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Cy A EK er & _Rate of Interest increased to §.55%; Death Claims lowâ€"Only 36.85% of the exp 3 Marked increase in mortgage investments and investment and premium & ; income; Company‘s success reflected in large growth in surplus. Incomeâ€"The Income for the year amounted to the sum of $1,073,655.48. insurancesâ€"New policies were isâ€" sued and old policies revived numâ€" bering 3582 for $7,789,416. ‘Total Policies in Force number 14,731 for $33,050,441 of Life Insurance. This is significant of the future successes awaiting the Company,. since it must be remombered that all its policies are sold on the Nonâ€" participating bafis, that is at low, guarantéed rates, and these low rates allow little margin for surplus accumulations. _ Nevertheless the Company‘s low rate of mortality, its favorable returns on its investments and its low operating costs, have combined to make its operations profitable, and momentum is being given this growth, by the lar;e volâ€" ume of insurance placed on the books. . A summary of the financial operaâ€" tions of the Company is given in the Director‘s Report, which was preâ€" sented by the President, Mr. S. C. Tweed, as follows: ® To the Shareholders of The Ontario Equitable Life and Accident Insurance Company: Your directors have pleasure in submitting the Annual Statement of the affairs of your Company for the year ending December 3ist, 1926, and beg to report as follows: ‘A pleasing feature of our business for 1926 is the large increase in the income from premiums and investâ€" ments, the increase for the year beâ€" ing $151,683.88. The invested Assets of the Company earned an average rate of 6.55% The Excess of Income over Disâ€" bursements for the year amounted to $575,852.40 as compared with $358,673.70 for the year 1925. Assetsâ€"The Assets of the Comâ€" pany which consist principally of Government and Municipal Bonds and First Mortgages upon improved real estate are $3,822,315.82. In the above Statement no account is taken of such items as Office Equipment, Agents‘ Balances due over ninety days, or appraised value of Head Office property over cost. â€" The Company‘s success in its year‘s operations is reflected in its Surplus which increased by $160,000 to $246,158.26. Although a substanâ€" tial part of this increase was contriâ€" buted by the amalgamation of the Reâ€"insurance Company during the year, the business operations of the Company itself were conducted at a satisfactory profit. Disbursements â€" T he Disburseâ€" ments for the year were $497,803.08. Liabilitiesâ€"The Liabilities of the Company are $3,245,157.56, Paidâ€"Up Capital $331,000 and Surplus over the Liabilities and Capital Combined $246,158.25. Payments to Policyholders and Beneficiaries â€" Payments to Policyâ€" holders and Beneficiaries amounted to $155,123.35 as compared with $158,562.63 for 1925. Generalâ€"While each year of our history has in many respects been a record one, your Directors feel that the year just closed was the most successful in the history of the Comâ€" pany, satisfactory progress having been made in all the departments of the business that go towards the buillding of a strong Life Insurance Company. Your Company is now in the posiâ€" bNon where substantial growth can be expectad sach yoar. . The yoar 1997 gives every promise of greater results than any previous year. The progress of the Ontario Equitâ€" able has been followed with great jnterest, particularly by the people of this community who contribuitéd much of its original capital and inâ€" surance. = Its success in extending its field of operations across the whole Doâ€" minion, in building up an annual inâ€" come ‘of over One Million Dollars and in putting over 33 Millions of Insurance on its books in seven years, is a source of great satisfacâ€" tion locally and a basis for considerâ€" able optimism on the part of the Shareholders. ~~ The dominant feeling at the Shareholders‘ Meeting, held Monday afternoon, January 31st, at the Head Office of the Ontario Equitable Life and ‘Accident Insurance Company, Waterloo, was one of great satisfacâ€" tion with the splendid showing the Company made during the year just closed. Directors‘ Re port _ In History of the Compain Seventh Annual Statement Shows Comg’:iny; Expanding at Rapid Rate The Surplus increased from $86,â€" 065.50 to $246,158.26. Part of this increase was contributed by the amalgamation of the Reinsurance '(‘omyany, and part arose from a sucâ€" lcesslul year‘s operations. The Ontario Equitable has a most efficient Head Office Staff, and Agency organization, and they have coâ€"operated in every way with the management to the satisfaction of your Directors. of the Reinsurance Company of Canâ€" ada was amalgamated with the Onâ€" tario Equitable following approval of the sharehoiders of both Companies, and the Su_gerlnlendem of Insurance for the Province of Ontario. Your Directors are of the opinion that this amalgamation will improve the earnâ€" ings of the Company. Dividendsâ€"On July 26, 1926, a dividend of 3% was paid upon the paidâ€"up Capital and a similar Diviâ€" dend will be paid on February 1st. Assets were nearly Four Millions, the exact amount being $3,822,315.82. In no year of its history has the Ontario Equitable made such gratiâ€" fying advances as in 1926. Auditors‘ Reportâ€"The books of the Company have been audited regularly throughout the year by Messrs. J. and J. F. Scully, C.A., and their certificate is submitted here with; also the certificate of the The Company had on deposit with the various Provincial Governments bonds to the value 05834'8.133 for the security of Policyh@lders. The Policy Reserves, held on the Government Basis for the protecâ€" fion of the Policyholders increased by $644,616 during the year, and at the end of 1926 amounted to $2,42%,â€" 896. Insurance in Force was increased during the year to $33,050,441. The Interest Earnings increased from a rateâ€"ofâ€"6.020,â€"140.6.55¢,. The total Income for the year exâ€" ceeded One Million Dollars, the Gross Premium income alone totalâ€" ling nearly that amount. ‘The Death Claims decreased from a rate of 40.6¢, to .36.85% of the Expected. Outstanding Items From the Financial Statement. POIHENNS ... .1 10,sereieveveversevevercens oaverveverstpentresvavstzess Outstanding Premiums, Due & Deferred (net) Balances Due by Agents and Others ............... Interest Due and ACCPI@d .................cslllclls Cash on Hand and in Ba&RK ... Gross Premiums ... Less Paid for Reinsurance Bonds and Debentures at Market Value .......... Mortgages (First Liens on Improved Real Interest, rent, profit on investments and other ie ie REUBEG®)] â€"ssssssemereavmmensiremeriveevenensennnbereninievniesbesrces R@&1 FBtALO ...............l0 en ecmmeemmmmnmmnensemmemmmcnmmnne Loans to Policyholders on Security of their .. We beg to report that we have audited the books of acccount and vouchers of your Company for the year ending 31st Decemâ€" ber, 1926, and that we have found the same correct. se Total Income Total The Ontario Equitable Life Respectfully submitted, + 42 _ _ and Accident Insurance Company Financial Statement For Year Ending December 31st. 1926 INCOME | DISBURSEMENTS ASSETS committee of the Board of Directors who were appointed to check the securities. The reports of the Acâ€" tuary and Medical Director are also *submitted. * Dividends.â€"A year ago we stated we did not feel in a position to pay a Dividend, but the progress of the business enabled us to do so last July, and to follow that with anâ€" Retiring Directors â€"The retiring Directors areâ€"Messrs. S. C. Tweed, E. C. Mitchell, J. A. Martin, J. C. Breithaupt, W. E. Long, Senator H. W. Laird, Edwin Irwin, Hon. Manâ€" ning W. Doherty, Hon. F. C..Biggs, A. E. Silverwood, A. W. Briggs, K.C., E. K. Reiner, W.‘E. Payne, K.C., Chas. S. Morton, M.D., M. Rousseau, J. M. Riddell, H. G. Bertram, and Ralpfl Locke, all of whom are eligâ€" ible for reâ€"election. Respectfully submitted, 8. C. TWEED, You may recall that a year ago we furnished you a copy of a letter sent to each of !)ur agents, analyzing our business and outlining our obâ€" jectives for 1926. i In moving the adoption of the Reâ€" port, Mr.. Tweed spoke as follows: President and Managing Director of the Ontario Equitable Life and Acciâ€" dent Insurance Company. President Tweed‘s Comments $965,380.55 188,751.74 8. C. TWEED $ 1,639,207.55 $ 3,822,315.82 $1,073,655.48 1,498,341.04 114,424.44 $884,903.74 313,690.32 128,891.87 6,725.17 45,234.99 75,800.44 188,751.74 President AVUOITOR®‘ CERTIFICATE General. The year 1926 was the most successful in the Company‘s experience. The Company finds itâ€" self in a strong position from which further extension and noew successes will result. â€" A Dividend of 3¢, upon the Paidâ€" Up Capital was paid in July, 192%6, and a similar Dividend will be paid in February, 1927. Operating Costs showed a ‘conâ€" siderable comparative decrease for the year. Assets.totalled $3,822,315.82, conâ€" sisting principally> of Government and Municipal ‘Bonds and First Mortxagag upon improved Real Esâ€" tate. The Investments earned an average rate of 6.55¢%, as compared with 6.02¢, for the year previous. Surplus over all Liabilities was $246,.158.26, a substantial increase for the year. ** Payments to Policyholders were $155,123.35. The Company‘s Ciaim Losses were only 36.85¢, of the exâ€" pected, which is even less than for 1925. other Dividend on February 1 of this year. L Income for the year amounted to ,073,655.48 and Disbursements to &1,503.08. the excess of Income over Disbursements being $575,â€" 852.40. Liabilities. ‘The principal item in the Liabilities is the Reserve for Protection of Policyhoiders, amountâ€" ing to $2,422,896, an increase of $664,616 over 1925. â€" Expenses.â€"Our business having been well established, we felt that expenses could be reduced during 1926. While this policy caused a slight falling off in New Business, we accomplished our aim in effectâ€" ing a desired $35,000 expense sayvâ€" ing. _ & Insurance in ‘Force. increased $33,050,441. > Favorable Factors and Surplus.â€" Other important features of the year‘s operations are: (1) A lower Mortality ratio (36.8$5% of the Exâ€" pected as against 40.6¢, for 1925); Excerpts from Director‘s Paidâ€"Up Capital ................. Surplus over all Liabilittes QUIFORYOB ES ..... .cs epsesenrelnvensresvevevebiviberoibents Policy Froceeds Left on Deposit ... Premiums Paid in Advange ... Balance Due on Bonds ................................ Agents‘ Credit Balances ... StAM SAVIME® FUMO ... Investment Account (Borrowed Money Taxes (Provincial, Federal, Municipal) Agency CommiISSi0N8 ........s.mouâ€"amunces General EXDENS@® ... ussmc Dividends Paid to Shareholders ... Policy Reserves According to Statutory Reâ€" Reinvestment at Higher Rate ... Reserve fox.Unpaid and Unreported Claims, ACCOURE®, @LC,. ....... ... ... .lconnsievieviesesivetsnemnasinenns, and Indemnity Claims ....................$110,300.84 Policies Surrepdered for Cash ........... 43,463.81 Prem. Refunds on Reinsured Policies â€"1,358.10 Payments to Policyholders: Death, Disability For the Year Ending December 31, 1926. Total Disbursements Income Saved ... LIABILITIES to 1927.â€"We do not hesitate to say Iu\at the year closed was the most successful in our history. This sucâ€" | cess will be utilized in a contemâ€" | plated expansion of business producâ€" !tlon in 1927. The cost of this will ’increase somewhat; our Claim | Losses may also increase with the llarger business. But we have built | uP & magnificent Premium Income |and the Interest Income has grown { not only absolutely but relatively through a higher rate, and barring ;any unusual circumstances, 1927 , will be a year of considerable &nd ‘very satisfying gains in all essenâ€" tial departments of our business. _ All these factors have been reâ€" flected in a â€"«gratifying increase in the Company‘s Surplus. ‘While it is ; true that part of the increase is due to the Surplus acquired from the ‘ Reinsuranceâ€"~Company, ° we â€" are | pleased that our year‘s operations ‘also contributed a substantial part. Investments.â€"Little need be said about the character of ‘both our Mortgage and Debenture Investâ€" ments, which are in first class shape, and which you will note from the Statement, have increased material ly during the year. In view of the "good rate yielded by our Investâ€" ments it was profitable for the Com:â€" pany to establish the Bank Loan reâ€" ferred to in the statement, the statement, the money having been secured at a lower rate. s As the report indicates our Investâ€" ments in Mortgages have grown to $1,498,341.04. This amount repreâ€" sents First Mortgages on improved real estate and the high quality of the investment is shown by the fact that on December 3ist the past due Reserves. â€"Our Policy Reserves which have risen to $2,422,896, conâ€" stituting the largest single item in our Liabilities, are computed strictly on the Government basis. The amounts we have set aside for conâ€" tingent purposes have been liberally increased over the year previous, adding strength to â€"our position which a Statement cannot adequateâ€" ly represent. (2) Higher Interest earnings, the rate having incréased from 6.02% in 1925 to 6.55¢ in 1926; (3) Gains and economies through increasing our limit of retention from $5,000 to $10,â€" 000, made possible by the amaigamaâ€" tion of the Reinsurance Company last July. â€" Auditors. 14 for $ 3,822,315.82 $ 2,422,896.00 8,047.00 4,414.52 1,924.83 f 1,265.61 $1,073,655.48 $479,803.08 575,852.40 $155,123.35 _ 18,213.81 176,405.05 142,060.87 €,000.00 785,1759.29 20,000,.00 $31,000.00 246,158.26 $50.31 ‘ At the close of the mesting a short Directors‘ Meeting was held at which Mr. Tweed was reâ€"elected President for the year. Mr. J. C. Breithaupt, Mr. Rdwin Irwin and Senator H. W. Laird, were elected Viceâ€"Presidents. The following were reâ€"elected as Directors for 1927,â€" Mr. H. G. Rertram, Dundas; Hon. F. C. Biggs, West Flamboro; A. W. Briggs, K.C., Toronto; Hon. Manning W. Doherty, Toronto; Raiph Locke, Montreal; W. E. Long, Brantford; J. A. Martin, Kitchener; E. C. Mitâ€" chell, London; Chas, 8. Morton, M.D., Ope of the Company‘s first agencies was established at St. John‘s, Newfoundland, and Mr. Thos. Soper, the Manager at St. John‘s, brought greetings to the Company from the distant Newfoundland policyholders and shareholders. Mr. W. G. Weichel, M.P.P., conâ€" gratulated the Company upon the excellent record it had achieved. Mr. A. W. Briggs, K.C., of Toronto, spoke briefly, expressing his admiraâ€" tion for the methods which had brought the Company outstanding success. Mr. M. Rousseau, one of the Com:â€" pamy‘s Quebec Directors, dealt with the business of the Company‘s Monâ€" treal and Ottawa agencies. Dr. Charles 8. Morton, of Halifax, followed Mr. Payne, and spoke optiâ€" mistically of the conditions and outâ€" look in that Province. Dr. Morton indicated the very favourable class of business which had been placed on the Company‘s books from Nova Scotia, where over $1,500,000 of in surance was in force. it was significant of the benefits of life Insurance that, although the Province was far removed from the Company‘s Head Office, the premium cost to the policyholder was no greater than for those living much closer, and in this respect he conâ€" trasted the effect of discrimination in freight and coal rates. The extension of the Company‘s activities throughout Canada was well illustrated by the various speakers who followed and who had come from all parts of Canada for the meeting. Mr. W. E. Payne, K.C., of Red Deer, Alta., a Director of the Com:â€" pany, referred to the leading posiâ€" tion the Company‘s Edmonton agency had secured. Mr. Payne stated that In seconding the motion to adopt the report, Senator H. W. Laird o!“ Regina stated that it had been his pleasure to act in that capacity for: a number of successive years during: which time a steady growth of the‘ Company‘s assets, surplus and preâ€". mium income could be traced. The‘ Senator referred to the fact that the: Ontario Equitable had far‘ outâ€" distanced _ every other company, started at the same time. The seâ€"“ cret of the Company‘s progress lay in the fine spirit of cooperauonl which permeated its Agency and | Head Office organizations. ] interest amounted only to $1179.26. Among our Assets we have not inâ€" cludeg such substantial items as Office Equipment. Appreciatior of Shareholders‘ Coâ€" operation.â€"On behalf of the agents of the Company, a word of appreciaâ€" tion must be given the many Shareâ€" holders who have furnished us busiâ€" ness, suggestions and assistance during the year. This coâ€"operation has always been useful and highly regarded by the Company, and your Directors are confident that it will be well rewarded. â€" Senator H W. Laird Growth of ‘Reserves for Protection of _ Policyholders 1920 1921 1922 1923 1924 1925 1926 Other Speakers $ 20,278 64,103 194,526 1,049,703 1,379,915 1,778,280 2,422,896 Get a 35 cent botâ€" m tle of St. . Jacoba Oit at any drug store, and in # moment you‘ll be free from pain, soretiess and stiftâ€" ness. In use for 65 years for rhenâ€" matiam, sciatica, neuraigia, inmbago, backache, spraina, Ouch! Rheamatism! Rub the Pain Away Mrs. Eph. Fried and Miss Gladys Fried visited with Miss Bricker at Kitchener on Sunday. Stop drugging! Rub soothing, penetrating St. Jacobs Oil right inâ€" to your sore, stiff, aching joints, and relief comes inâ€" stantly. St. Jacobs Oll is a harmless rh en m atism lini ment which never disappointa a n d / cannot _ burn . the akin. * The Junior Women‘s Institute will entertain the Junior Farmers at a Valentine social on Friday evening, Feb. 11. The president of the Jn:z Farmers requests the boys to co: early as there is to be a business meeting before the social. Mr. Vernon Holm of Galt spent the weei-enfl at his home here. Rev. W. Backus occupied the pulâ€" pit of the U. B. Church here on Sunâ€" day evening. Mrs. J. Lepp has been on the sick list but is improving. Mrs. A. Drinkwater and daughter Catherine of Galt spent the weekâ€" end at the home of Mr. and Mrs. J. Lepp. Mr. Gordon Rohr of Mannheim is visiting with Mr. and Mrs. A. Poll. Mr. and Mrs. J. Holm of Plattsâ€" ville spent Sunday with Mr. and Mrs. L. Holm. Practically all of the agents who were in attendance at the annual meeting remained over until Tuesâ€" day for the purpose of attending the agency convention, which is being conducted at Head Office to discuss Company problems and the extenâ€" sion of field activity with a view to increasing production. in the evening abanquet was held in the Crystal Ball Room of the Waiper House for the Company‘s agency and Head Office staffs. The Directorsâ€"and members of the staff and their wives, the Ontario agents numbering over 100, listened to exâ€" cellent addresses delivered by the President, Mr. Tweed, Mr. S. P. Quilty of Ottawa, representing the agents, Thos. Soper, St. John‘s, Newfoundland, and Rev. E. J. Chegâ€" Mr. A. SWwitzer paid a business visit to Toronto on Monday. 4 Halifax; W. E. Payne, K.€., Red Deer; E. K.'Reiner, Wellesley; J. M. Riddel!, Stratford; M. Rousseau, St. Anne de la Perade; A. E. Silverâ€" wood, London. â€" Messrs J. & J. F. Scully, C.A., were reâ€"appointed auditors. Agency Convention We operate under strict Government Supervision, Open an Account toâ€"day. Waterloo Provincial Gov e r n m en t is the basis upon which we ask you to open a Savings All money left with us must be invested in Trustee Th Vaterioo Trust â€"and Savings Company _ ~ 4| ROSEVILLE Galt at Kitchener A se