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1898. NEW ZEALAND.

ANNUAL REPORT OF THE GOVERNMENT INSURANCE COMMISSIONER FOR THE YEAR ENDED 31st DECEMBER, 1897.

Presented to both Houses of the General Assembly pursuant to the provisions of the Acts relating to Government Life Insurance.

Government Insurance Office, Wellington, 19th July, 1898. In accordance with the provisions of the Acts regulating the Department I have much pleasure in presenting the following report of the transactions of the Department for the year ending 31st December, 1897, and of its position at that date. New Business for the Year. —l am pleased to report that the new business shows a considerable increase upon the previous year. The number of proposals received was 4,351 for £933,488, of which 377 proposals, or nearly 9 per cent, of the total number, were deferred or declined. The number of policies actually completed was 3,136, insuring and the new annual premiums amounted to in addition to single premiums for £1,282. The new business was in advance of the previous year's, both General and Temperance Sections sharing in the increase. Twenty-four immediate annuities, for which the purchase-money amounted to were also granted, securing to their holders £822 per annum, and one deferred annuity was issued for us., the annual premium for which is £12 4s. The following short summary classifies the new business of the year in the usual way :—

The total amount of business now in force is 36,174 policies, insuring (and bonuses) at death or maturity, together with immediate or deferred annuities for ,£"19,486 per annum ; the whole bearing an annual premium income of £266,585.

* And deferred annuities securing £2,046 per annum. t And single premiums amounting to £8,852.

I—H. 8.

Description of Policy. No. of Policies. Sum assured. Annual Premium. Whole-life and term assurances Endowment assurances Double-endowment assurances... Annuity assurances Children's endowments 895 1,972 194 44 3 1 £ 231,782 368,616 55.400 6,100* £ 6,211 13,086 1,827 325 142 4,000 Annuities 3.136 25 per annum £21,591 12 + Total policies ... 3,161

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In the Civil Service Insurance Section, which is included in the foregoing total business, there are now 206 policies in force, insuring and entitling the survivors, at age 60, to annuities amounting to per annum. The statement of business which is appended to this report shows in full detail the particulars for the year and the progress of the Department from its inception, so far as concerns new and discontinued business. It will be seen, from a comparison of this statement with the ■one for 1896, that there has been a material decrease in the total number of policies which have gone off the books of the Department from various causes during the year. A most marked improvement was shown in connection with the lapses, which declined from in 1896 to ,£"199,204 in 1897, showing the large decrease of The increase in the new business and the diminution in the discontinuances result in showing a net increase of and I am pleased to say that there is every indication of a continuance of these healthy conditions during the present year. Income and Outgo. —The full details of both income and outgo are given in the Revenue Account and Balance-sheet attached to this report. The income for the year was and was derived from the following sources:— £ s - d - From new premiums (including single premiums)... ... ... 20,600 „ renewal premiums ... ... ... ... ... 240,235 „ purchase-money for annuities ... ... ... ... 8,852 „ interest ... ... ... ... ... ... 128,424 „ fees ... ... ... ... ... ... ... 10 Total income for 1897 ... ... ... ... 121 In the premium income (exclusive of consideration for annuities) there is shown the substantial increase of over the income for the previous year ; and the revenue from interest has also risen from to although the rate of interest earned has decreased in common with the general experience of other offices. The fall in the rate of interest has, however, been guarded against by making such reserves from time to time as will in future permit the Department's liabilities to be valued upon a basis of 3J per cent. I am pleased to be able to say that an official valuation of the policies as at 31st December, 1897, discloses the fact that the Department is at the present time in a position to make a net premium valuation of its liabilities at 3J per cent., and retain a substantial surplus in hand towards the next bonus. It may be mentioned that, as an actual fact, an average rate of £\ 16s. 7d. per cent, was earned during the past year, so that in preparing to value at 3|- per cent., care is being taken to keep well in advance of all possible requirements. There was a considerable decrease in the money received during the year for the purchase of annuities, doubtless owing to the fact that the Department's annuity rates were recently increased in order to meet the fall in the rate of interest. Ido not, however, regard the decrease as a matter for regret. Owing, doubtless, to the difficulties experienced by small investors in placing their savings, annuity purchases had of late years shown a tendency to assume larger proportions than it appeared to me desirable to encourage, having regard to the condition of the money market, and the present return to smaller figures is not, in my opinion, unsatisfactory. Claims by death amounted to which is well within the amount provided for in the Tables of Mortality used by the Department. Claims by maturity of policies amounted to showing a large increase on the previous year. As, of course, the full amounts necessary to meet these claims have been carefully reserved, they do not entail any loss, but, on the contrary, may be regarded as a subject for congratulation, and the best evidence of the esteem in which our policy-contracts are regarded by their holders, leading them to persevere with their payments, in many instances through prolonged periods, to reap in the end the provision for an independent old age which an endowment assurance so admirably supplies. It may be mentioned that the total amount paid in claims since the establishment of the Department is The Accumulated Funds. —The funds have increased during the year from to The progress of the Department in this and other respects during the last twentyfive years will be appreciated by an examination of the following statement, showing the position at the end of every five years : —

2

Policies in Force. Year. Revenue from Interest. Accumulated Funds. Year. Number. Sum Assured. Bonuses. Premium Income. 1872 1877 1882 1887 1892 1897 I,68 9 7.H9 15,892 25.439 3O,3l6 36,1:74 £ 625,400 2,716,goo 5,176,200 6,831,900 8,036,200 9, 002,600 £ 96,900 305, 000 544,600 854,400 £ 18, 400 87,000 162,100 £ 500 9,100 36,100 66,400 100,600 128,400 £ 15,200 219,400 704,900 1,328,500 1,980,300 2,725,100 1872 1877 1882 1887 1892 1897 207, 100 237,600 266,600

3

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The Balance-sheet. —The total assets of the Department amounted to £2,788,670 on the 31st December, 1897, and were invested as follows:—

It will be seen that there has been an increase of in loans on policies during the year, and a decrease of in Government securities. A number of properties acquired by foreclosure have been disposed of at satisfactory prices, and I am pleased to be able to add that during the first half of the present year their realisation has proceeded still more satisfactorily. The most noticeable feature, however, in the year's accounts is an increase of in loans on first mortgage of freehold property, and it is highly gratifying to add that the overdue interest on all accounts, which last year stood at the low figure of £*]b\, has been still further reduced, and now amounts to the trifling sum of representing almost exactly three-eighths per cent, of the total interest receipts. To be able to collect 12s. 6d. out of every of interest due is, I venture to say, a record which few financial institutions can point to. In concluding a report upon various technical matters in connection with the Department's business, Messrs. Ralph Price Hardy and George King, the eminent London consulting actuaries, observe, — " We take the opportunity of repeating what we have already said as to the satisfactory position which the New Zealand Government Life Insurance Department has attained. The test valuations have been entirely confirmed by the official valuation, and the Government must be pleased to find that not only has it been possible to declare a substantial bonus, but that the prospects of the future are of great promise." J. H. Richardson, Commissioner.

At 31st December, 1896. Percentage Amount. of Total Assets. Class of Investment. At 31st December, 1897. Percentage Amount. of Total Assets. £ 812,586 872,016 464,829 167,068 146,076 30-7 per cent. 3 2- 9 17-6 „ 6-3 . 5 - 5 Mortgages on freehold property Government securities Loans on policies Local Bodies' debentures ... Landed and house property, and properties acquired by foreclosure Cash on current account ... Miscellaneous assets £ 983.452 827,829 499.531 151,678 145,264 35-2 per cent. 297 I7-9 5'5 5'2 109,990 75.593 4'1 2'9 103,462 77.454 37 2-8 lOO'O It Total IOO'O tt

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4

Statement of Business

POLICIES ISSUED AND DISCON-

PARTICULARS OF POLICIES DISCON-

PROGRESS OF BUSINESS OF THE GOVERNMENT LIFE INSURANCE

Wellington, 17th February, 1898.

Statement of Business ASSURAN ES. TOTAL. Whole-life a\ ;d Ter, Assurances. YEAR: 1897. No. Sum Assured. Reversionary — Bonus. Annual Premium. 1. Ordinary, g. Extra. Annuities. No Sum "°- Assured. Reversionary Bonus. Annual Premium. 1. Ordinary. g. Extra. 1. Immediate, g. Deferred. POLICI IS ISSUED AND DISCONPolicies in foroe, 31st De-1 cember, 1896 J £ 8,754.803 £ 660,889 £ s. d. (254,419 19 o 1 4>"4 5 o £ s.d. 10,418 1 3) 6,689 o o J 18,185 £ 5,318,337 £ 476,334 £ s. d. (132,535 7 0) \ 3,335 11 9f 34.772 New business, 1897 3,i6ij 665,898 257,919 f 21,436 10 4 1 166 9 5 822 no) 2,056 10 11J 231,782 168,537 j 6,097 15 111 I 113 10 4f 895 Total 37,933 9,420,701 918,808 {275,856 9 4 \ 4,280 14 5 11,240 3 1) 8,745 10 11} 19,080 5,550,119 644,871 (138,633 2 11) I 3,449 2 l} Policies discontinued during 1 1897 J 1,759 418,100 64,399 j 13,609 13 II \ 250 8 6 279 13 2l 219 15 7j 814 212,985 40,413 ( 6,172 11 61 \ 158 14 4f Total Policies in foroe at I 31st December, 1897 J 854,409 ( 262,246 15 5 I 4,030 5 11 110,960 9 111 j 8,525 15 4 J 18,266J 5,337,134 604,458! (132,460 11 5) I 3,290 7 9) 36,1741 9,002,601 particula: ,S OP POLI IES DISCONHow Discontinued. By Death 297 81,508 10,942 ( I i 2,535 14 7 53 o 7 1,978 7 5 39 17 3 2,969 o o 70 O II 279 13 2) 27 4 4J 214 64,916 9,403 1 1,870 1 5) 45 11 7/ Maturity 188 44,280 8,947 1 } Surrender 376 93,108 7,026 1 154 10 3) 190 52,160 4,110 1 1,410 1 41 43 12 1J Surrender of Bonus 31,048 1 5.588 17 I 65 14 5 22,663 f 1 2,438 0 61 53 8 4/ Lapse 898 199,204 6,436 1 38 1 0} 410 95,909 4,237 Expiry of Polioy 1 I 437 3 3 5 13 6 100 11 7 16 1 10 ( i f 437 3 3) 5 13 6/ 17 5 01 10 8 lOf Expiry of Premium I I Miscellaneous 1,759 418,100 64,399 f 13,609 13 11 1 250 8 6 279 13 219 15 ?! 814! 212,985 40,413; I 6,172 11 6) 158 14 4[ PRO BE IS OP SINESS OP THE GOVERNMENT LIFE INSURANCE Total issued 71,124 18,236,779 1,375,589 I 549,529 ' 5 1 ,3 " |W ( 13,131 19 nf „ (287,282 6 oj 5 2I ' l8o | 5,ioi 14 0} 24,492 7 3 37,869 11,251,125 973,304 | 1 5j 5,913,991368,846 j 163 '®™ J° 3} Total void 34,950 9,234.178 5,006 2 cj 19,603 Total in force.. 10,960 9 11) A525_]5 41 36,17 9,002,601 854,409 262,246 15 5 18,266 5,337,134 604 458 I I 132 ' 46011 5 l |PUft,aoa,| 3^29Q 7 9 j. Extra Premiums Reduction of Premiui n by Bonus, &c. . 4,030 5 11 307 176 Note.—The Ordinary Premium is the premium charged £266,584 18 10 Wellington, 17th February, 1898.

Statement of Business ASSURAN ES. TOTAL. Whole-life a\ ;d Ter, Assurances. YEAR: 1897. No. Sum Assured. Reversionary — Bonus. Annual Premium. 1. Ordinary, g. Extra. Annuities. No Sum "°- Assured. Reversionary Bonus. Annual Premium. 1. Ordinary. g. Extra. 1. Immediate, g. Deferred. POLICI IS ISSUED AND DISCONPolicies in foroe, 31st De-1 cember, 1896 J £ 8,754.803 £ 660,889 £ s. d. (254,419 19 o 1 4>"4 5 o £ s.d. 10,418 1 3) 6,689 o o J 18,185 £ 5,318,337 £ 476,334 £ s. d. (132,535 7 0) \ 3,335 11 9f 34.772 New business, 1897 3,i6ij 665,898 257,919 f 21,436 10 4 1 166 9 5 822 no) 2,056 10 11J 231,782 168,537 j 6,097 15 111 I 113 10 4f 895 Total 37,933 9,420,701 918,808 {275,856 9 4 \ 4,280 14 5 11,240 3 1) 8,745 10 11} 19,080 5,550,119 644,871 (138,633 2 11) I 3,449 2 l} Policies discontinued during 1 1897 J 1,759 418,100 64,399 j 13,609 13 II \ 250 8 6 279 13 2l 219 15 7j 814 212,985 40,413 ( 6,172 11 61 \ 158 14 4f Total Policies in foroe at I 31st December, 1897 J 854,409 ( 262,246 15 5 I 4,030 5 11 110,960 9 111 j 8,525 15 4 J 18,266J 5,337,134 604,458! (132,460 11 5) I 3,290 7 9) 36,1741 9,002,601 particula: ,S OP POLI IES DISCONHow Discontinued. By Death 297 81,508 10,942 ( I i 2,535 14 7 53 o 7 1,978 7 5 39 17 3 2,969 o o 70 O II 279 13 2) 27 4 4J 214 64,916 9,403 1 1,870 1 5) 45 11 7/ Maturity 188 44,280 8,947 1 } Surrender 376 93,108 7,026 1 154 10 3) 190 52,160 4,110 1 1,410 1 41 43 12 1J Surrender of Bonus 31,048 1 5.588 17 I 65 14 5 22,663 f 1 2,438 0 61 53 8 4/ Lapse 898 199,204 6,436 1 38 1 0} 410 95,909 4,237 Expiry of Polioy 1 I 437 3 3 5 13 6 100 11 7 16 1 10 ( i f 437 3 3) 5 13 6/ 17 5 01 10 8 lOf Expiry of Premium I I Miscellaneous 1,759 418,100 64,399 f 13,609 13 11 1 250 8 6 279 13 219 15 ?! 814! 212,985 40,413; I 6,172 11 6) 158 14 4[ PRO BE IS OP SINESS OP THE GOVERNMENT LIFE INSURANCE Total issued 71,124 18,236,779 1,375,589 I 549,529 ' 5 1 ,3 " |W ( 13,131 19 nf „ (287,282 6 oj 5 2I ' l8o | 5,ioi 14 0} 24,492 7 3 37,869 11,251,125 973,304 | 1 5j 5,913,991368,846 j 163 '®™ J° 3} Total void 34,950 9,234.178 5,006 2 cj 19,603 Total in force.. 10,960 9 11) A525_]5 41 36,17 9,002,601 854,409 262,246 15 5 18,266 5,337,134 604 458 I I 132 ' 46011 5 l |PUft,aoa,| 3^29Q 7 9 j. Extra Premiums Reduction of Premiui n by Bonus, &c. . 4,030 5 11 307 176 Note.—The Ordinary Premium is the premium charged £266,584 18 10 Wellington, 17th February, 1898.

Statement of Business ASSURAN ES. TOTAL. Whole-life a\ ;d Ter, Assurances. YEAR: 1897. No. Sum Assured. Reversionary — Bonus. Annual Premium. 1. Ordinary, g. Extra. Annuities. No Sum "°- Assured. Reversionary Bonus. Annual Premium. 1. Ordinary. g. Extra. 1. Immediate, g. Deferred. POLICI IS ISSUED AND DISCONPolicies in foroe, 31st De-1 cember, 1896 J £ 8,754.803 £ 660,889 £ s. d. (254,419 19 o 1 4>"4 5 o £ s.d. 10,418 1 3) 6,689 o o J 18,185 £ 5,318,337 £ 476,334 £ s. d. (132,535 7 0) \ 3,335 11 9f 34.772 New business, 1897 3,i6ij 665,898 257,919 f 21,436 10 4 1 166 9 5 822 no) 2,056 10 11J 231,782 168,537 j 6,097 15 111 I 113 10 4f 895 Total 37,933 9,420,701 918,808 {275,856 9 4 \ 4,280 14 5 11,240 3 1) 8,745 10 11} 19,080 5,550,119 644,871 (138,633 2 11) I 3,449 2 l} Policies discontinued during 1 1897 J 1,759 418,100 64,399 j 13,609 13 II \ 250 8 6 279 13 2l 219 15 7j 814 212,985 40,413 ( 6,172 11 61 \ 158 14 4f Total Policies in foroe at I 31st December, 1897 J 854,409 ( 262,246 15 5 I 4,030 5 11 110,960 9 111 j 8,525 15 4 J 18,266J 5,337,134 604,458! (132,460 11 5) I 3,290 7 9) 36,1741 9,002,601 particula: ,S OP POLI IES DISCONHow Discontinued. By Death 297 81,508 10,942 ( I i 2,535 14 7 53 o 7 1,978 7 5 39 17 3 2,969 o o 70 O II 279 13 2) 27 4 4J 214 64,916 9,403 1 1,870 1 5) 45 11 7/ Maturity 188 44,280 8,947 1 } Surrender 376 93,108 7,026 1 154 10 3) 190 52,160 4,110 1 1,410 1 41 43 12 1J Surrender of Bonus 31,048 1 5.588 17 I 65 14 5 22,663 f 1 2,438 0 61 53 8 4/ Lapse 898 199,204 6,436 1 38 1 0} 410 95,909 4,237 Expiry of Polioy 1 I 437 3 3 5 13 6 100 11 7 16 1 10 ( i f 437 3 3) 5 13 6/ 17 5 01 10 8 lOf Expiry of Premium I I Miscellaneous 1,759 418,100 64,399 f 13,609 13 11 1 250 8 6 279 13 219 15 ?! 814! 212,985 40,413; I 6,172 11 6) 158 14 4[ PRO BE IS OP SINESS OP THE GOVERNMENT LIFE INSURANCE Total issued 71,124 18,236,779 1,375,589 I 549,529 ' 5 1 ,3 " |W ( 13,131 19 nf „ (287,282 6 oj 5 2I ' l8o | 5,ioi 14 0} 24,492 7 3 37,869 11,251,125 973,304 | 1 5j 5,913,991368,846 j 163 '®™ J° 3} Total void 34,950 9,234.178 5,006 2 cj 19,603 Total in force.. 10,960 9 11) A525_]5 41 36,17 9,002,601 854,409 262,246 15 5 18,266 5,337,134 604 458 I I 132 ' 46011 5 l |PUft,aoa,| 3^29Q 7 9 j. Extra Premiums Reduction of Premiui n by Bonus, &c. . 4,030 5 11 307 176 Note.—The Ordinary Premium is the premium charged £266,584 18 10 Wellington, 17th February, 1898.

Statement of Business ASSURAN ES. TOTAL. Whole-life a\ ;d Ter, Assurances. YEAR: 1897. No. Sum Assured. Reversionary — Bonus. Annual Premium. 1. Ordinary, g. Extra. Annuities. No Sum "°- Assured. Reversionary Bonus. Annual Premium. 1. Ordinary. g. Extra. 1. Immediate, g. Deferred. POLICI IS ISSUED AND DISCONPolicies in foroe, 31st De-1 cember, 1896 J £ 8,754.803 £ 660,889 £ s. d. (254,419 19 o 1 4>"4 5 o £ s.d. 10,418 1 3) 6,689 o o J 18,185 £ 5,318,337 £ 476,334 £ s. d. (132,535 7 0) \ 3,335 11 9f 34.772 New business, 1897 3,i6ij 665,898 257,919 f 21,436 10 4 1 166 9 5 822 no) 2,056 10 11J 231,782 168,537 j 6,097 15 111 I 113 10 4f 895 Total 37,933 9,420,701 918,808 {275,856 9 4 \ 4,280 14 5 11,240 3 1) 8,745 10 11} 19,080 5,550,119 644,871 (138,633 2 11) I 3,449 2 l} Policies discontinued during 1 1897 J 1,759 418,100 64,399 j 13,609 13 II \ 250 8 6 279 13 2l 219 15 7j 814 212,985 40,413 ( 6,172 11 61 \ 158 14 4f Total Policies in foroe at I 31st December, 1897 J 854,409 ( 262,246 15 5 I 4,030 5 11 110,960 9 111 j 8,525 15 4 J 18,266J 5,337,134 604,458! (132,460 11 5) I 3,290 7 9) 36,1741 9,002,601 particula: ,S OP POLI IES DISCONHow Discontinued. By Death 297 81,508 10,942 ( I i 2,535 14 7 53 o 7 1,978 7 5 39 17 3 2,969 o o 70 O II 279 13 2) 27 4 4J 214 64,916 9,403 1 1,870 1 5) 45 11 7/ Maturity 188 44,280 8,947 1 } Surrender 376 93,108 7,026 1 154 10 3) 190 52,160 4,110 1 1,410 1 41 43 12 1J Surrender of Bonus 31,048 1 5.588 17 I 65 14 5 22,663 f 1 2,438 0 61 53 8 4/ Lapse 898 199,204 6,436 1 38 1 0} 410 95,909 4,237 Expiry of Polioy 1 I 437 3 3 5 13 6 100 11 7 16 1 10 ( i f 437 3 3) 5 13 6/ 17 5 01 10 8 lOf Expiry of Premium I I Miscellaneous 1,759 418,100 64,399 f 13,609 13 11 1 250 8 6 279 13 219 15 ?! 814! 212,985 40,413; I 6,172 11 6) 158 14 4[ PRO BE IS OP SINESS OP THE GOVERNMENT LIFE INSURANCE Total issued 71,124 18,236,779 1,375,589 I 549,529 ' 5 1 ,3 " |W ( 13,131 19 nf „ (287,282 6 oj 5 2I ' l8o | 5,ioi 14 0} 24,492 7 3 37,869 11,251,125 973,304 | 1 5j 5,913,991368,846 j 163 '®™ J° 3} Total void 34,950 9,234.178 5,006 2 cj 19,603 Total in force.. 10,960 9 11) A525_]5 41 36,17 9,002,601 854,409 262,246 15 5 18,266 5,337,134 604 458 I I 132 ' 46011 5 l |PUft,aoa,| 3^29Q 7 9 j. Extra Premiums Reduction of Premiui n by Bonus, &c. . 4,030 5 11 307 176 Note.—The Ordinary Premium is the premium charged £266,584 18 10 Wellington, 17th February, 1898.

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at end of Year 1897.

TINUED DURING THE YEAR 1897.

TINUED DURING THE YEAR 1897.

DEPARTMENT SINCE DATE OF ESTABLISHMENT TO 31st DECEMBER, 1897.

at the true age; the Extra, the additional premium imposed for any reason whatsoever.

J. H. RICHARDSON, Commissioner. MORRIS FOX, Actuary.

2—H. 8.

ASSURANCES. ANNUITIES. SIMPLE ENDOWMENTS, INVESTMENTS, &C. Endowment Assurances. Annuity Assurances. I T) o ,- O , Annual Premium. Sum ' No - Assured, i ™ y 2. Extra. 1. Sum As- - No 2 S 'liever Deferred Annual si?Z% Annuities. Premium. Bonus. Annual Annuities. No. Pre- — T--. — mium *• 2. Deferred. No S A u s m Annual °- sured. Premium -

£ £ £ s. d. (119,632 6 2) t 778 13 3} £ £ s. a. £ 3. d. £ s. a. £ s. d. 10,418 1 31 540 6 OJ £ I \ £ s. a. 15,843 3,387,8681 184,555 131 17,050 6,148 14 0 908 1 0 ( 232 I 9 7112 2 372 31,548 1,272 12 8 2,166 424,016! 89,057 ( 14,860 2 8)1 I 52 19 1J 44 J 6,100) 1 325) 2,045 1911 32413 0 I f 24 1 1 f 256 1 10 12 4 0 822 110) 1011 0) 11,240 3 1) 55017 OJ 31 4,000 14114 9 I 18,009 3,811,884 273,612 (134,492 8 10) I I 831 12 4/i 175 (23,150) 1 325 j 8,194 1311! 11,23214 0 I 8316 2 403 35,548 1,414 7 5 899 202,796 23,971 ( 7,317 2 3) I 91 14 2J ( 700) 1 IS/ 219 15 7 3811 2 13 27913 2 29 1,619 81 9 0 17,110 3,609,088; '249,641 (127,175 6 7) i 739 18 2J 171 f 22,450) t 310} 7,974 18 4 1,194 2 10 f 243 1 10| 8316 2 10,960 911) 55017 0/ 374 33,929 1,332 18 5

69 16,492 1,537 172 48, 801 J 8,947; 173 39,508 2,905 8,385 485 102,995 2,197 I I I 660 13 2) 7 9 0] 1/951 14 7) 39 17 3f 1,489 1 61 26 8 10} 2 I { 100) 2J 500) H J 27 4 4 154 10 3 5 0 0 27 13 0 13 279 13 2 16 11 479 940 26 12 10 42 4 2 j 3,138 11 7) 12 6 1J 1 ( 100) 2/ 38 1 0 5 11 0 2 200 6 14 0 .. f W 1 SI 5 13 0j 0 7 2 5 18 0 899 202,796 23,971 1 7,317 2 3) 91 14 2/ ( 700) 15 f 219 15 7 38 11 2 13 279 13 2 29 1,619 81 9 0

30,793 6,856,035 401,960 j £ 177 13,683 3,246,947152,319 {"I'ggg 19 " 9} 6 (23,350) ( 3251 f 900 j 15 8,259 1 91,243 18 0 354 19711 5 16,233 5 6 i 1,931106269 5,037 2 5 1,55772,3403,704 4 0 284 3 5 4915 2 101 11315 3 4,721 18 7 17,110 3,609,088 249,641 (127,175 6 7) 1 739 18 2/ 171 (22,450) 7 97418 4 I 310) *^> 4183 a 1,194 210 ( 243 1 10 10,960 911) 8316 2 55017 0j 374 33,9291,33218 5

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Eevbnub Account of the Government Life Insubance Depaetmbnt for the Year ended 31st December, 1897. £ s. d. £ s. d. Amount of Funds at Ist January, 1897 2,591,342 5 1 Death claims'under policies, Assurance, Renewal premiums — Assurance, An- including bonus additions .. .. 92,706 9 0 nuity, and Endowment .. .. 240,235 410 Endowment Assurances matured, includNew premiums (including instalments ing bonus additions.. .. .. 52,912 17 0 of first year's premiums falling due in Endowments matured .. .. 478 17 5 the year) .. .. .. .. 19,318 8 8 Premiums returned on endowments .. 410 11 Single premiums—Assurance and En- Bonuses surrendered for cash .. .. 16,003 16 4 dowment.. .. .. .. 1,281 11 1 Annuities .. .. .. .. 10,443 10 1 Consideration for Annuities .. .. 8,852 7 7 Surrenders .. .. .. .. 24,559 13 6 Interest .. .. .. .. 128,423 18 4 Loans released by surrender .. .. 8,083 15 11 Fees .. .. .. .. 9 13 11 Commission, new .. £12,648 0 0 renewal .. 1,681 0 8 . 14,329 0 8 Land-and income-tax .. .. 8,015 4 7 Expenses of management— Salaries—Head Office £11,106 010 „ Branch Offices and Agents 6,006 13 4 Extra clerical assistance 1,726 18 0 Medical fees and expenses 4,837 6 0 Travelling-expenses .. 690 12 8 Advertising .. .. 896 0 8 Printing and stationery 1,067 9 7 Eent .. .. .. 2,299 12 4 Postage .. .. 1,900 7 6 Telegrams .. .. 709 5 0 Exchange .. .. 82 13 9 Office furniture depreciation .. .. 390 IS 9 General expenses .. 2,316 5 7 Triennial expenses .. 2,205 12 2 Compensation for loss of office 584 2 8 36,819 15 10 Amount of funds at 31st December, 1897 2,725,105 18 3 £2,989,463 9 6 £2,989,463 9 6

Balance-sheet of the Government Life Insurance Depaetment, on 31st December, 1897. Liabilities. Assets. £ s. d. £ s. d. £ s. d. Total Assurance, Annuity, and Endow- Loans on policies .. .. 499,530 15 £ ment Funds (asper Eevenue Account) 2,725,105 18 3 Government. securities— Claims admitted, proofs not yet com- Consolidated stock .. 625,900 0 0 pleted .. .. ..' .. 19,528 1 9 Treasury bills .. 140,000 0 0 Annuities .. *.. .. .. 69 20 Railway debentures Commission .. .. .. 870 5 6 (guaranteed by GoMedical fees .. .. .. 729 2 5 vernment) .. .. 44,962 10 0 Premium and other deposits .. .. 5,167 4 8 Debentures issued under Fire Insurance moneys in suspense .. 390 0 0 "The Native Land Tontine Savings Funds '.. .. 12,810 10 0 Purchases Act, 1892" 15,000 0 0 Reserve for possible depreciation in Debentures issued under freehold and mortgage securities .. 24,000 0 0 "The Immigration an d Public Works Act, 1870" .. .. 1,966 3 8 — 827,828 13 8 Municipal Corporation debentures .. 106,751 0 7 County securities .. .. .. 1,000 0 0 Harbour Board debentures .. .. 42,991 15 2 River Board debentures . . .. 435 0 0 Town Board debentures .. .. 500 0 0 Landed and house property .. .. 120,396 110 Office furniture (Head Office and Agencies) 3,199 0 1 Mortgages on property .. .. 983,451 IS 7 Properties acquired by foreclosure .. 24,807 9 3 Overdue premiums on policies in force .. £3,989 10 9 Outstanding premiums due but not overdue.. 30,755 4 6 34,744 15 3 Overdue interest .. 481 19 6 Outstanding interest due but not overdue .. 4,043 2 3 Interest accrued but not due .. .. 31,257 3 7 35,782 5 4 Agents'balances .. .. .. 2,496 10 7 Sundry accounts owing .. .. 1,232 11 10 Cash in hand and on current account .. 103,462 6 8 £2,788,670 4 7 £2,788,670 4 7 Government Life Insurance Department, 18th .February, 1898. J. H. Richardson, Commissioner. W. B. Hudson, Secretary. Audited and found correct. J. K. Waebueton, Controller and Auditor-General. Approximate Cost of Paper.— Preparation, not given; printing (1,412 copies), £6 4s. 6d.

Price 6d.\ By Authority: John Maoeay, Government Printer, Wellington.— lB9B,

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