12 MARCH 1932, Page 46


The latest report of the Britannic Assurance Company is a good one. Without relaxing the stringency of its valuation basis, the report shows substantial surplus funds both in the Industrial and Ordinary Brunches. The Investment Reserve Fund has been raised to £1,000,000, a provision which, it is stated, more than covers any depreciatfon existing as at December 31st last. And here, again, it has to be remem- bered that there has been a great improvement in securities since the turn of the year. At the annual meeting held last week the Chairman said that the ability of the company to provide fully for the depreciation of securities was attributable. first to the fact that the depreciation was not abnormal : secondly, to the large reserves which had been built up ; and thirdly, to the fact that trading profits in other directions had been well maintained.