Scorrisu Wmows' FUND.
For the third year in succession the Scottish Widows' Fund in 1932 established a new high record in the matter of net new business which totalled £3,630,055. Not only do these figures afford yet another tribute to the popularity of life assurance as a channel of savings, but the attractions offered by the Scottish Widows' Fund were undoubtedly emphasized at the end of 1931, when, although Stock Exchange values fell so heavily, the Society adhered to its customary practice of valuing all securities at Stock Exchange selling prices, and not merely middle prices, at the date of the balance-sheet. The Society must have benefited materially by the appreciation which has since taken place in high-class investment stocks. Interest in the good results established in recent years is quickened by the fact that the quinquennial investigation and distribution of bonus is due at the end of
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