NATIONAL MUTUAL LIFE

Taranaki Daily News, 16 January 1917, Page 8

NATIONAL MUTUAL LIFE

| ■v SUCCESSFUL OFI'iOK ' 171.1 i ANNUAL MEETI.v : . 47tli annual meeting of the National Mut'ifJ TJf* a-;ociation of Australasia, Limited, boM at Melbourne on Dereii'lx r 20, i'Hfi, when h!i Andrew Newell, chairman of directc; r • (.resided.. The annual report and balance-shtel 'or the year ending September 3(1, showed that a total of 11,00,") new policies -uyiv issued assuring £3,'2:13,845 7s Hd, while 45 annuity policies were issued foi £IOO4 Is lOd per year. The policies yielded new animal premiums of .€133,482 ' 16s' M. There were 1123 deaths, involving claims under 1258 policies, which amounted, with, bomu. additions, to .6405,043 14s lid. In addition. iWI' 1 endowment assurances, amounting to £108.535 Us od, and 17 endowments, amounting to £43,320 15s (id, matured, the total claims £017,50s l')s lid. she total income for the yoat, aftei deducting reassurance premiums, was £1,001,048 0s 2d, and the tot-.'. 1 expenditure £031,505 lis 7d, including £7o'),001 3s 4d paid to policy-noltlors and their representatives.

The chairman, in moving the adaption "f the report and balance-sheet, said--The report which has been presented to you shows plainly the progress of the b. siness of the association during the past year. We have i.,sued 11,005 polices, assuring £.*,235,545, or £107,000,, more than the new business for the ji-evious year. We liavo received premium., amouutiiig to £1,181,251. and interest amounting to £480,325. The total receipts, £1,001,048, exceed the previous year's receipts by .£loo.aS'2 V'fc have paid to our members or their ■ epre;;em.ativc;> £703,000. This includes claims through the death*Vf policy-hold-•rs >imounting to £405,043, and a. tl." i;it result of the year's transactions the assurance fund of the assoeiaroi. I®, been increased by £720,842. This is £37,000 more than the amount adtkd Lo the funds in any previous year. L"hiding the irvestment fluctuation fund, a sum which your directors prudently apart many years ago t$ provide for any possible depreciation m the \ahre of the assets, but which fortunately h'i= t'pl been required for that purpose. and as far as we can tell, will not be required the funds amounted at the dose lef the financial vear to

.£10,204,200. witn our minds full to the exclusion :-f every oilier thought of the gigantk ir.ulertakiiig the Empire is at presc:>! engaged in. and to which we are ai. bounds to contribute all our energies and r sources, it may seem incongruous tu parade tlie asociation's prospe-ity, hat iviun the nature of our business i; cons'dued it will be seen that we and ">:! similar institutions are helping ihe coinmoil cans., by extending our busine-. For we are preacher? of tlu sospu r.[ economy in tiie moft unselfish ft nil. ~;io by practising economy end h\ working more energetically than we l.ive evn worked before, those or us who hr.vi'v* stay at home arc giving th> «:n?t valuable nelp to those who a.o risking their "lives at the front. , REVEXUK ACCOUNT I T lio meanmir of our revenue is that over 123,000'-persons have pwr-iy f6r thrift or economy eontrilvted co. siderably more than one million |io;.i,(l di ring the year to the funds of the as:-;--ci'ition, while nearly £500,000 has been received frjjjn investments, every pen.iy of which belongs to the members; £4OV 0e? has been to the representative. ,1 lII2SIlI2S members who have died; *2o."> cf I these mombciß were killed in notion n« J.i"d of wounds received in action, or from diseases contracted on active sirvice. Tlie claims that wore duwtly due to the war amounted tr. £BI.OOO. Kot endowments that matured . during the ■;?eime of policy-holders for annuities s.iri-endcrs. etc.. over £1)00.000 war pnu! av.;l as the net result of the year's-tran-saetions, ai. J have already stated, .CT3P.COO was added to the funds. ThK tmount of £7-10.000 was invested by cho directors mainly in two ways--- C-120.000 was lent to the British and Australian '""yernniont. and £1)00,000 was lent on mortgages of freeholds., whicn almost eni!r<!v farming properties 111 Uk- wlieat arwu, so the ..loney is being used to «c. vclup pv'r.i-.vy Industrie.-. Thus you will see tV.ro the community has profited in respwt? as the result of (lie association':. j ri-iiap--, tin IK-iiefiea-.it *vor.c o. liic olnco< U!oi*t i-pparcat i.i the present fee it Jul u'.-er been 3.' their a;r...cy ilhiro-t? t&a boei. ..icviated, economy liM ui.cn cneot-Kged, and the resources of tl.e Empire hs.vc been materially increased. The exact figures are not available, but the I.on(lot> Ecoi'.o ;nibt. In August of this yew. estimated.

('.a' writ claims amounting to over .VS.OnO.ftOO had been paid by lire m.-:nr ricompanies within <-cm' Empire and th.s I have indieais nut the onl; service that the companies have raideroil. >"ot withstanding tho extra stiair ri funds, the ability »f the companies tn m»tt their obligations is «r-;ti«stion-ililc, and they nov; ; occupied » higher place 1:1 ptil.l!<• "it;ic:j tlia/i (hoy uO to-day. (aiv doth (b.triM nlthoncl: £f>;>'.ooo J.-Icater l!i'i tlu'V were 1.i.;, vca.. 'iul .(.'iSi.iHiQ t-rwiter iii.in t'icy ■x-uo to yeafs ajur WO;./ !e than the auioun'. tlut had hem provided for. BOXUS YEAR Tin; .directors hope to e«U tlii: jneir.!••!»!s together again early in vht* t 'f\t Ytai to rece've rl'f results 0/ tli triennial investigation of the alTai-s 01 the association. Tie date for the investigation is ?c>'!'mvilct 3d anil \lthough th'; -H.il! have been ivorkin.T Oiorr,-handed for a long time, a.jil !!•<• work lias bom ::nrh heavier than at ..iy previous im "-tig.i fion, the, results i!> he ready as .-co 1 a- they hnvt. ever bt< n Indeed, I am nun' in a petition to tc! you that tlie.v will bt very "Ati.Jactoi> and that meinhxr; may ;iorvard it receiving (substantial additions ti< their pc-jieics. The wav.iit which the work o f the association, including ilie special work oi the investigation, has been pa-foimfi) by the stall' reserves special recognition At ti{' head olfiee and at all the I)i'..iulir; members of the stall' have offered t!ic;ase'ves freely for active service \rilh the fullest, approval and encouragement f the directors.. Practically ; every Ugible man at the head office lnu enliokd, and from our London office of) per cent. of the total stall' l ire serving. Mr 'U. 0 K. Taylor, of the London alike, arid . ?r S. N liarlow, of the Brisbane ofiLe li.. given their lives, and Mr E I. Gn.m of the. head office, is reputed mi. si..;;.

T>.ose who remained have clie.i fully performed the extra duties, and the temporal", clerks that wo have brought L. rr.til the return of tin; soldiers haw: ('on;; aeJlei.l work. •it the end of the financial yen.- M v J. \V. Hail. having reached (he f>\ - for hit. retirement. reigned hi. (lositu.r as maihigor of tiie South African nre.f.r of he association. Mi'. Rail had liecM in the service almost continnr'nsS- /oi lover "0 years. He liad filled ss.iral iv I tppntibic posillwt to the jrreat r.slvan t.'i'je oi the association, but tot Soul!' African branch is almost entirel; 'he -ur of his efforts, lie applied /lis wal and cntr™y to U e development of <!'. at j 1,1-iurh from its foundation, ni.d had liif ' satisfaction, after 20 years, of .h&ndiAg over to his successor one of the most important and prosperous i>-:.!i.ne; ot tic. a: c oeiation. Mr Walter Madden, in. -romum: * " nnlion, raid that anv member of the . • sxiati"!! not satisfied .viiii tii. result r.l the year's working wa. en havS tr please indeed. Cousiderinc. the most ccptionai times., the rcsidi wa highl;, satisfactory.

The i":r>in't .>as adopted. Messrs. A. Kewell nv.t. J. C. Stewa'-i wee declared re-elected, as directors, an.l ,'Mw. J. Valentine and W. M. Jarvie i as auditors. Tiie Sow Zealand director? arc- .dr. E Pearce (chairman!, Hon \V:-< l'raser, land .Mi. <"! V. Ml. V v \'. ' olsou is manager for Xr.v ZcaJind 1 l it, M. Stewart is district manager.