AN OLD PUBLIC SERVANT. PRESENTATION TO LIEUT. ADAMS. COLONIAL MUTUAL LIFE ASSURANCE SOCIETY.

Evening Post, Volume LX, Issue 107, 2 November 1900, Page 7

AN OLD PUBLIC SERVANT. PRESENTATION TO LIEUT. ADAMS.

COLONIAL MUTUAL LIFE ASSURANCE SOCIETY.

The valuable public services rendered by ox-Lieut. J. F. Adams, of tho Municipal Fire Brigade, were fittingly recognised at the meeting of the City Council last night, wh,en the Mayor, on behalf of the committee which had taken the matter ir hand, presented Mr. Adams with a very large and handsome portrait in oils of himself. The portrait, which was painted by Mr. M'Master, of this city,' and was enclosed in a massive gilt frame, was a really excellent likeness of the original, who appeared dressed in full brigudesman's uniform, and wearing the numerous medals which he has won during his career. Among those present specially for the occasion were Supt. Hugo, tho present head of the Fire Brigade, and ex-Captain GK V. Kemsley, under whom Lieut. Adams served for many "years. Councillor Luke, in requesting his Worship to make the presentation, said he was very pleased there had been such a good response to the appeal made to tl c public' for a presentation to such a woi'thy citizen as Lieut. Adams. For twenty-five years that gentleman had worked in tne interests of the citizens as a purely honorary member of the Fire Brigade, and the fact that his old chief Capt. Kemsley had journeyed seventy or eighty miles to be present spoke volumes for the esteem in which he was held, not only by the community, but by his old comrades in the Fire Brigade. The Mayor, in making the presentation, said it was right and proper that when a man gave his services Lo the community — services rendered faithfully without a thought of fear pr reward, and which many times saved We as well as property -j— his fellow citizens should take cognisance of the fact and in some way express their appreciation of the services lie had rendered. He took it that that was what had been done on this occasion.. He understood that Lieut. Adams had always shown himself to be a capable fireman, always ready to do that which he felt it was right should be done, and he thought* it was only proper that services of that kind should be fittingly acknowledged. He was very pleased as Mayor of Wellington, and in the name of the citizens of Wellington, to ask Lieut. Adams to accept the portrait of himself. (Applause.) Lieut. Adams, in returning thanks, said it was true he had been a member of the Brigade for very many years, but he had always looked upon it as a pleasure to do anything he possibly could for the community, and he thought it -behoved every man in a young country like this to render a municipality any assistance in his power. He had endeavoured to carry out his duties lo the best of his ability, and. if he had. given satisfaction to the citizens — and it appeared that he had — he was nly too pleased to have been able to do so. The doing of it had always been a pleasure to him. (Applause.)

There was a good attendance at the annual meeting of the Colonial Mutual Life Assurance Society, Limited, at Melbourne, on the 24th October. Mr. Henry Henty, Chairman of Directors, presided. A report by the directors in connection with the fifth actuarial investigation of the affairs of the society was submitted, to the members ; also the actuary's report, a statement by the consulting actuary, the chief medical officer's report, and the various statements required by the Companies Act. The principal points of these documents were elucidated by Mr. Henty in the course of his address. The chairman, in moving that the reports of the results of the investigations of the affairs of the society for the period ending 31st December be received and adopted, said: — The reports of the actuaries are necessarily to a large degree technical in their character ; the practical results deduced from them are embodied in the directors' report. The quinquennium with which we are dealing has been an important period in the society's history, and you will all doubtless be gratified that the actuarial investigation made has disclosed so substantial a surplus as a result of the society's operations in these five years. The last few years in the colonies have not been characterised by vigorous enterprise, whilst in the Old World centres money has be^n at an abnormally low price. In a life assurance society the directors are bound, in fulfilment of their trust, to exercise prudence and caution. Hence it is that investments which are tempting from an inter-est-producing point of view, and which an individual might regard as legitimate investments for his own money, are often allowed to go by because they contain elements which do not satisfy 1 the tests we, as directors, have deemed it judicious to establish for the protection of our members. During no similar period in Australia's history has it been so difficult to invest money remuneratively and with safety, but notwithstanding this it will be seen from the actuary's report that the average rate of interest realised during the quinquennium was 4| per cent. The actuarial investigation has been made on the same lines as previously approved by the eminent British actuaiies, Mr. Thomas Bond Sprague and Mr. George King, the result being, notwithstanding the stringency of the tests- employed, the declaration of a surplus of £5278,879 14s ! 4d, to which falls to be added the amount paid away in bonuses during the quin- I quennium, £25,864 15s 3d. These amounts are equal in reversion to over £600,000. That, gentlemen, is a good round sum, and one upon which an office still ( a long way from old age may justly be congratulated, and promises well for the new quinquennium now fteguri. The policy of consolidating the business and strengthening the financial position of the society referred to on the occasion of the preceding quinquennial investigation has been steadijy pursued. The policy of the Board may be briefly expressed as follows : — Sound business at payable I rates, and investment at the best rate of interest compatible with safety. The whole of the assets of the society have been carefully .reviewed, the directors obtaining special valuations in all cases where doubt as to value existed. All realised losses have been written off. The amount of £67,969 is added to the investment fluctuation fund nut of the present surplus, making, with the sum previously at credit of the fund, £34,897 0s 3d, a total of £102.776 0s 3d. The Colonial Mutual has been transacting business in New Zealand for the last sixteen years, and holds covered risks amounting to over £1,200,000 in this colony. Mr. Arthur E. Gibbs is Secretary for New Zealand.