A.M.P. SOCIETY.

Gisborne Times, Volume XXV, Issue 2077, 11 May 1907, Page 4

A.M.P. SOCIETY.

Press Association. —Copyright. SYDNEY, May 9,

Tho fifty-eighth annual report of tho A.M.P. Society for presentation to the annual meeting on May 17th has been issued. Tho amount of new business is extremely satisfactory, being in excess of any previous year in tho Society’s history. Policies to the number of 17,122 were issued during the year, assuring £4,585,436, and yielding annual premiums amounting to £158,331 17s 4d, the net gain in the volumo of business in force being no less than £2,340,103. In tho industrial department 15,365 policies were issued, assuring £405,957, with annual premiums of £24,295. Claims by death amounted to £729,971, including £220,711 for bonus additions, the experience in this respect being once more remarkably favorable. The usual searching investigation was made into mortgage securities, and the sum of £7997 has been written off, the value of office premises being also reduced to the extent of £17,350. Reference is made to suit brought in the Equity. Court of New South Wales by Mr. G. R. Campbell to restrain the Board from proceeding with the extension of the Society’s operations to the United Kingdom, and to the fact that the case is still sub judice. Mr. Campbell having appealed to the Privy Council against the decision of the Court, which was in the Society’s favor. From the report of Actuary Richard Teece, E.1.A.F.F., it appears that all participating policies issued prior fo 1903 have been been valued as heretofore at 3i per cent., while those issued since that date have been valued at 3 per cent. Tho amount of cash surplus available for division is £664.693.; which will provide reversionary hon- s uses aggregating about £1,200,000$ The rate of expenses is on a moderate' scale, being under 9 per cent, on the total receipts of the year. The effective rate of interest has been well maintained, and- stands at the highly' satisfactory figure of £4 9s 7d. per cent. The report is one of the most satisfactory ever issued by the So. ciety.