THE NATIONAL MUTUAL LIFE ASSOCIATION.

Gisborne Times, Volume XXV, Issue 1996, 4 February 1907, Page 3

THE NATIONAL MUTUAL LIFE ASSOCIATION.

SUCES3FUI. OFFICE. A SPLENDID YEAR’S RECORD.

Tlio thirty-seven tb annual meeting of members of tho National Mutual Lifo Asociation of Australasia, Limi--1 tod, was held at tho head oflieo, Melbourne, on 20th December, 1906. In . the absonco of the chariman of dirco , tors, Colonel J. Al. Templeton, C.AI.G., tlio chair was occupied by Air. Andrew Newell, j Tho directors reported that during tho year ended 30th September last , 12,029 proposals for life assurances I were received, amounting to £3,444,i 901. Of these 2642 proposals, involving £811,446, wore either declined or i not completed, and the remainder, 9387 policies for £2,633,455, wore isI sued. In addition 1259 endowment | policies for £217,334, and 70 annuity ; policies for £4643 per annum, wore isj sued, 'file total new issue for the | your amounted to 10,710 policies, assuring £2,850,789. These yielded new annual ] romiums of £103,083 single premiums of £5514, and in consideration for annuities, £38,543. Claims were paid in respect of 476 deaths, involving 519 policies amounting with bonus additions to £159,669; tho maturity of 597 endowment assurances, amounting to £147.466, and of 05 endowments for £12,865, a total of £319,940. Twelve annuitants whose annuities amounted to £664 per annum, had died during the year. Tho income from all sources amounted to £823,758, of which £018,619 was received from policy holders or on their behalf. The amount of interest received was £205,036. which worked out at the rate of £4 14s 7d per cent, of the moan amount of tho assurance fund for the year. In moving tlio adoption or tlio report and balance sheet, tho chairman congratulated tlie members on tlie fact that the year un,der review constituted a record in tlie history of the association, not only in the amount of new business completed, m the number of policies, and the aggregate of the sum assured, but also in tlio amount of new premiums, the addition to the funds and in the income from all sources. (Hear, hear.) Idle new business of the year exceeded that of the previous one by 5*3 policies and £235,572 in the sum assured, and that of the year 1903-1904 which Pad hitherto been the record for this lino, by 453 policies and £186,103 m the sum assured. In now annual premiums tho past year exceeded the previous one, which was a record liy £11,731. (Applause.) Tho income from all sources last year amounted to £823,788, an increase ot over that of the preceding one and £107,346 over tlie year 1903-1904. The. amount added to the funds was £282 220, or £18,738 more than last rear, which had exceeded all previous years ill that respect. The association hud during the year paid to members or their representatives £395,732, of which £236,120 was paid to living members, and £109,60J to tlio beneficiaries of those that had died. A gratifying feature of tho increased business was that it nad beon mainly obtained m Australia and New Zealand, tlie returns at the head offico and from all branches showing very substantial improvement over those of the preceding year. As no business feels the effect of bad

seasons or other causes or depression sooner or more acutely than that of life assurance, while, on tlio other hand, it does not quickly reap the benefit of better times, such results us shown were the best evidence of the enhanced prosperity, of the people generally in Australasia. Another satisfactory feature was that this large increase of business was not tile result of extravagant expenditure, but, on the contrary, bad been obtained at loss ratio of cost to result than in any preceding year. The rate interest earned was £4 14s 7d per cent, of the mean amount of tlio assurance fund for tlio year. Taking into consideration the state of tho money market during the year, and tlie restrictions in tlio class of investments that the nature of tlio business imposed on tliqso conducting it, this was a very fair return, yet it was unsatisfactory to find that it ivas Is per cent .loss than was shown in tlio previous year’s report. This falling off' was duo mainly to tho increased amount of taxes paid, tho tendency of late of most of the Governments of tho Australian States aiul Now Zealand having been to make life assurance offices contribute in one form or another more and more to tlioir revenue. This, in tlie case of mutual offices that pay no dividends, and in which all profits accrue to the members, meant taxing the thrift of the people, and was just about as equitable as a tax on their balances in the Savings Banks would be. (Hear, hear.) During the year the new offices erected in Capetown, Johannes burg, and Ballarat had been opened that at Hobart would bo completed shortly The association would then be boused in its own premises in all the capitals and large centres where it was established. Tho hoard of directors desired to acknowledge tho excellent services rendered by the officers and staff at head office and branches, which have led to such splendid results being obtained. Throughout there was evidence of loyalty and energy that were very much appreciated. Air. AA’estmore G. Stephens, one or the oldest- members of the association, seconded the motion. He said that the marvellous progress it had made from year to year indicated that it must be conducted on very sound principles, especially to yield such figures as were presented in tbc report and by the chairman. Tlie motion was carried unaiiimousAlessrs. AV. Aladden and E. Trencharri, the retiring directors, wore reelected without opposition, and Messrs Valentino and Tulloch, tlio auditors, were again appointed. Air. Aladden, oil behalf ot Air. Treuehard and.himself, thanked tho members for rc-elccting them to tlio board of directors. It was, be said, an honor and a pleasure to bo a director of such a company. (Hear, boar.) The business was managed on truly safe and conservative lines, and was increasing by leaps and bounds. It was highly gratifying to find that tlie company had attained to such a position, and it was increasing its hold daily.