AUSTRALIAN MUTUAL PROVIDENT SOCIETY.

Auckland Star, Volume XVI, Issue 3807, 23 October 1882, Page 4

AUSTRALIAN MUTUAL PROVIDENT SOCIETY.

(New Zealand Times, September, 18S1J

The New Zealand branch cf this important Life Institution has just completed the tenth year ot its establishment in this colony, and the .resent Is an opnortnno time to indulge tha New Zealand members of tho society with a brief notice ottbesuccise which has attended the hrsnoh since it opened in Wellington on the Ist Julr, 1871.

When, the branch was established. It com m.need with a bnriness consisting of 1015 policies, assuring £196 890. nnd en annual premium revenue of -17,190. Dnring the neriod often yesrs just closed, the branch has Issued 11,121 tolcies. assuring £3,659,939. and producing an annual revenue ot £121, SSble 6a. This large amount of business has been obtained in face ol an opposition which may be termed the strongest that any private office has ever had to contend with—viz., the Government of tne colony, whose Life Assurance Department has boen pnshed in a manner without precedent.

It has been the desire on the part of the management of this Isoolely to ie entity it as much as possible with this colony and assist in developing Its resourcos. With this end in view, &U the surplus branch accumiAations arc invested in the colony In advances on mortgage of first-class frecholo securities, loans to memberj Oa the seourlty ot their polleleß. Government debentures, and freehold branch office prem'ses, Tha br inch has an annual revesue exceeding -117,000, and the society! hos ore:- £160 003 of its accumulations invested in New Zealand securities, so that It oan wlthoot doubt be termed quite as muob a New Zealand aa an Anstrtlian institution, seeing that none of the «tonc_ received in the colony is sent out of it. From tbe report of tbe prcoredlngs at the last annual meeting cf the society, held in Sydney in April last, it may be gathered that its members have a magnificent prospect before them, for it was there aeserted, en the word oi tho society _ aotuary, Mr M, _.. Black, that iho sooletv Is "approximately making a profit at the rate of £20O.Ct>0 a year;" and its Chairman. tCie Hon. Professor Smith, announced that "if the foclety were stopped at the end of the ourrer.t quinquenalnm, there would be about a million surplus" This means that there will probably be a cash Burploaof one mi__ion sterling to be divided omoD.Bt, the fortunate policy-holders In this sooietr after the close of tbe year 18>3. such a distribution wiihin a period of five yesrs. If realised will mark an rpoch In the hittory ol colonial Life Assurance, and be wlthont par■Si in ,he h,stcry of Brltlth Ufa Assurance. Tnece few remarks may bs o'osed by congrttu. l&_r.r the New Zealand Branch of the Australlan Mutual Provident Society on its p.st prosperity, and hoping that its future may be remedy Prosperous: end that this c-ra.d irstitntion may long co.tlnne to extend lte noble objects throughout tho length and breadth of Ibis fair land.