5 APRIL 1935, Page 36

UNION CORPORA.TION.

In the case of the Union Corporation the report shows an even greater advance in profit, namely, £640,092 against £511,135 in 1933, and this profit is shown after applying unstated amounts in reduction of the book value of the invest- ments. The directors state that in respect of last year they considered it desirable to appropriate certain exceptional profits to provide for contingencies by reducing the book cost of some holdings both below cost and below market price.