A.M.P. SOCIETY.

New Zealand Herald, Volume XLII, Issue 12852, 28 April 1905, Page 5

A.M.P. SOCIETY.

FIUTY-SIXTIS ANNUAL REPORT. ty Telegraph Press Association—Copyright. Sydney, April 27. Thk fifth-sixth annual report of the Australian Mutual Provident Society, ■ for-pre-sentation at the annual meeting of members on May 5, lias just been issued. It states that the new business was again of considerable amount, policies to the number of 14,538 having been issued during the year, assuring £3,739,301, and yielding an, annual premium revenue of £130,50415s sd, the neb gain in the volume of business in force being no less than £1,462,035.' Claims by death amount to £711,075, including £226,657 for bonus additions, the experience ill this respect being again! largely with in expectation. The usual searching investigation was made into the mortgage securities, and an additional sum of £19,276 lias been (set aside as & further reserve against possible depreciation, The total reserve on this account now stands at £227,154. A further sum of £10,000 was also written otf the office premises. lb is announced that during the year new district offices were opened at Lismore, in New South Wales, and Kalgoorlie, in West Australia, where, as well as at. Tamworth, New South Wales, office premises are cither in course of election or about to be erected oil suitable sites purchased by the society. From the report of ilia actuary, Mr. Richard Teece, it appears that all participating policies issued prior to 1903 have 'been valued as heretofore at 3£ per cent., while those issued since that date have been valued on a 3 per cent, basis. The standard of valuation is further strengthened! on this occasion by placing the whole of the annuities also on a 3 per cent, basis. The amount of cash- surplus available for division is £618,486, which will provide reversionary additions aggregating to about £1,200,000. The rate of expenses is, as usual, on a moderate .scale, being under 9 per cent, on the total receipts of the year. The effective rate of interest shows a slight increase over the previous year, and stands at the very satisfactory figure of £4 9s per cent.