COLONIAL MUTUAL LIFE.

Rangitikei Advocate and Manawatu Argus, Volume XXXVII, Issue 10658, 29 May 1913, Page 8

COLONIAL MUTUAL LIFE.

United Press Association—By Electric Telegraph—Copyright. Received May 21), 1 p m. Melbourne. May 2D. At the annual meeting of the Colonial Mutual Life Assurance Society a favourable report was submitted. Tim fact was mentioned that the Society has added to its securities Government debentures to the amount of £1)2,000, and lessened mortgage advances by £BO,OOO. Three of the signatories to the petition presented to Parliament last year were present and protested against the meeting receiving - the report. One moved that the best interests of the Society would be served by adjournment of the meeting pending the report of tlm inspectors appointed by the Victorian Government to investigate the business of the Society. The Chairman said that until the inspectors’ inquiry had been completed the directors considered that any matters covered by such inquiry should not be discussed. When the inspectors’ work was finished full opportunity would be afforded to members to review the whole question. The motion was negatived and the report and balance sheet were adopted. A vote of confidence in the staff, the chairman and the directors was carried amid applause. Melbourne, May 29. The report of the Colonial Mutual Life showed the new business of ordinary department was £3,227,737, an increase of £130,000 over previous year, which is a record. The total income of the Society was £744/137, and the total funds amount to £3,570,435.