Page 6 Advertisements Column 3

New Zealand Herald, Volume XXV, Issue 9061, 23 May 1888, Page 6

Australian Mutual Provident Society. _\ , AUSTRALIAN JJUTUAL pROVIDENT gOCIETY. ESTABLISHED 1849. FOB ' i LIFE ASSURANCE ON THE MUTUAL PRINCIPLE. DIRECTORS: Chairman—J. P. ABBOTT, Esq., M.P. Deputy-Chairman— R. HILL, Esq. J. T. WALKER, Esq. I THOMAS LITTLEJOHN, Esq. JOHN ARTHUR, Esq. REPORT. To be presented at the THIRTY-NINTH ANNUAL MEETING of the Members, to be held at the Proteetant Hall, Castlereagh Street Sydney, on WEDNESDAY, the 16th day of May, 1888, at two o'clock p.m. 1. The Directors have to report that the amount of new Assurances effected during the year 1887 shows a reduction on that for the years 1885 and 1886. It may be mentioned, however, that the reduction in the amount of new business has been accompanied by a corresponding reduction in the cost of procuring it, which took effect on Ist January, 1887. 2. During the twelve months ended 31st December, 1887, there have been received 13,748 Proposals for sums amounting to .--.•••••"» £4,607,245 of which 4,040 were declined, withdrawn, or not completed, amounting to - • — » • » 1,450,550 Leaving 9,708 Proposals accepted and completed, assuring ..--..». 3,156,695 Add for completions in respect of Proposals received prior to Ist January, 1887— 227 Policies assuring - - -"- .•..»••. 66,650 Making the total new business for the year 9.935 Policies for ---..-....... £3,223,345 This business includes 144 non-participating Policies assuring £33,451. 3. The New Premiums amount to £121,214 6s 3d, of which £12,530 18s 0d represents Single Payments. The following is a Summaj*y of the Business effected :— No. op Policies. Sum Assured. Single Premiums. Annual Premiums. Assurance ... ,_ ... 9,837 £3,210,489 £3,545 14 7 £108,112 13 9 Endowment ._, «. 77 12,856 755 18 10 534 0 5 Annuity ... .- ... 21 (1,173 11 0) 8,229 4 7 36 14 1 Per Annum. _»___«-. __________________________________ Total.. _» ... 9,935 3,223,345 12,530 18 0 108,683 8 3 12,530 18 0 Total New Premiums .„»_,.►.»-. .*. -._»_- £ 121,214 6 3 4. Claims have arisen under 564 Life Policies by the death of 497 Members, amounting to £273,792 18s. 5d., including £49,892 18s. sd. for Bonus additions. One Hundred and One Endowment Assurances have also matured, amounting to £44,737 6s. od., including £13,137 6s. Od. for Bonus additions. 5. The Accumulated Fund has increased by £831,646 6s. 2d., and now amounts to £7,468,246 ss. sd. 6. The following is a Summary of the Policies discontinued during the past year — ASSURANCE POLICIES. ENDOWMENT POLICIES. ANNUITY POLICIES. How Discontinued. llinm _ op v. Sum Annual N . Sum Annual k a*-*Yttty Annual riO ' Assured. Premiums. * , °* Assured. Premiums. " v§ p^ A nkum. * >REMIDMS ~ " ~~~~ £ £ £Td7j £ £ s. d. I £ s. d. £ s. d. By Death or Maturity _, „ _. 665 255,500 9,821 610 ! 76 9,824 521 522 284 12 8 515 12 0 „ Surrender .-_-*_ ~ 1,151 475,410 16,960 18 4I 36 8,700 343 08 .- «.«. •_,«. „ Forfeiture _-_-*--~ 2,280 726,419 23,030 15 8| 29 3,400 176 5 8 2 40 0 0 _,— 4,096 1,457,329 48,813 010 j 140 21,924 1,040 Hβ) 4 324 12 8 515 12 0 7. The Number of Policies issued since the establishment of the Society to the 31st December, 1887, is 120,624 Assuring 690,717 of which 38,519 Assuring £13,468,484, have been discontinued, leaving 82,105 existing Policies Assuring £29,222,233. The Annual Income from Premiums amounts to- « - - • - . . £970,957 8 7 And from Interest to-- ---•-•••.. 452,627 4 5 Making the Total Annual Revenue of the Society ....... £1,423,584 13 0 8. On the 9th May last J. H. Goodlet, Esq., and Isaac E. Ives, Esq., resigned their seats at the Board, and the Directors, in the exercise of the powers conferred on them by By-law V. of the repealed code, appointed Thomas Littlejohn, Eeq., and Gkobge Knox, Esq., to nil the vacancies thus created. It is with extreme regret that the Directors have to announce the death on the 9th March Inst of the latter gentleman, who had during the time he occupied a seat at the Board, proved an able and courteous colleague. The vacancy created Tjy his death has not been filled by the Directors, in consequence of tho near approach of the Annual Meeting, at which the policyholders can select a Director. 9. The Report of the Actuary, together with the Valuation Balance Sheet, which is presented herewith, and which has been adopted by the Directors, shows that the surplus of Funds over Liabilities, at 31st December last, was £614,325 13s sd. The Directors have resolved, in accordance with the recommendation of Mr. Black, to distribute as a cash bonus among the members the sum of £375,343 7s Id. The distribution is now being proceeded with and the bonus certificates will be issued with all possible despatch. 10. The new code of By-laws which formed the subject of discussion by the members at meetings held on 16th May, lsb, 9th, and 16th June, was confirmed and finally passed at a meeting held on 4th August, 1887. 11. Owing to the provisions of By-law XXXI., which rendered members of 70 years of age ineligible for seats on Local Boards, the following Local Directors became disqualified and resigned their seats : In Victoria, the Hon. T. T. a'BECKETT ; in New Zealand, C. J. Pharazyn, Esq. ; in Queensland, Kkarsey Caknan, Esq., M.R.C.S. ; and in Tasmania, the Hon. T. C. Smart, F.R.C.S., M.P. The Board appointed the following gentlemen to fill the vacant seats : in Victoria, the Hon. Wμ. A. Zeal v M.L.C. ; in New Zealand, the Hon. G. M. Watekhouse, M.L.C. ; in Queensland, C. H. Buzacott, Esq. ; in Tasmania, Dr. E. O. Giblin.

12. An amendment of the Act of Incorporation, extending the powers of the Board in regard to investments and providing for any amendment that may be thought necessary in the scale of voting, is now before the Legislature. 13. The Directors have made the usual scrutiny into the whole of the Society's securities in New South Wales'and Imve satisfied themselves that the amounts advanced are adequately secured. Certificates regarding the mortgage securities and the values of freehold premises in the other colonies have been obtained from the various Local Boards. With the exception of that from South Australia, to which reference was made last year, these certificates are all of the most satisfactory character. In South Australia the Society has acquired by foreclosure properties held as security for advances amounting to £13,711 14s sd, but it is not anticipated that any loss will be sustained on them. 14. The Society's freehold premises, which stand in the books at £300,514 9s 10d, have been valued at £372,440 4s 4d ; the net increase of value, amounting to £71,925 14s 6d, has not been included in the divisible surplus, but has been incorporated in the accounts in the Investment Fluctuation Fund. Full particulars regarding the values of these premises will be found in the Actuary's Report. 15. The Society's Scheme of Assisted Assurance and Superannuation has received the careful consideration of the Board, and the Directors herewith submit a separate report with definite recommendations which they commend to the acceptance of the Members. A Special General Meeting has been convened for 13th June next for the consideration of this question. 16. Thomas Littlejohk, Esq., having been appointed by the Board to fill an extraordinary vacancy, retires at this meeting unde r the provisions of By-law XIV., but is eligible for re-election. A second vacancy arises from the death of Georcie Knox, Esq., while a third is created by the operation of By-law X., which provides for the election at this meeting of a seventh Director. The following fentlemen, being duly qualified, have given notice that they are candidates for the vacant seats :—Wμ. Brigcs, Esq., R. J. King, Esq., iiEDK. Lee, Esq., J.P., Tuos. Littlejohn, Esq., W. P. Mankind, Esq., A. H. K. Maxwell, Esq., Ajlf. Wμ. Meeks, Esq., H. J; Spier, Esq., Jas. Thomson, Esq., Alex. Wilson, Esq. 17. John F. Paige, Esq., the senior auditor, retires in terms of By-law XXVIIL, and is not eligible for re-election. The following duly qualified members have given notice that they are candidates for the vacancy:—Neville Dowling, Esq., Geo. Hamilton, Esq., Thos. Pratt, Esq., and Wμ. Rigo, Esq. For and on behalf of the Board of Directors, J. P. ABBOTT, Chaibman. AUSTRALIAN MUTUAL PROVIDENT SOCIETY,, REVENUE ACCOUNT, From Ist January to Slst December, 1887. Amount of Funds on Ist January, 1897 ... .. ..£6,636,699 19 3 Claims under Policies m ». „ „ .. £272,994 17 4 Renewal Premiums .. .. .. .. £837,164 6 3 Endowments Matured .. *. «. „ ... 54,763 8 0 New Premiums on 9985 Policies, assuring Surrenders .. .. .. m m ~ ~ 99,946 11 11 £3,228,345 and yielding an Annual Revenue Annuities .. .. .. .. «. „ .. 10,296 5 9 of £108,683 8s 3d .. .. .. .. 103,694 6 6 Bonuses paid in Cash .. — «. .. .. 44,508 4 0 Consideration for Annuities granted.. .. 8,229 4 7 Commission—on New Premiums «. ». £87,097 0 4 Interest .. .. .. .. .. 418,636 9 2 „ on Renewals „ «. 3,162 0 11 Rents Received .. .. .. .. 7,368 1110 ■ 40,249 1 3 Finos .. .. .. .. .. 208 10 8 Expenses of Management— Net Increase in Value of Office Premises — 71,925 14 6 Salaries .. .. .. .. .. £37,533 8 9 ———— Superannuation Allowance to late Secretary 1,200 0 0 Total Revenue for the year 18S7 ■>«•*• 1,447,278 8 5 Directors' Foes .. .. .. .. 3,967 10 0 Auditors' Fees .. .. .. .. 825 12 0 Medical Fees and Expenses .. .. 17,186 10 9 Law Costa.. .. .. .. „ 475 18 9 Office Rent ...... M 6,602 16 6 Advertising .. «. M „. 2,311 17 0 Printing and Stationery _ .. _ 6,445 15 5 Postage and Duty Stamps «. „ „ 6,549 10 6 General Expenses.. „ ~ .. 5 p i63 c 4 Travelling Expenses .. .. 653 19 0 Exchange.. .. „ _ .. 706 19 3 Taxes— . New Zealand License Fee M M 200 0 0 „ Property Tax « „ 2,97210 4 South Australia License Fee «. w 44 19 9 „ Income Tax '„ „ 40s 4 2 Tasmania License Fee .. «. .. 60 0 0 „ Property Tax.. w «. 24 0 0 Decrease in re-valuation of Government Debentures .. 1*526 1 7 Amount of Funds Slat December, 1887 .. ... „', 7,465|240 5 5 28 £8,083,876 2 8 BALANCE SHEET. 81« i December, 1887, ~" LIABILITIES. ~~~' ASSETS Assurance Fund, Participating .. ..£7,157,867 16 1 Loans on Mortgage in New South Wales, Victoria, QueensEndowment Fund „ 26,060 11 0 land, South Australia, New Zealand, and West Australia £4 630 607 3 8 Annuity Fund ~ 21,534 12 4 Loans on the Society'e Policies (within their Surrender Value) 1,482,806 15 10 Non-participating Fund 177,045 12 1 New Zealand Government Debentures .. .. .. 164 464 0 0 Investment Fluctuation Fund 85,737 13 11 Queensland „ „ .. .. , 192 540 0 0 South Australian „ „ .. ~ ~ 20*000 0 0 Total Funds as per Revenue Account £7,468,240 5 5 Tasmanian „ .. .. 40 200 0 0 Claims admitted or announced, but not paid 91,987 13 11 Freehold Premises (Head Office) .. .. £76,607 8 4 Annuities due ....-.„- 72 13 7 „ (Victoria) .. ... 63,342 13 4 Outstanding Accounts ..mm — 9,515 13 6 „ (South Australia) ... 38,606 6 0 ■' i.i 101,576 10 11 (Queensland) .. „ 85,265 14 10 i, (New Zealand).. „ 122,269 16 5 ~ (Tasmania) .. „ 17,414 3 4 1, (Western Australia) ... 10,620 0 0 ; „ (New South Wales) m 89,831 16 I ~ , .. _ , £442,857 12 7 Properties acquired by Foreclosure .. .. _ «. 18,711 14 6 Office Furniture, Head Office and Branches - „ _ 8,494 10 l .'•■'• Sundry Debtors.. •*...»«■,». m 4,62118 4 Reversionary Interest ... «. .. — 1492 n 6 Agents' Balances — 549 9 3 Outstanding Premiumß, Head Office and Branches .. .. 84,963 9 3 Accrued Interest _ 40,260 17 9 Cash on Deposit with Bank 274,000 0 0 Balance of Current Account wytb the Society's Bankers (Head Office and Branches) .- ... .. „ .. 168,258 1 5 Balance in Hand „„.. «. — _ «, 194 74 £7,8g9,828_ 6IS £7,569,82j! 6~6 MORRICE A. BLACK, Actuary. RICHARD TEBOB, Secretary. . We, the undersigned, hereby certify that we have examined the Books, Vouchers, Accounts, Mortgage Deeds, Public and other Securities of the Australian Mutual Provident Society, and compared them with the Balance Sheet) and find them all to be correct. ' SYDWnr, 20th April, 1888. JOHN F. PAIGE, I auditoes. JAMBS aOBJmXSON,/ AUDITOE3,