The Waikato Times AND THAMES VALLEY GAZETTE. SATURDAY, JUNE 1, 1889.

Waikato Times, Volume XXXII, Issue 2635, 1 June 1889, Page 2

The Waikato Times AND THAMES VALLEY GAZETTE.

SATURDAY, JUNE 1, 1889.

Equal anil exart .justicc to all men, Ot whatsoever state or persuasion, religious or political.

Fh.w institutions of the beneficial elass occupy so eminent a position in the social and commercial world as the Australian Mutual Provident Society, the fortieth annual report of which has come to hand, Of purely colonial origin and growth, itis a fabric which the Australasian colonies can regard with much pride, aud which is a monument to the enterprise, energy and thrift of ilie colonists. The Society has made marvellous progress during its forty years of active life; no similar institution in the world can boast of a record like that of the Australian Mutual Provident. Though its operations have been rigidly restricted to these colonies, whose population is under four millions, it has, nevertheless, and in the face also of the competition of many rival offices, attained a position fourth only on the list of kill tired Life Insurance Societies in the world, many of whom have the free range of countries teeming with vast populations. The transactions for the year ended 31st December last repeat the pleasant story, that has never ceased to be told, of ontinued inciease in popular favour and expansion of business by this admirable institution. The figures presented in the report are large ones, and unlike the budget of a political Colonial Treasurer, easily understood. During the past year there were received 12,898 proposals to assure sums amounting to £4,270,888, of which, after deducting those declined and uncompleted, there remained 9,019 policies issued, assuring -E3,047,•> 1 t 1 • This amount of purely colonial business, displaying as it does so much untiring energy, produced an addition to the annual revenue in the shape of new premiums amounting to £120,993 lbs 3d, making the total revenue for the year £1,47!),337. By the death of 590 members claims under policies were paid to the extent of £334,494, 18s ; and by the maturity of 143 endowment policies the sum of £00,01(5, IsOd was paid during the year. The accumulated funds of the society increased by £720,004 9s lOd, making a gross total in hand of £8,109,310 15s 3d. We thus see how large and valuable are the interests of the society to which they have reached in less than half a century. The annual actuarial investigation showed a surplus of £599,505, 19s 3d, of which sum it h a been decided to distribute £400,893 (is lid in cash bonuses amongst the members. Here again we learn the wonderful progress made by the society. Until recently the division of profits was made at the end of quinquennial periods, the first of which was in 1554 when £1,280 was distributed. The last period was in 1888, and on that occasion the immense sum of £1,094,049 was divided amongst the fortunate shareholders. Such a result speaks volumes for the success and management of the institution. In order, as it was thought, to keep abreast of other great insurance oflices, the directors proposed to open branches in the United Kingdom; but the proposal being submitted to a general vote of the members, a decision was given against the extension beyond the [units of the Australasian colonies. The amount of new business has sing in aveiage of late, which is likely to lower the ratio of bonus for future distribution. This decrease is duo to the field in the colonies being now occupied by so many rival offices aud, therefore, being too contracted for the work of all. Hence it was considered expedient to carry the society s operations abroad, into the enemy's own country ; and that is a course that may yet come to be adopted by the Australian Mutual Provident. At this moment the position of the society can he succinctly summarised thus. At the termination of its fortieth year of existence it has S/,o*o policies in force assuring £30,091,190, an accumulated fund of £8,169,000, and an annual income of one and a half millions. Not the least striking feature in connection with the transactions of the institution is the small percentage of cost_ incurred in the management of a business of such magnitude; or, in other words, the amount of salaries, allowances and all other items of expenditure for last year was £97,534 15s 3d, equal to 12-83 per cent, of the revenue. Compare the cost of managing the affairs of the colony of New Zealand, with all its elaborate legislative and administrative paraphanalia, with this, and we fain must turn our heads away disgusted and shamed with the unfavourable comparison.