THE A.M.P. SOCIETY.

Otago Witness, Issue 2201, 7 May 1896, Page 20

THE A.M.P. SOCIETY.

■ .. » Sydney, April 30. The forty-Bevonth annual report of the A.M P. Sooiety, to be presented at the annual meetingon th« BtH May, discloses an incr^sed •amount of buaineas represented by 10,857 polioiep, assuring L 2,989,602,, 989,602, yielding an annual revenue of L 102.004. The mortality experienced for the year was extremely favourable, 821 members having died, as against 848 in the previous year. The annual investigation into mortgage securities ba« been made, but owiDg to the particularly exhaustive investigation of the previous year It has only been found necessary to set aside a further Bum of about L 16.000 to augmont^ the reserve for possible depreciation. This : ' reserve ' now amounts to L 423.459. The report of the actuary, Mr Richard Teece, is appended. The directors' report reveals the fact that the valuation of liabilities' under all policies issued giuce the 31st T t)icember 1893 has baen made at 3.J psr cent, interest,, while for all previous to that date the rate is -L 3 12s 63 per cent., the eociely having thus been able to come down 2s 6d per cent, in the rate during the year, •instead of Is as originally intended, and tho actuary see 3 his way clear to bring the rate down to 3J per cent, at the end of 1897, thus completing in three years what it was expected would have occupied, five. The amount to be distributed amongst members is L 432.522, yielding reversionary bonuses o£ about L 860.000, and certificates will be issued with the customary despatch. The ratio of exp-n»e is prac?ici:y the same as last year, tho rate being s£ per cent, on the annual income. The effective rate of interest for the year shows a decline, being at the rate of L 5 5s 2<l per ceQt. The report | further discloses the fact that the directors j propose to invite members present at the j annual meeting to nominate a commitlee of 12 policvholcier'j, to confer with them and representatives of local boards as to the propriety of amending the by-laws.