COLONIAL MUTUAL.

Dominion, Volume 6, Issue 1574, 18 October 1912, Page 5

COLONIAL MUTUAL.

THE SOCIETY DEFENDED. By Telegraph—Press Association—Cods'rtulit Molboiirno, October 17. Tho second rending of (lie Colonial Mutual Life Assurance Society Bill has been moved in tho Legislative Council by Mr. M'Whae. Mr. M'Whae gave the history of the society. Tho object of the Hill, lie said, was to provide that what had been done in tho past should bo deemed lo have been done in a legal way. [to quoted figures to show that tho society was in a round financial position. Valuations had been made on a most conservative basis, the same method being adopted as was used by the Savings Bank. So sound was the company financially that wero it necessary to-morrow lo pay olf nil tho liabilities there would bo left a surplus approaching a million.

Mr. Robinson said statements had been made against men of honour, integrity, and business standing, and steps should liavo been taken to ascertain if the charges had not been actuated by malicious motives. The directors had always been willing nnd anxious lo answer charges, but had never been afcked to do so. They had been condemned without trial, and the society had been dono an almost irreparable wrong. Tho inquiry should be pushed along with all iwssiblo speed, and a preliminary report presented within a month. The company should be given the earliest opportunity to fortify its agents all over the world with the intimation that its affairs wero bona fide.

Mr. Balfour considered nothing moro dastardly could have been dono than for men .with so little in the society to take action at a time when the society was taking the necessary steps to put everything in absolutely legal form. They had taken advantage of the society's action to make charges which, while untrue, damaged the society in the eyes of the public. It was tho duty of Parliament to undo the mischief—a very difficult task. The second reading -was agreed to and the Bill put through committee unamended. The measure then passed through all tho remaining stages.