THE A.M.P. SOCIETY.

New Zealand Herald, Volume XLIV, Issue 13484, 10 May 1907, Page 5

THE A.M.P. SOCIETY.

RECORD YEAR'S BUSINESS.

By Telegraph.—Press Association.—Copyright.

Sydney, May 9. The fifty-eighth annual report of the A.M.P. Society, for presentation to the annual meeting on May 17, has been issued. The amount of new business is extremely satisfactory, being in excess of any previous year in the society's history. ; .

Policies to the number of 17,122 have been issued during the year, assuring £4,585,436, and yielding annual premiums amounting to i £158,531 17s 4d, the net gain in the volume of business in force being no less than £2,340,193. In the industrial department 15,365 policies have been issued, assuring £405,957, with annual premiums of £24,295 9s Bd. '■--' Claims by death amounted >to ( £729,971, including £220,711 for bonus additions, the experience in this respect being once . more. remarkably; favourable. , The 'tisiiif searching investigation has been made into mortgage securities, and a sum of £7997 has been written off the value of foreclosed properties, the value of office premises being also reduced to the extent of £17,350.

Reference is made to the suit brought in the Equity Court of New South Wales by Mr. 6. R. Campbell, to restrain the Board from proceeding with the extension of the society's operations' to the United Kingdom, and to the fact that the case is still subjudice, Mr. Campbell having appealed to the Privy Council against the decision of the Court, which was in the society's favour.

From the report of the 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 at three per cent; y- The amount of cash surplus available for division is £664,693, which will provide reversionary bonuses aggregating about £1,200,000. The rate of expense is on a moderate scale, being under nine per cent, on the total receipts of the year. Effective rate interest has been well maintained, and stands at the highly satisfactory figure of £4 9s 7d per cent. The report is one of the most satisfactory ever issued by the society.