THE AUSTRALIAN MUTUAL PROVIDENT SOCIETY.

Poverty Bay Herald, Volume VI, Issue 910, 2 October 1879, Page 2

THE AUSTRALIAN MUTUAL PROVIDENT SOCIETY.

The members of the Australian Mutual Provident Society must be congratulated on the magnificent result of the quinquennial investigation, which appears in our Sydney telegram. More than half a million of money is available for distribution in cash bonuses, or, if allowed by the members to .be added .as I reversionary additions to their policies, produces no less a sum than -over a million sterling. This result tells a tale of prudence and forethought on the part of its members eminently praise* worthy, and a management that reflects the utmost credit to those engaged in it. It also speaks volumes foi* the bonus* ; producing premiums of f the , society, which, although very considerably loWer that those of the oldest, largest, and best-managed English offices, are capable by judicious investment and scrupulous economy of producing such a spfended surplus. Each member cannot but be gratified at being connected with such a colonial institution, which—while onty 30 years of age— has proved eminently successful, and we think that no participating policy holder will now grudge the almost imperceptible extra premium which has purchased him the right to share in the profits. We hope shortly to have the pleasure of perusing the long-looked-for Quinquennial Report, when we may, perhaps, refer to the investigation and its results more in detail. The resident secretary of the sooiety in Wellington, Mr. E. W. Lowe has furnished us with the following extract from a pri rate copy of the report which has just reached him, in whic& the accomplished actuary of the society, Mr. Mortice A. Black, concludes his report in the following words : "In conclusion, the Australian Mutual Provident Societyy at 30 years of age, stands before the world as a life institutufri that has achieved unparalleled success. For stability it is unsurpassed ; for the profit it has realised and divided it is unexcelled, and for the liberality of its •-■ business arrangements it is matchless. No other Life Assurance Society in atty part of the world has had at the end of 30 years 35,218 policies in force, assuring £713,392,121, an accumulated fund of £2,606,053, and an annual revenue of £622,000, of which it could be said that the ratio of expenses to premium income has been lete/the rate of interest on the funds higher, the premiums charged lower, . the reserves for the liabilities higher, or the bonuses allotted to its members larger than those of this Society. Truly such an institution may well be the boast of Australasia, i and the special pride of Sydney, the city of its foundation." ' '