2 MARCH 1929, Page 52


The Annual Report of the United Kingdom Provid• Institution shows that the new business last year was t (Continued on page viii.) largest yet achieved ; not only so, but in spite of the great number of policies issued the expense ratio was actually slightly reduced. The United Kingdom, of course, is a Mutual Office, and the profits, all of which go to policy-holders, are distribute,/ every three years, the next distribution being due at the end of the current year. Prospects with regard to that distribution appear to be very good, the net rate of interest earned on the Fund last year rising further to £410s. 4d per cent., an increase of 8s. 10d. per cent. on 1927, while the

valuation is based on only 21 per cent A. W. K.