Page 3 Advertisements Column 7

Oamaru Mail, Volume IV, Issue 1322, 10 December 1881, Page 3

BUSINESS NOTICES Australian mutuaj- provi DENT SOCIETY In iio Wrfid, for 15tn June, we gave a sumn Jie Directors' Report of this Company . and if we refer to it again it is mainly in order to supplement and perfect a statement then made, which we find was short of the mark. We gave it out as something approaching a business phenomenon, that the Society throughout its entire career of thirty-two years had paid its claims out of 'interest receipts alone. This statement is undoubtedly remarkable but it falls far short of the actual achievements of the past year, when, as we now learn, the interest receipts exceeded the combined payments for claims, commission, and expenses of management by nearly LIO,OOO. If we are not mistaken, this result is entirely unique in life assurance history. Certainly nothing, so far as we haye observed, has been experienced comparable to it in the Old Country, and if aV parallel fact can be produced from any other ' quartet we shall be glad to emblazon it in our columns. But this is not all. ' In Great Britain we have'a few companies whose new assurances amount to a million a year. The number may be counted on the fingers who rise to that amount, while we have sT very large proportion, perhaps equal to 90 per cent, of our Companies, to whom such-a-result is altogether an unhoped-for event. But the new business of the Australian Mutual was for L 2,151,255, an amount (as is truly stated in the Company's advertisements), "far exceeding that of any other life assurance office in the British Dominions." The new annual premium income amounted to L 72,859, while the net increase to the business, after allowing for loss of income from terminated policies, was represented by 3822 policies, assuring L 1,227,643. This result, it is believed, is unparalleled in the history of life assurance, whether in the Old World, or in any other. Take another fact : the operations of the year—observe only the Society's thirty-second year—raised the annual income from L 694,233 to L 759,769, an increase in "twelve n withs of L 65,435, or 9A per cent, of the pre* jus year's revenue. Again, the fund was increased during the year by the sum of L 445,713, equal to 87 per cent, of the premiums received. These are very remarkable results ; not acounted for solely by the fact that they pertain to the " olde st mutual life office in Australia," or that the average interest received by the Society on its investments exceeds 6 per cent, per annum. These factors are of importance in the case, but they would only go a short way if the Society's business was not vigorously pushed. It is the untiring activity of the Society's executive that does it; and, as we have often said, activity is the synonym of expenditure. The Society is not sparse in its expenditure. But the results justify the outlay. That is the crowning fact to be borne in mind. t Which of our Companies, for example, great or small, commission or non-commission paying, can show a proportion of income laid by during the year 1 of-87 per cent, of the gross premiums received ? We know of none that can do this; for while we have several Companies whose expenses of management aro lighter than the Australian Mutual, we have none, we believe, that can show a lay-by, after providing for expenses and claims, equal to 87 per cent, of the premium income. Something should also -be said in regard to the liberal, not to say enlightened, business principles of the Society. These constitute a series of advantages secured to policyholders, which are of a nature, it may fairly be presumed, to silence all objectors, and to remove the scruples which many persons profess to entertain against a too exacting system of life assurance. : The. Society's policies contain no conditions as to travelling. Members are allowed to travel all over the world without license or payment ,of extra premium. A. policy is not forfeited through habits of intemperance contracted after the policy is issued, or through being convicted of felony, or by reason of the assured dying by the hands of justice or by suicide, provided, in the latter case, suicide is not committed within thirteen months after the dato of assurance. Policies are endorsed with an admission of age when issued, provided a. certificate of birth is produced; and if that cannot be obtained, the best evidence of age obtainable is accepted. A policy, when tho age has. been admitted, is free of all conditions after being five years inforce, provided the life assured has resided within the 'ordinary limits from the date of the policy, and has attained 30 years of age. And when these conditions have been complied'with, a Mutual Provident policy becomes absolutely indisputable and unchallengeable, , and the life assured can reside in any part of tho world without having to pay any extra premium. And last but not least, indeed the most liberal principle of all, is that tho policies of this Society, when they have en» dured three years, are kept in force* after they have become overdue by non-payment of premium until the surrender value of the • policy is exhausted. And in proof of the fact that this principle operates, and is not a mere flourish of trumpets, it is announced by the Society that at 31st December, 1880, " the number of policies on which premiums were in arrear, and; which were being continued in force by means of this liberal regulation, amounted to 1804, on which there had- been advanced by the Society for payment of premiums (exclusive of interest) the sum of L 33,187." We may add, the Society is not a competitor for business within the United Kingdom> but it has its reputation to establish. And Englishmen going to Aus- ■ tralia may by the foregoing tokens leara where they can find an office in which to assure of the" highest class, and working under the most liberal principles known to the profession anywhere in the world.— From the London Commercial World, of Ist July, 1881. AUSTRALIAN MUTUAL PROVIDENT SOCIETY (Established 1549). The Oldest Mutual Life Office in Australia, NEW ZEALAND BRANCH : HEAD OFFICE, CHSTOM-HOUSE QUAY, WELLINGTON. Local Board or Ditiectoks : The Hon. Charles Johnson Pharazyn, M.L.C., Chairman. The Hon. Sir William Fitzherbert, K.C.M.G., M.L.C., Deputy-Chairman. A. deTJ. Brandon, Esq., M.H.R. Charles J. Johnston, Esq., J.P. The Hon. Morgan S. Grace, M.D., M.L.C. Medical Officer : Dr. W. G. Kemp, M.R.C.S. (Eng.) Resident Secretary : Edward W. Lowe. Tne result of the thirty-second year's busiess may be summarised as under : First.—The number of New Policies issued was 6551. Second.—The New Assurance business effected was for L 2,181,258, an amount far exceeding that of any other Life Assurance Office in the British Dominions. Third.—The New Annual Premium Income amounted to L 72.859. Fourth.—The Net Increase to the business, after allowing for loss of income from terminated policies, was represented by 3822 policies, assuring L1,227,G43. This showing is, it is believed, unparalleled in the history of life assurance. Fifth.—The operations of the, year raised the Annual Income of the Society from L 694.283 to L 759,768, an increase in the twelve months of L 65.455, or per cent, on the previous year's revenue. Sixth.—The Accumulated Fund was increased during the year by the sum of L 445,713, equal to 87 per cent of tha gross premiums received. Seventh.—The deaths -among lives assured were 285, in number, causing claims upon the Society for the sum of L 121.443, including bonus additions under 261 policies. ; Eighth.—The Interest Receipts for the year exceeded the combined payments for claims, commission, and expenses of management by nearly LIO,OOO. Accumulated Funds, Three and a-half Milions sterling. Prospectuses, forms of pr.oposal, and all other information may be Obtainedson application to the Resident from any of the Society's Agents. •• " EDWARD W. LOWE," :ih/- Resident Secretary. Local Agent for Oamaru— GEORGE; SUMPTER. Travelling Agent—' 824 GEORGE W. DENTON.