A.M.P. SOCIETY.

Timaru Herald, Volume CXXV, Issue 17946, 3 May 1928, Page 11

A.M.P. SOCIETY.

' ANNUAL MEETING. SYDNEY, April 20. At the annual meeting of the Society, held this afternoon, the chairman referred to the splendid progress during the year 1927. Further records had beep created, and the cash surplus for the One year was the magnificent total of £3,070,513. i Mr R. A. Holmes, of the New Zea--1 land Board of Directors, in support- • ing the adoption of the report, said: It was considered that the report * for 1926 dealt with very remarkable figures, but those for 1927 are . still more remarkable, and it is very refreshing, to be connected with an j institution showing such wonderful ' progress in every phase of its business. One of the most attractive features appears to me to' be the great improvement in the net in- ' crease to business in force. It must be extremely gratifying to the members as a whole, and this is more i than exemplified by the fact that j our own policy-holders were again ‘responsible for about 40 per cent, of | the new business. ! lam 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. 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 £469,799 ahead of 1924 (our previous best year) in the Ordinary Department, and £40,527 ahead of 1926 total ip the Industrial Depart-, meat. Not only did we complete exceptional, new, business, but we re- : tained an improved proportion of the old business, and the net increase was highly satisfactory, \ - i To show the progress of the Society in New Zealand, I would say that the new business ten years ago was £1,338,256 from both Depart- | ments, as against over £4,000,000 I for 19 27, the business on the Regis- ! ter having increased during the same, I period from £17,088,431 to £36,593,651.

Of the Society’s investments in New Zealand, which necessarily receive the most careful scrutiny from the Board and the Executive, I may say that notwithstanding the somewhat unsettled land values which have prevailed in the last few years, our landed securities have stood the test well, and the fact that all interest due in 1927 was paid before 31st December, is evidence of the care which has been exercised, the Society’s investments in New Zealand Government arid Local Body Bonds now total over £9,500,000, so that the assistance rendered to New Zealand by the Society is not inconsiderable. Although we started this year with very dry conditions in January-'curtail-ing the output from the dairying industry, and causing- some anxiety to those directly associated with that industry, a considerable improvement has tahen place in the weather conditions, and the rainfall has now been brought up to the average; consequently, we expect dairy farmers before long to overtake the shrinkage in production- during January and February. The enhanced value of wool has very materially assisted the ‘ financial situation, and competent i authorities predict that we may safely expect good prices for the next twelve months. You may judge how important the increased price of wool is to us when I tell you that opr production for 1927 was worth over £13,000,000, or more than £1,000,000 ahead of 1926, whilst comparing the ! season 1927-28 with the corresponding ' period last year, it. is anticipated that the former , will show an increase of not less than £3,000,000. A steady market for meat, the export of which is of considerable dimensions, is also qf great influence on the position. The. improved trading . outlook in New | Zealand may be gauged by the fact 1 that the aggregate value of exports ; for the first two months of 1928 was in I excess of the imports by £8,100,000, j whereas the excess for the corresponding period of 1927 was only sliglitly I over £3,000,000. Public indebtedness ! to the banks, represented by excess of , advances over deposits, was £7,035,561 at 31st. December, 1926, whereas at 31st December, 1927, it was about ; £3,000,000 less. This is additional evidence of the improved position, anti j it is confidently anticipated that a still j further improvement wiTl be shown . during the next few irionths. The new building in Wellington will 'be ready for our occupation shortly, and will be a splendid advertisement of the wonderful progress of the j Society in New Zealand. More than 1 half of the building is already occupied by tenants, rind when all offices are",let we hone to sit rent free, so that" the building should be a' good investment for the Society. It. is n handsome edifice, and undoubtedly a worthy addition to the architecture of the city.

We have commenced this year with excellent figures, and our prospects of putting. UP •"> further record are good,' T think we in New Zealand can safely claim to have upheld the prestige of onr great Society; and all connected with it are most enthusiastic in their endeavours to maintain its present high standard. ...