13 MAY 1938, Page 43

CALEDONIAN INSURANCE COMPANY The chairman of the Caledonian Insurance Compar.y,

Mr.

A. Wallace Cowan, revealed a very strong position when he reviewed the company's affairs last week. Like other insur- ance chairmen, he was able to announce that the Stock Exchange values of the company's investments on December 31st were in excess of balance-sheet values notwithstanding the sharp fall in security prices during 1937. Moreover, the provision for income tax which the company had made in its accounts published before the Budget, will cover the taxation liability at the higher rate of income tax now in force.