The Mutual Assurance Society of Victoria Limited

Feilding Star, Volume VIII, Issue 44, 23 September 1886, Page 4

The Mutual Assurance Society of Victoria Limited

(Koport from Ai £ÜB, August 24, 1 886. ) , An extraordinary general meeting of the members of the Mutual Assurauce Society of Victoria Limited, was held at their office, Collins-street West yesterday, to receive th« report of the third quinquennial investigation of the affairs of the Society. The Hoi . Thus. Loader, Chairman of the Board of Directors, presided. The report stated that after making ample reserves far all liabilities, there was a surplus of £84,099 17s 2d; and the directors had authorised the distribution of the sum of £26,477 9s 3d, the. balance of £7622 7s lid to be placed to the credit of Investment Fluctuation Fund. The sum available for distribution would provide reversionary bonuses amounting to upwards of £77,000, for which certificates •would shortly be issued. The investments were in a particularly satisfactory condition, payment of instalments and interest being well kept up. The average rate of interest earned during the past five years was £6 16s per cent., which is fully 2f per cent, above the rate assumed in the valuation. The Chairman in moving the adoption of the report and balance-sheet, pointed out that a large proportion of the profits would have been distributed had it not been for the expense which had attended the establishment of branches. The expenditure had, however, laid the foundation of a large and profitable business, of which the members of the society would in future reap the benefit. The freehold property of the society in the neighbouring colonies and New Zealand was worth more than had been paid for it and in accordance with the English practice, it had been re-valued and the increment placed t« the credit of the society. Mr H. Schlam seconded the adoption of the report and balance-sheet, and the motion was carried unanimously. In answer to questions, The Chairman said tha directors were empowered by the articles to retain a sum of £15,000 to place the reserve fund. The quinquennial report had been issued rather late, owing to the actuary of the society (Mr John 33. Gillison) having been also appointed general manager. The directors had no intention of starting a branch of the society in England. A cordial vote of thanks was passed to the chairman, and the meeting then closed.