The Australian Mutual Provident Society.

Manawatu Standard, Volume IV, Issue 235, 1 September 1884, Page 2

The Australian Mutual Provident Society.

[Condensed from Auckland Herald.] We have been favoured with a 'copy of the seventh quinquennial report of this society, with the view to a division among the members of the ascertained surplus as at the 31st December last. The directors' introduction states that, as the divisions of profit will m tho future be made, annually, this is the last occasion on which ther will be called on to present a report of this character. It was meet, therefore, that this last of a long list of masterly expositions should yield to - none of its predecessors m the amplitude of its details and the fulness of its explanations. The salient point which will probably arrest the atten- • ; iron of policy-holders id bhe announcement that the surplus of the quinquennium amounts to the colossal ' - figure of £1,156,195. ■ Dealing first with the histoiy of the quinquennial period, the report shows that the policies issued during the : ' five years amounted (o 33,250, for assurances of £11,225,370, the annual . premiums m which were £373,512, r m addition to ■ single payments jfor : ' «ft 40,955:. The number of ■ poll- ' °ies exceedsithat of the previous five .Years by no less than 42£ per cent* . : The amounts., assured average '£2,245,074, or upwards of ,two, and *^ . quailer , i?aillions per annum,: an - amount, which is beyond, the dreaiap of any other- life office m the United Kingdom, With aft ankness which is worthy of the highest commendation, the report goes on to show what policies have become void, arid the excuses for which they have been discontinued. At the end of a generation the - society has m force 70 percent, of th# , total number of policies issued; „ throughout its entire career. _. The .statement showing the total re- , ; ceipts of the society,, and. what. has ;beK ; , come of them, is only another evidence of the outspoken tono which distinguishes the entire report. The society bave received, during- its ex^'-'i istence, from members :— lnterest oil investments and profits, a total of* £8,516,786. This amount has been disposed of as under: — Returned to members, £2,582,776 ; spent m expenses, &c, '■ £954,122 ; depreciation; • - &c, L 45,386; iunds m hand L 4,934,502. An eloquent tribute to the prudent and economical management of the institution is paid m the following unvarnished statement: — Total amount received for interest, L2,077j462 j paid for claim and for commission,, L 2,045,184; excess of interest over claims and commission, L 32,278. The assets at the close of the period amounted to L 5,009,705, of which sum L 722,766 was invested m New Zealand. It will be seen, therefore, that the society recognises th# principle of invest ing its moneyi among the people from whom it collects them, and for whose benefit it tends them. When wo remark that the funds amount to five millions sterling, it will be seen that the method of valuation secures \&n annual profit, from interest alone of upwards of £100,000 per annum. As we have before remarked, the result of the "., valuation is to show . a clear surplus . of assets over liabilities of !£1,'156,i5>5 bat notwithstanding • the severe test which has been applied m the valua- "" tion, the directors have determined *• to reserve from, distribution (for reasons which sire fully explained) a sum of L 142,962 16s 9d. There will then remain for distribution among the members a sum of L 1,0 13,233, m regard to which the -report states i>. <f This is a larger amount of profit t than has ever been realised or divided / m, respect; of a period of five yoars by any other office m the British' Empire." > : • Tlre^xtraordinary prosperity which, has attended- the- operations of- the sooiety will be seen from tho following tabular statement :— ; . ■- • \ Date of Valuation.' ' j?ro ; fit divided"; * * February, 1869 97,833 December, 1873 235,185 December, 1878 ;.. ... 504,382 December, 1883... ... 1,013,233* The 35 years' retrospect with which. the document terminates is a concise ' and striking epitome of tho society's career, and we regret we have space i: only for the following extract:— - The small beginnings of an unpre-. t tending Friendly Society (for such it was), established 35 years* ago, withi-' out capital or assistance of any kind from its promoters, except their'"gratuitous services m its management are m striking contrast, with what it has now become—the greatest and wealthiest monetary institution m Australasia. It has built up a fund m these year* which amounts to more* five millions sterling, an amount ex»; deeding by nearly a million the paidup capital of all the hanks established j C ; m New i South Wales j . it, has L 20,298,409 assured on . the lives of- . 50,000: ■> members, a sum exceeding^ "the interest-bearing deposits of all the f ] .^ banks transacting business m .this colony by lover L3,000,0d0; it has paid m death .claims a sum 0f ...... L 1,760,586 to the representatives of ' '. its deceased members ; it has distributed to its policy-holders profits * .' reaching two millions sterling m ' : cash ; and is m receipt of an annual income of 50 per cent, m excess of the entire reveriuejofthe whole of the Australasian colonies and New Zea- , land at the date of its establishment.' '" We cannot take our leave of this . report without congratulating the colonies on the magnificent institution to which they have given birth, the' members on the splendid heritage of < which they are the partakers, and the . directors and offloers for the excellent" ; ; management of which it is so conviiK oing evidence, . .