In regard to marine business, which constitutes the major portion of our premium income, considerably anxiety was felt by Underwriters as to the possible effect of modern warfare on shipping, ete, and as a result the War Risk Cargo Pool was formed London early in the year. This pool was terminated on the outbreak of war and partly replaced by the Government War Risks Insurance office, which has worked smoothly in spite of various diffeulties such as were to be expected in a scheme of such magnitude. Underwriters have writ ten a considerable amount of war risk business which falls outside the Scope of the government scheme, but it is not possible to make any fore-east as to the outcome of this war risk business under present uncer~ tain conditions.
Turning to our marine account, the premium income shows a considerable Increase, this being largely due to. War Risk Premium. £5,000 is trans ferred from the marine account to the profit and loss account, and a study of the marine figures' for the: year shows that the underwriting sults can be considered satisfactory.
Text read from the printed page and cleaned; old type leaves the occasional error.