A.M.P. SOCIETY.

Wairarapa Age, Volume XXXII, Issue 10236, 12 May 1911, Page 5

A.M.P. SOCIETY.

THE ANNUAL REPORT.

A RECORD YEAR

(Received Last Night, 8.5 o'clock.) SYDNEY, May 11.

According to the sixty-second annual report of the Australian Mutual Provident Society, which has just been issued, the amount of business transacted during the past year in. the ordinary department constitutes a, record, being in excess of the previous year by £323,373. The number of policies issued in this department was 19,560, assuring £5,490,026, and yielding annual premiums amounting t 0£176,570. The net gain in the amount of business in force is £2,•961,640. In the industrial department 21,751 poLoiOS were issued, assuring £777,740, with "annual pre-' minims of £48,416. The claims by death, in the ordinary department, amounted to £779,826, including £251,968 for bonus additions, the experience in this respect being again extermely favour-able. The usual searching investigation was made with the mortgages and securities. iA sum of £9096 was written off the rvalue of foreclosed properties, the lvalue of offices and premises being also reduced by £19,693. Reference dsi made to the opening of new ddsitriot offices at Shepparton, Victoria, and Gisibome, New Zealand, and aljso to the passing of the Society's [ Consolidated Act and amended, code lof by-laws The repoit of the Actfc- | nary (Mr Richard. Teece) indicates 1 j that the policy of gradually strength- ! ening the reserves for liabilities has been fully maintained, and that the reserve of undivided profits has been increased to £200,000. The cash surplus available for distribution in the ordinary department amounts to £839,602, which will provide reversionary bonuses amounting to about £1,500,000. The rate of expenses in this department shows a decrease up.O7X the previous year, being 8.3 per cent, of the year's receipts. The rate , of interest earned uipon the funds remains satisfactory, and now stands at £4 9s 8d per cent. In industrial . department the valuation of policy liabilities discloses a surplus of £17,J 841, and it is announced that a bonus < will be allotted to some of the indus- | trial policies at the close of 1911.