COLONIAL MUTUAL.

Dominion, Volume 6, Issue 1763, 30 May 1913, Page 5

COLONIAL MUTUAL.

ANNUAL REPORT, AND A PROTEST. RECORD INCREASE. By Telecraph—Press Association—CoDyriirbt Melbourne, May 29. At the annual meeting of the Colonial Mutual Lifo Assuranco Society a favourable report was submitted. The fact was mentioned that the society had added to its securities Government debentures to the extent of £92,000. aud had lessened tho mortgage advances by £80,000." The report showed that the new business in the ordinary department had totalled £3,227,737, an increase of £130,000 over the previous year, which was a record. The total incomo of the Eociety was £741,637, and the total funds £3,570,435.

Three of the signatories to the petition presented to Parliament last year were present, and protested against the meeting receiving the report. One moved to the effect that tho best interests of the society would bo served by an adjournment of tho meeting, pending a report by the inspectors appointed by the Victorian Government to investigate the business of the society. Tho 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 tho inspectors' work was finished full opportunity would be afforded members to review tho whole question. The motion was negatived, and tho report and balance-sheet adopted. A vote of confidence in the staff and the chairman of directors was carried amid applause.