A.M.P. SOCIETY.

Evening Post, Volume LXXVII, Issue 107, 7 May 1909, Page 3

A.M.P. SOCIETY.

AN ENCOURAGING REPORT. RECORD BUSINESS DONE. By Telegeaulu— Pre*s Association.— CoDyrijiit, SYDNEY, 6th May. The issue of the sixtieth annual report of the Australian Mutual Provident Society marks the occasion of its diamond jubilee. The amount of new business transacted during the year once more constitfutes a record, being in excess of the previous year by no less than £178,000. , Policies to the number of 19,117 were issued in the ordinary department, assuring £5,042,351, and yielding annual premiums amounting to £164,870, the net gain in the volume of business in force being as much as £2,699,000. In the industrial department 17,41« policies were issued, assuring £590,903, with annual premiums of £36,452. The claims by death in the ordinary department amounted to £793,390, including £248,145 for bonus additions, the experience in this respect being again exceedingly favourable. The usual searching investigation was made into the mortgage securities, and a sum of £6103 has been written off the values of foreclosed properties, the value of office premises being also reduced by £13,280. I Reference is made to the establishment of a branch office of the society in London, and it is stated that a satisfactory commencement has been made, and that there is every indication that a large measure of success will attend the extension. - _ The report of the actuary, Richard Teece, F-.1.A., P.F.A., opens with an interesting retrospect of the transactions of the last ten years, and institutes various comparisons with ' the first fifty years of the society's history. The valuation has been conducted on the same stringent basis as heretofore, and the reserve for contingencies has been augmented by £10,000. The amount of cash surplus available for division is '£732,445, which will provide reversionary bonuses amounting to about £1,300000. The rate of expense is again exceedingly moderate, being, only about 9 per cent, on the total receipts of the year. The effective rate of interest realised on the investments has been well maintained, and now stands at the satisfactory figure of £4 8s 2d per cent., The report, , on the whole, is of a most encouraging nature, and speaks well for the present prosperity and future prospects ojc the society.