ROYAL EXCHANGE ASSURANCE
"I do not remember, except for the period of the Great War, living through a year which from the point of view of general business anxiety, approached that of the twelve months covered by the report." That was the summary of 1938 pre- sented to the proprietors of the Royal Exchange Assurance by Lord Bicester, who has been Governor of the company for 25 years. It is, as he pointed out, a considerable achievement for the company to have produced results which fall very little short of those of the previous twelve months. The Royal Exchange group of companies as a whole increased their total assets last year by about £1,500,000 to over £32,000,000, and while Lord Bicester will offer no general prophec7, he indicated that the overall earnings of the company's invest- ments are not likely to decrease much further, and that the reorganisation of the marine department, in conjunction with the Sun Insurance Office, gives every promise of success.
J. D. M.
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