HELPED IN GREAT WAR

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

HELPED IN GREAT WAR

Securities Transferred Overnight COMPANY’S GRACIOUS ACT How the Prudential Assurance Company assisted England during the Great War was related by the actingPrime Minister, Rt. Hon, J. G. Coates, at the opening of the new building yesterday. “In his book, ‘Politicians and the War,’ Lord Beaverbrook tells an interesting story which illustrates the financial strength of the company,” said Mr. Coates. “During the Great War there came a day when Lord Cunliffe, the Governor of the Bank of England, reported to Mr. McKenna, then Chancellor of the Exchequer, that he was unable to find £l3 millions for war material contracts in the United

States which had to be paid immediately. There were no Government balances in the United States, and unless prompt payment was made, a dangerous and damaging blow might be dealt to the financial prestige of the British nation in New York. “Mr. McKenna sent for the heads of the Prudential Assurance Company and asked how much the company had in American securities. The answer was—4o million dollars. “The Chancellor asked if the company would give them to him and let him settle later. The directors replied that they would, and at ten o’clock next morning, with the aid thus given, the whole amount required was enabled to be paid over, and the situation was saved.

"Lord Beaverbrook, in ending his story, said that the Prudential deserved well of England,” said Mr. Coates.