29 APRIL 1938, Page 54

* * * * ROYAL EXCHANGE ASSURANCE

Mr. Vivian Hugh Smith provided the shareholders of the Royal Exchange Assurance with a detailed account of the arrangement whereby their Company will in future work its Marine underwriting department in dose cooperation with the Marine department of the Sun Insurance Office. The two underwriters have been appointed joint marine under- writers of both companies. But each company will continue underwriting for its own account. He also disclosed that the investment policy of the board in recent years has been to build up a large holding of high-grade short-dated securities and that last -year's depreciation over their whole portfolio was less than 3.8 per cent.

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