AUSTRALIAN MUTUAL PROVIDENT SOCIETY.

Lyttelton Times, Volume CXXIII, Issue 15919, 3 May 1912, Page 4

AUSTRALIAN MUTUAL PROVIDENT SOCIETY.

ANNUAL REPORT. TPer Press Association.] WELLINGTON, May 2. The sixty-third annual report of the Australian Mutual Provident Society has . been issued. It states that the amount of new business transacted during the year in the ordinary department once moue constitutes a record, being in excess of thp previous year by no less than £833.453. Policies to the number of 21.783 were issued in this department, assuring £6,323,479, and yielding annual premiums amounting to £201,791, the net gain in the amount of business in force being £3,681.410. In the industrial department 27,084 policies were issued, assuring £989,568, with annual premiums of £62,880. Claims by death in -the ordinary department amounted to £873,943, including £261,753 for bonus additions, the experience in this respect being again extremely favoura-ble. The usual searching investigation was made into the mortgage securities, and it was found necessary to write off the sum of £1722 from the value of foreclosed properties, the value of office premises being written down by £12,556. Reference is made to losses by death during the year of Sir William Ziel, chairman of the Victoria local Board, and Sir John Forrest, of the Queensland local Board. Tho report of the actuary, Mr Richard Teece, indicates that the policy of gradually strengthening the reserves has been ijiilly maintained, and,extended and that the reserve of undivided profits amounts to £202,000. TLecash surplus available for distribution in the ordinary department amounts to £879,141, which will provide reversionary bonuses amounting to about £1,550,000. "The rate ol expenses in this department is extremely moderate, being only 8.49 per cent of the year's receipts. The effective rate of interest earned by the funds stands at the very satisfactory figure of £4 lis 9d per cent. In the industrial department the valuation of- policy liabilities discloses • a surplus of £34,700, and it is announced that a portion of .this will be applied in the allotment of bonuses to policies over five years in force. The report ns a whole is of a highly satisfactory character, and reveals a condition of continued prosperity of the most '-ratifying nature.