AUSTRALIAN MUTUAL PROVIDENT SOCIETY.

Otago Witness, Issue 2983, 17 May 1911, Page 36

AUSTRALIAN MUTUAL PROVIDENT SOCIETY.

WELLINGTON, May 11. According to the sixty-second annual report of the Australian Mutual Provident 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 that of the previous year by £323.373. There were 19,560 policies 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 department '21,751 policies were issued, assuring £777,740, with annual premiums of £48,416. 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 favourable. The usual searching investigation was made into the mortgage securities, and the sum of £9096 was written off the value of foreclosed properties. The value of office premises was also reduced by £19,693. 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 the amended code of by-laws. The 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 reserve of undivided profits has been increased to £200,000. The cash surplus > available for distribution in the ordinary department amounts to £839,602, which will provide reversionary bonuses amounting to about £1,500,000. The rate of expenses in this department shows a decrease upon the previous year, being 8.36 per cent, of the year's receipts. The 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 the policy liabilities discloses a surplus of £17,841, and it is announced that a bonus will be allotted to some of the industrial policies at the close of 1911.