Perhaps the most noticeable change in the balance sheet before you is the listing of the company's investments at market values. During the year under review, the company liquidated approximately two and a half million dollars' worth of Chinese National currency assets and converted the proceeds into foreign currencies. A portion of these funds was invested etuily selected British and in securities and the balance held in cash. In following this procedure, your board realized that they would have to take substantial book losses and that the investment earnings of the company would be reduced. The greater proportion of your investments now consists of first-class securities held abroad. The investment in other insurance companies has been assessed by our auditors on a conservative balance sheet basis.
In keeping with the decision to write down the company's assets, your directors revalued the company's holdings of "Land and Buildings" at marketable figures. It will interest you to know that, since the end of last year, we have sold 85 per cent. of our holdings at prices above these valuations.
"Cash on hand in banks at the end
Text read from the printed page and cleaned; old type leaves the occasional error.