THE A.M.P. SOCIETY

Colonist, Volume XXXVIII, Issue 8245, 11 May 1895, Page 2

THE A.M.P. SOCIETY

A copt of the f crty-Bisth annual report of the Directors of the Australian Mutual Provident Society is to hand. From this it appearß that during 1894 no less than 13,382 propoeals for assorai cc were received, and that 10,023, assuring £2,810,919, were actually completed in tbe year, the new piemiums received within the twelve months amounting to £112,104. Daring the same period olaioDß anaountiDg to £623,157 arose, and under the head of surrenders the disbursements amounted to £370,713, the dividends to policy holders (bonuses paid in cash) to £71,593, the commission on premiums to £36,304, the medioal fees, etc. to £18,712, tbe salaries of other offioers and employees to £54,226, and other expenses of management to £41,229. Taxes paid amounted amounted in all to £10,149, of which £6482 was paid in >ew Zealand— £2oo for license fee, £1131 for income tax, and £5151 for land tax. The position of the Society was strengthened by setting aside £225,168 as an additional reserve for depreciation of securities, by alloting £14,000 to meet decrease in the revaluation of office premises, and by plsoing £2116 to make even the value of Government debentores. It is thus a pparent that the Society has been materially strengthening itspoßition. Of th 9 assets of the Sooie y, £7,851,212 is inveßt?d on mortgage, and the amount of interest due thtreon at the time the Balance Bbeet was made op am uned to some £90,000. As much as £3,382,363 was advanced on the value of pol ciee, ani £74,789 was invested in New Zealand Government securities, aud £259,528 in the securities of other Colonial Governments. In office premises and freehold lan t the Society had £366,250 at stake, aod amongst other investments properties acquired by foreclosure represented £343,933. In two yeai s tbe percentage of expenses on total receipts fell from 9 26 to 8 35, while tbe average rate of interest only fell from £5 183 3d in 1692, to £5 Us in 1894. The net enrplua for last year V.&B £468,626, but from tbis it whs proposed to deduct £40,605, of which £25,000 is towards a more stringent Btandard ot valuation. It ia evident that the deductions from tbe profits of the year are conaiderab c, but as the reeu't must be to strengthen the Booiety, those interested therein, though their bonuaea may be somewnat less for the year, wil: have little oauee to compiaio, Beeicg that tbeir vim! interests are being conserved. By a oable message received this morniDg, we lesrn that the utmost satisfaction bes bten expressed at the position of affairs dieolcs^d.