The problem of replacement has become more acute since 1945

owing to rapid sterling depreciation and unless reserves had been built up. the present shipbuilding liability of t18.900,000 could not have been contemplated. Whilst ships cost four times as much as before 1939, we have aimed at setting aside annually a sum which, added to depreciation, approxi- mates to an annual rate of only twice the pre- war cost, the utmost trade will permit after Penal taxation, and still allow stockholders a reasonable return. To increase dividends by re- ducing the already insufficient replacement Amount would increase the gap. By calculating taxation before making allowance for replace- ment at current costs, the Exchequer is eating away funds essential to the Company's exist- 'nee. Between 1949-1953 out of consolidated profits of £47,107,000 we have paid £19,125,000 In taxation, distributed £3,290,000 in dividends

RESPONSIBILITY FOR THE FUTURE Stockholders have entrusted the directors with a heavy responsibility involving detailed

I referred at our last Annual General Meet- ing to the increasing burden of costs of all kinds. The fact that we have succeeded in absorbing increased costs and at the same time producing an improved Net Profit should not blind us to the fact that these influences are still at work. Your Board has had these considera- tions much in mind during the past year and has developed further its policy of opening new stores wherever possible and improving the facilities available to our customers in the older stores.

EXPANSION IN CANADA Our Canadian Company has continued to expand; new stores have been opened at Peter- borough and Kitchener in both of which towns we have been well received by the general pub- lic. The older stores which have been in exist- ence more than 12 months have continued to develop and we have a steadily increasing body of satisfied Canadian customers. It is a great pleasure to me to bring these facts to your notice because not only does our Canadian company give us the opportunity of long term development which must increase the stability of our organisation as a whole but it enables us to play our part in earning dollar currency for the home country; we have succeeded in exporting from England a very high percen- tage of our merchandise which is sold in Canada while increasing at the same time our orders to local suppliers who have served us well. Having secured a good foothold we are planning to develop further in the Dominion and we are building at the present time a store in Montreal which when completed will be the biggest single retail outlet for shoes in Canada. It is well placed at what is probably the best Canadian retail site having the largest pedes- trian count of any of the Canadian cities and we are looking for excellent results when the store opens towards the end of August.

The report and accounts were adopted and approval given to the payment of a final divi- dent of 14 per cent, making 20 per cent, for the year.

THE LIVERPOOL & LONDON & GLOBE INSURANCE COMPANY LIMITED

RECORD Fire. Accident, and Marine premium income of £28,875,088, and record new Life business of £9,171.431. were figures given in a statement issued by the Chairman, Sir John R. Hobhouse, M.C., with the 119th Annual Re- port and Accounts of the Liverpool & London & Globe Insurance Co. Ltd.

Total Underwriting profit at £1,695,777 (or 5.9%) was the highest in amount yet achieved and the best in ratio since 1950.

Fire premiums showed a modest increase over 1953, and despite the widespread damage caused by the three North American hurri- canes, a satisfactory rate of profit was earned. The Accident Department had a better year than for some time and the record profit of £688.177 showed the best ratio for ten years. A gratifying profit of £196,282 resulted from the closing of the 1953 Marine Underwriting Account.

An increased Final Dividend of 24s. per Share is recommended, making 45s. 6d. for the year against 41s. for 1953.

EXHIBITIONS & LECTURES

AGNEW t loan Exhibition in aid Of N.A.C.F. Walker Art Gallery. Liverpool Acquisitions, 1945.55. 9.30-5.30. Salt. 9.30.1. 43 Old Bond Street, W.I.

AN EXHIBITION of paintings by Helen Trevelyan will be held in 'Modern Interiors' on the third floor al WOOLLANDS OF KNIGHTSBRIDGE, S.W.1, from. Mon- day, May 2nd, until Saturday, May 14th.

CAMBRIDGE INSTITUTE OF EDUCA- TION. Residential Course of "The Child and the Changing World" to be held at Selwyn College. Cambridge. from 9 to 19 August, 1955. Speakers include Lionel Elvin, M. M. Lewis, D. V. Glass, David Daiches, Gordon Blackwell, W. 0. Bell and Mary Field. Full particulars from the Secretary, of the Institute. 2 Brookside. Cambridge. to the Cashier, University of London, Senate House. W.C.1, and marked 'Extension Courses' on the cover. Tickets may also be obtained at the lecture room.

APPOINTMENTS WANTED

RETIRED MASTER MARINER thrice round world seeks post London vicinity. Well connected. Singularly well informed, with intimate knowledge of European, Russian and Middle East Affairs. Russian, Norwegian, French languages. CITy 1033.

CARL FREDRIK HILL An Exhibition of Paintings and drawings. ARTS COUNCIL GALLERY. 4 St. James's Square, S.W.I. Open till 24 May. Mons., Weds., Eris., Sats., 10.6; Tuesday and Thurs., 10-8. Admis- sion Free.

GEFFRYE MUSEUM. Kingsland Rd., E.2. Programme of Art Films for Adults. Sundays at .2.30 p.m. and 4 p.ni Admission free. 1st May : "Van Gogh." "Paul Cezanne" and "Gauguin.' 8th May : "Ad Del Honorom' (a study of a 15th century altar- piece), "Douanier Rousseau" and "Images Gothiques" Wrench Medieval Sculpture). 15th May : "Legend of the True Cross" (Piero della Francesca). "Fetes Gal antes" (Watteau). "Images Medievales" (Medieval illuminated MS). 22nd May : "Georges Braque." Maillol and "Pieter Bieughel the Elder." (528.) "LEFEVRE GALLERY. 30 Bruton Street, W.I. PAINTINGS BY CLAUDE \'ENARD." Daily, 10-5.30, Sats., 10-1. LEICESTER GALLERIES, Lelc. Sq.. ANDRE MASSON Exhibition and watet colours by MORONI. 10-5.30. Sam 10-1. LEIGHTON HOUSE, 12 Holland Park Road. W.I4. Exhibition illustrating "ENG- LISH COUNTRY HOUSES OPEN TO THE PUBLIC." April 26th to May 14th. Admission Free Open Weekdays 11 to 7. (Sats. to 5 p.m.) MAITHIESEN GALLERY t Paintings by Elliott Seabrooke (1886-1950), daily 10-5.30. Sats, 10-1, at 142 New Bond Street, London. W.I. Until May 14th.

ROLAND. BROWSE & DEI.BANCO, 19 Cork Street, W.I. French Paintings and Drawings of the 19th and 20th century, SOUTH PLACE ETHICAL SOCIETY, Om- way Hall, Red 'Lion Sq.. W.C.1. Sunday II a.m. May I. Dr, W. E. Swinton, Ph.D., "'Darwin Revalued' by Sir Arthur Keith." Adm free. Free copy Monthly Record on request.

UNIVERSITY OF LONDON t A course of three lectures on "Ancient Experiments with Federalism" will he given by Professor 3. A. 0. Larsen (Chicago) at 5.30 p.m. on 10, 12 and 17 May at University of Lon- don, Senate House, W.C.I. ADMISSION FREE, WITHOUT TICKET.-3ames Hen- derson. Academic Registrar. •

ENTERTAINMENTS

RONALD DUNCAN'S "Our Lady's Tum bler" at St. Thomas' Church (REG 8376) with Robert Eddison. Apr. 25-May 7. 8.30. also Weds, and Sats., 6.30.

PERSONAL

A CHURCH for individual belief and rational doctrine. Information about Unitari- anism. Please send stamp. S. Sec., Postal Mission. 14 Gordon Sq., VV.C.1.

BUSINESS OFFERS pleasant prospects when you're going home to a meal with Rayner's Indian Mango Chutney. CAREERS as Hotel Book-keeper/ReceP- tionlsts, Management, Dietitian-Caterers, Medical Secretaries. Successful postal courses. Brochures 3d. Secretary. Southern Training College. Brighton 6.

PART-TIME BUSINESS. 1-2 hrs. daily desk work builds SMALL AGENCY BUSINESS through the post. No investment. World opportunities Booklet.—Mr. Wade, 8/119 Hamilton Tc.. N.W.B.

SMALL LUXURY HOTEL again becomes ART SCHOOL during MAY. Resident models and Tutors from London Classes 5 hours daily arranged for Hotel visitors. Apply Box No. 136.

ALLWOOD'S Carnation Cut Flowers, The ideal gilt for all occasions. Specially selected colours or mixed shades. Direct from the largest growers in the world. From 1 gn. to 5 ens, box. One quality only—the best. Write for catalogue. Allwood Bros. Ltd., 53 Haywards Heath, Sussex. Phone Wivelsneld Green 232/233.

CONTACT LENSES. Wear these wonder lenses while you pay for them. Choose your own practitioner. Details from The Contact Lenses Finance Co. Ltd., 4 (Is) Recce Mews. South Kensington, S.W.7.

CONVERT YOUR COKE boiler to OAS front E16 15s. installed. Leaflet I.W.T. Ltd., 170 Richmond Rd., Twickenham POP. 3832. HANDBAG REPAIRS, alterations, re- lining,, frames, etc. Post or call for estimate. Remake Handbag Co., Dept. 'S,' 1783a Brompton Road (corner Bauchamo three turnings from Harrods.

IF YOU ENJOY the cuisine provencal before or after the theatre—why not call at LABELLE MEUN1ERE RESTAURANT rcnnomme. 5 Charlotte Street W.I. MUS. 1134.

KINSEY REPORT on the Human Female and the Human Male sent on by post. Write or call for our Free Price List and Literature on Family Planning Fiertag, 34 Wardour St., London. W.I. Dept. DX. MICRO'S CORNEAL AND CONTACT LENSES. Easy payments arranged If desired. For details and tree booklet write Corneal Contact Lenses Ltd., Dept. 274C, Crown Chambers, 9 Albion St., Leeds 1, Tel,: 25232. Consulting Rooms in London. York, Newcastle, Glasgow, etc.

SUPERFLUOUS HAIR. The Vandre Elec- trolysis Outfit removes every hail and root for ever. Never tails. Guaranteed Cash or 20s. monthly. Free Trial. Write for illus. Particulars free, in plain envelope. Vandre Ltd. (W.12), 220 West Regent Street, Glas. low, C.2.

PLAYS. Chance for young writers. £125 Prizes in competition promoted by Chelten- ham Literary Festival Oct. 3-7. B.B.C. and A.B.C. have options to produce winners. De- tails, on receipt of a stamped addressed en. velope, from Festival Organiser. Town Hall, Cheltenham.

LITERARY

• rvE ALWAYS MEANT TO WRITE but I've never got started.' MAKE A START TODAY.—papers arc larger than they have been for over 12 years, Two or three hours' Postal tuition a week from the 1.53 will start You writing—and earning. FREE book from PROSPECTUS DEPT., The London School of Journalism. 57 Gordon Square, London, W.C.I (MUS. 4574). "There are LSJ stu- dents all over the world."