A.M.P. SOCIETY.

Auckland Star, Volume XXVII, Issue 125, 29 May 1896, Page 3

A.M. P. SOCIETY.

At the forty-seventh annual meeting of the above Society, the Hon. E. Riehurdeon (New Zealand) supported bhe motion for the adoption of the report. He said thab, as bhe representative from bhe New Zealand local Board of bhe Socieby, he would bell them what, had been done by bhe Society in bhab colony during bhe year 1895, The new business transacted by bhe Society bad been 2,177 policies, aesuring £578,430, wibh a new annual premium revenue of £19,322. This business exceeded thab done during the previous year by £11,405 in bhe sum assured, which he thought could bo regarded as a mosb satisfactory result. The tobal income of bhe New Zealand branch has now reached the large sum of £317,700 per annum, and thia result had been accomplished in 24_ years. Of this amounb £115,784 represented the annual revenue from inberesfe on all classes of investment. The total increase in bhe revenue of bhe branch from all sources at tbe close of bhe year was £12,82S per annum, which,, ~he thoughb, bhey would admib was a very bandsome increaee. The total invested funds of the branch ab tbe close of the year reached tho grand sum of £1,971,488. Of this amount, no less than £1,289,476 was invested in loans on mortgage ou freehold properties within bhe colony, and-the average rate of interest on these loans was £5 18s 2d per cent., and he had now bo state thab ab bhe close of bhe year nob one penny of inberesb due within bbc year on bhis vast sua. was unpaid— every penny paid up. (Applause.) The Socieby had only bwo properties on its hands ab bhe presenb time acquired by foreclosure, and both of1 those wore satisfactorily leb, and yielding fair inberesb. In consequence of the increase in the Society's business and cramped accommodation, bhe principal board, on the recommendation of bhe local board, had purchased an additional piece of land adjoining the Society's presenb premises, and were aboub to erect a considerable addition in Wellington. New Zealand was, he might state withoub contradiction, the besb assured country for ibs populabion in bhe world. The total life policies bhab wero in existence in the country ab Slab December, 1894, taken from returns furnished to the Treasury, were 67,547, assuring; £18,297,501, with an annual premium revenue of £666,899. To bhis had to bo added revenue from inberesb on investments, amounting bo £249.414 per annum, making a grand total of £816,313 per annum paid to life offices. Or" bhis amounb £309,549, equal to 38 per cenb., represented bhe Socieby'a revenue. When they considered that bhe estimated total European population of tho colony was ab the bim. only 686,128, it spoke volumes for tbe thrifb.and forebhougbb of the breadwinners of New Zealand.