COLONIAL MUTUAL LIFE.

Taranaki Daily News, Volume LV, Issue 129, 18 October 1912, Page 5

COLONIAL MUTUAL LIFE.

BILL BEFORE THE SEX ATE. By Cable—Press Association—Copyright. Melbourne, October 17. The Colonial Mutual Life Bill was taken in the Council, Mr. McWhae moving the second reading. He gave the history of the society. The object of the Bill was to provide that what had been done in the past should bo deemed to have been done in a legal wav. He quoted figures to show that the" society was in a sound financial position, and that the valuations had been made on the most conservative basis, the same method being adopted as was used in the savings bank. So sound was the company financially that were it necessary to pay off all the liabilities there would be left a surplus approaching £1,000,000. Mr. Robinson said that statements had been made against men of honor, integrity, and business standing, and steps should have been taken by those to whom the petition was referred to ascertain if the charges were not actuated bv malicious motives. The dnectors had always been willing and anxious to answer the charges, but had never been asked to do so. They had been condemned without a trial, and the societv had been done almost irreparable wrong. The enquiry should be pushed with all possible speed and a preliminary report presented in a month. The companv should be given the earliest opportunity to fortify its agents all over the world with information as to its affairs being conducted in good faith. 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 necessary steps to put everything m absolutely legal form. They took advantage of the society's action to make charges which, while'untrue, damaged it in the eves of the public. It was the duty of Parliament to undo the mischief, but it would be a very difficult task. The second reading was agreed to and the Bill passed through rwnniittee unamended, and passed through all the remaining stages.