But it was remarked by the Economist in its issue of May 30, 1925, that "an element of nationalism has to be reckoned with, the tendency in many countries nowadays being to regard insurance as a local preserve for national companies."
The accounts of the composite companies are so voluminous and complicated that any detailed examination of them would only confuse the ordinary investor, for whom this work is devised, and overload this chapter to a weight and size out of all proportion to the scale of our building. As to the balance-sheet, it is enough to say that the "doubtful assets" almost non-existent, if we assume, as we may, that the mortgages are well secured and that the investments are quoted and marketable. In one that is before me the assets are composed as follows:—
| Mortgages and loans | £517,181 |
| Investments | 16,872,725 |
| Freehold and leasehold premises, ground rents, etc. | 1,982,290 |
| Branch Agency and other balances | 3,292,361 |
| Due from other companies, or departments of the company | 910,518 |
| Outstanding premiums and interest | 200,700 |
| Bills receivable | 50,591 |
| Cash and stamps | 2,641,164 |
| £26,467,530 |
It looks like a nice collection, though we are
