COLONIAL MUTUAL

Evening Post, Volume CXXI, Issue 140, 15 June 1936, Page 12

COLONIAL MUTUAL

RECORD IN BUSINESS

REDUCED EXPENSES

Records in every respect are repor C ed by the Colonial Mutual Life Assui ance Society this year. Sir Harr; r Lawson, chairman of the society speaking at the recent annual meei ~ ing in Melbourne, said that mar'ce nrofiress had again been made in al three departments of the society's bus: ness. With £11,638,479 (a record flf lire) new business in the ordinary dt partment, it was again second amon all Australian offices in new busines u written in this branch of insurance The group insurance system pioneerei by the society in Australia and Nev Zealand had swept into popular fa\ n our, and, despite intensive competi " tion, this section of the society's activi " ties continued to expand rapidly. The most gratifying feature of th t year's operations. Sir Harry said, wa ! the general tendency towards a reduc n tion of expenses. The record nev u ordinary business was produced at ; cost more than 13 per cent, lower thai in the previous year. The result of the society s jnvesl 3 ments during the year had been satis factory. The interest • rate on fund was £4 9s Id per cent., and, as th saciety assumed, for purpose of valu£ 3 tion. that its funds in the future woul earn only 3 per cent., the excess ir » terest represented a tangible source o 5 sui'plus. The society had more tha: j 50 per cent, of its funds invested ii Government and other stocks and dt bentures. The house purchase plan of assui ance had proved so popular that fo the year under review £486,711 hai . been advanced. 1 Liquid securities, freeholds, am other assets were written down for th year by more than £115,000. The valuation of the society's lis ) bilities under its policies had again re vealed a very satisfactory surplus, not withstanding the fact that the value tion of the industrial policies had beei i. made on the basis of 3 per cent, in terest, instead of 3J per cent., a hitherto. The mortality experienced amonf policy-holders during the year hac again been remarkably light, Sir Harrj continued. Ratios of actual experienc< to expectation, in accordance with th< tables of mortality used in the valua tion of the society's policies, were abou' 3 per cent, less than for the previou: year, the .number of deaths in the ord inary department being only 47 pei cent, of the number expected. The accounts showed that the so ciety's new business expense rate (ord inary department) dropped by nearlj 14 per cent, of the new premiums whilst its general expense rate droppec by 1.3 per cent, of its renewal premiuir income, showing that the volume of business had been accompanied bj greater economies which were not gen erally experienced on increasing nev business. The sum of £115,000 hac been written off securities forming ar inner reserve and the contingency re serve funds showed a substantial in crease. All Government Stocks were written down to produce 4 per cent and all doubtful interest, etc., was ex eluded. -On the society's valuatior rate of 3 per cent, an ample interes margin was earned. MINING NEWS REPORTS AND RETURNS Talisman Dubbo reports for perioc ended May 30.—Dubbo level: The rise at 440 ft north was put up 19ft, tota' , 119 ft above the level. The reef is Sir wide, of good assay value. An inter mediate level was started at 100 ft up and advanced 22ft north and 12ft soutl: of the rise. Average width 7in, value fair. Stoping: Ore broken in the stopes from 245 ft to 380 ft north, 160 ft above the level, 21in wide, of very good value. In the stopes from C3oft to 680 ft north, assays averaged fail for width of llin. Talisman No. 1 level: Stoping: Ore broken in the stopes from the main rise to 40ft south 70ft above the level, 9in of very good value. The drive south advanced 24ft, total 725 ft. Assays from 700 ft to 723 ft south showed good values for an average width of lOin. The reef at 725 ft south is 22in wide, clean quartz, together with another 18in of lode formation consisting of quartz, gravel, and clay. BIG RIVER. Big River Gold Mines, Ltd., reports for the week ending June. 10 as follows:—Shaft repairs.—The main sets have been replaced up to a point 35ft above No. 1 intermediate level. The centres have been replaced in position for nine feet above the cap of the intermediate level chamber. Repairs to the dam have been completed and the men's services dispensed with. GLENROY GOLD. Mr. S. G. Holland, chairman of Glenroy Gold, Ltd., Christchurch, in moving adoption of the report and balance-sheet, referred to the efforts made to interest outside concerns in the company. Although every effort had been made, the negotiations had had no result. The directors had made an effort to save the company, which was in an impossible position at the present time. A tentative proposal of two men, who had been working on the claim, to build a tunnel to enable the claim to be worked efficiently until a new "dry land" dredge is built, was accepted. A decision to approach the Government to finance the construction of a new "dry land" gold dredge which is prophesied to do away with the trouble of removing stones from sluicing claims was reached. BUNDI DREDGE. The dredgemaster of the Bundi dredge reports that during the period ended May 27 the dredge operated 125 hours, treating 30,000 yards of material, for a recovery of 650z 2dwt lOgr of gold. During the period the plant was closed down for boiler repairs and annual inspection of the boiler. MAORI GULLY. (By Telegraph—Press Association.) GREYMOUTH, June 13. Maori Gully return was 14oz 3dwt for 134 hours' work. AIIGO GOLD. ißy Telegraph—Press Association.) • GREYMOUTH, June 14. The Argo dredge returned 520z from 9000 yards in 90 hours. PRICES OF METALS. (By To!cgrapb.— Press Assn.—Copyright.) LONDON, June 12. Today's quotations for metals, with those of June 5 in parentheses, are as follows:— Pig-iron.—Home trade, £3 10s a ton (same); export, £3 10s a ton (same). Antimony.—British, £67 a ton (same); foreign, £42 10s a ton (£43 10s). Molybdenite.—36s Gd a unit (same). Wolfram. —31s 3d a unit (31s 9d). Osmiridium.—£lo to £11 an oz (£9 to £10). The official London (middle) quotations for Friday, as reported by the Australian Mines and Metals Association, compare with those previously cabled as follows:— June 11. June 12. Per ton. Per ton. Copper— £ s. d. £ s. d. Standard, spot 36 1 10J 36 5 7$ Ditto, forward 3G 3 l\ 36 11 3 Electrolytic . 40 0 0 40 5 0 to 40 10 0 40 12 6 Wire bars ... 40 10 0 40 12 6 Lead — Spot 15 3 9 15 3 9 Forward ... 15 6 3 15 7 6 Spelter— Spot 14 2 fi 14 0 0 Forward ... 14 7 6 14 5 0 TinSpot 184 7 6 135 12 fi Forward ... 182 17 6 183 7 G SilverStandard, per ox 19 13-16 dl 9 7-8 d Fine 21 3-Gd 21 7-16 d