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be introduged for some Kitch enerâ€"Waterloo telephone users coincident with the distribuâ€" tion of the 1961 directory in October, C. F. Holland, Bell rAce stt this week. At that time, the letters S and H in the exchange name for those customers who now Phone Co. Introduces ANC Plan North Waterloo Farmers Mutual Insurance Reports Increase in All Phases of Business Direct Policies in Force Up By 1,600 Record Claims Keep Net Profit Low _ Expanding Business Necessitates New Building For Adequate Service Mutual policyholders, it is a pleasure to preside over your annual meeting this afterâ€" noon. This is your meeting to discuss problems relevant to the success and progress of your company. The past year of 1960 has been one of progress with all phases of the business inâ€" creasing. The assets now stand at just over one million with the surplus of the company at threeâ€"quarters of a million. The actual busiâ€" ness written in 1960 was eightyâ€"nine million, an increase over 1959 of twentyâ€"two million. However, net claims incurred in 1960 were thirty thousand more than 1959. These figures point to the ever increasing service rendered by your company to the many policyholders in the immediate community and the ever inâ€" creasing demand for our coverage further afield in the Province of Ontario. During the past year a number of new agencies were acquired, which are greatly reâ€" sponsible for the increase in business. The farm business written is still foremost in preâ€" miums received, however urban dwelling and mercantile premiums are increasing. With increases recorded every year, the space available at our present location is no longer adequate. During the past year your Directors acquired an acre of property in Watâ€" erloo with the intention of erecting a new ofâ€" fice building. This building is now in the planâ€" ning stage with ample provision for expanâ€" sion. It will be an asset not only to the comâ€" pany but to the community at large. | I would again, as many Presidents in the past have done, ask all policyholders to use every precaution in the handling of petroleum products around their premises, have all heatâ€" ing equipment checked regularly for defects, have electric installations checked every two or three years because I believe defecfive hyâ€" dro equipment is causing a great number of our unknown fires. Secure from our company efficient fire extinguishers for your tractor or home. Fires, as you know, generally can be controlled when they start and a efficient fire extinguisher can be of untold va.lue at that time. ‘ May I in conclusion draw your attention to the main objectives of this meeting, namely the disposal of the annual statement to be preâ€" sented by the Manager together with the audiâ€" tors‘ statement. It will also be necessary to elect four Directors to take the place of those rétiring. The retiring Directors are J. K. Harper, J. D. Wilson, Morris Hallman and Campbell Shantz, all of whom are eligible for reâ€"election. Respectfully submitted. _ manager <here, said PRESIDENT‘S REPORT have SHerwood 2 numbers, N“,Mb"-‘!‘“_f";"flg sent number SHerwood 21234 would become 742â€"1234. numbers, the change will be in the manner in which the MORRIS HALLMAN, President. + ~PHB WATERLOO (Ontario) CHRONICLL Thursday, Marck 3, than in the digits invelved. As a result, calls placed to SHerâ€" The switch to allâ€"figure numâ€" bers will be made under the gradually replacing the twoâ€" letter, five figure numbering system which has been in use EDWIN HACKBART Elected President North Waterloo Farmers Mutual Insurance Co. Book value of real estate .......................2.... Bonds and Debentures â€" at admitted value (par value $742,900.00) .................00.0...llnlklll}.. Mortgage loans on real @estate ..............................222l0kll.}}s Cash on hand and in banks ............................2.222222222222l, Intérest on investments due and accrued ....,.................... Agents‘ balances and premiums uncollected $59,637.21 Less: Business written prior to Oct. 1, 1960 5,445.56 Reinsurance ysebates receivable . Due from reinsurance on losses . Provision for unpaid claims ............................ Unearhed PrEMINUMS® ............:ss.sssssssssraeslzrereress Agency and other expenses due and accrued Taxes due and accrued ...............0.0.020.0.!. Premiums received in advance ........................ Balance at credit â€" January 1st, 1960 .... $695,367.35 Add: Net profit for the year ended â€" 60 00 O . _ December 31st, 1960 ....................... _ 18,487.85 Net increase in market value of investments â€" 41,118.75 In our opinion, the accompanying balance sheet and statement of profit and loss are properly drawn up so as to exhibit a true and correct;view of the ttate of affairs of the Company as at December 31, 1960, and th@results of its operations for the year ended on that date, according to the best of our inâ€" formation and the explanations given to us and as shown by the books of the Company. \ We have examined the balance sheet of the North Waterloo Farmers Mutual Insurance Company as at December 31, 1960, and the statement of proâ€" fit and loss for the year ended on that date. Our examination included a general review of the accounting procedures and such tests of accounting records and other supporting evidence as we consideréd necessary in the circumstances. January 24, 1961. TOTAL ASSETS ........... * Waterloo â€" Ontario BALANCE SHEET AS AT DECEMBER 31st, 1960 numbers is AUDITORS‘ CERTIFICATE for some years in many com munities where dial telephonâ€" Mr. Holland said that start ing this fall, all new main teleâ€" phones installed will be given less of whether or not they are bers in the SHerwood 3, SHerâ€" wood 4 and SHerwood 5 exâ€" changes will be switched to the QUENTIN B. HALLMAN Elected Viceâ€"President SURPLUS ASSETS LIABILITIES DAVIS, DUNN AND BROUGIHTON, Chartered Accountants telephone bills for Kitchener the twoletter, fivefigure and allfigure forms. This will ap flyhallwhauhv:: SHerwood 3, SHerwood 4 SHerwood 5 numbers as well The Directors elected 7 at the annual meetâ€" . ing are Morris Hallâ€" man, J. K. Harper, J. D. Wilson and Campâ€" bell Shantz. Officers are Edwin Hackbart, Executive President, Q uen tin Hallman, _ Vice â€" President, and Campbell Shantz who was reappointed Manager. (Continugd. on Page 9) $ â€" 54,796.22 $1,005,525.13 $ â€"40,000.00 205,307.29 2,610.40 2,291.59 $1,005,525.13 $.250,551.18 673,980.00 175,450.00 16,216.17 14,381.65 754,973.95 54,191.65 61.10 16,448.34 341.90