The A.M.P. Society.

Manawatu Herald, 22 May 1900, Page 3

The A.M.P. Society.

A PROSPEROUS YEAR.

At the fifty-first annual meeting of shareholders of the Australian Mutual Provident Society the report and balance-sheet were adopted. Messrs A. W. Meeks and J: T. Walker were re-elected directors. Sir Joseph Abbott, chairman of directors, said the close of the second half of the century gave bright indications of the future. The new business for the year totalled 3,950,000, a record for the society, representing an annual premium income of £i 35.339 4s "*• The surplus for the year was £566,182 15s 4d. TChe- investments in Government securities had been increased by £49 1,000. The chairman went on to say that the board of directors had come to the conclusion that the time had arrived for an extension of the society's business to other parts of the world, but a vote would be taken and a special meeting held to consider the matter. The claims for the year, said the chairman, were £70,000 less than in the preceding twelve months. The accumulated fund had been increased by £895,691 id and now amounts to £16,074,740. With a few trifling exception, toe rate of interest assumed on the general valuation would realise 3sd per cent. He indicated that if the effective rate of interest fell the society might adopt 3 per cent, as a basis instead of ii per cent. There is a surplus available for division among participating policies of £506,182 15s 4d. . • The report referred to an advantageous purchase of premises at Nelson, New Zealand.