New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-03-29
WILL STAY IN ENGLAND.
Mutual WW obey La1cs Passed
There, Mr. Peabody Says.

The attitude Of the Mutual Life Insurance
Company toward its British policyholders, which
has been the subject Of many long cable mes
sages since the resignation of a. D. Haldeman,
the general agent of the company in the United
Kingdom was outlined last night in long in
terview given by President Charles A. Peabody.
He declared that the company intended 20 hold
its British business and would comply with
any law which might be passed He said that
the board of trustees would be pleased to elect
one or more Englishmen as members Of the
board if the policyholders would indicate salts
factory men. There was a rumor last night that
A D. Juilliard. Of the Mutual Life finance COM
mittee who is now on his way to New York
from London, brings an agreement with Mr.
Haldeman which may bring about speedy
peace Mr.. Peabody said in part:
We are going 10 do everything possible for the
protection of the English policyholdeTS W e. nave
Sfp9lC0 here for tho protection Of all the policy
holders OF h company ana fa % de Pay doa F e
occasion for the Mutual Life 70 deposit funds
IN this country to deposit funds here don't see
here. We arc doing business and we are solvent /
will say. however that we will do everything in
reason that can be suggested for the protection Of
th, British polIcyholdcrs. There has been no Jaw
We have ignored or failed 10 obey, We nave no
idea of withdTawlne from Great Britain WI are
SONG 10 L'alil mere anu p5''I W oE f ttot sort
IN Great Britain but we have not been required to
fsh poiityhoders We have done in Prussia Just
as The law requires Sud we will do II In Great
been no. change in the law in Great Britain recently
which requires us to make any deposit there. II
Iy e' VIE Tat i new law we suns INV " 80
Has Mr.. HaIdeman made any demand for
representation on the board Of trustees for the
British policyholders or for the maintenance Of
reserves over there which have been refused and
which have led to his withdrawal" Mr. Pea
body was asked. He replied:
Not one single thing . The Eng5h PqlieyhOders
SHt Nj "fisfdemap dd suggest that the British
gu the board presume that If the British policy
trustee the board would be very glad to agree to
/ understand that # has been proposed that Par
liamcntary action should be taken. II Parliament
rS 10 AoiP Fly 'eI r we WI 40 The I
request of individual poucyholdors. There is no
twelve nolcyholders there, and that is all.
Mr.. HaIdaman Is quoted in cable dispatches as
saving that he represents about twenty-five thou
sand pol-yholders. Who contribute annual
premium income Of some E64o0OO" it was said
~. 8 our Rgout in England" said Mr.. Pea
body. "anI / suppose you might say in a sense
that he represents the whole Of the English
business. We viii be very glad to elect an Eng
sh trustee if we can find one who would serve
~ e NOulu De SldQ 10 nave Two or LnTee or them,
in fact, but the difficulty is that 1 don't see how
they would be able to attend meetings"
Have you ascertained what Mr.. Haldeman's
complaint was?"
NO" said Mr. Peabody and he went on:
That is the trouble. We have not got any definite
complaint from him Personally l have never had
but one letter from him, and that last Janu-
airy. That is the only personal correspondence 1
spOndence, however, with the foreign department
winch Is under the supervision of the agency COM
~ l1St9 ana 4elleIS nave gone PACK ana ioItA Inc
English polcyhOlders have their Parliament TO
protect them. We in their hands. Up 10 this
time we have not been accused of disObeying any
law of any foreign country
The trustees owe something to the pOlcyhOlders
over here. Think for a moment what would hap
pen. The American pOuCyhOIderS have definite
the pOliCyholders. What authority have we 10 send
$3OOyO,yOO $4OGU0OOO Of 1t to foreign country?
We cannot scatter money around the world when
the law does not require it, Our law here requires
us to keen our money here, and in a particular
way. Certainly If Parliament does not require
to keep part of it in Great Britain cannot do il
not been done in the past except as the law re
QuTes it. If they mean simply to deposit money IN
the Bank of England, I suppose we could do it.
If English government requires US to deposit
funds there it will designate some official Of
the government who will be responsible for the
funds Until the government does that, who would
have to earn income on this fund. We have
got to invest it On their securities We would not
earn as much as we are doing now Moreover,
there has been no such request made formally at all
by the British pOlicyhOldcrs. ASK Mr.. Haldeulan
10 give the date when that request was made and
when the English pOlCyhOlders made thai com
plant. You had better get the evidence of that
first. 1t is easy enough TO say sentiment demands
II. Mr.. Haldeman has said that he thought the
but / never heard him make the suggestion that We
ought to DO il until we were required to do so