NATIONAL MUTUAL LIFE.

Dominion, Volume 2, Issue 399, 7 January 1909, Page 7

NATIONAL MUTUAL LIFE.

■ • ■ ; 1 • {The• 39th .annual.meetihg'.'; l oi'■ nwinbers^' inj thfe AssMiatioiii.was ljicild on ;pe<»ihber ; -23J Mr. -chairman; 3 ' central * Aboard" : ''of 'presiding...'..; ■ C; (The ; chaimah,. in moving, the -.adoption. „of•the",report I'and; |bftlahc'£sWet';''; .figures : ;for"themselves;' put,' ;i ; must.'cohgratula{e;.tHe • .tinue.d ${tigNs> ,Tof • ffie association; in "jtj ' I janiipuncedithat .for.ithe • fiwt-.'time hiefcorjr of the'.asstwiatwnj' the' .cPmplettdriew'bi|siness thiepi ■yyear; ,tvp have not oijly repeat&l 'that' experience, 'but surpassed it by over £10,000, and_.th® ■ .iofal eeeds ,twenty ."willions f.teriing.. i r:;T.he. total jnfc'omp exceeds :of ; the"precMing- year 'bjj, oyer'.\£72joooj '-tiie .being ,£54,000,. 1 l-'in .''njferjesi? and, ; than' £30,000 : . kfiorest ly ! the ifynds,. 'was ;i £234;962, equai : .'tp,'£4 . thwd,,; pgaißSfc.-£4 : '13hS; 2d. .'which, our, actuarial'calculations are mado-is £3:105. , per:i»ntj,-this : gip towards .to be 'distributed r.twtf years hence* /..You will ripticfe that-.,out-pf the amount' of interest .Y^c'e'iyettrliy'/itho!! a'ssociai for j^tes. and ta ; xes; ! this for .£2499 : %hich':.ybu'will find.,amongst-,;the. ■year's >disbnrsemeints.'; ■' It is to bp .regretted, .th'atwe ;ha vp not 'yet .succeeded: ixr: Convincing ' thio;Sjß: i7bi> Jj}iprg6}pf f ation',that mutual life. assOTiatioris; winch" arpi'^tablished, to' fencouriige land" ' most" unselfish''form, 'ofthrift'- shdjild jbV;£&j. ; empt..,fi;o,m taxation;; ': ;Tli% ", t'duirso; direct'.-; out'. of'lto'vpockfets'';{h'e ' -holders. ■ Tnuii' (^fl I sii^MSfi^'the ( ni&}? who is-doirig to; 1 tlie com'inumty ._ future ; I :^puld ; ;ciill.' -your' 'attention -t'o'-a'Vs6'm®hai : reiparkaijle;..,fao^V; v^ht^est^^eoeiTCii-ij greater -by .the i j amount of claiiflß ! . through rThisJjvill i ;shoW:the ;;imp^ant;^rt,^lwt:iffle.isdfe i in-, vestment of &e; : f raids'; 'o^ ihjter.est..-plays. i^ f ';tli#Bfeiii^.'^E4jfe 1 aiice.' ; The 'am'oVint;-jpaid *to' policy; holders' :was over last' year," a. . large proportioiJ of .is'.'due;. to : tho\'yeaf, | having he"en.bonu3.yWi , / i Over £10,000 tnore ' wis paid a's''ca6h'l>bntis. than,'in;;l9o7;;~ As -. ; I! pointed' ■ out.' at v , the'-last;/annual the 'mortality 1.907- - wasvUnusually ; favourable:. .This;-'year; vthough/'it his bqbn liigheri iit;is'.-'still : b ; elpw.^thy. . .■'The.' tetalTaim policy 'hbWfirsj kir theif representatives, ; sificei tho'imcent'on. of the'Ssso'ciati6n, ; is\i4)S64(726.'' The result: of ;the year's- anladdte - tion' to the; funds --of '£401^100,about' ra'oro than 1 was ' added' last •; total ''assurance''fund-^' : itp;; ; "-t6sf.yory;.'Vneafly. £5,-250,000:; -Although : tlie triennial investigation' 'havev'fanen'Kon ■ this year, ! tho' v total ,flf--managing.' ■' 'the' business, !: of obtaining/ th»! largo , -am6&nt of"''llew '■ ness,' art • less in propßrtion' tp the''income ■ than - last yoar. 'W'tiat' are called 1 es--1 penses of niana ( all or- ■ dinary offic^-and 'administration charges, 'are: 1 less than, £800 greater-than this, ' considering' that' thi~incwfi« v iwaß>ffi6»6 >than; i £72,000 greater-will, Btmnk^be'colisideredextremely-- satisfactory. vvThe viriveßtroents,of; tho.association; in; Government, ' liquid assets, have been increased during the year by about £22,000.- : "Loans''on mortgage. ; show - an : incresise-' '£384j00p, ; on;, .policies ■ £52,000,' while those ori : r6versions.!have;been increased by £90001 - "Wl foreclosure have increased' by; .about ,£7500^ . 'This account would have shown a reduction but;.for the. fact that'shQr|]yi;',befOTe,-,,lgei accounts •; were' l , closed ..a': "'RrflP,ftr|y. ' our hands, - tte' value; ,pf; wmcnVexceedpo, a the; ! realisations during th'p yeai l ,.'' You muS.-not ' gather the impressioii,that.lthisin.the ! 'accounts is a had ; one, as realisations ■ have geAmDy' '.been'. Tety-lfavoawbter.'' :Mosi 1 of the properties' are' returning.' go6d*. i,i#rest; ' while any possible loss is amply provided for ?. by the investment fluctuation :re&rye.~:-'.';The; i other items call for no special-commont. ;At the: statutory "half-yearly: meeting '.held on; " June' 22 last,.'extended reference was.;.made; ' to the great loss the'lissocidtion had sustained ' by the then recent death ,of its founder, and 1 chairman,- Colonel; J. Mv Templeton, but asno report was'prepared for that meeting the 1 sad occurrenco is embodied in the report be- " fore- you for- record. The, board have:ap- • pointed Mr.- E.'J. Stock,'.for j; isaffly years actuary of the . associa,tion, to' bp • general manager, in additionvto'the.ppsition,already ' held by him; arid have every. Confidence that, lie will prove^worthy:., succefsbr.'to'j the lato; chairman and' mariagiri'g\ .dirpoto'r;",;!l-: hdye; ; pleasure on': behalf _of to:' agam ."ex-; i p ress their appreciation (rf r th© staff; at tho • head office, and the several .'branches; whose ; Wal and efficient' co-opertftion has done so i much towards producing the results .shown > in the report. It', is a,' compliment to the i staff as well as- to the -association that' one of its members,-; Mr. A.V.M. Laughton, has been selected by the Government of Victoria for tho position of (JoVernment' Actuary, and i Statist; -.1 ,tSke the ebiigratli- , latins Mr; Laughton dn;' l nis ! ;appomtme n t f :Mr. A. M: Strongman,; in "seconding;the I motion," said: it "was-''satisfactory to-know. i that progress was . being-made in pvpry. lme. s Ho hoped it ;. - (Messrs. A. Dapks," W. Hi!lrvine, M.P.v r a nd J. H. MacFaVland?':as .'.dirpctors,-audi ' Messrs. A. M. ..Valentine: and W.' 6.-Tullock 1 as auditors, wprp: reflected; without opposir tion. . ■'