LOSSES IN FAR EAST

Hawke's Bay Herald-Tribune, Volume 81, Issue 30, 29 October 1937, Page 7

LOSSES IN FAR EAST

-Press Association.]

South British Insurance Co. CHAIRMAN'S REFERENCES

[By Telegraph-

AUCKLAND, Last Night. Special reference to the heavier percentage of losises sustained during th'e past year • as a result of the war and typhoon in China was made by Mr W. B. Wilson, chairman of directors, at the annual meeting of the South British Insurance Co. to-day. He said, however, that shareholders. need. not be - alarmed at the company's losses. At the ' time of the outbreak of hostilities, Mr Wilson said, the company had a little over £100,000 at stake in Shanghai. Since then, through policies maturing, the figure had been reduced to about £50,000, and of these policies a little less than half were situated in tho war zone. The losses so far had not been more than about £16,000. Beference was also made to the disastrous typhoon that swept Hongkong last montk and for which provision had been made in the accounts for the year under review. At a special meeting the direetor's' proposals to reduce the par value o" shares from £1 to 10/- eaeh was carried. This proposal will becomo\>perative on January 1.