1.—6

20

Growth of the Business. The subjoined table shows the amount of new business in each year since the opening of the office up to 31st December, 1885: —

Increase of the Funds. The increase in the amount of the accumulated funds from year to year, and the annual revenue up to 31st December, 1885, are shown in the table below: —

Investments. A return specifying the investments of the association is herewith produced. By that it is seen that there is invested in New Zealand Government securities the sum of £559,100, yielding an average interest of £4 14s. lOd. per cent.; in debentures of local corporate bodies, £170,572, yielding an average interest of £6 Is. 9d. per cent.; in mortgages of real property, £135,530, which produces an average interest of £6 4s. 6d. per cent. Under the old Acts there was no authority for lending the funds of the institution on security of mortgage ; and to provide for the making of such investments was, I believe, one of the main reasons which led to the establishment of a corporate Board. The Act limits any investment by way of mortgage to not more than one-half the value of the property to be mortgaged, as such value is determined by a valuator or valuators appointed by the Board (clause 74). The mode of procedure with respect to loans is, that all applications for loans are first submitted for the consideration of the Finance Committee. If, on examining the particulars, the committee deem the security worthy of further consideration, they recommend it to be entertained ; and, if the Board agrees, a valuator or valuators are appointed, and their reports are again submitted to the Committee, and again reported to the Board, with a recommendation to approve or reject as the circumstances require. It may be stated that the interest on all our investments is paid up to the end of May : practically there are no arrears.

Period. Number of Policies issued. Sums assured. Period ending 30th June, 1871 ... Year ending 30th June, 1872 ... Year ending 30th June, 1873 ... Year ending 30th June, 1874 Year ending 30th June, 1875 Year ending 30th June, 1876 Year ending 30th June, 1877 Year ending 30th June, 1878 Year ending 30th June, 1879 ... Year ending 30th June, 1880 ... Year ending 30fch June, 1881 Year ending 30th June, 1882 Half-year ending 31st December, 1882 Year ending 31st December, 1883 Year ending 31st December, 1884 Year ending 31st December, 1885 462 1,355 1,161 1,499 1,450 1,485 1,422 1,991 2,071 2,274 1,790 2,523 2,547 5,113 3,309 4,379 £ 206,474 456,225 429,450 506,910 498,716 504,509 564,608 680,600 686,283 725,254 550,351 702,912 631,279 1,039,915 800,016 857,769 Total 34,831 9,742,271

Period. Funds. Increase in Funds. Annual Eevenue. £ 5,045 15,056 36,802 67,105 109,967 153,717 219,394 292,523 371,890 459,336 557,231 653,890 704,888 846,159 972., 775 1,102,034 £ £ Period ending 30th June, 1871 Year ending 30th June, 1872 ... Year ending 30th June, 1873 ... Year ending 30th June, 1874 ... Year ending 30th June, 1875 ... Year ending 30th June, 1876 ... Year ending 30th June, 1877 ... Year ending 30th June, 1878 ... Year ending 30th June, 1879 ... Year ending 30th June, 1880 ... Year ending 30th June, 1881 ... Year ending 30th June, 1882 ... Half-year ending 31st December, 1882 ... Year ending 31st December, 1883 Year ending 31st December, 1884 Year ending 31st December, 1885 10,011 21,746 30,303 42,862 43,750 65,677 73,129 79,367 87,446 97,895 96,659 50,998 141,271 126,616 129,254 18,100 31,490 45,735 63,700 78,935 91,995 111,202 132,622 146,205 156,615 171,315 189,578 215,550 228,434 240,776