Financial Notes
INSURANCE PROGRESS.
THE latest report of the Scottish Union aid Nationl Insurance Company shows a substantial rise in the new Lit business for the year, the gross amount of new policies bein £4,011,725, against £3,470,482 in the previous year. Th Life and Annuity Fund increased by /272,745 and the rate c interest earned upon it worked out at 14 Is. 5d. per cent. Th next quinquennial valuation and bonus distribution is du at the end of next year. In the Profit and Loss Account th aggregate transfers from Underwriting Accounts amounts to 1233,199 and the surplus interest to 179,347. The dividen is at the rate of 13s. on the A " shares and 48s. on the " B ' shares. A sum of £100,000 has been carried to profits fron the Contingency Fund, but, on the other hand, £30,000 ha been added to the Special Reserve in the Miseellaneou Account, while the balance carried forward in Profit and Los was 1514,272 against £370,268 a year ago. THE latest report of the Scottish Union aid Nationl Insurance Company shows a substantial rise in the new Lit business for the year, the gross amount of new policies bein £4,011,725, against £3,470,482 in the previous year. Th Life and Annuity Fund increased by /272,745 and the rate c interest earned upon it worked out at 14 Is. 5d. per cent. Th next quinquennial valuation and bonus distribution is du at the end of next year. In the Profit and Loss Account th aggregate transfers from Underwriting Accounts amounts to 1233,199 and the surplus interest to 179,347. The dividen is at the rate of 13s. on the A " shares and 48s. on the " B ' shares. A sum of £100,000 has been carried to profits fron the Contingency Fund, but, on the other hand, £30,000 ha been added to the Special Reserve in the Miseellaneou Account, while the balance carried forward in Profit and Los was 1514,272 against £370,268 a year ago.
A SUCCESSFUL UNDERTAKING.
The latest Report of the Army and Navy Stores shows thin that important undertaking continues to make steady progress Moreover, the good impression created by the Report was strengthened by the addreis to shareholders at the annuli meeting last Wednesday, by the chairman and managin director, Brigadier-General Sir Frederick. Gascoigne. For i1 was clear from Sir Frederick's speech that the rise in profits has been accompanied by a continuance of sound management, so that while there has been a satisfactory increase in turnover, the good results are also due to further economies in expendi. ture, economies, moreover, which have been of a very general character achieved without any impairment of efficiency: Not only so, but accompanying this achievement there has been a further small bonus to the staff, while Sir Frederick announced that as and from the beginning of the present financial year, the pre-1931-32 rate of pay would be restored to all employees who were in the Society's service at that time.
CARE FOR THE STAFF.
One of the features of the annual meetings of the Army and Navy Stores is the evidence afforded in the chairman's address of the keen interest taken by the directors and management, not only in every department of the business dependent upon the goodwill of the public, but also in the welfare of the staff, ensuring in return a body of loyal servants. Once again, too, conservatism is shown in the distribution of profits, the dividend simply being maintained at the former rate of 12/ per cent., while there are allocations to certain Funds, not the least important being the transfer of /25,000 to the Reserve for developments and improvements. Sir Frederick Gaseoigne's speech was, of course, prepared before the an- nouncement of the small increase in the Income Tax, but it may be doubted whether that would have greatly modified the fairly hopeful view which Sir Frederick took of the outlook, inasmuch as there are many signs of continuing improvement in our domestic trade.
- STRAND ELECTRIC HOLDINGS.
At the statutory meeting of Strand Electric Holdings, Limited, held last week, the chairman, Mr. F. L. Blow, J.P., stated that the revenue of the company would be derived entirely from profits made by the Strand Electric and Engineering Company, Limited, and its constituent concerns, all the shares of which were held by the company. He stated further *that the directors would be enabled to declare a dividend at an early date, co-- verfng'a year's trading. , It was also announced .that recent contracts included numerous theatres and. cinemas _throughout Great Britain, and the chairman spoke hopefully with regard to the future. .
• •TilE EAGLE STAR MEETING.
In addition to an increased dividend for last year,. 25 per cent., the sharehoMers of the Eagle Star and British Dominions Insurance Company are receiving a bonus in the form of a new issue of shares on very favourable terms. The new issue, of 66,919 shares, is being made at 120 per share in the propor- tion of one new share for each four fully paid Ordinary shares now held, and the partly paid shares participate in the issue pro rata. This increase of capital will add over 11,100,000 to the coMpany's General Reserve, no* standing at £1,350,000. That the issue is entirely justified is made plain by the excel- lent accounts recently issued in respect of the past year, and Sir Edward Mountain's able speech at the meeting this week when he reviewed the whole business of the company most
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