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New â€" assurances ‘under 14.767 Policies C s amounting to $37,711â€" s ilJess by $9,206,044 than 3 F Pances written in the . preceding years. Neverâ€" 1 {comeidering the prevailâ€" ms, it must be con: 1 m satisfactory and. normal m Policies amounting . N "’fl" reinatated, and bonâ€" . [oms were Issued to the amâ€" ($77,456 making . the total tetions to the business ‘n i8,8605,469. | The agsurances ad ;fy, japsation, death, matâ€" (kmounted to $16,296,079, so ‘met Accretions to the total sof assurance . in force was 3' ‘There were in force on pany‘s books at the close of & 119,996 policles for aesurâ€" mbunting to $228.697.118. MEâ€"The total Income amâ€" ko $11,059,483.60, being an !va”lB,SiZJS over the preâ€" The Income comprisâ€" ‘ loss _ Reinsurances %; Interest and rents $2. ; amounts left on deposit ‘ Company $260,562.40 and ¢ income $9,077.24. 1Q§8®S â€" The . total is Gommpany arising from $1,109,602%, being loss #:of:the previous year by year shows the most t the Company us the past decade, the ith josses being only 41% m“sâ€"vrn increased 206,852.40 was paid to Poâ€" !qcomp‘md with the preâ€" . ‘ ‘The total amount pald §8.872874.34, made up as Endowments gm $2nd Annual Cash id Balance She:t of the E ‘Pirectors have the °s swÂ¥sfaction of anâ€" 6 of the most favorable * in the history of Â¥ ‘&s the following par ‘the company, It was j ’- usiasm, and well EWy was eviâ€" ‘lime of the . docuâ€" kx k....... 00 1,289,54437 ) There will be submitted i0. your jtary _ Conâ€" approval a Plan of Benefits for the §as i1 ++ > 40,023.10 ‘ salaried employees of the Company. on Deposit ‘The Directors who retire by rotaâ€" tk ... .â€" â€". 74.334â€"36 tion are Mossrs. J. Kerr Fisken, L. uctions, J. Breithaupt, 6. C. Mewburn and s#ars% 78,226.49 vincent Massey, all of whom _ are i â€"â€"â€"â€"â€"â€"â€" eligible for reelection prvee ce . .2 iB 3.81’.874.84‘ Respectfully submitted , f ich as Commieâ€" *" _ (Sgd.) H. CRONYN, iInfles, taxes, advertising, PRESIDENT. g.amounted to $2,057,384.â€" _ The general Manager then read in FP‘ 18.60% of the TOâ€" succession the reports of the Auditor eompared with 20.45% in the actuary and the Executive Comâ€" $sA ... mittee, all of whicn . proved most ‘W â€" The â€" total uulhct:ryg and lghowed theub:ul; W& y arising from 285 had been closely scrutinize po‘ $1,100,692, being less from _ day to day â€" throughout the â€"of:the previous year by year, while the Executive _Commltâ€" year shows the most tee certifidd that all #ecurities e CC3 000C 2000000 were in order. provided for Disability §â€"â€"The total assets were ‘Guring the year by $5,420,â€" ag follows: ons REPORT utes of the prevâ€" t been passed, the secretary of the fers of The Mutâ€" Compuny of Can-_ the finest in Hunie Cron $ 1,218,367.94 623,118.00 11,971.64 537,248.44 1,289,544.37 ie 4286.73, 98. ‘ent basis of British Offices Life Ta&bDâ€" les, Om (5) with 3%% and 3% interâ€" t est, 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 Annulity Contracts the British Offices Select Life Aunnâ€" uity Tables were used with interest ln the same rates. ment opportinities, h of interest earned 6h gor assets was 1 6:41%, the rate in 192 1921. LIABILITIESâ€"The reserve UAD: ility on assurances and anfluities was again computed on the string: ent basis of British Offices Life Tabâ€" les, Om (5) with 3%% and 3% interâ€" Cl ais iasmar rate abplying to all ‘The total net reserve liability thus esuamanene ascertained is $39,664,212.87. Othorl M F items of lability including accumuâ€" ; President |lated surplus funds of $1,896,963.13| |amounted to $2,_91‘.',970.ll, making | ____â€" |the total liabilities at the close 9! | chiefly fr the year $42,477,183.28. 11 terest ean | SURPLUSâ€"On _ the Company‘s orable m stringent basis of reserve valuation onomy of la totsl surplus of assests over all expenses, â€" liabilities is $5,790,520.70,° being an the year increase over the previoug year of | meet the . $791,846.20. Surplus earned â€" during istration the year amounted to the handsome vious yei Lan ataw & By taking full advantage of isvest: eum of $2,243,037.94, â€" an increase over the year _ 1920 of $585,933.48.| These earnings are $46.47 for every $1,000 of total assests at the close | of the year as compared with $38.67 for the previous year. ‘ GENERAL REMARKS â€" Durlas the year the splendid new addition to the Head Office _ Building was completed, and the Company now owns what we believe to be one Of the finest buildings of its kind. We desire to bear testimony to the efâ€" ficiency of the Head Office, Officlals and Staff, the energy displayed by the Agency Organization, the faithâ€" tuiness of our Medical Examiners, and the care exercised by our Loan Managers and Inspectors. The Auditor and his etaff of asâ€"| sistants made a continuous audit of ; the Company‘s books of account, and | at the close of the year the Execuâ€"| tive Committee of he Board examiu-j ed in detail the Company‘s Bonds and Debentures, and also checked in.. detail all new mortgage loans that were made during the year. Their report, together with the Auâ€" ditor‘s certificate and the report of the Company‘s Actuary on the valuâ€" ation of the outstanding aseurances and annuity contracts,. is submitted herewith. It is with great regret we report the retirement from the Board of Mr. F. C. Bruce, 1st Viceâ€"President, who on account of advancing yeats telt impelled to tender his resignaâ€" tion. _ His place was filled by the appointment of Mr. Vincent Massey of Toronto, as @ Director, while Mr. R. O. MeCulloch succeeded to the position of 1st Vice Preeiden: At â€" the Chairman‘s _ request the General Manager then gave a review of the year‘s operations, commenting as follows: ssels . Was increased from the raté in 1920, to 6.60% for GENERAL MANAGER‘8 COMâ€" * MENTS The Report of the Directors wh!ch I have just bad the pleasnre of readâ€" Ing to you, gives In tablofd form the salient features of the ‘past year‘m operations and for your information, I propose to eflarge upon some of those features. The three of first magnitude hmflhht:nuaun-tm interest, mortality And sxrpenses, and‘as you will have observed the aspect of this constellation. during the year has been singiilarly favor wbis "for the Company, The three factors referred to have in fact thronised in a way to mark 1921 1 a redâ€"etter year in its fipancial reâ€" sults to policyholders. q Ne3 â€"â€" The imost .significant Item in the Annual reports of ‘a Lifé stand at $48,261,103â€" The reserve liabâ€" es â€" and anfuities the average rate chiefly from satisfactory rate of inâ€"]} terest earned on investments, a fayâ€"|1 orable mortality experience and ecâ€" |] onomy of management. In regard to | expenses, a smaller (percentage of|| the year‘s income was required to | meet the general etpenses of adminâ€"| istration for 1921 than in the « preâ€"| vious year, the reduction being from | 20.45%, to 18.609%, the death claims ‘of the year were remarkably low, | being 207 less than those of the previous year, which itself was a favorable experience, while the rate of interest earned on the invested fupds increased from 6419 to 6.607%,. This happy combination of favorable circumstances could have ‘but one effect, namely, handsome ‘surplus earnings for the year. They ‘amounted to $2,243,037 as against $1.657,104 in 1920, belng an increase !or $585,933. Putting these figures inâ€" | to a form in which their significande ‘can perhaps be more readily graspâ€" l ed, the surplus earnings for the year , 1920 were $38.67 for every $1,000 of ; total assets held at the close of the | year, while for 1921 they were $46.â€" 2| 47. The splemdid surplus earnings just referred to are particularly gratifyâ€" jing at this time, coming as they do so soon after the inâ€"roads made on our surplus funds by the losses inâ€" curred lduring the War and eptâ€" demic. This prosperous condition has placed the Company in a posiâ€" tion where it can again distribute dividents to policyholders in the same generous proportions of formâ€" er years No finer demqpstration could be desired of the solid foundation upon which a well managed life insurance company rests than this quick reâ€" bound from the financial strain oc casioned by the late war and lnnu-] enza epidemic. Nor could there well be a better augury in regard to divtâ€" dends to policyâ€"holders in the comâ€" ing. years. While there will always be discussion on the general topic of the relative advantages of the parâ€" ticipating and the nonparticipatin® systems in life insurance, the exâ€" perienced holders of participating policies in The Mutual Life of Canâ€" ada, at any rate, will have no difiâ€" PAAA Celsst ada, at any rate, will have no difiâ€" culty in satisfactorily settling the question. ° 2 sn 10g0000 D RUounes ‘The acquisition of new business for 1921 was not up to the record obâ€" tained in 1920. This was but natâ€" ural owing to the general business depresson which prevailed throughâ€" out the country during the year. In the years 1918, 1919 and the early part of 1920 the business of life inâ€" surance had an abnormal growth due to the comparatively high wages and iincretufl incomes which were earnâ€" ed during that period It was not to be | expected, therefore, that for 1921 the i/ . HUME CRONYN of the Mutual Life Assur ance Company 000 with assets of $48.4 ht Eud uininditt riroge, 6 t O aag s o ienss se paip t o s e n enaiiiille _ .5 sA * furnished to the Dominion Governâ€" ment. Heretofore the balance shect has closed with the statement of the general surplus fund. The present year‘s statement includes the assignâ€" ment of this fund yho various purâ€" poses. for which it/is held. It has often been said that men‘s ) best efforts are seldom secured un-] less they have a monetary interest in the enterprise in which their serâ€"| vices are given but, to use the hAp-1 py phrase of another, "Homor and | loyalty are stronger links than Mamâ€" mon ever forged." This tholught hu] been prompted by the recent general | comment in our newspapers and nnl ancial journals on the subject of the responsibilities or Directors. â€" The Directors of this Company, who are simply policyhoiders, and whose modest financial compensation is not of sufficient consequyence to attract their services, have always taken the keenest interest in the direction of the affairs of the Company, and have kept in close touch with its exect tive administration. Situated, at the Head Office is, in one of the, smaller towns of the country, with limited transportation facilities, ample time is given for handling the business of Board Meetings, and the record of average attendance, 70q, shows how conscientiously they regard their responsibilities, {unnot. close these comments without paying tribute to the loyal and efficient corps of Officers and Staff, who serve the Company at the Head Office and branches, the enâ€" ergetic Agency force, the watchful Loan Managers and Inspectors, and the conscientious Medical Examinâ€" ers throughout the Country. ; Moves Adoption of Report. _ ‘The President in moving the adop tion of the report, pald a warm trib ute to the character, ability and serâ€" "The text of the PresiGents® a"* dress follows: ' y | PRESIDENT‘S ADDRESS ‘The Annual Reports of Life In: surance Companies, Banks and othâ€"| er monetary Institutions which are “lrom day to day appéaring in v.]:el public press reflect in a marked do~; | gree the general financial situation : ‘Lhroulhout Canada. As our Comâ€" | pany is the only strictly Canadian | Mutual, and as we restrict our busâ€" iness to Canada and Newfouhdland | the report just read may be regardâ€". led in the light of an accurate mirâ€" | ror of the conditions which prevailâ€" | ed during the past twelve months. | During the year 1919 and the carâ€" â€"| lier months of 1920 we were partic« | ipdénts in the high prices and foreâ€" | ed prosperity induced by war. As â€"| a result, our new business, in comâ€" +\ mon with that of other companies, vices of the 1st Viceâ€"President, lateâ€" ly retired, Mr. F. C. Bruce of Hamâ€" ilton and referred feelingly to his connection with the Board, a cODâ€" nection extending over more than forty years. showed _ & phenomenal growth. ‘ Throughout 1921 not only .have deâ€"| flation and depression prevailed, but | tha lesson inculcated by the startâ€" | the lesson inculcated that .our bew businés@ ‘bas fallen short of the two preceding years. Mankind 4s prone to be unduly impressed with more recent events mmotwhflwma,cw ""M"’ by a survey of the At the close of the year 1922 the“ Mutual Life bad nearly seventyâ€" eight millions of insurance on its books; ten years later that total has increased to over two hundred gnd twentyâ€"sight millions, an addiâ€" tion of more than one hundred and fifty millions, or an average growth of fifteen millions per annum When we recall that during 1921 we addâ€" ed twentyâ€"two millions to our inâ€" surance in force it becomes evidest ‘that our progress was not merely substantial but distinctly _ beyond the normal average. ‘The General Manager bas already emphasized our favorable mon.a.uy’ experience, our lowered expense rt-i m tio and increased rate of interest 4 earned. Aithough not a little might q be said about each of these features ; it is sufficient to repeat that comâ€" p bined they produced a magnificent , increase im our surplus earning. ;. When we note that the surplus ; earned amounts to over two ard a q quarter millions . that is to say ; $46.47 for each $1,000 of assets we shall agree with Mr. Ruby that 1921 in this respect has added anoâ€" ther record to the Company‘s his> , tory. .As policyholders, we have .. reason to further rejoice that this |, speedy rebuilding of the tissues wasâ€" . ted by. war and pestilence has so . restored the body corporate as to . justify the resumption of our forâ€" mer generous dividend distribution. After all, such a result was inevitâ€" able, because in our case wo, the policyholders, are the company, and â€" the profits derivable from its operâ€" | ations belong to us. Given, therefore, _ reasongble mortality, efficient. manâ€" â€". agement, and adequate interest rates, a return flow of these profâ€" its in the form of dividends or reâ€" â€" funds will automatically take ‘place. â€" To one outside of insurance circles â€" there can be nothing more astoundâ€" â€" ing than the resiliency inherent to â€" <a properly managed life company. s The ability of such a concern to iâ€" function succesfully during a worldâ€" n wide convulsion is doubtless a more striking tribute to its solidity, but â€" | the rapidity with which it returns to prosperity in normai times is an ’almost happier spectacle. We shall hear later from Mr. Bowâ€" | man a detailed report on the Com pany‘s investments; there is, then, no need for remarks on this head from me. May I just say that at no . time in our history has the Company | been better served then during the. past twelve months. During that pesâ€" jod opportunity was afforded to acâ€" quire the choicest of longâ€"daté seâ€" curities at rates vastly more atâ€" tractive than those prevailing today. By the exercise of courage and foreâ€" sight full advantage was taken of , lhlu‘opportunlty. with the result | that for years to come all of us who ware the coâ€"partners and owners of \ the assets of the Mutual Life . will ‘ reap substantial benefits. nCP en From time to time we have evidâ€" ence that the gospel of mutuality is leading the insurance world into the higher paths of an ideal system. Ths latest convert, the Provident Life Mr. Bow uht 0oX and Trust of Philadelphia, following | the notable examples of the Metroâ€" politan, Prudential, Equitable and Home, has announced its intention of redeeming its stock and turning ov@tr to its policyholders one hundred and twenty millions of assets and over half a billion of business. Thus does this firmly established and well man aged concern bear testimony to the strength of altruistic coâ€"operation. Two of the events of the year just closed were the completion of the addition to the Company‘s Head Ofâ€" fice and the convention of our lead; ing Agents, held in that office in September. We are justly proud of this beautiful and commodious buildâ€" ing, but we areâ€"and should beâ€" prouder fi.¢ of that tmmaterial, imâ€" ponderable, but infinitely more valâ€" uable spiritual edifice whose dimenr sions cover this land from sea to ations. It does not often fall to th«, jot of mortal man to act as a d w “ rector of one company for the wholc ‘ period of a long business career; | | ! nor are there many companies Su fortunate as to attract and hold the °/ life service of a man of Mr. Bruces || ‘‘character and ‘charm. In parting ‘ ; from him officially we do so with | f' ‘sincere regret and with the earnest f :} 1 wish that he may enjoy many years 3 \' | of health and happiness. Mr. Vincent ' ‘ Massey, whose name needs no introâ€" : ~ l duction to Canadigns, was elected to E' fill the vacancy on the Board thus ; ;‘1creuted. while R. O. McCulloch has |. _‘ proved himself a worthy successor to | . f j Mr. Bruce in the post of First Viceâ€" ‘ "'i President. f :;] Not long ago an eloquent speaker u1 ‘ defined "nationality‘ as "that prinâ€" | ciple compounded of past tmdmons,k d“ present interest and future asplr&; “itlons, which gives to a people a | e gense of organic duty." Do not wé, [3 of the Mutual Life possess all the’ fo attributes above set forth? The traâ€"} | dition of an honorable past, the pres | â€" | ent interest of bearing one another‘l! burdens, and the enthusiastic aspirâ€" ation that an enterprise based on} eoâ€"operation and conducted as is our | own, | will persist and â€" flourish j throughout the years to be! We may,! | as individuals, peering into the ru-E ture, think we discern many rough 'wotl in the roadway of life; ut as policyholders, with a sense of orâ€" .,m unity, we take Ccourage in reâ€" membering that insurance with the Mutual Life is a famous shock ab .\ sorber and that an adéquate equipâ€" â€" | ment of this description will bring : |the comtort of a contented mind here and & supplied family hereat» sions cover this land from sea to sea and whose deepâ€"aid foundation are the result of the honest worl manship of our field force and c fice staff. We have to note, since Jur lu meeting, one change in your Boa. of Directors; Mr. F. C. Bruce, w. served on that Board for 40 yea. and to our satisfaction and pleasu filled since 1907 the office of Fir Viceâ€"President, has, much against th will of his colleagues, decided th« his years demand a withdrawal froi active participation in our delibe. The President then moved the adoption mn report, and called upon the Viceâ€"President of the Comipany, R. 0. McCulloch of Galt, to second the motion. \ . _ Â¥Risute To PREDECESSOR In his opehing remarks, Mr. Mcâ€" General Manager MR. CHARLES RUBY of the Mutual Life Assurance ture of our Western Provinces. Mr. | McCulloch spoke as follows in sec | onding the adoption of the Directâ€" |. ors‘ Report. ‘ MR. McCULLOCH‘S8 ADDRESS "I would like to add a word of tribute to our much esteemed friend, Mr. F. C. Bruce, who was for 80 many years a valued member of the Board of Directors. Joining the Board in 1887 and becoming first! viceâ€"president in 1908 he capably and faithfully served the Compamy until his retirement in 1921. Much of the splendid position of the Company is due to his sound judgment and wise uldance. Beloved by everyone his ‘csignation owing to advancing years vas accepted with un{vErEat regret. fay he long enjoy the r@&@fâ€"he has o well earned. ber, {000,000 as compared as compared pared: w t Rat 1l} __ 5 md1 ‘The Moratorium should also be . insion | discontinued. I regret to note that . juired. | there is disposition to contunus and was | extend It. Such legislation is pot in / n gep.| the best interest of the provinces? ouBlea| and while it is continued the West. c the; can hardly expect to receive that office| full measure of sympathy from the of tpe| lnvestor which it deserves. 1 trust | ; and‘ that wiser counsels will prevail and ind on| that @1 this class of legislation broad| Will soon be repealed . and ave everything done to give the fnvestor ; close| the assurance that loans which are us de., made in good faith on first mortgage a high| securities. will remain so and not be: ce and| postpomned to liens or other charges dly eg.s subsequently incurred, through the moany | aid of legislation. * the same‘ peridd n‘ 103( tn‘addition to the crop the wfin the profitable export, of the \general: {ndustria:‘ ang coluplete faith ‘In our â€"Or and nothing" in ‘the â€"present situation however . requires, pFompt attention from the inyvestor..as .the requirements of the West afi’ TmOrt mand unysually beavy.. The Mutual Lite Assurance Company has . &a} ways looked favorably on Western: loans. We know that our agricu} tural prosperity is necessary for the growth and development of Canada and our policy, as far a6 we can cop» sistent with the principle of safety. which we always follow, is to conâ€" tinue to invest in first mortga@ges on \mpmed Western farms. Our experâ€" fence with this class of loan, ‘where valuation bears testimony t . ihe wisdom of such & course. I may F6« peat here what has been stated Om former occasions that the Directors devote much time to the, Company‘s investments,, each one. of> which is. clogely _ scrutinized. Acceptance must be unsnimous as the objection, to any loan by one Director is suffiâ€" clent to reject it. _ This cautious policy, coupled with frequent . in spections and the, oversight of our Loan Managers, has resujted in ouF investments causing us po anxietw While speaking of the ‘West .E would like to refer to the tendency of the legisiation of the Westegi provinces to impose burdens on Jognâ€" 5" l oo L400 0010 . C coadinnind itc Aitca en e| pany and the outstanding quality of ‘â€" nâ€"| our investments we have Feason to !â€" ub.muymdotuuc.-unn' d | record. : As. these ‘happy . condition® / >s| have Aiready bee Wealt with by the .. e | Presidenrnd uelae C f ‘ i" Investments will be Yuil l.::}% chair nal 5 :: | ed by Mr. Io"-n. o Qll"',z_; ar lc tsimAd am ...g' ing and investing companfes. . Our Provincial© Governments khould raid 6( rather than retard the {nvestment of .‘/ funds in farm mortgages. Injustice has been done by Western Provinâ€" . ; clal legislation in granting prioritles.| to seed grain and other liens, All such legislation should be repealed in the interest of the settler &% it has‘ undoubtedly resulted in curtail , ment of loans and in some instances in the complete withdrawai of forâ€" . eign companies from Western loanâ€" ; ing. $ a maximum of: variation: in NO CUMIRMEE® .. . s *4 has always * had > . maihc if ts > Jted in fl po anxietw . _ o West 14 8 e tendency '% e Westemm‘ _ _