NATIONALISATION OF LIFE ASSURANCE

Wanganui Chronicle, 16 April 1949, Page 5

NATIONALISATION OF LIFE ASSURANCE

British Plan Gives State Big Stake In Industry LONDON, April 15 (Rec. 6 p.m.)— Implementation of the Labour Party’s proposals for nationalisation of industrial life assurance companies and societies would mean much more than the transfer of policies to Government control, says the “Financial Times.” It would transfer to the Government a large stake in industry and in property generally. An examination of the latest available balance-sheets of the principal offices threatened by the programme show that 10 of them have £285,000,000 invested in industrial enterprise. In addition, their property holdings total £53,000,000 and more than £43,000,000 of their invested funds is represented by mortgages of various kinds. Their total investments, apart from mortgages and loans, exceed £975,000,000. Of these British Government securities and British Government guaranteed stocks account for £564,000,000. Five companies only are known to the Stock Exchange, but four of them —Prudential. Pearl, Britannic, and London, and Manchester—hold between them more than £700,000.000 of investments and have some £213,000,000 invested in industrial securities. Their property holdings amount to £43,000,000 and mortgages and loans total £17,000,000 and £29,000,000 respectively. Out of 30 leading industrial companies whose shares are quoted on the Stock Exchange, the Prudential has holdings in 22 and the Pearly in 12 Nationalisation of either concern would make the Government a partowner of businesses in every industry. —Special N.Z.P.A. Correspondent.