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1910. NEW ZEALAND.

PUBLIC ACCOUNTS COMMITTEE (REPORT OF) ON THE PETITIONS OF W T. LARSEN AND A. A. LARSEN (RE TONTINE POLICIES); TOGETHER WITH MINUTES OF EVIDENCE. (Mr. RUSSELL, Chairman.)

Reports brought up on the Bth September, the 20th October, and the 18th November, 1910, and ordered to be printed.

ORDERS OF REFERENCE.

Extracts from the Journals of the House of Representatives. Thursday, the 7th Day of July, 1910. Ordered, " That a Committee be appointed, consisting of ten members, to examine into and report upon such questions relating to the Public Accounts as it m»y think desirable, or that may be referred to it by the House or the Government, and also into all matters relating to the finances of the Dominion which the Government may refer to it; three to be a quorum : the Committee to consist of Mr. Allen, Mr. Buxton, Mr. Fraser, Mr. Graham, Mr. Laurenson, Hon. Mr. T. Mackenzie, Mr. Massey, Mr. Reed, Mr. Russell, and the mover."—(Riant Hon Sir J G Ward.) Thursday, thh Bth Day of September, 1910. Ordered, " That the report of the Public Accounts Committee on the petitions of A. A. Larsen and W T. Larsen be referred back to that Committee for further consideration."—(Mr. Hogan.) Thursday, the 20th Day of October, 1910. Ordered, " That the report (No. 2) of the Public Accounts Committee on the petitions of A. A. Larsen and W. T. Larsen be referred back to that Committee for reconsideration."—(Mr. Hogan.)

REPORTS. Nos. 47 and 70.—Petitions of A. A. Laks'en and W T Larsen, of Wanganjii. Petitioneks pray for legislation affording protection and relief from the methods of the Colonial Mutual Life Assurance Society (Limited). I am directed to report that the petitioners were insured in the Colonial Mutual Life Assurance Society (Limited) for £500 each, payable at death, but they allege that they were induced by canvassers of the company, in the year 1894, to change their policies to tontine policies current for fifteen years. The inducements held out to them were in the nature of verbal assurances of glittering prospects of large bonuses and paid-up policies at the close of the tontine period, in addition to insurance during the fifteen years, and a promise of refund of premiums if death occurred during the time. No document has been placed before your Committee to show that these glittering prospects were authorized by the company They do not appear either in the form of proposal or the policies which were produced, and which constitute the contract in each case. The sole document before the Committee which deals with the matter is a leaflet produced by the petitioners, which has upon it a case quoted from the experience of a New York society, which was intended to suggest a rate of profits of a most extravagant character as being possible under the tontine scheme of the society No doubt, this leaflet is largely responsible for the widespread disappointment of tontine-policy holders in the society.

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