FINANCE AND COMMERCE LATEST MARKET NEWS

Gisborne Times, Volume LXXXVI, Issue 13126, 24 March 1937, Page 8

FINANCE AND COMMERCE LATEST MARKET NEWS

THE A.M.P. SOCIETY

EL DORADO IN LIFE INSURANCE

Hie enormous growth in life insure tmca business, always a good barometer of economic conditions, is evidenced ' by the experience of New Zealand’s largest house—the Australian Mutual Provident Society.

Tho 1936 Ordinary .Department new business total of substantially over 5J million pounds written by the/ Australian Mutual Provident Society in New Zealand alone is one of the greatest feats ever achieved since the inception of life insurance. It is almost 50 per cent greater than all the offices, including tin* A.M.P., wrote in New Zealand in 1910, only twenty years previously. The A.M.P. lias eight branches, six Australian, the United Kingdom, and New Zealand. Tliosii branches were all operating in 1916. Yet in 1916 all these branches wrote in Ordinary Department new business only £1,109,000 more than New Zealand by itself has just written in 1930.

In the United Kingdom (which includes Northern Ireland) the birthplace of life insurance there arc 93 life offices, over a dozen being very small concerns. Many of them are very old, well established with large valuable connections which automatically bring a good volumo of the best business. The United Kingdom field is a largo one, hut there are fewer lifo offices there in proportion to population Than there are in New Zealand. Yet of all these British offices doing business in tho United Kingdom eighty-six of them do not write as much new business each year as tho A.M.P. Society wrote in this small country in 1936. In other words, :ho Australian Mutual Provident" Society’s New Zealand business compared on a population basis with the United Kingdom would represent£l6G millions in a year, an amount almost equal to SO per cent, of the total English business.

These New Zealand results are.not due to an excessive number of agents being emuloyed or the commissions paid to agents. There are four reasons for this phenomenal growth in business and popularity. It is hard to say which, if any one of these reasons is tho most important. They are: (1) Monthly (or more frequent) premiums (2) annual issue of bonus certificate’s; (3) remarkably good organisation, which includes extensive but well directed newspaper and other advertising in well-selected media; (4) active and enthusiastic co-operation between the office and the field stalls. Any one of these factors by itself might have a ten per cent value. The cumulative effects of the four are tre mendous and produce the phenomenal results.

An analysis of the four causes listed above should be of both interest and value. (1) All intelligent men believe in life insurance but almost ail of them receive their incomes at frequent intervals during the year, the huge majority fortnightly or weekly. By making insurance premiums come duo frequently and so for small amounts, the Australian Mutual Provident Society met both , the needs and the ability to pay of the great majority of New Zealand insurers. Under the group system of insurance small periodical payments are 'actually the cheapest method of paying for assurance protection. One wonders how poorly would the average man’s pantry be stocked if be had to pay his butcher and other tradesmen even three months in advance. (2; The Australian Mutual Provident Society was the first life oifiee in the world to issue annual bonus certificates. starting the practice over fifty years ago. Even to-day only a few of the English life offices issue them, but three of these offices are among the six offices which write the largest now business in England. Every man likes to see something coming in, a didivend from his investment at least 3'cnrly. Nothing else convinces him so much as to the value of his investment. Any healthy man fee’s that the main benefits are remote, usually due only a long time hence. (3) The completeness of the Australian Mutual Provident Society's new business organisation can easily bo seen by any interested observer but it cannot bo fully grasped and understood except by some of the older members of its own staff. Probably very few even of these men have a 100 per cent knowledge of it. Each and all of the staff is an important cog, in some cases a wheel in this huge financial machine,, a human machine that is of stupendous value to the community wherever it operates. (4) A frequent visitor, ii observant, to .any business house can soon sum up the tone which charaoerises the staff and the whole business. This proves the right atmosphere between the public and the office. However .a, great deal more than this is soon apparent. The utmost co-operation exists between the held and office stalls of the office. There is a degree on both sides of enthusiasm, ability, and goodservice which wins and keeps large and,rapidly growing section's of the public of all ages whom the office exists, it is significant to know that esting, it is significan to know that of all the many life officers which have their headquarters in the United Kingdom old as many of them are, ■almost half of them older than the Australian Mutual Provident Society; no one of them has as much, ordinary department busines in force as lias the Australian Mutual Provident Society. • \•' •'' ' ■ ' . ■Groat- as are the 1930 new business .figures, there are many reasons to justify the conviction that the figures for 1937 and successive years will each, year be greater and better.

STOCKS AND SHARES

LI VESTOCK AI ARRETS

WESTFIELD YARDS

COW BEEF CHEAPER

(Pi •ess Association) AUCKLAND. March 23.

Sales, on Change: Tooths Brewery, 565; Electro. Zinc, prof., 64s ; Dunlop Rubber, 20s 3d; Alexander, Lis 6d; Rawang Tin, 13s- 7d; Auckland FUarbor Board, £101; E. S. and A. Bank, £6 10s 6d; Bank of New Zealand, 435; Auckland Harbor Board, 9/7/47, £lO3 10s; City of Dunedin, 1/4/48, £105; Dunedin Drainage Board, £lO5 10s; Coromandel Gold, Is Bd. i ! CHRISTCHURCH, March 23.

Sales on Change: New Zealand Loan and Mercantile ord., £49; British Tobacco, cm. div., 51s 6d, 51s 3d; Dunlop Rubber, 20s 2d; Electro Zinc pref.. 64s 3d; Alt. Ly el I, 56s 6d, 50s sd, 50s 4d, 50s 3d (3); Alt. Morgan, 17s 3d (2); Woolwortbs- (Sydney) ord. cum.-div., and rights, £7 7s 3d, £7 7s- Gd. DUNEDIN, March 23. Sales on Change: Electro Zinc-, ord., £3 2s Cd; Alt. Lycl, £2 10s; Bank of New South. Wales, £37 10s; N.Z. Refrigerating, 18s 3d. SWINE II USB AN DRY FIELD DAY AT FATDTAHI A field day on the property of Air T. W. Sewell at iPatutalii was held yesterday by Air 11. AI. Peirson, of Hamilton, instructional officer to the Pig Marketing Association. A large number of farmers- attended and were deeply interested. Mr Pe ; rson touched ou the different phases of Swine Husbandry, including housing, feeding, type, and quality and the selection of breeding stock. Ho selected one of Air Sewell’s boars and illustrated the points a good sire should have. He also pointed out the necessary features for baconers and explained tho method of crato weighing or animals still on the hoof, one third of the live weightbeing deducted to give tho approximate dressed weight. A pig, sent to the works too light lost money, whilst one overweight would not reach the top pried per lb. Air Pcirson stressed tho importance of sa feeding an animal that it reached fine condition and best weight at the same time.

A demonstratmu of the good points of dressed pin .is to be given at the Kaiti freezing works this morning and a further field day will he held to-morrow afternoon on the property of Air W. Graham at Ormond. Interested persons are invited to attend both these demonstrations.

STEADY DEMAND FOR SHEEP

better, prices for .baconers

(Press Association.) AUCKLAND, March 23

Cow beef was cheaper by up to Us 6d per head at Westfield to-day, when ;a largo yarding was sold. A shortage of ox produced firm late values in this section, the quality /generally was satisfactory. Extra, choice ox sold to 33s per JOOlbs; choice and prime 29s to 325; pl/iin, 24s to 28a; prune cow and heifer, 25s to 28s; ordinary, 14s to 245; extra heavy prime steers. £l2 to £l3 7s 6d; lighter, £lO to £ll 15s; light, £3 10s to £lO 10s; unfinished, £6 to £S 10s; extra, heavy cows and heifers, C 7 5s to £lO 10s; heavy. £6 10s t.) £7 2s 6d ; lighter, £4 to£6 7s (kl; unfinished, £2 10s to £3 15s. A limited yarding of sheep included fair quality and a steady demand caused little alteration in the firm values of recent sales, Lambs were comparatively scarce, but sold quite readily at rates on a par with those over last month. Heavy wethers made 28s to 35s 3d; medium, 27s to 305,; light, 24s 6d to 29s 9d; unfinished 20s to 26s 9d : maiden ewes, 24s to 265; heavy prime 21s Cd to 235; lighter 18s to 21s 6d; unfinished 5s to 18s 6d; prime lambs, 20s to 30s; unfinished, 13s to 20s. There was a smaller yarding of calves. The quality was good and the demand keen throughout. Values for all classes, except heavyweight, which were easier, maintained last week’s level. Runners made £2 8s to £5; heavy vealers, £3 18s to £4 18s; medium, £3 5s to £3 12s; light, £2 11s to £2 18s; smaller, £1 14s to £2 4s; unfinished, 18s to £1 14s'; bobby (and rough, 5s to 21s. Fewer pigs were offered. Good quality baconers improved in value and porkers sold at late rates. Choppers made £1 to £4 4s; heavy baconers, £3 9.4 to £3 15s; medium, £3 4s to £3 7s; light, £2 17s to £3 2s; heavy porkers, £2 Ss to £2 12s; medium £2 2s to £2 4s; light, £1 15s to £1 18s; small and unfinished, £1 5i to £1 Ids; wdaners, 6s to 13s; slips, 10s to 19s; stores, 18s to 28s. Baconers and porkers made from sid to s|d.