A.M.P. SOCIETY.

Gisborne Times, Volume IX, Issue 897, 21 May 1903, Page 2

A.M.P. SOCIETY.

HIGHLY SATISFACTORY REPORT

By Telegraph—Tress Association -Copyright Received 5 p.m., May 20. Sydney, May 20.

'The fifty-fourth annual report of the A.M.P. Society for presentation at the annual mooting ot members on tho 29m hist, has been issued. The amount of new business is once more oi a highly satisfactory nature, especially considering tho Dad times which have been experienced in several States owing to the diougfic. New policies have been issued to the number of 10,591, assuring £3,702,570 and yielding annual premiums revenue of £128,901 2s sd, the not gain to tho volume of business in force being no less than £1,097,024. Claims by death fell short of last year’s total by £34,000, and tho experience in this respect was well within expectations. The usual searching investigation was made into mortgage securities, and us a result a further sum of £lO,Bll was added to the existing reserve for depreciation, which now stands at £256,040, besides writing a sum of £BBOO off the value of office premises. On the other hand a profit of £0322 5s has resulted from sales of foreclosed properties during the past year. From tue report of the Actuary, Mr Richard Teece, F.I.A. F., F.A., it appears that the whole iiabilities (with the cxceptiou of a few non-participating poll cies) have as usual been valued at 3* per cent, interest, and it is announced that all participating policies issued after Ist January, 1903, will be valued at 3 per cent., thus stiff furthering the present high standard of valuation. The amount of cash surplus available for division is £558,868, a considerably greater amount than has ever been bestowed by the society in a single year. This will provide reversionary additions to policies of members, aggregating over one million sterling. The rate of expenses is again on an extremely moderate scale, being only 8:j per cent, on the total receipts of the year. The effective rate of interest earned during the year stands at the highly satisfactory figure of £4 9s 2d per cent.