The sum of £524,087 has been transferred to this"Account from the Fire, Marine, Accident and Life Accounts. Interest (net of Income Tax) amounted to £415,143.
The directors recommend that a dividend of 12s. per share (less Income Tax) be declared, to be payable in two instalments of 6s, each (less Income Tax) on 15th June and 15th December next to members on the register on 14th May and 15th November respectively.. Carried unanimously.
The sum of £452,250 has been set aside for the dividends payable in 1938, and the balance of the Profit and Loss Account to be carried forward is £1,589,320.
Text read from the printed page and cleaned; old type leaves the occasional error.