FINANCIAL NOTES

MARKETS RECOVERING.

THE outstanding feature of the early part of the past week in the Stock Markets has been the fairly general recovery in securities led by British Government stocks. A recovery, however, followed by a partial relapse. There has been some slackening of activity with a reaction in prices in metals, a circumstance rather to be desired than otherwise in view of the rapidity of the previous rise, and speaking generally, markets have pre- sented a sounder and healthier condition than for some little time past. Industrial shares too are none the worse for the recent shake-out, and on the continued activity in trade have

shown some recovery during the past week, though iron and steel shares were dull on Tuesday on the abandonment of the import duty on pig iron and the reduction in the duty on steel.

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RUBBER ACTIVITY.

Not the least interesting section of markets at the present time is that in which dealings in Rubber shares take place. The price for the commodity has now risen to just under I id. per lb., and figures of consumption are also encouraging. Rubber shares have not responded quite so rapidly as some had expected to the rise in the price of the commodity, but at the present moment there is already. some talk of shortage of supplies, and the fall in U.K. stocks continues steadily. It would not be surprising if the market for Rubber shares should display greater activity for some little time to come.

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INVESTORS AND INDUSTRIAL ISSUES.

Activity- in new capital creations continues, and for the moment is largely in the direction of home industrials. The present trade activity is by no means confined to the mammoth industrial concerns, for increased prosperity has been brought to a number of quite small industries which have been helped both by tariffs and the general trade revival. Moreover, there have also come into existence financial undertakings which have done much to finance the requirements of the small industrials and given sufficient expansion in the business to aid the controllers to form small public companies. Quite a number of such issues have taken place in recent months, and more seem likely to see the daylight in the near future.

RETAIL TRADE PROGRESS.

Further indications of activity of trade at home are revealed in the figures of retail trade values compiled by the Bank of England. For the first month of the present year it appears that sales of all goods by department stores, multiple shops and independent retailers in Great Britain expanded by nearly 24 per cent. upon the figure for January of last year. The rise in sales of food and perishables was above the aggregate with an increase of 34 per cent., while other merchandise rose by 1.4 per cent. The total sales rose most in the pro- vinces, and London suburban sales went up considerably, but London central and West End sales showed a decline of 2.3 per cent. compared with January of last year.

REFUGE ASSURANCE.

The latest Report of the Refuge Assurance Company is a good one, showing for last year an increase of total premium of £305,111, the amount being £10,289,775 over both branches. The new sums assured in both branches attained new high records, while the valuation figures of both Industrial and Ordinary branches gave very satisfactory results; the Ordinary Branch bonus was £x 16s. per cent., with a substantial increase in the carry forward. In the Industrial branch the profits were allocated in favour of premium-paying contracts under tables not permanently increased to the latest and best scales of benefit to bring claims under such contracts up to such scales. At the annual meeting the Chairman gave some interesting figures of the large number of claims paid on account of violent deaths, the number of such deaths being 4,590 and the claims £64,565. Of these deaths no fewer than 1,074 were attributable to falls either at home or in the street, apart from traffic accidents, &c., to persons aged 66 years or more.

GA1SIAGES' RESULTS.

The report of A. W. Gamage Limited for the past year shows that the profits of £101,775 created a high record, thus amply justifying the recent dividend and bonus amounting in all to 15 per cent. on the Ordinary capital. The company is making an offer of 200,000 new shares of los. each to ordinary shareholders at the price of 27s. 6d. in the proportion of one new share for every four shares held. The new issue will provide the company with about £270,000, which the directors state can be profitably employed in the general activities of the business and particularly in connexion with the company's hire-purchase and instalment business.

PEARL ASSURANCE.

At last week's meeting of shareholders of the Pearl Assurance Company, the Chairman, Sir George Tilley, was able to report an expense ratio in the industrial branch of less than 3o per cent. of the premium, a lower ratio than ever previously recorded, while the assured receives a very tangible benefit. In its Ordinary branch, too, the Pearl's expenses last year were r,* the lower figure of ILI per cent. of premiums and in spite of the higher income tax, the net yield on the. branch funds was maintained at the good rate of £4 6s. 6d. per cent. As might have been expected the continuation of low expenses and the good rate of interest were reflected in the rate of bonus of £2 per annum on the sums assured. In the Industrial branch, the bonuses on policies effected 'before January at, 1930, represented an addition of nearly one-third of the premiums paid during the year and on endowment assurances