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Life Insurance Corporation of India-Statement of the Chairman, Shri M R Bhide

Statement of the Chairman, Shri M R Bhide THE following is the Statement of the Chairman, Shri M R Bhide, at the Hundred and Fifty-eighth meeting of the Members of the Life Insurance Corporation of India held in Bombay on August 30, 1969:

The Oriental Fire and General Insurance Co Ltd- Speech of the Chairman, Shri M R Bhide

dustries and will soon be exporting a sizeable quantity of electrode blanks to a Swedish graphite plant being installed by its collaborators. The company has submitted a scheme for export of sizeable tonnage of production over three years and asked for an "equitable" subsidy. Government recently granted a "meagre" subsidy of Rs 200 per tonne, but the company has again represented for an "adequate" subsidy to enable it "to forge ahead in the export market with vigour and strength". During 1968, Graphite stepped up its sales from Rs 40 lakhs to Rs 1.61 crores; the outcome was a trading profit of Rs 1 lakh against a deficit of Rs 22 lakhs. These figures, however, were arrived at after charging Rs 40 lakhs (Rs 32 lakhs) for interest and guarantee commission, Rs 9 lakhs (Rs 3 lakhs) for sole selling agent's commission and Rs 96,000 (Rs 56,000) for secretaries

The Life Insurance Corporation of India

September 7, 1968 fixed dividend on the Redeemable Cumulative Preference Shares proposed to be issued is quite attractive considering the present circumstances, I hope you will take full advantage of this offer made by the Company and extend to it your usual co-operation by subscribing fully to these shares.

The Oriental Fire and General Insurance Company Limited

penditure and investing our resources in the most efficient manner continues to be most urgent.
During the next few months the Fourth Five Y-ear Plan will be finalised. The approach of the Planning Commission to its tasks is being discussed at present. One must say that the lessons of past experience have not had as much effect on the basic attitude of the Planning Commission as one would have reasonably expected. There are no doubt welcome signs that the earlier rigidly has reduced. But the role of the Government is still envisaged more or leas in old terms whether in the extension of the public sector or the regimentation of the private sector. The acceptance of economic criteria for economic activity is still half-hearted. If these criteria are adopted I am sure that industry will develop in a more broad-based and efficient manner as it should.

The Life Insurance Corporation of India

manding a substantially higher price in the world market because of its tight supply position. Brazilian castor oil first pressure is currently quoted around

The Oriental Fire and General Insurance Co Ltd

August 5, 1967 in the course of being spent. We wish the new Government of Bihar well and will do whatever we can to help them in constructive activities, but I must express the gravest doubts that their economic policies and programmes will bring about a solution to the long-term problems of the State as long as they are primarily based on ideological and doctrinaire consideration.

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