T. AND G. MUTUAL LIFE SOCIETY.

Press, Volume LXI, Issue 18569, 19 December 1925, Page 18

T. AND G. MUTUAL LIFE SOCIETY.

APTCJAL MEETING. BAP© EXPANSION. 3IELBOUB3SIE, December 18. The annual meeting of the Australasian' Temperance and General Mutual Life Assoranoe Society, Limited, was held to-day. The chairman, Mr J. T. Thompson, expressed regret at the loss caused by the death of an old member of the Board, Mr T. Smith, and announced that the vacancy had. been, filled bv the appointment of Colonel C. E. Merrett, V.D. The chairman then reported that 127,588 new policies, assuring 699, had been issued during ihe year, the whole of the business having been secured in Australia and New Zealand. The total income for the year was £2,415,197, a record increase over the previous year. Payments to policyholders amounted to £628,107, a considerable increase, but at the same time well within the actuarial expectation- The assurance funds increased by £1,153,652 to £B,670,401, a record increase. Close attention was paid to the investments during the year, the Society holding nearly three millions of Government securities and over four millions of municipal and local body securities out of the total assets of nearly nine millions. The chairman reported that the magnificent ten-storeyed building at the corner of King William and Grenfell streets, Adelaide, had just been .completed. A new building for the Society at Bendigo was finished during the year, and good progress was made with a fine building in Christehurch, New Zealand. The rate of interest earned on the mean funds for the year was £5 10s per cent., an increase of 2s per cent:"ovjer the previous year. The actuarial report disclosed a record surplus in both departments, with an increase in the bonus scald in the Ordinary Department and the maintenance of the present fine scale in the Industrial Department. The Society s special services to policyholders were well maintained. The lien revival system' was largely availed of, 27,000 policies being brought into benefit by this system. In conclusion, the chairman evidenced the wonderful growth of the past ten years by these figures:.—lncome £576,645 ten years ago, £2,415,197 to-day; new business £2,773,169 ten years ago, £9,577,699 to-day; assets £2.046,022 ten years ago, £8,964,782 to-day; payments to policyholders £184,869 ten years ago, £628,107 today. He then paid a tribute to the loyal co-operation s and splendid work of the Society's staff throughout Australia and New Zealand. —1 A direct' motor passenger service has been commenced 'between Christchurch and Governor's Bay. Cars leave "The Press" office every morning, including Sundays, returning from Governor's Bay late in tho afternoon.