BEST'S INSURANCE REPORTS—FIRE AND MARINE.   241

MERCANTILE FIRE INSURANCE COMPANY —Continued.

went as the Canadian Branch of the London and Lan-   Winnipeg, A. W. Blake, branch manager.

c..shire. In 1919 it paid a dividend of $40,000.   Vancouver, B. C., Alm. Thompson, manager.

Affiliations.—Canadian Fire Underwriters Association. Western Canada Fire Underwriters Association, Mainland Board of Fire Underwriters, New Brunswick Board of Fire Underwriters.

Class of Business Written.—Fire insurance.

Territory.— It operates in all the Provinces except New-

foundland and Quebec. It is also operating in India. Officers.—President, William A. Sims; managing direc-

tor. Albert E. Blogg: secretary. Alfred Wright.

Directors.

Blake. A. W., Winnipeg.

Blogg, Albert E., Toronto.

Sword. C. E., Montreal.

MacLean, Alex.. Toronto.

Sims. Wm. A., Herts. England.

Branch Officers.— '

_Montreal. Colin E. Sword, manager.

MERCANTILE FIRE INSURAN('E ('MIP_1 N Y.

INCOME, 1919.

Gross premiums written    $362, S90 49

Less reinsurance    20,577 10

Less return premiums    50, 109 91

Total net premiums    $292.212 48

Interest, etc   25,789 25

TOTAL INCOME    $318,001 73

DISBURSEMENTS, 1919.

Net losses paid    $96,115 50 Underwriting expenses

   108, 064 67

Dividends to stockholders    40,000 00

TOTAL DISBURSEMENTS    $244, 180 17

179 Boulevard Girouard, St.

ADMITTED ASSETS,

Bonds and stocks owned (market value)    

Interest due and accrued thereon    

Cash in banks and office     Agents' balances not over three months due.

Other admitted assets    

Assessments due and not yet collected    

TOTAL ADMITTED ASSETS    $134,485 95

Hyacinthe, Quebec, ('anada.

LIABILITIES, DECEMBER 31, 1919
Unearned premiums    $19,419 62

TOTAL LIABILITIES, except capital   $19, 419 62

CAPITAL PAID IN    20, 000 00

NET SURPLUS    95, 066 33

TOTAL   $134, 485 95

DECEMBER 31, 1919.

$90, 069 47
1,077 00
17,844 92
7,751 SS
739 28
17,003 40

GENERAL REVIEW.

History.—This company was incorporated under the laws of the Province of Quebec, and began business in December, 1909. The authorized and subscribed capital is $200.000, of which $20,000 has been paid in.

It writes on both the cash and mutual plans.

Management and Reputation.—The company transacts a conservative volume of business and is making progress. Its loss ratio is low; the expense ratio has been above normal, but in 1919 was low and a gain of $31,198.43 was made in underwriting for the year.

In addition to the cash assets shown above, the company had on December 31. 1919. subscribed capital amounting to $180,000. and unassessed deposit notes amounting to $299.345 32.

The securities owned are all municipal debentures.

Dividends.—In recent years the company has paid dividends as follows: 1913 to 1916, inclusive, 6%; 1917 to 1919. inclusive, 7%.

Officers and Directors.— President. Dr. F. H. Daigneault, Acton-Vale: vice-president, P. C. Neault. merchant and industrial. Grand 'Mere: J. E. Phaneuf. M. P. P., merchant, St. Hugues: J. E. Boulais. merchant, St. Angele de Ronville; Irenee Auclaire, merchant. Chambly Canton: D. J. Racine, broker, Montreal: Ovila Demers, manufacturer. La Providence, St. Hyacinthe: T. A. St. Germain. managing-director: Octave Auclaire, secretary.

INCOME, 1919.
Gross premiums written   $78. 962 13

Less reinsurance   6,125 94

Total net premiums    $72,536 19
Interest, etc.

   4,669 07

Other income    51 70

TOTAL INCOME    $77,256 96

DISBURSEMENTS, 1919.

Net losses paid   $24, 638 05

Underwriting expenses    23,125 65

Dividends to stockholders    1.400 00

Other expenses    8.306 26

TOTAL DISBURSEMENTS    $57,469 96

Ratios to Premiums Written.—Losses paid, 34.0%; incurred, 34.0%; underwriting expenses, 31.9%; underwriting profit. 43.0%.

Ratios to Premiums Earned.— Losses incurred. 31.2%; expenses incurred. 29.3%; underwriting profit. 39.5% Miscellaneous, 1919.— Net losses incurred, $24,638.05; net risks in force December 31, 1919, $5,514,295.

Underwriting Exhibit, 1019.-Premiums earned during 1919, $78.962.13.

Losses incurred during 1919, $24.638.05; underwriting expenses incurred during 1919, $23,125.65; total. $47,763.70. Gain from underwriting during 1919, $31,198.43. Investment Exhibit, 1919.— Interest, etc., earned during 1919. $4.669.07.