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53 'r'totai of $422; In planning this new addition it was deemed advisable to have a building scheme prepared so that subsequent extensions might be made from time to time as required and our growth has been very great and npid and we have been forced to build the splendid new addition which you hare no doubt all seen to- day. The building is designed to Intimate close co-operatlon between the various departmerttsastd to can thee to a high degree or ellicioncy, so that the expandlng business ot the company may be rapidly and satisfactorily hand“. The pres; m Head otnee was open- ed in ma. but mum-uh the struc- ture was ot amorous dimornlons it was soon found that It was not large enough to house the In! and equipment we required to any on our business, and an addition to the building. inczeasin; It 110' x 200’. was opened in Septembar. 1931. It was expected that this addition would be nmplo tor many years. but you“ an out“ to the M with. at -. and a. _ at: at our um - I In "that that a. use. W ot I!“ Mice to.“ 50 mm tne a. mum any!“ on od tho Go.- puy'u work. and that to - m Iced-I plans to" igg prop-nth lot In addition which it In. unit-but“ 'mld have to b. nouns-cod u an only date. This work In not been consumed and the annual quarters were occupied by the Head Ollco In! In November but. l mum - . 1928 22,223,234 98,039,366 9,iiiti,ijin 1422595353 HUME CRONYN, Preeideat C. M. BOWMAN, Erma: of the Board R. o. WEI. he Vice-Mail“ W. H. SOMERVI General Mam" 1918 1928 A Year of Substantial Progress THE MUTUAL LIFE ASSURANCE COMPANY 14.27% a RATE-OF INTEREST EARNED 6. SURPLUS FUNDS and SPECIAL INVESTMENT RESERVES $1 1,853,824 T. EXPENSE RATIO S. DIV IDENDS PAID POLICYHOLDERS 2. NEW BUSINESS PAID-FOR [ $57,072,790 3. ASSURANCE in FORCE" $422,795,453 4. TOTAL ASSETS 1. SURPLUS EARNINGS $4,888,816 A Purely Mutual Company I mm mm: 923,941 2,546,141 7,021 ,103 The total cost of the work Just completed is approximately $475,000. The Head Dulce staff has grown from " in 1913 to 131 in 1921 and 255 in 1928, Your Directors hava durlng .-the past few years considered the desie jour attention is drawn to the rela- Fci, [one working space provided ‘by the but unit. which almost equals the accommodation provided by the original building and the ttrst addi- tion. The areas given in connection with the unit just completed do not include the sub-basement. in which is located a healing plant of sul- ticiettt capacity to meet the require~ meats not only ot the present build- lngs but of additional units. l A comparison at the noor cum all was) worth. was provided by the 0mm.) building and by the two addition: which hare been added is hastening. and II “watt“ ot the steady growth of the Company's huslneu. _ 'u-tod gnu lune-Mu I“. up stand am a! m m mum“ an out“; 'eqtur-" Pr III] "In to can it. addr tion 1m coin-ad ts no In! Inn of the Int-nu bulking pm. 1!th wall not.“ In no." It mmauwom W. M. o. LOCI-IMO, District Manager. I29 Khnt Street Went - kr'HWENER, ONT. HEAD OFFICE J $98,089,366 1913 19SI, 193t $4,752,509 Consider New Picnic Total Floor Space Origin-l Building ___ Firm Addition ___.. .. 'N. Second Addition 59th Annual Statement Established 1869 Progress of the Company OF CANADA 1,297,507 4,126,132 12,983,674 34,755,736 ' ”1.6" Aunts, to the Managers to precarious or? "nprofttable investments. if it widens! the legitimate and benedeent work of the Company without disadvan-2 tage to its membership. them expan-\ sion in; good, but otherwise it is notl good. On the contrary, it is fraught with danger and evil." f Canadian Companies the Mutual Life Assurance Co. or Canada has crease of silo in a Lire Insurance (‘ompany may at may not be good tor its policyholders. It expansion goes on without increasing the year- ly cusl ot their insurance. it it does nut abuse the trust funds committed Koudhad. It in wool-Ind that any new town“.- expnsun abroad should receive tho - cumin! and "that coqtasideratidrt. I think the feeling at the Directors, an, the an) Joe! was well awn-used by the Precl- dent of the Mutual Btmarttt Lila In- nuance Co. at Newark. New Jersey, some years ago, when he said: “In- New investments made during the year exceeded $12,000,000 and, notwithstanding steadily declining interest rates, the average rate of interest earned is well maintained. Again the expense ratio has been materially reduced. $8,850,000. An increase of more than $1,10000,0 over the previous year, which in- cludes a Special Extra Cash Divi- dend of approximately $700,000. Insuring the continuance of liberal dividend distribution. ed that 6f the previous year by $7,291,398. The earnings surpassed those of the previous year by $387,000 and amount to $49.84 per $1000 of assets. . Representing an increase ior the year of $36,080,000. Assets represent the book value of the Company's securities .and would appear substantially larger gcurrent market values were used. - he increase. for the year in The pew paid-for business exceed- WA TE RLOO, ONTARIO 360.397 827,749 3,291,418 Paid to f?licrhohfers ' It.” Working Floor space 15,061 sq. n. 15.307 Vp FF 25,539 " " I l.885.!|| 12,041,914 23,703,979 54,693,8tt2 1 37,640,614 Basin": in Fem cept at increased eost "rm lt _shouttt be pointed out that, while entrance into the'United States will mean the making or a deposit abroad and the investment in United States securities of an amount equal to the lui,',;,.'," of our United States busi, ’llcss. the. yield on similar types or {investments in (human and United tstates' is about the same. and there .is a distinct advantage in the large :invvstment field which will he open- 'ed up far us and which should mean ’alldell 'strength iss.greator diversity :and distribution of assets. We are at ‘present Jtanuicapped in not having a United States Otrice, in that it ',Unittut States securities are owned 'we-are subject to a heavy tax on interest. F the Canadian Companies in Cam. . Entry into the State at New York , should provide a great held tor o:- _ puns'wn with enlarged distribution at the lite innurence rink, whereas tho scope in Canada tor active develop ment on a large smile is 'rehtivoly Limited. and n larger business should make tor reduced overhead expense. we have already many policyholders who reside in various parts ot the United States. and as the foundation at our agency in the State of New York it is proposed to add to our existing United States business by taking a share at certain "rNMurur- ances trom United States Companies which are uttered to us. There, is. of courseyn possibility that the mor- tality on large cases which are re- insured will be higher than the mor- tnlity on lives on which '"'lam'r) policies are written. Our share at at large case will, however. be small“ and will be considerably reduced i? the lite happens to be substandard,‘ and the considerable saving in ex- pense in connection with this busr Pests will be an onset in the expense 'margin to extra mortality. With par- 'tlcular cure in the underwriting of liliese risks, ot which many will be Inhaled tons on u [aculatlve or up 'tionnl basis, it is our opinion that .tany anticipated heavier mortality is Inot a serious factor. or such as [should deter as in accepting business 'under this proposal. in continuing to :cnlarge our business in Canada we must nwessarily to a large extent insure again the some lives and thus 'increuse the aggregate protection on each lite. and it is the opinion of the Board of Directors that it is good business and should make tor sin: bility"to int-rams the geographical distribution of our larger lite insur- ance risks. _ The only adverse conditions are "rttmi.rauort, nation sad the un- "i2lri'dt)',", balance of lrulo with the United States. W. need Immi- Ci,,ud,ii and the rum cm. of Immi- }xnmn. and it In to be hoped that me cont-amt will numb the "Attrnthrn ao that Increasingly lam numb": will come to (than to nettle and his part in mu doubly meal. Taxation Ml hon tomb-C radars! but " I: um ”can" and an" And Mr- too hull: on our" nd ”my"... w. ”who, I Turning to xensral cortditions, it Oereentage is slight. I would again may be stated that 1928 was, genernl- point out the nndeslrahlenoss ot our ly speaking. a prosperous one for policyholders harrowing on their Canada. All branches of Industry. policies. Any borrowing whlr'h they with one or two exceptions, have do should he in small amounlx and shared in this prosperity. Our West- only In Page of sickness and ittca, ern provincea harvested the greatest Iracity. F crop in their history, although 01 Merit. of Mutual Company lower grades. and the returns exceed _ A troo million bushels of wheat, with a In View or the tact that the Mutual eorretrpondhttt lncreue in other Life Assurance Car. of Canada is still grains. In View of the carry-over at the only Canadian Mutual Company. old wheat, increased production in I think " not lnopportune to refer tho United States and favorable re to tho merits of mutuallution and to turns In Argentina and Australia. the emphasize our belief In the mund- whole (trap 19 large, and thln has re- oms of this form of eorporate Mrttts sulted in a reduction of prices, butltura The tottnders of the Mutual as there was a reductlon in the cost Lite Assurance Co. of Canada tte- of harvesting the new this your lieersd that the business ot'a lite Compared with last year the results, t'ompany would he eitkiently ‘nnfl are satisfnrtory. Attrictrittamt condio si:iasntiticaur mnduclvd on at sound tions In other parts of Comm: have Ind prot1tnNe huts without private teen tnvorahlo. tnrmlng communities capital. and that the aavlnx renultinx are. RHINO"? prosperous and thorels from the rnturn of every dollar of It 'rteirlt of optimism throughout the profit to the pollt-yholders would re country. nult in a lower net cont at their life The only adverts condltlonu are!imu,rar/,,. The successive unnu-l're-i i"nrthrauort, taxation sad the un- ports of this company roan-ding its, Pn"tiishtetorr balance ot trula with continually neonatal operutlon have the United States. W. need lmtnt- demonstrated that thls filth was well ‘mtlon and the right clan of 'l',')";);;',':',':'; Further eortftrmation at irastts. and it In to be hoped tthee.." Vin" in to be found in thewI [the cont-uncut will handle “glut-t "at tn mom year- thora uni situatlon no that lncronlngly brutbeen a deemed trend towards mu- lnunbm wtu otMmr to and. column-um tango-nod mum. anal “not"! and an out in " dovelopllt wan nottcaMo tdt.t It tho mt GG. Tantlon hu hon tomb-t Commuon out» mutton at Lthr induced that " I: um "and" "a humane Pro-Mont- nnvlou-ly re‘ Iinnit 1nd Mn too hall, on '-dterth.t-tttaaso-ttnriqe - and mm w. man- no DIM Matt. mmtu - These are song: of the considers Urms which "tthtrsnced your Board to (-nnnneuce negotiations to obtain a bvenee to transact business in the State at New York. and your Direc- lurs trust that this action will meet im The approval or the policy- holders. v The Board feels that in entering the State. of New York there is a prosapeu ot expansion without in- crtsac,ing costs. without “exposing [nuclei to precarious investments. but rather to give added strength to in- vestmentw. and that the syipamsion will widen the legitimate work of the Company with advantage to its policyholders. Mum-nu tor at" an a. tttat. M Now York are mils-d as has anneal. the ”no”. in”; in all State trarharq ”out. shout a. col- dition P" hummus all In obtain“ a I loner coat (in In coll-on to gunman-w Now You lg: an... can“ by lawns-Yuk...- Canada Prosperous '0', sul, in a reduction of the profits made by the companies, the Commit- tve said 'Hut they were not itu.oru normed to make money by specula- 'iun. by barter, by purchase for uh sale or by the development at in- dustry. They were chartered to furnish life insurance. and the true measure of their power and their duty in the handling or their funds is to invest them with due conserva- ‘ism. to the end that they may be this to discharge their obligat'uuv.e. if in this manner they simuid make 'ess money they would also he less likely to court disaster'." Policy loans have again somewhat increased. although the variation in nercentage Is slight. I would again point out the ttndesirab1ettosas ot our policyholders borrowing on their policies. Any Imrmwing which they do should be In small ammmlx and only In Page of sickness and ittca. parity: The Company has a special in- vestment reserve to cover possible 'lepreviation in its securities and the Company’s hands and debentures have a snbslantial atttrreriation of 3ver two million dollars in accord- am-s with the value set by the Do. minion Department or Insurance {have the ftgurers at which they are varriett in the Company's hooks at. December 3ist, 1928. _ The guiding principle of the invest- L,',?; policy ot this Company has {always been secyrity ttrtit,'aud this ‘policy we.have continued to fotlow. We feel that in investing most of our funds in first mortgages on im- ‘proved tarms, houses and other build- ings and in Government. Municipal. Utility and other bonds that we am playing our part and contributing greatly to the economic development and progress ot the country. Mr. Parklmson, President ot the Equit- able Life Insurance Society of the United States:, in an address on Pinanvinl: Economic Progress at the recent Contention of the Association of Lite Insurance Presidents held in the City of New York on December 13th last. wttilts-attivocatiue the wis- dom of giving constant consideration to new types of investments [or our companies. made the following state- ment, with which l am in accord: "The principle by which " may all well he guided in exercising invest, ment privileges is that which the Angstrnng Committee 'mlerrod to twenty years ago when, in reply to the objection that the limitation of life insurance ittvesimertts would re- Our investments tor the year con- }skted mostly at ftrst mortgztgo loans ;and bonds. As the General Manager ‘l.a-s pointed out, our mortgage loans ‘have increased approximately four and a halt millions over our total ot last year. notwithstanding repay- ments of nearly three million dollars, and these loans are spread over practically the whole ot Canada. and about equally distributed between the East and the West, and our bond investments have increased about two million dollars. rum. and than in A In!“ Mb. tut. Irma good any. and active b mutton. Cum I'm In em- 11 mural“ [or a [not null. "In. The domnd tor money In we! “mall-ed through nu you had the ‘Oouuny in .No to invest alt It: "iraikistr% funds in mud “earn!“ it gunman rote; In the ml, put ot the year the trend ot the rate on Mad: was tommh a lower level. but lucraued invaMmeut and specu- lation in stock: diverted much ot the money usually invested in bonds‘ into stocks, resulting in a slight re- (mien In bond values, and LNMMUF) quently somewhat improved yields. [ immune-mu invuolthinool-bmau ‘our baton. “I”! at on tttghtraattha-ers-t" "alumna-diurnal:- Investments The Little Cousin Series IL. th Page Co., Boston, has a valuable addition in "Our Little Chilean Cousin" by Anna C. Wimshrw. South American countries are always of special interest to those of the North and Chile has many things to into alloul. The child will absorb a lot of linnwledge of Chile, and thoroughly enjoy reading her Chilean Cousins' every day lire. their games. pleas- mn. sports, etc. "Little Cousin" let" _ . . ... For the first time in history. u: airplane .haa been carrying turn from the wilds at Northern Manl- toba to the Winnipeg market. Hol- Hck Kenyon. aviator. left Cranberry Portage for Entire! settlement re.. cently. taking Del Symnnds. veternn trader. Whose aitptas to beat all competitors who take a month to travel by dog team. Forty-two yours of sorvtce with Hm l'unznrtizm "atcirie Railway wlth- out Irwin: broken any of the com- pmn s ruins or otberwire earned a mark against himsulf Is the unique record held " Arthutr'W. Savage, trttpineer", "who has Just retired on pension. Mr. Savage. who Is well known throw-ham the Eastern Tourwmips. fired the train that laid the first steel on the Pate between sherhmoke and Farnham, The old [instinh Yuletide Festfval hold reronlly at the Empress Hotel in Victoria. BC. proved lo‘be one of the most popular events of last year. I'nrnls and Yuletide music were rondorvd. the anetent'"Chetc. ter Mysteries" staged. and Dickenn' "Mrs. Wardlv‘s Christmas Party" worv rondorvd, the anetent'"Chetc ter Mysteries" staged. and Dickenn' "Mrs. Wardlo‘s Christmas Party" was produced. The festival cul- minnlrd In a ball at which some seven hundred persons attended. It is believed (lint plans are already being made tor a larger Ind better celebration next yen. During 192% between 5500 and 6.700 Prtnee Edward Island {oxen have been shipped abroad an in- crease over the 4.'.?C0 shipped the precmlin: we.“ These have been handhd without a single known mum-Ly. Since the middle of 0c- tober foxes hare been shipped. to Nmway, Swrdln. Scotland, Ger- many. (mu-ho Slovakia. Bavaria. F'inlan0. Frnnt‘e Holland. Swilzer. land and Japan. _ supitc, should be in every Irtrrar/idr children. A record was hun: up beside the Christmas stockings of the em- plnyoes of the Canadian Vaete Express Company on Christmas buy when, from Poasl to canal. every ('hrlstmas package was de- llv-md to its dalmatian. Except where more was no one in rum-1w: them. According to T. K. Elk-Don- nell. president of the company. (1- press traffic was unnsnmtly heavy this season and was mil handled. lot the pioneer westerners and with many others deplored the lack of readable material dealing with that llt'mesteader‘s problems. Now in Itction form he has done a wonder. fut thing for the Western tumor; he tells or the many mistaken,me when land is ttrst 4ahen, extran- gam-e in building and livlng. incom» peterut em etc. Good and had crops, no rain and too much rain, storm. irrigation. eta, are skilfully woven into Ibo plot and the reader absorb: a lot or information while reading a delightful piece of tletion. Having summshmy eon-aphid for her ma): oft tkxrtlttttd "no. not Canadian Ptteifie Britr.sh CNInMa cont-I steamship "Primates Nun" will arrive mm], " Wanna. Vmouver “and. Tho " In. M the never-$110 "Wk" 0' the compuy'n "or! otd B - with bow moan b “on ... mm In no um “a. I! (In "I ml. ProducUun ot arrnculturat Imme- ments and machinery In l‘nnndn amounted to $42,906,288 tn 1927. awarding to the Bur-mu of sum- tlcs. as compared with 333.2693“ tor the previous year and 824.776,. 'te, for 1925. or the " "run ro- porting. " Vere In ontario, " In Quebec. 4 In Mnttitotra, 4 In Alho'u. one In traakatehemut and one In Prince Edvard Inland. Many mulufrlrs for Row-rt! wheat, one ot the varly ripen. n1 varieties ovulvul by the I'audiun Government Ventral FHper.iruerttat Farm, Ottawa, nrv being rectum! by the Ummnmn ('rroaliat. Tho farm will hare 10mm bunch of this new ttttvat ltrr dstrttsatiors. and the 350 sum-pr: who worn atlmved to Krnw IO-ward In I',tN Will have u surplus of 2.000 bush- eis mahlug available 12,000 blun- els tor new In 1929, 11 l have much plenum in howl-c the adoption ot the report. and I - ask Mr. Bowman. Churn-n at!» Boyd, to second the motion. tter mm not only .7. . “Manual diam. h you“ II the you; mime-dying in a. have tho “name. an m.- tion do“ no: .1 alt “I...” M one: the saw“; or click-e1 ‘ol muse-out. _ mum-nun...“ you a. by,“ mt“ which ”brow-“hm! LITERARY NOTES v- k, rere and There '