At the Annual General Meeting of the Caledonian Insurance Company the Chairman, Mr. John Maxwell Erskine, presented a very satisfactory report for the past year, the net total of ordinary business being £1,493,222 as compared with £1,472,379 , in the previous year. Commenting-upon the apparently re- markable increase in the net rate of interest earned in the Life Fund of the Company from 13 14s. 7d. per cent. to £4 is. 3d. per cent., Mr. Erskine mentioned that there had been an im- provement in the gross rate of interest earned, and in addition the Company had obtained some advantage from the re- duction of Income Tax from 5s. to 4s. 63. The Company, however, also had revised their method of calculating the net interest rate, which now took into account the net Income Tax exigible through the Life Assurance and Annuity business. As regards the value of securities, the Chairman stated that the appreciation of net market values on December last over the book values in the Life Balance Sheet exceeded /500,000, and, in arriving at the market values in the case of securities quoted in currencies other than sterling, the rates of exchange on London as at December 31st last had been used. The next valuation of the Caledonian Insurance Company is due as at December 31st next year. The Interim Bonus on policies becoming claims during 1935 is to be at the same rate as the previous year, namely 42s. per cent. on Whole Life Assurances, and 40s. per cent. on Endowment Assurances.