A Successful Society.

Gisborne Standard and Cook County Gazette, Volume III, Issue 444, 22 April 1890, Page 3

A Successful Society.

Ths annual general meeting of the Colonial Mutual Life Assurance Society (Limited) was held on the 31st March, at the offices, Collins street, Melbourne. The Bev. H. Plow Kane (chairman of the Victorian directors) presided, and there was a large attendance. The chairman, in moving the reception and adoption of the report, said that last year the new sum assured was in excess of one million and threequarters. Notwithstanding the intensity of the competition, which was every year becoming keener, and in spite of the depros Bion which had prevailed in several of the colonies, the directors felt much gratification in being able to announce that the new business of this society for the year closed again showed a large increase, the policies issued during the twelve months having amounted to €1,395,563. Not only had the quantity of business introduced been greater, but the average policy had at the same time risen from £378 to £406, thus showing that the increase had been secured in the more valuable and greater profit-producing classes of policies. The revenue account for the year, notwithstanding the increase in business, exhibited a decrease in the expense ratio of two and a quarter per cent.; that was to say, every £lOO collected by the society during 1889 had cost £2 5s less than in the previous year. The addition to the funds during the year had been £lB7 292, making the accumulated funds of the society on 81st December, 1889, £1,050,573. The accumulated funds at this society now exceeded one million sterling invested for the benefit of claimants in the future. The rate of interest realised by the society for some years past had been abont 6 J per cent., and in 1889 the rate had been fully maintained. The claims by death amounted to £64,958 16s, an experience which was again much within the expectation. The income of the society now exceeded £850.000 per annum. The directors anticipated being able to announce the amount of surplus profit earned during the bonus period ended 31st December, 1889, at a (meeting not later than May. The motion was adopted, On the motion of Mr Alfred Webster, seconded by Mr T. E. Bury, the Rev. H. Plow Kane and Mr- H. Bryon Moore were re-elected directors. Messrs John Macdonald and Louis Charles Wilkinson were re-elecied auditors, on the motion of Mr 0. Fox, seconded by Mr Bnrnstt, and it was agreed that ths remuneration of each auditor this year should Im ISO guineas. The meeting teaelndsd widt tlu usual votes of thanks,