A.M.P. Society’s Progress

Manawatu Times, Volume 63, Issue 106, 7 May 1938, Page 9

A.M.P. Society’s Progress

BIG BUSINESS IN NEW ZEALAND In an address delivered at the eightyninth annual meeting of the Australian Mutual Provident Society held yesterday, the New Zealand delegate said: — “The report which has been delivered by the chairman, and the balancesheet, afford eloquent testimony to the progress of this remarkable institution; I use the word 1 remarkable’ deliberately, because I think it must be agreed on all sides that the growth and stability of the society, attained during 89 years, are such as to fully warrant the use of that term. As regards the society’s operations in New Zealand, I am happily in the position of being able to state that wo have enjoyed a very successful year. New assurances totalling over £6,000,000 were placed on the branch books in the ordinary department —a record for the branch. When 1 was a visiting deleagte at the society’s annual meeting some live years ago, I reported ordinary department new business figures for the year then under review at 2,500,000 only. Admittedly, this was in the middle of the financial depression; but even so, the 6,000,000 odd that the branch achieved last year will be some indication of the expansion that has been made in our new business production.

“In common with the success achieved by the ordinary department, our industrial organisation has also an excellent year to its credit, another year of record business having been registered in the shape of over £1,000,000 of new assurance. Unquestionably the Is a week policyholder of to-day frequently becomes the £SOO or £IOOO policyholder of the future, and for that reason alone I think the department is a potent factor in maintaining the progress of the society as a whole.

“We have seen to-day that the society’s total assets have now reached the formidable sum of over £112,000,000. Of this amount, between £19,000,000 and £20,000,000 are invested in New Zealand, mainly in Government securities, local body loans, and in mortgages on farms and residential properties. The trusteeship of such a large sum, combined with the safe and profitable investment of our surplus money, is a I responsibility of which the local board and management are keenly sensible. On the whole, our farm and city securities are in a very healthy position, interest in arrear representing a comparatively small amount, and being confined to a few accounts only. “You will be interested to learn that the New Zealand branch has recently acquired a block of land in Wellington adjoining its present premises. The phenomenal growth of our business has rendered the acquisition of further space essential, and althougn our present building is but ten years old, the strides we have made in that time clearly illustrate the wisdom of enlarging our present accommodation while the moment is opportune. Our architects are at present engaged in drawing the necessary plans, and when the work has been completed, wo shall be provided with an enlarged building up-to-date in every particular, and commanding an unrivalled position in the commercial centre of the city. “My remarks would not be complete without some reference to the Dominion’s trade position, and in this connection I say that so far as the country’s primary products are concerned, with the exception of wool —which has shown a decided drop on last season’s returns—prices have remained steady and on a satisfactory level. Production itself has been well sustained, money has circulated freely, and official figures disclose that the unemployment situation is much improved. Being almost wholly a primary-producing country, New Zealand is, of course, very dependent on outside markets, particularly the market, for the salo of its produce. Any forecast as to the outlook for the future is, therefore, intimately linked up with the feondition of affairs reigning overseas, and in this respect repercussions arising from the international situation cannot be overlooked. “At the present time, the Dominion

Government is considering proposals for a national health and superannuation scheme. It is not part of my function in delivering this report to question the necessity or otherwise for a national superannuation scheme, but it might be of general interest to note that public savings already invested in the Dominion per medium of savings banks, life assurance offices and friendly societies, amount to roughly £123,000,000. Considering that this sum is exclusive altogether of private savings placed in other forms of investment, I hazard the opinion that the voluntary and selfreliant provision that has already been made by our people for future contingencies is more substantial than may be generally realised.

“In conclusion, may I voice my board’s appreciation of the untiring and loyal services rendered by the New Zealand staff and field representatives durthe successful and strenuous year that has passed. I cannot speak too highly of their combined efforts.