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Word m JORE SB"> 1: g' Dominion Government‘s est;; The Company‘s mortgage hv-t-! P 'xflh value of all field aw-'u-a total $21,553,716.74, being an * Mn Canada in 1924 is $990,257,000.00, . increase . of $539,574.77... over . the ~_. as against $899,166,120.00 in 1923, or amount of mortgage investments r:: ‘" $97,001,780.00 greater than in 1923,‘ the end of the preceding year. The ux Compares Reports ‘The Directors‘ Report gives you 1 *®*the impovements of the year in Our me assets and surplus. A comparison E5 of the growth of the assets of the %f‘ Company in the past ten years is . /~~$orthy of the interest and attention .‘ . of the policyholders. Ten years ago ~â€" ‘the assets at December 31st, 1914, s were tfguz,au.az. an . increase > _ ~ over previous year of $2,389, 35 Other Assets, being .\ interest due and >‘ â€" mecrued and preâ€" «.‘ miumse in course *‘ of collection .... 1,246,509.456 5.1 k C prices of all grains have increased. ‘The effect of the crop is noticeable in the Company‘s loans, as in the hsed good order and~ in several cases. sales of properties have been made under favorable conditions and the the .-o'n_t of its claims instead of Western Outiook Bright 1 had the pleasure of joining the Inspection trip to the West last Fall, being accompanied by the Chairman of the Executive, Mr. C. M. Bowman, and the Assistant General â€" Manager, . Mr. W;ner‘ Somerville. I am only referring to this in a word as Mr. Bowman will have more to say about it. Speaking generally, we found a change . of heart in the West, a change from pessimism to confidence, and a reâ€" turn to that virile spirit which so long dominated our Western people. I believe the West offers an exâ€" cellent field for investment when1 proper choice is made and every care is taken to loan only in good districts, and where the security is undoubted. We are fortunate in hayâ€" ing competent inspectors in the various districts and the interests 2 oh. 100.0 _ °~ Om December 31st, 1924, the as . pets of the Company and percentage ~ which each class of investment bears to the whole are as follows: _\ Mortgages .... .$21,553,716.74 32.6 589.84. At the end of 1924 the Company‘s assets were $65,960,766,â€" 35, an increase over the preceding year of $6,233,378.84. On December 3ist, 1914, mortgages, debentures, bonds and policy loans constituted Bonds ....... ©6,180,908.32 Loans on Policies 3,529,011.00 Real Estate .... 257,184.10 Cagh o 2.......0 0 157,247.32 meen R dih es *‘‘‘Potal Assets of $65, â€" It will be noted that mortgages, bonds, debentures and policy loans constitute 90.75%, of the total. It was deemed advisable to increase ‘the Company‘s holdings in long term Bonds ......« 28,209,809.55 Lioans on Policies 10,155,061.41 Real Estate ...â€" 1,861,971.16 T igh .ccsc ccee‘s 900,958.72 th: Company are well looked ;-ds and these show an increase Of $3,621,580.57 for the year. ‘The Company‘s bond investments at the following: Government & Governâ€" _ «ment Guaranteed . .$ 11,288,459.30 Cilttes ................ 6,088,069.84 WWinwrna and Villages.. . 2,982,659.63 ners of these provinces are y in a sounder position than Che Company‘s investments in of wheat, which is responsible for mds .and debenturés have grown the high prices at present prevail om $6,180,008.32 or 25.19 of the ing for grain of all kinds, no doubt &nmnu.mgwuam»mzwnm. 18,209,809.56, or 42.7% of the wholo, | about a marked improvement in the i December Sist, 1924, The Average| financial position ot many Western of these bonds is about twenty | farmers. But in addition to this the mfs and the avorage Interest | increasing : development of a more on them during the past| diversified production on Prairie ‘wan $.92%. Notwithstanding| farms will, as time goes on, prove uns viald on mew investments|to be a etill greater factor in plac Assets ... 3,279,254.27 and Villages.. ips, Districts & | municipalities. ‘trom page 6) ; its high average bond investments . at 31st. 1924, consisted of put in| from $13,001,397.03 st the â€" TESd:. EC AEX esn ae cb . 19.00, . increase of $539,574.1T.. over ® 3, or amount of mortgage investments at 1923,! the end of the preceding year. The .u.rm-unximn.ma invest: ased.| ments increased from $8,012,744.94 eable‘ on December 31st, 1923,.â€"to $9,194,â€" : the! 42751 at December 3ist, 1924, and chich| the Western investments decreased 100.0 rate trom its investments for a loD€ period and to continue the payments of generous dividends to its policy 42.1 15.4 2.8 1.5 1923 to $12,359,289.23 at the end of 1924. â€" It should be noted that the Comâ€" pany has set up a special. investâ€" ment reserve of $8350,000.00 to cover possible depreciation in its mortgage investments and securities and that the Company‘s bonds and debenâ€" tures have a substantial appreciation ‘o! $1,925,702.15 in accordance with the values fixed by the Dominion Department of Insurance above the figures at which they are carried in the Company‘s books as at Decâ€" ember 31st, 1924. ‘The figures for the year show that our policy loans have increased from $8,851,222.69 at December 31st, 1923, to $10,155,061,41 at December 3ist, 1924, or $1,303,838.72. The percentage that this class of loans bears to the whole. is not much! greater than it was ten years ago as it was then 1439 and it is now] 1549,. I would, however, a;ain‘ urge our policy holders not to avail themselves of the policy loan priviâ€" lege, as it is most desirable in their own interests that the protection afforded by their policies should be maintained and safeguarded. j ‘The Mutual Life Assurance Comâ€" pany of ‘Canada has played a great part in the development of Canada with its investments in bonds and mortgages, which are all working for the upbuilding of Canada, and has been of incaiculable benefit in tupa 910B 52 S : indb uio. at olhdbitvan tz N its disbursements to policy holders the agricultural situation in ‘Westâ€" afid beneficiaries, which are generâ€"| ern Canada and when there is such‘ ally much needed. Last year it l)lid! a distinct movement in the develop to its policy holders the large sum ment of a clearly defined system otl of $6,560,755.51 and has contracteq| diversified production, one ot our| to pay $295,000,000.00 when the ,,,-9_' well known leaders should thru lack sent outstanding policies mature. of proper investigation so misinterâ€" In a word, it has been of preâ€"eminâ€" pret and mlsrepresent the real sitâ€" ent public and private service and uation in Western Canada . . _the future holds for it a greatly._____ _Must Change Methods ______ increasedâ€" growth, â€" prosperity â€"and â€"<A careful analysis of the adverse service. conditions which have prevailed of T Kivs messt nlankmre in SACORdIBL rocebt Â¥ears in Western. Canada Special Investment Reserve as they appear in the Flnnnclal‘ Statement presented today, as the increased market value of the bonds is not treated as even an asset though the Insurance Department permits of this being done. Interest Payments Better During 1924 there has been a disâ€" tinct improvement in interest payâ€" ments on mortgags investments in Western Canada, and there will be a further very substantial amount collected 6n account of interest due in 1924 as soon as the farmers, who have marketed their wheat thru e pool, are paid the balance due on Wheat Certificates held by them, so that when the full proceeds of the 1924 wheat crop is available, there will be a very marked imâ€" provement in the position of The Mutual Life Western farm mortgage investments. ‘The year 1924 will go down in history as marking the/furning point for Wostern Canada and as the year which again brought to the fore the old selfâ€"reliant sptrit of the ploneers who settled on the Prairies in the early eighties. ‘The world shortage nd princi featern | realize that their future prosperity his the| depends on a more diversified form |mflflwm“‘“fl"‘m Prairie} as A of this change in eentlâ€" . prove| ment the leading Daily and Farm h piac| Journals of the West have featured Canaéda| the importance of diversified proâ€" n."n’fl!n.nvll.movm mmuumuqm * In order to get a clearer perspec tive of the future of agriculture in Wastarn ~Canads & ~ retrospect of very much inflated, â€" during which period many farmers purchased adâ€" ditional "Tand at ~Yyery high ~prices. During 1921 and 1922 the whole selves up with Righâ€"price0 IANG 26 1919 apd 1920, but also the great majority of Western farmers who at this time found themselves loaded up with heavy liabilities in many instances as & result of too easy credit furnished to them by banks, loan companies and agricultural imâ€" plement â€" manufacturers. This situâ€" ation was further aggravated by the fact that the great majority of West ern farmers are still following the old method of simply growing m.lnl without a proper systemâ€" of crop rotation and diversified product!on.‘ This combination of cireumstances produced probably the most serious financial situation‘ ever experiepced in Western Canada from which the â€" ern Canada woOWld ©1MOT MARZTCCT ) depopulated or that the standard of living would be so lowered as to| produce a peasantry instead of yeoâ€" . manry: It is to be «egretted that : at this present time, when there ls‘ such an undoubted improvement in : , the agricultural situation in "Westâ€" j ern Canada and when there is suchl West has as yet by no means fully recovered, tho during 1923 and 1924 the situation has improved so matâ€" erially that it is quite safe to preâ€" dict that the West in the main has ; more than turned the corner and‘ is now heading for a period of per-l manent and substantial prosperity notwithstanding the very doleful pictures which have recently been drawn of Western conditions, a well known Ontario leader recently goâ€" ing as far as to predict that West shows very clearly that from fifty to seventyâ€"five per cent. of the finâ€" ancial difficultles which have emâ€" barrassed so many farmers during that period were within control of the farmer, as they were caused as the direct result in many cases of buying â€" additional land at high prices, in others, thru lack of sufâ€" ficient diversity of production and a disregard of sound economics coupled with an attempt to crop too much land under conditions which invited failure. The force ot this statement is evidenced by the fact that all thru the Prairie Proâ€" vinces there are individual farmers, because they did not attempt to cultivate too big an acreâ€" age, . properly cultivated _ their lands so. as to conserve molsâ€" ture and not allow weeds to conâ€" trol, an§ in addition had a diversity of production, have come thru the deflation period of 1921 and 1922 | fully as well as have the farmers of the Province of Ontario. Time will demonstrate that the very adversity which the farmers of Western Canâ€" ada have experienced during 1921 and 1922 wiHl do for them what a similar experience did for the farmâ€" ers of the State of Illinois over fifty years ago and for the State fof Kansas some forty years @@0, at which period the farmers of both of those States were in the main mostly "broke" as the result of farming in a manner similar to that which has been so lasgely followed in Western Canada. The conditions existing at that time in the States of Minois and Kansas forced the farmers of those States to change their farming methods from mining the fand to a #ound systein of crop rotation and diversified production, which in a comparatively short time brought them permanent pros perity. As the farmers v:m?m and Kansas turned ad into sound system of diversifid farming so the farmers of Western Canada Canada would either become muwmu-uutuw1 toba Free Press, January 10th, 1925, the Honorable John Bracken, Premâ€" ler of Manitoba, is quoted as folâ€" lows: Premier of \ _ Particularly, however, the raâ€" pid development in mixed farmâ€" ‘ ing in the Province is playing a distinct part in the change which has come over Alberta. This year our farmers will proâ€" duce â€" nearly twenty . million pounds of butter and two million pounds of cheese. In the past threeâ€"years Alberta has changed from a poultry .importing Provâ€" ince to an exporting Province." Honorable Chas. A. Dunning, Preâ€" mfer of Saskatchewan, is quoted as‘! follows: In the Anmual Agricultural that what the Province must do to fay the foundation of pesmanâ€" ~ "Qne thing is quite certain, however, that the general morâ€" ale of the farmers in Saskatchâ€" ewan is decidedly on the upâ€" grade. So far as the géneral economic situation is concerned, the farmer is down to bed rock" ‘The Regina Leader of January 15th, in reporting the proceedings of the Annual Meeting of the Agriâ€" euitural Societies of Saskatchewan, quotes Mr. N. B. Williams, Presiâ€" dent, as follows: "I know of no country that can stage a comeâ€"back more quickly than Western Canada. when a omparison is made with: the conditions which existed twenty years ago, the difference is striking." ht Herbert The results of the year are sufâ€" ficient, you will agree, to point the moral that coâ€"operation, scientificall employed, as it is in our case, ellmf- nates the middleâ€"man and his profits and, thus, assures to the ?ollcyhold- ers a more generous distribution. A Mutual Comp-ngn;fim for the express purpose of ishing maxiâ€" mum protection at a minitmum cost and its success is indicated in the amount by which the cost of protecâ€" amount by which the cost omoue- tion is reduced. When it is m«l durin: the lifetime of The Mutual 0 Canada, $15,963,134.22 was paid in dividends to policyholders and that, of this amount, the large sum $12,870,044.28 was paid out dm past ten years, it will be self t that the aims of the mu‘ hains realized. and that it is 0 tionâ€" i,'e“a;&‘;'e'.u"s'é'&.'m'i that it is functionâ€" ing in accordance with the altruistic motives of its founders. is quoted as folâ€" msoaiittssâ€" Record Surplus of $3,000,2400 \\\\\\\\ \\\\1’1///////5//4 earned for Policyholders of § m’f// Mutual Life of Canada z t A F] se Previous High Mark Passed by Half a Million Dollars â€"Chas. Ruby, General Manager. Striking Statements from Addresses A Wonder Year for Mutualists Hume Cronyn, President. liams stated that it is his belief "That the factors which would ultimately have to govern the activities and business methods that it tends to . our future success on a larger area of indifferently tilled land umwfllflmmm to reap one or more good trops u“fllmmfi“flt reasonable high price rather than on the safer and saner poiâ€" icy of a gradual adoption of a system of farming that, to some extent at least, is not so depenâ€" dent for results on ‘the vagaries of Western farmers was a greater efficiency in farm manâ€" agement and operation. The continuance of some form of diversified farming that will the living expenses. A close study of market reâ€" grade or quality of the commodâ€" ity produced. Scrupulous . regard . for the sanctity of all legislative conâ€" tracts and for the payment of debts honestly incurred. » Careful consideration of the conditions under which credit in any form may be safely and satisfactorily obtained. Continued investigation into the matter of marketing all farm products with a view of placing those products in the hands of the consumer at the lowest posâ€" sible cost. fln utmost respect for constiâ€" tutional authority and the laws of our land as long they are the portion of his AYEAR of most gratifying results was reported to the policyâ€" holders of The Mutual iii..mce Company of Canada at their 55th Annual Meeting on February 5th,. In every phase of its business, the growth of Canada‘s pioneer Mutual Life Company was eminently satisfactory during 1924. The real test of a life insurance company operating on the participating plan is its surplus carnings from year to year. Jt is, therefore, of supreme interest to our policyholdenfâ€"who alone constitute the companyâ€"that theâ€" 1924 surplus earnings reached the record total of $3,500,258. . During the past year an increase® T7 sllcyholden of $579,962.33 more than was paid ,689,007.99 lnvin1 been paid out in dividends T cant when it is realized that it meant a RETURN approximately 25% of premiums received by the c During the year a total of $43,324,297 of new ";nnnm was WrittEn, regteunfln( an increase of $4,283,179 over that of 1923. This increase shows a healthy, progressive expansion of the company‘s businessâ€"expansion as rapid as compatible with the best interests of the policyholders. ‘The business in force now amounts to $295,729,866 on 135,285 policies, mrud with $269,982,566 at the end of 1923â€"a net increase for 1924 of $25,747,300, after 'h"ie':f for policies revived and bonuses, as well as new business, and deducting the various terminations. cially on Increased Distribution to Policyholders The Company‘s Exceptional Strength now entering upon the final stage this â€"evolution Uyâ€"commencing adopt s system of orop rotation a history of all the agricultural a tions of the United States, and ‘mmum'-fim ecâ€"operation between ho FIGG: ‘mamu-umm«mmm ‘wmmammmpmmmmu mnwmcummmhm‘dydwm' prosperous as the years go by . um\m«mmomm Up to a few years ago one of Company interested. During the past the main auwmummwmmt&uudwm mixed mmumwmmm-uthnuuotnolunnuu wuthemkot:pmtcmmm“’hm“&mtmm lputumudotumwmrwh.vhwhmm-umn T & Anwmar awnare from: a wilderness "anced by ‘the followirigâ€" tribute been very largely isolred by the h100 0040000 ut dn tw t in s ho dP 3 ui atntom e t Swest Clover in a Tecent iwsue of &reater ~portion" of the Josw Uhf the Grain Growers‘ Guide of Winniâ€" weeds in Manitoba,: estimated by peg and the Farim and Ranch Re. fhe Agricultural Department of, that staw. af fnlonry® ‘ â€" m'hee to be ‘w.‘“.m M‘ view of Calgary: spread of sweet clover, sults, which have been obtained by practical farmers who are us ing it, it is not too much to say biggest single factor in making possible the changes by which farmers are â€"adjusting themâ€" selves to the" economic condiâ€" tion of the times." "The Case of Sweet Clover. Healthy Increase in BJ;iness Sweet clover is entirely sucâ€" cessful all over our Prairies and our technical agriculturists, emâ€" ployed by both the Federal and Provincial _ authorities, . might well focus almost exclusive atâ€" tention to promoting the producâ€" â€"Grain Growers Guide. year an illcreucd _ O N TA R I O of this Mutudl Life former owners, from a wilderness of weeds to clean, productive and carn and will be eliminated as the farmers of Manitoba adopt a sound system of crop rotation. * Now Recovering Owingâ€"to the adverse conditions of recent years from which the farmâ€" ers of Western Canada are now cOmâ€" mencing to recover, some find it ilmpouible to develop a more divâ€" ierslfled production as rapidly a$ they desire owing to their inability to finance milk cows, brodd sows, and cattle for winter feeding, which are required to work out a wellbat anced production, This situation emâ€"« phasizes the necessity of giving very serious consideration to this imporâ€" tant problem, now that the majority of Western farmers realize ‘the necâ€" i'euuy of engaging, to a limited exâ€" tent ution ‘was made to t in 1923, a total of s sum is most signifiâ€" ) the policyholders of pany during the year. urances was written, ‘This increase shows isinessâ€"expansion as y of engaging, to a limited exâ€" at least, in lines of production (Continued on page 4) t ar «K