THE AUSTRALIAN MUTUAL PROVIDENT SOCIETY.

New Zealand Times, Volume XXXII, Issue 4969, 24 February 1877, Page 3

THE AUSTRALIAN MUTUAL PROVIDENT SOCIETY.

We doubt if there is any commercial corporation which better illustrates the progress of Australasia than the Australian Mutual Provident Society. ■ Thirty years ago the importance of, the colonies was small, and the association was then unthought of. A year later it was started, and since then it has, to use a somewhat hackneyed phrase, progressed apace with the colonies, growing with their growth and strengthening with their strength, until, in 1877, there are but three associations in the British -Empire which stand in a better position than it does. Recently the memorialstone of new head offices in Sydney was laid, and the chairman, the Hon. Professor Smith, took the opportunity of reviewing the past operations of the society. The story of the foundation of the society is an apt illustration of how enterprises of great pith and moment sometimes spring from, small events. It was told by Mr. T. S. Mort, one of the directors, as follows “ The original promoters of the Mutual Provident Society were Mr. Holt, Rev. Canon Walsh, and myself ; my interest in Mr. Walsh and his cloth generally having led on W it. It occurred in this wise. Mr. Walsh was out of health from overwork, and I invited him to accompany Mrs. Mort and myself to Camden for a few days. On our way we visited Mr, Holt, at Sophienberg, near Liverpool. During the luncheon I mentioned the necessity which existed for some means of providing for clergymen and their families in case of old age or death overtaking the head. Mr. Holt at once suggested the establishment of a Mutual Provident Society which should embrace these objects. Mr. Holt was very earnest, and so was I, for I saw at once how goad the idea was, and on our return to town we agreed to put the thing before our mutual friend, Mr. Perry, then an official assignee of very good status. . . • You may sum up all in a few words—Mr. Walsh was the instrumxut, Mr. Holt the performer, I the belloWa-blower, and every man we met at the time singing chorus to Mr. Holt's solo.” The Chairman said business was by no means lively at present. “ Proposals came in very slowly, and the directors were . very cautious in accepting them. They also seemed to be getting to some extent apathetic, for a number of meetings lapsed for want of a quorum. The office was an upper loom in

Gsorge-street, near Hunter street, over a grocer’s shop; above-the door of “which there projected a gilt coffee-pot; and I have heard that the office-boy, finding the time heavy on his hands, used to extract some amusement in various ways out of that satae gilded presentment. The first annual • general meeting was held in January 30, 1850, It was attended by three directors and the secretary, together with one other member, making five in all.' The report was apologetic in its tone, and was mainly an essay on the nature and aims of the society, and an appeal to the public for support. Thirty life policies had been issued during the year, assuring £9450, and twelve policies had been issued for annuities and endowments. The income for the year was £268, and the available cash balance was therefore £42." At the present time there are about 27,000' policies in force, assuring nearly eleven millions. The premium revenue is nearly £360,000, and the invested funds well on two millions.