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TK NATIONAL MUTUAL LIFE ASSOCIATION
The annual general meeting- pf »UcyhoWers of the National Mutual Life Association was held at the head office, corner of Collins and Queen streets, Melbourne, on December 19, to receive the directors' report and finan cial statement for the year ended Sep' teanber 30, 1923. The chairman, referring to the re port, pointed out that the business of the association during th« last year had expanded to a remarkable extent.
The new business completed — £5.884,786 8s. 3d. — was £377,219 greater than the total for the previous year, and was j the largest for any year exoept 1920. In addition ta the above the associa tion also re-assured the contracts un der the Australasian policies of th« Bciuitable Life Assurance Society of the United States amounting . to j £1,310,877 12s. lid. . j The Income and expenditure are j largely affected by the Equitable ' transactions, but after eliminating . ttase the results show a satisfactory j BTWWtfa. ' j The income for the year, £3,940,177, j was £1,217,365 more than the income j ?f the previous year. Premiums on * policies .amounted to £2,953,024; in terest, rents and fees to £997,153. The expenditure for the vear was £1429,594, of which £1,343.406 was yald to policyholders or their repre sentatives. The sum of £2,310.583 was added to the assurance fund. This t« by for* the largest amount added in j .any pja* ye^r. The tuxuS. now amounts to £18.868,242.'' ' ? ' The ratio of expenses to total In- j come 'was lower than the previous ; year, but the ratio of expenses to pre- j mium incom* ahows a very slight in- - crease due. to the increased amount. I of new business written. j The interest received was equal to j £ S He. Cd. per cent, of the mean j amount of fundB. j Increases f*r the year are shpwu In i Government and municipal debentures, j £593,000; loans on. mortgage, ? £405,000; loans' on policies, £400.000. » . The association has received since. Its foundation nearly £28,400,000 as premiums on policies, and has paid more than £16.300,000 to policyholders or their representatives. It is expected that the bonus certifi cates for the year will be issued to members at the end ot' March. ' The report was adopted.