'Our net fire income totalled $372.- 099.85, compared with 1937, it regime tered an increase of $100,200.48, This Increase in income was entirely due to greater reciprocity we received. Our' own net fire underwriting income declined because of the loss of bu: ness in the occupied areas and the restricted sphere of operations. Our net losses amounted to $180,400.62 giv ing us a loss ratio of 4842 per cent. We provided our usual 50 ner cent. reserve for unexpired lability. "Our fire funds amounted to $336,349.92 at the close of the year. We brought into the Profit. & Loss Account a small profit of $7,763.25.
$21,317.86 which was transferred to the' Profit & Loss Account.
Text read from the printed page and cleaned; old type leaves the occasional error.