THE A.M.P. SOCIETY.

Gisborne Times, Volume XXIX, Issue 3216, 12 May 1911, Page 5

THE A.M.P. SOCIETY.

OPERATIONS FOR THE PAST YEAR.

NEW BUSINESS CONSTITUTES A

RECORD

LUNITED PRESS ASSOCIATION-COPYRIGHT.! SYDNEY. May 11.

According to the 62nd annual report of the Australian Mutual Provident Society, which has just been issued, the amount of new; business transacted during the past year in tlic ordinary department constitutes a record 1 , being in excess of the previous year by £323,372. In all, 19,560 policies were issued in this assuring for £5,490,026, and yielding annual premiums amounting to £178,570, the net gain in the amount of business in force being £2,961,640. In the Industrial Department 21751 policies were issued, assuring for £777,740, with annual premiums of £48,416. Claims by death in the Ordinary Department amounted to £779,826, including £251,968 . for bonus additions, the experience in this respect being again extremely favorable. The usual searching investigation was made into the mortgage securities, and tilie sum of £9096 was written! off the value of foreclosed! the value of the office premises being also reduced by £19,593., Reference is made to the opening of new district offices at Shepparton (Victoria) and Gisborne (New Zealand) } and! also to passing of the Society’s Consolidating Act, and the amended code of by-laws.

The report of the Actuary Mr. Richard Veece indicates that the policy of gradually strengthening the reserves for liabilities has been fully maintained, and that the reserve of undivided profits had been increased to £200,000 cash. The surplus available for distribution in the Ordinary Department amounts to £839,602, which' will provide reversionary bonuses amounting to about £l,500,000. The rate of expenses in this department shows a. decrease upon the previous year, being 8.36 per cent, of the year’s receipts. The rate of interest earned upon the funds remains satisfactory, and now stands at £4 9s Bdi per cent. In {the Industrial Department tilie valuation of the policy liabilities discloses a surplus of £17,841, and it is announced that a bonus will be allotted to some of the industrial policies at the close of 1911.