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I Mutual L: The proceedings concluded with the singing of the National anthem led by Mr. Burmws of Belleville. A grant of $2500 was made by the company to St. Marys Hospital, Kitchener, which is new in course ot erectlon. The Navy League also received a grant ot $200. Following the opening ot the! meeting and afler the passing or) the minutes ot the previous annual' meeting, the chairman called upon The retiring directors, Messrs. C. M. Bowman, R. o. McCulloch, Geo. Pattlneon and L. L. Lang were unanimously re-elected. Mr. Vincent Massey in moving a resolution of, appreciation of the members ot the field force com- mended their energy and diligence during the year. Mr. H. J. Sims seconded the motion. Mr. G. J. A. Many, Supt, ot Agencies, responded in an appropriate way on behalf ot the agents. After the reading or the year's re- ports brief congratulatory addresses were delivered by Messrs. B. W. N. Gris; who emphasized the benefits of Mutuality as represented by the Mutual Life, g. Burrows of Bellevllle, a field representative ot the company tor fttiy years. B. W. MoerCk, W. J. Twiss and J. G. Taylor. _ “anon uncut-cum Aunt-yo. mqmmmummm The President, Mr. Hametronyn, was In the chair while the assis- tant general manager, Mr. W. H. Somerville, acted as secretary of the meeting. In addition to the di- rectors there was a large represen- tation of agents and policyholders present at the meeting. ing increases in assets and income as well as in payments to policyhold- With lat yau’l substanthl in- creue the commny new has bui- MI. in force of $370,000,000. m the uni ten years its growth has been vary marked. the assurance in (one increasing by 309% with correspond. In. an“. month- ot noun. pm- - With mph:- ou'nlnu of ”.0n,lm9, muting economical mach. a “mums mouth" um und 1 ”Island n e of Interest earned on gnvested an. ~s. ch. company In. “In uble to In.- taruur Itrengthen its position Ind the you‘- earnings will enable it to my thumped dividend: to In poUertutidtsm. I "Q muumvmmmmm atr%rittodtott-urteietea ‘1‘.me maul: d an 'mt-tuma-ttmater. Coup-y dag-bushlan- bend omen. Mdlly cum. aha-nor. m Grant to tbt. Marys Hospital President of The Mutual Life. Commends Field Force Give Brief Addresses Directors lie-elected _qI.iBrlqlq%e-iNee-. "8ie..B8.qrt.V 9"“.‘vw "l," VVWV‘V ‘V‘ Magnificent Surplus Earnings of $3,01‘2,806,99.’ Low Expense'Rntio. Very Faire . Rate. High Interest Earnings. Business in Force_$269,982,566 Mam...» l ASSETS: The total assets were iincreased by $6,121,757.52 as the result of the year's operations and low stand at t5W727,388.01. While the invested funds are employed at very remunerative rates. the apex of their' interest earning capacity has been passed and the rats ot m- Iterest on the highest typo of bonds. 'in which money can now be in-' vested, is slowly bat steadily re- ceding. _But the rate ot interest earned on our total invested tund. during the year was still It the relatively high figure at 6.55%. L'ABILITIES: The stringent bus- is of British Offices Lite Tables Oral (5) with 3%% and 3% interest was again used in computing the re- {serve liability on assurances and ‘the Select Lite Annuity Tshles, [1393, ot the British 0ttieea, with 'thp same interest rates. for valuing ithe annuity contracts, The total. net reserve liability thus ascertain- ed is $48,434,67tr.56. other items of inability make the total lisbility‘ l $57,848,428.10. l GENERAL RIIAIKO: A con- 11mm: and". of the comr- boon M “can“ wt: We mm“! [It ran? by tho Auditor ad " M of Autumn um " “I. clou- of the you the Month. “In“. of tho Bonn! .xn'rusd.in detail my Comp-hr. bond: and “In!“ and alto clocked II do“! an 'e mm Iouu in” um - dull. tho your. M In" 'e other with an natur- out...» tttd m m at on Ono-”1‘ Act-m7 on an mltttgeq d .01 we: reserve linmllly (nun ”connin- The amount ot new business, ed is $48,434,67tr.56. Other items I) written ”9.940.573 being an in- liability make the total ""iiitrierrsam, of ",688,8M over the prey. $57,848,428.10. iii? yur's writing. itself shows. a. After having made 5111le tor- prograuive spirit but let no point vision from the year's turning-a to'om, that in gxmnding the business cover anticipated and MING l of the Company due new“: is hik- t losses through "hsprotsitstioet ot ‘on ot the expel." woman No bet-I Western mortgage seem-met. the i tar mum-won of tin. can be given surplus earnings tor the yes! null I than by pointing. not without game Mood It the high figure of etycliri"it, to the We”: yin-ph- £06.99. This large mount of Bur-.unun' (or mailed profits) of plus Earnings HBO enabled the Con- 33,01:,m;9; for no lure n sum puny to increase the nme provilr m mm. of .mment only ion against depreciation of our mm the three chief sources ot genernl securities trom the uncut gin“. 'tarttirte--stttsrtd and econ- held in 1922 of ”11.77034 to ornicnl “mutilation. favor-bio $850,000.00 and to increase the pro-j mum, may“ “a a rain- vislon for mortality fluctuation and "19], mm. ate of interest earned other contingenciao from $116,580. 0. the unwind .ttsetr-ttavirtg been " to 01.023.950.01 um hrthor'om- tot. . I strengthen!" the Conrail "all N moot the expense- of Idmln- Gill mutton. nmrm. tha Aldr- of tha damn-n. After having nude ample mo- vision from the year's “mints to cover anticipated and poubble losses through .deprechtlon ot DEATH LOSSES: The Company again had a very favorable exper- ience with death loses. The total amount after deducting reassur- ance, was $1,375,875.97, which is less by $4,371.49 than the previous year's tUrures tor the nme item. The percentage of death losses to those provided tor in the premkuma was 39.26% while that for the pitiious ye'ar'was 42.71%. _ An improvement is also shown in the increase ot the total Laurence- now in force. in the you 1932 the increase which took place was $17,789,536 while in lacrosse of $23,495,912 was made during last year, with the result that the Com- pany had assurances in force at. the close ot the year of $269,982,566 under 126,108 policies. ‘ INCOME: The total income tor the year was $13,448,T69.0T being an increase war the previous yen ot $1,042,838.84. The income was derived trom the following warm. namely. premiu'ms (lees remun- ances) $9,763,835.35. interest and rentals t3,207,316.tt, emanate on deposit with the Company 3464.154. 21 and miscellaneous income ot $13,663.40. The general expenses ot adminis- tration such as Agents' comm” Ions, salaries, taxes, advertising; em, were $2,171,376.98 making the total expenditures tor the year $7,541,120.03. EXPENDITURES: The‘ tom amount paid out to policyholders and their bettMciartea was $5.369. 743.07, an Increase of $80,301.86 over the previous year. ASSURANCES: The new num- ances issued were 84,583,830 In ex- cess of the previous you, .1540 Wilda having been ”I?" 'or $39,040,578 aa against an tune ot $34,4li7,M8 the yen heroic. Your Director. an plenum in presenting the any-lam Ann-l Cash Statement and Dance Shoot ot the Company and be; to upon as tou-.--. tho tom of a. “In 00.- mm, Auditor all Amt]. _ DIM - I The Dlrooton' Rem m u lol? Iota To the Policyholdom at as. Mutans) Lite Assurance Count.” oe, any.mmmwm ,rttiehst-tsrx"th- momma-um m the“ the expenses of Admin- “an the aids-I ot the Comp-n1 during the not you It required only ".155 ot the Ooh] 7&1 Income. the death chum won only 89.16% of than "mud mam to the and“: mm, "his. and try no Gunny, will. tho "or." hudIMQn-Cononin- ”and m m "m. ‘AM “In a In W an the " whammunilg‘, mm Mm.‘ m"re_eetrtgbtrp. m3 “tact-mountain.“ -daermmttqrtttte.toree ot risks. That such'a policy which is at once eott-tivet and yet pro- smlve ever holds way In the minds of those who direct the dew tinies of the Company is can: de- monstmted by the record achieved in the put year‘s operations FollowIng the time-honored cus- tom of piecing In Four hands run and intelligible intormtttion about the sash-s of tho Company, I pro- pose to offer A tent comments on the put. yesr's transactions us Just. lsId before you In summary form In the Directors' Report. And it Is a very pleasant task indeed Inas- much as the result marks another forward step In the steady and con- sistent. progress of the Company lt has further enhanced the send position to which this Institution has attained and enlarged Its ephere ot usefulness In carrying out the motto adopted by Its founders over halt a century ago, "The largest amount of assurance for the least possible outlay." To compass so happy a condition ot things the affairs of the Com- pany must needs be conducted with a due regard to economy of opera- tbn, reducing to a minimum all Sources of wtusteNhretsts, by the sale investment ot ita assets at a re- munermive rate ot interest and by exercklng due can in ita selection The general mug". Mr. Charles Ruby, who " follow in reviewing the you”: operations: eon-Orr “I thtt on: tun hunger: and In)“ in" shown ther Be. tstt"t-deamand-titstheex.. are!“ at and: all“... The Dutch" who mm by ro. nail on Ham. C. M. Bowman. R. o. HOCnlhch. Goo. Putthnon and of L L. has. all of whom are eligible ttr reduction. mum-dam eta-hm it. - by the Conn-art (8311-) math-v.7me nBdtb-uab-noditegtmatto. II a. may alumna " the [ti-”cum: any“ ta.tttrtAsttMOM-atMt$tagt, mutMOMauaambu acumen» Inbmlmd on behalf (loner-I Manager’s Remark: 5At HEAD OFFICE OF THE MUTUAL LIFE ASSURANCE COMPANY OF CANADA my: H. CRONYN, President. LEE their to hue asuped may: of the “II attendant on tn or. ot deflation and re-4sdiutstrrtettt. Noe In the on" hr to seek: what we 0120: I I" n- mgn'led In one ot we prim no "this. at life; it " mailed " the, Iowa“ actual cont. um It! curling “ugly In on m. h war rum by no toat of our In! a century's W. mm. W Imus-n _ " an not new M . new!" at our Emu-mum (hm... it a In - I I. an to In. 1. an a m _ I It is quite impressive to note I the progress that has been made by the Company during the past dec- liiii,-ri' many ways the most trying Ineriod in the history of life insur- lance in this country. Ten years ago, at the close of ttsd 44th year ‘of our exigteuce. the total income Ifor the yewr was $4,169,660.92 while last year it was 313,448,769 07, an increase of 323%; the Tow Assets rose from t22,252,724.48 to itirs,7gzgss.in, an increase or 268%; the Total Assurance in force trom $87,392,027 to $269,982,566 an in- crease ot 309% aid the Total Pay- ment to Policyholders trom 81,- 396.445.04 to $5,082,812.85, the per- centage ot increase being 364%. In closing I wish to pay tribute to the loyal and ettieient service: performed ity my fellow ott1et- The mommies ot the Great War we undergoing the chute inevit- able to the passage ot time, yet Canada, in common with the greater portion of the civilian}! world, um suffers (mm the effect- or that tftatMc struggle. Ono'oi our leading bankers bu recently published his opinion that th. put year had in]: the wont dimcnll. "ttNt Confederation. Should not. then, Wklhe Humbled [policyhol- dertr--the sole proprietors of the Mutual Llte--feqyl can" for gnu. was in the study of the Annual Rt port Jun read. In truth, we - The President. Mr. Hume Cmnyn. in moving the adoption at the Di- reétors‘ Report, made'the foalowdng comments: and stairs at the Head Ottiee and Branches; and to beat tesllmony to the nonnative Agency Force, the careful Medical Examiners through- oat the Country and the watchful care exercised by our Loan Man- agers and Loan Inspectors. It will be very gratifying to the holders ot participating policies to be told that the financial progress made enabled the Compan} to again enlarge the scale at dividend paymean to them. [it mum bowie-maven Lt,?,,',',.', on a. menu; " a. Connors linemen! m. A Jew were heck it we. the practice of the Company " hold a unhinde- aniy the new. called tor by an "Meme-t which has to be lub- mitted to the _P"e"P"t ment. and show Is Burnin- the ex- ceu ot the Total Ansell over the Liabilities u the: atHatrtqtnqd but it is now our practice to drteiaiteiy assign such surplus funds [or 'rpec1tie objects. But for Cmnmmb- tive purpose- it mu be said that the General Surplus Fund ot “.003,- 71850 as shown in he! Year'l printed statement, increased at the end ot the year just closed to $7,042,069.07 after having normed the special Investment Renews (mm $611,77t.34 to $850,000. new. With them . "a - lid that “I m M 'Muttta at. In! booing-um"... an" the then -tttttg at. on CW pun-ewe bond- wm have - obbed. vmwuumumhpw thallium-1mm” The President'. Remark; Waterloo, Ontario W8 with the rut"- M “I """""rto-eomrt" I It seems but the other dar-as a matter ot record it was in the year 1916-- when your attention i was drawn to the tact that we had arrived at the hundred million mark of insurance in force. At the end ot December last that item had reached a total of almost Two Hundred and Seventy Mllllons.1 surely a huge sum to be written by a Canadian Company on the lives of those resident in this country and Newfoundland. Nor do the move figures, striking though ther) w. indicate the full measure ot ad- vance made by our Company throughout the past year. Ours being a purely mutual enterprise,‘ , we are spared any possible conflict in interest. and there is ever the" highest incentive to improve and enlarge the value and service ot fthe Oompauy’ touts policyholders. those who alone are its owners and beneficiaries. This bunny condi- tion ambled us in 1923 not only Mar I here Internet . personal mm. Baton our Company on“ Into no no" urn-ulna! with tho “to III-mun of Now Yon. I lit an!“ and! to an! “his " II- uunnuol. “I on “a u l at raculu' 'pliyllcsl 'sztuninatitttttr, were able to prove from the not“! result. that the tummy anon. those so enmlned was ovu- 25% more tunable than may potter holder: who neglected to lull themselves of the opportn-lty. We mu tale it for [rented the can!» ed will bvor In Improvement in his built: “a In cum-Ion of MI you-I. should e [no can”: on- ontlng on the mum-l principle be enabled by this method to growl; the lives of m pulley holder. n ' "not nvlng - me. tn other words, the cut ot l-unnce will deems-e and all nine Ml. con- cerned. porterttotderr% Conway and Nnt/tnt--rs" the mm. to increase dividend distributions and to enlarge cash surrender priv- ileges, but in addition to otter to every holder ot a policy ot $1,000. or more, tree of charge, a thorough periodic physical examination Permit the here to emphasize tor a moment the value of such an ex- amination to both the earned end the Company, and indeed to the muion as well. Competent author. iuee estimate etch year of the life ot the avenge man to be won): $600 to his country. The ectnuiee of one ot the ingest Amerieen Life Companies, after an extended trill and win and an. naut- in their autism. and tn! the policyholden in tho Hutu-l LW, convinced ot tho soundnes- ot that institution, Are alto-3i, ”when to icontinne their plantain» therein had that map the than“... it: generoun diritiittuu1mq and. . That we have been able to come abreast ol the mud recon of 1921 in our addition to Baton. in iii/ as explained at tonne: mini Meetings to a molt. tavounblo mor- tality experience. to I continued good-tttoat) “may toeusenea-rxs-" turn on the Company's investmezfu and hut, bat ot vital importance, to competent and economic mum‘s- ment. - 1 'r'trm_t-0-taqoe Min-HOMO.“ "oe0th_atattar'r'e_renr.a.-et.t-tntte "i-mu-eete-se-taretetut-t-ta- trutimrthattumtroet-tttroruutrtt.cttat-r, " in still mum- mod. "n! l the upon In!” our m 'ttratr"u"ttttHdmattHMtrbutsitmmttstt-brmetmtttars will. will "ittttreatFrm8t.600,060.nrtttg. our W at “an mm W. by 'nrttettNrhmrd-ndodrpanamo-tt-. -hashsortt- mm. a tmr'-or'rmrnuauutetttt-. uutenontl u it in m tttreel In the matter ot mm tut the -ittst of our Maul your Din-gem” by. "a m". 3- not. due to "hat bod" not“ of 'tmaiy tol$owed the my}. n54 t0eNrte,tttatttus8uMft-ur.rat"mntew-uaeo.tki,a.u. I tore. but dttnraratewwqtiaqeratattmtb Incl-Ir. hf mom-l gathering oe We. encu- " tttat tho that. On .that noun-Ion, when WIN-1 Lts,GGLsd, life insurance acumen. “manuals“! 'r'ittt.qetadartr.ttsnste. In View ot the situation just out lined it was deemed advisable to make a careful re-vaiustion ot the Company's assets. Including amongl these the Twenty-one Millions andl odd of mortgage investments. Ourl holdings of bonds and debentures‘ have a present value of slightly} over a. million dollars above the) figures at which they are carried in the books ot the Company. Bel sides this type of reserve the Com-' pany has built up, from year to year, a reserve against depreciation of these securities. which, with the addition made out of the surplus ot" 1923, amounts to $850,000. Your' Directors thought it prudent out or, the year's profits to make a still} further provision against anticipet-I ‘ed or possible losses " connection _rittl the mortgages held by the’ 1Company. By measures such as; these, combined with proper organ-i 'ization and increased energy, does? our Company maintain its sound', inosltion in the investment new. i it is doubly unfortunate then; added to the above-mentioned nat-l oral and. for the most part, run-5 avoidable factors we are again ©on-l fronted with legislation inimlosl to} the safety of invested funds. Ttsed first example ot the kind is to iii) found in the Tax Recovery Act of Alberta. Under the provisions all this Statute e new principle re- garding tax collections has been? introduced. whereby the land ot a; delinquent taxpayer is taken froml him in speedy fashion and vested in the municipality or government: freed from all and any claims by" mortgagee. or other creditors, n01 matter how carefully the righu off the letter are set forth in duly‘ recorded legal documents. The only notice voucbnfed to thou LY terested is by publication in the 0mm Gazette of a lint of the lands _ lllble tot arrears of taxes. At one time the taxing authorities were bound to warn the mortgagee by registered letter that axes were unpaid, but even this precaution _ he! been abandoned because of the _ More of many of these lettem to reach the parties to whom they were addressed. A leading tGii.l - published in Alberta. in In ed- [ “one! hooded "wholesale 001mb cation" comment. on this lends- tlon in hum which it might be impolltic to" an llutomer to repent. With qtrtttr condor it points out the only line of Menu left open to an lam? In Alberto b “that to new as. lending or to withdrew from the Province. M such re- undation end withdrawal on sly not; “In. the. II e - of cum-on new. no more wall {the walker deeiamd that “the " ‘most sacred chi-newt at (he tmat ‘requ-lru that - nmt, in! and all the time must. be the dominant {thought controlling every lave-1p 'mont.” ' Although, as Just remarked, the above rule has guided those in charge throughout the Company‘s lite history .yet we cannot hope wholly to avoid the dlmcnltles in- cidem to investments and loans even when these are _the choicest the country has to otter. During 1923 Canada still suffered trom a lowered return tor agricultural products. relatively high coats ot production, a drift ot population to the South, and a lack of newcomers to fill the gaps thus created. Nor is one permitted to forget the heavy burden ot tax Cotiectionts--tt burden which though our shoulder! should have grown accustomed to the load, does not appear to lessen in Weight. These factors have had, gh they needs must, a. distinct eifeci. upon the country'sprogress, and in consequence all lending institutions experienced a year of more than usual diftieuMy in maintaining for- mer standards or collection. Governed by that principle, the return upon any Investment. whether that be a mortgage or a bond, is tmted by your Directors on wholly second“! to its acuity and itatety: until the Board (a Batiled on the latter more the possible high rate of lntereqt ll my bear is a Irepellant rather than an at- traction. u “about“ legislation, is the amendment to the ' Dominion Income Tax Act, rush“ through the Federal Parliament tn I the dying days of in: Int 3mm ' The effect of the new law, which does not come into full to"! until next year, is to Mt! d._ Dominion Income To: a that chit;- l on the real and personal pram, of the detaalter, in priority to on! (mortgage or other claim. That the ( Crown should be granted a lien on ixhe deiinquent's property cannot be "'1"irefu".s gainsaid, but that such in claim-in Ierlance ot provincial {enactments and in the face of age- ilorlg laws governing contractual rrigttta-shoa1d rank ahead ot but ',tidts prior debts due to innocent in- vestors. shocks one's sense ot justice. The result. indeed. my amount to this-that the tax will be levied, not out of the defnulter’l :property. but out ot that of a third party, whether the latter rho a resident in this country or l outside the boundaries, who has Jinvested his money therein under an. I. o. lacunae” rum mum u an I Forg'lve my emphasis u a meet- tug ot an kind of matter. which may not be considered wholly NI.- vant.' There can be no dam however. that assaults on the kw or the land ,whether in Inc:- of “a. rich and powerful. of I mum“! or a minority, even in ("or oe ttto sane Itself. must he of particular r-en-teta."-.'- mun energy at It. and m In! the healthful WU " " many cums. N: a. wry mi. of this emu-tune an an M the more con-tram to 10h their protest Inna: win! that b titmrtotrsttmMthrld-ee the venue of both have” and lenders, and u “that ttnn6igi.. to the future progno- of tho Pu!" l face in question. . I It is possible the losses em; out " 1.th pomlgian law may not be as serious as we fear, but at principle underlying it is u viciou- as that ot any enactment wttirb' sweeps aside well-tsettled luv: and seeks to give a preference to one creditor at the expense of other; Like the mythical lobster. we my have become so acclimated to the hot water ot radical enactment. u to endure-it not enjoy it, Inn we cannot but writhe in anmcipnuon when we find the Parlkment oe ill Canada adding fuel to the “to of destructive legislation. ‘ or menu a an: to . ' f ' a: but... to Inh- . Bi-ll, n. Dlmm am- lulu-1' E! L"M rm. tun-Men hon-t up. _ Pa £337" of as Prom a M ttfifties';)'; an desire to nu In In feqtMtrir':i by the investment at no hit - the Company up“: In *e.'." 53-1 [may menu. a. '"ttiefr"'i,ers the delusion that Canada one!!! a safe field for that purpose. General Manager of The Mutual LN. The Becond example of nimb- a-ud. It one may say no. Der-Icing (Continued on Pm t.r MR. CHARLES RUBY 933:1 ii? SSE