AUSTRALIAN MUTUAL PROVIDENT SOCIETY

Grey River Argus, 12 May 1911, Page 5

AUSTRALIAN MUTUAL PROV IDENT SOCIETY

".. ' :•**•— (By Electric Talejpraph — Copyright.) SYDNEY, May 11. i According to the 62nd annual re? port of the Australian Mutual Provident Society, - which has just been issued, the amount of new business transacted during the past year in the ordinary department constitutes' a record, 'being in excess of 'the" previous year by 1?;560 policies were issued in" this " department assuring £549,000 and yielding 1 annual premiums amounting tb t;i/6,570; the* net gain in the amount of 'business in force being £2,961,640. . In the industrial department 21,751- policies . were issued assuring £777,740 with annual premiums of £48,416 claiiii by the death in the ordinary dep'irt--nfent amounted to £779,826, iuciii 1Lig£251,968 for bonus additions,, experience in this respect being ai-am fav> durable the usual searching investigation was made into the moifgege securities. The sum of £9,096 u-s's written off the' value 'of the foieclosed properties, the value of the office premise* being also reduced by £19,693. - •Reference is made to the opening of the new district at Shepparton, Victoria, and Gisborne, N.Z., and also to the passing of the Society's Consolidating Act and amended code of by-laws. ihe report of the actuary, Mr Ric- . | hard Teece, indicates that,, the policy of gradually strengtheningP'tfie reser- : v yes for liabilities -has -been fully" V maintained "and ■ that the reserve o* the unaividea proms uas oeea t^-' creased to £200,000, The cash "surplus available for distribution in the ordinary department, amounts to*. £839,602, which will provide reversionary bonuses amounting to about £1,500,000,, . , • The rate of expenses in this department shqjws a decrease upon the previous yearns receipts. The rate of interest earned upon the funds re- , mains isatisf acotry, . and now stands at £4 ys'Bd per cent.' ■ ■ ■; ' In ■ the industrial department the' valuation of policy liabil-ties disclosed a surplus of £17,841, and, it as announced that the "bonus will be aljlotted to some of the industrial i.plicies at the close of 1911. ," .'