ON EVE OF ITS 87TH ANNINIVERSARY

Dominion, Volume 28, Issue 167, 11 April 1935, Page 14

ON EVE OF ITS 87TH ANNINIVERSARY

Rapid Expansion ol the Company

Not in New Zealand alone has the enterprise and forethought of the Prudential Assurance Company been evidenced in the erecting of enormous, but essential buildings during a period of doubt and depression, when the vast majority of commercial concerns have preferred to consider ways and means for retrenchment rather than expansion. In London, also, great constructional schemes have recently been completed, providing the Prudential with a chief office for the control of the organisation.

The Prudential company started on its career in May, 1848, so that it is now on the eve of its 87th anniversary. After 14 years the directors moved their London business from Blackfriars to a new building (erected in 1860) in Ludgate Hill. Conditions became cramped, and a project was entertained to acquire adjacent premises. This being found impracticable, land and premises, forming an island site bounded by Holborn, Brooke Street, and Greville Street, were purchased in 1876, and the “new offices” of the Prudential company were completed on this site in 1579. Although the leaders felt justified in describing their business transactions at that date as “gigantic,” their apparent audacity in creating the “new offices”,, wherein to control and develop this big volume of business was overwhelmingly justified by the subsequent results. Staff Grows Rapidly.

In 1800 the staff at the original headquarters had grown to 50, and by the time the “new offices” were ready the number had increased to 500. By 189 S it was between 1200 and 1300, and that which progressive and farseeing leaders had deemed amply pretentious to provide for possible l Prudential progress proved inadequate, so that during the period 1898-1904 various office extensions had to be made at London headquarters. In 1912 the Prudential company decided to show what could be done by efficient organisation to make national health insurance ,workable, and, consequently, to accomodate the Prudential Approved Societies administrative and clerical staff, erected buildings of a nature and capacity calculated to cover the needs of that department for many years to come. The company, ever eager in rational enterprise, launched out in 1918 into the fields of fire and accident insur-

ance, and once more the pressing demands made by the rapid progress of this new branch of the business necessitated a fourth and a fifth floor to the Holborn Bars building. These addition.! extended over a period of five years, but by 1923 the multifarious activities in which the company had been engaged made it evident that at best the building efforts could only be regarded as a temporary expedient to relieve the rapidly-increasing congestion. Enlarged Accommodation. In 1931 it was found that no plan could efficiently meet the stupendous requirements of a staff approaching 4000 men and women operating in duties in the control of hundreds of millions of money, and it was decided that the original building known as the "new offices” and first occupied in 1879, should be pulled down. The chief office now boasts a new wing, six stories high, which was opened in April, 1933, at which date the inside staff numbered 4211, while at the district offices 1032 were employed, together with about 13,000 operating as the field, or outside, staff. It is of interest that 98 per cent, of the materials used in the building were of British or Empire origin, and that in addition to 650 workmen directly employed, the contract involved the employment of several thousands of people.