MUTUAL LIFE ASSOCIATION

Taranaki Daily News, Volume LV, Issue 187, 27 December 1912, Page 7

MUTUAL LIFE ASSOCIATION

COLONIAL MUTUAL LIFE. AX INTERIM REPORT. By Cable—Press Association—Copyright. Melbourne, December "24. 'The inspector appointed to investigate the Colonial Mutual Life Society's affairs have presented a, first progress report. They state that the valuation of the liabilities has been put in hand, but I a vast amount of detail work is involved, and they are unable at the time to express a definite opinion on that subject until they have completed n verification of the assets of the ordinary and active department. Time has not yet permitted them to examine the values at which the assets are carried on the books. The inspector has certified to the securities and title deeds and given other satisfactory evidence relating to the assets at the bend office: These had also been correctly produced for the branches in Ouecnskind. Soul h Austral-.;. Wcitralia. Tasmania and l-'iji. and wall " 'liard to the branche.-. in New Sot.:.!: 'Wales, V:W Zealand, Creat lb ilai:.. Ireland and South Africa the certificates of the chairmen of the respective local directors hud been produc. Ed ww.li respect to • the assets held by the branches. Special reference wax made to three items appearing amongst the assets, namely, the extension of organisation account in the industrial department, outstanding premiums, and agents' balances. The investigations have not proceeded far enough to enable . tlsem to express an opinion as to the value of the former, and owing io the manlier in which such premiums have been treated an appraisement of a considerable proportion of the outstanding premiums is dependent on the valuation of the liability under policies which arc now in hand. As regards the agents' balances of £SOIB, practically the vvhole amount has been paid in in the ciu-ceiii, year. "We think-, it proper to add," the report continues, '"that we have not observed in the accounts any assets or advances which in our opinion are of a speculative nature, or any advances or loans to directors."

TKMirKIIAXCE MUTUAL T.l 1")0. Melbourne, December 24. The animal meeting of policy-holders of the, Australian General Mutual fife agreed that £24,8'.)1 should be distributed i,H, the ordinary departments and .'>'o7S in the industrial department. Mr. Meek-, the chairman. *aid : that the' balance-sheet showed a •wealthy condition of a flairs. The ordinary department's new business is in excess of the million, mark, which , was the amount the Society sei, itself out to Accomplish.