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m ah investmon‘ standpoint than ?llm and so again, after very a and thorough investitgation, tyig6rous Bond investment policy & adopted for the greater portion "@f the past year. In November of 1921 this anticipated upward moveâ€" Ewa‘t ‘in Bond prices developed, r:;lrnlz owing to the demand from :‘M United States for Canadian se Qgurities, and from that date until ‘¥he present, the prics of Bonds has y advanced, with the result t. choice Municipal Bonds are ilable today only on a basis of %¢, lower yield rate than that Wevailing during last September and During 1921 Government and Muâ€" eipal: Bonds (apart from Victory ) amounting to $4,815,063.67 #equired, with an average in . yield of 6.37% per aunum, \Bonds amounting to $4,121,859.14 nly Victory Sonds) with an avâ€" ge yield rate of 5.84% per annum Wre exchanged in connection ‘w% 6 Bond purchases made during t} &r, Showing on the Bonds mcquir: through this exchange an increase .7‘% per annum in the interest rmimngs of this amount. In add{â€" n Muring 1921 Victory Bonds ounting to $793,800 were exchangâ€" for Mortgages of a like amount, th an average interest earning rate 1%%, making an increase of 1»] .per agnum in the interest earnâ€" â€"an: this amount. P itmients during the past t which have resuited in raising ® 9,4 interest earnings on the gted funds of the Company from A%, the average for 1920, to 09 as the average for 1921, must | Â¥ery‘gratifying indeed to the pol] Hoiders of the Company. | WaeBe very rap‘d advance in the | @ of Government and Municipal | pads @uring the past three months | : homstrated in a very striking / BMer the wisdom of the investâ€"! "t policy pursued during 1920 and | B#L ©This policy was adopted oniy. Rer a very thorough investigation : proven conclusively that tha ofâ€" Bonds diuring 1220 was the| f@8t favorable from the standpoift MSBigh in:erest yield in the Comâ€"‘ MEy‘# history to that date, and for M# rem®On a very large amount of _:!':?n"n'. and Munieipal Bonds Â¥as n@relissad in 1920. Owing to Be material lessening of commer § and>industrial activity during B la‘ter half of 1920 and on Fough® 1921, it became quite ap â€" Brent that there must sooner or / Ber be & very lirgs accumulation â€" [ #anmds in Canada and the United ea pot required for the carrying BÂ¥ commercial enterprise. It be :‘ imie Cvident, therefore, if history fpeated itself, that this accumula | Om of furds wou‘d in the course ! time create an active damand for émds, with a sharp advance in the * lces at which they were seliing © 1920 :an4 the greater part of 1921., 1 aring most of the year the price Bonds was even more favorablé _ ‘at the» time ~*, MA BOWMAN fllvovslono(u&- these exchangas are so ie Financial Stetement .* Of this loss $66,83% od business to make ‘Noss in evidenced by spared on & very conâ€" exchanged a6 above 1921 at‘ the market ) Hoee AEMPCeceee. ~emnaer | ~ Ful ady aito M Bowrean.who d94l4 ths op mopndtot s on rulagrmes y x m“:‘:‘:‘mmwgmg’m A mmmmmmhnb the Executire Commitâ€"| then called ap the veterence. °. _/ | fromâ€"invested tunds for many years, . in seconding the| thus ensbling the partitipating poliâ€" AadAe n in the followâ€" thousac. @~PÂ¥| Nat Ledger Assets, Doc. e * g48.267,to8.08 | 16t#) ~gret, 1980 ...:...../.$40,538,003.11| Auditod and found correct. ‘*‘| Preomimme (Net) â€"... .. . §478457.61 ‘l- Boully, FG.A., Auditor, FRE! Interest and Rents, c« 241040735 30th, 1923. by 9. A. Byivester, Torshto, Ont. W. M. 0. Lochead, Kitchemer, Ont. C. W. Mooney, Swift Qurrent, l.uh "_ _ FINANCIAL STATEMENT. Wor Year Endsd Deseriber 31, 19321. C. M. Bowman, Kitchener, Ont., Chairman of Executive. W. J. Kidd, Ottaws, Ont L. J. Breithaupt, Kitchener, Ont. W. G. Watson, Toromto, Ont. MajorGenerai Hon. 8. C. Mewâ€" burn, K.C., Hami{lten, Ont. Vincent Massey, Torouto, Ont. And the Agency Staff was repre sented by the following among J. Kerr, Fisken, Toronto, 2nd Viceâ€" President. R. O. McCulloch, Galt, Ont., ist Viceâ€"President. The Directors present were the #ollowing : â€" Hume Cromyn, Londom, Ont., Preâ€" sident. Mr. Burrows led the meeting in singing the National Anthem and a memorable occasion closed. and disabled Head Office employees which was carried without opposi tlon. A vote of thanks to the Agents for the splend!d work of the year was then moved by Dr. Honsberger and enthusisstically carried. $2,000 for the National Sanatorium ‘ L1A DINIU@®â€" Assoctation; | Reserve, 3%% and 37 $200 for the Navy League. 1 _ DKBIE c 1.l0.c.verrees The General Manager then detail.! ®°°"Y® for Unreported ed the provisions of a Pension _ D°%"b Claims ...... Scheme with other benefts for illâ€" SU‘T°D4°r Values claimâ€" The policyhoiders then dealt with certain appropriations made by the Board and ratified the same. These included : $250 for Y.W.C.A. extension; 8. Burrows, Believille, Ont. Geo. Chapman, Guelph, Ont. G. G. Mills, Toronto, Ont. J. G. Taylor, Toromto, Ont. J. H. McClelland, Brampton, Out. I. M. Beattie, Toronto, Ont. E. Morwick, Hami#lton, Ont. C. E. German, London, Ont. After Messrs. Burrows, Morwick, Withers, Davidson and others had hridfly referred in a complimentary way to the report, the motion was put to the meeting and carried. In closing let me sayâ€"while the people of Canada have many serious problems confronting thein at the present time, with strong determinâ€" atfon, close application and well considered coâ€"operation, they can Iook forward to the future with hope and confidence. The usual annual tour of the Western Provinces was mada last Fall by two senior Head Office Offiâ€" clals, and, as in former years, provâ€" ed to be of great value. enabling the Head Office to keep in close touch with conditions existing in this imâ€" portant loaning field. i> #o essential from a Natlonal standpo‘nt. of this policy in a general way by all the lending Institutions, with close coâ€"operation between . the Loaning Companies and the Banks, is necessary to enable the Western {armers to obtain the maximum amount of productionâ€"for 1922, which "Anvenbaiion mtc astih t Ad 1t in Bhiaad aaa B Asth a for a two months‘ period, and in this } w?::‘ :.-:20:: ::,t:e'fi;” a:::l: way relief has been spread over 89 butiit has not, thanks to "Fruits largest number possible. Time Wi! | tives" â€" Mrs. J. M. PENNINGTON, prove, loaning to Western hrmel’!’ 50c a box, 6 for $2.50, trial size, 250. on this basis, to be not only safe) At deglers or sent postpaid by business, but good business from evâ€" "ruitâ€"aâ€"tires Limited, Ottaws. ery standpoint. The d.nlopmcntj% Ito afford assistance at the presont time to as many Western farmers as possible, the policy has been ad vocated of granting louns where the security is satisfactory, for the minâ€" imum amount that will easble the borrower to carry on. This has made it possible to accept during Novemâ€" ber and December of last year, the greatest number of Western farm Joans that have ever been accepted | | the Tuture, t3 963.27 in this class of investment. Notwithstanding the: unsatisfuctory returnés from Agricuituire during the i2 : connection with the +.« «... $1,500,000.00 4 Proviston for Mort ality fiuctuation and _ holders ............. | Dividend# â€" allotted to _ Accumulative Divtâ€" _ dend Policies ...... Dividends allotted . to Deferred Div‘d Poliâ€" cles issued since Jan. 384 1911 .: :: rm.0... Special Investment Reâ€" SOFY® yrszzs:izzil.s General Surplus Fund Assigned as follows: 1 Proviston tor diviâ€" dends under Deferred Div‘d policies issged prior to 1911 ..,.... «1440 ... $8,688,146.175 % Provision for interim dividends under Quiriâ€" quenn. policies ..... axr+ | +1+:19871,0071.00 pald in advance ..... Credit Ledger Balances Dividends due Policyâ€" . able on lapsed Poliâ€" t CCbe® suers e en riene es Death Claims unadjust B0 (rr mss tienveaint Matured Endowments, unadjusted =......... Reductions on Outâ€" standing Premiums.. Due on account of Ofâ€" fice Expenses and Medical Fees ...... Taxes and Rents acâ€" Premiums and Interest | *7Uf MA§E8 ...........$17,620,54849 | | Debentures and Bonds 20,276,866.55 | ‘Loans on Policies .... 5.407.584.38' Real Estate .......... 1,267,876.13 | Premium Obligations.. 20,852.85 | Cash in Banks ....... _ 159,412.09} | Cash at Head Office .. w.osa.cx; _Due and Deferred Pre { mimums .......2.... 1,m.m.u‘> Accrued Interest, etc.. 1,469,087.22 | Total .. .$6,790,520.10 â€"_ holders ...2.22.u.l... Annuities ............. Supplementary Conâ€" tracts 2...22..llll.. 1 Amounts on Deposit f Withdrawn ......... ) Premium _ Reductions, Quinguennial ......, . Gross Loss on Bonds Mortgages Exchanged ......... Expenses, Taxes, etc.. Net Ledger Assests, Dec 3ist, 1921 ....222202 Claims 2....... ... Matured Endowments. . Surrendered Policies .. Surplus â€" paid â€" Policy â€"Disbursementsâ€" Death _ and Disability ‘"In the spring of 1920, I started taking "Fruitatives" and in a fow days, the choking spells stopped, and I have had none sincse May 7th, 1920. I have so wanted to tell other suCerers who have the same tromble about ‘‘Fruitâ€"aâ€"tives" for I know how they must suffer. 7+ for div‘ds â€"Liabilitiesâ€" â€"Assetsâ€" se keee+ 45,573,732.8% xvine 93,785.53 etc.. 2,057,384.98 â€"$39,564,212.87 $48,2657,703.98 400,000.00 5,190,520.70 $51,597,777.71 1,233,146.05 $ 1,218,367.94 €623,118.00 537,248.4¢ 560,984.01 102,853.07 68,055.71 195,409.22 102,909.47 151,000.00 1,280,514.37 11,971.64 25,093.08 12,854.80 50,000.00 8,876.00 1,899.00 . ' |_ "And yet sheâ€"my little beautyâ€" 89,624â€"37| does not look lowly born." 1197164‘ "Ko; her mother was an Ameriâ€" | can you know. Theyâ€"the Ameri 40,023.10) cansâ€"all claim to be nobly born, I | believe. They recognize no such T74,334.36 | caste distinctions as we do. Miss | West bears & patent of nobility in 78.266.49| her face," said Lancaster, kindiy. | ‘"Does she not, the little darling? 93.783.53| hat a sweet good nature bheams tm 57.384.96 her,little face. And, after all, it is our own poet laureste who says: 73.7132.s$) "Howe‘er it be, it seems to me, ‘ | ‘Tis only noble to be good 37'777'"] Kind hearts are more than coromâ€" Cs â€" Tho. 4 emnk m wke T»Roc:$ Aike. tasstind. "You talk about my worldly adâ€" vantages very cynically, Lancaster. "And, after all, you have not said what you thisk about my chances with Miss West" :JJ do not know what to say, beâ€" m‘u I do not at all understand her. Yet, if she is poor, as of gourse "he must be and .Jowlyborn, as we. know, she could not do better than take you, if sha 14 worldiy wiso.>‘ ‘"You are putting my personal atâ€" tractions quite out of the question,‘~ said De Vere, chagrined. ‘ "Because they aré mecondary to your more solid recommonutlon."l sarcastically, ~ "If she were a society girl, I say that you stood no chances of being refused. _ No girl who had been propérly educated by Mailame Fashion would say no to ton lhonl-‘ and a year and a title in prolpec-' live," Lancaster replied with con viction. ] can snap my fingers at my family if they cut/up about my choice." "Yes," Lancaster said, dryly. * "Ah, you are â€" just thinking to yourseif what a dude I am" exclaimâ€" ed De Vere, suddeniy. ‘Here I am talking so confidentiaily about my choice, when I do not even know . If she will look at me. What do. you think about it, #h? Do I lundl any chances with her?" "I never knew what a lucky fellâ€" o# I was until now," agreed De Vere. "It was fortunate for me that 1 had a bachelor uncle in trade, and left me his fortune when he died. I "You are the art destiny. Enviable bled Lancaster. ‘"‘They will een have to. I shall please myseif, if I canâ€"mark that, lad. So you needn‘t scold anymore, old fellow, for I am in dead earnest to make Leonora Mrs. H. De Vere laughed the young soldier. And simple faith than Norman blood." ‘Yet I think you will find it hatd to bring the rest of the De Veres to subscribe to Tenmyson‘s verse," Lancaster said, anxiously. ' ‘"No," assented De Vere; and then asked thoughtfully. ‘Is it true that her aunt is the Rousékeeper at Lanâ€" caster Park?" , "That is what my aunt says in her letter." "At least she need not know sooner," Lancester replied. "Oh, by the bye," Lancaster said, with sudden eagerness. ‘‘Well 1" ‘"Do me this favor; don‘t rehearse any of my family history to Miss Westâ€"the barren title, the picked out bride, andâ€"the rest of it." "Certainly not. But of course she will know once she gets to Engâ€" land." & Lancaster couldn‘t have the imperâ€" tinance to select any other for Lord picked out for youâ€"Ligh bor beautiful, of course _ Evep heart in psin. What was the mat ter with him? He shook off angrily BP C oR ~~v--,"rll'""'F<~u KaaibPmre d o. :# <â€" o rcapy C uuummn.-v.hhuvam.M’ irtse o in snn rtae esd es m enmnt on en | t es hoi mm o hesving of the waves, a 80808 | tacke is superb," > a A ed to Lencaster that its labored ef mwfi.’nmfiuuwfi»dflw“u; "'"""‘“"““"'.‘W-""!m beatuty u-iflb'&mm'wmnâ€".n“‘ Mhâ€":_w"." '_li‘_lh‘-at Pan your HBGAP% wmpPRAD :s\ + 1 cried the young ‘soidier, if she is to be the arbiter of your own fellow!" finger between..the pagen. of her| 46 aras. They were regarding her book, andâ€"turaing squarély round| YAry kindiy.. Somathing itke a sob to look ‘at fiim as We talked. "Per.| #Wailed her throat, but she said, as haps If 1 can hot brikg mysoit to| O8itmiy as sBe could:> _ "I am not st all syre of that," she| ‘"Then, why?"* heasked, gravely. answered, . puttiig her. white ‘tore|â€" She looked up into the handsome calmly to his face. "I want to ask you something," he "No," she replied, boncisely. safd, {mpulafraly. He fusbed"a litte. It was his| "Yes," she said, listlessly own bative land. He did pot Hké) "Was it becadse of those things to hear her say she should not like| we taiked of just nowâ€"those aristoâ€" it. [3 i ___| oratie prejudicesâ€"that you have so .*That is a pity, since you afé.g0â€"| severaly ignered Ds Vere and met" Ing to â€"make.your home there," he\ . ‘"Not.exactly," she replied, hesitat "J ‘"Why, yes, of course. You‘re sof ... | bad Jooking. You have the smalâ€" "You like English authors, {(b- West. Do you think you shall\like England?" So one day when De Vere lollied in his stateroom, he went and stood behind her chair where she sat reading. Itâ€"was ome of the poets of his own land whose book she held in ber‘ band, and the fact émboldened him to say; completely. It‘did not matter; indeed, it was much better so, he told himself, and yet he chafed gometimes under her peculiar manner. He did not like to be treated wholly with indiferâ€" ence, did not like to be entirely igâ€" nored, as t she nad forgotter him him, if she had even asked him any questions about where she was goâ€" ing. But she did not manifest any curiosity on the subject. She was a constrained, chilly little companâ€" ion always to him. It chagrined him to see that she was more at her ease with De Vere than with him. Once or twice she unbent from hber lofty height with the lieutenant, smiled, chatted, even sang to him by moonlight, one night, in a votc.‘ as sweet as her face. But she was very shy, very quiet with the nn{ whose business it was to convey hlr‘ to England. She tried faithfuily to be as little of a "bore and nuisance" ’ as possible. All the same, he would have been pleased if the prétty face had light ed sometimes at his coming, if she had seemed to care for talking to "Bhe is not a little flirt, as I thought at first, seeing her with De Vere," the captain said to himselL "She is a clever litte girl who is better pleased with the thoughts of clever writers than the society of two great, trifling fellows such as W8 Vere and myself. 1 appland her No one could complain that she was any trouble; she was quiet, courteous, and gentie, and there were two pairs of eyes that followed the demure, biackâ€"robed figure evâ€" erywhere uipon the deck, and the more attention, more services, so oblivious did she seem of the fact that they waitéd assiduously npon! her slightest commend. Leonora replied with 2 quictness and constraint that put & check on. further conversation. averred. but the books. They had a fair and prosperous journey, and every sunny day Leonors might be seen on the deck, but whether walkâ€" ing. or sitting she had always a book uborhu!nwhmmchpcr- sistently buried herself at the apâ€" proach c‘ any ome with whom she was disinci.ned to talk. In this disâ€" couraging state of affairs D.'V.fl'l‘ wooing sped but slowly, and Lul-| caster‘s acquaintanceship proved no further than a ceremonious "Good be of service to you?" and llmflnr( stilted salutations, to all of which couraging to her ardent wooer. She to car to As .'~_;_L amall dandies; and De Vere, feeling euilbbed, he scarcély knew why, re tired withis himséif after the ditâ€" if you did,"; he 1 may persuade> my »m.mm?.l‘. to| Aaumiy as. abe . could:> _ my| _ "Tl toll you the reason, Cap .,,1u-m..n.mm ar| daywe seiled, and ‘what you gw,ummq; it ever your cigare?" say | T remamber." he replied, with be the| Eind hearts are more thay coronets,| _‘ _ ‘Then there wes> a brief silence. Leonnra‘s lashes drooped, with the dew of unshed tears on them. The young f4ce looked very sad in the soft evening light. "She is almost aloye in the world -â€":;ar ohild." he thought. want to ask you something," he _‘‘That is true," she replied . ‘Then why go to her at all, since the kinship is but in name, and you would be happier in America?t" he asked. .with sofmething of curiosity. "Papa wished it," she replied, simply. "Do you mean to tell me that you heve left behind you no relattves?" he said. ‘I told you I had no one but Aunt West," she said almost curtly. "And she can scarcely be called your relative. 1 believe she was Oonly your father‘s sisterâ€"inâ€"law," hol said. "I hope not, for what should we do in that case? I have only her, she has only me, so why should we live apart?" ‘"Persaps so; and yet I think she loves Engladnâ€"as much, I dare say, as you do America." C ‘‘You shall see that I will bring my aunt home to America with me Captain Lancaster." last two lines, meaningly, gasing straight into the sparkling, darkâ€" grey eyes with his proud, blue ones: The gray eyes, brave as they were,, could mot bear the mesning gare of the blue ones. They waver ed and fell. The long lashes droop ad against the choeks that flushed rosy red. She shut up the book with anâ€" impatient sigh, and said,. with an effort at selfâ€"possession: . ‘ "Then is it likely I shall love England?" she said. "No; I am quite too American for that. Ob, I dare â€"say you are disgusted at me, Capâ€" tain Lancaster. You are proud of Your pride is yet no mate for mine Too proud to care from whence I came." ‘ He knew the verse by heart. Some impulse stronger than his will or reason prompted him to repeat the pround ancestry." She looked down at her book and reed om, aloud: *‘I know you‘re proud to bear your position in society as my aumt, ths man, and I have studied music. In America, 1 can move in quite good society, but in your countryâ€"" she peused and fixed her clear, grave eyes on his face. He was obliged to confess that it 1 should not here caought se Ha#â€"|\ _ *‘ In "You must not judge us tos hard amber," he replied, with i am rament it was imipossible: to She listened to his words calmly and with an air of thoughtfuiness, care for the world," he said; and he falt the whole force of the words as he spoke them. He said to himâ€" self that amy man who could afford to snsp his fingers at fortune and marty Leononra West would be ‘"It would be a mesailiance," she said, with ber eyes full on bis face as she qyoted bis words. "‘In the world‘s eresâ€"yes," he answoered, quietly, "But if you lové him and he loves you, you need not ing bride than Mrs. West‘s niece," she said, with some bitterness, but more mirth, in hér voice. "Who could be more fitting than the one he has chosen?" asked Lanâ€" his leve for you, and you would do well to listen to his suit He is in every way an unexceptional suitor. There is everything in favor of him personally, and he is of good birth, is the heir to a title, and last, but not least, has ten thousand a ynri of his own." ( she said, in a quist, very demure litâ€" We said the kindest things of you. he could not teil. every mipute, and thus I heard all." "You heard nothing but kindness â€"you must grant that, st least," he bntlctqunotmuwmylnlndu; interrupt you; it would have been ought uot to have listened, I know, â€" " I wish I miles awiy!" would smoke your gig away in a Jittle while." "Enough to buy him a more fitt "Yes," she Creplied. _ "I _was frightened at first, ‘apd shrunk clos or jnto the darknegs: I did not want room, because I was tired of Lisntâ€" fously to that nisht â€".* _ " _ *\ Captain Lancaster, "Oh. imposifine!" he crieg. *Â¥ou |wasd~ impression 1 hed retired. We were slong" / friend, and toâ€" The fair chook fAutbed wartily. arms as soon as he . *I shall have to tontess," she siid He gave a gasp "But you must not judge me too | thrown cold water “!(q'ou wrong usâ€"you do, inâ€" The red lips curled at the cornâ€" s, whether with anger or feeling would open and kide from flq.:rmu "I every wotrd." sh d, and his mémory flew *"©6 then you commenced to talk "And then wo cameâ€"De Vere and x se 1 P L . * P “‘.w # . m 'l‘hlctbonnu-dommlytthw »mbove ‘publications may be obtaine1 by Cht ns ranesan, in Chirogicieâ€"Telograph free to new suimerilom fj Daily Telegraph by Mail .................}..s00% Chrozaidov-?.ql"rrfi'md Family Heraid and fl y w on e e e n en na b ue n e ne bge n 6 y * eâ€"Telegra; Farmers‘ _ Advocate ...../ W;}.&.fifi;fi?;:fi:fl.......: ropicleâ€" arm Dairy .. C amoiiichs reepralh sns hinel ty " P d Cronicleâ€"Fuetraph and CS thes .. Â¥ «+ Chronicleâ€"Telegraph and Daily Mail ... Chronicleâ€"Telegraph and Northern Messenger .; Cronicleâ€"felekraph and Forthern Mestencer. .. THE CHRONICLEâ€"TELEGRAPH Clubbing Offer cle~" ist not judge me too &n-nqldl“"- at ber expectantly. .| Advising anrthing!" eâ€"Tel captain thought, for" 1922 dine " tion of bitterness in her 1 ‘‘Well, then, tell me about L&dy caster. Who is she?" ' "She is the mistress of LAn@ Park." * "Is she nice?" P"4 pected to know much about a housekeeper," with a distinct | Sold in Waterloo by A. Ab, Captaft Lancaster, I can not yonhwml‘mtf‘q Thmvnatrvmoghm voice. His heart thrilled with | 40 Doses for 1&e Sold by all dragzistfor by mail W. K. Buokiey, Linited, 143 Mutail #t. Buckley‘s Bronchitis Mixturé The greatest remody the world has ever known. , _ Cast Jron Money Back Gusrentes, "‘Because I think she is expeé schfld. She will be surprised h called me his little girl. a young lady." "Bo soon? Ah, how glad I amt wonder," reflectively, "what ;j auntâ€"will think about me." t "She will be astonished, for B We shall see the end of ow new tomorrow if we have good he said, and she uttered an‘ mation of pleasure. mpidanthullu'uw her, but did not ask.. She hi trick of seying thipgs that cla; ed him, because he did not ut time it you had let De Yere and me amuse you," he said. :; ._â€" "OB, I hcv_a MW within the first day or two out," tages of such a ms co-ru.lhr-lo"_ in the matter. I s n« Coughs Colds and_ %roncbitis f "You Sentenced to Desth (To be continued.) t