[Footnote 6: See Vol. I, p. 279.] [Footnote 7: The following are the chief statistical facts regarding the life insurance business in the United States, Jan. 1, 1914, showing separately legal reserve and assessment companies, and the total. ------------------------------------------------------------------ | Number of | Policies | Insurance | Companies | in force | in force | | | Legal reserve ..| 260 | 38,206,000 | $20,256,000,000 Assessment .....| 605 | 8,789,000 | 10,023,000,000 Total ..........| 865 | 46,995,000 | 30,587,000,000 ----------------------------------------------------------------- | Premium | Total | Per cent income | income | income | from premiums | | | Legal reserve ..| $715,000,000 | $946,000,000 | 75.6 Assessment .....| 138,000,000 | 153,000,000 | 90.2 Total ..........| 853,000,000 |1,099,000,000 | 77.6 ---------------------------------------------------------------- | Payments to| Assets | Assets for each | policyholders| | 100 insurance | | | in force | | | Legal reserve | $470,000,000 |$4,659,000,000 | $22.66 Assessment .... | 106,000,000 | 195,000,000 | 1.37 Total ....... | 576,000,000 | 4,854,000,000 | 15.87 ] [Footnote 8: In 1913 the total premiums collected by all kinds of insurance companies reported (Statistical Abstract of the U.S., 1914, pp. 549-557) were about $1,512,000,000, and the amount returned to policy holders the same year was $918,000,000, or about 61 per cent of all premiums, the amount not returned ($584,000,000) being 39 per cent. Premiums received Returned to policyholders Amount Percent Life insurance reserve companies ..$715,000,000 $470,000,000 67 assessment companies 138,000,000 106,000,000 76 Other kinds ......... 659,000,000 342,000,000 52 ------------- ----------- -- Total ........... $1,512,000,000 $918,000,000 61 ] [Footnote 9: See above, secs. 2 and 5.] PART IV TARIFF AND TAXATION CHAPTER 13 INTERNATIONAL TRADE § 1. Political and trade boundaries. § 2. Benefits of international trade. § 3. Choice of the more advantageous occupations. § 4. Persistence of differences between nations. § 5. Doctrine of comparative advantages. § 6. Equation of international exchange. §7. Balance of merchandise movements. § 8. Cancellation of foreign indebtedness. § 9. Par of exchange. § 10. International monetary balance and price-levels.