Our Life figures continue to show a steady, healthy increase, Total assurance in force at December 31, 1937, amounted to $16,500,311.78 as compared with $14,089,903.25 in force at the end of 1936. An amount of $1.- 809,629.20 was ceded to other companies, leaving a net figure of $14.- 690,682.58. The life assurance fund increased from $443,576.28 to $709,- 08438. Mortality was 79.22 per cent. of the expected provided for in the company's rates.—The net gain of business in force during the yea amounted to $2,672840.08, this increase of 19 per cent. over the 1936 figures being attained on an increased management expense of approximately half of one per cent.
More than 65 per cent. of our 1937 life assurance business came from outside China and approximately 60 per cent, of our total life business in force today is contained in policies held by assureds comparatively unaffected by our troubles. The board's foresight in approving of development abroad has greatly lessened the effect of the present Sino-Japanese hosti not only in respect of life busi as the proportionate volume of france originating abroad is now Sven larger for other lines than for life. Further expansion abroad is in Half of the capital stock will be offered for public subscription, this amounting to 4,000,000 shares, most which has been taken by the organizers of the concerns. About 10 per cent, or 450,000 shares, will be placed on the open market, while the other half will be subscribed by the Government, which wilk contribute Y33,000,000 in kind and Y24-
000,000 in cash to the capital of the North China Development Compan; as a first instalment.
The Government will subscribe Y7.000,000 in kind and Y5,000,000 in sh to the capitalization of the Cen-al China firm as a first instalment According to present expectations, the North China Development Company will have revenue of Y403,000, expenditures of Y1,671,000 and a deficit of YL267.000 during the first year. The deficit is expected to disappear in the second year. Revenue in the fifth year is expected to amount to ¥48,830,000, while expenditures of Y30,095.000 and a profit of Y18.735,000 is anticipated by that time.
In its first year the Central China concern is expected to have revenue naunting to Y482,000, expenditures of Y302,000 and a profit of Y180,000 In the fifth year the company is expected to show a profit of Y2,733,- 000, with revenues of Y5,068,000 and expenditures totalling Y2,335,000.
Subsidiary companies covering eight industries, including railway and harbour construction, automobiles, communications, iron, coal and coal liquefaction, electricity and salt concerns, will be organized immediately after the formation of the mi-official parent firms.
Members of a banking syndicate and the Bank of Taiwan and Kobe Bank will subscribe some of the capital, Mr. uki Saito and Mr.
Shinji Sago, respectively former Superintendent of the Metropolitan Police Board and President of the Hsing Chüng Kungssu, Japanese holding company in North China, were named as promising candidates fo; Vice-Presidents of the North China Development Company.—Domei. progress.
Text read from the printed page and cleaned; old type leaves the occasional error.