falls the yearly contribution to current reserve is negative, and becomes an addition to the surplus; but when the premium income increases it is positive, and a reduction of the apparent surplus. With marine insurance we have been obliged to adopt a different system. No one knows how a marine account works out except the officials of the individual companies, and they only after an account has been finally closed. For marine surpluses we have taken the amounts transferred to profit and loss by the companies in respect of the latest closed year. For the contribution of life assurance we have taken those amounts which have been disclosed by valuations as belonging to shareholders, and accordingly carried to profit and loss.
"So much for surpluses. The interest receipts are those yielded by the available funds, other than life and capital redemption, less income tax and less debenture interest payable by the companies. The taxes, which are chargeable against surpluses, are in most cases British taxes only. But where a few companies have lumped all their taxes together and put them into profit and loss account, we have been obliged to follow them. Dividends are those provided in respect of 1924; many of them have been increased as compared with 1923. In-
