AUSTRALIAN WIDOWS’ FUND LIFE ASSURANCE SOCIETY, LIMITED.

Greymouth Evening Star, Volume XXXI, 18 February 1901, Page 3

AUSTRALIAN WIDOWS’ FUND LIFE ASSURANCE SOCIETY, LIMITED.

The annual Meeting of tho Members of the Society was hold at the Head Office, Melbourne, yesterday afternoon. The Chairman, Hon, J. M. Piatt, M.L.C., said: — Gentlemen: It becomes my pleasing duty to move the adoption of the Annual Report which is to-day submitted to you along with a statement of tho Revenue Account and balance sheet of our Society for the 29th year of its operations. In doing so you will allow mo to draw your attention to some of tho leading points in these documents, which, one and all, tell a tale of advancement and prosperity in every direction. You will notice that wo have again to report a largo increase in tho volume of now business transacted during the year. Our energetic representatives have before us upwards of 4,000 applications to be admitted to our membership, amounting in the aggregate to £840,511. The not result of our new business operations for the year was the issue of 3060 new policies assuring tho sum of £637,627, and yielding an annual premium income of £24,617 14s Bd, together with single premiums of £1,884 15s 10d. We also issued 12 policies for the purchase of

Life Annuities of £426 4s 2d, in consideration of the sum of £4,680 15s 9d. These are results with which we have to bo well satisfied. They represent the ' best figures for this quinquinnium. At our last annual meeting we reported a new business which exceeded that of the previous year by upwards of £130,000. This year we have not only succeeded in maintaining the flow of new business at the pitch then reached, but have actually exceeded that of last year by close upon £60,000. I therefore claim that the record wo have placed before you is one of the best evidences one can desire, that, however healthy and prosperous the colonies were when we last presented our annual statement, they are still more so now, and the outlook to-day is even more re-assuring than it was a year ago. Our report shows that the amount paid ~ToTsuftiSuuer3r»njl the amount written off for loans on Policies discharged by surrender, last year, was the lowest on this account for the past six years. This is

one o£ the very best evidences of the confidsnce of the members in the affairs of the society. 1 wish I could impress upon every individual policy-holder the wisdom of keeping his policy in force. Through neglect of this on the part of the husband and father we, as directors, have had frequently under our notice the great hardship caused to the widow and children. Heartrendoring cases, through neglect in the payment of a renewal premium, are far more frequent than you may imagine. In passing from the accounts, I think it will be of interest to tell you that, during the 29 years of our existence, wo have paid in cash to members or representatives the very large sum of £1,372,885, 12s 6d. And wo have still in hand against future claims £1,428,293, 13s sd, well and safely invested, and producing a rate of interest nearly £1 per cent per annum greater than that upon which we base our Actuarial Valuation. The Report was unanimously adopted, anp .the retiring Directors, Hon. Simon Fraser M.L.C., and the Eovd. Dr Marshall, were re-elected.