In the Fire Account the sum of £7,00714.7 or 11.4 per cent. of the years premium is carried to Profit and-Loss Account and this result can I think be considered very satisfactory. Last year reference was made to our unfortunate experience of Accident and General business and the improved results this year are very welcome. The Accident and General Account has produced a profit for 1938 amounting to £1,127.7.7 which is carried to Profit and Loss Account.
Turning to the Profit and Loss Account you will notice that the usual provision for bonus to contributors has been omitted. It is considered that this particular item properly belongs to the Marine Account and provision therefore has accordingly been made in that account, The Profit and Loss Account provides for a recommended dividend of £3.10.0 per share which is the ame es last vent and you will notice that this year again the recommended dividend is almost covered by interest earnings, Since the last Report Mr. L. J. Davies has resigned from the Board on proceeding on leave and Messrs. F. W. Foster and R. E. Gilleland have
Text read from the printed page and cleaned; old type leaves the occasional error.