GOVERNMENT LIFE INSURANCE ASSOCIATION.

Ashburton Guardian, Volume V, Issue 1545, 20 May 1885, Page 2

GOVERNMENT LIFE INSURANCE ASSOCIATION.

Wklli gxon, Last Night. The report of the Government Life In* snranoe Association, to be laid before the annual meeting on May 27. was adopted at a meeting of the Beard this afternoon. The following are particulars

Ordinary Branch.—The new proposal* received in this branch daring the year ended December 31, numbered 4,620, for a total sum of LI, 137,217. Of. .these , 3,309 became policies insuring L 800.016 ; 396 were declined; and the remainder were not taken up. These numbers are lower than those of the year 1883, but ah ; analysis of the business month by month ' discloses the fact that the new business effected in the latter half of the year under notice was fully double that,of the I former half. The amount paid for claims of all kinds including endowment policies matured, and also bonus additions sod allowances for prospective or incermediate bonuses, was L 51,380, representing 146 policies, insuring 123 ... lives. . Claiiafc - through death are considerably within I the expectation of the mortality upon I which the tables are baaed. Discontinued I policies daring the period repetted on I were as follows :—Assurance policies, I general section, 1,841, she sum ssI aurad being L 512,211; annual premiums, I L 16,314 ; assurance policies, temperance-" I s*otioiu2l4 policies, cam assured, L 43,746; land annual premiums, L 1,294; endow. I ment policies, 169, sum assured, L 7,774, I and annual premiums, L 372. The poll* I oles in force in the ordinary! branch in. I both the general and temperance sections I numbered 20,097, insuring L 6,138,475. [ The average amount of policies in force is I L 292. The income of the ordinary I branch for the year was L 228.434, of I which L 48,472 was interest on invested I funds. The accumulated fund on De- | cember 31 last amounted to L 972,77 6 I showing a net increase of L 126.616. For I the purpose of showing the growth of the I funds during the past ten years, the fol- | lowing table is given:— June 30, 1873 £109,967 I 1876 153,717 1 1877 219,314 I 1878 ... ... 292,623 I 1879 ... 371.880 I 1880 459,330 1881 567,230 1832 653 890 Deo. 31,1882 704,888 I 1883 846,159 1884 972,775 I At the date of this report, the accumuI latad fund at the credit of tile Association I exceeds one million sterling. The rapid ' I increase of funds, exhibited In this table, . I is believed to be without parallel in the 1 I history of any life office in the British J I dominions. In the Industrial branch, ■ I 2,679 policies were issued during the year. ‘ j Of these, 593, assuring L 21,426, with a I total weekly premium of Ll 9, were adult ‘ I risks, the remainder, for a weekly pre- ’ I mium of 2d each, being on lives of chilI dren. On December 31, the policies in * I force numbered 7,928, assuring L 93.844 ' lon adult policies. Forty-one death^ claims 1 I occurred during the year, of which '26 ' I were under infantile policies. The report 1 I concludes as follows:

Although the operations of -the Association under its new constitution do not come within the limits of last year’s proceedings, yet it will be of interest to policy-holders to learn something of the new organisation. The Board are of opinion that it will work well. It will tend to popularise the institution as well as to necessitate careful deliberation op all points affecting its welfare. Everything of importance outside routine duties comes before the Board, which sits from three to four hours a week, but besides the duties performed at Board .meetings, a great deal is done by Committees. There are Committees which examine and report to the Board on all expenditure, on all alterations in the staff, and on the office requirements, including building. Whilst precaution is taken not to bring the names of proposers and policy-holders before the Board, all cases of exceptional character have careful consideration, and supervision is exercised over the routine business without invasion of its confidential nature. Ou the whole, a great deal of work of a beneficial character is effected, which has not been practicable under purely Government management.'On the other hand, connection with the Government gives great facility for the investment of funds, which are never idle. The Board are lending, and propose to lend, considerable amounts on mortgage of real property, but they are very careful to investigate all conditions attaching to each application they receive. It is proposed to establish local Boards at once at Auckland, Christchurch and Dunedin. This was decided on after careful deliberation, but the three elected members of the Beard were opposed to it. The other members were in favor of it, excepting the Solicitor-Gene-ral, whose opinion is not known, he having from ill-health not been able to attend the meetings of the Board So large a majority of the Board being in favor of the establishment of local Boards it was not thought necessary to invite the opinions of the policy-holders. It is, however, considered desirable that they should know of the difference of opinion among the members of the Board, and also that, should they desire to move In the matter, the Board will give respectful consideration to their representations, if made by resolution, concerning which a poll of all policy-holders can be taken. It must be understood that the Directors do not invite such expression of opinion, the majority of them being, as stated, convinced of the expediency of establishing the proposed local Boards. They_ think it right, however, to state the circumstances, and to point out to tbe policyholders that action is open to them if they desire it.”

[ln the figures above shillings and pence have been omitted ]