The Equitable Life.

Taranaki Daily News, Volume XLVII, Issue 7852, 19 June 1905, Page 2

The Equitable Life.

X STATEMENT BY THE COLON-

lAL MANAGEK,

•A representative of the Wellington Port had ; a conversation on Tuesday morning concerning the affairs of the Equitable Assurance Society of the United States of America withi Mr, [C. Carlisle Taylor,, the- Society eral Manager for Australasia. Mr Taylor stated that he was in receipt of advices) from New .York to the effect that) the appointment of Mr Paul Morton (the retiring United States Secretary of the Navy) as chairman of the Equitable Society's Board of Directors, had given general public satisfaction, and was approved by all parties concerned. He was given to understand that Mr Morton is to bfc I vested with sufficient power to adjust the recent controversy iu the

interests of the Society, und that Mr Hyde had "transferred his stock-con-trol to a oommittce of policyholders, to bo vested in three trustees, with power to vote for the majority of directors, according to the instructions of the policyholders of the S»ciey. This result would speedily consummate the mutualisation plan ap-

proved by the directors, and by the

Superintendent of Insurance. Cndcr the new plan, of the 52 directors of the Society, 28 were to be elected by the policyholders, and young Mr. Hyde transfers 'his influence to a committee of trustees. Acccording lo a cable message received by Mr Taylor Mr Grover Cleveland (Ex-Presi-

dent of the United States). Mr Geo. I Westihghousic, and Mr Justice O'Brien (of the Supremo Court), are being invited to serve as the Hyde trustees. It is evident from this, said Mr Taylor, that the controversy is practically concluded, and that the mutualisation plan will soon be in active operatipn. Continuing, the General Manager said : "As conflicting reports have reached us from time to time through the press,' some of them, unfortunately, erroneous and misleading, it may be as well to call the special attention of the public to the facts as they exist to-day. There has been no question as to the ownership of the surplus of the Society. The policyholders are the proprietors ol the assets and of the surplus, and the controversy which has taken place has been solely in reference to 'the question of the. right to elect the members of the board of directors. The question hasi now been decided in favour of the policyholders, it having been detcrminiedi that they shall elect the majority of the directors."

" There has never been any (flies* tion whatever," concluded Mr Taylor," about the financial strength of the Society. The anount paid annually to policyholders in bonuses! is more than any other company jn the world is paying, and yet at the same time the surplus maintained is lara<\?r than any other ompr.ny. In feci, the, Society's financial strength is prenter than ever tefore. Thi inciclisnv |n seroliis list year was £1,300.000.' and with more than £'lO,r>oo,ooo ol surplus funds, which are now being steadily divided among policyholders as tl'ev are entitled to bonuses under their policies-, policyholders have every reason to he congratulate.! on the position which the Equitable holds to-day among insurance institutions.'