A.M.P. SOCIETY

New Zealand Herald, Volume LXX, Issue 21480, 2 May 1933, Page 5

A.M.P. SOCIETY

IMPREGNABLY SOUND BONUS RATE MAINTAINED SYDNEY. April 13 At the annual meeting of the Australian Mutual Provident Society held in Sydney to-day, the chairman referred in his speech to the very satisfactory results achieved and the progress made by the society during 1932, notwithstanding the unfavourable economic conditions prevailing. New business was materially increased and void business decreased. A net increase of business was shown for the year and notwithstanding a decreased income from interest, the valuation of policy liabilities shows a surplus for distribution of bonuses slightly larger than that of the previous year, ana the new individual bonuses will be maintained practically at the rates for 1931, where existing bonuses have not been surrendered. " . ' t In supporting the motion for the adoption of the report, the "New Zealand delegate, Mr. J. G. Duncan, said: "It is my privilege to represent the New Zealand Board. ■ "On the last occasion when I had thitf honour, some three years ago, it- wa» my good fortune to report new business of over £5,000,000 from the two departments. This time I have a different tale to tell. When I say that New Zealand to-day stands in much the same position as that in which this great Commonwealth stood a year or so ago, each and all of ydu will sympathise with lis and appreciate our difficulties. Australia appears to have turned the corner. New Zealand may be said to hardly see round the corner as yet. We have corrected our trade balance, which is now in a satisfactory position, but the necessity for balancing our Budget has demanded the exploration of, additional avenues of taxation, the burden of which is being felt acutely by our community. Life assuriance premiums are savings. In times of prosperity these are substantial and general. •To-day the bulk of our people are hard put to it to make ends meet. Hence, our total of almost £2,500,000 of new business for the year under review is, I submit, fully as high as could have been expected under the circumstances, and reflects much credit on our staff, both indoor and outdoor. "Notwithstanding the adverse circumstances of the present times, and, may I say, the keenest possible competition, I am pleased to tell you that the A.M.P.' is holding its own in a wrv marked degree in our Dominion. The total business in force on our boons represents over 40 per cent of the whole amount in force in New Zealand, although there are at least ten other offices actively operating there, lou will see, therefore, that our . great society easily holds the foremost place in the confidence of New Zealanders. That confidence rests upon the exceedingly high reputation which the ' A.M.P.' has justly gained everywhere and which will now be further enhanced by reason of the excellent report which has been submitted to-day. "To be able to record an amount of new business over £2,000,000 in excess of the previous year can only bo described as extremely remanta-blo and that announcement is only eclipsed by the statement which you have been able to make regarding the virtual maintenance of the previous year s bonus rates. It will, I am sure, come as a most gratifving surprise to our policyholders to learn that, after having set aside the heavy reserves which the directors have thought it, prudent to hold in order to provide for possible investment losses, and in spite or the inevitable reduction in interest earnings due to present circumstances, their bonus additions may be expected to show little, if any, diminution as compared with those allotted for the previous year. - ,» "I have very great pleasure, flir. Chairman, in supporting the motion for the adoption of the re ' doing so, wish to congratulate jou and Tour colleagues on the board upon its eminently satisfactorj character.".