The Australian Mutual Provident Society.

Feilding Star, Volume XV, Issue 309, 9 May 1894, Page 2

The Australian Mutual Provident Society.

We have received from the local ! agent, Mr £. Goodbehere, a copy of the Forty-fifth Annual Report oftha I above Society, to be presented at the meeting of members to be bold in Sydney, New South Wales, on Friday next. The state of affairs of the Society, and the business done as disclosed by the report, are most creditable to the management, and must prove of great satisfaction to those principally interested. The new premiums received during the year amounted to £115,945 13s lOd, and 9968 new policies were issued, the amount insured being nearly; three millions. Claims amounting to £475,---290 have been paid consequent on the deaths of 781 members. The Accumulated Fund has increased by £626,138, and now amounts to £11,954,586. The Sydney Daily Telegraph has been informed that the directors of the Australian Mutual Provident Society have recently had under consideration the rate of interest charged to members of the society on loans on security of their policies. Hitherto the rate has been 7 per cent, which does not seem excessive considering the terms under which such advances have been made. Loans have been granted from £5 upwards without any legal or other expenses, and permission has been given to repay either in whole or by instalments at any time at the option of the borrower. It has been felt, however, that in cases where members were entitled to borrow large sums a lower rate might be conceded, provided the loans were taken for a fixed term and subject to the usual conditions, of mortgages on real estate, and it was therefore resolved to grant sums of £200 or more for a period of not less than two years at the lower rate of 6 percent, provided more than 75 per cent of the value of the policy were not required — the interest in such cases to be paid quarterly. It still remains optional, however, with members to borrow to the higher limit of 90 per cent of the value, and retain the privilege of paying off at any time, either by instalments or in whole should they prefer to do so, at the old rate of 7 per cent.