27th Jan, We have had the pleasure on more than' one occasion of recording the remarkable progress made by this Society and again have gratification in announcing further material prosperity as shown by the results of 1896, particulars of which have just been received by telegraph from the head office, The operations of the Society are ov so large a scale that it is difficult, if not impossible, for persons accustomed to Judge by the standard of working of even: the largest of our local undertak kings to realise the extent of the progress made. At the close of 1896 the total assets of the Society amounted to £45,161,239; a gain in twelve months of £3,284,283; the whole of this fund of £45,060,000 sterling being held as a reserve upon all existing policies on a 4Y basis, in respect of claims admitted or pending. but unsettled at-date; the remainder being a surplus of £9,016,079 showing an increase on the surplus of
is larger than that of any other Company of its kind in the world, is the total net result, taking into account the combined effect of all sources of profit, after meeting all losses, and making ample provision for all liability preseat and future, It takes account of all dividends paid to policy holders as well as of those laid by for them; and it provides the fund from which all future dividends must be paid. In the Society's own words, "it is the supreme and final result secured by care in the selection of risks; economy in the management of the business; judgment in the making of investments; in short, of everything which contributes: to the highest skill and success in management." This being so, the President, who we are told, has devoted the whole of his business life to the development of this grent Society, deserves, and will receive, the hearty congratulations of the policy holders; for it is to the policy holders alone and not to the proprietors of a company, that this fine margin of safety belongs.
New. policies issued in 1896 reached the sum of £26,602,934, making a total of policies in force of £190,646,265; an amount which is likely to be materially enlarged if the increase of business in other districts corresponds with the increase in the Eastern Branch, where policies in force at the end of 1896 and business done during the year, exceed fivefold the policies in force and the business transacted in 1894.
It is to the Equitable that the public is indebted for the virtual abolition of the system which prevailed twenty-five years ago, Life assurance is no longer a savings bavk in' which premiums are deposited never to be returned until the death of the depositor, and liable to forfeiture by failure from any cause whatever to pay an annual premium within its due period. The Equitable system is widely different to the old ironbound form. The prudent man effecting an assurance enjoys the benefits of protection for a term of years for the amount assured; and at the end of that term receives back the whole sum of premium deposited with compound interest in proportion to the period of investment, When a policy is three years old it is unforfeitable; possessing fixed values in paid up assurance or cash; the amounts increasing with every year of age of the policy, with this valuable addition, that if the policy mulder should at any time find himself unable to provide his premium, he may borrow the amount from the Society at 59% per annum. An example of this system is, that a person assured on the 20- year endowment for £1,000, the policy being seven years old, has the following options:—The surrender of the policy for paid up assurance of £350 on which no farther premiums are chargeable, payable when the original policy would have been payable, that is, at maturity of the 20-year term. or at death of the assured should it occur earlier; or a cash value, if preferred, of £216; or 2 loan may be obtained from the Society at 5% per aunum of £251, the policy remaining in force for the. balance of £749.
A policy of this kind taken out twenty years ago would have- cost a man now aged. 50, £1,080; its cash surrender value would be £1,588; to this must be added the value of the protection fur 20 years, a charge upon the Society, and consequently an assessment of the policy, of £303, making a return in cash and protection of £1,841, or the whole of the premiums paid' with 5 per cent compound annual interest, Policies of ths kind have revolutiovised the entire system of life assurance; the natural consequence being that the best and most conservative British companies are fain to follow the lead of the great reformer or languish behind it at an immeasurable distance and it is no exaggeration to say that the Equitable has conferred a mighty boon upon society; it has introduced the practice of thrift into tillious of households throughout the world at large; while nearer home, that is, nearer us, thousands of women and children have been saved or are protected, by the beneficent interven-tivo of a policy of assurance, from the poverty and suffering which' too frequently follow the deaths of men upon whose exertions the maintenance of the family depends, Prosperity means security; the Equitable's prosperity seems beyond all doubt, and the security, which is the very first of all considerations in making a contract to extend over a term of years, is unimpeachable, "The traveller with nothing in his pocket will jog along singing in the presence of a highwayman," says the Latin poet; the great highwayman, Death, is always on the track of all of us but we can jog along singing, careless of what he may do, if those we shall leave behind us are protected by a policy in a safe and prosperous company like the Equitable.
Text read from the printed page and cleaned; old type leaves the occasional error.