Established 1880. 2, WATERLOO PLACE, LONDON, S.W. Over 9,500 Shareholders and Customers. Over £30,000,000 invested. Chairman : The Right Hon. W. HAYES FISHER, M.P. Deputy Chairman: Sir JOHN ROLLESTON, M.P. Directors : The Right Hon. VISCOUNT HILL. NIALL DIARMID CAMPBELL. FREDERICK LAST. ARTHUR G. COUSINS. HENRY LOWENFELD. Col. PAGET MOSLEY. GEORGE CURSONS. Chief Accountant : WALTER G. BELL. Secretary : W. W. SMITH. Bankers .* LLOYDS BANK COUTTS & CO. Extracts from an Independent Report on the Company’s Business. The Registry superintends over £30,000,000 of invested Capital, three-eighths of which is owned by the Registry’s shareholders, and five-eighths by its customers. The in ­ vestments it has recommended are sound, stable in realisable value, command a normal market, and produce an average yield of about 5 per cent, per annum. Great care and dis ­ crimination has been exercised in their selection, every precaution has been taken to secure their legal validity, and in ­ dependent expert advice has been obtained where necessary. Wdh very few exceptions, the effect of the Company’s recommendations has been to improve the position of clients. This Report is dated June 29th, 1911, and copies of it will be forwarded on application.