PROVIDENT LIFE ASSURANCE COMPANY.

Otago Daily Times, Issue 15383, 21 February 1912, Page 2

PROVIDENT LIFE ASSURANCE COMPANY.

■» ANNUAL MEETING. Tho annual meeting of shareholders of flic Provident Life Assurance Company was held in the company'*; head oflico, Provident Buildings. Duncdin, yesterday. l)r \Y. S. Rolwrt.i; (chairman of the company) presided, mid, 'aftor tho annual report and balance sheet had been taken as r«\d, moved their adoption. Ho then said: Yon will expect mo, as on former occasions, lo refer in some detail fo l3ie figures in tin: accounts for the year which lias just closed. : It is a pleasure to me to ho again able lo congratulate shareholders upon an excellent year's results. The good prowa made in 1910 has ken well maintained in 1911, 11,158 new policies being iwaicd during the year for £422,000. Taking first the royomio account, you will sio that our premiliums have- increased by tho 6trm of £5324, a similar increase to thai made in the preceding 12 -months, and this increase has I boon obtained at a lew expenditure than I that, for tho previous year. We can now |ioint to a total income of £12,005. These figures show the steady growth of the business, and, I think you" will agree with tie. are of a very satisfactory character. During tho year 5000 new shares woro allotted- by tho directors at a premium of 4s per flwre. thus further strengthening the company's position. Von will agree that this "is an advisable course to pirrsue in a business such ua ours, and when wo are coiitimialiy extending our operations. On tho ofiicr side of the account, claims are somewhat less than tho preceding year's total. Commission and other expenses are referred fo in tho report, nml do not en 11 for special mention by ire. Management expense, licad oflico and branches amount to 12.38 per cent., as against 13.35 per cent, for the 12 months of 1910, which indicates that fh--> company is king conducted with prudence and economy. Following our usual practice, the whole of the new business expenses Inve Ixwi written off. You will see that the osmi ranee- funds of the comnany excliisive of capital, wore, at the' date of balance. £53,244 13s 6d, and have thus been augmented, as a result of tho voa<-'s working, by the sum of £10,118 8s *3d-a h.vdfonio addition, even if wc deduct tire premium on llio now shares, and- it- easily eo n . stithies, a record. Our total sulwiiVil capital and funds now exceed £103.000 Tho bianco sheet- docs not prcwit nnny features inquiring ronark or exnlanation no n,vcis show municipal and" Harbour i tA f!pl r c "!" rrs £^2 ,. 85, • «s«>mpnr«lwitJi J ijlb.iil of the preceding voar. and an increase in this chs s of seciiritv of £(,vi I/oans on freehold nroportv have risen f ~-,,„ £21,006 in 1910 to £M.Bo> "„ ]9 ,i " , ,' lo not think that there is anything more for mo to say on the sulijkl. of the- accounts. \\„ ■have had a wry successful 12 months, a,id shareholders, I think, have evorv reason lo k- with the results wo are ab'e to show. I must noi. omit \„ rx|irpfs (J|(l directors sense of their indebtedness to f,'io management for ftcir sound and ab'e control of (Jin biisinew. and to the staff genera ly for their loyal and valuable '~p r . vices throne .out the year. Refold [' ( ~„. elude I should mention that, c/nr co-director and general manager (Mr W. M. Kirkealdvl proceeds lo Kn ? la.nd at the oud of (,>,;, month upon business, and may bo detailed thrre some time. The (JewsraJ Manager said: Speakinir for myself and tho staff eenemllv, whirh'now ninnber s over 150, we rnnoh apnrrcinto t.lm o i.-urnmi s kind recognition of our It i« mrst. j,|«iMnfr to be aI.V to ,„<J.j s.a-cholders war after year with results fiiowmir such deadv progress of the |-. n) ,.;'. tie<>, will now tint we can write Rf> .,| v liaif (i millK-r, , n rev.- assu-anecs peranum,,' yon will realse t.b"l the co.npa.nv i* mekii"'» lt*elf fell in AiMt.ni.L-a and Now Zoa!, lm | and Ihw speaks H'mw, f or |.|, c v ;, a | i)v j our .managers a n<| field staff of whom I an, jtnlv proud. BnYmm'vwent to Uio of an or.wfli«uinn is hrgelv aovmntabV for d,s ~n , | t rnll „' !8 , Ir(> W| imwh imprec.nto the eonfirlenee and kind'v interest, taken by |l.|> chairman and my codirnetor-, whMi aels as a grent incentive for rcd---.tb!od efforts in this v-r 1912. ,\, you n-r* mvare, our ijmit 'rPUiu'lv h ,' n frctiriwr and frainintr a sufficient 'numher of surt.ibl" auenfs and superintendents f„ r our cvcr-Li~iva«in" hirrniß* and itc extendinrronneeiions. Troeompony. in ."dditfon to I*li".' reprewnt/yl UvroM?hou|. Vow y im land, ha= brwhr* fn Ryrhiev. Mell w ,rii fl " and Br-'shw-o. !IW | an office in London w-h-re pimniiinm may l>e tv-n'd .-ix\ e| a '; mc settled, and we hoi>n nrosi>ntly to furtlioe\l<—d'fir ramifieEtinns, The adopted of th" rewrt and 1-al.mee :£^s t £Z? ""**<»»*<« bk ' !Cf ' SWt W " , " Mni - The retiring diree(/» r ([)r W. fi. was recited. <IW I Mr ocw R] , • ro'eleetefl auditor.