A.M.P. SOCIETY.

Auckland Star, Volume LXIV, Issue 100, 1 May 1933, Page 9

A.M.P. SOCIETY.

(Published by Arrangement.)

■ m IMPREGNABLY SOUND. BONUS RATE MAINTAINED. At the annual meeting of _ the Australian Mutual Provident Society, held in Sydney on April 18, the chairman referred in his speech to the ■ very - satisfactory results achieved and the progress made by the society during 1932, notwithstanding, the unfavourable economic conditions prevailing. New business was materially increased and void business decreased. A net increase of business was shown for the year, and notwithstanding a decreased income from interest the valuation of policy liabilities shows a surplus for distribution of bonuses slightly larger than that of the previous year, arid the new individual bonuses will be maintained practically at the rates for 1931 where existing bonuses have not been surrendered. In supporting the motion for the adoption of the report, the New Zealand delegate, Mr. J. G. Duncan, said: "It is my privilege to represent the New Zealand board. On the last occasion when I had this honour, some three years ago, it was my good fortune to report new business of over £5,000,000 from the two departments. This time I have a different tale to tell. When I say that New Zealand to-day stands in much the same position as that in which this great Commonwealth stood a year or so ag», each and all of you will sympathise with us and appreciate our difficulties. Australia appears to have turned the corner. New Zealand may bo said to hardly see round the corner as yet. We have corrected our trade balance, which is now in a satisfactory position, but the necessity for balancing our Budget has demanded the exploration of additional avenues of taxation, the burden of which is beiug felt acutely by our community. Life assurance premiums are savings. In times of prosperity these are substantial and general. To-day the bulk of our people are hard put to it to make ends meet. Hence our total of almost £2,500,000 of new business for the year under review is, I submit, fully as high as could have been expected under the circumstances, and reflects much credit on our staff both indoor and outdoor. "Notwithstanding the adverse circumstances of the present times, and, may I say, the keenest possible competition, I am pleased to tell you that the A.M.P. is holding its own in a very marked decree in our Dominion. The total business in force on our books represents over 40 per cent of the whole amount in force in New Zealand, although there are at least ten other offices actively operating there. You will see, therefore, that our great society easily holds the foremost place in the confidence of New Zealanders. That confidence rests upon the exceedingly high reputation which the A.M.P. has justly gained everywhere and which will now be further enhanced by reason of the excellent report which has been submitted to-day. To be able to record an amount of new business over £2,000,000 in excess of the previous year can only be described as extremely remarkable, and that announcement is eclipsed only by the statement which you have been able to make regarding the virtual maintenance of the previous year's bonus rates. It will, I am sure, come as a most gratifying surprise to our policy-holders to learn that, after • having set aside the heavy reserves which the directors have thought it prudent to hold in order to provide for possible investment losses, and in spite of the inevitable reduction in interest earnings due to present circumstances, their bonus additions may be expected to show little, if any, diminution as compared with those allotted for the previous year. "I have very great pleasure, Mr. Chairman, in supporting the motion for the adoption of the report, and in doing so wish to congratulate you and your colleagues on the principal board upon it? eminently character."-