INSURANCE.

Greymouth Evening Star, Volume XXXI, 19 July 1901, Page 4

INSURANCE.

A Great Institution.

In every true sense of the expression, the Australian Mutual Provident Society isa'gr*at institution. With over seventeen millions of funds, with an income exceeding 2£ millions per annum, and with over 160,000 current policies, covering nearly lifty millions of assurance, the A.M.P. is unique in Australasia and occupies a place in the front rank of British offices. As a financial power it would be difficult to over-estimate the importance of such an organisation. With over seventeen millions of money all its own, not one penny of which is for many years to come in the least degree likely to be needed for the purpose for which it is being accumulated, the Australian Mutual Provident Society occupies a position which for independence it would be hard indeed to match. We know that some insurance critics consider it H'sine qua non that insurance societies should have their funds in readilyconvertible securities, but we have never been able to see in such a theory anything but absurdity. During last year the A.M.P. was able to add to its funds nearly a million sterling; the previous year the sum remaining after providing for all outgoings was £895,691, and for 1898 the figures were £699,471. In view of such experience, what prospect is there of the income being too small for the outgo ? Rapid convertibility is a matter of the smallest importance ; high interest with adequate security should be the object of all life offices but especially of offices like the A.M.P, whose interest alone very nearly provides for all claims and bonus additions, notwithstanding that : the latter arc nearly 40 percent of the I

former. Australasia lias good reason to be proud of the A.M.P. as a whole, but not of the particular members who are to blame for the fact that their society is not now advertising Australia throughout the United Kingdom in the way that only the A.M.P. could advertise it.