Our net fire income totalled $372.- 699.83, compared with 1937, it registered an increase of $180,296.44. This increase in income was entirely due to greater reciprocity we received. Our own net fire underwriting income declined because of the loss of business in the occupied areas and the restricted sphere of operations. Our net losses amounted to $180,460.82 giving us a loss ratio of 48.42 per cent We provided our usual 50 per cent. reserve for unexpired liability, Our fire funds amounted to $336,349.92 at the close of the yenr. We brought into the Profit & Loss Account a small profit of $7,783.25.
Text read from the printed page and cleaned; old type leaves the occasional error.