T. And G. ‘Concerned’ By Govt. Move
The Australasian Temperance and General Mutual Life Assurance Society, Ltd., was “greatly concerned” by the Government’s intention to prescribe the proportion of life office funds to be invested in public securities and the percentage to be held in Government stock, the chairman (Mr H. G. Brain) told the annual meeting. While recognising the Government’s difficulties, the society deplored arbitrary control in the public sector of investment, to which it had always given substantial support. The society had substantially more than the minimum 30 per cent invested in public securities, though the proportion, in Commonwealth loans might not always reach the two-thirds indicated by the Treasurer. At September 30, 45 per cent, of total assets were invested in Australian and New Zealand Government and semi-govern-ment securities.
Since the war the society had advanced more than £37m under its home purchase scheme, Mr Brain said.
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Press, Volume XCIX, Issue 29398, 28 December 1960, Page 13
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150T. And G. ‘Concerned’ By Govt. Move Press, Volume XCIX, Issue 29398, 28 December 1960, Page 13
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