GOVERNMENT LIFE INSURANCE ASSOCIATION.

New Zealand Herald, Volume XXIII, Issue 7646, 25 May 1886, Page 5

GOVERNMENT LIFE INSURANCE ASSOCIATION.

The Government Life Insurance Association have issued to the policyholders the annual report for the year ended December 31. ISBS. The following are the principal portions : —

The new proposals receivod during the year numbered (5423. for a total sum of £1.393 249 IS*, as against 4f>29 proposal* presented tlio previous year for £1,137,217 4* 7d. Of the proposals received 4379 bfc*m» policies assuring £S.'9 709 lGs. and annuities for £Sfi9 l"s 8d per annum, sn a(jiinst 3309 policies issued In 18S4 Insuring £800.016 Is 9J, and annilitios for £310 Is '2.1 per annum. The number of proposals declined was 487, and in tho remainder of tho cases the proposers failed to complete. Tho Industrial branch is being rapidly wonn>l up. 'I ho policies in force at the end of the year numbered 4193, assuring a fltod sum on sd It lltos and a varying sum on those of the children, amounting in all to a total of £59,514 13s. The weekly premiums on the policies In force in this branch amounted to £5! 12«. Tho oum paid for death claims during the year was £A7;> 5/. At the end of 1835 the accumulated fund amounted to £1.102,034 lis lid, showing an increase of £129.258 W-* 3d. The amount of new business daring ISSS i< in excess of that of the previous year, and abovo the avera, e of the last five years. The quinquennial period ended wish the closo of the year 1885. The particulars hare been sent home for the Knglish actuaries to work out the remits. A largo portion of the increased expenditure is due to the three causes of tho transfer of the busluess from the Government Department to the Incorporated Association, and the additional expends entailed by the now orjan'sation and by the quinquennial investigation. The alphabetical list of electors, the expanses in connection with voting and with tho elections, the larger advertising required, the reprinting of policies, forms, and prospectuses, the directors' fees, the travelling expenses, postages, and telegrams, all Incidental to the causes referred to, are estimated to have absorbed throe thousand four hundrod pounds of the additional expenditure ; tho balance may be down to the expansion of the bminoss. The Hoard has lent, and Is continuing to lend, considerable sums on mortgage of freehold Property. Very great care is exercise !in every esse to ascertain that the security is a deairablo ore. Tho Board is also taking up the debenture* of municipal bodies authorised by Parliament. The Board, at the wish of tho Government, his agroed that not loss than two-fifths of the assets for the time being shall be invested In Government securities: *n investment beyond that amount in these securities to he opt on*l with the Hoard. The expenses of management are sot forth as follows Salaries, £11,463 13s 4d ; directors' fees, £600 ; qulnquenbial expenses, £9JO ; medical fees, £4812 Ids lid : travelling expenses, £2055 12s 3d ; advertising, £730 ISs 4d ; printing and stationery, £235.0 3s : rent, £991 Ss 2d ; postugo, £1000; telegrams. £718 18s Sd ; exchange, £15S G.i Id ; olllce furniture depreciation, £252 4i Sil ; general expenses, £2170 ISs 9J : total, £28,205 Os 2d.