BRITISH AND AMERICAN AIR CO-OPERATION

Southland Times, Issue 24820, 12 August 1942, Page 5

BRITISH AND AMERICAN AIR CO-OPERATION

C8.0.W.) RUGBY, August 10. Major-General Carl Spaatz, commanding the United States Air Forces in the European theatres, states officially: “Within the immediate future operations in accordance with plans that have been in the making between the Royal Air Force and the American Air Forces will commence. The American Air Forces and the Royal Air Force have worked in such full co-operation that we are proceeding ahead of actual schedule. It is most gratifying to all members of the American Air Forces to realize how helpful our British ally has been and our enemy at the appointed time will feel the might of the thoroughly co-ordinated British and American air forces.”

N.Z. INSURANCE COMPANY

(P.A.) WELLINGTON, August 11. In presenting the favourable results of the year’s transactions to shareholders at the annual meeting of the New Zealand Insurance Company, the chairman, Mr C. I. Nathan, said tile results could not be taken as an Indication of future war-time achievements. Operations had been seriously affected in many countries which must be reflected in future business and an abnormal loss could as easily arise as an abnormal profit. He said that as a result of Japan entering the war the company’s business had ended in Japan and China, the Philippines, Indo-China, Thailand, Malaya, the Dutch East Indies, and Burma. When victory was achieved an immediate step would be taken to re-enter those fields. Mr Nathan said 80 per cent, of the underwriting profit of £225,427 was earned outside New Zealand and was an indication of the volume of new money earned abroad and brought by the company Into the Dominion. The premium income was the highest in the company’s history.

STANDARD INSURANCE COY.

(Special) DUNEDIN, August 11. The annual report of the directors of the Standard Insurance Company Ltd. states that the income for the year amounted to £229,624 and the expenditure to £189,514, leaving a balance of £40,110, to which has to be added the carry forward from last year, £24,691. After making full provision for taxation, outstanding losses, depreciation and provident fund and placing £13,000 to reserve, the payment of a dividend of 1/3 a share for the half-year ended June 30 is recommended.