The balance of profits transferred from the underwriting accounts £15,955. Interest amounted to £37,- 056, and there was a profit on Ex change of £198. There was credited] to the account the sum of £25,000 being Income Tax Reserve no longer required.
A contribution of £35,000 was mede to Group Contingency Fund. Contributions were alp made by each of the other members of the Group, The sum of £10,000 was transferred to Additional Reserve in thi General Account. A dividend of 15 per cent. was paid, costing £45,000 after deduction of Income Tax and the balance of £132,480 will be carried forward.
Text read from the printed page and cleaned; old type leaves the occasional error.