A.M.P. SOCIETY.

Wairarapa Age, Volume XXXII, Issue 3183, 7 May 1909, Page 5

A.M.P. SOCIETY.

ANNUAL REPORT. Received May 6, 5.5 p.m. SYDNEY, May 6. The issue of the 60th annual report of the Australian Mutual Provident Society marks the occasion of its diamond jubilee. The amount of new business transacted during the year or.ce more constitutes a t6fiord, bpeing in excess of the previous year by no less than £178,000. Policies to the number of 19,117 were issued in the ordinary department, assuring £5,042,351, and yielding annual premiums amounting to £164,870, the new gain in the volume of business in force being as much as £2,699,000. In the industrial department 17,499 policies were issued a*suring£s9o 9 )3 with annual premiums of £36,452. Claims by death in the ordinary department amounted to £793,390, including "£248,145 for bonus additions, experience in this respect being again exceedingly favourable. Ths usual searching investigation was made into the mortgage securities, and the sum of £6,103 has been written off the values of foreclosed properties. The value of office premises was nlso reduced by £13,280. Reference is made to the establishment of a branch office in London, and it is stated that a satisfactory commencement has been made and that there is every indication that a large measure of success will attend the extension of business.

The report of the actuary, Mr Richard Teece, opens with interesting retrospect of the transations of the last ten year?, and institutes various comparisons with the first fifty years of the Society's history. Valuation has been conducted on thesame stringent basis a3 heretofore, and the reserve for contingencies has been augmented by £IO,OOO. The amount of cash surplus available for division is £732.445, which will provide reversionary bonuses amounting to about £1,300,000. The rate of expense is again exceedingly moderate, being only about 9 per cent, on the total receipts of the yea •. The rate of interest realised on investments has been well maintained, and now stands at the satisfactory figure of £4 8s 2J per cent. The report m the'whole is of the most encouraging nature, and speaks well for the present prosperity ?nd future prospects of the Society.