CO129-581-16 British propaganda in Hong Kong 18-4-1939 - 29-10-1939 — Page 101

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Aspects of British Finance,

The vitality of Great Britain's public finances is apparent

in the Revenue returns for the first quarter of the current

financial year from the 1st of gril to the 30th of June. During

that period total Ordinary revenue was over 3144 millions, and this

was £12,170,000 more than in the first quarter of 1938. As regards

private finances, a good 11lustration on their strength is afforded

by the fact that nearly 1,500,000 people in Great Britain are now

buying houses and other property through building societies, and

it is estimated that since 1919 those enterprises have lent to

house-purchagera nearly £1,500,000,000.

A recent analysis of the accounts of 29 leading British

assurance companies for the year 1938 reveals the solidity of a

branch of finance which combines private enterprise with public

utility. The total premium income of these companies from fire

insurance in 1938 was £47 millions, a total only fractionally

below that for 1957. For accident and general assurance the premiun

income rose by 8491,000 to over £270 millions in 1938, and there

was also an increase in the total premium income of tuse of the

above companies which transact Larine insurance, The aggregate

results under the above headings (life insurance is not included

in the analysis) show a total premium income of over £129,100,000

in 1938, and after the allocation of all expenses and claims, the

surplus of aggregate receipts over all charges in 1933 vas

£8,865,000. The corresponding figures in 1957 were $198,800,000

for premium incomes, and £8,394,000 for the surplus. The general

trend is therefore towards a slight expansion, but what is ac-

curately reflected in the steady levels maintained is the stability

of British insurance firms.