A.M.P. SOCIETY.

Waikato Times, Volume 103, Issue 17385, 23 April 1928, Page 6

A.M.P. SOCIETY.

ANNUAL MEETING. SPLENDID PROGRESS REPORTED. REMARKABLE FIGURES. SYDNEY, April 20. At the annual meeting of the Society, held this afternoon, the Chairman referred to the splendid progress during the year 1027. Further records had been created, and the cash surplus for the one year was the magnificent total of £3,070,513. Mr R. A. Holmes, of the New Zealand Board of Directors, in supporting the adoption of the report, said: — It was considered that the report for 1926 dealt with very remarkable figures, but those for 1927 arc still more remarkable, and it is very refreshing to be connected with an 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 increase to business in force. It must be extremely gratifying to the members as a whole, and this is more than exemplified by the fact that our own policy-holders were again responsible for about 40 per cent, of the new business. Anticipations Exceeded. I am happy to say that New Zealand has surpassed our most sanguine anticipations, and we arc 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 £469,788 ahead of 1924 (our previous best year) in the Ordinary Department, and £40,527 ahead of 1926 total in the Industrial Department- Not only did we complete exceptional new business, but we retained an improved proportion of the old business, and the net increase was highly satisfactory. To show the progress of the Society in New Zealand, 1 would say that the new business ten years ago was £1,338,256 from both Departments, as against over £4,000,000 for 1927, the business on the Register having increased during the same 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 December 31 is evidence of the care which has been exercised. The Society’s investments in New Zealand Government and Local Body Bonds now total over £9,500.000, so that the assistance rendered to New Zealand by the Society is not inconsiderable. Good Prospects. Although we started this year with very dry conditions in January cur- i lading the output from the dairy in- J dustry, and causing some anxiety to those directly associated with that industry, a considerable improvement has since taken place in the weather conditions, and the rainfall has now been brought up to the average; consequently, we expect the 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 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 our 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 of great influence on the position. The improved trading outlook in New Zealand may be gauged by the fact that the aggregate value of the, exports for the first two months of 1 928 was in excess of that of thd imports by £8,100,000, whereas the excess for the corresponding period of 1927 was only slightly over £3,000,000. Public indebtedness to the banks, represented by excess of advances over deposits, was £7,035,561 at December 31, 1926, whereas at December 31, 1927, it was about £3,000,000 less. This is additional evidence of the improved position and it is confidently anticipated that a still further improvement. will be shown during the next few months. Now Building at Wellington. The new building in Wellington will be ready for our occupation shortly, and wili be a splendid advertisement of the wonderful progress of the Society in New Zealand. Nloro than half of the building is already occupied by tenants, and when all offices arc let we hope to sit rent free, so that the building should be a good investment for the Society. It is a 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 a further record are good. I think we in New Zealand can safely claim to have upheld the prestige of our great, Society, and all connected with "it arc most enthusiastic in their endeavours to maintain its present high standard.