AUSTRALIAN MUTUAL PROVIDENT SOCIETY.

New Zealand Times, Volume XXX, Issue 4419, 19 May 1875, Page 3

AUSTRALIAN MUTUAL PROVIDENT SOCIETY.

Report Presented to the Twenty-Sixth Annual Meeting of the -Members,' held at the Chamber of Commerce, Sydney Exchange, on Tuesday, the 27th day of April, 1875, at two o’clock p.m. Having entered upon another quinquennium, your directors have the satisfaction- to report, at the close of its first year, that the progress of the society has been maintained. During the twelve months ending 31st December, 1871, there have been submitted 4170 proposals for sums amounting to £1,702,750, of which 1179 were declined, withdrawn, or not completed, amounting to £596,100 ; leaving 3291 proposals accepted and completed, assuring £1,160,650. This business includes 299 non-participating policies, assuring £77,650. The new premiums amount to £42,907 11s. 3d., of which £2,306 10s. 6d. represent sinyle payments. The following is a summary of the business effected ;

Claims have arisen under; 139 life policies, by the death of 119 members, amounting to £79,347 lls. 5d., including £9,247 11s. sd. for bonus additions. The annual valuation of the assets and liabilities of the society for the year 1874, will shortly be reported on by the actuary. When the profit resulting from the business of the year has been ascertained, a bonus will bo paid

to the representatives of members whose policies -became claims during that period. Endowment assurances, and children’s endowments that have matured will also participate. • The balance of receipts over disbursements amounts to £182,571 2s. 7d., and the Accumulated Fund now stands at £1,500,647 16s. sd. A summary of the policies discontinued in the past year - appears in the following table :

Tlie number of policies issued since the establishment of the society to the 31st December, 1874, is 26,252, assuring £10,374,119, of which 6167 have been discontinued; leaving 20,085 existing policies, assuring £7,903,004. The annual income from premiums amounts to £277,422 7s. 9d., and the annual income from interest to £82,320 10s. ; making the total annual revenue of the society £359,742175. 9d. The influx of new business from the colonies of Victoria, New Zealand, South Australia, Queensland, and Tasmania, continues unabated. The directors having determined upon the establishment of a Queensland branch, with a local board of directors, the branch office was opened in Brisbane in 'February, 1875. The society has been registered in Victoria, in conformity with the Life Assurance Companies Act, as a society having secured assets in that colony to the value of £IOO,OOO. It has also deposited securities to the value of. £20,000 with the Public Trustee in New Zealand, in compliance with the terms of the New Zealand Life Assurance Companies Act, 1873. An Act to incorporate the society in South Australia has passed the Legislature of that colony. ■ The accommodation afforded at the society’s head office being inadequate to the requirements of the increasing business, your directors have purchased an eligible site on which to erect new premises. A site for branch offices has also been purchased at Wellington, New Zealand. The directors who retire at this meeting are John H. Goodlet, Esq. and the Hon. John Smith, M.L.C., one of whom only is eligible for re-election. The only candidates who have offered themselves for the seats vacant at the board are the Hon. John Smith, M.L.C., and Robert J. King, Esq. Mr. Henry Phillips, the senior auditor, retires in terms of By-law X, and it will devolve upon the members at this meeting to appoint his successor. John Smith, M.D., Chairman. Revenue Account from Ist January to 31st December, 1874. Cr. ' £ s. d. Amount of funds on the Ist January 1,318,076 1 3 10 Renewal premiums .. 248,385 18 9 New premiums on 3,291 policies, assuring £1,160,650, and yielding an annual revenue of £40,00135. Bd. .. 18,338 0 7 Consideration for annuities granted.. 1,010 13 0 Interest .. .. 70,100 19 8 Fines 02 8 7 • £1,003,134 14 5 Dr. £ s. d. Claims under policies .. . ~ 79,404 3 5 Endowments matured ~ r .. .. 8,107 12 3 Surrenders, . .. .. ... .. 8,057 11 2 Annuities.. .. .. ' .. .2,743 8 3 Bonuses paid in cash .. .. .. 18,805 17 1 Commission , ... .. .. 11,978 17 7 Expenses of management— Salaries .. ' .. £11,149 111 Gratuity to officers and clerks.. 1,676 0 0 Supernumerary clerks 986 16 .3 Directors’ fees .. 1,945 0 0 ; Auditors’ fees ~. 385 ,6 8 Medical fees .. 4,451 10 0 Law costs .. .. 400 0 0 Office rent T. . : 1,003, 6 4 Advertising.. .. 1,044 6 3 Printing and ata-tionei-y ~ .. 4,339 17 11 Postage and - duty stamps 1 .. 1 ■ .. 1,605'19 2 General expenses .. 1,733 5 3 Travelling expenses -1,742 14 9 License fee,-N.Z. -'-200 0 0 Exchange 207 3 9 ■ , - 33,329 8.3 Amount of funds on 31st December, 1874 .... ~ .. , ..,.1,600,647 16 5 - £1,063,134 14 6 Balance-Sheet, 31st December, 1874, LIABILITIES. £ S. d. Assurance fund .. £1,370,607 15 4 Endowment fund .. 76,826 , 2 7 Annuity fund ... 29,439 8 0 Investment fluctuation fund ‘ .. 24,714 10 0 Total funds as per revenue account .. . .. 1,500,647 16 6 Claims admitted or ■ announced, - but not paid ~ .. £33,664 13 , 2 Annuities duo .. 127 15 3 Outstanding aec’nts .4,000 17. 2 £1,538,947 2- 0 ABBBIB. - £ a. d. Loans on Mortgage in New South Wales, Victoria, and Queensland 410,518 13 0 Loans on the society's policies (within ' their surrender value) .. .. 120,103 14 2 Investments — In New: South Wales Government ' Debentures.. . .. .. .. 141,430 3 7 „ New Zealand Government Debentures .. - ! .. 107,998 710 Queensland Government Debentures, j ,;i , ■ .., 203,305 13 8 „ 'South Australian Government Debentures... ... .. 21,021' 1 5 ,j Tasmanian Government: Debentures.... .... .. .. .. 76,100 0 0 Freehold, Pitt-sfrcet (bead ofllce) .. 13,168 6 2 Freehold land (Sydney and Wellington, N.Z.) .. 11,824 -2 1 Leasehold promises (Adelaide) .. 818. 8 9 Mortgages in liquidation .. . ■ 7,090 15 11 Sundry debtors .. 45 810 Reversionary interest .. ;.. ■. 099 15 0 Agents’balances .. .. •• 24,005 10 3 Outstanding premiums, bead otlice.and branches 8,669 12 6 Outstanding interest 11,209 25 3 Cash — On deposit with banks .. .. 291,500 0 0 On current account with the society’s bankers (head office & branches) 10,530 610 In hand .. •• .• •• 17 9 £1,538,947 2 0 Alexander J. Ralston, Secretary. Morrioe A, Black, Actuary. Wo the undersigned, hereby certify that we have examined the hooks, vouchers, accounts, mortgage deeds, public and other securities of the Australian Mutual Provident Society, and compared them with the above balance-sheet, and And them all to be correct. . _ Henry Phillips, ) , m m ora John F. Pause. ; Aualtors - Sydney, ICth April, 1876. .

No. of Policies. Sum Assured. Single Premiums Annual Premiums. Assurance .. Endowment. Annuity .. 3,141 141 9 £ 1,148,400 18,250 (205/12/11) Per an. £ s. d. 041 2 4 54 15 2 1010 13 0 £ . s. d. 39,588 11 0 900 7 8 22 4 7 Total .. 3,291 1,106,050 2300 10 0 40,001 8 0 2,300 10 0 Total now Premiums . .. i 42,907 14 3

ASSUEANCE POLICIES. How Discontinued. .No. Sum Assured Annual Premiums. By death or maturity ,, Surrender.. ,, Forfeiture 143 . 68 303 £ , 71,000 35,385 120,275 £ s. d, 2,614 12 8 1,280 2 10 4,042 0 0 604 226,660 7,942 16 0 ENDOWMENT POLICIES. How, Discontinued. No. Sum Assured. Annual Premiums. By death or maturity „ Surrender.. ,, Forfeiture • CO 34 17 £ 8,475 4,354 2,750 £ s. d. 631 18 11 419 2 4 • 167 5 8 XU 15,579 1,218 6 11 ANNUITY POLICIES. How Discontinued. No. Amount of Annuity 3 Annum. Annual Premiums. By death or maturity ,, Surrender.. ,, Forfeiture 1 1 £ s. d. 20 0 0 50 O 0 20 0 0 £ s. d. 20 15 8 4 13 0 4 90 0 0 31 8 8