T. AND G. OFFICE

Evening Post, Volume CX, Issue 138, 9 December 1930, Page 12

T. AND G. OFFICE

INCREASE IN INCOME

Directors of the Australian Temperance and General Mutual Life Assurance Society (better known as the '"T. and G.") report for the year ended 30tb September completion of new ordinary business of 20,088 policies assuring £0,053,128 and £960 per annum of annuities. The industrial department reports 122,100 policies, assuring £0,705,574. Iv both departments 742,188 policies weer issued, assuring £12,315,702, slightly in excess of business completed the previous year. The accident department issued 1098 personal accident and sickness policies, assuring £721,750. In addition 965 policies in the ordinary department were endorsed with accident benefits, assuring £1,133,985. All new business was obtained in Australia and New Zealand. . INCREASED INCOME. The total income of the society increased from £3,023,889 to £3,856,035, made up of £2,957,893 premiums and £868,142 interest. Payments to policyholders, £1,507,----239, compared with £1,329,081 for previous'year. ■ Funds increased by £1,385,989 to £15,495,955. Assets amount to £16,065,017, of which £10,038,481, or 62.5 per cent., is invested in Government and municipal securities. Loaus on mortgages increased by £466,965; policy loans have increased to. £1,077,864. Interest rate for the year on the mean funds, £5 17s 3d per cent. Actuary's report shows conservative bases of valuation, disclosing a total surplus of £588,671 for allocation among participating polieyholders as reversionary bonuses and other extra benefits. A PENALTY ON THRIFT. Taxation increased from £23,493 in .1928 to £59,556 in 1929, and to £79,236 iv 1930. The directors add: "It is a deplorable fact .that these taxes, on the funds of members who are providing for their old age or their dependants after death, fall in the majority of eases on. those who are of small means, and who are the least able to bear the burden of taxation. So far the protests of the life assurance companies on behalf of their policyholders have been ineffective. It is reasonable to expect that these imposts will be among the first to be removed when circumstances permit."