1024                             ROYAL INS. CO.
UNDEJRWRITING        AND   INVESTMENT EXHIBIT-Continued.
UNDERWRITING PROFIT AND
LOSS ITEMS.
Loss from    agents' balances chargedl
O   ..........................      .         $492 231 .....           I
   .
Agents' balances and bills
receivable not admitted
Dec. 31, 1911 ............ $28,417 911               ..............
Agents' balances and bills
receivable not admitted                                    .
Dec. 31, 1912 ............  20,268 77f .............. ..........
Gain from   above ..............    .         8,149 14 ...........      
 ...........i
Gain   from  underwriting    profit andl I
loss items         .          ....      ........            7,656 911 .
Underwriting   income earned     during|                             1
1912  ... . . . . . . . . . . . . . .  .. . . .. . .  .. .. .. .. .   7,
925,8S34   863
LOSSES.|
Losses    paid  .........................l  $4,111,671   44  .          .
Deduct salvage and      reinsurance re-                            .
coverable Dec. 31, 1912 .......... ...     61,199 60 ...........        ..............
Balance   ....                      $4,050,471 84 *     ..       ...............
Add salvage and reinsurance recover-I
able    Dec.  31, 1911 ...%.................  54,362   30  ........ .  ..............
Total ................... I....... $4,104,834 14.
Deduct unpaid losses Dec. 31, 1911 ....      691,195 96/       .        ............
Balance   ..... ]      ................... $3,413,638 181 ..............
I
*Add unpaid losses Dec. 31, 1912 ......     691,457 71f ............   .
Losses incurred during 1912 .......... .............. $4,105,095 89
UNDERWRITING EXPENSES.
Underwriting    expenses   paid  duringl
191D     .   ..........                 $3,438,938 861 ............ I
Dedlet tunderwriting expenses unpaidl
Dec. 31, 1911 ..........              1   270.318 661 ............   .
Balance ...... $3,168,620 201 ..............
Add   underwriting      expenses  unpaidl                             I
Dec. 31, 1912 ...........       .          261,800 841 ............ I
Underwriting expenses incurred dur-I
ing 1912 ......                       I              l3,430,421 041.
Underwriting losses and expenses..             ......................   7,535,516
93
Gain from      underwriting during 1912.1 .............. .............. 
$390,317 93
INVESTMENT EXHIBIT.
Interest and Rents.           I
Interest, dividends and rents received¶                I
during the yrear .................. 1$650,849 821 .........          I
Deduet interest. dividends and      rentsl             I
accrued Dec. 31, 1911 ................ l  84,692 611 .........       .............
Balance   ................      I 1$566,157 211 .........        ...........
Add  interest, dividends and rents ac-I                I              I
crumed Dec. 31, 1912 ...............I1      83,556 781 .......       |
Total .... .............                           $649,713 991    ...........