A.M.P. SOCIETY.

Wairarapa Daily Times, Volume XVI, Issue 5016, 3 May 1895, Page 2

A.M.P. SOCIETY.

; THE ANNUAL REPORT. Received A[ti;/2, 7 p.m. Sydney, May 2. The annual report of the Austra- ! lian Mutual Provident Society to bG submitted, at the meeting on the 10th inst,, shows that tho now business is represented by 10,023 policies, assuring £2,810,919,"and yielding an annual revenue of £94,796. Claims amounting to £498,343 havo arisen under 991 policios by tho death of 848 members, and 275 ondowmcut assurances have matured, amounting to £113,941, Exliaustiveinvestigation has been made into tho condition of the mortgage securities, as tho result of which and to provide against any possible depreciation of values, the Directors have decided to set apart £225,168 out of tho surplus of the year, in augmentation of tho reserve for depreciation of securities, which now stands at £414,349. The value of the office premises has also been written down by £14,000. The stringency of the method bywhich the liabilities'under the policy contracts are valued, has been increased by assuming a rate of 3J per cent. interest, instead qf 4 per cent, as hitherto, and'the' sum p£ £25,000 has been reserved to assist in passing to a valuation on the basis of 3j per cent, interest at the earliest opportunity, The largo reserves set aside for depreciation, bavo reduced the surplus available for division by a sum of £239,632, but the actuary is enabled to recommend that £428,020, in cash whioli will yield reversionary bonuses amounting to about £850,000 bo divided amongst the members. The rate of expenso at which the business is conducted has' been reduced by nearly 10s per cent, and the rate of interest realised on the mean funds has fallen is 8d per cent, The report, as a whole, indicates careful management and extreme caution in the treatment of the securities.