FREEZING OF ASSETS
HOLDINGS IN JAPAN EFFECT ON N.Z. FIRM (Per Press Association.) AUCKLAND, this day. “In view of recent events in Indochina and the action of the Japanese in freezing British credits, shareholders will be anxious to know to what effect this action may have on the company’s interests,” said Mr. F. A. Hellaby, chairman of the New Zealand Insurance Company, at the annual meeting of shareholders to-day. ' “We opened agencies in Japan 58 years ago and built alarge account in recent years. However, owing to the growth of Japanese national companies,* direct business with the. Japanese people has steadily declined and the account is not now very large. The assets in' Japan consist mainly of Japanese bonds and fixed deposits, and these will be frozen for the period during which the present state of affairs continues. It is assumed that operations will continue subject to the above restriction.”
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Bibliographic details
Gisborne Herald, Volume LXVIII, Issue 20625, 5 August 1941, Page 6
Word Count
150FREEZING OF ASSETS Gisborne Herald, Volume LXVIII, Issue 20625, 5 August 1941, Page 6
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