British Finance The vitality of Great Britain's public finances apparent in the revenue returns for the frst quarler of the current financial year—from April 1 to June 30, During that period total ordinary reyentie was\over £144 millions, and this was £12,170,000 more than in the' first Jquarter of 1938. "As regards private finan good illustration of their strength is afforded by the fact that nearly 1,500,000 people in Great Britain are now buying houses and other proerly through building societies, and. it. estimated that since 1919 these enterprises have Tent to house-purchasers 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 finances which combines "private enterprise with public utility, The total premium income these companies from fire insurance in. 1930 [was 47% millions, a total only fractionally below that for 1087. For accident and general assurance the premium income rose by £491,- 00 to over £70 millions in 1938, and there was also an increase in the total premium in-[come of those of the above companies which transact marine Insurance. The aggregate results under the above headings (life insurance {fs not included in the analysis) show a total premium inconie of over £129,100,000 in 1938, and after the allocation of all expenses and claims, the surplus of aggregate receipts over fall charges in 1938 was' £8,805,000, The corresponding figures in 1937 were £128800,000 for [premium incomes, and £4394,000 for the surplus. The generat trend is therefore towards 2 slight expansion, but what is accurately re-ceted in the steady levels maintained is the stability of British insurance firms, British ancial markets continue to deal with a steady flow of business, and the recent sequence lof successes in new issues of capital 1s still unbroken. In June, for Instance, mew capital issues in the United Kingdom showed a. large increase both over the preceding month and lover June, 1938. The totals of these issues were £23,800,000 in June last, £6,610,000. in May, 1939, and £8,510,000 in June, 1938. The improvement in the value of clearing' transections passing through the provincial. banks has also been maintained, the aggregate of such clearings being £103,740,000 in June this year, compared with £97,091,000 in June last year. This is a rise of over six per cent. in' the aggregate total. At the same time there was no single provincial centre in which an inlerease was not recorded, so that increased learing-values are fair evidence of the improving business conditions in the country. The recent loss of foreign funds, due to some export of foreign deposits and of gold left with London banks, has undoubtedly given an even greater degree of stability to the British bank-position. The strength of that situation is Jevident from the fact that, acegrding to statis-banks to their clients in May were £866 mil-ions, compared with £902 millions in November last. Furthermore, the average" monthly advances during the first five months of 1939 were £983 millions, as against a monthly average of £976 millions during the whole of 1936,
Text read from the printed page and cleaned; old type leaves the occasional error.