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_‘ Waterloo‘s Youngest Insurance Company Writes More Than‘ 3 Six Times the Business Written u&m, With ' ts Premium Income of Over $172,000. H * Accident Insurance Co. Report _ a Year of Encouraging Progress There was a large and enthusiastic gathering . of shareholders at the second annual meeting of The Pilot Automobile and Accident Insurance Cémpany, held at its head Office in Waterloo on Monday afternoon. A spirit of optimism pervaded . the meeting as a result of the very favorable result of the year‘s operaâ€" tions. A marked gain in business writien was recorded which was reflected in the premium income._of $172,223.16 for the year as compared with the previous year‘s figures when $25,â€" 614.68 was received in premiums. The agency force now nunwbers over two hundred and l.!_leir efforts reâ€" sulted in the writing of over gix times the business written in 1927. The operating costs . were . very moderate while the claims were also exceedingly {favorable, combining to produce _ the _ gratifying _ resulte achieved. When the meeting convened up wards of thirty shareholders were in attendance. f Mr. J. Leslie Staebler of Kitch ener acted as chairman of the meetâ€" Ing. â€" In moving the adoption of the dirâ€" ectons‘ report Mr. D. Mcintosh, manâ€" aging director of the company briefâ€" ly reviewed the work of the past year and spoke of the bright prosâ€" Mr. E. W. Clement, vice president, read the minutes of the last annual meeting which were adopted as read. HON. W. D. EULER +Is REâ€"BLECTED PRESIDENT Mr. D. Mcintosh Managing Director of the Pilot Autoâ€" mobile and Accident Insurance Co. Remarks of Managing Director The Pilot Automobile and Accident Insurance Company, Limited 31st December 1928 s Investments at Market _ Â¥anie ...commpuncamcn$151,617.30 Accrued Interest thereon 2,606.04 esw eotemcmvec § 154 , 1 29.0 0 Accounts Receivableâ€"Agents ........ 12,613.80 Deposit Premium with Reâ€"insurance CD. . ies sirrinspronncommepeinpedennenconrnecnrencares 200.00 Cash on Hand and In Bank...............__ 6,860.32 Not Admitted by Department of Insurance Furniture & Fixtures ......$5,030.82 Less Deâ€" preciation ... _ 503.08 Agents Balances on Business Prior to Oct. 1st ........ Kitchener, Ontario, January 22nd, 1929. Expenditure FExpenses ................ Commissions |..........,. Expenses per Schedule Cash Underwriting ProfiL_..........:.....zo7. Claims Paid Net ........ Adjustment Fees & We hereby certify that all our requirements as Auditors of the J and Accident Insurance Company Limited have been fully complied Cash Underwriting Profit Brought Down Premium OR SR&PGG..â€":.â€"â€"ssrccrsssccssrccccss Les#s EXDBNSBE ..:scmrsuvccincconreccscicrs Interest on Investments .. Increase in Reserve for Outstanding Claims Increase in Reserve for Unearned ;nmium ho d dsn isnscs sn Batance December §1, 1027 ...s......... .cc .cs cercisnisnsise. Profit & LOBB SACCOUNRE ............»â€"1â€"souiscecsvesssresvernnecrenesensecet Increase in Reserve for Agents Accts. Overdue ............ Reserve re Market Value of Bonds ..................s..... $4,527.74 1,658.31 , 6,186.05 to surplus account ..... ASSETS 40,527.36 5,927.65 40,460.96 41,765.36 pects of the company for the future. Two essentials were necessary for the success of a company and that was to demonstrate its ability to aeâ€" quire business and write it at a satis~ factory profit, Mr. Mclniozh pointed out. Continuing, he said: "Dealing with the first, i# might be well to review our business progress to date. At the last General meetâ€" ing. it was stated that we hoped to write during the year 1928, from three to four times as much business is had been â€"written during 1927, whereas, we actually wrote during he past year $172,223.18, or more chan six times the business written during 1927. "One of the most important conâ€" siderations in expanding the busiâ€" ness of the Company in 1928, was the acquisition of the best type of producing agent. That we have sucâ€" ceeded in expanding our Agency torce to an unusual extent, may be gathered from the fact that we adâ€" ded during the past year 107 new agents. At the ‘beginning of 1928, the number of Agents reporting busiâ€" ness was 97, and by the end of the year it had been increased to 204. Apparently these Agents wef'e selectâ€" ed advisedly, for the premium inâ€" come from business written in 1928 by the Agents appointed that year, was $65,000.00, or more than twice that resulting from the first year‘s business of the 97 Agents appointed in 1927. "Another significant fact which inâ€" dicates the favourable standard of the Company‘s Agents and shows the possibility of development of »ther new Agents, is that the Preâ€" nium Income produced during 1928 1y the Agents appointed in 1927 is more than four times that produced Turing their first year. These figures should satisfy any doubt as to the bility of our ccmpany to get busiâ€" ness ‘ "The only other matter to consider ‘s whether we‘have the ability to write ‘h:lsifl?ss at a satisfactory profâ€" t and this may be disposed ‘of by ‘onsidering only "Acquisition or Opâ€" wrating Costs" and "Claims". "It is a self evident fact that a young Company must acquire much in its early days for future use. Ofâ€" Zice and organization expenses cover ‘he setting up of machinery that will operate,in the future, requiring only maintenance.. Despite this. the Compabny brings its second year to a. close with â€" acquisition _costs UNDERWRITING AccouNnt $173,797.52 $165,275.69 128,681.33 36,594.36 BALANCE SHEET Low Operating Costs Profit & Loss Account Surplus Account Reserve for Claims Outâ€" standing Net ... Reserve for Winter Storâ€" age Premiums ... Reserve for" Unearned PPEMHUMS ....s.cc.cccmuccres Total !.i.bililiesâ€"â€"Excluding Capital..$ 89,475.43 Surplus Security to Policyholders Taxes Acctued Accounts Payableâ€" Reâ€"Insurance ... Accounts Payableâ€" Agents Credits ... Capital: â€" Authorized 2,000,000.00 Capital _ _ _ ____ _ Capital Paid Up"10%......$ 75,000.00 Surplus Account .. . 9,322.09 Income Premiums Written ... ! Less Return Premiums $ 25,261.26 Less Reâ€"insurance Ceded .......uullllll. _ 7,091.03 Subscribed _ 750,000.00 by J. G. SCULLY, C.A. t R. P. UFFELMAN, C.A. \ | _ Comments of Hon. W. D, Euler amcunting to only $2.78 higher than the average of all other Canadian Companies. An analysis of the figâ€" ures shows that this margin is enâ€" tirely accounted for in such items as Office furniture, fixtures stationâ€" ery. advertising, etc. Administraâ€" tion costs on the other hand, show a favourable margin under the aver age of all other Companies. The comâ€" pany has therefore been established on a basis upon which it shall be able to operate at costs less than the average without curtailing our programme of development. "Any new company may consider itâ€" self fortunate if it is called upon to meet only the. average claim ratio predominating in the field of its opâ€" operations. The fact that the claims for the two years of operation have been $20.00 less per $100.00 of Preâ€" mium Income than the average of all Companies doing similar business in Canada. is a distinct accomplishâ€" ment, and indicates that our underâ€" writing policy is sound." Who was reâ€"elected Presi@ent of the Pilot Automobile and Accident fnâ€" surance Company, at the annual meeting held on Monday. He was "satisfied that the comâ€" pany had an organization with the ability to acquire business and also the ability to write it at a satisfac tory profit. In conclusion he stated that "if the plans by which our afâ€" fairs have been guided so far are adhered to in the future, the success of the Company is assured." In . seconding | the motion . preâ€" sented for the adoption of the directors‘ report, Hon. W. D. Euler, Minister of National Revenue, and president of the company, said he was pleased with the uyusually ..$ 2,839.88 .. _ 1,824.26 207 2,176.47 .. 9,322.09 of the Pilot Automobile omplied with. LIABILITIES $ 31,750.00 _ 8,782.00 $ 14,750.47 57,088.34 SCULLY & SCULLY, $15,062.68 $15,002.68 $71,838.81 $71,838.81 «......... $ 15,962.08 ....:....$ 86,594.36 Hon. W. D. Euler $ 17,004.27 O 1,085.83 67,515.65 Claims 7,091.03 32,352.29 361.53 130.00 27,9068.00 4,436.59 «* 2,889.86 $ 85,605.75 $ 84,322.09 $173,797.52 $197,627.98 Auditors. $165,275.69 491.53 3,378.15 ;.T.'.'.;'di-in'-w Fireside Fancies kood business the firg few years And we had a "braw nicht" b'”.*“hh““'u»r‘hfi‘Aufl up a substantial surplus rather than use the money to pay dividends. President Ruler said ho was grati fied at the amount of bisiness writâ€" ten in 1928 totalling over $172,000 as compared with $25,000 for 1927. This he said was convincing oviâ€" dence that the company was capably He was also gratified that this young company compared very fayâ€" orably with older éstablishéd comâ€" panies in its ability to get business that was profitable, and | believed the management would have little trouble in reacir‘ng an objective of $300,000 business for 1929. Mr. Euler pointed out that while the Pilot Inâ€" surance Co., operated at a profit in 1928, the year‘s operations of others <howed heavy losses, particularly in the writing of automobile insurance. The new advanced rates on automoâ€" bile insurance which go into effect on March ist are important and will be to the advantage of all companies for 1929 $ managed and with a .live agency force of 204 there should be continâ€" ued progress. In speaking further Mr. Euler said he noted that there were 204 insurâ€" ance companies operating in Canada, of which only 40 were Canadian Comâ€" mpanies. I think this is a condition which we should be anxious to change. In any case Canadian comâ€" panies of any description should se cure the support of our own people. In conclusion â€" Hon. Mr. Euler stated that the thanks of the share holders was due the officers of the company for their excellent work during the year. Major Windeyer, one of the new directors on the board said he had been connected with the company only a short time. HMe had however been acquainted with the Managing Diréctor for many years and was much impressed with his care and thoroughness. If he had. not been so impressed with the sound underâ€" writing principles of the Managing Director. he would never have deâ€" parted from a strictly conference or Board man. He said he was also pleased to note the large amount ‘of business written and the low over head cost, which was an important factor in the suceess of 'zmy conâ€" pany. (Mr. «Melntosh was careful in the selection of risks and had the ability to say no when a poor risk was offered. * ~ The success of an insurence comâ€" paid. said Mr. Jno. S. Dowling. is to have good goods to offer and then stand behind them, and the faculty of getting business. Fair dealing and the proper adjustment of losses was also important and by doing this the company can build an enviable reâ€" putation with the public. To finish the year without a loss while other companies were sustaining substanâ€" tial losses speaks well for the Managingâ€"Director. who must have the facuity, knowledge and intuition &necesasry to regulate risks satisfacâ€" torily. If + the ‘Company continues . to progress as in 1928. Mr. Dowling said the policyholders of the comâ€" pany had no need to fear for the future. Directors Elected . The Board of Directorg were all reâ€" elected for the ensuing year as folâ€" lows: Hon. W, D. Euler, Kitchener; Hon. Jas. Malcolm,; â€" Kincardine; Senator J. P. Rankin, Stratford; E W. Clement, Kitchener; D. Meinâ€" tosh, Waterloo; W. E. Baetz. Deâ€" troit; W. J. Motz, Kitchener; A. W. ‘Auguatlne. Kitchener; N. Brown, Toâ€" ronto; E. C. Greb, Kitchener; A. W. Puncher, Kitchener; Jno. S. Downâ€" ing, Brantford; Geo. Hancock, Galt; Harry L. Walker, Belleville; Major W. F. N. Windeyer, Toronto. Auditors. Appointed Messts. Scully and Scully, andi tors, were reâ€"appointed for 1929. Reâ€"Elect Officers _ Following the annual~meeting of the Board of Directors met and reâ€" elected Hon. W. D. Euler, president, F. W. Clement, vice president and Miss A. M. Anderson, secretary. Personals Visitors at the home of Mr. and Mrs. Wm. Schneider on Sunday were â€"Mr. and Mrs Hy Bach, Mr. and Mrs. Milton Heinz and Ed. Hoh]. ‘Mr. and Mrs. Geo. Gehl and family moved in the viliage last Thursday. Missz Vera Preiss left on Monday for Derking where she will stay two weeks with Mr. and Mrs. Peter Lanz. MHonored by Friends A ple&sant evening was spent at the home of Mrs. Enoch Moser when the neighbors gathered to bid fare well and present Mr. and Mrs. Renâ€" teaving to take up their now rink in Waterloo. Mr. and Mrs. Egidine Mosburger visited on Sunday at the home of Mr. and Mrs. Cldyton Steffier. Use Minard‘s Liniment for the Flu. Major W. F. N. Windeyer Jno. S. Dowling Speaks BAMBERG tartau aud those who have wandered| by the banks and braés o‘ bonnie Doon gathered in conclave to do honor to the 170th anniversary f| the birth of the Scottish bard, Robâ€" ert Burns. Janus, the god of begin nings, which hae been _ unusuyally fickle this year in his relations with the 'u(wu.wum-.f h: mantle and place it upon the month of brevity, but just as he is casting one longing lingering look bchind the Hon. G. Howard with the usual boom of 21 guns is opening up | 1is wiuter course in lawâ€"making at | the old stand in Queen‘s Park, but j for the last time as something bigâ€" ger and ‘better and more acoustical is in store by next session for Ouâ€" turio‘s orators from the crossâ€"roads ind more crowded centres. While the West is all aâ€"shiver, and the mercury hovering around minus 48. we notice far across the river, how the rays of sunset quiver, as they shimmer on the snowâ€"flakes {alling at a rapid rate, and the west is all aglow, as the sun just dips velow, to rise somewhere else you know. far beyond the sea where Adam got the apple that he ate. Modernism One of the de(efts of the rising generation is as a rule it does not rise early enough. None of us ever get poor paying compliments. Modern thrift is burning gasoline in a $2,000 car to go five miles to get a pair of hose for $1.98 instead of $2. . Uncle Sam‘s progeny like to taik about the big things they have, and the latest biggest is a crime bill of 10 billion dollars for 1928. Some young sheiks‘ clothes are so loud that the girls do not even need to listen to their suits. Let us shake, another boy! when was he born? The day when the second instalment on the radio and the seventh on the car was due. Who‘s Who and What‘s What Word has ‘been received ot) the dleath of Miss Alice Enns at the carly age of 19 years, daughter of M\r. and Mrs. D. P. Enns of Rosthâ€" oru. Sask., on the 15th. inst. The "smily spent sometime here when he ame from Russia before going west. Mr. Wm. Kahn of Paynton, Sask., i« visiting with Mr. and ‘Mrs. Theo. Smith. Mr. Tilman â€" Brubacher, watch muker, has the sympathy of the comâ€" munity in the death of his wife, nee Nancy Weber on Wednesday | the 23rd inst. from the effects of the "thr." The funeral was held from ler late‘ residence, King St. South un Saturday Tast. She is survived by hor husband and one daughter, Betâ€" sy. Mrs. Edwin Martin, near Heidâ€" eThers. At a receut meeting at the home of Mr. and Mrs. Alfred Gilles, the choir of St. James‘ church was re »rganized for 1929 with Alfred Gilles is president. Walter Schaner, vice 7 _ Leads the World in Motor Car Vaine IMPORTANT "400" FEATUREsâ€".Y0 OFTHER C.1N HAS THEM ALL Twinâ€"Ignition motor 12 Aircraftâ€"type spark plugs l High compression Hoadaille and Lovejoy _shock absorbers _ (exclusive Nash mownting) Special Six ©100" Sedan HERE'S one sure way to make your _ In the air, this type of motor is winning motoring more delightful in1929 the honors. A rwinâ€"ignition, high comâ€" â€"drive a Nash "400", the car with the pression, valveâ€"inâ€"head motor carried Twinâ€"Ignition Motor! 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Moere Economical Moloring World‘s easiest steering Aluminum alter pistons © (Imwar Struts) New donble drop frame Torsional vibration 7â€"bearing cranksbaft ts i fromt and <b:= cramk pire) Short turning radius bumpers ! Rev. Mr. ‘Dubs returned missionâ€" ery from China, will deliver an adâ€" |dress in Calvary Evangelical Church next Tuesday evening which will be interesting. president, Henry Sitther, rec.â€"sec‘y., Alfred Holst, fin.â€"sec‘y., Clara Thoms, Treas., O. J. Smith and Marvin Smith organist. ‘The ratepayers turned out en masse to the meeting in the Pubâ€" lic School last Friday evening. A great deal of interest was manifested by various pithy speeches and a resoâ€" lution passed asking the trustees to investigate the building problem fulâ€" ly and report at another meeting in the near future. Sunday visitors at the home of Mr. and Mrs. Herbert Feick were Mr. and Miss Pearl Mader spent Sunday at the home of Mr. and Mrs. Isaiah Cressman. «10000 SW ERCDPORE ROCIOR ETD AMT. EDC "X‘V”!"'l, F“"".‘-f“" fii‘”m ‘.hl.,. for $5.â€" Sold by all ists, or mailed in plain Mrs. Samuel Schmitt and daughters for $ . of rke "Naw t minng Reta and Ethel, Mr. and Mrs. Lester ; «. TME WOOD MEDIL..AE CO.10R0470.00% +458 * Phonre °_ 1 E2060 Kitchener 4a /1 STRASSBURG Electric clocks _ Exterior metalware chrome plated over nicke! Bijur centralized chassis Inbrication Safe Milk supplies certain elements that the body needs to keep it in good health; among them the vitamins and lime salts . . . elements lacking in many everyday foods. IN FAMILIES where everyâ€" body drinks milk . . . every day ...at every meal. .. you‘ll find bright eyes, rosy cheeks, strong teeth, more pep, fewer doctor‘s Everbody Drinks GET PLENTY FOR EVERY MEMBER OF THEâ€"FAMILY. THERE‘S A SILVERWOOD WAGON ON EVERY STREET EVERY MORNING. e SIL VERWOOD‘S SAFE MILK Milk is a wonderful food. | _ Mr. and Mrs. Adam Cressman and ‘family called on friends in Kitchener !on ‘Sunday. Mr. Clayton Feick, who recently ‘underwent an operation at the K. and W. Hospital, has recovered sufâ€" ficiently as to be able to return to his home. Miss Rheta Cressman of Kitchener spent Sunday under the parental roof. Bachert and family of Kitchener, Messrs. Earl Suider, Lloyd Skantz, Clare Cressman, M. Litwiller, Lloyd Snider and ~Misses Velma Shantz, Hilda Horst and Arabelle Snider visited at the home of Hy. Feick on Sunday. . ~ Mr. Smucker from Ohio spent the weekâ€"epdâ€" with his friend, Leonard Snider.t” = phovidine mt ind ariiiiicd, i dihirwdilh B shraiideiatit Despondency, Loss Palpitation « Je Ne e Pomny Highury Frice beper bon s o0‘s PHOSPHOCINE. The Great English Preparation ‘@A Tones and invigorates the whok * si}nervous system, makes new Btood ze in old Veins. ° Used for Nervens Debility, Mental and Brain We‘ry, Longer wheelbases Oneâ€"piece Salon feaders Clear vision front pillar posts Nash Special Design fromt and rear *