BEST'S INSURANCE REPORTS—FIRE AND MARINE.   573

MINNESOTA IMPLEMENT _MUTUAL FIRE INSURANCE COMPANY—Continued.'

Ratios to Premiums Earned.—Losses incurred, 29.4%;
expenses incurred, 30.9%; underwriting profit, 39.6%.

Underwriting Exhibit, 1919.— Premiums earned during
1919, $658,112.62; loss from underwriting profit and loss
items, $455.25; total, $687,657.37.

Losses incurred during 1919, $202,309.68; underwriting
expenses incurred during 1919, $212,729.36; total, $415,-
039.04.

Gain from underwriting during 1919, $272,618.33.

Inrestment Exhibit, 1919.—Interest. etc., earned during
1919, $29,526.73; profit on investments during 1919, $30;
total, $20,556.73.

Loss on investments during 1919, $600; investment ex
penses incurred during 1919, $195.35; total, $795.35.
Gain from investments during 1919, $28,761.38.

Surplus, December 31, 1918, $230,442.75; increase, $98,-
079.35; surplus, December 31, 1919, $328,522.10.

Business from Organization.—Net premiums and assess
ments, $2,404,219.76; net losses paid, $587,832.29; dividends
to policyholders, $532,280.20.

Percentage of cash premiums returned during the year
on expiring policies as dividends or profits. viz.: One year,
50%; three years, 50%; five years, 50%.

11'SSISQLOI AND P,OL VILLE MUTUAL FIRE INSURANCE COMPANY,
Frelighsburg, P. Q., Canada.

Buxton. Owatonna, Minn.; C. Wackman, Detroit, Minn.,
vice-president First National Bank, implements; C. W.
Lyn:an, Northfield, Minn., Weeks & Lyman, implements;
John G. Gage, Lakefield, Minn., implements; A. Marckel,
Perham. Minn., lumber, hardware and implements; F. G.
Lorens. Center City, Minn., Lorens Auto & Implements Co.;
C. M. Johnson. Rush City, _Minn., vice-president First Na
tional Bank. S. C. Johnson & Sons, Inc., implements; A. C.
Hatch, Battle Lake, _Minn., implements and hardware: R. L.
Stebbins. Hancock. _Minn., implements and hardware.

Income. 1919 — Gross premiums written, $1,261,946.86;
less reinsurance, $259,302.89; less return premiums, $95,-
995.08: total net premiums written, $906,648.89: interest,
etc.. $24.934.56: other income, $5,112.08; total income,
$936.695.53.

Disbursements, 1919.—Net losses paid. $192,073.37; un
derwriting expenses, $206,729.36: dividends to policyholders,
$201.21963; other disbursements, $13,069.86; total dis
bursements, $613.092.22.

Ratios to Premiums Written.—Losses paid, 21.2%; in
curred. 22.3ci ; underwriting expenses. 22.8%; underwriting
profit, 30.1%.

ADMITTED ASSETS, DECEMBER 31, 1919.

Real estate owned (market value)    $4, 727 26

Bonds and debentures owned    187,666 07

Interest accrued    1.661 85

Cash in banks and office    36, 430 99

Agents' balances    2,136 84

Office furniture and Goad's plans    2, 064 09

Premium notes    159,636 38

Other assets    181 05

TOTAL ADMITTED ASSETS    $394,504 53

GENERAL REVIEW.

This is a very old company which began business in 1835:
it is licensed only in the Province of Quebec.

It writes both cash and mutual policies. The cash
policies are written at about 10% below the tariff rates.
On mutual policies the company takes notes equal to five.
and one-half times the tariff rates, upon which assessments
are levied annually. The rate of dividend to policyholders
during 1919 was 20% of the notes on five-year policies.
This has been the rate for the past 20 years.

The laws of Quebec regarding premium notes given to
mutual fire insurance companies are strict, and such notes
may be considered as good assets.

The investments of the company are sound, consisting
mainly of debentures of various Canadian cities.

Officers.— (At last advices) : President, E. E. Spencer;
vice-president, H. Beatty; secretary-treasurer, E. H. Spencer.

Directors.— (At last advices) : E. E. Spencer, Frelighs
burg; J. A. Hawley, Clarenceville; I. W. Brisbin, Lacolle;
D. A. Manson, Mansonville; Harvey Beatty, Stanbridge,
East; P. M. Hayes, West Shefford; W. A. Smith, St. Arm-
and West; E. E. Philbrick, Danville; C. II. Remick, Barns-
ton; C. C. Dyer, Sutton.

Income, 1919.— Total net premiums written, $104.529.51;
interest, etc., $9,177.63; other income, $508.25; total in-
come, $114,215.39.

Disbursements, 1919.— Net losses paid, $44.707.07; un
derwriting expenses, $28,908.17; dividends to policyholders,
$8,207.54; total disbursements, $81,822.78.