COLONIAL MUTUAL LIFE.

Stratford Evening Post, Volume XXXIV, Issue 45, 17 October 1912, Page 5

COLONIAL MUTUAL LIFE.

(Received 17, 10.40 a.m.) Melbourne, October 17. The Colonial Mutual Life Rill was taken in the Council. Mr. McWnat, in moving its second reading, gave the history of the Society. Tne object of the Rill, he said, should ho to provide that wimt had been done in jAie past should be deemed to have been done in a legal way. Ho quoted figures to show the Society was in a sound financial position. The valuations were made on a most conservative basis, the same method being adopted as was used by the Savings Rank*. So sound was the company financially, that, were it necessary: to-morrow to p iy off all liabilities, there would ho left a surplus approaching £1,000,000.' Mr. Robinson said the statement had been made against men < f honour, of integrity, and of business standing, and stops should have been taken by those to whom the petition was referred to ascertain if the charges were not actuated by malicious motives. The directors bad always been- willing and anxious to .answer charges,' but bad never been asked. They had been condemned without a trial, and the Society had been done an almost irreparable wrong. The -inquiry should bo unshod til rough with all possible speed, and a prel.mimiry report presented within a month Pho company should To sriven the earliest opportunity to fortify agents all over the world with that intention, and that affairs wore bona fide. Mr. Balfour considered that nothing more dastardly could have been done than for men with so little interest in the Society to take action at a time when the Society Was taking the accessary steps to nut everything absolutely on a legal fortu. They took advantage of.the Society’s action to make charges, which, while untrue, damaged it in the eyes of the public. The duty of Parliament was to undo the mischief,- which was a very difficult task. '(

The second reading of the Bill was agreed Vo,' and. i t jyajß ;put. through. Committee, mriainonded, - and pdsl&id-r nil the Remaining;stages.!C. t j^ \\ f;i; ' — : —• LOANS ;TO LOCAL : BOp|ES[lf jG (Peri Press ■ i&«febciatt^i|jk|||ft • Wellington, October IV. |. 4lr. Jlqyntyn furthoi; examined t'>day '.-by- tJie. committee ( appointed 'td jiiito, tJid.'W.ocaljion of to ( Iqpnl .bodiesbupfc.the Btqfq' ternteed Advances Act.- He stated jthat under the Act a sinking fund 'was paid as part of the instalments; and capital and interest were paid in full. Rio only loss under the present system resulted from the non-iny S'!merit ( of funds, -as 'agaijprt $ .loss of £3.300,000 under flift! old itsfeiU'.Sir Joseph Ward ; While I was Minister‘cf* Emance;- was—there ■ air anytime any suggestion of pressure on ■my part, directly or indirectly, to induce the Board to advance money? Witness: No. In reply to Mr. Aden; aril ness-said that in view of the Solicitor-General’s opinion that the Board would not be very ready to lend money until it had funds available; ~he said the tins year had borrowed 1302 001, out of a million which it had a right to borrow. He saw no difficulty in.legislating so as to provide that local bodies should pay an increased rate of interest at winch the Government had La borrow the money. Mr. Allen: Has any loan been borrowed in England under the State Guaranteed Advances Act? Witness: No. Mr. Allen: Jlo you think there over ill be one ?

Witness: No.