COLONIAL MUTUAL.

Dominion, Volume 6, Issue 1632, 26 December 1912, Page 5

COLONIAL MUTUAL.

REPORT ON THE SOCIETY'S AFFAIRS. By Telegraph—Press Association—Copyright (Hoc. December 25, .5.5 p.m.) Melbourne, December 25. The inspectors appointed to investigate the Colonial Mutual Life Assurance Society's affairs have presented their first progress report. They state that a valuation of tho liabilities has been put in hand, but a vast amount of detail work is involved, and they will ba unablo for some time to express a definite opinion on that subject. They have completed the verification of the assets in the ordinary and accident departments, but time has as yet not permitted, of tho examining of the values at which the assets are carried on the book.

, Tho inspectors certify that securities, title deeds, and other satisfactory evidence relating to- .the assets at the head office and tlie branches in Queensland, South Australia, West. .Australia, Tasmania, and Fiji have 1 been correctly produced, and as regards, tho branches in New South 'Wales, Now' Zealand,. Great Britain, Ireland, and South" Africa, tho certificates of the chairmen of the respective local directors have been produced iir respect of-tho assets held by tho branches.

Special reference is made to three items appearing amongst the assets, namely, the extension of the organisation account in the industrial department to .£103,893, of which .£49,168 was advanced on loan by the ordinary department, outstanding premiums, and agents' balances. The investigation has not proceeded far enough to enable the inspectors to express an opinion as to tho value of the former, and owing:, to the'; manner in which such premiums are treated, the appraisement of a' considerable proportion of outstanding premiums is dependent, on the valuation of the liability under policies, which are now in hand, but,,as • regards agents' balances, amounting to .£SOIB, practically the. whole of the amount has been paid during the current year. The inspectors state that they think it proper to add that they have not yet' Observed.in the accounts any assets or advances which in their opinion are of a speculative nature, or any advances or loans to directors.