THE SOUTH BRITISH

New Zealand Herald, Volume LXXVI, Issue 23488, 27 October 1939, Page 8

THE SOUTH BRITISH

Continued progress, both within New Zealand and in other countries to which it has extended its activities, is revealed in the operations of the South British Insurance Company, reviewed by the chairman at the annual meeting of shareholders in Auckland yesterday. Here is an outstanding instance of the benefits that can accrue to Now. Zealand through the sound development of private enterprise. The company, which had its origin in Auckland, has so widened its sphere of influence that mention can now be made of the opening of a new office at Alexandria as headquarters for operations in the Near East; of a striking growth of business in South Africa; and of a successful surmounting of difficulties in China and Japan. All this is encouraging evidence of the far-spreading interests of an organisation controlled from within New Zealand and still preserving intact its New Zealand characteristics. Last year's operations enabled the company to show the highest surplus in its history, but the directors are well advised in their decision to conserve financial strength for the future. As the chairman has pointed out, the effect of war risks on the company's business is largely an unknown quantity, but the acceptance of these risks is part and parcel of the | responsibilities of an established insurance concern with the traditions of the South British. They can be accepted, however, with the utmost confidence, purely as a result of a sound financial policy which is reflected in the existence of substantial reserves.