Document 7r8NmJgZ6p2K0aB4pxZ188Ro

he result was a non-recurring double 54. This reduced stated earnings by ie new tax law it will save a con- /idends lividends paid on the common stock "unf per Share #0.75 0.75 0.75 *2.00 .......... -. ........ .......... .......... Total Amount 8 2,379,195 2,380,937 2,384,185 6,362,246 #4.25 ........... .. #13,506,563 . 30.75; year-end, $1.25 >n of earnings was paid in dividends, istified because of high depreciation tion pay, which, though they reduced h income to the extent of the taxes was almost #10.00 per share, which of covering the dividend and capital Taxes .741, of which #11,920,000 were levied an income. In 1953 taxes were 820,levied on income. elusive of certain sales or excise taxes and services instead of directly to ian Business fanville Company, Ltd., amounted to 6,000 were sales of asbestos fibre to es. Total Canadian sales in 1953 were i - N 1 \,r i Q, Expansion and Replacement Additions to and replacements of properties and investments amounted to 820,207,890, compared with 821,525,831 in 1953. The first section of a new mill at our Jeffrey asbestos mine at Asbestos, Quebec, was completed and put into operation. The mill is expected to be completed in 1956. Expansion of underground mining at this mine was continued. Development of underground mining was started at our Munro asbestos mine in Northern Ontario. Eventually this will replace open-pit mining. Total production of asbestos fibre from the Canadian mines in 1954 was 500,249 tons. The asbestos mines of Rhodesian Asbestos Limited in Southern Rhodesia went into production in November with completion of a mill. Johns-Manville has a 51 percent interest in this company, which operates under the direction of Canadian Johns-Manville Company, Ltd. After six years of joint work with Westinghouse Air Brake Com pany a patented new composition brake shoe was announced for railroad cars and locomotives and subway equipment. A new com pany, Railroad Friction Products Corporation, owned in equal shares bv Johns-Manville and Westinghouse Air Brake, was formed to further develop and test markets for the new product and to provide for eventual full-scale manufacture and 6ales. Initially J-M's new Silicone Sealed asbestos siding shingles repel water. In this demonstration, wa ter rolls off Silicone Sealed half of shingjtes (left). The new style, extra large shingles shown are Colorbestos. MTC 001584