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year. Out of this surplus the directors have added £150,000 to the investments reserve fund, which stands at £ 950,000. In the Industrial branch the surplus is £967,709. including £385,398 brought forward. Out of this, the directors have added £250.000 to the reserve fund, which now stands at £1.750.000. The total surplus of the two branches is £2,154,858, and of this, in addition to the fore- going appropriations to reserve, £ 1,227,647 is distributable among the participating policy- holders and shareholder?, leaving de527,211 to be carried forward, namely, J6186,652in the Ordinary branch and j5340 559 in the Industrial branch. Since the completion of the valuation the Actuary has reported that, in his opinion, a general increase of two-and-a-half per cent. could, with safety, be granted under the principal Industrial branch tables if provision were made for an increase in the liability of £ 750,000. The board have accordingly revised the tables as from 1st March, 1906, and have made provision to meet the increased liability by the transfer during the current year of £ 750,000 from the reserve fund to the life assurance fund in the Industrial branch, leaving this reserve fund at £ 1,000,000. This revision affects nearly thirteen million policies, and of this number over ten million policies receive an immediate increase in the sum assured. The effect of this concession to the assured was fully explained by the Chairman and approved by the shareholders. It was but natural that Sir Henry Harben should refer at the outset of his remarks, in moving the adoption of the report and accounts at the an-nual meeting, to the loss sustained by the death of Mr Edgar Horne, the late chairman, who had the Company's interest at heart from its inception, and was universally beloved. He died full of years and of honour. The Prudential has always been fortunate in securing good business men and men of the highest financial integrity to serve on its board, and in its management the right man has invariably been found for the position which he was required to occupy. In filling up the vacancy on the board caused by the death of Mr Home, the directors have selected Sir John H. Luscombe, and the shareholders have done wisely in confirming his election by a unanimous vote. ID the Barry, Penarth, and Cowbridge districts a large and ever-increasing business is done by the Prudential, the volume of business effected last year, placing Penarth district (which includes Barry) second in South Wales for combined annual increase. The energetic stiff in this district is under the direction of Mr F. Gardner, 29. Albert- road, Penarth, the district superintendent; and Messrs R. Hull (59, Maesycwm-street, Barry Docks), F. Williams (East End, Cowbridge), and J. W. Jones (Mount Pleasant, Whitchurch), are the assistant superintendents, ably supported by a strong and energetic staff of agents. The chief inspector of the Company is Councillor J. Ramsdale, J.P., Cardiff. ====================