A.M.P. Society.

Taranaki Daily News, Volume XLVII, Issue 7808, 28 April 1905, Page 3

A.M.P. Society.

56th ANNUAL REPORT. (Per Press Association.) SYDNEY, April 27 t The fifty-sixth annual report of tho Australian Mutual Provident Society for presentation ut the annual meeting of members on May 5 |is just issued. New business was again of considerable amount, policies to the number of 14,338 ha been issued during the year, assuring £3,739,301, and yielding an annual premium revenue of £130,504 15s 3d, the net gain in the volume of business in force being no less han £1,162,0,35, Claims by Beatfi mounted to £711,075j including £226,657 for bonus additions. The experience in this respect was again 'largely within expectations. The usual searching investigation was made into mortgage securities, and the additional sum of £19,376 has been set aside as a further reserve against possible depreciation. The total reserve on tliis account now stands at £227,151. A further sum of £IO,OOO has also been writU'u off i office premises - . It is announced that during the year new district ofiiccs were opened at Lisiuore, in Now South Wales, and Kulgoorlie, in Western Australia, where, as well as at Tamworth, New South Wales, office premises are either in course of erection or arc about to be erected, on suitable sites purchased by the society. From the report of the actuary, Mr Richard Teece, it appears that all participating policies issued prior to 1903 have been valued as heretofore at 3J per cent.. whi!c those issued since that date have been valued on a 3 per cent, basis. The standard of valuation is further strengthened on this occasion by placing the whole of the annuities also on a 3 per cent, basis. The amount of cash surplus available for division is £618,486, which will provide reversionary additions aggregating about. £1,200,000. The rata of expenses- is as usual on Bi -moderate scale, being under 9 pel! cent.; on the total receipts of the year. The effective rate of interest shows a slight increase over the previous j ear, and tands at the very satisfactory figure of £4 9s per cent.