11 MARCH 1938, Page 38

BRITANNIC ASSURANCE

The speeches of insurance company chairmen, of which several have been made in the last few days, are of special interest because they give the private investor an insight into what the big institutions think of the outlook for security prices and what policy they are following to protect their income and their capital. In general the tone has been optimistic. Mr. J. A. Jefferson, chairman of the Britannic Assurance, for instance, explained that the company's Investment Reserve funds were still entirely free. Notwithstanding the fall in security values in 1937, the market value of the assets was still well in excess of the balance-sheet values. He mentioned that the company had increased its holding of " Railway and other Ordinary stocks " by £1,082,000. The increase was, he explained, largely in Bank, Insurance and Electricity Supply company shares, and had been bought in the latter part of the year after prices had fallen.