MUTUAL PROVIDENT SOCIETY.

Bay of Plenty Times, Volume II, Issue 183, 6 June 1874, Page 3

MUTUAL PROVIDENT SOCIETY.

Mu Thomson's .Lecti-kb.

M'k. \V. A. Thomson, Travelling Agent and Lecturer to the Austro ian Mutual Provident Sov'ntj, pave an entertaining and instructive lecture on Life Assurance, at Fraser* Hull, Tmirangi, on Wednesday evening last, when Captain Tovev took the chair. The Chairman brh ily introduced lho le. uror.

Mr Thomson explained the early system of assurance generally, and advocated the 'superior merits of the mutual principle. 15y a of diagnui illusl rat ions (e*-v. i'i'ng the* walla of the Ball), the detail workings of the■ Australian Mutual tVovidmu Society were made comprehensive to the audience. Ho stated that this Society had done, hud- year, the largest business in (lie world ; und that, it. had shared upon the co-operative system, .£'l‘da,ooo in cash amongst, the assumed yielding reversionary bonuses amounting to £‘ll2 ids Id ; and that .the bonus to bo divided from * the last live years’ business, exceeded £'2oo.til'd, that the profits could be used by policy holders in one of three wavs, viz: i us .an addition to the sum assured, for the reduej llu, - 1 i»f annual premiums, u r take!! in cash nt the ' of the member. The details of the balance dree* for the last ten months, showed that. 02 deaths hud occurred—a number much loss than was expected from She mortality tables ; und that the sum paid to the representative* of the-assured since the society started, wots .£,l: *O,OOO The annual income was £3lO 607. Ihe lute rest, last year, on the accumulated fund a of the society, was £08.073. dhe r, serve turd represented £1,3110,701*, invested principally in Government Securities, including New Zealand Debentures, £173,705 —astute of business creditable to all concerned. Mr Thomson explained the Lombardian system of investment by diagram ; jd.-u diagrams in support of temperance, showing tho number that die, temp rate and-intemperate, at vai ous ages, &c., &c. Amongst the distinctive features of tho society, was the rule to prevent forfeiture, and the Lecturer slated that policies were not forfeited if the surrender, value wss sutH.'ieiit tor tho payment of one year’s premium, Vi .0:1 through omission, or any other cause, u member fail to pay the premium fur the renewal ol his assurance, tho amount standing to his credit on the Society’s booh, i e. t his compound interest would he held available, and applied from to time, in payment of current premiums, and, that alter such sura was exhausted, 13 month’s grace was allowed before tho policy was irretrievably forfeited, Loans were granted on policies, an d tho society luui knit £90.000 on such security. Tho Lecturer said that hfo assurance was the duty of every man, married or single, and explained* tho endowment table, payable in lifetime, —should death happen, tho amount, with it* accumulations, was paid to the representatives of the assured . A vote of [thanks was proposed by Mr Norris, seconded «by Dr Ar milage, and carried unanimously. Mr Thomson suitably replied, and the audicno 0 separated.