"OUR SET-BACKS"

Evening Post, Volume CXXVII, Issue 105, 6 May 1939, Page 11

"OUR SET-BACKS"

LESS FROM EXPORTS

BUT INSURANCE MAKES PROGRESS

Sir Alexander Roberts, of Wellington, in his speech at^the ninetieth annual meeting of the' A.M.P. Society, yesterday, referred to \he fact that that was the first 'occasion on which, as a branch director, he had enjoyed the privilege of attending an annual meeting of the society. He congratulated the president upon the presentation of a report which, in all circumstances, was highly satisfactory. After expressing the regret of the New Zealand board at the disastrous bush fires in Victoria and New South Wales, he remarked": "Although we in Ijew Zealand have not been without our setbacks during the year, the branch gave a good account of itself by completing over £4,750,000 of new assurances in the ordinary department, of which 44 per cent, represented further assurances on the lives of existing policyholders —without doubt one of the best advertisements the society could have. In the industrial' department the year was one of continued progress, and by the addition of new assurances totalling over £900,000, the business in force in that department was. raised to over £6,000,000 —truly, indicative of the sturdy growth of thife important side of our operations." .

"The society has over 200,000 policies on its books in. New Zealand," said Sir Alexander, Isand, allowing for dependants of married members for whose protection policies were effected, it may be said that of the total population of the Dominion probably onethird is interested either directly or indirectly in our welfare." BUILDING PROGRAMME. The steady expansion of business in New Zealand necessitated detailed plans being prepared for very considerable extensions to the present fine building in Wellington and for an entirely new building in Auckland to cover the existing site and additional frontages recently purchased. It was intended to proceed with these upon the requisite permits and licences being granted. New premises were to be erected in Gisborne upon a fresh site. In all three of these important centres the society would possess valuable premises in select positions particularly ■suited to its purposes. The society's investments in New Zealand were over £19,000,000. "Unfortunately, during the year there was a sharp decline in the primary production of the Dominion due to seasonal difficulties, fall in export prices,; and other factors," said Sir Alexander. "■But it is hoped tht more favourable conditions will be experienced in the future.'! He referred to the proposed early inauguration of the trans-Tasman air service which should bring the peoples of Australia and New Zealand closer together and result in a closer community of outlook to the advantage of both countries.

Concluding, he said: "Although present conditions may be s6mewhat disturbed, our results for the first quarter of this year provide ample reason for anticipating that the New Zealand branch will contribute its fair proportion' towards whatever new business total may- be written by the society as a whole' for 1939."