Mutual Life Association,

Manawatu Herald, 16 May 1895, Page 2

Mutual Life Association,

• ♦■ We have to acknowledge receipt from the district agency of the Me » tual Life Association of Australasiai Palmerston North, of a copy Of the trienniurn report and balance-sheet adopted at its geberal meeting of members at the principal office of the institution, George-street, Sydney, , on the 22nd ultimo. It expresses general satisfaction at the progress made, and shows a net surplus of £68,57S available for distribution. The reversionary additions now amount to £828,828 for which there are available for members dash values amounting to £172,725. It is announced that all policies becoming claims will be entitled to further bonuses calculated to the date of payment of premium, thus practically "guaranteeing the advantages of an annual distribution \fith- : oiit its disadvantages and expense. . During the last triennium £22,000, Was written off investments,* and the directors have promised to continuethis practice year by yearas^drottin*. *... stances require. Properties-acquired;.; by foreclosure are yielding .a^.aver^,-. age of 6 per cent, interest. .A. largerbalance has to be kept in the hands of the Association's banker than heretofore owing to the fact that it has been decided not to take advantage of the 30 days allowed in the policy for payment of claims. The directors have made a special feature of promptly paying claims, alsb in granting loans on policies and have as a result received numerous letters. of thanks for their business-like way •; of conducting the office. A specially good point in the report is the fact that no credit is taken for overdue premiums and interest ; branch and agency balances, or loans oti per* sonal "security. All these sooner or : later are bound to come in, but thf powers that be prefers Only to 'take •: credit for what is actually in hand, and on the whole there seems a desire to nnderstate the advances of - the institution rather than exigger* ute, a feature which intending insurers will do well to study. Begret is expressed that the law in N«W South Wales and Queensland, does not compel life offices to publish a statement of its securities, similar to that insisted upon in New Zealand and .aome bf the other colonies.- ; Notice is directed to the deposit of £50,000 with the Public Trustee and to the Association's tables issued under the heading of " Safest Investments." The recent changes in the- control of New Zealand business is noted, and the fact that theCJjeatl offics has been shifted to Wellington and district agencies established at all the large centres, alone is. ex» pected, to prove a considerable say* .., ing to the members. The cash bonus for New Zealand mombers now available is £85,000. Owing to the excellent management the " Mutual Life " has taken . . a firm and immediate stand under the Act passed last session andsiiltp; ba congratulated upon the prompt-'. . ne33 in depositing the securities re? J quired.- Already we hear thai # well-known United States. Life W?.^ surance Company has signified itl.^. intention of withdrawing from New""? Zealand as far as new business $^ concerned, and no dpuht before l?iB£ " others will follow. The " J^ual'; ; Life :' has. identified itself at Aeoijg^ $et a^r-a /thoropghly... ; N*Wt ; ZeJ^nd f ,j i "office; and too much oannot be^w^d, in farvour of the present* direot6^i*,| f and staff. . .- ■ . . . „ ' .'*;