H.—B

probably stronger than that of any Australasian life office) amounted to (not including interim bonuses paid during the triennium) £446,792. Of this sum £430,363 has been allotted in the shape of compound reversionary bonuses upon the sum assured and existing bonuses, providing reversionary bonuses of £664,400. The resultant bonuses on whole - life and endowment assurances range from £1 13s. 4d. per cent, per annum of the sum assured in the case of new policies to £3 per cent, per annum in the case of policies with longer duration. The volume of divisible profit shows a steady upward growth, as will be seen by a comparison of the amounts allotted as bonus at the two previous triennial divisions, namely : 1920, £217,706 ; 1923, £317,563 ; 1926, £430,363. General. —The progress of the Department during the year has been of a satisfactory character. New business has been well maintained ; there has been an increase in the effective rate of interest earned, and decreases in the expense ratios. The funds are being kept closely invested, and a perusal of the balance-sheet will show that the Department is a not unimportant factor in the progress of New Zealand. The whole of the funds, now over seven millions, are invested in the Dominion and in securities of a nature which assist in the development of the country to a very considerable extent. A. E. Allison, Commissioner.

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