* * * - NORTH BRITISH AND MERCANTILE.
The recent increase announced hi the 'dividend on North British and Mercantile Insurance Company's shires from 23s. to 24s. per share is fully justified by the character of the report. The Company owns the RailWay Passengers and Fine Art and General and Ocean Marine 'and a consolidated Profit and Loss Account is ftirnished, from which It is shown that the underwriting profit for the year is £528,912, against 051,297 for the previous year. Under this combined Account there is shown clearly the special dividend of 1200,000 from the Railway Passengers, while interest amounted to £552,468, as against L545,284. This consolidated Account, therefore, discloses in clear fashion the real interest earnings, and theSe are shown separately from the underwriting profits. The latter, it will be seen, registered a marked increase compared with the previous year. • The report states that nothing is brought in from the Life Account, which will complete its current quinquennium at the end of next year, when a favourable outcome is looked for.
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