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PRUDENTIAL ASSURANCE COMPANY, LIMITED. CHIEF # OFFICIE HOLBORN BARS, LONDON. Summary of the Report presented at the Sixty-seventh Annual Meeting, held on March 2nd, 1916. ORDINARY BRANCH.—The number of policies issued during the year was 68,785, assuring the sum of £ 6,619,218, and producing a new annual premium income of 1457,217. The premiums received during the year were £ 5,157,516, being an increase of £ 121,891 over the year 1914. The claims of the year amounted to L4,330,768, of which L145,536 was in respect of War Claims. The number of deaths was 11,358. The number of endowment assurances matured was 159559, the premium income of which was 1137,797. The number of policies in force at the end of the year was 935,514. INDUSTRIAL BRANCB.-The premiums received during the year were £8,5°6,063, being an increase of £ 329,861. The claims of the year amounted to L31938,596, of which L42,5,499 was in respect of 25,379 War Claims. The bonus additions included in the claims amounted to £ 276,721. The total number of claims and surrenders, includ- ing 15,505 endowment assurances matured, was 429,510. The number of free policies granted during the year to those policyholders of five years' standing and upwards, who desired to discontinue their pay- ments was 88,384, the number in force being 1,984,523. The number of free policies which became claims during the year was 51,417. The total number of policies in force in this Branch at the end of the year was 20,859,887; their average duration exceeds thirteen years. The War Claims paid during the year, iu both Branches, number 26,826, and amount to £ 571,035. The total paid up to the present on this account since the outbreak of War exceeds 1750POOO in respect of over 34,500 claims. GENERAL BRANCH.- Under the Sickness Insurance Tables the pre- miums received during the year were £ 9,065 and £ 5,468 was paid in Sickness claims. The whole of the Fund of £ 16,055 is reserved for future liabilities. The assets of the Company, in all branches, as shown in the balance sheet, are L94,794,798, being an increase or £ 3,593,454, over those of 1914. The Directors, after careful consideration, feel justified in paying a bonus on all participating policies of the Ordinary Branch which become claims either by death or maturity during the financial year, but in view of the present unsettled conditions it is not proposed to make a general distribution of bonus, and the shareholders will 1 t therefore receive any part of the profits of this Branch. The interests 01 participating policyholders are safe- guarded by a Special Contingency Fund of £ 700,000. The provisions relating to Industrial Assurance contained in the Courts (Emergency Powers) Act, 1914, have resulted in a severe strain upon the Company's resources, which has reduced the surplus shown on the operations of the year, and whilst these provision* remain in force the strain must con- tinue. In these circumstances the Directors have not felt justified in draw- ing upon the £ 300,000 set aside last year to meet contingent liabilities created by the Act, but have met the loss out of revenue, and in addition have felt it necessary to increase the amount set aside by £ 50,000. The Courts (Emergency Powers) Act Reserve therefore stands, as at 31st Decem- ber, 1915, at £ 350,000. The profit sharing scheme in the Industrial Branch provides that after payment of a fixed dividend to the shareholders any surplus profit shall be divided into six parts one part being retained by the shareholders, one dis- tributed among the outdoor staff of the Company, and the remaining four parts being allotted by way of bonus to the policyholders of the =trial Branch. The sum which has already been paid or allotted under this scheme by way of bonus to the Industrial Branch polieyholders and outdoor staff amounts to £ 2,825,000. The amount of surplus shown this year does not permit of any increase being made to this sum, there is, however, a substantial balance still remain- —— o ing, from which bonus additions will be made to the sums assured on all policies in the Industrial Branch of over ten years' duration which become claims either by death or maturity of endowment from the 3rd of March, 1916, to the 1st March, 1917, both dates inclusive, as follows:— PREMIUMS PAID FOR I 10 years and less than 35 years — 35 40 40 ? ?, ? ? 45 ?  45 50 50 ? ? ? ? 55 ? — 55 55 60 — 60 and upwards BONUS ADDITION TO SUMS ASSURED. £2 10s. per cent. Y, 5 „ £ 15 X30 I I Y,40 £50 1 19 Lbo I P The strain imposed upon the Company by the operation of the Courts (Emergency Powers) Act and the necessity of reserving funds to meet the liabilities which this Act unnecessarily and inequitably creates, are in a large measure responsible for the temporary suspension of the profit shaiir z scheme this year there will be no surplus profit sharing by tne shareholder", or by the outdoor staff, while the fixed dividend of the shareholders will be reduced by £ 100,000. In addition to the reserves held against the liabilities shown by the valua- tion the total amount reserved for contingencies, including amounts carried forward, exceeds £ 4,100,000. The Balance Sheet includes amounts totalling over X13,000,000 in War Loan and Treasury Bills. The increase in the holding of British Government Securities compared with last year is Zll,849,133, against a decrease of Y,8,276,885 in the Balance Sheet item Railway and other debentures, and debenture stocks and gold and sterling bonds—Home and Foreign." Apart from the purchase of 41 per cent. War Loan, this is principally due to the sale to the Government in July last of the whole of the Company's holding of United States securities. 1, The following letter was received from the Chancellor of the Exchequer in connection with the transaction:- [COPY]. TREASURY CHAMBERS, WHITEHALL, S.W., Dear Sir, 4th August, 1915. I have to thank the Prudential Assurance Company on behalf of His Majesty's Government for the patriotic spirit they have shown in placing the whole of their American securities at the disposal of the Treasury at a fair and reasonable price. The transaction has been of considerable assistance in facilitating Exchange operations, and the greatest credit is due to the Company for its prompt action. Yours very truly, i G. E. MAY, ESQ., Secretlry, R. McKENNA. Prudential Assurance Company, L. The Six Prudential Approved Societies formed under the National Insur- ance Act 1911, continue to make satisfactory progress, and the valuable services rendered to the members by the Agency Staff are highly appreci- ated. The amount distributed in benefits to the members at their homes during the year amounted to £1,414,109, making a total exceeding X4,400,000 since the commencement of the Act. It is with feelings of pride and satisfaction that the Directors are able to report that no fewer than 9,221 of their staff are either serving with the Colours or have attested or been rejected for service: 1,305 from the indoor staff and 7,916 from the outdoor staff. Balance Sheet of the Prudential Assurance Company, Ltd., being the Summary of all Branches, on the 31st December, 1915. I LIABILITIES. £ i Shareholders' capital •••• •••• 1,000,000 0 0 Life Assurance fund— us Ordinary Branch £ 47,383,780 6 7 Life assurance fund- Industrial Branch 42,322,260 5 10 Sickness insurance fund- General Branch 16,955 6 11 ———-———— 89,722,995 19 4 Investments reserve funds 2,600,000 0 0 ,Contingency fund 700,000 0 0 -Courts (Emergency Powers) Act Reserve 350,000 0 0 Claims under life policies intimated and in course of pay- ment 267,084 8 10 Annuities due and unpaid 2,856 10 4 Balance of bonus under life policies. reserved for distribu- tion in Industrial Branch. 151,861 12 7 L94,794,798 11 1 ASSETS. Mortgagees on property within the United Kingdom 9,433,218 13 3 Mortgagees on property out of the United Kingdom 310,165 14 4 Loans on parochial and other public rates 12,864,386 0 9 Loans on Life interests • • • • • • • • • • • • 1,123,287 Oil Loans on Reversions 50,084 8 5 Loans on Stocks and Shares 75,385 2 0 Loans on Company's policies within their surrender values. 3,043,561 5 7 Loans on Personal security Nil. Loans to Educational Institutions secured on income, etc. 41,989 11 4 Investments:— Deposit with the High Court (L16,266 13s. 4d. 4t per cent War Loan, 1925-1945) 16,080 19 1 Carried forward £ 26,958,158 15 8 ASSETS- continued. £ s. d. J Brought forward 26,958,158 15 8 Investments [continued) British Government securities— 41 per eent War Loan, 1925-1945 14,912,421 19 0 Treasury Bills 8,199,256 9 7 Government Annuities, &c 64,307 16 4 Local Loans Stock, &c. 88,002 0 0 —————————— 13,263,988 4 11 Bank of England stock. 143,117 2 10 Municipal and county securities, United kingdom 1,673:037 13 5 Indian and Colonial Government securities 4,639,591 12 8 Colonial provincial securities 1,359,655 5 10 Indian and Colonial MunicipaLsecurities 3,558,890 19 9 Foreign Government securities 6,151,487 17 6 Foreign provincial securities 791,846 12 10 Foreign municipal securities 3,417,044 17 11 Railway and other debentures and debenture stocks and gold and sterling bonds-Home and Foreign 12,971,059 0 11 Railway and other preference and guaranteed stocks and shares. 3,243,090 4 1 Railway and other ordinary stocks and shares 2,856,222 9 10 Rent charges 597,710 16 6 Freehold ground rents and Scotch feu duties. 4,775,293 0 6 Leasehold ground rents 9,878 14 5 House property 4,263,067 18 6 Life interests 34,626 14 6 Reversions 1,283,446 1 6 Agents' balances 6,025 2 10 Outstanding premiums 614,662 14 1 Outstanding interest and rents. 124,497 12 10 Interest, dividends and rents accrued but not payable. 510,720 13 1 Bills receivable Nil. Cash-On deposit. 20,000 0 0 In hand and on current accounts. 1,527,678 4 2 194,794,798 11 1 The values of Stock Exchange securities are determined, under the Articles of Association of the Company, by the Directors. Due allowance has been made for accrued interest, and the book value of these securities as set forth in the Balance Sheet stands considerably below coft price. A careful investigation as to the actual saleable value on 31st December, 1915 (all minimum price quotations being greatly redue d), compared with the book value, shows that the Investments Reserve Funds are much more than sufficient to meet any depreciation of the permarent t- ■ urities. Terminal securities have been valued on a basis which, with Sinking Funds already established, provides for the equalisation of the book values and the redemption values at the date of maturity. We certify that in our belief the Assets set forth in the Balance Sheet (having regard to the standards indicated) are in the aggregate fully of the value stated therein less the Investments Reserve and Contingency Funds taken into account, and make ample provision for all the liabilities of the Company. No part of any fund has been applied directly or indirectly for any purpose other than the class of business to which it is applicable. A. C. THOMPSON, General Manner. J. BURN, Actuary. THOS. C. DEWEY, Chairman. G. E. MAY, &e?a)-y. W. J. LANCASTER, ) -Directors. JAMES MOON, J We report that with the assistance of the Charteied Accountants as stated below we have examined the foregoing accounts and have obtained all the inform- ation and explanations that we have required, and in our opinion such accounts are coirect, and the foregoing Balance Sheet is properly drawn up so as to exhibit a true and correct view of the state of the Company's affairs according to the best of our information and the explanation given to us and as shown by the books of the Company. No part of any fund has been applied directly or indirectly for any purpose other than the class of business to which it is applicable. PHILIP SECRETAN, t Auditors. W. H. NICHOLLS, .Auditors. We have examined the Cash transactions (receipts and payments) affecting the accounts of the Assets and Investments for the year ended December 31st, 1915 and we find the same in good order and properly vouched. We have also examined the Deede and Securities, Certificates, &c representing the Assets and :Inve6tments set out in the above account, and we certify that they were in pEossession and safe custody as on December 31st, 1915. and Investments set out in the above amount, and we certify tha. t they were DELOITTE, PLENDER, GRIFFITHS & Co., Chartered Accountants. br573 15th Fe b ruary, 1916. — I. R I The Brecon & District Co-Operative Society, Ltd. 11, SHIP STREET, BRECON. Does our Society charge more for goods than outside traders ? Quality "for Quality-emphatically NO. Every trader must sell one or two commodities cheaper than our Co-Opera- tive Stores, but these are Lines," and are generally well advertised. We have no lines. NOTE and consider carefully these tundamental differences :— 11 (a) The private tradesman is in business to make profit, the more profit he makes, the more successful is he considered as a business man. Our Society is in business to supply the needs of its members, and whatever profit Is made, dees not go into the pockets of the individual but is divided among the purchasing members. (b) You never know what profit is made by the private trader. We publish a balance sheet every quarter, duly audited and signed:by a Public Auditor. (c) You have no control whatsoever over the profits or the quality or purity of goods supplied by the private trader. If a member with us you have absolute control over the whole business of the Society through a Management Committee democratically elected and responsible to you as shareholder and purchaser. For terms of membership apply to Manager or Secretary. THE KINO, Castle Street, Builth Wells. GEO. M. HAND. 3 Nights Each Week, at o'clock, Tuesday, Thursday ahd Saturday. TUESDAY. THE BROKEN COIN THURSDAY. EXPLOITS of ELAINE Dale, Forty & Co. FAMOUS MODELS IN PIANOS. GURANTEED FOR- High Musical Quality. Perfection of Touch. Artistic Case Designs. Finish and Durability. Good Value for Money. Our Catalogue shows- Lowest Cash Prices, Low Scale of Gradual Payments. Dale, Forty & Co. LIMITED. High Street and Castle Arcade, CARDIFF. Telephone, 1108. br858 I 288 EGGS From One Bird in 12 Months. What the Owner Says about I LIVERINE THE ORlfclHAL FISH jVEBAL I consider Liverine the Best Fish Meal on the market. As an Egg Producer it is unequalled." HENRY SUTTON, Hoole, Nr. Preston. 7-lb. Packets, 1/4*. ft I Ties, Hose, Underwee?r, !etc. at the Lowest Prices IV /E always make a feature of Good Value without \? offering our Customer the Cheap and Unreliable. AT In Men., Outfitting we afa? going very strong at present and we do not think we have ever held a better or a more varied stock of these things which the careful dresser needs thab we have just now. q We are quoting MEN'& READY-TAILORED CLOTHING here Just a few Suits, Tweed, Navy or Black, 25/- to examplc3 of our value 55/- simply to show you (all reliable dyes) ?pty t..how you ?vyTwS?:?M.6to<7,6 what kind of things we Reliable Raincoats 2o/-to5o/- offer you and the kind Guaranteed Mckintoshes, 25/ 35/9 A pris we offer and 47/ of pnce* we offer Welsh ?? En??6 iah All Wool Shirts- ? th em a Goodstyie to 7/6. M a!way? a marked Mixture (Wool & Cotton), 2,6 & 3/6. characteristic of our Natural Under Vests & Pants 2,6 to 6/6 Itock- we never sell Crdigan Jackets, 5/6 to 10/6 Stockings, f— ww? e nncfv?cf ssecH h Socks, Gloves, Ties, Brecknock Collars. the Common p ace, All in great variety and at our usual | because it would not economical prices. pay U8 to do so. EVERYTHING FOR THE Boys ALSO. d.Lr.p!x!¡e;'iJ'{J' T.he -\SjArTS (fitlUeI i i Ü"!Sire -? RECOlT  ?nuin???-? Cambrian Railways Announcements. BRITISH INDUSTRIES AND THE WAR. MANUFACTURERS AND INVESTORS cont emplating the Establishment of New Industries as a result of the War, are invited to communicate with The Cambrian Railways Co., wTw have a large number of convenient and suitable Sites to offer with an abundant supply of water for generating motive power, admirably adapted for the erection of works factories, warehouses, and other Industrial Undertakings. The Company are prepared to assist in the establishment of such works by entering into arrangements for siding connections to be made with the railway, and will be pleased to obtain and furnish information as to suitable sites, siding facilities, rates for conveyance, etc. Applications should be made to :— S. WILLIAMSON, Oswestry, January 1916. GENERAL MANAGER. IMPORTANT SHOW OF SPRING FUSHIOHS. I BEN. EVANS & Co., 4 are now making their first Complete Display of Fashions for Spring 1916. 4 The Display will include —————- NEW AND EXCLUSIVE 4 Model Gowns, Coats and Skirts, Blouses, jf < Millinery, < Lingerie, Silk and Lace Neck-Wear. The Latest Productions in Ribbons, Trimmings, Embroidered < Flounoings, Laces, &c. i CHOICE SELECTION OF NEW DRESS FABRICS IN COTTON, WOOL AND SILK. PATTERNS POST FREE ON REQUEST. ROYALTIES ARE SHOWN IN EACH OF THE 35 DEPARTMENTS. < • > 4 No Firm in the Kingdom can give Better Value than Ben. 1 < Evans & Co. Everything Marked at Britain's Lowest Prices. t- j A Visit of Inspection Respectfully Invited. I- 4/ Ben. Evans & Co., Ltd., SWANSEA. CHICKEN FOODS Buy the Best for Rearing from W. PRICE & Co., Ltd., The Stores, BUILTH WELLS. NEW STOCK JUST IN. EVERYTHING FOR THE FARMER. POULTRY SPICE IN 6d. TINS to help the hens lay. Will pay to buy now. I Hampton grammar School, GLASBURY.ON.WYE. Principal: Rev. D. C. Lloyd. Classics, Mathematics, Civil Service, Short- I hand, Typewriting, Commercial Tuition, j| Music. Puil8 highly successful &t London, Oxford j O.nz:, l ?ZYV!= -ud.'ilversities. "-o in all public exams. For prospectns apply— Rev. D. C. LLOYD, Glasbury-oi&.WYIB I CHEAP AND GOOD! I HANDLEY'S Pure Farmhouse Flour Only 49/- per 2801b. Carriage Paid. May be Dearer Next Week. SEED WHEAT, OATS, BARLEY in Variety. CLOVER and GRASS SEEDS Tested by Experts. Certificates can be seen. To use our Seed is NO experiment. Quality —Second to None. Why pay fancy prices when you can get Maximum Quality at Minimum Price at home. A. Handley & Sons MILLERS & CORN MERCHAKTS, Builth Wells, Rhayader & Erwood. ALL KINDS OF INSURANCES EFFECTED. Eg- CLAIMS PROMPTLY SETTLED. AGENT for several FIRST. CLASS COMPANIES. W. WILLIAMS, Accountant, Insurance, and General Agent, SENNYBRIDGE, & 6, BULWARK, BRECON. biN I Brecknockshire Sessions. NOTICE IS HEREBY GIVEN that the next GENERAL QUARTER SESSIONS OF THE PEACE FOR THE COUNTY OF BRECKNOCK will be held at the COUNTY HALL, BRECON, on i TUESDAY, the 4th day of APLHL, 1916, at 11-20 o'clock in the forenoon, at which time and place all persons summoned to serve on the Grand Jury, Prosecutors and Witnesses, must attend. At 11-30 o'clock the Justices will proceed to transact the County Business. I All Petty Jurors, Appellants and Respon- dents, must attend in Court at 11-80 o'clock in the forenoon of the above mentioned day. HENRY F. W. HARRIES, Clerk of the Peace. County Hall, Brecon. 13th March, 1916. b590 Tel.: P.O. 16. TAILOR-MADE COSTUMES. Smart Cut. Beaatifujly Finished. Moderate Prices. Fit Guaranteed. Only Expert Workmen Kept. WRITE OR CALL FOR PATTERNS & PRICES. MORGAN & LEWIS, Tailors, BRECON. Herefordshire Agricultural Education Sub-Committee SITTINGS OF PURE BRED EGGS FOR COTTAGERS AND SMALL HOLDERS. THE Board of Agriculture has approved of MR. JOHN WILLIAMS, POUND COTTAGE, CLIFFORD, for the purpose of supplying pure bred White Wyandottes—eggs of special laying strain to cot- tagers and bona-fide Small Holders residing in the County at the very low price of 2/- per dozen. gw- You Should not Miss this Chance. "? Orders should be sent direct to Mr Williams. Only stamped eggs should be accepted. JOHN PORTER, Shirehall, Organiser of Agricultural Hereford. Education. b570 1/6 Garden Seeds 1/6 NEW, GENUINE, and TESTED. ON receipt of Postal Order for 1/6 or 20 stamps, — we will send, post free, loz. each of Hollow Crown Parsnip, and selected Carrot, Joz. each of White Spanish Onion, Wheeler's Imperial Cab- bage, Savoy, Radish, Early Turnip, and 2 Packets of Broccoli (early and late); 1 Packet each of Let- tuce, Marrow, Cucumber; 6 Packets Choice Flower Seeds. Also for 1/- extra—1 Packet each Mustard, Cress, Beet, Pickling Cabbage, Brussels Sprouts, Leek, Cauliflower, Golden Ball Turnip; and with every 2/6 parcel we will send two grand novelties —A Packet of Quite Content Peas, an extraordin- ary variety producing pods 7in. in length, and a Packet of Red Giant Runner Beans-a magnificent variety, some pods attaining to 15 or 16 inches in length. THE ABOVE PARCELS OF FINEST QUALITY SEEDS FOR P.O. 2/6 OR 32 STAMPS. GROVES & SONS, SEED MERCHANTS, Piddletrenthide, Dorchester. 261p 28 fid CARDEH SEEDS 2 6d 2s. 6d 0 Cottagers' Collection S. O?L The BEST VALUE and most RELIABLE SEEDS in the TRADE. 21 SORTS. Larger Collections 3/6, 5/ 7/6, and 10/6. PRIZE WINNER MANGOLDS, SWEDES, and TURNIPS. All Selected Stocks. Lane's LEVIATHAN Swede took FIRST PRIZE against a 1st Prize Winner last Season. Acknowledged by Growers to be the BEST SWEDE and Heaviest Cropper in Cultivation. I TRY IT 1 CLOVERS, GRASSES, AND LAY DOWNS. Good Yearling Cowgrass 7d; good Yearly Red 6id. Samples and cash with order. LANE, Universal Provider, PETERCHURCH. 416 girths, Marriages, Deaths In Memoriam, &c. It is our desire that our column of noticea under the above heading should be valuable to all our readers. Notices are inserted at the minimum rate of 1/- for 20 words and srxpence for each additional ten words or part of ten words, and must be prepaid. Unless prepaid ther are charged at the rate of 2/6 per insertion. ACKNOWLEDG- MENTS will be charged at same Rate. No notice of this description will be inserted unless authenticated by the name and address of the sender. ) MEMORIALS FOR WAR HEROES ft HTHKBS I _n T. A. KING, Sc-, Victoria Marble j? Works, HEREFORD, ? r? having purchased a large quantity of fC ,n V, Marble and ?tone before the preat rise in Prices, his customers will share the advantage. Illustrated catalogues with prices sent free. 319p MISS MAY CAMPBELL, R.A.M., Medalist, certificated and trained in the Royal Academy of Music, London, now receives pupils for pianoforte, violin, counterpoint, harmony, theory, form, sight singing and ear training. Pupils prepared for all examinations connected with the Royal Academy and Royal College of Music. Rftthfcone, Builth tNV-Wb.

Y.M.C. A..

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