982              NORTH    BRITISH    & MERCANTILE INS. CO.
UNDERItWI-WRITING  AND    INVESTMENT E XI-IIB3IT--Continued.
Investment expenses paid during 19121 ..............I      10,450 181.
Investment losses and expenses dur- 1                               I
illg  1912        ' .......---.-. .............. ..............        134,791
64
Gain from investments during 1912 ...        .......... .............| $198,492
46
MISCELLANEOUS        lXHIBIT.      |                 Gain in    I  Loss in
I              I  Surplus.   I   Surplus.
Remittances to home office ..................................... . .    $552,119
17
Net loss from above .................                                   $552,119
1
Total gains and     losses in   surplusl              I             I
(luring  1912 ..........                -.-      .. -  $384,808 231   $552,119
17
Surplus Dec. 31, 1911 ................. $3,591,856 04 ..............
Surplus Dec. 31, 1912 .................   3,424,545 10 .......       .....
    .
l)ecrease in surplus during 1912     .    .............   167,310 94.
I          I                           -.
Totals .................      - -.1..  -        1  $552,119 171   $552,119
17
Per cent of losses incurred to premiums earned, 54.4.
Per cent of underwriting expenses incurred to premiums earned, 41.5.
Per cent of investment expenses incurred to interest and rents oerned. 3.15.
Per (e-nt of total losses an(d expenses incurred and dividends declared to
total
incomie earned, 92.4.