COLONIAL MUTUAL.

Wairarapa Age, Volume XXV, Issue 10713, 30 May 1913, Page 5

COLONIAL MUTUAL.

ANNUAL MEETING,

(Received May 29, 9.10 a.m.) MELBOURNE, May 29

At the annual meeting of the Colonial Mutual Life Assurance Society a favourable report was submitted. The fact was mentioned that the society had added to its securities Government debentures to the extent of £92,000 and had lessened the mortgage advances by £BO,OOO. Three of the signatories to the petition presented to Parliament last j year were present, and protested against the meeting receiving the report. One moved to the effect that the best interests of the society would be served by an adjournment of the meeting, pending a report by the inspectors appointed by the Victorian Government to investigate the business of the society. • The chairman said that until the inspectors' enquiry had been completed, the directors considered that any matters covered by such enquiry should not be discussed. When the inspectors' work was finished full opi portnnity 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 and the chairman of directors was carried amid applause. The report of the Colonial Mutual Life Assurance Society showed that the new business in the ordinary department had totalled £3.227,737, an increase of £130,000 over the previous year, which was a record. The total income of the society was £774,637,, and the total funds £3,570,435.