The City Day By Day .sx Post Budget Buoyancy Of British Funds .sx Marks & Spencer Prosperity .sx City Offices , 9 , Drapers-Gardens , E.C. Telephone Metropolitan 0552 .sx At the opening of business yesterday markets displayed general cheerfulness , the buoyancy of gilt-edged stocks being the outstanding feature .sx The Budget , as expected , produced a favourable impression chiefly because it avoided the imposition of any extra taxation apart from the increase in the petrol duty .sx Some critics , however , argued that in speeding up the collection of income-tax the Chancellor had imposed a burden temporarily quite as objectionable in its operation as an increase on the standard rate .sx While the budget proposals as a whole had a favourable reception , it has not escaped attention that while superficially satisfactory they hold out little hope of an early alleviation of the burdens pressing upon industry .sx It is also pointed out that Mr. Snowden's estimates of revenue are in several cases too optimistic to be realised .sx For instance , his calculation that he will this year obtain 3,350,000 from stamps was regarded on the Stock Exchange as quite fantastic .sx Unless there is a marked revival in business and financial activity it is much more probable that revenue from this source will continue to contract .sx While the suggestion that the Chancellor would put up the duty on bearer bonds was never regarded very seriously , the falsification of the report proved a welcome relief .sx Gilt Edged Buoyancy .sx While the strength of the Exchanges and the acquisition by the Bank of a further 921,000 in bar gold were additional influences which helped British funds yesterday , the main factor was that the Budget contained no fresh direct taxation .sx Consolidated Fours were eventually 1 5-16 higher at 92 5-16 , and the 3 p.c. Conversion loan finished a point to the good at 81 .sx Special interest was taken in the 5 p.c. War loan , which was dealt in less accrued interest .sx Since the price on Monday evening closed at 104 , cum accrued interest , the price exdividend on the closing value of the previous evening was 102 .sx Owing to the buoyant conditions in which the market opened , the first dealing quotation was about 102 , and the price steadily until 102 was touched .sx A slight reaction took the quotation back to 102 5-8 , the net gain to this stock from the Budget proposals , among other considerations , being a rise of 5-8 on the day .sx Bazaar Store Prosperity .sx If the ability to make substantially higher profits and to pay an increased dividend in a period of unexampled depression is a measure of directorial efficiency , Marks and Spencer , the bazaar and general store proprietors , must possess one of the most able boards in the country .sx Net trading profits , according to the report issued last night , have increased from 437,951 for the year to March 31 , 1930 , to 620,594 for the year just ended , while net profits , after providing for depreciation and Debenture and loan interest , are up from 325,175 to 476,073 .sx A final dividend of 20 p.c. brings the total distribution on the Ordinary and " A " Ordinary shares to 30 p.c. for the year , against 20 p.c. , and a capital bonus of one " A " Ordinary share every ten Ordinary and " A " Ordinary is again to be distributed out of reserve .sx The dividend requires 217,800 , against 132,000 , and the bonus 72,600 , against 66,000 .sx General reserve is augmented by 120,000 , compared with 100,000 , and the appropriation to properties reserve is raised from 10,000 to 17,500 .sx Income-tax reserve receives 54,071 , against 36,586 .sx The balance-sheet shows a much more liquid position than a year ago .sx Legal Insurance .sx At the twenty-third annual meeting of the Legal Insurance Company , held yesterday , Sir J. Field Beale referred with pride to the fact that it had been his happy lot to act as chairman throughout that long period .sx Probably few other offices can boast a similar record .sx Like all newly formed insurance companies , the Legal had troubles in its early days , but ( as the chairman said ) its infantile complaints were a blessing in disguise so far as they let to the appointment as general manager and secretary of Mr. J. M. Ewing , under whose charge the company has enjoyed steadily increasing prosperity .sx Last year , despite generally unfavourable conditions , there was a further expansion in premium income , while the loss ratio improved to the very satisfactory figure of 52.4 p.c. , the company's experience in home business , both fire and accident , being very favourable .sx With an available profit of 40,647 , the directors had no difficulty in recommending the usual 17 p.c. dividend , transferring 8,515 to general reserve , and carrying forward 18,570 , or a few hundreds more than the amount brought in .sx Tribute was paid yesterday to the loyal assistance rendered by the parent company , the Royal , whose chairman has during the past year been appointed a director of the Legal , thus ensuring the continuance of the most cordial co-operation between the two organisations .sx " Safeguard " Assurance Policies .sx An example of the reward of enterprise in the insurance field was furnished by Mr. Romer Williams at the meeting of the Legal and General Assurance Society yesterday .sx Referring to the record new life business of 11,533,000 achieved in 1930 , Mr. Williams said that the rapid expansion was due in some measure to the new " Safeguard " policy introduced last year , which has proved especially attractive to the married man with family responsibilities .sx This new contract has met with even greater success than had been expected , and the chairman predicted a great future for the policy , which meets the problem of providing an adequate income for dependents over the most critical period after the death of the assured .sx Amalgamated Anthracite .sx Mr. F. A. Szarvasy was fully justified in describing the record of the past year's work of the Amalgamated Anthracite Collieries as one of encouraging progress .sx Bearing in mind the difficulties which the coal trade has to encounter , the results were satisfactory .sx Had it not been for the disturbance occasioned by a strike the profits would have even been better .sx The industry is one of the most sensitive , and it reflects quickly every movement in economic conditions .sx Notwithstanding the prevailing depression , competition from new forms for utilising coal and other kinds of energy , the combine held its own and improved upon the position by recovering most of the ground lost five years ago .sx The merger , which represents some 80 p.c. of Welsh anthracite production , is able to control prices with an eye to stabilisation and avoid seasonal fluctuations .sx Though Amalgamated Anthracite has not been embarrassed by the Coal Mines Act , Mr. Szarvasy was definitely of opinion that had the coal mining industry been left to work out its own salvation , it would have been better for the industry in the end .sx San Paulo Railway Prospects .sx Owing to the fall in the value of the milreis the relatively small decline in the currency traffics of the San Paulo ( Brazilian ) Railway in the current year becomes the substantial decrease of 202,386 in sterling .sx The rate is now only 3 13-16d , against an average of 5 1-3d in 1930 .sx Mr. O. R. H. Bury , who presided at the meeting yesterday , is hopeful that the value of the milreis will be restored to a higher level as a result of the negotiations now proceeding between the provincial Government and Sir Otto Niemeyer .sx Coffee shipments are expected to increase , but the general traffic prospects are more in doubt .sx The company has made special arrangements for the transport of meat , which is now Brazil's second most important export , and promises to develop still further .sx Mr. Bury anticipates that Brazil is likely to devote greater attention in future to all forms of pastoral production , and that she will produce wheat and cotton in increasing quantities .sx In his opinion Brazil will be one of the first parts of the world to overcome the present distressing conditions .sx Floating Debt Lower .sx Including self-balancing items , revenue was 3,765,077 in excess of expenditure for the past week , the respective totals being 11,466,668 and 7,701,591 .sx National Savings Certificates brought in 250,000 net , but 300,000 was issued for Telegraphs .sx It was thus possible to reduce Ways and Means advances by 3,900,000 and as Treasury bills were increased by 205,000 the floating debt was under :sx Since March 31 the outstanding floating debt has decreased by 3,955,000 and the total compares with 614,685,000 a year ago .sx Insurance Results .sx Northern Assurance .sx The account of the Northern Assurance Co. for 1930 show a surplus of 74,643 in the fire department and of 137,421 in the accident department transferred to profit and loss , against 28,452 and 146,129 respectively for 1929 .sx These profits are arrived at after allowing the high reserve of 50 p.c. for unexpired risks .sx In the fire section the loss ratio , after adjustment of unearned premium , declined from 53.13 p.c. to 50.18 p.c. A surplus of 524,703 ( against 492,410 ) is left in the marine account after transferring 41,390 of interest to profit and loss .sx At Dec .sx 31 the marine fund was 107.6 p.c. of the premium income .sx Net new assurances in the Northern Life department increased from 950,586 to 1,227,116 .sx In the participation branch the quinquennial valuation disclosed a surplus of 701,926 , and a reversionary bonus of 2 10s p.c. p.a. is to be distributed on policies entitled to participate .sx An intermediate bonus is also to be paid on participating policies becoming claims during the current quinquennium at the rate of 2 5s p.c. for each full year's premium paid in the period 1931-1935 and in respect of which no bonus has previously been allotted .sx In the non-participation and annuity branches the combined surpluses , which belong to the shareholders , were 215,576 of which 215,000 is transferred to profit and loss .sx The net new business in the London and Scottish life department was 825,127 ( against 778,634) .sx The profit available is 932,781 , and , as already announced , the Ordinary dividend is again 17s per share , the Preference shares receiving an extra 7s 1.97d per share .sx Including the carry-forward of 752,822 , the total funds will stand at 19,118,799 .sx Motor Union .sx A decline from 2,070,245 to 1,943,719 in net premium income for 1930 is reported by the Motor Union Insurance Co. , which is controlled by the Royal Exchange Assurance .sx There was a reduction of 101,015 , to 1,158,500 , in claims paid , but 509,293 ( against 489,691 ) was reserved to meet outstanding claims .sx Commission and management expenses totalled 770,145 ( against 801,962 ) , the net result being a profit of 111,590 , against 40,091 for 1929 .sx The Ordinary dividend is 20 p.c. , as before , while 20,000 is transferred to marine account as additional reserve ; 3,449 written off cost of shares in the subsidiary , and the remaining 153,029 transferred to general reserve .sx Last year , after providing for the dividend , 102,328 was carried forward .sx Car and General .sx The Car and General Insurance Co. , which is also controlled by the Royal Exchange Assurance , announces a net premium income for 1930 of 1,132,917 , an increase of 45,976 .sx Claims paid declined from 611,100 to 591,264 , while 269,922 ( against 247,628 ) is reserved to meet outstanding claims .sx After charging commission and management expenses there is a profit of 77,172 ( against 79,928) .sx The Ordinary dividend is again 10s per share , less tax , and the balance of 35,227 is placed to general reserve .sx Last year 10,000 was transferred to marine account and 26,630 to general reserve .sx Yesterday's Meetings .sx S.E. Clerks' Pension Fund .sx Commenting on the progress made by the Stock Exchange Clerks' Pension Fund since its inception three years ago Mr. Claude Lemon , the chairman of the Committee of Management , at yesterday's annual meeting said that in spite of the difficult period the assets of the fund now exceeded 100,000 .sx He appealed to young clerks to join the fund , adding :sx " I suppose the age of 65 , when this pension would start , appears to them so far away that they think provision for that time is too far distant .sx Many of them do not realise that such provision is a real investment and that the cost to young entrants is very small , but when they are convinced of the advantages and security which the fund offers to them will doubtless be eager to join .sx "