A.M.P. PROGRESSES

Sun (Auckland), Volume II, Issue 336, 23 April 1928, Page 11

A.M.P. PROGRESSES

BUSINESS RECORDS ANNUAL MEETING HELD Ten years ago the business on the New Zealand register of the Australian Mutual Provident Society was £17,088,341, and last year it had grown to £36,593,651. New business in 1917 was £1,338,256, as against over £4,000,000 for 1927. These figures were given at the annual meeting of the society, held in Sydney on April ?0, when the chairman deferred to the splendid progress during the year 1927. Further records had been created, and the cash surplus for the one year was the magnificent total of £3,070,513. "I am happy to say that New Zealand has surpassed our most sanguine anticipations, and we are very proud of her record business for the past year," said Mr. R. A. Holmes, of the New Zealand Board of Directors. “To complete total new business for both departments of over £4,000,000 from a population of 1,375,000 is undoubtedly a remarkable performance. We easily beat all previous records, being £469,788 ahead of 1924 (our previon best year) in the Ordinary Department, and £40,527 ahead of 1926 total in the industrial department. Not only did we complete exceptional new business, but we retained an improved proportion of the old business, and the net increase was highly satisfactory.” Standing the Test Notwithstanding the somewhat unsettled land values which had prevailed in the last few years, the landed securities had stood the test well, and the fact that all interest due in T 927 was paid before December 31 was evidence of the care which had been exercised. The society’s investments in New Zealand Government and local bgfly bonds now totalled over £9,500.000. so that the assistance rendered to New Zealand by the society Lot inconsiderable.

“The new building in Wellington will bo ready for occupation shortly, and will be a splendid advertisement of the wonderful progress of the society in New Zealand,” continued Mr. Holmes. More than half of the buildin,? isi already occupied by tenants.., We have commenced this year with excellent figures, and our prospects of putting up a further record are good. I ’think W'e in New Zealand can safely claim to have upheld the prestige of our society."