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The rate of interest realized on the mean funds, after deduction of land and income tax from interest, was £5 Os. iOd. per cent. General. —The progress during the year has been very gratifying. In respect of the number of new policies issued and the amount assured thereby, the year just falls short of being a record year. The lapses decreased from 1,340 policies, for £376,300, to 956 policies, for £299,220—a satisfactory feature, following as it does a year of exceptional new business. The income for the year constitutes a record for the Department, and there is every indication that the year has been a most profitable one. Taking into account the present financial stringency the result of the year's operations has been satisfactory. J. H. Richardson, Commissioner.

Revenue Account of the Government Life Insurance Department for the Year ended 31st December, 1921. £ s. d. £ a. d. Amount of funds at Ist January, 1921 5,542,551 19 7 Death claims under polioies, Assurance, Renewal premiums — Assurance, An- including bonus additions .. .. 159,006 19 0 nuity, and Endowment .. .. 412,759 17 7 Endowment Assurances matured, inNew premiums (including instalments eluding bonus additions .. .. 213,691 11 0 of first year's premiums falling due Endowments matured .. .. 6,064 0 0 in the year) .. .. .. 46,752 14 2 Premiums returned on endowments .. 395 2 7 Single premiums—Assurance and En- Bonuses surrendered for oash .. 12,468 18 2 dowment .. .. .. 789 8 0 Annuities .. .. .. .. 21,201 17 1 Consideration for Annuities.. .. 11,136 9 7 Surrenders .. .. .. 26,479 19 10 Interest and rent ..£293,192 15 3 Loans released by surrender.. .. 28,691 12 1 Less land and income Commission, new* .. £31,981 6 9 tax, £4,618 3s. IOd.; , renewal 3,054 6 7 property expenses, 35,035 13 4 &c, £4,494 2s. lOd. 9,112 6 8 Expenses of management— — 284,080 8 7 Salaries— £ s. d. Head Office .. 26,686 910 Branoh offioes and agents .. .. 12,766 0 3 Extra olerical assistance 902 3 2 Medical fees and expenses .. .. 6,326 18 0 Travelling-expenses .. 1,347 5 2 Advertising .. .. 481 13 6 Printing and stationery 2,718 3 6 Rent .. .. 4,165 14 2 Postage and telegrams 2,861 10 1 Exchange .. .. 38 16 10 Goneral expensos .. 4,318 14 3 Triennial oxpenses .. 3,422 7 10 66,035 16 7 Marryatt Defalcation Aooount .. 2,643 0 2 Amount of funds, 31st Deoember, 1921 5,726,356 7 8 £6,298,070 17 6 £6,298,070 17 6 * Including agents' allowances.