At the recent annual meeting of the Standard Life Assurance
Company the Chairman was able to announce that new business completed by the company during the past year had proved to be a record in its history amounting to nearly £3,150,000 after deduction of reassurances, or about £350,000 in excess of the previous year's total. Interest, dividends and rents again showed an advance, and in spite of the increased rate of Income Tax the Chairman reported that the net yield was still maintained at over 5 per cent. The accounts show that the directors have again transferred £100,000 from revenue to the General Reserve in the Guarantee Fund, the General Reserve thus being increased to £800,000 and the Guarantee Fund to £1,650,000. The total funds of the com- pany have for the first time passed the £20,000,000 mark. (Continued on page 686.)
Financial Notes
(Continued from page 685.)
Referring to the annual bonus, the Chairman pointed out that
a £2 2s. bonus compounded annually is approximately equiva- lent to a bonus of £2 4s. compounded quinquennially. The figures of the report show that an even higher rate of bonus could have been given, but the Chairman observed'that it was the policy of the company to declare such a rate as the directors could reasonably expect to maintain for many years to come.
Previous page
