T. & G. MUTUAL LIFE SOCIETY

Grey River Argus, 17 December 1943, Page 7

T. & G. MUTUAL LIFE SOCIETY

Sound Progress Melbourne, 16th, December, 1943. The 67th Annual Meeting of the Society was held to-day. The Chairman, Mr. J. T. Thompson, said that as nearly 1,700 of the staff had been released for War Service, thus disturbing normal activities, the issue of 100,450 Policies, Ordinary & Industrial, assuring £10.654,229 was a satisfactory result. The Income had grown to £7,424,880 —an increase of £317,545. £3,170,147 was paid to Policyholders. £2,130,912 being paid in Maturity Claims. Expenses were substantially lower than for previous year. £lOO,OOO has been transferred to the General Contingency Fund. The Funds increased by £2,681,349. Mr. Thompson drew an analogy between the Society’s business and that of a Superannuation Fund, which is comprised of a number of members who co-operate for their mutual protection and provision of mutual benefits at retirement or death. In each case the funds are. held for the purpose of meeting liabilities to the members while they belong solely to the members. A Life Society is not a wealthy institution. The funds of this Society £40,889,551, required for meeting claims are held in respect of over 1,200,000 policies, the average amount per policy being very small. More than £10,000,000 has been subscribed to War Loans, £4,090,.000 being contributed last year. The amount in Government and Local Body Securities is now 63.5 per cent, of the total assets. A further reserve of £185,000 has been made for unforeseen contingencies and the possible consequences of the war, while bonuses on the same scales as for last year had been approved. These bonuses will be credited in the Society’s records to participating policies and will commence to operate from Ist January, 1944. The Chairman, after extend'" g the sympathy of the Board to the relatives of members of the, Staff who have been wounded or killed in Active Service, expressed appreciation of the efficient services of both the Field and Indoor staffs.