Theshipowner directors of the Tokyo based club were told yesterday that reserves hadclimbed to JPY14.8bn ($157m), anincrease of JPY1,1bn ($11.66m) on last year.
Butat a net after tax level the surplus came down to JPY210m ($2.23m).
Japaneseaccountancy conventions complicate comparisons with the UK and ScandinavianP&I clubs, but the $157m figure appears to equate to the free reserve.
Asthe Japan Club is unable to invest in equities its investment return is usuallyfairly modest, but last year proved better than most, with a net unrealised gain onsecurities of JPY330m ($3.5m).
Theboard
