COLONIAL MUTUAL LIFE.

Taranaki Daily News, Volume LV, Issue 316, 30 May 1913, Page 5

COLONIAL MUTUAL LIFE.

THE ANNUAL MEETING. • By Cable—Press Association—Copyright. Melbourne, May At the annual meeting.of the. Colonial Mutual Life Assurance Society a favourable report was submitted. The fact yas mentioned that the society had added to its securities Government debentures to the extent of £92,000 and lessened mortgage advances by £BO,OOO. Three of the signatories to the petition presented to Parliament last year were present and protested against the meeting receiving the report. One moved that the best interests of the society would be served bv an adjournment of the meeting pending the report of the inspectors appointed bv the Victorian Government to investigate the business of the society. The Chairman said that until the inspectors' inquiry was completed the directors considered anv matters covered by such an inquiry should not be discussed. When the inspectors' work was finished, full opportunity would be afforded members to review the whole question.

The motion was negatived and the report and balance-sheet adopted. A vote of confidence in the staff, the chairman, and directors was carried amid applause.

The report showed new business in the ordinary department amounted to £3,227,737, an increase of £130.000 over the previous year, which was a record. The total income of the society was £744,037, and the total funds £3,570,435