1018                ROYAL EXCHANGE ASSURANCE CO.
UNDEIRWCWRITING AND INVESTMENT EXHIBIT-Continued.
INVESTMENT EXHIBIT.                      I                     I
Interest and Rents.
Interest, dividends and rents received!                              I
during the year .....................     $91,016 801 ........      l.  
     .
Deduct interest, dividends and rentsl                 I              I
accrued Dec. 31, 1911 ................I    28,159 041..............I..............
Balance     .         .62,857 761..............
Add interest, dividends and rents ac-I                I
crued Dee. 31, 1912 .                      28,426 Saf .....
Total ...........I. .....                                          $91,284.62
LOSS ON INVEISTMENTS.            I
I      'I             I
Loss from   chanue in    difference  be-I             1
tween book and market value duringj                 I              I
1912 .                                              1 $39,027 501.
INVESTMENT       EXPENSES.         I             !1
investment expenses paid during 19121 ............          2,848 56    
  ..
Investment losses and expenses dur-1                  |
ing 1912 ............................ ............................      41,876
06
Gain from investments during 1912 ... ...........             .......   
$49,408 56
MISCELLANEOUS EXHIBIT.                                Gain in   I   Loss
in
I   Surplus.   I  Surplus.
Receipts from   home office .....................        $150,004 001
Remittances to home office ..         .       ....$...................I......
290,701 62
Gain from  other sources..-...          ..............   -     448 311 .
Net loss from   above ................. ..I .........                  j
$140,249 31
'Total gains and losses in surplus dur-l                      -
ing 1912 .......      .   .    .                        $49,408 561   $144,237
6f
Surplus Dec. 31, 1911 .......              $1 7 16' .
Surplus Dec. 31, 1912 .......      .        706,768 06 .
3D3ecrease in surplus during 1912 .....................    94,829 101 .
I          ~I     -   --I              _
Totals .       .... .                                 $144,237 661 $144,237
66
*~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~                           I
Per cent of losses incurred to premiums earned, 56.54.
Per cent of underw-riting expenses incurred to premiums earned. 43.62.
Per cent of investment expenses incurred to interest and rents earned, 3.12.
Per cent of total losses and expenses incurred and dividends declared to
total
-income earned, 97.51.