The net profit for the year was $159.74242, an improvement of 0 ber cent. on the previous year. This 4g stciont for, and your directors Would have liked to recommend, conservative dividend, because they fully appreciate the Joyal, patient support of the company's shareholders during the depression years. Their and your primary consideration, however, must always be the com any's policyholders, and the depreciation of listed securities during the year leaves no choles but to add the Droit to reserves.
The amount carried forward from last "year, $2079.90, added. to the net profits for the year. $150,742.42, gives a credit balance of $100,622. Your directors recommend that this be dealt with as follows: reserve $1,500,009 $100,00,00, 4.15.53, 30,406.83
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