SATISFACTORY YEAR

Nelson Evening Mail, Volume 76, 5 August 1941, Page 5

SATISFACTORY YEAR

N.Z. INSURANCE COY. ANNUAL MEETING HELD TO-DAY Auckland, This Day. "The demands upon the company arising from the war have affected our operation in many respects, but it is gratifying to record that while the company has suffered it has also benefited to the extent that the accounts now submitted show a very satisfactory piolit,” said the chairman, Mr F. A. Heilaby. in moving the adoption of the report and balance sheet at the 82nd annual meeting of the New Zealand Insurance Co.. Ltd., to-day. Many factors not under control of the company had contributed to the result. One was the fact that to-day goods and property had become more valuable, and stocks in many cases were irreplacable. Everywhere there tended to be scarcity, and for these reasons doubtless extra care was exercised with consequent reduction in claims. The company's fortunes had not suffered during the year at any point and the major part of the profits earned during the year had come from many countries beyond New Zealand in which the company operated. Three-fourths of the company’s business was derived from overseas branches. What the future might be in some fields it was impossible to forecast, but the company’s organisation should suffice to meet any contingencies which could reasonably be foreseen. EVENTS IN FAR EAST In view of recent events in IndoChina and the action of the Japanese in freezing British credits, shareholders will be anxious to know what effect this action may have on the company’s interests,” said Mr Heilaby. "We opened agencies in Japan 58 years ago and built a large 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. 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.”—P.A