Page 7 Advertisements Column 1

Dominion, Volume 5, Issue 1395, 22 March 1912, Page 7

PROSPECTUS OF THE ' Australian amigable assurance assn., LIFTED. __ (Incorporated under the Companies Acts of New South Wales, 1899-1906. Authorised Capital - £220,000. DIVIDED INTO 500,000 SHARES of 10s. EACH. 200,000—Shares are. now offered for subscription, payable 2s. fid. per share on application, and 2s. Gil. per share on allotment: , It is not anticipated that any calls will bo lnnde. If, however, it is necessary to make any calls, no calls shall, lie mado within at least three months of the date. on which the Association commences business, nud then ut intervals of not less than thrcQ months, and no call shall exceed 2s. Gd. per share. 10,000—Fully paid-up shares will bo allotted to the promoter in terms of the agreement made and referred to heroin. 890,000—Shares will be held in reserve for opening branches of the Association in any other Stale or States of tho Commonwealth or the Dominion of New Kenlnnd, or elsewhere, or for disposal in New youth Wales, for tho further development of the Association's business in that State as the Directors may decide. ' . ' DIRECTORS. HON. A.. O. 1\ JAMES, M.L.A., Barrislcr-at-Law. F. \V. LOXTON, Med. Agent. HV. KATTAM, Manufclr. AUDITORS; S. J. CARRUTHERS AND CO., Public Accountants, Sydney. SOLICITOR. CLAUDi! MANNING, Challis House, Martin Place, Sydney. CHIEF MEDICAL OFFICER. HUGH R. G. POATE, M.8.,Ch., Syrt., I'.H.C.S., Eng., L.R.C.P., Lond. AGENCY SUPERVISOR: BANKERS: GKORGK MTLLARD. BANK OF NEW SOUTH WALES. MANAGER: SECRETARY: J. MARMONT. J.P. ALKXANDER HILL. PROVISIONAL HEAD OFFICE; I'irst Floor, CHALLIS HOUSE, MARTIN PLACE, SYDNEY. BROKERS FOR NEW ZEALAND: E. W, B. HORNABROOK, 153-155 Feiitherston Street. Wellington. Tho Promoter is MR. GEORGE MALLARD. ■ Tho Association will have tho services of Ml! J. MARMONT as MANAdhR. . Mr Marmont is perhaps one of tho most successful Life Assurance men in New South Wales to-dav, has tilled the positions of Agent and District Inspector for the Australian Widows' Fund Life Assurance Society, Ltd., for sonio years, and is also very' influential in many of the country districts of New South "i 11 * , " ,- This gentleman is able to procure somo of the finest travelling agents in New froutii "Wales, with whoin'lic has come in contact during the course of his travels as Inspector, and also the services nnd influence of prominent business peoplo in the country towns to act as business producers. . ..... Mr. Marmont having been so much associated with the insuring public is in a position to know whnt is really wanted. , T] ,,..,. ra , r The Association has secured the services as SECRETARY of Mr. ALIAANDhIv HILL. Mr. Hill has had over twenty years' experience of Life Assurance work, having had his initial exnerienco with the old City of Glasgow Lite Assurance Company, and afterwards filled tho position for many years as Chief Accountant for Australasia of tho Equitable Life Assurance Society. . . . These gentlemen nud the promoter have every confidence in the success ot the Association. ' . , . , , THE OBJECTS OF THE ASSOCIATION.-Tltis Association is being formed to transact or procure the business of ordinary Life Assurance, Industrial Insurance, Fire and Marine, Personal Accident nud Invalidity Assurance Employers Liability, Workmen's Compensation. Plate Glass, Burglary, and Live Stock Jnsuinnce. and .is estnblishimr a HOUSE PURCHASE BRANCH. THE HOUSE PURCHASE SYSTEM is one by which its members create a fund hv tho payment of subscriptions or contributions; and apply such fund to assist it's members to obtain freehold or leasehold property, or to make loans and advances Io themselves or others upon approved security, with periodical vepii}ments of principal and interest by instalments. . , , T ., THE HOUSE PURCHASE SYSTEM may be embraced with or without Lite Assurance benefits. .. ~, Although tho HOUSE PURCHASE SYSTEM is now in Australia (there are but two Australian Assurance Companies who have House Purchase JSranches m connection with their it has already been worked with considerable success in the UNITED KINGDOM. It is anticipated that this form pt Insurance will become very popular in Australia, as there is a general desire "'""'Jf**,;?."; , ; ' tralians to become their own landlords. Under tho HOT.SE PIU-liAbh S\MlvM tho realisation of this desire is brought within the means ot almost every wageearner. Tho principal obstacle in tho wav of many people becoming their own landlords is their inability to pay the necessary deposit in one """i, "I" , ■| . Building Societies and other such Institutions, whereas in the HOUhh _lU\CHASE SYSTEM the member elects his own time in which to create the initial deposit, and also elects the timo over which re-payments of loan, lnchidiug princi ; pal and interest, will bo extended. This is not the only advantage that the JlULbh PURCHASE SYSTEM claims over most other systems of a home, biitwhere the HOUSE PURCHASE SYSTEM is effected with Ula AhbOKANU-, BENEFITS it enables the Association, in the event of tho death, of the head ot the familv, to hand over to tho relatives the deeds of Iho house without further payment," whereas in mast other systems of purchasing a home, payments Have to ue continued after the death of the head of the family, if such an event occurs; and in many cases this might not only cause .hardship and inconvenience, but there is the. possibility of falling into arrears, aDd ultimately tho loss ot the Home alto--80 iTwill bo generally admitted that Life Assiirnnco is becoming more appreciated and popular each year as evidenced bv tho increased volume ot New Ungues* procured each vear bv most of the Australian Life Assurance Offices as shown by their offered bv Life Assurance, and it is anticipated that by the added attractiveness of HOUSE-'PURCHASrc INSURANCE this" Association's future■is not only bright, BUT ITS BUSINESS SHOULD BE SELF-SUPPORTING FROM 1 HI, BIX.INNING. It is conßdentlV felt that the SPECIAL INDICEMEMS offered by this Association, nnd tho LIBERAL FEATURES embodied in its policy contracts will largely outweigh any disadvantage that may be suffered by tho newness of the Association in the 'competition for business against its longer established competitors. ' ■ Annual Reports. These splendid results are achieved by the ordinary "enents It is desired that it be.clearly understood that the HOUSE PL-RtlIASb SYSTEM is onlv a branch -of tho Association's business, and that other branches ot the business arc not to lx> neglected on account of this branch, nor is tho Association's success dependent upon the success of this branch. It i= fully anticipated not. onlv that every branch of the Association's business will, be .selt-snpporting and profitable but "that the HOUSE PUECHASK BRANCH will be particularly so, and that the Association's ordinary Life and Endowment Policies will be amongst the most- saleable Policy Contracts in. Australia. The only reasons i'or -going into detail in this Prospectus concerning the House .Purchase Branch are its newness to Australia, and to ■ demonstrate and justify the sanguine outlook which 1 is taken 85 regards this branch of the Association's business. It only requires a very simple calculation to enable the rent-payer to find out how much is paid away in rent in a specified number of years:— Weekly Rent of 10s. a Week'- £26 per year Amount Paid Away in 20 Years - £520 Weekly Rent of 20s. a Week - £52 per year Amount Paid Away in 20 Years - £1,040 It is not claimed that tho success of one Company necessarily means the success of another, but it njight be pointed out that the shares of the original Citizens' Life Assurance Co. were worth, in ISB6, .£1 each, whilst in 1910 these shares were worth over J!SO each. The Association proposes devoting specinl attention to its PERSONAL ACCIDENT AND INVALIDITY DEPARTMENT, as this form of Insurance is now; verv - popular, aiid particularly so when combined with LIFE ASSURANCE BENEFITS. t ■■ ■ Owing to increased population and the general prosperity of Australia, comhinfd with the special features to be offered by the Association, and tlis manner in which Australians support Australian undertakings, and perhaps none more than undertakings of this character, it is felt that the present is an opportune, time for the formation of this Association. On account of the amalgamations of some of tho Lifo Offices of Australia, and the considerably less activu".solicitation for New Business by three other large Life Assurance Companies, which have branches in Australia, there are practically no more Life Assurance Comuanies working to-day than thcro were in 1903. notwithstanding tho increased population and boundless prosperity of Australia since that date. I If any justification were needed for the formation of this Association, sufficient would be found for these reasons alone. Why so much reference is made v to Lifo Assurance business in this Prospectus is that the Association feels that ' thero is absolutely a great scope for its Life Assurance Branch, combined with the already mentioned fact that almost every Life Office shows an increasing volume of business each. year. • ' ■ As evidence of the rapidly increasing funds of the Australasian Life Offices rnch vear, tho following statistics taken from "Tho Australasian Insurance and Banking Rrcord" of June, 1911, might prove interesting to readers of this .Prospectus. ■Extracted from "The Australasian Banking nnd Insurance Record," June, 1911. AUSTRALASIAN LIFE ASSURANCE BUSINESS. (According to the last published Annual Statements of Nino Companies.) New Policies Funds at Funds nt End ' (excluding Beginning of of Annuity). Year. Year. Name of Office. ■ ,£' £ s. <1. .£ s. d. Australian Mutual Provident 5,-190,0->6 25,057.093 7 3 20,979,804 G 10 •Victoria Life nnd Gecurnl — 195,159 5 2 150.319 15 11 •Australian Alliance ■ — 181,710 11 5 .170,108 18 i Notional Mutual Life of Aus. ... 3,2G7,«7 5,857,978 18 7 6,194,833 2 r> New Zealand Govt. Life 820,179 -1,105,141 2 3 4,55.1,729 17 2 Colonial Mutual Lifo (Ordinary Branch) '. 2,131,1(3 3,111,657 10 5 3,219,440 8 6 Aus. Tern, and Gen. Mut. Lifo •(Ordinary Branch) 1.-M.fW) 580,607 fit f>09.717 S -7 fity Mutual Life 537,300 130.571 9 7 47C.75S 5 0 Mutual Life and Citizens' (Ordinary Branch) 2,501,243 5,917,657 11 0 0.230,990 17 2 Total .£16,242,187 X 46,313,937 5 C 13 i *Not soliciting now Life business. New Business for the year 1910 exceeded £16.000.0(10 Increase of Funds during the year ; £2,392,631 12s, 10d. Total Funds exceed Forty-eight Millions Sterling. MANAGEMENT.—Kconoinical management and progressive methods, combined with quality of business, will bo tho FIRST AIMS of the Association. All tho Association's tables will be approved of and certified to bv nn Actuary, whose services have been secured. It is claimed that the methods to bo employed by tho Association for procuring Business will not only be unique, economical and effective, but that a system is being devised by which tho LAI'SK rate, which is tho trouble* of nil Insurance Companies, will bo reduced to a minimum. This i= perhaps ono of the. most important features towards the success of Insurance. Companies, as it is recognised Hint "The .business that stnys is tho business that pays." Tho Association will first open and develop its business in New South Wales, as that Stato probnbly affords the greatest scope, but will ultimately open branches in all other Australian States, and tho Dominion of Now Zealand and clseivhere, as may bo decided by tho Directors. . PROFITS.—The annual profits will be apportioned in the following manner:— 1. To form and maintain a Reserve Fund in accordance with the determination of Shareholders at Annual Meetings. 2. Tho payment of Dividends to Shareholders to bo limited to 10 per. cent, on the paiil-ut) capital, and in addition 20 per cent, of the net profits of the Association. 3. The payment of bonuses to Policy Holders. Tho Association will pay a brokerage of 2.1 per cent, in respect of all shares iUottcd in reply to applications bearing broker's stamps. This docs not apply to jpplicatious so stamped handed in direct relief of underwriting. As tho Association desires to be a thoroughly representative one, applications for m-cii tho smallest number of shares wiil bo Kiitertniiied. Applications for shares should he made to the Association's Bankers, The Bank of Nev/ South Wales, or any Branch thereof, or to the Secretary, Australian Amicable Assurance Association, Ltd., First Floor, Challis House, Martin Place, Sydney, together with remittance of the deposit of 2s. Oct. per share. In cases whero no allotment of shares is made, deposits will be returned in full. Where the. number of shares allotted is less than the number applied for, the balnnce of tho deposit will ho applied 'to the amount due on allotment. ■ The Association reserves tho right to allot shares to those whom they think it will be in tho best interests of the- Association so to do. (1) Tho following agreements dated the twelfth day of December, 1911. have boon filtered into between GEOUGIO MIL'LARI) of the" oim part, ami I'l.Al'UK MANNING on behalf of the Association of tho other part, wherrhy the «iid fiKOTJGK MALLARD agrees to puy all preliminary costs including Advertisiii;:. I/)gnl .Expenses, Prinliir n ', Stationery, Postage, ole., down to Hie dale of the first general allotment of shares except Brokerage and Underwriting Ciiniiiiissioii. in consideration of the sum of One Thousand Pounds in cash and Ten Thousand fully imid-up shares; with an absolute right to subscribe at par for at least Twenty Thousand shares in tho Association. ' c>) Theeaid fir.OIMiK yiLLARDnIso undertakes to underwrite or procure the underwriting of Ten Thousand Shares oC tho Association in consideration of a commission of 7 per cent, in cash. (;i) Tho said GKOI'GK MILLARD agrnrs to become Agency Supervisor for the Copies of the abovo agrcemonls may l>a seen at the Office of Hie Solicitor i'or (ho Association on the days on which Iho Subscription List is open. A* In rtfo number of .shares have already been applied for, and early application is dnsirftblo'fo prevent, disappointment. Prospectuses supplied by and all applications for New Zealand shares should he ,enMo v>. w. horn a brook. 153-155 FSATHERSTON ST REET, WELLINGTON.