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59th Annual Statement The Mutual Life USANCE COMPANY CANADA WATERLOO ONTARIO A Year of Substantial Progress The earnings surpassed those of the previous year by and amount to per of assets The new paidfor business exceed ed that of the previous year by Representing an increase for the year of Assets represent the book value of the Companys securities and would appear substantially larger if current market values were used The increase for the year is An increase of more thanl100000 over the previous year which in cludes a Special Extra Cash Divi dend of approximately 700000 Insuring the continuance of liberal dividend distribution Again the expense ratio has been materially reduced New investments made during the year exceeded and notwithstanding steadily declining interest rates the average rate of interest earned is well maintained A Purely Mutual Company Established 1869 Progress of the Company Income Paid to 1898 1908 2546141 1918 7021103 22223234 12983674 34755736 98089366 i2Z3M 827749 3291418 9750691 137640514 422795453 HUME CRONYN Presulent M BOWMAN Chairman of the Board O McCULLOCH lit VicePretident H SOMERVILLE Manager FRED REPRESENTATIVE NEWMARKET OUT Steel Gars Now for Freight Service of pounds The new cars freight transportation will have foot side doora and a capacity represent an important advance in on this continent and developed more directly to keep I of we3t increased Car the In recent efficient handling Delivery of the the part of the railway ha ratde