NORTH BRITISH AND MERCANTILE INSURANCE
The chairmen of two leading Scottish insurance companies last week devoted considerable space in their speeches to the decision of insurance companies not to grant " war risks insurance on property in this country. Viscount Wakefield of Hythe explained to the shareholders of the North British and Mercantile Insurance Company that this was not a new decision because these risks had not in the past been under- written in the general form of policy and that it would be highly. dangerous and inequitable if the prudently built up funds of the insurance companies were to be exposed to the enormous damage which might be caused by mass attacks by hostile aircraft. Lord Wakefield also expressed the view that there was little ground for fears of a trade recession when rearma- ment ment demand slackens, because as he believes, better normal trading conditions will have arisen by that time.
(Continued on page 89c.)
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