FINANCIAL NOTES
(Continued from page 892.)
SCOTTISH UNION AND NATIONAL SHARE SPLITTING Mr. Harry Geo. Younger, the chairman of the Scottish Union and National Insurance Company, amplified the diffi- culties inherent in granting war risks insurance. He explained that any attempt to fix the rate of premium would involve an estimate of when wars would occur, how long they would
last and how great the damage would be. Even then the possibility of depreciation of property and of currency would
have to be considered. Any premium which would give adequate protection to the companies would appear exorbitant. Mr. Younger also announced an important project for paying up part of the uncalled capital of the company out of profits and splitting the shares. The shares are at present of two classes, "A" shares of £2o with £i per share paid up and " B " shares of £10 with £3 15s. per share paid up. It is proposed to divide each "A" share into two "A" shares of £10 with £i paid up, and each " B " share into two " B " shares of £5 with £3 15s. paid up. The company's Acts of Parliament, as they stand, do not give the necessary powers, but it is proposed to take action in that direction.
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