of the directors Working account 1913 and former ears.—This account shows a credit lance of $388,034.37, against credit balance of $317,107.78 for the previous year. The directors recommend the payment of a dividend to shareholders of 95 per cent. out of this account, and the transfer of $100,000 to the credit of reinsurance reserve fund and 810,000 to the credit of building reserve fund. The Account will then stand as follows:
Dividend of 25 per cent. (=$15 per share) 180, To re-insurance reserve fund To building reserve fund Balance carried forward...
$388,034.37
Working account 1914.—The net Premia earned during 1914, after deducting return premia, reinsurance premia, ete., amount to 89,507,986.58, against $1,593,496.29 during 1913, and the account shows balance at credit of 81,503,005.64. The directors recommend the payment of a special dividend of five Per cent.=$3 per share, to be paid out of interest earned, which will absorb $36,000, and to carry forward the balance of $1,467,005.64.
The dividends will be paid in tale at exchange 73. $18 per share at exchange 73=Tls. 13.14 per share.
The reserve fund, remains unchanged and stands at $1,000,000.
With the addition of $100,000 as recommended above the reinsurance reserve fund will stand at $648,- 355.69, After crediting the building re. serve fund with $10,000, as recommended above, it will amount The exchange and investment fluctuation account has been in-
Text read from the printed page and cleaned; old type leaves the occasional error.