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‘"‘When we hear on all sides that we must exercise economy in all things and that we a‘lillomn}te n’t; unnecessary expen rather gratifying to us in the Life Insurance business to know that what we have to sell is not on the banned but on the recommended list. We are told to save. To invest in Life Insurance is saving. The Canadian who invests his savings in Life Insurance has the satisfacâ€" tion of knowing that a large proâ€" portion of his money will be inâ€" vested in Government War Loans. We are the custodians for 60,000 Canadians whose individual small payments could in no other way be so utilized. ‘ "Every employee in our Head Office has pledged a salaw deducâ€" tion for the purchase of War Savâ€" ings Certificates, and the average is high. I want to add here, that every Head Office employee carries Life Insurance with the Company, and the purchase of War Savings Certificates has in no way interâ€" fered with his Life Insurance proâ€" fl'umne; in fact, many employees creased their insurance protecâ€" tion during the year. "I repeat my statement of a year ago regarding the security bnc{ of $3,545,391. Our policyholders‘ surâ€" plus, including shareholders‘ acâ€" count, in 1914 stood at $749,504. This item today, including investâ€" ment reserves, is $2,578,000. ‘‘These figures demonstrate a continuous, â€" satisfactory . growth through the Great War, a severe business depression, and over a year and a half of another Great War, and show the Company today to be in an even stronger position than at any time in its almost fiftyâ€" two years of operation. my’s assets were onl.i $3,724,432. Statement today shows Assets of $46,500,000; the Business in Force was under $17,000,000. Today this item is $188,000,000. Our Preâ€" mium Income was $488,542, against $5,217,000 in 1940. We paid to policyholders in 1914 the sum of licyholders in 1914 the sum of farKI1Y. Last year this heure was Great War about the social upâ€"‘over the previous year. _ heaval that would â€"follow. There' "Our invested asset$ were never was no great change. Our social more sound. This phase of the values are being altered now, day Cpmpan{s operations will be reâ€" by day, and will probably continue, viewed by thet V;re-Pa'gng)entn L but in an orderly fashion, without nojgers will continue this year on any serious upsetting of the social\the same liberal basis as in 1940. "When the last war broke in 1914, The Dominion Life Assurance Comâ€" satisfactory and progressive year for the Company. ‘"The war with its uncertainty as to its duration, is affecting the lives of all of us. There is no uncertainty as to the final outcome. Great Britâ€" ain and her Allies will win the fight for democracy and the postâ€"war problems will be solved. Fears The fiftyâ€"second annual meeting of The Dominion Life Assurance Company was held in the Head Office in Waterloo at one o‘clock, Friday, February 14th. Policyholders, share holders, directors and representatives of the Company‘s field force were in attendance. \ In moving the adoption of the reâ€"| â€"â€"â€"â€"â€"â€"â€"â€"â€"â€"â€"â€"â€"â€"â€"â€"â€" port, Mr. Ford 8. Kumpf, President| our United States business We and Managing Director, spoke in\ have on deposit in the United part as follows: g::::t.tofiuaedjtofthelflcw "I do not intend to enlarge to any |curities at a ‘ll%fl' market value great extent on the report you have|than is required by the State. I can Statement before you. They, toâ€" Continued Increase In Business Despite War DOMINION LIFE REPORTS COOD YEAR) | Strengthened Reserves and Investments Feature Fiftyâ€"second Annual Report, Presented by President and Managing Director, Ford S. Kumpf. 1940 lunmmmeunu-ourâ€"-'*-"‘"’ mmmw. « «. â€"« «_ $9168,228 mmmmmummmmafl" B _ esg8 268 .428 illness, had a production almost equal to that of 1939, and both reâ€" cords were excellent. The Lansing Agency stands sixth of all branches. "Business in Jamaica and Newâ€" foundland registers a fallingâ€"off. This is due to war conditions and "Mr. John T. McCay‘s Branch in British Columbia, while second in first year premiums, placed a larger number o!usolicies in force for a higher to! of insurance. Detroit‘s supremacy in Honour Roll standing was due to a higher averâ€" age premium per thousand of inâ€" surance. ‘‘The Lansing Branch, in spite of the fact that Mr. Roy Nowlin, the Branch Manager, was absent from his office for three months through An norease for the year of $2,427,822 THE COMPANY‘S TOTAL INCOME FOR THE YEAR WAS . . . . 6 c 0 c #1014 § CcOmMPLETE SECURITY FOR POLICYHOLDERS Mk!.na:‘{mmw";,",““""‘d‘":.'} the me 1 arantees ents under premiu®t C _ _isâ€"was increased lflT;“: by $2,222,013% "Mr. Guy Baillargeon, Manager at Quebec City, resigned to join the military forces, and we engaged Mr. Maurice Cote to take his place. "Mr. Bernard Tousignant resignâ€" ed his position as Manager at Three Rivers. This territory has been amalgamated with Mr. Baby‘s Branch in Montreal. Mr. Toux?g- nant remains with the Company as a personal producer. "We are very pleased with the way business has continued in Michigan. The Detroit Branch, unâ€" der Mr. Frank Simpson, again has the distinction of placing policies which produce the largest premium income of any in the Company‘s offices. \ "Mr. B. W. Franklin, Montreal Beaver Hall Branch, resigned and was replaced by Mr. Robert Hill, Manager at Edmonton. The vacancy so caused in Edmonton was filled by the apointment of Mr. George T. Hutcheson as Acting Manager. Mr. Hutcheson has heen connected with the Edmonton Branch since 1937. the same liberal basis as in 1940. "We made some changes in our Branch Offices during the year. In our Toronto (King) Branch, Mr. B. A. Twiss resigned, to open a general insurance agency and Mr. the Manager‘s position in Winnipeg to take up similar duties in Toronâ€" to. Mr. Rod. G. Cameron entered the Company‘s services as Branch Manager in Winnipeg. estate yielding a low return, and Teinvesting the funds in higher receipt of interest which had been written off, our average rate of inâ€" yielding securities, and through the with the normal transaction of our business with the United States, Newfoundland or Jamaica. "Through disposing of some real curities at a ‘llilfl' _market value than is required by the State. I can say this year that all this security on deposit consists entirely of highâ€" grade investments in bongs. etc., of institutions of the United States. ‘"The Foreign Exchange Control Board has in no way interfered COTSPETT T T20 0,.ere im1 and now stands at $38,381,965. mwmwwflahuflmw on--o:hmhdlmd\cmdndnqulmhdu mflflhmm-nanhdlnthohm-l at a value considerably less than their market value. Anflmdhwwhhonu"n m wil be mofled to you on reques. w( Tal insurance age and Mr. . Connell was t.nngeymd from AROTHER YEAR OF OUTsTANDING SUCCESS$ ‘"I wish to thank the Viceâ€"Presiâ€" dent and other Directors for the hearty coâ€"operation and guidance during the year. I feel we have every reason to be proud of the report presented today, and I have pleasure in moving its adoption." In spite of the unsettled condiâ€" tions and the temporary loss of men, the Company was able to maintain its production in Canada at a very satisfactory level. "Through enlistments in the variâ€" ous military activities of Canada we have temporarily lost the serâ€" vices of thirtyâ€"six men. They have been granted leave of absence by the Company and their positions will be available for them upon their return from active service. In addition, there are twelve members of our Head Office staff in the Caâ€" nadian militia. "‘Business has been very foor from August and every day it is becoming more difficult to secure applications. Our trouble is that we have not benefited, like Canada, from the war. We have no markets for our bananas and other products as we have no ships in which to ship them. Besides, our importaâ€" tions from Canada and the United States have been greatly restricted by the Government Controller as 3\_@ are "Hard Currency‘" counâ€" ies.‘ probably the statement made in a recent letter by Mr. Lister Mair of Kingston, Jamaica, President of our Hilliard Club, explains the reason fully. He says: 6 "In its economic a?ect Life Inâ€" surance is a large and increasingly important factor in our national life. The investment of its funds is transmitted to every section of the country, and thus serves all porâ€" tions of our population. The policy of the Dominion Life has been to make its funds available for Govâ€" ernment financing, and for every form of conservative, stable and established enterprise in this counâ€" try and in other countries, where we operate to the extent, at least, of the business transacted. "In the Annual Statement, proâ€" gress is reported in all d:lpartments â€"but it is for me to deal with the "To be successful, a Life Insurâ€" ance Company must, by the soundâ€" ness of its principles and financial structure, hold the confidence of its policyholders, and gain that of its prospects. That public service, and not private profit, is the prime conâ€" sideration in life insurance, is eviâ€" dent from the fact that it is a major business in Canada, unasscciated with the making of spectacul: r perâ€" sonal profits. "In its economic afipect Life Inâ€" enranre is a large ond incrancinaolw in Jamaica and Newfoundlandâ€"for their loyalty and for their mfl- tion of ability and effort, to a degree made })ouible the satisâ€" factory results of the year‘s operaâ€" ‘ “lwhhintheflm-?heetom- gratulate the President on the very excellent statement presented, and for the able manner in which he dealt with his mt of the many activities of the pany. "I also wish to congratulate and thank the Executive Officers at throughout Canadaâ€"in VICEâ€"PRESIDENT REVIEWS â€" FINANCIAL STATEMENT Dominion Life Investments Analyzed; Diversity of Assets Strong Feature; How Assets Are Invested; Increased Interest Earnings Shown The Board of Directors as at gr-ent constituted are: President, ord S. Kumpf, Waterloo; Viceâ€" Pres., Geo. A. Dobbie, Galt; direcâ€" tors: A. J. Andrews, K.C., Winniâ€" peg; W, L Hilliard, M.D., Waterloo; J. H. Gundr, Toronto; H. M. ilc\{- der, Waterloo; G. Gordon Cockâ€" shutt, Brantford; W. H. Malkin, Vancouver; G. A. Forbes, Hespeler; Ec‘)n. M?rnÂ¥. D. Euleer.C.. tchener; J. . Seagram, Waterâ€" l00; Hon. Senator A. C. Hardy, P.C. K.C., Brockville; J. A. Simard. "As in the past â€" your Directors will give constant care to the conâ€" servation and protection of our assets." £ The following directors whose term of office had expired were reâ€" elected for a term of three years: Messrs. W. H. Malkin, Vancouver; J. E. F. Seagram, Waterloo, G. Alex Forbes, Hespeler. _ "In the Ilfht of chan;lrlnf ecoâ€" nomic conditions and mortality exâ€" perience there is a stx-ofil possibilâ€" ity that all companies 1 shortly announce an increase in premium rates for annuities and nonâ€"particiâ€" pating policies. . "Life Insurance funds have their origin in J;remiums. saved from inâ€" come and entrusted to comgunln by thousands of citizens, who, in and meet the changed conditions in a satisfactory manner. ly J)enon-l matter. It is our duty and responsibility therefore to safeâ€" and responsibility therefore to safeâ€" guard his or her interest in every possible way by careful superâ€" vision of our investments. "While loans to policyholders is a sound investment, it is one we do not wish to increase. We know from experience that loans of this character often lead to policy terâ€" minations. ‘"This concludes an outline of our financial activities and their results during 1940. I hope you will find it satisfactory. â€"we are in a position to face ‘it with confidence. ‘"We are living and operating in a different eraâ€"other businesses have found it necessary to adjust themselves to changed conditions. There is every reason to expect the majority are of small or moderâ€" ate means. To each policyholder, Life Insurance protection is a vitalâ€" LOANS TO POLICYHOLDERS "An increasing demand for real estate, due to industrial expansion, shoutld a ter‘mble us to reguee this asset. is our purpose dispose of properties when prices reach the figure registered against each parâ€" "Our real estate investment was reduced during the year by apâ€" proximately $150,000.00. ties in the larféf centres of popuâ€" lation are well serviced, both as to principal and interest. Farm mortâ€" gages in the Canadian West are somewhat of a problem, but we beâ€" lieve that when wheat starts to move abroad our difficylty in liquidating will gradually disâ€" appear. ‘In fact, although payments are sor:uav;l'xafltl slower thksiyt::r on account o e existing tiont there has been a marked improveâ€" ment in recent years. REAL ESTATE â€" $1,816,265.01 "This total shows an increase over the previous year of approxiâ€" mately $400,000.00. It is a class of investment which, from a security and yield angle, is an excellent medium for a fair portion of our MORTGAGES AND SALE AGREEMENTS TO TOTAL $15,625,1765.25. Hies in the frged counacy of neoe: "Our investments are carried on our books at prices below market values. _ The rate of interest earned was 4.78 per cent, which, under existing conditions, must be conâ€" sidered very satisfactory. BONDS, ~\DERENTURES, AHARES â€"â€" TYO TOTAL $22,271,529.57 "Analysis szshaws this to ‘be a widely diversified boiding of Govâ€" erument, Public Utility, Railroad and Industrial securities. with fgures : in a moreâ€"detailed manner. â€"is invested in:Deminion and Proâ€" vincial Government issues â€" or those of Dominion Guarantee. Bonds of the Government of Jamâ€" aica and Newfoundland are also included. Intepeat .dse and Premiims outstanding and deferred ..... _ 764.851.34 Mortgages. and Agresments ........ 15,626,165.25 Real Rotete ..._.... .1%)5@@8501 Loans to Policyâ€" "Although the future is "Over thirt{ â€"centâ€"$8,865, is invested fim\inlm PCE & $40,500,258 41 6,009,836.57 679.026.18 $45.1179.54 100.00% 3J0.17 s8.42 1.40 1.64 a2 David Wagler, fifth line of Wellesâ€" couple of weeks with Mr. and Mrs. . MrS. Augnst â€"Raith and two chilâ€" ‘]l:;w.nd Wagler, fifth line of Welles fio:ple otJ :fie:sl::n‘:‘fths & and fisz dren visited with Mr. Raith in the _ Mrs. G. W. Wray, Ann, Jack and zo_ o ___â€" Freeport Sanatorium. June Robinson visited friends in USE CHRKONICLE WANT ADS. | Clayton Berg of Brantford spent Stratford on Sunday. TO BUY OR SELL Sunday at his home. also a sale of homeâ€"made Daking. |Pike, _ vlaa o ... _ ___|_ _Misses Jessie Hammond and Personals. l Mr. and Mrs. William Miller of Mary Hagedorn of Kitchener spent Privates Percy and Charlie Gale Mitchell spent a day last week with Sunday at tne home of John L. of ei(kltch.t:ge{hspent s:lw‘/eral Md;yfl lal\:: th?ilrmdaunghfier. Mrs. Fred Brown'l-lammomi aâ€" w wi eir mother, . John an r. Brown. Mr. and Mrs. Howard Zinkann Gale. _Mrs. Charles Blair of MilvertOn and son of Heidelberg visited at Mr. and Mrs. Moses Lichty and visited Mr. and Mrs. W. T. Blair On the home of Campbell Shantz on firs. ickiy‘s prroniy. MB and The. â€" Mise Sorothy Bond is spending a Sdey, _ _ _ . Lichty‘s parents, Mr. and Mrs. i d‘fi., Mrs. Augustâ€"Raith and two chilâ€" pavid Weeler, fitth Line of Welles TPrp ied dohneen of 31 Cstnorines, Oren vming With Me haunk in the James McKee and Mrs. John Gale| Grace McKee and Doris Dunbar waited on the guests. There was also a sale of homeâ€"made baking. Maloney. The tea table, with an| embroidered cloth, was centred The Women‘s Auxiliary of Grace| Mr. and Mrs. William Martin, Sr. Anglican Church held a Valentine’ Mr. and Mrs. Hugh Jack of Tea on Saturday afternoon at the/Guelph spent Saturday with the rectory. The guests were received latter‘s parents, Mr. and Mrs. W. 3 a I ANECOE ERTDUCCD AMBTWR ARAVDREREWW : M embroidered cloth, was centred Gorrie on Monday after spending with a lace eentrerleee on which the past two wee]‘:s with her parâ€" were arranged red candles. MIS. onts Mr and Mrs Loalie Raier Fernbank Patrigtrl: Society held 3‘ progressive _ euc! party an dance in the school house on Friâ€" day evening, February l4th. Fifâ€" teen tables of cards were in play, and the prizes in War Savings slamps were won by Mrs. George Tanner and Mr. Russell Attridge. The music for the dance was supâ€" amounted to approximately $24.00 Hold Valentine Tea. War Savings Stamps Are Euchre Prizes MODERN, EXPERIENCED BANKING SERVICE ... e Outcome of 123 Years‘ Lâ€"HEAD ENGINE By Miss Maida V. Kelly (Chronicle Correspondent) AUTOMATIC DOOR LOCKS On All Doors "We have money in THE BANK" BANK OF MONTREAL 445 KING ST. WEST "‘*A BANK WHERE SMALL ACCOUNTS ARE WELC OME‘ FULLâ€"VISION BOD1GS Safety Glas: All Requires No Service GEAR CONTROL Waterloo Branch: J. R. BEATON, A. C. HALWIG MOTORS ; Miss Velma Baier returned to ents, Mr. and Mrs. Leslie Baier. Private Stewart Pike and Mrs. Pike of Niagara Falls s&ent several days this week with the former‘s brother, Mr. J. E. Pike and Mrs. Mr. John Baier of Gorrie nt the weekâ€"end at the home os!p?\is son, Mr. Leslie Baier. _ Mr. and Mrs. William Martin of Detroit spent the weekâ€"end with Mr. and Mrs. William Martin, Sr. _ Mr. and Mrs. Hugh Jack of Guelph spent Saturday with the Mr. and Mrs. Aral Seigner and baby visited the former‘s parents, Mr. and Mrs. Abe Seigner of Kingâ€" wood on Sunday. Mrs. M. A. Reinwald is at present nursing at the home of Mr. Alex Dewar, near Wellesley. Sunday guests with Mr. and Mrs. Dan Bellar were Mr. and Mrs. Ed. Erb and Thomas Adams of Wallenâ€" stein. Mrs. J. M. Gray and father, Mr. John UW, attended the funeâ€" rol nf the lottanis sistam ies Mn ral of the latter‘s sister, Mrs. Mcâ€" Curdy of Kirkton on Monday. New Silkenâ€"Smooth CLUTCH ACTION on all models You are invited to start and maintain your savings account at one of our * branches. We believe in the encouragement of thrift, as a fundamental of individual and national character; that is why we heartily welcome the small new acâ€" counts which are opened daily at our 500 branches. Lhar can be said proudly by hundreds of thousands of Canadians, who reguâ€" larly deposit a part of their income in a savings account at the Bank of Montreal. It is a mark of character and distinction, indicating thrift, persistence and a degree of success. Yr STANDARD ON ALL PONTIACS are these great feaâ€" turesâ€"just a few of the many! Yet prices start with the lowest for the greatest Pontiacs in hisâ€" tory! Drop in today and get the fwll story /:, RIGID FRAMES DUAL WIPERS Elwood Squire of Atwood spent Sunday at his home. _ The Y.P.U. of Boyd Church held their Februsry meeting at the home of Mrs R. Foster with 20 in attendance. The president, Firâ€" man Ward, presided. The scripâ€" ture was reac by Thos. O. Wilford. ‘"The Life of Stephen" was given by Edgar Hammond; duet by Mrs. Firman Ward and Ruby Ward; topic "The Holy Spirit", by Firâ€" man Ward. Rev. Mr. Mather gave a missionary address. Roll call was answered by a‘verse containâ€" ing ‘the word "spirit". The social committee, Mrs. F. Ward ang Lorne Rennie conductâ€" ed several games after which lunch Mrs. Nelson Ropp and two chilâ€" dren of Poole is visiting at the home of her parents, Mr. and Mrs. Jacob Albrecht. Y.P.U. BRAKES CROSSHILL By Mrs. Lorne Rennie (Chronicle Correspondent) KITCHENER New Alligator HOOD Opens Wider INSTRUMENT PANEL Successful Operation LUGGAGE TRUNK New Distinctive Inside and Out P404 6 wan /l"l.‘l‘ eemFtames 132