THE MUTUAL ASSURANCE SOCIETY OF VICTORIA, LIMITED.

Waikato Times, Volume XXVII, Issue 2213, 14 September 1886, Page 2

THE MUTUAL ASSURANCE SOCIETY OF VICTORIA, LIMITED.

Ahgus, August 21. --An extraordinary general meeting of the members of the Mutual Assurance Society of Victoria Limited, was held at their office, Collinsstreet West, yesterday, to receive the report of the third quinquennial investigation of the atfuirs of the Society. The Hon. Thomas Loader, Chairman of the Board of Directors, presided. The report stated that after making ample reserves for all liabilities, there was a surplus of £34,099 17s 2d ; and the directors had authorised the distribution of the sum of £26,477 &s 3d, the balance of £7022 7s lid to be placed to the credit of Investment Fluctuation Fund. The sum available for distribution would provide reversionary bonuses amounting to upwards of £77,000, fur which certificates would shortly be issued. The investments were in a particularly satisfactory condition, payment of instalments and interest being well ker>t up. The average rate of interest earned during tha past five years was £0 l(>s per cent., which is fully 2^ per cent, above the rate assumed in the valuation. The Chairman in moving the adoption of the report and balance-sheet, pointed out that a larger proportion of the profits would have been distributed had it not been for the expense which had attended the establishment of branches. The expenditure had, however, laid the foundation of a large and profitable business, of which the members of the socioty would in future reap the benefit. The freehold property of the society in the neighbouring colonies and Is'ew Zealand was worth more than had been paid for it, and in accordance with the Engl^h practice, it had been re-valued, and the increment placed to the credit of the society. Mr H. Schlam seconded the adoption of the report and balance-sheet, and the motion was carried unanimously. In answer to questions, The Chairman said the directors were empowered by the articles to retain a sum of £15,000 to place to the reserve fund. The quinquennial report had been issued rather late, owing to the actuary of the society (Mr John B. Gillison) having been also appointed general manager. The directors had no intention of starting a branch of the society in England.