A Business Romance—Birth and Progress of the AMP.

Dominion, Volume 30, Issue 175, 21 April 1937, Page 7

A Business Romance—Birth and Progress of the AMP.

AT the present time the assets of the Australian Mutual Provident Society amount to over One Hundred Million ‘rounds, and the achievement of such’' a record in the history of the Society has suggested a review, very briefly, of its birth and progress. In the “Sydney Morning Herald” of January 1, 1819, there appeared an advertisement beaded: — Australian Mutual Provident Society, for the assurance of Lives, Annuities and Endowments. (Established in 18-9 under the Act of Council 7 Vie. No. 10.), No. 487 George Street. Sydney, opposite the Barrack Gate. Followed a list eoutaining the names of Patron ami Vice-Patrons, Trustees, Directors, etc., and an invitation of the Directors for all interested parties to peruse the rules and study the various tables, which would be supplied on application to the secretary, Mr. AVilliam Perry, or agents. Thus was brought to fruition, the efforts of a small band of far-se°ing pioneers, who had conceived the plan of establishing a Life Office on purely Mutual principles, successfully fathered the project, ami, on that far-away January day, launched their fragile craft on the troubled financial waters of tlie infant colony of New South Wales. The first Annual Report of the Society is worthy of note, as being perhaps more in the nature of an exposition of tlie benefits of life assurance, rather than a record of progress made during the year. Tn part it reads: — FIRST ANNUAL REPORT of the Directors of the Australian Mutual Provident Society. In presenting their First Annual Report, the Directors of the Australian Mutual Provident Society have the satisfaction of placing before the Members the Balance-Sheet of (he Society for Hu- first year of its existence, from which it. will be gathered that, notwithstanding the heavy preliminary expenses attend-

ing the formation, there is a clear balance of £42/4/8 in favour of the Society, independent of the Stock-in-Trade, and proportion of preliminary expenses, which items increase the balance to £265/8/1. This statement, although more favourable than tlie Directors anticipated the first year, it is not so llaittering as to enable them to congratulate themselves upon it. . . . . Struggling under the disadvantages of the commencement, with all the machinery to get ready and put into operation, this young Society has issued Policies during the year to the extent of nearly £lO,OOO, producing an annual income of upwards of £260 They congratulate the members that no risk has fallen in during the year. . . . . The Directors would earnestly impress upon the Members the desirableness of their forwarding the interests of the Society by spread-

ing as much as they can amongst their friends, the objects of this institution. The principles on which the Society is founded are proved from experience to be correct, and similar societies. From the original ininutc books of the Society, which arc In wonderful state of preservation, we take the following interesting excerpts:— August 14,1850. If was proposed by Mr. Ebsworth, seconded by Mr. Fairfax, and carried. that the sum of 30/- be placed on the table each board day, to be divided among the Directors present as they shall determine September 11, 1850. The Secretary read a letter he had ‘

received from Mr. Purejoy consenting to give a lecture on Life Assurance and Deferred Annuities, in terms of the request made of him.

January 25, 1853.—The Fourth Annual Report reads:— “ .... A marked improvement. . . . Since its commencement in 1849, 239 policies have been issued, yielding an annual income of £2716/0/4: of these 207 are now in full force, the premiums of which mount to £2378 4/8. And so on down through the years, the business of the Society has continued to progress. Gradually, as the Society prospered and circumstances warranted Branches were opened in each of the Capital Cities of the Australian Colonies and in New Zealand, whilst District Offices were established in the more important of the provincial towns, so the interests of the Society’s Members and Clients generally were effectively served. In'the land of its birth, as well as throughout the Dominion of New Zealand, the A.M.A Society is somewhat of a National Institution, and occupies a “unique position” in the general and commercial life of tlie community. By its willingness to assist National and State Governments in making funds available for necessary public works and'utilities, and by affording similar financial help to Local Bodies, the Society has proved true to its past traditions, its aim being to foster and promote the welfare and happiness of the people. Withal it stands to the world at large as one of the finest examples extant of the success of the purely “Mutual” institution, where the common interests of the members are paramount. Periods of depression and times of stress and war have temporarily checked its triumphant progress, but it has emerged from glory to still greater glory. In 1936 Ordinary Department New Business total of substantially over 5| million pounds written by the A.M.P. Society in New Zealand alone, is one of the geatest feats ever achieved since the inception of life insurance. It is almost 50 per cent, greater than all the offices, including the A.M.P., written in New Zealand in 1916, only 20 years previously. Compare this with the item in the Society’s first balancesheet. showing policies issued to the value of nearly £lO,OOO. In concluding this brief and somewhat disjointed resume, one would note with pride tht all sections of the Society’s wonderful service have contributed to its present higher standing in the community, and to the success of its financial operations. Integrity and Service may well stand as the ideals of those whose privilege it is to labour for the Society.