COLONIAL MUTUAL

New Zealand Times, Volume XXXVII, Issue 8559, 23 October 1913, Page 8

COLONIAL MUTUAL

THE RECENT INQUIRY. By Telegraph—Press Association— Copyright MELBOURNE, October 22. In reply to a question in the Legislative Assembly as to what steps tho Government proposed to take in. connection with the recent inquiry regarding the Colonial Mutual Life Assurance Society’s affairs, the Premier (Mr Watt) intimated that the AttorneyGeneral had directed that steps should be taken with a view to the prosecution of tho petitioners. Tho Govern--nont, he added, did not consider n wise to ask Parliament to pass a resolution endorsing the report of the inspectors. The cost of tho inquiry (£3010) would be borne by the Government. [The final report of the inspectors appointed to investigate tho affairs of tho society stated; —“At the date of our investigation the society was solvent and able to moot all its liabilities —immediate and prospective. The •-■harges of fraud, dishonesty, mismanagement, and incapacity made against tho directors and managers in the petition presented to in September of last year are wholly unjustifiable. An actuarial valuation made at December 21st, 1910, is substantially correct. The cost whereat now business was obtained was greater in 1912 than in 1911, but this was entirely due to the adverse effect produced by the presentation of the petition to Parliament in 1912. The assets, as shown on the books and bal-ance-sheet, have been verified. All the assets are of good value for the amounts shown in the balance-sheet.”]