160 BRITISH LIFE ASSURANCE, 1914-1918
“ without prejudice to any question arising in virtue of any
Royal Proclamation or otherwise during the war’. As the
war proceeded, it was even permitted to the Companies to
lend on security of their policies to alien enemies resident in
Great Britain, in internment camps or otherwise, provided the
lenders were absolutely satisfied (through the Camp Com-
mandant in cases of internment) that the money would not
leave the country or be used for any hostile purpose.
Such information as the Companies could obtain as to their
interests abroad could at best be vague and intermittent, and
dependent a good deal on the strength and organization of their
foreign branches and the calibre of their foreign branch
managers. For practical purposes the foreign business may be
said to be Austrian and Hungarian. Of the amounts shown
in the above table 42 per cent. of the amount assured represents
Austrian, and 56 per cent. Hungarian business. Of the actuarial
reserve 51 per cent. is Austrian and 46 per cent. Hungarian,
British’ Life assurance seems to have taken root and flourished
in these countries especially. In them also, so far as can be
ascertained, hostile feelings seem to have been less acute than
elsewhere. British representatives of the business remained,
in many cases, at their posts throughout the years of war,
and discharged their duties, amid many hardships, without
interference. In Germany itself there was comparative little
business ; the German insurance law, enacted some years
before the war, had the general effect of leading British Com-
panies to discontinue operations, and maintain their organiza-
tion only to work off the contracts already existing.
Most foreign countries in which British business is done
require a deposit, to be held by them for the security of their
policy-holders. The practice as to these deposits varies con-
siderably. In some cases it is a moderate fixed sum, in others
the whole actuarial reserve. In normal times it does not
vitally matter which is required, as the Companies can generally
get safe local investments up to the amount stipulated ;
although the fixed sum (which is the British practice) is
certainly preferred. During the war there was of course much