13 MAY 1938, Page 43

GRESHAM LIFE ASSURANCE The Gresham Life Assurance Society has an

important branch in Spain, and naturally the chairman, the Hon. W. B. L. Barrington, devoted a considerable part of his annual address to the affairs of that section. He was able to assure members that death claims from the Spanish branch had been surprisingly little affected by the hostilities. The rate of exchange at which the Spanish assets have been brought into account has been adjusted to present circumstances, involving a reduction of £767,397, but as he pointed out, the sterling value of the Spanish liabilities had been proportionately reduced. Without the adjustment of the Spanish assets, the society's life fund would have shown an increase of £480,486.