Our net marine income amounted $16,188.68 which is higher than 1937 by $3,714.47. The increase in Marine income was entirely due to our participation in hull insurance abroad. Our Het losses amounted to $2,577.19 giving us a very favourable loss ratio of 1592 per cent. Our marine commission did not show the same proportionate decrease as our own marine income. This was mainly compensated by commissions earned through our Government War Risk Agency. In view of our commitments in hull insurance, we have remained a higher percentage of the income in our Marine Underwriting Reserve than we did in the previous year. This account produced a profit Bf $31,317.88 which was transferred to the Profit & Loss Account
Text read from the printed page and cleaned; old type leaves the occasional error.