THE MUTUAL LIFE ASSURANCE SOCIETY OF ORIA, LIMITED.

Timaru Herald, Volume XLIII, Issue 3744, 1 October 1886, Page 3

THE MUTUAL LIFE ASSURANCE SOCIETY OF ORIA, LIMITED.

« An extraordinary goner.:! nice-tin^ of tlio members of the Mutual Assurance .Society of Victoria, Limited, vm hold ;it tluir o'iliee, Collins street, west, y.^ier.lay, to receive the report of tho third quinquennial investigation of tho nft'iii « of Ilio Society. Tlie Hon. Thomau Loader, chairman of tlie Hoard of directors, presided. The rep:rt. stifi-rl tli.il. offer making nmplc receives for nil liabilities, there was a surplus of £:jl/'P;> 17"< 21; and tlu> dir.clora I) ml authori>cd the di?trihulion of the sum of ±'-Jf>,-t77 Us 3d, the balance of £762278 lid lo he. placed to (lie ore lit of Invc.-tincnt. Fluctuation Kniid. T!<e*uin nvnilnblo for distribution would provide rovcrsionnry bonuses amounting to u|>w:ird< of ,U77,<'" 1 0, for which certificates will shortly lie issued. The investments were m a purticnl nly .«ati»f:ictor.r condition, payment of instulinent^nnd interest b:iii^ well Kept tip. The average v;ito of interest earned duritij Hie p:ist five v^ir* was .€'■ lfli purtvnt, whi.-li is fully 2;' per cent above the rule n-sumed m l-hu vnluition. ] he i-lmirmiri m moving the adoption of the report nml l):il:inec-slicet, pointed out that ;i !nrj;o proportion of tlie profi!-* would liiive been tlistribnl eel had it, not been for the ex-pL-nso which hid attended the establishment of branches, 'ilia expenditure had, however, luid tho foundation of a largo and profitable bimnci!>, of which the members of the societv would m future reap t!ie benefit. The freehold property of tho s< rciety m the neighbouring colonies and New Zealand wns worth more than had been p-iid for it, iind m accord .uuv with the. KuglUh practice, it had been revalued, and tho increment placed tj tlie credit of tho soeietv. .Mr JL Sohlain 'seconded the adoption of tlie report nn-l b.ilance-.'heet, and the motion was carried unanimously. In answer to question?, The. chairman paid the directors were empowered by the articles to retain n sum of £15,000, to place tho re?crvo fund. The quinquennial report had been issued ralher late, owing to the actuary of the societv (Mr John IJ. Gillison), having been also appointed general manager. The directors had no intention of starting a branch of the Bociety m England. A cordial vote of thanks waa passed to tho chairman, and the nieoting thcu closed.