A.M.P. SOCIETY

Wairarapa Times-Age, 7 May 1938, Page 3

A.M.P. SOCIETY

RECORD BUSINESS LAST YEAR. OPERATIONS IN NEW ZEALAND. Speaking to the motion to adopt the eighty-ninth annual report and balance sheet of the Australian Mutual Provident Society held in Sydney yesterday, the delegate of the New Zealand branch. Mr John G. Duncan, said that the chairman’s report and the balance sheet afforded eloquent testimony of the progress of what he termed a remarkable institution.

“As regards the society’s operations in New Zealand," said Mr Duncan, “I am happily in the position of being able to state that’we have enjoyed a very successful year. New assurances totalling over £6,000.000 were placed on the branch books in the Ordinary Department—a record for the branch.

. . . In common with the success achieved by the Ordinary Department our industrial organisation has also an excellent year to its credit, another year of record business having been registered in the shape of over £1,000,000 of new assurance. Unquestionably the Is a week policyholder of today frequently becomes the £5OO or £l,OOO policyholder of the future, and for that reason alone, I think the department is a potent factor in maintaining the progress of the society as a whole. “ We have seen today that the society's total assets have now reached the formidable sum of over £112,000,000,” said Mr Duncan. “Of this amount, between £19,000.000 and £20,000,000 are invested in New Zealand, mainly in Government securities, local body loans, and in ( mortgages on farms and residential properties. The trusteeship of such a large sum, combined with the safe and profitable investment of our surplus money, is a responsibility of which the local board and management are keenly sensible. On the whole, our farm and city securities are in a very healthy position, interest in arrear representing a comparatively small amount, and being confined to a few accounts only. .“You will be interested to learn,” said Mr Duncan, “that the New Zealand branch has recently acquired a block of land in Wellington adjoining its present premises. The phenomenal growth of our business has rendered the acquisition of further space essential, and although our present building is but ten years old, the strides we have made in that time clearly illustrate the wisdom of enlarging our present accommodation while the moment is opportune. Our architects are at present engaged in drawing the necessary plans, and when the work has been completed, we shall be provided with an enlarged building up-to-date in every particular, and commanding an unrivalled position in the commercial centre 'of the city. “My remarks would not be complete without some reference to the Dominion’s trade position,” continued Mr Duncan, “and in this connection I may say that so far as the country’s primary products are concerned, with the exception of wool, which has shown a decided drop on last season’s returns, prices have remained steady and on a satisfactory level. Production itself has been well sustained, money has circulated freely, and official figures disclose that the unemployment situation is much improved. Being almost wholly a primary-pro-ducing country. New Zealand is, of coul’se, ’very dependent on outside markets, particularly the Home market, for the sal® of its produce. Any forecast as to the outlook for the fu-

ture is, therefore, intimately linked up with the condition of affairs reigning overseas, and in this respect repercussions arising from the International situation cannot be overlooked.

“At the present time,” said Mr Duncan, “the Dominion Government is considering proposals for a National Health and Superannuation Scheme. It is not part of my function in delivering this report to question the necessity or otherwise for a National Superannuation Scheme, but it might be of general interest to note that public savings already invested in the Dominion per medium of savings banks, life assurance offices and friendly societies, amount to roughly £123.000,000. Considering that this sum is exclusive altogether of private savings placed in other forms of investment,, I hazard the opinion that the voluntary and self-reliant provision that has already been made by our people for future contingencies is more substantial than may be generally realised. Mr Duncan expressed the board's appreciation of the untiring and loyal services rendered by the New Zealand staff' and field representatives.