MONEY TO LEND

Otago Daily Times, Issue 26622, 19 November 1947, Page 6

MONEY TO LEND

INVESTMENT IN OTAGO VISITORS FORM FAVOURABLE IMPRESSIONS Visiting Otago to explore the possibilities of lending money here, Mr M. C. Alder, of Sydney, the general manager of the Mutual Life and Citizens’ Assurance Company, Ltd., has already gained a favourable impression of the prosperity of the province. Accompanied by Mr C. W. Dodds, of Wellington, the manager for New Zealand, Mr Alder arrived in Dunedin yesterday from Invercargill. Appreciating the importance and future of the port of tago, Mr Alder informed the Daily Times in an interview at the Grand Hotel, yesterday that his company has decided to grant a loan to the Otago Harbour Board. During the war, and subsequently, such companies as his had made loans to the Government for war and rehabilitation purposes, he added, but they were now extending their activities and lending money in districts where’ they did business. ■ “ To an Australian, the lush appearance of the country between Invercargill and Dunedin is pleasing to the eye,” Mr Alder remarked. “ Much land in Australia carries only one sheep to the acre, but much of the land I have seen in Otago and Southland appeared to be carrying 20 sheep to scr6. n Mr Alder was also impressed by the signs of activity in Dunedin, which indicated a progressive city. He was interested to know whether the building activity he had seen was all Government housing, or whether it represented a certain amount of private investment. ' , . The friendliness and obvious integrity of the people of New Zealand, particularly in the southern districts, drew favourable comment from Mr A 1“ We are particularly anxious that money coming to us should be spent in those districts from which it is derived,” Mr Alder explained. We are not only interested in writing further life insurance in Otago, but in sizing up the possibilities of lending money in the district. We expect that 1947 will prove , a very good year indeed for new business in New Zealand and Australia. There is an indication generally that the esteem in which the insurance companies m New Zealand and Australia are held will result in more insurance being written this. year than last. The people of the Dominion and the Commonwealth are better served so far as life insurance is concerned than those people in any other part of the world. This insurance is efficiently conducted, and the results to the policy holders in the two countries are unexcelled anywhere else. A development in recent years and now more in evidence than ever .was in the group and superannuation idea which had become so popular, Mr Alder said. In spite of social security, the companies’ business was not affected by it. and the indication was that there was scope for both because thev served different ourposes. Mr Alder travelled from Sydnev to Auckland bv air, and also visited Wellington before proceeding, to Invercargill. He will leave Dunedin to-day for Christchurch.