“MUSHROOM” COYS

Grey River Argus, 22 August 1934, Page 4

“MUSHROOM” COYS

N.Z. Insurance Question ANXIETY EXPRESSED. (Per Press Association.) WELLINGTON, August 21. Anxiety concerning the operations and financial stability of certain mutual insurance companies, unlimited in. liability, catering for business from the general public, which has recently sprung up in New Zealand, was expressey by Air M. G. AfcCaul. Vice-Presid-ent >f the Wellington Chamber of Commerce to-night, at a meeting of the Council of the Chamber, when he moved that the following remit be approved for submission to the Associated Chambers of Commerce at its annua* conference: — 11 That the provision required by law to ensure the financial stability of English and foreign insurance companies in their operation in New Zealand should apply to those companies, whether mutual or limited, catering for public business, which have their origin in New Zealand.’’ In answer to criticism, Air McCaul said he was referring not to private concerns relating to particular branches of industry, but to those “mushroom” companies which had arisen, and were touting for public business. As members of the Council were anxious to inquire further into the issues raised by Air McC&ul, his motion was referred to the Legislation Committee, which is to bring down a report at the next meeting of the Council.