LIVERPOOL AND LONDON AND GLOBE.
As I anticipated, the statements made by the chairman at this week's meeting of the Liverpool and London and Globe Insurance Company show that the setback in net profits is solely attributable to the exceptional losses arising out of the tornado in Florida. So far as the income from premiums and interest were concerned, the total last year was in excess of £12,000,000 and was the highest ever recorded in the ninety years of the company's history, exceeding the figure for the previous year by more than £500,000. Underwriting profits, however, for the year were, as the Report showed,imaterially below the figure for the previous year, and this, the chairman explained, was mainly due to the Florida tornado disaster, while a special provision was made in last year's accounts for the contingent liability of the Surety Department of the Liverpool and Globe's Casualty Company, the Globe Indemnity Company of New York, the possibility of a claim having Only . come to light in the early part Gf the current year. But for these exceptional items, it is quite clear that the company would probably have established a record in profits as well as in turnover. Es-en as it is, an increase is shown in the total funds of the company from 120,344,000 to £21,538,000. It is satisfactory, too, to note that the directors anticipate no important liabilities in connection with the Mississippi flood losses:- At -the close of his address the chairman paid a warm tribute to the energy and hard *irk of their well-known general manager, Mr. Hugh Lewis. He also referred in opti- mistic vein to the outlook for the current year.
A. iv. K. A. iv. K.
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