THE A.M.P. SOCIETY.

Greymouth Evening Star, Volume XXXI, 7 June 1901, Page 4

THE A.M.P. SOCIETY.

Mr P. W. Lowe, the Resident Secretary of the A.M.P. Society, received a cable message from his head office in

Sydney, advising that the annual meeting of the society which was hold recently passed off,satisfactorily. At the meeting, Mr John Duncan, the delegate from the local .Board, made the following speech with regard to the New Zealand branch of the society—viz.

“In supporting the adoption of the report, I take the opportunity of placing before you a few figures to show what the New Zealand branch—which I have the honour to represent on this occasion . —has done in contributing to the satisfactory results. Figures are generally dry matters, but I shall endeavour to be as brief as possible. “Our new business keeps up, and is the largest we have done since 1894, consisting of 2472 policies, assuring £592,850, and producing a new annual revenue of £19,627 lls 7d, to which has to be added the single premiums received for annuities granted amounting to £11,265 7s Bd. In view of the fact that this has been achievedin competition with seven other offices, including our great rival, the Now Zealand Government Insurance Department —with its special facilities for securing business —I think the greatest credit should bo given to our worthy Secretary (Mr Lowe) and his staff, to whose efforts this is entirely due. When I add that this has been accomplished at loss expense than that incurred by those other offices, you will, I think, admit that my tribute to the value of our staff is fully deserved.

The void business—including deaths and maturites—has been less tean in the previous year, and the net result is an addition to the business of £238.096 with a revenue of £9256. The total number of policies at the close of the year was 26996, assuring £7,428,138 and producing an annual premium revenue of £257,783 4s Bd.

The part of the business which more particularly falls within the duties of the local Board, is the safe investment of the funds accumulated at the branch, and this is no light matter, as it consists of £2,099,731 on loans on mortgage of freehold properties in New Zealand, the balance of £1,738,258 being invested in loans on policies, Government and Corporation Debentures, the freehold properties used as offices, bank balance, etc. That considerable care has been taken with these investments is shown when I am able to tell you that during the twenty-two years the society has been lending on New Zealand freehold properties only £7500 has been written off written off principal and £B2O off interest unpaid, and that the society has only one property on its books in New Zealand acquired by foreclosures,and £6OOO, which wo hope to realise before long.

Tho total sum invested in New Zea' land, amounting to £3,162,089, is realising £4 13s 5d per cent, interest, and as none, of the interest on thin vast dim iS Overdue, wd have reason to ‘be proud of the position of the branch and everything connected with it.

This being the state of matters in New Zealand, may I venture to express that it seems to disarm many of tho criticisms which have been levelled at tho constitution of local Hoards, as it would appear to be difficult to improve the results obtained under tho present method of engagement. I can honestly say that any interference which wo have been subjected to from the head office has been of a beneficial character, and that I have learned to value tho close and careful attention iVhich at all times seems to bo extended to tile transactions of our Board. It is difficult to imagine that ours can be an exceptional case, and it would require much more cogent proof of the necessity of a change,to make me believe that the members wmild be justified in altering the existing state of matters. I need not detain you longer, as there are other gentlemen to follow me, so I wdl conclude by saying that the prospects of doing an • equally good now business for the present year is most encouraging, this no doubt being attributable to the great prosperity whii'h the colony is r'ontinUing td experience.