THE COLONIAL MUTUAL.

Stratford Evening Post, Volume XXXIV, Issue 29, 27 September 1912, Page 6

THE COLONIAL MUTUAL.

REPLY TO ALLEGATIONS. (Received 10.15 a.m.) T ’ T ’ Melbourne, 'Sest6ihh6r *271

Mr Irvine Starke, 1 counsel for the Colonial Mutual Life Assurance Society, appeared at the bar of the Assembly and lengthily replied to the allegations contained in the'petition relating to the Society, and also regarding the Bill dealing with the Society. He argued that the course proposed Avas extraordinary and unprecedented, and to suddenly deprive policy-holders of the guidance and control of the directors Avas a serious step, Avhich Avmlld shake the credit of the Society to its foundations. The Bill AA'.a® introduced not because the company Avas not flourishing, or bp-cause the policyholders had reason to apprehend that directors did not retain their fullest confidence, but because a technical error had been discovered in the original memorandum of association* As long as the directors Avere prepared to take the risk there Avas not the 'slightest danger of the position of the association being attacked. Ho traversed the allegations in the petition, and protested against the replacement of the directors and declarations by an auditor and other officials of the Society. He .rea4 a statement declaring that the allegation contained in the petition relating to the opening of the ballot box was untrue.

Counsel having AvitbdraAvn, the House adjourned discussion of the Bill to enable tbfe papers presented by counsel to be examined.