THE EQUITABLE ASSURANCE

Clutha Leader, Volume XXI, Issue 1055, 19 October 1894, Page 5

THE EQUITABLE ASSURANCE

ASSOCIATJOX. 4 The Public Petitions Committee have reported regarding this company. They decided as follows : — The company commenced operations in 1882, and their business was carried on successfully up to 1887, in which year a series of fires occurred throughout the colonies, which entailed great losses on the company. In August, 1888, the then chairman of directors (Mr E. li. Curgiil)sent to the shareholders a circular concerning a resolution of the directors "to dispose of the bubiness of the company by sale or transfer to any persons, j company, or association." No sale was, how- j ever, effected, but the directors unwisely purchased the business of four insurance companies, and as a result thereof, combined with previous losses sustained, the company in 1801 went into liquidation. The allegations in the petition affecting the bona fides of the directors atid other ollieials of the company have not been sustained, The most that can be said against any one or more of the directors or olh'cials is that from 1888 to 1891 very many blunders and mistakes wt-re made by them, which resulted in great financial long- Mr J. li. Calkin and the other dirtetorg who were represented before the Committee arc willing that the Hupreme Court should forthwith be moved for the tuppowlmzni of inspectors to examine into the accounts of tjie company now in liquidation. The Committdti find that tFi'M $d&y> J°s» °* iime and considerable expense have been In? eurred by the liquidator daring the past three year*', and that the compaoy'tf affairs have not y«t been wound up,