New-York tribune., 1906-03-28
PARLIAMENT MAY ACT.
Select Committee to Consider Ameri-
can Insurance.

! London March 2T.-The Earl OF Granard. Lib
eral In behalf Of the Board Of Trade, replying
! in the House OF Lords to-day to the Earl OF
/ onslov. Conservative who on March gave
| notice Of his intention to ask the government
whether. in view o: the disclosures made regard
! ing certain American insurance companies, it
I intended 20 compel foreign companies doing
business in Great Britain to keep I'm this country
a sunieent proportion Of their securities to cover
the claims Of British policyholders said the gov
crnment would appoint a select committee to
consider the question.
In introducing the subject the Earl Of onslow
spoke strongly Of the alleged practice Of the
officers OF insurance companies in advancing
large sums to companies I'm which they were per-
sonally interested. and Of the control Of the
three large American companies doing business
in Great Britain. He reviewed the evidence Of
the Armstrong committee, from which he con-
cuded that there was guarantee that British
policyholders might not awake some morning to
find that the assets had disappeared. In Eng
land Lord Onslow added. quarter of million
people were interested in the affairs Of the Amer
ican insurance companies, and the country could
not allow that the slightest risk Of loss should
exist for those who had invested their small
savings in insurance. He hoped the govern
ment would introduce legislation such as had
been adopted elsewhere. compelling the
panies to deposit approved assets to meet their
liabilities
In the course Of his reply the Earl OF Granard
said that the suggestion Of a guarantee to pol
icyholders on the part Of foreign insurance COM
panies was not unreasonable. The government
had carefully considered the matter and had
concluded that the best way to meet the re-
quest was by the appointment Of a select com
mittee, which he hoped he would be able TO move
soon.
The rssi1ps+iop ~ n = EIaI5ar,s, Tr4+tsb
manager Of the Mutual Life Insurance Com
pany Of New York. and the Earl OF Onslow's
question in the House Of Lords have revived in
terest here IN the affairs OF American insurance
companies. The Globe" to-day I'm its financial
columns suggests that British policyholders or
ganize themselves into a company. why"
The Globe asks should not British policy
holders cut adrift from the New York company
entirely? If Mr.. Haldeman can devise means
10 organize them into a new English company
conducted on safe and conservative lines he will
have done them substantial service"
This, however, is not the intention Of MI
Haldeman. who said tonight
am not antagonistic to the company, but 7
have felt n my duty, as the reforms suggested
have not been carried out, TO resign and place
my services at the disposal of those whom I
induced 20 insure in the Mutual Life Insurance
Company Of New York
It is understood that Mr.. Haiden1an took the
step he did at the suggestion Of the larger policy
holders, whose proxies he will hold in the effort
to organize British policyholders to press for
reform Mr.. Haldeman probably will go to
America when he retires from the British man
agement Of the Mutual Life, and ally himself
with Stuyvesant Fish and his associates in the
appointment OF committees with a view TO leg
islation.
result Of the same agitation which induced
? Ja1d
the New York Life Insurance Company and the
Equitable Life Assurance Society vtthdrsyrire,
from Great Britain. since the result Of The dis
closures OF the last year has caused a loss in
business and If the legislation which has been
suggested is carried out this probabl will he
realized. The Mutual Life Insurance Company
OF New York. however is too largely interested
ii Great Britain to take such a step.
augustus Juilliard Of New York. = tr7Is+aa
OF the Mutual Life Insurance Company of New
York said tonight that nothing had been de-
CiUeu YET regarding the company's business IN
-1oi'1ol' Dut ne was going to New York on hoard
,'- ''e'''er baItc tomorrow, and would submit
statement TO President Peabody and joseph
r. choate. Nothing he said, would be done
contrary to Mr.. Choate's advice. Mr.. .Tuf1iard
said he had no interest in the n,o+.au -.
regard TO the protection Of policvbo15ers - =,
they would save their money by- sticl-ir, - -,
policies He added:
The money is there Rritisb .,,.
examined the affairs Of the company ana fn,7rS
Di,,s aSST's absolutely correct with large sur
f,,-tber .as an sure the company will welcome a
poHcyhoiders may care to appoint ''iS'i
speaking OF the high character Of Presiden+
Peabody Mr.. JuiIIiard mentioned his selection
OF Mr.. Choate as the adviser Of the comnor,.
Mr.. Juiliard added that it was the intention of
the administration to have all the roone, and
spend as little as possible
robertson Lawson, the accountant. a leading
member OF the policyholders committee. said.
What We want is to obtain a transfer of aseats
- "e company 10 England sufficient to protect
oDlce declines 10 accede or refuse to cut
brltlsh business and transfer portion Of its
assets II VIII have TO conduct its business iT7
Great Britain at a serious loss, as public conf
oence is not likely 10 be restored under tba 7Tas