NATIONAL MUTUAL LIFE.

Taihape Daily Times, Issue 219, 10 January 1917, Page 5

NATIONAL MUTUAL LIFE.

I A SUCCESSFUL OFFICE. 47th ANNUAL MEETING. - The 47th annual meeting of the National Mutual Life Association of Australasia, Limited, was held at Melbourne- on 20th December. 1916. when Mr. Andrew Neweii, chairman of directors, presided. The annual report and balance-sheet for the year ending 30th September, 1916, showed that a total of 11,003 new policies were issued, assuring £3,235,845 7s lOcl, while 45 annuity policies were issued for £1,904 Is lOd per year. The policies yielded now annual premiums of £133,482, 16s 4d. There were 1128 deaths, involving, claims tinder 1258 policies, which amounted, with bonus additions, to £405, 643 14s lid. In addition, 681 endowment assurances, amounting to £I6S, 535 9s 6d, and 27 endowments, amounting to £43,329 15s 6d, matured, making the total claims £617,508 19s lid. The total income for the year, after deducting reassurance premiums was £1,661,648, 0s 2d, and the total expenditure £931,805 lis 7d, including £763,001 3s 4d paid to policyholders and their representatives.

The Chairman, in moving the adoption of the report and balance-sheet, said:—-

Thy report which has been presented to you shows plainly the progress of the business of the association dur-

ing the past year. We have issued 11.005 policies, assuring £3,235,845, or £107,000 more than the new business for the previous year. We have received premiums amounting to £l,lßl, 251, and interest amounting to £4BO, 552. We have paid to our members or their representatives £76;:,000. This includes claims through the death of policy-holders amounting to £405,643, and as the nei result of the year's transactions the assurance fund of the association has been increased by £729,842. This is £37,600 more than the am cunt added to the funds in any previous year. Including the investment fluctuation fund, a sum which your directors prudently set apart many years ago to provide for any possible depreciation m the value of the assets, but which fortunately has not been required for that purpose, and, as far as we can tell, will not be required, the funds amounted at the close of the financial j year to 1 £10,204,296. | With our minds full to the exclusion j of every other thought of the gigantic undertaking the Empire is at present engaged in, and to which we are all j bound to contribute all our energies and resources, it may seem incongruous to parade the assoeiatVmv «obociauon s prosPenty, but wheu the nature Qf oup business is considered it will be seen that we and all similar institutions are Helping the common cause bv extend ing our business. For we ar. ers of the gospel of economy i, the most unselfish form, and b- nracf mg economy and by working mcre Z ergetically than we have ever worked before, those of us who have t, tay at home are giving the most valuable elp to those who are risking th r "ves at the front. REVENUE ACCOUNT The meaning of our reveim/. jf to over 123.000 v" '" th " ft » "«»«■* contributed S drably more than one mim ™ tong the year to the funds of the ,4 ciation, while nearly £500.000 ha s been received from investments, every penny It' , r ° th ° membcrs ' **»,- 000 ha s been paid to the representatives of 1128 members who have died- 295 of these members wer e killed in action, or died from wounds received in action', or from diseases contracted on active service. The claims that were directly due to the war amounted to £BI,OOO. For endowments that matured during the lifetime of policy-holders for annuities, surrenders, etc., aver £360.000 was paid' and a s the net result of the year'? transactions, as I have already stated £730,000 was added to the funds. This amount of £730,000 was invested by the directors mainly in two ways—£42o.ooo was tent to the British and Australian Governments, and £300,000 was lent on mortgages of freeholds, which are almost entirely farming properties in the wheat areas, so the money is being used to develop primary industries. Thus you will s ee that the community has profited in many respects as the result of the association's operations.

Perhaps the beneficient work of life offices is more apparent at the present time than it ha s over been. B - their agency distrseg lias been alleviated, economy has been encouraged, and the resources of the Empire have been materially increased. The exact figures are not available, but the London Economist, in August of this year estimated that war claims amounting to over £5,000,000 had boon paid by life insurance companies within the Empire, and this, as I have indicated, is not the onlyservice that the companies have rendered. Notwithstanding the extra strain on their funds, the ability of the companies

to meet their obligations is unquestionable, and they never occupied a nigha? place in public estimation than they.jflo

to-day

Our death, claims, although £53,000 greater than they were last year, and £135,000 greater than they were two years ago, were less than the amount that had been provided for. BONUS YEAR. The directors hope to call the members together again early in the *ew Tear to receive the results of the triennial investigation of the affairs of the association. The date for the investigation is September 30 last, and, although the staff has been working short-handed for a long time, and the •work has been much heavier than at any previous investigation, the results will be ready as soon as they have ever been. Indeed,. I am now in a position to tell you that they will be very satisfactory, and that members may look forward to receiving substantial additions to their policies. The way in which the work of the association, including the special work of the investigation has been performed by the staff deserves special recognition. At the head office and at all the branches members of the staff have offered themselves freely for active service with the fullest approval and encouragement of the directors. Practically every eligible man at the head office has enlisted, and from our London office fifty per cent, of the total staff are serving. Mr IT. G. K. Taylor, of the London office, and Mr S. N. Barlow, of the Brisbane office, have given their lives, and Mr E. I. Gunn, of the head office, is reported missing. Those avlio have remained have cheerfully performed the extra duties, and the temporary clerks we have brought in until the return of the soldiers have done excellent work.

At the end of the financial year, Mr J. "W. Rail, having reached the age fixed for his retirement, resigned his position as manager of the South African branch of the association. Mr Rail had been in the service almost continuously for over 30 years. He had filled several responsible positions, to the great advantage of the association, but the South African branch is almost entirely the result of his efforts. He applied his zoal and energy to the development of that branch from its foundation, and had the satisfaction, after 20 years, of handing over to his successor one of the most important and prosperous branches of the association. Mr Walter Madden, in seconding the motion, said that any member of the association not satisfied with the result of the year's working was very hard to please indeed. Considering the most exceptional times, the result was highly satisfactory. The report was adopted. Messrs. A. Newell and J. C. Stewart were declared re-elected as directors, and Messrs. J. Valentine and W. M. Jarvie as auditors. The New Zealand directors are: Mr A. E. Pearce (chairman), Hon. Wm Fraser. and Mr G. V. Pearce. Mr F. W. Nicholson is manager for, New Zealand. Mr AY. J. Reed is district agent.