EMPLOYERS' LIABILITY.
At the recent annual meeting of the Employers' Liability Assurance Corporation the Chairman, Sir Joseph Rroodbank, dealt with some very interesting points, and especially with the depreciation of securities. The Revenue Accounts them- selves were thoroughly satisfactory, the amount carried to Appropriation Account being £410,000, or an increase of nearly £91,000 upon the previous year. The position of the securities, however, was greatly affected by the Exchange factor, the Corporation having, of course, a large amount of funds invested in America. The Chairman explained that for accounting purposes the exchange had been taken at par, on which basis the securities showed a depreciation of 18.8 per cent. Had they been taken at the ruling exchange rates there would have been a big appreciation, and while the current exchange prevails fill remittances from the Western Continent bring a considerable exchange profit. In view, however, of the uncertainty of the world outlook, the Directors decided to pay a slightly reduced dividend and to strengthen reserves by over L150,000. This policy was fully endorsed by the shareholders.
Previous page