NATIONAL MUTUAL LIFE ASSOCIATION

Dominion, Volume 12, Issue 97, 18 January 1919, Page 3

NATIONAL MUTUAL LIFE ASSOCIATION

19th ANNUAL MEETING. A SPLENDID YEAE, The 49th annual meeting of the National Mutual Life Association of Australasia, Limited, was held at Melbourne on December 31. Mr. Andrew Newell, chairman of tho genoral board of directors, presided. Tho annual report and balance-sheet were adopted, on the motion of the chairman and Mr. Walter Madden. The Chairman, in moving the adoption of the report and balance-sheet, said: "I regret that we have had to call you together during this holiday season —the first for more than four years that we have had any inclination to celebrate with appropriate festivities—to . receive our report for tho financial year which ended on September '30.

"The articles of association provide that the annual meeting shall be held during the month of December, and we have generally been able to present the report before Christmas, but this year the mails whioh contained returns from some of our branches were delayed by quarantine restrictions, and it was not possible to complete the accounts in time for an earlier meeting. I hope you will find some compensation for tho inconvenience of attending in the figures that are now laid Wore you.

"Before we deal with the ordinary business of the meeting, I would like to place on record our sense of the loss the association has sustained by the deaths of two of our branch directors.

"Lord Forest was a member of the West Australian Board from the date of its establishment in 1887. Hie advice and assistance were at all times at the disposal of- the association, to its great advantage. . '

. "Sir George H. Eeid was first a member of the New South Wales Board: and for the last five years of tlie London Board. He took an active interest in the association, and in many ways helped in the furtherance of its business.

"The fateful August i, 1914, found us near the end of what had promised to bo a very successful vear, but our new business was immediately affocted, and we closed on September SO showing some ■£70.000 of new business less than in the previous year. In 191f> our staff organisation was seriously affected'by war conditions, and the enlistment of manY of our most useful officers. The new business dropped to the extent of a further £150,000. In 191G it recovered to the extent of .£107,000. and in 1917 of .£270,000.. NEW BUSINESS.

"From the report that is now in your hands you will see that during the year that closed pn September 30 Inst we completed .£4,320,512 of new assurances and endowments, which was .£815,01)0 greater than the total of the previous year, and £673.000-greater than our best prewar total.

"The income for the year, £1,921,574, represents an increase of' ,£151,378 on the previous year. This is the largest year's increase we have ever had. Most of itover £103,000-is due to the premiums received on the new business, end ,£IB,OOO is duo to the increase in our interest lnconvQ.

J» amounts paid to members, ABfb.UH'J, exceed the previous year's figures by £32,500, end the figures for 191G by over ,£IOO,OOO. The claims under policies, or amounts payable owing to the death of policy-holders, £489,851, include .5207,088 of war- claims, by which I mean claims dive to death whio'h was the result af active military service. 101/ • nIH of our war claims since 1914 is £581308. ■ and I am afraid we have not received the last of such claims-, for although fighting has stopped-for which wo arc all devoutly thankful-wo have not yet realised to the full extent its terrible effects. As most of these soldier policies were " n vounu W and had not been long in force.-the reserves held by the'association on their account were small All f'ftf that »„» issued before August, 1914-and they were a. large proportion of the,total-were free from all restricts regarding war service, and no T I' 1 Pre T- m *i? to "em £«,fT 'n s, represent a direct tax on the surviving policy-holders - £2,000,000 WAR BONDS. "Notwithstanding the heavy payments to members, the amount added to tho assurance fund as the result of the year's than the amount that was added in 1017 which was our best year in that respect! rhe directors placed the whole of tho increase in tho funds at tho disposal of the Government by subscribing Cor war bonds.

Our total subscriptions to September 30 exceeded aud they lave eince been' largely increased, 'i'hey are a permanent investment—we lave not disposed of any portion of the amount subscribed. As every penny of the funds -which were ,£11,708,850 at September 30 last—belongs to the members, each member can claim that he has contributed through the association to the war funds, and most of us lave also, no doubt, contributed directly. "One of the most important functions of the association, and of nil similar institutions, is to gather into a common fund the email amounts eaved by the members, in order that they may be invested profitably and so used for the common good. In normal times most of our funds are invested in loans to producers, and we thus help to increase their output and improve the welfare of all. In these times wo have not hesitated to hand our resources over to the Government. We are a. commonwealth within the more than 130,000 members reside in British territories, and the community of interest which they represent is.a not unimportant influence in fostering the unity of the Empire. ' .:

"The nature of our business is not yet fully understood by some of our legislators; if they had understood it they would hardly'have taxed our income to the extent of £34,330 during the year.

INCOALE-TAX. "More than.half of this tax, or over .£17,300 was imposed by the New Zealand Government, by whom we are claesed as a foreign company, although the amount of war claims paid by our New Zealand branch is greater than the amounts paid by any other branch of our association. We are, l> am glad to 6ay, promised some reduction of the tax by the latest Budget. But until we are freed from all taxation we will not get the relief that I think we can justly claim. "The prospects of the association in the new year are, I am glad to eay, very bright. Tho ending of the war has already romoved several impediments to the transaction of our business, aud we hope the rest of them will soon disappear The return of our men from tho front-and they will be very welcomewill bring our staff up to full strength again, and all our machinery will be in. full working order. At present everything points to a year of substantial progress, but I cannot nslc you to expect anything better than the report which is now presented, which I ask you to accept as tho record of a most satisfactory year's business. "Since our last meeting we have lost the services of Sir W. H. Irvine ae a director of the association, consequent on his elevation to the honourable position of Chief Justice of Victoria. Sir William" Irvine was a member of the ■board for 15 years, and his assistance in Soiling the affairs of the association was highly valued by *? <f W«: J > George Swinburne, an old friend ot tlie association, and formerly a director, was elected to fill the, vacancy. Srs. Walter Madden. Edward Trenehard. and George Swinburne were re-elected directors, and Messrs. ,i. Yalantine and W. 51.. Jarvie were reelected auditors.-<Publi6iied by arrange ment.) ' ■