AUSTRALIA’S REVIVAL

Greymouth Evening Star, 12 November 1932, Page 12

AUSTRALIA’S REVIVAL

A.M.P. PRESIDENT INTERVIEWED. “If I had my way I would make life insurance the law of the land, and then all would be better off,” said Mr A. M. Loewenthal, President of the A.M.P. Society’s Federal Field staff, who was visiting Greymouth, in the course of a two months’ tour of New Zealand, to a “Star” representative yesterday. “Of all the securities a man might possess,” he added, “none is more valuable than a life policy in any great life office, insofar as the policy increases in value year by year, by the addition of the accruing bonuses, and loans are always available after the policies have been two years in force, for as much as is represented by the loan value of the policy, when the application is made.”

Mr Loewenthal is accompanied by Mr H. W. Piper, of the firm of Carr and Piper, the Society’s chief agents in Wellington. It is interesting to note that Mr Piper was taught at the Grey Main School for some time by the late Mr A. A. Adams, then Headmaster.

Conditions in Australia had now much improved, said Mr Loewenthal, 1 as the .people had realised their difficulties, and had met them boldly and courageously. They were now enjoying tire benefits of ■ sound econontic legislation. He had noted only this morning that the Commonwealth Prime Minister had announced a reduction of Commonwealth taxation, owing to the higher' income over and above the income forecasted at the beginning of the last financial year. That was great news, and the outlook in Australia was particularly bright. Australia ‘had realised the necessity for readjustments, and had faced the position with a determine-, tion to meet the troubles, without fear of the consequences. “During the political upheaval” he continued, “all Commonwealth and State securi-l ties were reduced from 15 to 20 per cent —an enormous discount in such securities —and yet to-day, as can be seen from the records of the Stock Exchange, Commonwealth bonds and stocks are in the neighbourhood of par value in some cases, and at a premium in many other cases, while shares .in public companies, which were also materially affected by political happenings have been for the most part, restored to pre-depression levels, with every prospect of reaching a higher level of prices by reason of the confidence, , which, happily, permeates the Commonwealth. In other words, confidence has been completely restored throughout the Commonwealth and the people realise there is now nothing to fear in the conduct of their political affairs.” Like the Dominion, Australia enjoyed the benefit of an excellent season and record harvests were practically assured. . The pastoral industry, as far as production was concerned, was very satisfactory, and prices showed an upward tendency. With pride Mr Loewenthal referred to the improved position of the A.M.P., whose accumulated funds today are in excess of £80,000,000 ..The Society’s investments in various loans ; to the Commonwealth and States of Australia, to New Zealand and other Dominions, to Great Britain, and to local Government and other public bodies in Australia, New Zealand and

other Dominions, were stated at the last annual meeting of the Society, to be £45,092,230 —I—7. If the Governments of the past, he said, had employed the cold calculations, which enable great life officers to establish themselves in the confidence of the people, taxpayers would not now be called upon to give back so much of their income in the shape of tax-

ation, to their Governments to conduct the affairs of State. Stressing this point, Mr Loewenthal added that about one-fifth, namely £16,000,000 of the Society’s funds, was invested in New Zealand, Dominion and other countries, which amount would suffice to pay the claims of every policyholder on the New Zealand register of the Society in full, in New Zealand currency.

He was surprised, he said, that public-spirited men did not make greater use of life insurance in making bequests to charitable institutions, as this enabled them to assist a particular cause and yet leave their estate intact for their dependents. As an example of what he had been advocating, he said he had taken out life insurance policies of £lOO each in favour of ten educational, charitable, and philanthropic institutions. The premiums were paid by the interest on Commonwealth stock which, when he died,, would be included in his estate, while the institutions named, would receive in cash, the amount of their bequests. He pointed out that it was frequently difficult. to pay bequests contained, in wills owing to the fall-in real estate values. Mr Loewenthal would make no comment on New Zealand. He was reserving that, he said, until he had completely toured the country, when he would give the people of New Zealand a precis of his views and impressions.

“Naturally, as an Australian,” he said, “I have a great deal of respect for the traditions of the great man who did so much for New Zealand and the West. Coast, and I approached this city with a great amount of veneration. I refer of course, to the late R. J. Seddon, a man whose name and works are almost as well known in Australian politics, as they are in New Zealand. Speaking of tradition, th© A.M.P. Society is an outstanding national institution of Australia in this respect, claiming, as the Society does, in some cases, four generations of the one family, as policy holders.”

Mr Loewenthal and his wife have taken a very wide interest in public welfare in Australia, and they hold the unique position of being on the board of management of two separate hospitals, while their son, is the medical superintendent of a third. Mr Loewenthal is on the board of the Royal Alexandra Hospital for Children at Camperdown, Mrs Loewenthal is on the board of management of the New South Wales Benevolent Society, which, among other things, controls the activities of the Royal Hospital for Women, and their son is at the Royal North Shore Hospital. “We claim that the Alexandra Hospital is the best equipped children’s hospital in the world,” said Mr Loewenthal. The hospital is supported by voluntary contributions, and the proceeds of lotteries.

While the rush of flat building was at its height in Sydney, little or no provision was made for children, and prospective tenants with ifamjilies were often turned away. When Mr Loewenthal built a block of flats at Bondi, however, he made it a condition that the tenants were to have families, and provided a piece of ground valued at £3OOO to be used as a play area for the children. In conclusion, Mr Loewenthal said he would like to pay a tribute to the Press of the Dominion for the ready facilities that had been so generously placed at his disposal during his “good will” mission, in making better known the national value of the Society’s operations. Everywhere the Press had been more than kind.