158 BRITISH LIFE ASSURANCE, 1914-1918 
of financial strength thus shown. Congratulation is equally 
due to the other Companies, which, finding themselves in a less 
fortunate position, had the courage to face it squarely, and make 
safety for their policy-holders the first consideration. It was 
a right and wholesome attitude to assume, and it is gratifying 
to note that it has not hurt them in public esteem; as they 
have had their full share of the increased new business which, 
as the figures already quoted under that head have shown, 
has been done since the war years ended. oo 
XIII. FOREIGN BUSINESS 
Unper this heading come for consideration the policies 
issued by Companies established within the United Kingdom to 
nationals of belligerent foreign countries. That business is 
small in comparison with the general total of the Companies’ 
transactions, but involves some. interesting questions. Its 
exact amount cannot be ascertained from the published returns. 
The Assurance Companies Act only requires separate valuation 
returns to be shown for policies issued at other than European 
rates’, and as the countries in question are European, that 
gives no help. The form of annual revenue account required 
stipulates that the figures for new business done ‘ outside the 
United Kingdom ’ shall be separately shown ; but this is chiefly 
colonial, and that raises no special question for the present 
purpose. The business in Canada, South Africa, and India 
had no features, distinguishing war from ordinary experience, 
which the home business did not share. One point of interest, 
however, arises on the Canadian and Indian business as affected 
by fluctuations of exchange. It is the practice to write policies, 
both as regards sum assured and premium, in the currency of 
the country. So long as sufficient money is kept in each country 
to meet all current requirements, no difficulty can arise. Where 
this was not the case, however, some loss might have been 
suffered during the war by British Companies which had to buy 
dollars or rupees in the market at abnormal prices, to meet 
claims abroad. In the case of the dollar this probably did