"NATIONAL ASSET."

Auckland Star, Volume LXIV, Issue 191, 15 August 1933, Page 7

"NATIONAL ASSET."

N.Z. INSURANCE CO. WORLD-WIDE INTERESTS. SIR ALFRED BANKART'S ADDRESS. "It is encouraging to note that there have been, of late, indications of improved prices for the main products of those various countries in which the company operates," said Sir Alfred Bankart, chairman of directors, in hi? address at the a'nnual meeting to-day of the New Zealand Insurance Company. "Your directors confidently anticipate thnt these indications will be reflected in a development leading to a substantial return to general prosperity by the greater purchasing power 'consequent upon the higher prices receivable for our chief products."

To a considerable extent the company wae dependent for its continued success upon healthy trade conditions abroad. Ite strictly New Zealand business, though large, was only a part of its total annual business, which wae conducted in some twelve different countries throughout the world, in addition to the valuable connections in all the States of Australia. With the competitive conditions obtaining, it would not be possible, within the limited resources of - this Dominion only, to have built up a business of the character and dimensions of the company.

"It is well, therefore," said Sir Alfred, "that shareholders and the public alike ehould realise the great value of undertakings with euch world-wide interests. They make possible, by successful trading, whether in the insurance field or otherwise, the introduction into New Zealand of invisible imports or wealth, which in part enables the continued distribution to shareholders of considerable siime of money, reacting greatly to the advantage of general trade. In that sense, therefore, this company, and others like it, should be regarded as valuable national assets, which are to be supported and encouraged in every way."

Sir Alfred recalled that when he addressed the shareholders last year he had expressed the hope that the various international conferences, which were in progress at the time or were being arranged, would evolve some process whereby conditions embarrassing the world would be improved. That hope unfortunately had not been realised. The uncertainty of the international debt position, combined with low prices for our staple' commodities, was retarding any material improvement in the prevailing conditions.

After referring to the company's balance-sheet, Sir Alfred said that the company had sustained a great loss through the death of Mr. Charles Rhodes,, who had been a director for 27 years. The vacancy on the board had been filled by the appointment of Mr. F. A. Hellaby. - Another of the directors, Mr. Henry Horton, at present in England, would confer with the London advisory director and managerial staff on matters connected with the company's affairs.

In conclusion, Sir Alfred paid a warm tribute to the work of the company's staff during the year,