Like every other life insurance institution the Scottish Equitable Life
Assurance Society suffered a setback in its new business last year. The net amount of new assurances fell from £1,836,395 to £1,232,696 and total premium income was about £70,000 lower at £798,364. Heavier taxation, as Mr. Alfred Lawrie explained at the annual meeting, has led to a moderate reduction in the rates of intermediate bonuses but he also emphasised the Society's immense financial strength. Despite the fall in security values last year investments still showed a substantial surplus, on the basis of market values at December 3ist, over the book figure. There is thus a hidden reserve to act as a buffer against eventualities.