THE COLONIAL MUTUAL.

Stratford Evening Post, Volume XXXVI, Issue 21, 29 May 1913, Page 5

THE COLONIAL MUTUAL.

A SATISFACTORY REPORT. ' [By Eeectrio Telegraph —Copyright] [United Press Assoc as: j s. ■ (Received 9.5 a.m.) Melbourne, May. 28. At the annual meeting of the Colonial Mutual Life Assurance Society, favourable reports were submitted. The fact was mentioned that the Society had added to its securities Government debentures to the extent of £92,000, and lessened the mortgage advances by £BO,OOO. Three of the signatories to the petition presented to Parliament last year were present, and protested at the meeting receiving the report. One moved that the best interests of the society would be served by an adjournmcht of the meeting pending the report of the inspectors appointed by the Victorian Government to investigate the business of the society.

The Chairman said that until the inspectors’ inquiry was completed, -the directors considered that any matter covered by such inquiry should not be discussed. When the inspectors’ work was finished, a full opportunity would be afforded members' to review the whole question. The motion was negatived, and the report and balance-sheet adopted, and motion of confidence in the staff, chairman, and directors was carried amidst applause.

The report showed new business to have been £3,227,737, an increase of £130,000 over the previous year, which was ,a record. The total income of the society was £744,63i, and the total funds £3,570,435.