SUMMARY OF CONCLUSIONS-

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

SUMMARY OF CONCLUSIONS-

Tho inspectors attach to tho report a summary of tho allegations and their conclusions with respect to them. They find that tho allegations with regard to the oponing of a ballot-box were utterly without foundation; that tho amount paid to tho chairman as travelling expenses was not excessive; that though in the book values a number of assets havo been placed high they cannot bo fairly characterised as ridiculous; and that the charge that the chairman's son, as a member of tho Stock Exchange, transacted tho society's business to the. exclusion of brokers formerly engaged, is held to be incorrect.

Tho allegation that the society was in gravo financial difficulties, if not hopelessly insolvent, isdealt with in the following terms: "We are confident that at tho dato to which tho allegation refers, and at which, our investigations were made, tho society was solvent, and fully ablo to meet all its liabilities, both immediate and. prospective." | Tho directors of the society regard the report as highly satisfactory, as it proves that tho reflections cast on tho management were unjustifiable. The following cablegram was received in Wellington on Tuesday evening from the society's chairman of directors of tho Principal Office Board, Melbourne:— "Government inspectors' report on affairs of society laid before Parliament to-day. Board regard it highly satisfactory. Following are extracts'We are satisfied that at tho dato of our investigation tho society was solvent and ablo to meet all its liabilities both immediate and prospective. Wo are strongly of opinion that tho charges of fraiid, dishonesty, mismanagement, and incapacity rnndo against the directors and managers in tho petition presented to Parliament in September last aro wholly unjustified. . Wo have examined the mortality experience of tho society for tho years 1905 to 1011, and find that it has been favourable, the amounts paid in claims were materially less than those for which provision was made in the valuations. Wo aro of opinion that the business is being conducted on sound principles, that the policy which is being pursued should have the effect of further reducing the business costs, and that tho results in tho future should bo materially better than they have been in tho past years. In our opinion tho investments of tho society are now and for somo years past have boon made on sound principles. Wo are also of opinion that tho Industrial Department will not only bo successful in itself, but that it will prove to- be a valuablo adjunct to the ordinary department.'"