13 MAY 1938, Page 43

ALLIANCE ASSURANCE COMPANY At the end of this year the

Alliance Assurance Company will take its quinquennial valuation of its life and annuity funds upon which the bonus declaration will depend. At Wednes-

day's meeting Mr. Lionel N. de Rothschild announced that

he was still of opinion that the results of the valuation will be quite satisfactory unless there is some major catastrophe involving the whole country. This assurance, coming after a year in which mortality experience has been less favourable, after an increase in the income tax has further reduced the net yield on the company's investments, and after a sharp fall in the market values of Stock Exchange securities, must be highly satisfactory to policy-holders and shareholders.