A.M.P. SOCIETY.

Dominion, Volume 1, Issue 179, 24 April 1908, Page 10

A.M.P. SOCIETY.

j: : , ■■: .■ »- — \l - ' REPORT FOR 1907. ' ' . PROGRESS AND PROSPERITY CONTINUED. / - . . J )V TELEGRAPH—PMISS ASSOCIATION—COI'YIU (51? • ' ' Sydney, April 23... i The fifty-ninth annual report .of the"Aus- ' tralian Mutual Provident Society, for presen- ' tation, at the, annual meeting of members on ' May'<i, lias just been' issued. The amount • of new business transacted during the year > again constitutes a .record, being in excess'of . last year's total by. no less ithan ->G275,000;' • Policies to the number of 17,797 'were issued,' t, .assuring ,£4,863,553, and yielding annual pre- • miuins amounting to .£162,183 17s. Gd., the 1 net gain in the volume of, business-,in force >. being as much as .£2,568,000. In. the industrial department 16,648. policies were issued, 5 assuring ,£508,629, with annual premiums. - of .£31,163 12s. The claims 'by, death ) amounted to; 991, including ,£231,253 for ; bonus additions, the experience in' this re- - spect being again exceedingly favourable. i Tho usual searching investigation was made 1 into the mortgage securities, and a sum of • .£5537 has been written off the value of fore- . closed properties, etc., the value of office ' premises being also reduced to the extent of . '£21,181. Reference is also made to the suit ; brought .by Mr. G. R: Campbell to restrain i tlie Board from proceeding with tho extension ; of the society's operations J to the United King- , dom. -Mr: Campbell having appealed to the Privy Council, tho case was hoard - on Feb--3 ruary 20, but at the date of tho report judgment had not been delivered. ■ ,■ i, ' From the report of .t(ie;actuary, Mr. Richard 3 Teece, F.1.A., F.F.A., it appears that all par- : ticipating policies .issued prior 'to 1903 have been valued as heretofore at ,3-i per cent., while i, those issued since that date have been valued s at 3 , per cent. The amount of cash surplus 1 available for division is which pro--1 vides reversionary bonus amounting to about ; i£1i265,000. The rato of expense is again exceedingly moderate, being under 9 per cent, t on the total receipts of . the year. The effecr tivo; rate of interest realised on tho invest- . 'rnents shows an increase over the . previous ; year, and now stands at 9s. lid. per' cent., ; a figure which must bo admitted to be highly satisfactory. The . report on this' occasion contains the voluminous returns required by Hie various local Acts of Parliament, and embodies a large mass of valuable and interesting information.. ,