T. & G.

Hauraki Plains Gazette, Volume 53, Issue 32517, 15 December 1944, Page 5

T. & G.

. MUTUAL LIFE SOCIETY STEADY PROGRESS Melbourne, Dec. 14, 1044'. The 68th. annual meeting of the society was held to-day. The chairman, Mr J. T* Thompson, said: The new business -which resulted from operations in Australia and New Zealand only, comprised 106,271 policies, ordinary and Industrial, assuring £13,485,325. Accident department new business totalled £2,864,033. The substantial increase in new business was partly due- to improved completions m the group assurance department. The increase was also indicative of an. abundance of money due .to full employment. The diversion- of any surplus of purchasing power into life assurance is an important safeguard against inflation and is of immense value to the economic structure. . The income increased to £7,828,600. £3,285,410- was paid to policy holders. The expense rates were satisfactory. £lOO,OOO was transferred to the contingency fund. The funds increased to £43,825,838. Life assurance funds should never be regarded as a reservoir of public credit. They arise from the contributions of members who have cooperated for their mutual protection against the hazards of life and the uncertainties, of old age,, and are held by the directors for the one definite purpose of meeting liabilities under the policy contracts 1 . The funds of this society are held in respect of 1,307,996 policies. Neither the members nor the directors of the society are likely to forget that these funds are sacrosanct, and that every precaution must be exercised in their investment until they are required for payment of claims. .More than £15,000,00.0- has been subscribed to war loans of which £4,425,000 exclusive of the unpaid portion of the society’s subscription of £400,000' to the New Zealand Victory Loan was contributed 1 during the year. The actuary’s report discloses a surplus, of £783,324. .Of this, £115,000 has been reserved for unforseen contingencies and the possible consequences of the war and the greater part of the balance distributed, providing for certain increases in last year’s bonus scale in the ordinary department and. for bonuses on - the. same scale as for last year in the industrial department. These bonuses will be. credited in the society’s records to participating policies and will, commence to operate from January 1, 1945.

The chairman, after extending the sympathy of the board' to relatives of members of the staff who had-'been wounded or killed in action, expressed appreciation of the efficient, services of both the field and indoor staffs.