LONDON     & LANCASHIRE FIRE INS. CO.                       957
UNDERWRITING AND INVESTMENT EXHIBIT-Continued.
UNDERWRITING PROFIT AND              I
LOSS ITEMS.                                             I
' .I
Agents' balances, bills re-            I
ceivable a'nd other un-              I
derwriting,   items   not            I                            j
admitted Dec. 31, 1912.. $15,187 44.1 ..............I.......
Agents' balances, bills re-
ceivable and other Un-               I                            |
derwriting    items   not            I
admitted Dec. 31. 1912..    11,535 811 .......       I            I
Gain from    underwriting   protit andl I
loss items ............3,651 631 .
Underwriting   income earned during                          I        $
1912 .......                          ..      ............ .        $2,539,8sa
 49
LOSSES.                                j
I          .   I
Losses paid .                           $1,201,989 581 ........
Deduct salvage and reinsurance recov-I                I
erable Dec. 31, 1912 ............6 ,224 911 ............
Balance   ....                    I $.......... ....... 1 $1,195,764 67 .
Add salvage and reinsurance recover-
able Dec. 31, 1911.                         1,745 39 .
Total..                            $1,197,510 061 .
Deduct unpaid losses Dec. 31, 1911 ....1    144,173 161 ..........................
Balance ..............             $1,053,336 901 .
Add unpaid losses Dee. 31, 1912 .           172,476 021 ............  .
Losses incurred during 1912 ...........  .............. 1$1,225,812 921.
!         ~       ~      ~~~~~~~~I  I
UNDERWRITING EXPENSES.              I
Underwriting   expenses paid    duringl               |
1912 ...            ..........         $1,056,541 091 ....        ..........
Deduct underwriting     ex-            I              I              I
penses unpaid Dec. 31,             I
1911:I1
Unpaid expenses .......    $12989 08 ....       ... ..............
Taxes due and accrued.      57,700 60 ..........     ..............
70,689 68 .
Balance   .......................    $985,851 411 .
Add underwriting expenses               I
unpaid Dec. 31, 1912:     .                                     I
Unpaid expenses .......        $680 00 ..................
Taxes due or accrued ...    57,600 00 ...........     ..............
$58,280 001 ...               ......... .
Add difference in commis-
sions on unpaid reinsur-
ance, 1911-1912 .........       115 11 ...           ...........    ........,
I    58,395 111 ....     .... ;
Underwriting expenses incurred dur-I                  I
ing 1912 .....................        ---------       1,044,246 52.
Underwriting losses and expenses .         .... ..........              2,
270,094
Gain from underwriting duriPg 1912 ... ............    ......           $269,808
Or
1 I= -              -