A.M.P. SOCIETY.

Oamaru Mail, Volume XXXIX, Issue 10765, 13 May 1911, Page 6

A.M.P. SOCIETY.

[By Electric Telegrapeh-Copyhight.]

(Per Press Association.) Sydney, May 1.1.: . According to .the 62nd annual, report of the Australian Mutual Society, which has just been issued, the amount of new business transacted during, the past year, in the Ordinary Department constitutes a record, being in excess of the previous .year' by £323,373. 19,560 policies were issued in this department, assuring £5,490,026, and yielding annual premiums amounting to £176,570, the net gain in the amount of business in force being £2,961,640. In the Industrial Departmental ,/pl policies were issued, assuring £777, r4O, with annual premiums of £48,416. The claims by death in the Ordinary Department amounted to £779,826, including £251,968 for bonus additions, the experience in this respect being again extremely favorable. The usual searcbj- [ ing investigation was made into'the mortgage securities, the sum of £9096 written off the value of foreclosed properties, the value of office premises being also reduced by £19,793. Reference is made to the opening of new district offices at Shepparton (Victoria) and Gisborne (New Zealand), and also to the passing of the Society's Consolidating Act and amendments of the bylaws. Tho report of the actuary (Mr Richard Teece) indicates that the policy of gradually strengthening the reserves for liabilities has been fully maintained, and that the reservd of undivided profist has been increased to £200,000. The cash surplus available for distribution in the Ordinary Department amounts to £839,602, which will provide reversionarv bonuses amounting to about £i,'500,000. The rate of expenses in this Department shows a decrease upon the previous year, being 8.36 per cent, of the year's receipts. Tha rate of interest earned upon the funds remains satisfactory, and now stands at £4 9s 8d per cent. In the Industrial Department the valuation of policy liabilities discloses a surplus of £17,841, and it is announced that a bonus will be allotted to some or the industrial policies at the close of 1911.