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i" 1| /‘ _MUTUAL LIFE ASSURANCE COMPANY Celebrates Jubilee Year by Establishing New Hi ¢ Record of Business Expansion. Substantial Surplus Earnings Enables Big Increase in Dividen \to Policy Holders. Reports Presented at 51st Annual Meeting on Thursday. h4 f The fiftyâ€"first annual meeting of the company was held at the Head Office Building, Waterloo, Ontario, on Thursâ€" day, February 3rd, 1921, at 1 p.m. assistant general manager, acted as secretary of the mecting and at the request of the chairman, read the folâ€" towing Directors‘ Report, and the reâ€" ports of the Executive | Committec, Auditor and Actuary. 5 Directors‘ Report To the Policyholders of The Munal Life Assurance Company of Canada Your directors have pleasure in sule mitting the 51st annual cash stateâ€" ment and balance sheet of the comâ€" pany as at December 31st, 1920, and beg to report as follows: Assurancesâ€"During the year 1920, 19,375 new policies were issued for assurances amounling to $47,008.024, being $6,382.368 in excess of the new business for the preceding year. Polâ€" jcies amounting to $493,037 were reinâ€" stated and bonus additions were isâ€" sued to the amount of $65,403, making the total gross additions to the husiâ€" mess in | foree $47,569,470. _ Policies terminated by death, maturity, lap sation and all other causes amounted to $11,648,047, thus making the net additions for the year to the amount of assurance | in force | $35,921,42%. The year closed with 102,277 policies for assurances amounting io $206.627,â€" 728 in force on the Company‘s books. Incomeâ€"The net premiam receipts ameunted to $7.605,792.13; the income from interest anud rents amounted to The chair was occupied by the Pres indent, Mr. Hume Cronyn. ameunted to $7,605,292.13; the income | from interest aud rents amounted to | $2.242.186.64; 0 dividends â€" deposited | with the company were $133.214.58} and a profit was made on the sale of j securities of $§1.081.20. . The above mentioned items, fogether with adâ€" vances to agents repaid, $853.90, make up a total net income for the y»::n‘l of $10.1294.171.45, being an increase of j $1,540,767.19 over the preceding yeur.,‘ Expendituresâ€"There was paid to policyholders during the year sum of $2,6§7,521.84, made up as lows: Death and ( Disability Claims .... Matured Endowments .. ABRMHMNES co..0scae2c0l+. Purchased Policies ... Surpi® .:2nusarsu s eces Supplementary Contracts Dividend Deposits ...... Withdrawn ......â€"â€". Quin quennial Prenmtium â€" Reductions Tolal |\..czssucusngkcs $2007,001.95 The general cxpenses of the Comâ€" pany covering such items as commisâ€" sions, â€" salaries, â€" taxes, â€" advortising, printing, etc., amountedl to $2,070,738.â€" 43, making a total outgo during the year of $5,1738,260.37, Death Loases < The tolal death lossâ€" es for the year were $1,230.915.22, as against $1,1145,060.89 for the previons year. The Company‘s experience in this respect was very favorable, the amountâ€"beingâ€"only 527. of the claims provided for in the premiums. Assetsâ€"The total assets amount tc $42,847.277.25, showing | an | increase during the year of $1.826,327.59.. The invested assets consisl largely of first mortgages, bonds and debentures. The favorable inves{ment opportunâ€" ities prevailing made it possible to somewhat improve the average rate of in{erest earned on the mean ledâ€" ger assets, the percentage rising from 6.399, to 6.41%. Liabilitiesâ€"The reservo liability on assurances â€" and annuities in . force were again computed on the conservaâ€" tive basis of British OMees Life Taâ€" btes, Om. (5) with 3%"% and 2% inâ€" torest, the former rate applying to all policies of assurance issued prior to January 1st, 1903. and the latter rate to all policies issued on and after that date. For Annuity contracts, the British Offices Select Life Annuity ‘Tables were used with interest at the same rates. On motien, Mr. W. H. Somerville Death Losases < The tolal death lossâ€" l During the past year new assuranâ€" | s for the year were $1,230.915.72, as (ces were written for over Forty Seven igainst $1,1145,0060.89 for the previons Million Dollars an increase of more rear. The Company‘s experience in than Six Millions beyond the "annus his respect was very favorable, the mirabilis" of 1919. The ravages of rmountâ€"being only 527 of the claims|war and influenza having ceased, our [ rovided for in the premiums. death losses returned to normality, Assetsâ€"The total assets amount to jand as the ratic of lapsed policies $42,847.277.25, showing | an increase remains at the low point which preâ€" luring the year of $4.826,327.59.. The vailed last year, the net addition to invested assets consist largely of first | the amount of assurance in force w.\sl mortgages, bonds and debentures. the greatest in the Company‘s bistory. The favorable inves{ment opportunâ€" i()n this very day, five years ago, Mr,l ties prevailing made it possible / to |Clement took occasion to congratulate somewhat improve the average rate the policyholders because our businr‘ss‘ f interest earned on the mean ledâ€" |in force had reached the One Hundred | ger assets, the percentage rising from | Millions. It took 45 years of effort 6.399, to 6.417%. to attain such a figure: toâ€"day we find . Liabilitiesâ€"The reservo liability on it has no less than doubled, as w.w? assurances â€" and annuities in . foree lh:nvo easily passed the Two Hundred | were again computed on the conservaâ€" | Million mark. Could there be ;my1 tive basis of British OMeces Life Taâ€"| more striking tribute to the work atj bles, Om. (5) with Â¥4°% and 2% inâ€" |our predecessors, the reputation of torest, the former rate applying to ‘tlm Company, and the energy of 1L’!? all policies of assurance isaued prior izgency staff? ‘ to January Ist, 1903. and the I:lllnrl But, more size, Gentlemen, is not rate to all policies issued on and after |ur itself the best eriterion of an instiâ€" that dato. For Annuity contracts, the |tution «uch as this; there are other British Offices Select Life Annuity |tests which should be applied if we Tables were uscd with interest at the |are to pronounce upon its soundness same rates. and permanency. Two of these have The total net reserve liahility thus ‘already been mentionedâ€"first, â€" the ascertained _ is â€" $35,160,546. Other 'favurahlo rate of mortality, for which items of liabili(y, including accumulaâ€" 'wo owe much to our late medical dir ted surplus funds . of $1,457,865 Oo.loctor; and the nextâ€"the dow laps» amounted to $2,668,050.75, making the {ratio, which reflects credit on the levâ€" total Habilities at the close of the tolhvanlt\d prudence both of the field year $37,828,596.75. force and those who have joined our Surplusâ€"The total surplus of asâ€" ranks. Let us glance at one or two sets over all liabilities on the Comâ€" other factors:â€"Take, for instance, the #ly’n conservative ‘basis of reserve|steady rise in the rate of interest Â¥aluation is $5,018,680.50, being an inâ€" earned, the marked increase in the erérse over the previbus year of $478,â€" total net income for the year, and, deâ€" A44.11. The amount of surplus earne {«vfle so vast an amount of new busâ€" ‘od during the year 1920 was $1, 657,â€" iness, the Jow ratio of expense, Those Year‘s Income $10,124,171. Business in Force $206,627,7 $1 £2,607.521 215,136.89 748.844.17 t.5IT 4 456,744.12 0R2.558.00 93 §59 folâ€" oitt 48 94 j '104‘46, an amount in excess of the ‘surplus earned in 1919 of $354,303.66. Expressed in other terms, the surâ€" :plus earnings during the year were $38.67 for every $1000.00 of the Comâ€" ‘pany‘s total assets. General Remarksâ€"The agency orâ€" ganization of the Company again gave a good account of itself by securing the largest amount of new assuranâ€" ces in any one year in the history of the Company, while the Executive Officers and Head Office staff showed continued efficiency and devotion to duty in the transaction of the Comâ€" pany‘s business. The Auditor and his staff of assisâ€" tants made a continuous audit of the Company‘s books of account and at the elose of the year the Executive Committee of the Board examined in detail the Company‘s bond and mortâ€" gage securities. Their report, togethâ€" er wilth the Auditor‘s certificate and report of the Actuary on the valuaâ€" tion of the outstanding assurances and anpuity contracts, is submitted herewith. It is with feelings of gennuine sorâ€" row we report the death on June 12th, 1920, of our,colleague George B. Ryâ€" an. The vacancy thus created was filled by the appointment to the Board of Major General S. C. Mewburn. We record with deep regret the death on January 26th, 1921, of our veteran Medical Director, Dr. J. 1. Webb, after nearly forty years of faithful, honorable service. The Directors who retire by rota tion are Messrs. C. M. Bowman, R. O MeCuiloch, Geo. Pattinson and W. J. Kidd, all of whom are eligible for re election. Respectfully submitted on behalf of the Board. The reports of the Executive Comâ€" mittee, Auditor and Actuary were then read and adopted after: which the President made the following reâ€" marks : The year 1921 marks the "coming of age" of Canada‘s Century; it is a happy augury that "Canada‘s Only Mutual" is enabled to celebrate that event by presenting to its polnhfllll- ers the magnificent statement just read to you. The figures there quoted, and fur ther amplified in the Directors‘ Reâ€" port, and in the concise remarks of the General Manager, are so striking little is left for me to say. The old mamimanachrenous of this continent â€"proclaims that "Good wine needs no bush." I am satisfied no words of mine, however flowery, can enkance the prestige of our Company or ren der more attractive its proud record: nevertheless, I ask you to bear with me for a bricf moment while 1 em:â€" phasize a few outstanding features. The President‘s Remarks. HUME CRONYN, President factors combined go to produce what may fairly be called the touchstone of the year‘s operations, viz: the surâ€" plus earnings. When we find that these exceed the figures of the prev ious year by more than $350,000. and amount to $38.67 for every $1,000 of the Company‘s assets, we can rest satisfied the Mutual Life will not suf fer by comparison with any other like institution. ‘There is still another testâ€"ona touching the foundation of our busiâ€" nessâ€"and that is the condition of the Company‘s investments. As we are to hear from Mr. Bowman (the chairâ€" man of the Investment Committee) on this subject, I need not dwell on it longer than to assure you that the same sound principles and cautious practice govern us toâ€"day as in the past. The Company‘s securities are those underlying the prosperityâ€"nay, the very existenceâ€"of Canada: we know of nothing better in the whole world; no taint of speculation affects a single one, and naught but a cata clysm, physical or spiritual, can shake their value. Since we last met the financial, in dustrial and commercial wonld has entered upon an error of deflation; many and various are the difficulties which face the business man. The Economic Conference held in Brusâ€" sels a few months since, attended as it was by the financial representatives of some 40 nations, reached the unaniâ€" mous conclusion there is no new or easy panacea for high prices or adâ€" verse exchange. The old, old gospelâ€" more often preached than practisedâ€" of work and thrift, of more rigid econ: qmy and increased production~~aloni-! can lead to financial salvation ana. contentment. You may retort I am telling you nothing new, and that you weary of the iteration of such self, evident truths. Permit me to suggest it is perhaps wise to insist upon the‘ obvious in a day when the devious: appears to possess so great an at1 traction. Let me also remind you; that, although the devious has the charm of a sporting chance, yet everyi step towards a return to stable conâ€" ditions, to a sound basis of credit and currency, will at the same time enâ€" hance the valueâ€"not merely of the general securities of the (‘nmpany--‘ but as well of every policy which we tbave underâ€"written. With so much of uncertainty prevailing throughout the world, the prudent man will deâ€" sire to make one thing certain. He knows that in the Mutual Life the principle of coâ€"operation finds its most brilliant and successful example. The commodity in which we deal is proâ€" vided at absolute cost, at a cost, in deed, which compares more than fayâ€" wrably with any other of like quality. "l‘he depressing factors of war anl }pestilonce have disappeared; we are fast returning to our former generous }plan of refunds or, as we misâ€"call them, dividends. Should not the pruâ€" dent man, then as stubbornly refuse to abandon the protection which his policy assuredly affords, as he would decline to deprive his family of a roof May I add a word to our agency. staff? It was a great privilege, last August, to meet those members carryâ€" ing on our business in the Prairie Proâ€" vinces, to come into close contact with these men gives one the key to much of the success which has atâ€" tended the Mutual Life of Canada. Unâ€" fortunately, it was impossible for â€"me to greet the force at work in other fields. As, month by month, the reâ€" turns come in of the wonderful work accomplished, I have earnestly desivred to send out a personal word of apâ€" preciation; will they forgive the weak 'noas which has rendered abortive this and many other good intentions, and accept this message as an acknowâ€" ledgment of work well done, and of greetings for the years to come. The future may call for more determined effort, but under their new superinâ€" tendent, and with the hearty support of the directorate, executive and gen: eral staff. I am confident of continuâ€" ed and abundant success. It gives me pleasure to move the adoption of the Report:â€" The President then called upon the General Manager, Mr. Charles Ruby, to review the results of the year‘s opâ€" erations as shown in the statements The virtues of EMciency, Economy, Progrossiveness a n d Financial Strength, which bhave long since be General Manager‘s Comments which theyâ€"may shelter! I After the heavy death losses of the | war and epidemic years it was parâ€" lt.h:'ular]y grateful to experience a perâ€" iod of light mortality. The losses in ; 1920 were the lightest in recent years being only 52% of the amount providâ€" ed for in the premium rates, thus {leaving a handsome margin to enâ€" hance the surplus fund. | In no department has the year‘s opâ€" erations resulted in greater benelit to the policyholders than in the Comâ€" pany‘s investments. World wide conâ€" ditions of finance offered remarkable opportunity for placing funds in highâ€" grade securities at very attractive Irates of interest. Taking full advantâ€" age of this situation investments were Imade which will have a favorable effect on the profit earning power of, the Company over a long period of years. Thus will the law of compenâ€" sation operate, by enhanced dividends |iu the coming years, to recoup policyâ€" holders for some of the hardships of llhe recent â€" highâ€"costâ€"ofâ€"living condiâ€" tions which it is hoped are now rapidâ€" ‘ly nearing an end. The effect of the |favorable investments negotiated durâ€" ilng the year has already shown itself in the increase of the average rate of iinterest earned on our mean investâ€" ‘ed funds from 6.399, in 1919 to 6.41¢), lln 1920. } The record of new assurance acâ€" quisition, which made such a marked forward stride in 1919, was eclipsed by our loyal agency organization in 1920 by the production of $47,008,024 of new business. Terminations matAâ€" tained their good record of previous years with the result that there was ‘a large increment in the total assurâ€" auces in force which now afford proâ€" tection to the members of the Com:â€" pany to the extent of $206,627,728. Owing to the popularity enjoyed by the life insurance business during reâ€" cent years, when money was comparâ€" atively easy, the public followed the wise and thrifty impulse of purchasâ€" ing an unusual amount of life insurâ€" ance protection. That this intelligent foresight may not fail of its full purâ€" ‘pose policyholders will need to steel Lthemselvvs against the temptation !o allow some of this protection to go by ‘|the board during the less prosperous days â€" of the readjustment | period !Lhrough which we are now passing. come recognized as characteristic of our Company, again find demonstraâ€" tion in the fiftyâ€"first annual statement. ‘The figures before you disclose a year of unexampled prosperity in every deâ€" partment of the Company‘s business. The new business received outstrip ped anything heretofore accomplishâ€" ed, the wastage caused by the lapsaâ€" tion was reduced to a minimum, the Expenses of administration were very moderate and the interest earnings of the invested funds were improved. As was to be expected this combinaâ€" tion of favorable features produced very gratifying results in the way of surplus earnings. The prosperous conditions just alâ€" luded to naturally conspired to pn»‘ duce a very gratifying increase in the general surplus fund of the Comâ€" pany and in the surplus earned durâ€" Ing The past year. The genorat warâ€" plus was enhanced by $478.144.11 and . on the Company‘s stringent basis of reservo valuation now stands â€" at siightly over $5,000,000. But the item which reflects the final summing up ‘ot the result of the year‘s activities and which affords a reliable prognosâ€" ‘is is the Surplus Earnings. The bar ometric nature of this item is shown Lin the rapid increase in the yearly earnings of the Company as soon as our funds were relieved of the strain of the extra losses arising from war and epidemic. In the annual Stateâ€" ment of any financial or industrial «orporation it is always interesting to note the volume of business transâ€" acted, the various items of assets, labilities, etc., but it is the stateâ€" ment of profit and loss upon which attention is focused to get the slant on the real result of the year‘s operâ€" ations. Similarly in the Life Insurâ€" ance business we look to the surplus earnings of the year to discover the profitableness of the year‘s activitfes. This item is so vitally significant and dnforming that it seems worth while to trace it through the past four years of our experience. In 1917 the year‘s surplus earnings were $31.72 for each $1,000 of total assets, in 1918 they dnforming that it seems worth while F"n" INLCTCRE CAMMIME MEDD OBE In view of the magnificent result« to trace it through the past four years |than that earned during the year on I * of our experience. In 1917 the year‘s lnll of the Company‘s invested funds achieved in 1920, it affords me very surplus earnings were $31.72 for each ‘By way of compartson the average inâ€" great pleasure to have the privilege of $1,000 of total assets, in 1918 they [terest yiekd rate during 1920 on Bonds| 8°CONUME the motion for the adoption Wrere HAA1, in 191) 11627 ana in [purchased as above staied, was ipigc {of the Direciors Keport 1920 $38.67. A glance at these figurâ€"|greater . than the average interest MajorGen. Hon. 8. C. Mewburn, K.C. lea shows how promptly the surplus | yield rate on the total Bond hoidin(ll ‘The Director recently appointed earnings rose when the inroads made|as at December 3ist, 1920, and 31%mhde an interesgting satutatory adâ€" on our funds by the extra death loss higher than the avorage yield rate on ! dress to the Directors, Officers and [M»mmmm.m total Bond holdings in 1914. h"mmm dasembled. He stated The happy condition of things just remarked tfpon made it possible for the distribution of dividends to polâ€" icyholders to be increased for the current year approximately 50%, over the distribution for 1920. It also au gurs well for still greater things in this respect for the future. Such a splendid state of affairs as the Anâ€" Inuu.l Statement lays bare could only be possible where there is the most |m)mpleha eoâ€"operation among all those Ilmm('erm-d in securing such results |amd it gives me particular pleasure to inform the Directors and Policyholdâ€" ’ers of the Company that they are ‘served in all departments of the Comâ€" pany‘s businessâ€"The Headl Office ofâ€" ficials and staff, the Agency Organizaâ€" tion the oan â€" Managers and | staff, and the Medical Dircctors and Mediâ€" Ical Examinerâ€"by a most efficient, enthusiastic and loyal corps of emâ€" ’plnyes whose admiration for the ideal principles upon which the Company ’operates always inspires their ‘best |service. Since we last assembled in Annual Meeting two changes have occurred in the official family of the Head Ofâ€" fice. Toward the close| of the past year our Superintendent of Agencies, Mr. S. C. Tweed, severed his connecâ€" tion with the Company and is launchâ€" €d upon a new enterprise in the Life jlnsur:m(-f' field. His suceessor is Mr. G. J. A. Reany, formerly District Agâ€" ency Manager at Edmonton. The latâ€" ter has been in our service a number of years during which he fully provâ€" }ed his. capacity as an Agency Organâ€" izer. He assumed the duties of his \npw position at the beginning of the year and we have every reason to Ihnpe that the wisdom of our choice iwill be fully justified and that under his regime the Agency Organization will continue to develop in that efâ€" Eficiency of which they have given us ;so maked a demonstration during the past few years. The other change in iour official staff arose through the Ifleeply deplored death of our veterar ‘Medical Director, Doctor J. H. Webb, Iwhoso high character and lovable disâ€" ‘position makes the severance of ties ‘ot association covering a service of forty years a blow which is keenly felt by all of his associates in the field force as well as at the Head O{â€" fice. to an end. ‘This immediate rebound jaddition to investing $2,968,796.15 in ‘Wiyes unmistakeable evidence of the | Bond purchases, Bonds (many of them intrinsic vitality of the Company and | short date) amounting to $3,401,596.69 the large earnings of the past year, | were disposed of during 1920, and reâ€" now that we are returning to normal|placed ‘by other Bonds amounting to comditions, give abundant ground for |$3,366,716.01, many of them being very optimism in regard to the future. Jong Terimn Bonds, and having an ay The happy condition of things just!erage annual interest yield rate of remarked tfpon made it possible l'ur‘2,5 of 1%, greater than that of the the distribution of dividends to polâ€"| Bonds disposed of. In addition a icyholders to be increased for the |profit of $61,048.20 was made en the current year approximately 50¢%, over|Bonds disposed of and referred to the distribution for 1920. It also au |as above, and if this amount had been gurs well for still greater things in fincluded with the interest earnings for this respect for the future. Such a |1920, the average interest yield on the splendid state of affairs as the Anâ€"{Company‘s funds for the year would nual Statement lays bare could only |have been raised from 6.41% to 6.58%,. i A year ago we closed the first fifty years of our history with an enviable |record. We hbave begun the first weach of our second fifty year course with a very auspicious start and I am sure it will be the endeavor of every one connected with the instituâ€" tion to carry it to still higher achieveâ€" ments. Mr. C. M. Bowman, Chairman of the Executive, having been called upon, said:â€"â€" ‘ Mr:â€"President, Ladies .and Gentlemen,. The Report presented today by the Directors of the Mutual Life Assurâ€" ance Company of Canada, dealing with the results achieved for the year 1920, is one that must be eminently satisâ€" factory to every policyholder, showing as it does a substantial increase in new business and in surplus earnings, as well as an incréase as compared with 1919 in the average interest rate earned during 1920 on the Company‘s invested funds. These facts coupled with a favorâ€" able mortality, low lapse and expense ratio must prove of especial interest to the policyholders of The Mutual Life. At the Annual Mecting a year ago, the statement was made that "tha foundation has already been laid for the investment _ of funds available during 1920 on a very satisfactory basic." This statement | has been amply verified, as indicated by the following figures. During 1920 the «um of $2,968,796.15 of the income reâ€" celved ‘by the Company for the year was invested in Bonds, showing an Lavenx» interest earning rate higher than that earned during the year on ltll of the Company‘s invested funds By way of compartson the average inâ€" terest yield rate during 1920 on Bon‘s purchased as above stated, was 15%% greater . than the avorage interest Chairman of Executive. 4 % T ~ HSL 8 a $ \ P44 . $ For a long term of years the Bonds acquired in 1920 will have a very fayâ€" orable bearing upon surplus earnings, 'uwing to the very ‘substantial imâ€" i]nmvomunt in the interest yield of the :©$6,335,512.00 of Bonds acquired durâ€" [ing the year, representing as they do yover 32¢, of the total Bond hoklings amounting to $19,394,571.03 as at Deâ€" |cember 3ist, 1920, and judging from : present indications, all funds avaiâ€" wble for the purchase of Bonds during }1921 will find investment on a very satisfactory interest yield basis. During 1920 there was also a very strong demand for mortgage funds at remunerative rates, with the resuit that during the year the Company‘s Mortgage Investments were increased $1,103,146.19, and in addition accepted applications â€" for very _ substantial amounts were carried into ‘1921. So that for the current year, judging from present indications. there will also be an outlet for all available Mortgage funds on a very satisfactory basis, both as to security and interest yield Owing to disappointing grain crops in the Western Provinces, coupled with a severe drop in the price of all grains immediately after the harvest of last fall, many of the Western farâ€" mers are faced with serious problems but with their well known determinaâ€" tion and stickâ€"toâ€"ativeness these diffi culties in the main will soon be overâ€" come. Owing to the lateness of the Fall, the Western farmers were able to do an unusually large amount of ploughing after the harvest last yeas ‘This coupled with the moisture condtâ€" tions prp\'ailing in a general way over the Western provinces, has already had a very beneficial effect in develop ing a spirit of hope and renewed courâ€" age for 1921. Owing to the disapâ€" pointing crop results in 1920, interest payments were not as satisfactory as was anticipated, but the fact that as at December 31st, 1920, arrears of inâ€" terest had only increased $33.427.81 as ‘compared with December 30th, 1919. 'on Mortgage Investments amounting .to $14,938,368.52 speaks volumes for ‘the sotisfactory character of theso investments. As in former years, the tour through the Western Provinces, made last fall by the President, General Manager and Chairman of the Executive, provâ€" ed to be of great value to the Comâ€" pany, both from an Investment and Insurance standpoint. _ As the result of their investigations a new Loaning Agency for Northern Alberta was opâ€" enedâ€"upâ€"atâ€"EAimenton.â€"â€"Subsequent.Lo returning from the West, the General Manager and Chairman of the Exe: cutive made an Eastern trip coverinz all the Maritime Provinces as well as the Province of Quebec, which also proved of considerable interest and benefit to the Company. â€" The results achieved in the invest ment of funds during 1920, coupled with the sattsfactory results in every other department, must be a source 0° satisfaction to every policyholder, as well as to our energetic and capable Field Force, and fill them with still greater confidence and enthusiasm as they proceed with their campaign durâ€" ing 1921, in placing the benefits to be ’dorived from becoming policyholders ||n The Mutual Life Assurance Comâ€" pany before the people of Canada and l Newfoundland. As the result of the Western and Eastern tours, referred to as above, the Mortgage Investments, of Th3 Mutual Life from the Atlantic to the Pacific have during 1920 received very special care and consideration. * Messrs. Jaffray, of ( of Toronto, and others Viatively on the success ) pany after which the rej » ted. Who has recently been appointed to the Board of Directors of the Muâ€" tual Life. » that Ie had recentily beon examined for insurance by tne medical authorâ€" ities of the Mutual and although ha had had strenuous times during his army life, and also during his experâ€" ience as a member of the Dominion Cabinet, he was deligl:ted to be told that he was still in firstâ€"class health. The Bill of Health had rejuvenated him. General Mewbarn said that he greatly appreciated the hemer of hayâ€" ing been made a Director of the Mutâ€" ual Life, a company with fiity years of such splendid history ‘behind it, and he felt it was nol only an honor but a great responsibility to live up to the record of nis predecessors. He spoke at length of ihb importantâ€"peat that an instituiion !ike the Mutual plays in the developmont of out coun» try, and closed by expressing the conâ€" fidence that the progress of the comâ€" pany in the past wou‘ld be equallod and excelled in the futur o â€" B e . > :s > N BE 4; ho c t 0. hm * +. ooo s %} smy . 2. se % t ‘}n O==.=°l:=.@ MAJORâ€"GENERAL S. C. MEWBURN A motion thanking their work during 1924 to by Mr. G.â€"J.â€"A. â€"H recently been appoini« ent of Agents. The made â€" a _ spleiulid those present by | expressed confulon and admiration cof the company and t! recently been appoimico Supmcintend ent of Agents. The now appointee made | a â€" spleiulid iinpression upon those present by his remarks whicit expressed confulonce in the future and admiration «or the qualitigs of the company and the staff. The grant inwle by the Board of Directors to the iitchener and Watâ€" erloo Y. M. C. A. was unanimoisly approved | as was also motion by Messrs. Geo. Dichel and J. D. Jaf fray to grant the sum of »%@) annually towards the Freeport Saniiszium. BELPAST, Feb 4. A uts six years penal «o rvilinle ea imposed toâ€"day upon e ht im were arrested Octoher lost wh covered on the Kingston ina wearing Irish volwateer unifo their way to aitend the ina London of Lord Mayor MacSw Cork. Six Year Sentonces for Wearing Sinn Fein Uniforms The meeting closerd honored fashion of sin tional Anthem 1«i by M Belleville, who receniiy fortyâ€"five years of sc: Company. The sentences, however, were made three years actualiy in each case, three years being remitted. Kingston Whig:<If the younsg peo« ple take their home with the bride‘s father, charity hastens to explain that there is a house shortage, Hamilton Spectator: If, as stated, y by an official of the department otf M education, 5,500 schools "In â€" Ontari@‘ > !| have an avorage attendance ‘of than 20 puplils, the need for < i dated schools becotmes at oned apj Luke McLuke: The believe it, But a man hang whether the Inco Luke McLuke: The woman won‘t believe it, But a man doean‘t care a hang whether the lace she is wenring is real lace so long as the girl who is wearing it is a real girl. ~ (Canadian hener and Watâ€" as unanimoisly also motion by spoke aprprocâ€" s of the Comâ€" ‘poct was adopâ€" KB YAT imenâ€" who the h th timeâ€" boat di ont tho of of of