T. AND G. MUTUAL LIFE SOCIETY.

Timaru Herald, Volume CXXIII, 19 December 1925, Page 8

T. AND G. MUTUAL LIFE SOCIETY.

ANNUAL MEETING RAPID EXPANSION MELBOURNE, December 18. The aimuai meeting of the Australasian Temperance and General Mutual Life Assurance Society Limited, was held to-day. The chairman, Mr J. T. Thompson, expressed regret at the loss caused by the death of an old member of the Board, Mr T. Smith, and announced that the vacancy had been filled by the appointment of Colonel C. E. Merrett, V.D.

'The chairman then reported that new policies assuring £9,577.099 had been issued during. the year, tlie wholo of the business having been secured in Australia and New Zealand. Tlie total income for tho year was £2,415,197, a record inci'ease over the previous year. Payments to policyholders amounted to £628,107, a considerable inci'ease, but at the same time well Within the actuarial expectation. The Assurance Funds increased by £1,153,652 to £8,670,401, a record increase. Close attention was paid to the. investments during the year, the Society holding nearly _ three millions of Government securities and over' four millions of municipal and local body securities out of the tctal assets of nearly three millions. The chairman reported that the magnificent ten-storied building at the coiner of King William and Grenfell Streets, Adelaide, had just been completed. A new building for the Society at Bendigo was finished during the year, and'good progress was made with a, fine building in Christchurch, Now Zealand.

Tiie rate of interest earned on the moan funds for the year was £5 10s per cent., an increase of 2s per cent, over the previous year. The actuarial report disclosed a record surplus in both Departments with an increase in the bouus scale in the Ordinary Department and the maintenance of the present fine scale in the 1 ndustrial Department. 'Tiie Society’s special _ services to policy-holders were well maintained. The lieu revival svstem was largely availed of, 27,000 policies being brought into benefit by this system. _ Tu conclusion tlie chairman evidenced the wonderful growth of tho past ten rears bv these figures:—lncome £576,645 ten years ago; £2.415,197 to-day. New business £2,773,169 ten years ago; £9,577.699 to-day. Assets £2,046,022 ten years ago; £8.964, rB2 today. Payments to policy-holders £184.869 ton years ago; £628,107 to-dav. Fie then paid a tribute to tlie loyal co-operation and splendid work of tlie Society’s staff throughout Australia, and New Zealand.