AUSTRALIAN MUTUAL PROVIDENT SOCIETY

Dominion, Volume 11, Issue 187, 27 April 1918, Page 8

AUSTRALIAN MUTUAL PROVIDENT SOCIETY

ANNUAL REPORT. This society's Rixty-ninth Annual Report has just been issued. The new business (sums assured)— .£6,474,006 Ordinary, and .£1,368,228 Industrial; tosether, . ,)?7,E42.23i—exceeds last year's total by .0154,109. Death claim- in Ihe Ordinary Department have been verv heavy, reaching the lnrge sum of .£2,092,351. Of this sum ,£945,50", nearly hair, is due to the war. In the Industrial Department claims have increased by over 50 pe,r cent., and this year amount lo .£29,634, also largely due to the war. In spite of this heavy drain on its resources the society has a substantial surplus of to divide, providing reversionary bonuses of about and clearly indicating that when' the extra war claims cease the bonuses will show a vo-jy gratifying increase. The business in force, exclndtnsr reassurances, ha? increased to .£324,299 policies, assuring ■£92,7Ci'i.378 Ordinary, andy 173,172 policies, assuring ,£6,482,655 Industrial. The funds have increased to .£37.706,058, and the annual revenue to ■£5.295.747 Exceeding five millions for the first time). The rate of interest on the mean Funds has risen from .04) 17s. 3d. per cent, to .£•4 19s. 2d.' per cent. The rates of expenses of management on premium receives (excluding purchase money for annuities) hare risen, owing almost entirely to increased taxation, from 13.76 Ordinary and 33.10 Industrial, to 14.23 Ordinary and 33.72 Industrial. Excluding tuxes' the expenso rale of the Ordinary Dapartmenf shows a slight reduction on that for the previous year. The retiring directors are the Hon. J. T. Walker and Mr. Richard Tecce, both of whom are eligible for re-election. They and Mr. Gerald Ross Campbell will be candidates for tl e two vacant seats. Mr. T. F. H. Mackenzie. F.C.P.A., Hie senior auditor, also retires, but is eligible for re-election, and is the only candidate for the vninnt position.—(Published by arrangement,.)