THE COLONIAL MUTUAL,

Dominion, Volume 7, Issue 1870, 2 October 1913, Page 7

THE COLONIAL MUTUAL,

AFFAIRS INVESTIGATED,

INSPECTORS' FINAL REPORT.

I By Telegraph—Press Association—Copyright Melbourne, October 1. Tlio final report of the inspectors appointed to investigate the affairs of tlio Colonial Mutual Life Assurance Society has been tabled in tho Legislative Assembly. It states; "At tho dato of our investigation tho sooioty was solvent and ablo te meet all its liabilities—immediate and iirospeetivo. Tho charges of fraud, dishonesty, mismanagement, and incapacity made against tlio directors and managers in the petition presented te Parliament in September of last year aro wholly unjustifiable. "An actuarial valuation made at December. 21, 1910, is substantially correct. Tlio cost whereat new business was obtained was greater in 1912 than in 1911, but this was entirely due te tho adverse effect produced by the presentation of the petition to Parliament in 1912. Tho assets, as shown on the hooks and balance-sheet, havo been verified. All tho assets aro of good value for the amounts shown in the balance-sheet.

''The industrial department has made satisfactory progress, and the accident departmont is in a sound position. "The allegations in the petition not already referred te hay© been inquired into, and wo aro of opinion that the moro serious of them have not been justified, and_ the remainder havo no material bearing on tho position of tlio society."