T. AND G. MUTUAL LIFE SOCIETY

Chronicle (Levin), 24 December 1946, Page 4

T. AND G. MUTUAL LIFE SOCIETY

RECORD EXPANSION MELBOURNE, Dec. 24. The 70th annual meeting of the Society was held yesterday. The chairman, Mr. J. T. Thompson, said: "New business completions in the Life Departments comprised 132,669 policies assuring £22,127,522; an increase of £6,886,477 over _ the previous year's total. This is a record and is a tribute to the popularity of the Society. In the Accident Department the sums assured were £6,905,497, more than double the previous year's total. Last year T advocated, as a means of lessening the danger of inflati'on, that as much as possible of the excess purchasing power in the hands of the public be diverted to Life Assurance. I am happy to record that this Society and other leading offices have substantially increased their new business completions. Other forms of thrift are helpful in ternporarily restraining inflationary tendencies but Life Assurance is more effective beeause i-t removes surplus money from purehaslng power for a longer period and provides for regular savings m future years. The incqme increased ta £9,083,468. * P'ayments ta pqKcy holders amounted ta £3, 740', 806^. an | average of £12,000 -for" evfefy working day in the year. The funds have grown to £50,262,309, a record increase of £3,341,917. Total contributions to War and Security Loans reached £24,788,865. Mainly for this reason the rate of interest earned was lower at £4 0s lld %. It is anticipated that the loan programme of Local Bodies will expand and that there will be a growing demand for mortgage money, particularly under the Society's popular home purchase system. Taxes, which amounted to £219,243, are a strain on the funds of the policy-holders in view of the fall in rates of interest. Your directors believe that Life Assurance savings are of such beneftt to the community that they should not be subject to the burden of taxation. The Actuary reports that due to changing financial conditions, the valuation this year has been made on the assumption of an interest rate of 2b per cent. except for pure endowments and deferred annuities for wliich the rate used was 3 per cent. The surplus of £990,342 is sufficient to maintain the same (bonus scales as, for the previous 'year. The Aecident Department eontinued to make exceptional progress. The huge volume of new business completed is highly gratifying and indicates that the public desire the fuhest security and protection and . that far . from being satisfied with 'the necessities of life which social security bertefits provide there is a desire- for real comfart in old age and also for dependants of the policy-holder 1 after his death. It denotes, toa, an abiding faith in the voluptary co-operative • system under v/hich a Mutual Life Society is established. The reinstatemeiit of ex-sen-vicemen has proceeded smoothly and satisfactorily and their rehabilitation has engaged our close

attention. Facilities have been granted for refresher courses of study and opportunities created for advancement in the service. These splendid young people have settled down ta their tasks with zeal and enthusias'm and have co-operated in every way with the management. I thank all members of the staff for their loyal and valued ser- , vice."