MUTUAL ASSURANCE SOCIETY OF VICTORIA, LIMITED.

Kumara Times, Issue 3083, 20 September 1886, Page 3

MUTUAL ASSURANCE SOCIETY OF VICTORIA, LIMITED.

An extraordinary general meeting of the members of the Mutual Assurance Society of Victoria, Limited, was held at their office, Collins-street West, Melbourne, on the 23rd ult., to receive the report of the third quinquennial investigation of the affairs of the Society as at 31st December, 1885, a copy of which we have received from the General Manager. The Hon. Thomas Loader, Chairman of the Board o£ Directors, presided. The report states that after making ample reserves for all liabilities, there is a surplus of £34,099 17s 2d; and the directors have authorised the distribution of the sum of £26,477 9s 3d, the balance of £7622 7s lid to be placed to the credit of Investment Fluctuation Fund. The sum available for distribution provides reversionary bonuses amounting to upwards of £77,000, for ■which certificates will shortly be issued. The investments are in a particularly satisfactory condition, payment of instalment and interest beiiig ■well kept up. The average vate of interest earned during the past five ycata is £6 16s per cent., which is fully 2J per cent, above the rate assumed in the valuation. The Melbourne Argus Stales that

The Chairman in moving the adoption of the report and balance-sheet, pointed out that a large proportion of the proflts would have been distiibuted had it not been for the expense which had attended the establishment of branches. The expenditore had, however, laid tlm foundation of a large and profitable business, of which the

members of the society would in future reap ihe benefit. The freehold property of the society in the neigbboring colonies and New Zealand was worth more than had been paid for it, and in accordance with the English practice, it had been revalued, and the increment placed to the credit of the society.

Mr H. Schlam seconded the adoption of the report and balance-sheet, and the motion was carried unanimously. In answer to questions,

The Chairman said the directors were empowered by the articles to retain a sum of £15,000 to place the reserve fund. The quinquennial report had been issued rather late, owing to the actuary of the society (Mr John B. Gillison) having been also appointed general manager. The directors had no intention of starting a branch of the society in England. A cordial vote of thanks was passed to the chairman, and the meeting then closed.