AUSTRALIAN! MUTUAL PROVIDENT SOCIETY.

Otago Witness, Issue 2309, 2 June 1898, Page 9

AUSTRALIAN! MUTUAL PROVIDENT SOCIETY.

The Resident Secretary of the above society 1 (Mr E. W. Lowe) has received cable advice ] that at the annual meefciag of the society held j at Sydney on Friday the remarks of the Hotu { Dr Grace (Ch&jrman of the New Zealand Local Board) were received with much satisfaction. The following is the speech delivered by him :— The New Zealand branch of the society has continued to enjoy uninterrupted prosperity. Twenty-six and a-half years ago tfce branch j started with an annual income of about £17,000. Oa the 31st December last this income had risen to £338,189 per annum, and its accumulated fund amounted to £2,369,259. At that date £1,475,653 was invested on first mortgages of freehold securities in Nev? Zealand, and it is a pleasure to inform you that not one penny o£ sntere»t*due oa this vast sum was left unpaid. During the 26£ years of this branch's existence £1,227,177 of interest on investments became due, and every penny of it has been paid, and in due course safely invested. This unique experience speaks in eloquent tongues of the solvency of our colony, and affords satisfactory proof of the wisdom of the administration so ably directed by your head office, Success of this kind could only be obtained as

| the result of the most cordial relations between | your elected directors in Sydney and our local board in New Zealand. This method, capable of constant renewal of executive vigour at the source and at its branches, with continuity of responsibility, seems to have achieved the one imperative necessity in & vital organisation of this kind — perpetual youth with uninterrupted vigour aud practical acquaintanceship with your affairs. The new business for the year consisted of 2254 policies, assuring £517,550, and producing a new annual revenue of £17,018. This is a larger number of policies issued than during the previous year, bat the sum assured was less by £29,133. Single premiums paid were much in excess of the previous year, being £18,638 instead of £8836. No leas than £18,202 was paid in as consideration for annuities granted. Ths tofcal number of policies on the branch ab 31st December, 1897, was 23, 282, assuring £6, 640, 252. The new building for the accommodation of the society has just been completed. Ifc is equally a work of utility and art. New Zealand, which has so nobly

supported this institution, merits an exhibition of the public spirit of the society, and, as we have already rented all our spare office accommodation, shows that she is ready to pay for it. The Australian Mutual Provident Society is in fact a New Zealand institution on the soundest federal basis — community of interest. We in New Zealand add to your riches, you guarantee our solvency, and vice versa. The society, in fact, ia all its financial arrangements enjoys local autonomy in the employment of its savings in New Zealand. It has become thoroughly associated with its life and growth. Its money is profitably handled by New Zealand farmers, by municipalities, citizens, and Government, and throughout the length and breadth of the land you will fiad the A.M. P. Society, like every other healthy growth, show especial vigour iv our fortunate isles. We have a formidable rival to contend with in the shape of the Government Insurance department—we taught this department its busmess whilst ifc was still a sucking babe — we ace proud of it as a worthy rival. The broadness of the basis of our operations a3

a society overbops the advantages of its Govern^ ment guarantee. Our people are above all things good commercial men — they have covered the seas with cvi donee of their enterprise. They know the solidity and advantages of out position in the insurance world, and, instead of sniffing at our competition with the Government Insurance, hug both to their bosoms and are all the richer for their wisdom. I wish you could SBe our staff of officials — how proud they ara of our society, how worthy always of yout generous treatment. I wish you could know our resident secretary (Mr Lowe^ — note, as I have done, his enthusiasm in the interest of the society ; his prudence, industry, and thrift. Our one principle in business is unvarying courtesy fco all, prompt reply to all applications, cose attention to the special circumstances of all borrowers in trouble, and a business-like generosity when -concessions ougb.6 to ba made. All this we have learned under the guidance of. your head office. We therefore naturally now rejoice together, and invite you to join with as 4 at the society's success all along the line.

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