Iow Opsalrng Gtt, Rfuuvsiourlnsura,nnC*tl

From the beginning, the Asrociated Lumber Mutualr have been inrpired by two fundamental derires, to provide better insurance protection for the lumbcr industry and to reduce insurance cort. After lorser and operating expenscr have bccn paid, whatever remains from premium income belongs to policy-holders as saving, the most of it coming back in dividendc and a small part held in surplur as a nfeguard against unl,nown future emergencies.

With a mutual intereat, therefore, we give earnest attention to frre prevention (for reduction of f,rc losse) and to low operating cort. The operating cost of our Companies averager only 221/o, whereal with some of the brggert and rtrongert atock companies the operating cost run! as hish ac 45%. That dilference is a big factor in our dividends which so materially reduce insurance costs for our policy-holderr.