A.M.P. Society.

Manawatu Herald, 2 May 1896, Page 2

A.M. P. Society.

Sydney, April 80. The fortysevemh annual report of the A.M. P. Society, to be presented at the annual meeting on tbe 8;h May, discloses an increased amount of new* business represented by 10,857 policies, assuring £2,989,---602, and yielding an annual revenue of £102,00-1. The mortality experience for the year has been extremely favourable, 821 members having died, as against 848 in the previous year. The annual investigation into the mortgage securities has been made, but owing to the particularly exhaustive investigation of the previous yeai 1 , it ha 9 only been found necessary to set a«ide a further sum of about £16,000 to augment the reserve for possible depreciation. This reserve now amounts to £423,459. The report of the actuary, Mr Richard Teece, appended to the directors 1 report, reveals the fact that' the valuation of liabilities under all the policipa issued since Slat December, 1893, has been jnade at three and a half per cent interest, while for all previous to that date the rate is £3 12* 6d per cent., the Society having thus been able to come down 2s 6d per cent, in the rate duriug the year, instead of one shilling as originally intended, and r.he actuary sees bis way clear to bring the rate down to 3i per cent. at the end of 1897, thus completing in three years what it was expected would have occupied five. The amount to be distributed imongst the members is £432,522, yielding reversionary bonuses of about £860,000, and certificates will be issued with the customary despatch. The ratio of expense is practically the same as last year, the rate being 8J- per cent, on the annual income. The effective rate of interest for the year shows a decline, being at the rate of £5 53 2d per cent. The report further discloses the fact that the directors propose to invite the members present at the annual meeting to nominate a committee of 12 policy-holders to confer with them and the representatives of the local boards as to the propriety of amending the by lawsi — Press Association.