A.M.P. SOCIETY.

Dominion, Volume 4, Issue 1125, 12 May 1911, Page 8

A.M.P. SOCIETY.

ANOTHER PROSPEROUS YEAR. By Telegraph-Press Association-Copyrisht . ■ ~ . „ Sydney, May U. According to the 62nd annual report of the Australian Mutual Provident Society, which has just been issued, the amount of new business transacted during the past year in the ordinary department once more constitutes a record, being in excess of the previous year byno less than ,£323,373. Policies to the number of 10,560 were issued in this department, assuring .£5,190,026, and yield- '??--. I"'""! 1 Premiums amounting to Ali(),.i)0; the net gain in the amount of ™cE?f,n m J° rc ,° ]xh S -is much as A- : H61,540. In tho industrial department -In Pol'ces were issued, assuring .£777,ilO, with annual premiums of .£18,416. Ihe claims by death in the ordinary department amounted to .£779,52G, including ,£201,96S for bonus additions, the experience in this respect being again extremely favourable. The usual searehin" investigation.was made into the mort"a»'e securities, and a sum of .£9096 was -writtan off the value of foreclosed properties, the value of office premises bein°- al'o reduced by .£19,693. Reference is' made to the opening of new district offices at bhepparton, Victoria, and' Gisborne, N.Z., and also to the passing of ' the Society's Consolidating Act and tho amended code of by-laws. The report of the actuary, Mr. Richard Teeee, F.1.A.,.F.F.A;. indicates that the. policy of gradually strengthening, the reserves for the.liabilities has been fully maintained, and. that tho ressrve of undivided profits has been increased to .£200,000. .The cash surplus available for distribution in the ordinary donartment amounts to .£339,602, which will ■ provide reversionary business amounting to about .£1,500,000. The rate of expenses in this department again, shows a decrease- upon the previous year, being at the very moderate figure of 5.30 per cent, of the year's receipts. Tho rate of interest earned upon the funds remains verv satisfactory, and now stands at M 9s. "Si. per cent.

_ In the industrial department the valuation of the policy liabilities discloses a surplus of .£17,811, and it is announced that a bonus, will be allotted to some of the industrial policies at the close of

The report as a whole reveals a condition of increasing prosperity which must be extremely gratifying to the large body of members throughout the world.'