5 MARCH 1932, Page 46


At the meeting held last week of the Pearl Assurance Company, the Chairman, Mr. George Tilley, . was able to

(Continued on nage 352.) Financial Notes

(Continued from page 350.) .

present a very excellent report, and the small reduction in the bonus has evidently been effected as a sheer matter of precaution. Normal profits were maintained, but these have been largely used to augment the Investment Reserves. The Chairman pointed out that of the assets of the Company nearly 40 per cent, is in British Government securities, the value of which has recovered since the beginning of the year to an extent which has wiped out much of the depreciation, so that the provision made at the end of the year represents an extra reserve in hand. Moreover, since the meeting was held there has been a further advance in British Government

stocks. • -