708


NORTH BRIT'ISH & MERCANTILE INS. CO.


UNDERWRITING AND INVESTMENT EXHIBIT-Continued.
LOSSES.                  I
Losses paid    ......... .   ............l  $275,152001 .........       ..............
Deduct unpaid losses Dec. 31, 1911 ...        60,706 61 .
Balance .                             $214,445 39! .
Add unpaid losses Dec. 31, 1912 .             38,926 ris.l ...............
Losses incurred durifng 1912       .     .       ....... lJ   $253,372 18!.
UNDERWRITING EXPENSES.!IEI
Underwriting    expenses   paid  during|    $         3
1912  * - ---- .  --------.  - ...........................  $;214, 972  
311 .. . ......... I. . .. . .. .
Deduct underwriting expenses unpaid!                    I              l
Dec. 31, 1911 ..................      l     13,400 W0!..............I.............
Balance .....            .            $200,972 311 .........      I     
.
Add   underwriting    expenses   unpaidl                I              I
Dec. 31, 1912 .........                     12,200 00.1..............I.............
I  ..
Underwriting expenses incurred dur-l
ing 1912 .............................                    213,172 31
Underwriting losses and expenses ........            ...    . .  ..     
   466,544 49
Gain from    underwriting during 19121 .                 ............   
  $115,668 40
I== --=-=-=- -- =--
INVESTMENT EXHIBIT.               I
Interest and Rents.                    .
Interest, dividends and rents received|
during the year ...................        $78,976 841 ........!
Deduct interest. dividends and rentsl                   I              I
accrued Dec. 31, 1911 ..............I       17,211 50! ........       I 
 .     .
A Balance ............                 $61,765 34! ...........
Add     interest, dividends and rents ac-'              I              I
crued Dec. 31, 1912 ...............         18,271 661 .......        I
T otal  ...........................11 ..............  .............. I  
$80,037   00
LOSS    ON   INVESTMENTS.           J
Loss from     decrease In book value of¶
ledger assets       .        .........I.......$383 001 .......
Loss from      change in  difference be-!
tween hook and market value dur-l
in- 1912 .*-----------.!........              6,165 19! ......        I
Loss on investments during 1912       -.1........            $6,548 191 .........
TNVESTMENT        EXPENSES.         I
Investment expenses paid during1912! ...............          2,399 491.
Investment losses and expenses dur-!                    I
ing 1912              ..................I.............I 1               
   8,947 68
Gain from      investments during 1912 ............................... 1
   $71.089 32