AUSTRALIAN MUTUAL PROVIDENT SOCIETY.

Waikato Times, Volume III, Issue 161, 20 May 1873, Page 2

AUSTRALIAN MUTUAL PROVIDENT SOCIETY.

Tue twenty-fourth annual general meeting of members 0 the Australian Mutual Provident Society was held attli. principal oflice, P)tl street, Sydnc) , on Wednesday, April 23 Mr George King, presided. There were present Mr J.li. Gtoodlet, Mr John Fairfax, Mr S. Lyons, Professor Smith , Mr E. 1. Beilbj, directors; also the lion Thomas Holt, tho Hon S. D. Grordon, and about 150 other gentlemen. Tho secretary read the advertisement contemn-; the meeting. Tho directors' report and balance-sheot were then read a3 follows ; — In presenting the twenty-fourth annual report, your directors Lave the satisfaction ot announcing that the newbusiness greatly exceeds that of auy previous year. During the twelve months ending 28tli February, 1573, there have been received 4207 proposals for sums amounting to £1,599,510 oi which 1281 weiK declined, withdrawn, or not completed for . .. 596,305

Leaving 2926 proposals accepted and com- , plcted ior . .. £1,003,23 d( The new premiums amount to Jt-12,270 19s stl ot which" £580 i 19s Gd represent binglo payments. The following u» u summary of tlie bubiness eilected in each branch.

Claims have arisen during the year under 96 life policies by the death of 82 men>bcis amounting to £49,37(5 1-s Od including £oB7G I:2s i)d for bonus additions. Thiee en dowuient assurance policies hue also become payable, amounting to £1319 11s I'd, including £419 Us lid foi bonus additions. Statements of account exhibit a balance of receipts ovei disbursements amounting to £108,181 os 9d, theiebj m cicasing the accumulated fund to £1,133,005 19s Sd. lh< accompanying statement of funds and eilects shows in cte tail how this amount n> in\ested. A summary of the policies discontinued in the past yta; appeals in the following table :—: — .

The anticipations of your directors, expressed in the le report, concerning tho position of the Victoria Branc have been more than realised b) the return of business i the past 3 ear. The New Zealand branch maintains the high reputatu which it aelnc\ed m the first jcar ot its existence, and t amount of new business transacted may be reg.nded ewdenee oi increasing confidence in the society. A branch oinoe tor South Australia has been establish m Adelaide, 'lite local Board of Directors- was appointed October last, ami the establishment of the biandi has bt followed bj the most encouraging success in the extension business. Mr Black, the actuary to the society, returned t.j colony in XoTember last, having accomplished the nus| relerred to m the last annual report. A ca-e for opm founded on a report presented ty him to your dim torsi to tho luturc metliod of dn tiling the proiits was submit to three of the most eminent actuaries in the professi The case for opiuion, and opinions thereon by the ac aries consulted, have engag««d tlie serious attention of y< directors, and they hope to submit to the members, a special meeting shortly to bo convened, certain rei-omm dulioim concerning the future method of dividing prolitb of the society, together with a general revision oi" b\-laws. I ' Ihe directors who retire at this meeting are Mr Gccj King and Mr Samuel L\uus. y 41 l'he retu-ing dnectou who are eligible for re oleetl me the oul} uundidatcs who oiler themsches for the* seuti \aeant at the Board. I Mr Henry I West, the senior auditor, retires in terms! I by-law xvn , aud it ■will devolve upon the nicinbers of 1 meeting to appoint Li» successor. I i Gtouul King, ChainiuJ

How discontinued. Ko of Animal Policies. Sum assured. I Premiums.! _i . _J ty Death or Maturity Surrender Forfeiture 107 137 313 £ 49,700 61,000 94, GOO £ s. (1 IS4B 10- : '•2138 1 ( 3199 10 '. 537 205,900 J7ISO 10

Assuuvmx Branch m

Endowment Branch. I

" No. of , Branch. Policies. •Sum Aobiued. bmgle Premiums. Annual Piuiniuma. i "i * AsMirance.. 2733' i)7u\42L limlowincnt! 1711 '20,8-14 Anumty ..' 14'(468 12s 4d) | per aiutum. Total... 2!)2tii 1,0 3*235 £ a. 0. 1462 11 8 770 19 9 3571 8 1 £ a. d. 35,')04 13.5 1,447 1 6 14 5.0 58)4 19 6 •30,465 it) 1L Total of new premium 13 r- d ,2,270 19 J

llow discontinued. No of i Amount of Annual ! Policies. Annuity per .Premiums 1 • , Annum. | I ! £ a. d. ' £ s. t !v Death or Maturity ! 3 47 10 4 ' iSur.ender 3 170 0 I) 62 18 Forfeiture 2 45 0 0 , 10 7 10 _?62_i^ J* _J?_^_

Annuity Branch. i

The number of policies issued since the establishment the society to 28th February, 1873, is 20,581, assuni £8 32t088' of which 5,035 hare been discontinued, leavu

How discontinued. " No. of Annual Policies. [Sum assured. PiemiuinsJ I £ I£s. a ly Death or Maturity I 2G 4,605 369 11 Surrender .. . . 2» 4,400 2§l 7 1 Forfeiture 23 3,100 197 16 78 ! 12,105 I S4S 15 j

15,046 existing policies, assuring • • i JCU,2di,U77 1,10 li b & , Nio annual revenuo from premiimis amounts to L'ho annual revenue from interest on the accuinlatcd fund .... 221,161 58,211 6 lakiiig the total gross onaual re\enuo of the society' £282,672 6