Page 3 Advertisements Column 2

Press, Volume XLVIII, Issue 7865, 16 May 1891, Page 3

Public Companies. A m,BU BBSde , pBOTi: ESTABLISHED 1819. Head Office—B7 PITT STREET SYDNEY. ' DIHECTOBS— Thomas Litttjejohn, Esq., Chairman James T. Walkbb, Esq., DeputyChairman The Hon. J. P. Abbott, M.P Joseph Abbott, Esq., M.P «. J. King, Esq., M.P A. W. Mebks, Esq. James Thompson, Esq. REPORT, To 861116,1 at the FORTY-SECOND ANNUAL MEETING of the Members, to be held in the Hall of the Young Men's Christian Association, Pitt street, Sydney, on WEDNESDAY, the 13th day of May, 18yi, at £ o clock p.m. The Directors have the pleasure to rSK >r . i ' tlla ? i tne new business of the year IK*) is, with one exception, the largest ever transacted by the Society in a single During the twelve months ended 31st December, l&W, there have been received 16,186 proposals for sums amounting to , £5,208,931 Of wnieh 4171 were declined, withdrawn, or not completed, amounting to ... 1,478,325 Leaving 12,012 proposals accepted and completed, assuring ... ... ... £3,730,606 Add for completions in respect of proposals received prior to Ist January, 1890—260 Policies assuring... ... 67,050 Making the total new business for the year 12,272 Policies for £3,797,656 This business includes 121 non-pariici-patiiiß Policies assuring £^7,610. The New Premiums amount to £144,685 19s 4d, of vvhicii Jtlii.UUo la lid represents Single Payments. The following is a summary of the business effected :— No. of Policies! «? | o Sin Annual Aisured jPreiui nis Pi-uimume £ £ s. d. £ s. d Assurance ,12,193 3,783,755 2,874 19 8128,286 2 5 Endowment 61 8,900 .. 3»3 15 0 Annuity l: :1,7181a Uii),13,131 2 3 Fer Aiinuua. Total .. 12,27. 3,7a7,606!16,006 1 llii2b,t>7'J 17 5 1 1 10,0v6 111 Total New Premiums .. £141,685 19 4 Claims have arisen under 763 Lifb Policies by the deucli of 061 Members, amounting to £355,8U5 7s Oii, includiug <*84,6i0 7a od, for Bouus additions. Out; hundred and sixty-nine Endowment Assurances have also matured, amounting to £66,780 8s 0d including £20,430 3s Od fur Bonus additions. The Accumulated Fund has been increased by 16$ od, and now amounts to £9,7ii0 ) 5.7i219s lOd. The Report ot ihe Actuary, which is appended nereto, discloses a cash hurplus oi: funds over liabilities of £678,81*8 Us 10d. Out. f this surplus the Board has resolved, in accordance wi> h the recommendation of the Actuary, to allot the sum of £407,535 19s 'Zd fur distribution amuug the members. This sum will provide Heversionary Bonuses amounting to about £967,000. Tbe bonus certificates will be issued wiiii the customary despatch. The Directors iiuve made the usual examination of the Society's mortgage securities in New South Wales, and similar examination* have been made by the various Local Boards of tbe securities iv the other colonies. The Board is satistied that the provision already made for losses on investments i« ample. At a meeting of members held on the 19th July, 18U0, tbe amendments in the by-laws agreed to at the special meeting: oi 21st May last were adopted auu finally passed. These amendments provide for an improved system of scrutiny in connection with the election of Directors, and for the allotment of an iuterim bonus to policies becoming claims between one investigation period and another. It is with the deepest regret that the Directors make the official announcement of the death, on the 27th August last, of our esteemed Actuary, Mr M. A. Black, F.1.A., after a period of active service extending" over nearly cweuty-two years. The Directors feel that to the enlightened policy at all times advocated by Mr Black and to his marked administrative capacity are largely due the past remarkable success and the present phenomenal position of the Society. The Board has appointed Mr liicbard Teece, F.I.A, to the position of General Manager aud Actuary to the Society. The Actuary is now engaged in an investigation into the mortality experience of the Society for the period of forcy years ended 31st December, 1888, and it is hoped that the results will be made known during the present year. The Directors who now retire are the Chairman, Thomas J-iittlejohn, Esq., and R. J. King, Esq., M.P., one of whom only is eligible for re-election. Mr King has estimated that it is not his intention to offer himself for re-election on this occasion. The following gentlemen have given the requisite notice chat they are candidates for the vacaut seat: —Messrs Wm. Brings, W. H. Chard, Kobert Gilfillan, James R. Hill, F. Edward Joseph, Thomas Littlejohn, A.lex. K. Motson, M.D., John H. McPhilhmy, W. V. Read, B. P. Richardson, W. B. Riley, Benj. bhort. T. F. H. Mackenzie, Esq., the senior Auditor, retires in terms of By-law XXVIII., and the following gentlemen have given notice thac they are candidates for the vacancy:—Messrs Neville Dowliug, I'homas Pratt, Wm. Culleu Ward. THOMAS LITTLEJOHN, Chairman. REVENUE ACCOUNT. From Ist January to 31st December, 1890. £ s. d. £ s. d. Amount of funds on Ist January, 1890 8,911,622 3 5 Renewal premiums ... 869,352 17 6 New premium on 12,272 policies, assuring £3,797,656, and yielding a n annual revenue of £128,679 17s sd, together wi f 'h instalments of first year's premiums on policies Issued in ISB9 126,016 9 10 Consideration for annuities granted ... 13,131 2 3 Interest ... 543,497 2 6 Rentsreceived 12,354 3 3 Fines ... 308 14 1 Total revenue fSo tbeye, . r jw^jj £10,596,282 12 9 £ s7~dT Claims under policies ... 356>34] 13 8 Endowments matured ... oj.jkw io Allowances under By-law VI. ... ... •• 100 0 0 Surrenders — _ _ Payment to members ... 109,827 17 & To repay advances on policies lapsed ... 57.193 13 0 Annuities... 12,831 3 10 Bonuses paid in cash ... 53,120 oIU Commission on new premiuras 42.205 8 9 Commission on renewals... 2,941 4 o B gg3?^ ,Mne ?T e,lt ; 43,777 4 0 Directors* fees 5.150 0 0 Auditors , fees ... ... 820 Xi O Medical fees and expenses 20,340 < 4 Law costs oiS iQ 7 nfficp rent .-• ••• 0,500 1» i Arivertteine 3 481 19 10 Printinl aid stationery pi? 2 1 Postage and duty stamps 6.062 6 9 General expenses ... 7,Jb6 14 2 Travelling expenses ... l.Hfo 8 0 Exchange 1/a x - 4 license fee 200 0 0 New Zealand property v South AHstralia license jg g So'Sth Aat*ialiaiand tax 41 611 South AustraUa Income 15 0 QiefnslinddWdendtai 370 17 3 Tasmania license fee ... * " X property ta&«*> •* * v