of the year. The effective rate of interest realised on investments has been well maintained, and now stands at the satisfactory figure of £4 8s 2d per cent. The report on the whole is of a most encouraging nature, and speaks well for the present'prosperity and future prospects of the Society.