Fire Account: "The " Company's direct business improved during the year, Premiums from China. show decrease but this was more than set by. increases in other territories. Business coming to us from sources other than the direct offices of the company decreased to a considerable extent. Net premiums retained lus were larger than in the previous year and "the favourable toss. ratio Justined this. confidence. The gross premiums "written amounted to '£27,2005.2d of which £11,763. 18. 44 Wax reinsured, the company retaining 15,304, 0, 10, Losses incurred, less recovered. from reinsurers, totalled ETAT, 6, 3d, Net premiums earned, for reserving in full for 1998 busi-Ness, amounted to £16872, 18. Od. 'The' not profit, £2,690. 17. 11d) was sorried to the Profit and Loss Expenses: Allowances, to Occidental staff on account of exchange ud to Oriental staff to partially offset the effects of the Sino-Japanese hostilities, are the principal con~ tributing" factors to the increased management expenses shown in all departments.
Text read from the printed page and cleaned; old type leaves the occasional error.