LIFE INSURANCE ASSOCIATION

Press, Volume LXIX, Issue 21049, 28 December 1933, Page 9

LIFE INSURANCE ASSOCIATION

i AUSTRALIAN PROVINCIAL j The director;; of the Australian I'ro- ■ vincial Assurance Association. Ltd.. in their report for the year ended September 30. 1033, recommend a divi- ; (lend of I. 1 , per cent, per annum to .shareholders, as well as setting aside £31.181 for a bonus on all participating policies. Total premium income in _ the life department was £222,453. a tail of ,£20.523. and income from interest, rent;;, and dividends was £ U;j,031. an increase of £5293. Claims during the year were £179,202, which is £2.'i,fi7D less than in the previous year, when claims were the greatest ever experienced by the company. Death claims at £-12.049 were £13.089 lower, but endowments matured are shown at £92.500, an increase of L23,i71. The surrenders were £23 911 kss at £42.496'. A reduction of £1923 is shown in administration expenses but depreciation and mortgage losses' shown as one item, stand at £24 735' compared with £2033 for depreciation only in (he previous vear's acC f' J i l n "\ s -. T:,xalion amounted to £31,131, £IOOO is transferred to the Canberra transfer from reserve for land and income tax. During the year the actuarial reserve was altered from a 4 to a 3 : ] per I cent, net premium basis, for which purposes £13,000 was transferred from general reserve. Assurance funds are now £2,501.538, against £2 450 423 on the old basis. A sum of £3G'()57 'r, t ';J l,iilC:rrecl to fl ie appropriation aer.wV.'V 1 - 1551 bl '°»«lit forward and l -..U'.>2 from _the accident revenue acC "-V,' lt -r.r; ! -M i ' ;! is available, compared with £120.9..1 last year. A bonus to poncyholders requires £31.137 £IOOO is transferred to the Canberra leasehold reserve, and dividend of i; pegccul. per annum will absorb C44G'J leaving £.3029 to be carried forward' ~ JJI, 0 balance-sheet shows capital at .-3..7.028. Reserves stand at £SB 000 compared with £91,000 a vrar ago' Assets a-e valued at £3,093,704, 'of which Government 'securities at cost represent £1.331.027. the face vainbeing £1.426,555. Freehold properlies stand at £444,253. loans on mortgage at £ 790.WH, and loans on policies at £140,819. Shares in oth-r companies are shown at £22fi.2B(>. and deposits and cash on hand at The directors in their report state '.hat the position of the companv is now such that they are assured that, the bonus rate to policyholders will he maintained for future years, and 'hat with increasing business the rate will be augmented. AMALGAMATE!) ZINC I'MTM MAM FACTI'IUNC DELAY:? Net income of Amalgamated Zinc TV- navny'F), Ltd.. for the half-year rude! J,i;.o 80 amounts to £3105. or £B2O 1.---s t'iri-i for the preceding halfyear. Dividend i; at the usual rate of 5 per cent, per annum, whith rectuires .C/iOO!). To meet this payment £1895 is transferrer! I'mm dividend equalisation reserve to profit and loss account, but this re-'erve stands at the I'.r;: amount of Z 171.882. In tlvur r-port lh'. dirtc'oss r'ate that at the lime of their previous report, it was believed that a committee, on which Tasmoninn Paper I'ty., Ltd.. would be represented, would shortlv be set up to ('(induct tests to determine special esp'cts of the propo-al hi manufactory commorcie.llv pulp ;i"d varieties or n: or r m Tnsennis Abhnu'.'h this s|: g ' ha ! not ve' ""ci reached, exo. run.'r:'el work hart been coet'lined at Kcrinandie by arrangement with Derwcnl Valley Paper Co., Pty.. Ltd. The delay m proceeding wnTi the large programme of tests hart, in t'n'! oniruoo of the Tasmania!! paper dircclor;. h--"i nf ( -• ■"•P-. in that it 1-1 h ei'"U.t rndrr discus-ion i!n>->' ' fio-i I'-:'' r:"""it U1! I.i til:.' price of i"/".v.'priii\ 'lh" economic position ot the n'"A's;irint hidustrv overseas had been such as to demand the close:* scrutiny of proposals put forward, in order to determine whether they would offer over a period a basis of iirnf'U-ble operation. T'a.' entry into ' ■• ''■>■'> ''■■■.'■' ; i |"">- '-■ V'-"i d '■>>■ d ;- • ,l : '.". ' ■■.:. IP ' new p 'one .1 ■ mi'tlil gel! re snlt :n the i'ormubtin-i of a plan holding gi;eater promise I than would otherwise hav" been pos- j I HUME STEEL, LTD. | i riioiii' ; N.t ijroiit of Hume Steel. Ltd., for I the year ended September 30, after I providing for income tax. was £7787, | which compared with £2534 in 1932. j and £977 in 1981. The .amount brought: forward irorn the previous year was | £22.49';. The director.; have derided ! to nar. ::•:' V. 20,000 to ig serve, hav- 1 in; ; : 11.28:; to be carried forward. A s • :h. ■ Company is trading largely mi ■ harrowed money, the. dirtetors have j found it impracticable to recommend 1 the. navur'nt of a dividend in cash. I As pro-its have been earned, however, I the hoard considers that the interest j of preference shareholders should be | protected as far as possible, and in lit u of a cash dividend, it lias been decided to recommend the payment of a dividend in shares from the reserve account. It is proposed to issue I fully paid B preference shares at their face value to an amount representing ( l(l per cent, oi the A and B prefer- j (tice capital. The last dividend received by pr/fereneo shareholders was 10 per cent, in 1930. Kc.r, sale , ': U B.vl'i: ■ P.- . I' '•l'V.Ul.'l'l' I'l.'.'ml" -11-iI-:,.C ...| ~"■' 1..M .■:,'.< v..,. 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