§ 61. Mr. GINNELLasked the President of the Board of Trade whether he is aware that the Colonial Life Assurance Society of Australia is registered as a trading society in Australia; that the profits promised by their agents and in their prospectus are not mentioned in the policies; that the repayments at the close of tontine periods are in no case on the scale upon which persons were induced to insure; that they do not much exceed half the sum of the premiums; that the funds obtained from insured persons have been lost by the directors in speculation; and that this is tacitly admitted in a cablegram from the society in London appearing in the Melbourne daily papers of 18th July last; and, if those methods be irregular on the part of an insuring firm, whether the Board will investigate the matter?
§ The PRESIDENT of the BOARD of TRADE (Mr. Buxton)The matters referred to in the question are not required to be disclosed in the returns filed by the 1415 society, and I am therefore not in a position to furnish information on the subject.
§ Mr. GINNELLIs the Board of Trade entitled, beyond the papers required by Statute, to inquire into a case in which money of the insured persons has been gambled away by the directors?
§ Mr. BUXTONWe have certain statutory powers, and I am afraid we cannot go beyond them.