AUSTRALIAN WIDOWS' FUND LIFE ASSURANCE SOCIETY (LIMITED).

New Zealand Herald, Volume XXXVIII, Issue 11581, 20 February 1901, Page 3

AUSTRALIAN WIDOWS' FUND LIFE ASSURANCE SOCIETY (LIMITED).

The annual meeting of the members of the above society was held at the head office, Melbourne, recently. The chairman, Hon. J. M. Pratt, M.L.C., —Gentlemen,—lt becomes my pleasing duty to move the adoption of the annual report which is today submitted to you along with a statement of the revenue account and balance-sheet of our society for the 29th year of its * operations. In doing so you will allow me to draw your attention to some of the leading points in these documents, which, one and all, tell a tale of advancement and prosperity in every direction. You will notice that we have again to report a large increase in the volume of new business transacted during the year. Our energetic representatives have brought before us upwards of 4000 applications to be admitted to our membership, amounting in the aggregate to £840,511. The net result of our new business operations for the year was the issue of 3060 new policies assuring the sum of £637,627, and yielding an annual premium income of £24,617 14s Bd, together with single premiums of £1884 15s lOd. We also issued 12 policies for the purchase of lifo annuities of £426 4s 2d, in consideration of the sum of £4630 15s 9d. These are results with which we have good reason to be well satisfied. They represent the best figures for this quinquennium. At our last annual meeting wo reported a new business which exceeded that of the previous year by upwards of £130,000. This year wo have not only succeeded in maintaining the flow of new business at the pitch then reached, but have actually exceeded that of last year by close upon £60,000. I therefore claim that the record we have placed before you is ono of the best evidences one can dethat, however healthy and prosperous the colonies were when we last presented our annual statement, they are still more so now, and the outlook to-day is even more reassuring than it was a year ago. Our report shows that the amount paid for surrenders and the amount written off for loans on policies discharged by surrender, last year, was the lowest on this account for the past six years. This is ono of the very best evidences of the confidence of the members in the affairs of the society. I wish I could impress upon every individual' polioy-holder the wisdom of keeping h» policy in. force. Through neglect of this on the part of the husband ffnd father we, as directors, have had frequently under our notice the great hardship caused to the widow and children. Heartrending cases,, through neglect in the payment of a. re-, newal premium, are far more frequent than you may imagine. In passing from the accounts, I think it will.bo of interest to tell you that, during the 29 years of our existence we have paid in cash to members or their representatives the very large sum of £1,372,885 12s 6d. And we have still in; hand against future claims £1,428,293 13s 5d well and safely invested, and producing a rate of interest nearly £1 per cent, per annum greater than that upon which we base our actuarial valuation. The report was unanimously adopted, and the retiring directors, Hon. Simon Fraser, M.L.O, and the Rev. Dr. Marshall, were re-elected.