GOVERNMENT LIFE ASSURANCE ASSOCIATION.

Temuka Leader, Issue 1343, 21 May 1885, Page 3

GOVERNMENT LIFE ASSURANCE ASSOCIATION.

The report of the Government Life Assurance Association to be laid before the annual meeting on the 27th inst., was adopted at ft meeting of the Board at Wellington on Tuesday afternoon. The following are some particulars :—Ordinary branch—The new proposals received in this branch during the year ended 3Jst December, number 4520 for a total sum of £1,137,217. Of these S3G9 became policies, insuring £BOO,O] 6 ; 396 were declined, and the remainder were not taken up. The numbers are lower than those of 1883, but an analyaia of |;he business month by month discloses the fact that the new business effected in the latter half of the year under notice

was fully double that of the former half. The amount paid for claims of all kinds, including 1 endowment policies matured, and also bonus additions and allowances for prospective or an intermediate bonus was £51,380, representing 146 policies, insuring 123 lives. The claims through death are considerably within the expectation of mortality upon which the tables are baßed. The discontinued policies during the period reported on were as follows :—Assurance policies—Sum assured, £512,211 ; annual premiums, £16,314, Temperance section—2l4 policies, sum assured £43,745, and annual premiums £1294. Endowment policies 169, sum assured £7774, and annual premiums £372. The policies in force in the ordinary branch in both the general and temperance sections numbered 20,997, insuring £6,138,475. The average amount of the policies in force is £292. The income of the ordinary branch for the year was £228,434, of which £48,472 was interest on invested funds. The accumulated fund on the 31st December last amounted to £972,775, showing a net increase of £126,616 on 1883. At tha date of this report the accumulated fund had a credit exceeding one million sterling, arad the rapid increase of the funds is believed to be without a parallel in the history of any life office in the British dominions. In the industrial branch 2679 policies were issued during the year. Of these 593, assuring £21,426, with a total weekly premium of £39, were adult risks, the remainder, for weekly premiums of 2d each, being on the lives of children. On the 31at December the policies in force numbered 7928, assuring £93,844, and' the weekly premium on policies in force amounts to £12,341. The report, after some self-laudation, states that it has been decided by the Board to establish local Boards at Auckland, Christchurch, and Dunedin, and the policy-holders if they choose, can give an expression of opinion on this subject at the annual meeting next week. The Wellington correspondent of the Press Btates there is likely to be a *very lively scene at the annual meeting of the Government Assurance Association next week. It is rumored that some extraordinary exposures of jobbery will be made, but many people think Sir Julius Vogel and the official members of the Board will have sufficient influence to keep things pretty quiet.