AUSTRALIAN MUTUAL PROVIDENT SOCIETY.

Nelson Evening Mail, Volume XI, Issue 42, 15 February 1876, Page 4

AUSTRALIAN MUTUAL PROVIDENT SOCIETY.

; . ' (Town and Countty Journal) This most successful of New South Wales iiißtitutions was established in 1349— r for life, assurance on the Mutual *■' principle. The history of the progress Uf the society .since that, period is full ttf interest. No society in the world of the kind, passing through such periods of good times and bad times has-been carred on with more openness, for by displaying at all times the whole of its affairs it has inspired confidence in the public mind. It has been truly said that the present position of the Mutual Provident with its clearness of accounts, vigor of management,' and economy of expenditure, furnishes an example which might well be followed. The number of polices issued during sfche past 26 years is 30,000, assuring .i1jL,874,000, and the number of policies in force is 23,000, assuring 9,000,000. The invested ftinds amount to „£J,712,345.. ;.: The annual income is £407,000. The amount paid in claims was £627,000' The regulations are liberal. , Members may travel all over the. -world without payment of e&tra

f ■• ■ * premium;. ;roay reside, without extra i charge in any part of the world distant. more than 25 degrees from the equator, ; and may engage in any occupation after they have been assured. The -policies of the society at the end of five, ', years from their date become absolutely, iindispensible and unchangeable,' sod' are not forfeited as long aa the Biir- : render value is sufficient for the pay; iment of the premium. The bonuses are declared ;6very five years, and are larger than, those declared by any office of a similar' age in any part of the world, and can be applied in any 1 manner and at any time the members 'choose. ! With these attractive regulations, it is pardonable of "the most candid of Actuaries" to say in reply to a carping icritic; Occasionally this society has been libelled through the press by persons feeling themselves aggrieved in not obtaining loans from the society on insufficient security. It has never, however, been the practice of the directors,to reply to the attacks of unsuccessful borrowers or envious detractor's. Although D. disputes what he says is the generally accepted verdict, namely, " that the business of the Mutual Provident has been satisfactorily managed in the past," I think be will find it ■difficult to mention another mutual life aanurance society, no matter when or i where established, that has within a ! period of twenty-seven years obtained an annual revenue from premiums and . idterie'st of £40^,000, and of which it can be. said that the rato of expenses to premium income has been less, the rate '■ of interest realised on the funds higher,. : the premiums charged lower, a larger ', reserve for liabilities maintained, 1 and , bonusfles , granted to its, members that ; have exceeded those of the Australian , Mutual Provident Society. And a I writer in the Australasian says:-^" A ' year or two, ago I contrasted the annual | progress as illustrated by new business of the. Australian Mutual Provident Society with that of the leading English and Scotoh companies. It then held an honorably high position, and ; now it has passed them all; Here are : the figures showiog the new business done by each in 1874: — '• ' Now New Assur« Premiums. Policies. ing. Australian Mutual Provident .. ..£42,907 £3,291 £1,166,050 Scottish Provideat , .. 38.260 2,161 1,120,573 Scottish. "Widows. .. 37,004 1,901 1,152,304 Standard.. .. .. 35,891 1,071 1,055,005 That a company of purely Australian origin and management — not one indebted for an exaggeration of business to any almagamatiouof other companies —^should; thus head the list of all British life companies is something to awaken; a sense of just pride. The companies which head the British list are all Scotch; thus illustrating the national' characteristics of thrift, foresight, and energy. And yet our Australian society has beaten the Scotch upon their own especial ground, for its risks are distributed over a larger area, the policies being more numerous, and in their multiplicity lies their safety, according to the' well-known formula of distributed casualty."