AUSTRALIAN MUTUAL PROVIDENT SOCIETY.

Colonist, Volume LVIII, Issue 14395, 24 April 1917, Page 3

AUSTRALIAN MUTUAL PROVIDENT SOCIETY.

ANNUAL REPORT,

Hie society's 68th annual report has just been issued. Due-to ■ the war conditions existing in the time covered by the report the amount of new business was 'slightly less than was obtained in the previous year: ■•'■2l,l4s policies assuring £6,640,020 (of which. £70,000 was reassured) were issued by the I ordinary department, and 26,2^>- policies assuring •• £1,038.105 by the industrial department. I Claims under matured policies £/00,051 arc £23,651 more than last1 year, and claims arising from the death ot the assured have been very heavy, (reaching £1,612,240 in the ordinary and £18,826, m the industrial department. The increase is almost entirely 1 duo to the war, £471,489 having, been paid to. the representatives of deceased soldiers. After deducting reassurances, the business in force amounts to 318 871 .policies assuring £90,336,006 in the ordinary, and 150,796 policies assuring £0,524,393 in the industrial department^. The funds have increased to ■ £36,476,947, and the total revenue to i The rate of interest continues to rise, ! but the rate of expenses, owing to increased taxation, is slightly higher than for 1915. The rate of interest on the mean funds is now £4 17s 3d per cent.; the rate of expenses (including taxes) to premium receipts (excluding annuities) is 13.76 per cent, in the ordinary and 33.10 in the industrial department. The directors who now retire are the Hon. A. W. Meets, M.L.C., and the Hon. R. J. Black, M.L.C., both of whom are eligible for' re-election and are the only candidates for tho vacant seats. Mr. W. 11. Perry, P.C.P.A,, the senior auditor, also retires, but is eligible for- re-election, and is the only candidate for the vacant position.