A.M.P. SOCIETY.

Gisborne Times, Volume XVIII, Issue 1440, 28 April 1905, Page 4

A.M.P. SOCIETY.

ETFTY-SIXTH ANNUAL REPORT.

By Telegraph—Press Association—Copyright Sydney, April 27. The fifty-sixth annual report of the Australian Mutual Provident Society for presentation at the annual meeting of members on , ths sth May has just been issued.

®he new business was again of considerable' amount, policies to the number of ; 14,538 having been issued during the year, assuring £3,739,301, yielding an annual ; prarpium revenue of £130,504 15s sd, the -net gain in the volume of business in foros being no less than £1,462,035. The claims by death amounted to £711,075, including £226,657 for bonus additions, the experience in this rospeoi befifig again largely within expectation. The nsual searching investigation was made into mortgage securities, and an additional sum of £19,276 has been set as a farther reserve against possible depreciation. The total reserve on this account now stands at £227,154. A further sum of £IO,OOO has been also written off the office premises. Jfr- is' announced that during the year new district offices have been opened at Lismore, in New South Wales, and Kalgoorliie, in Western Australia, where, as wellilas at Tamwortb, in New South W&les, office premises are either in course • of erection or about to be erected on suitable sites purchased by the society. From the report of the actuary, Mr -Richard Tecce, it appears that all participating policies issued prior to 1903 have beeD valued, .as heretofore, at 3£ per cent, while those issued since that date have been valued on a 3 per cent basis. The standard of valuation is farther strengthened on this occasion by placing the whole of the annuities al3o on a 3 per cent basis.

The amount of cash surplus nvailablo fQE. division is £818,486, whiob will provide. reversionary additions aggregating abowt £1,200,000. The rate of expensos is, as usual, on a moderate scale, being under 9 per cent on the total receipts of the year, .VThe effective rate of interest shows a slight increase over the previous year, and stands at the very satisfactory figure of j£4 9s per cent.