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In the few months following the end of hostilities, much has been done under the leadership of the PBritish Commonwealth and Emâ€" pire, the United States and Russia, to restore order, to plan and launch the United Nations‘ organization and to make some progress in the solution of problems of internaâ€" tional trade and finance. Considerâ€" ing the magnitude of the task, the difficultics inherent in its elements, and the diversity of ideas, tradiâ€" tions language and methods, the achievements up to this time are remarkable and promise well for the future. While emergency probâ€" lems, which require special and probably temporary measures, are being met, much thought and efâ€" fort are being given to questions cung%ctcd with international trade and finance, which are of the utâ€" most importance, not only now, but also in future years. CANADA‘S RELATIONSHIP _. WITH OTHER NATIONS Early in the war, Canada became increasingly aware of the necessiâ€" ty of coâ€"operating closcely and conâ€" tinuously with other countries, and the same attitude is evident in her postwar policies and activities. Great policies are being formulated and operations administered in inâ€" ternational spheres. These policies and operations affect us vitally and they will have profound influence on our future. Decisions reached at international conferences in Washâ€" ington, London, Moscow and elseâ€" where affect us in our daily lives and activities now and will affect us more in the years to come. With conditions as they are, and no doubt will be, the value of Canaâ€" da‘s membership in the British Commonwealth and Empire is an established fact. The British Comâ€" monwealth and Empire is always represented at international conâ€" ferences and its influence and powâ€" erâ€"are always an important factor in these deliberations. . At this, our first Annual Meeting since the victorious conclusion of the war, our uppermost feeling is that of sincere gratitude for the preservation of freedom and jusâ€" tice throughout the, world. When we refleet on what might &ave been our lot in defeat, our problems, our difficulties, whatever they may be, appear in their true perspective. Address of the President : Canada‘s friendly relations and coâ€"operation _ with the United States are of long standing and must be continued. Complete addresses of the President, and Viceâ€"President and General Manager, and the report of the Board of Directors follow. man The 76th annual meeting of the policyholders of The Mutual Life of Canada, which was established at Waterloo in 1869, was held in the auditorium of the Comw’s Head Office today, and was largely attended by policyholders from this community and distant points. Interesting and informative addresses were delivered by the President, Mr. Louis L. Lang, and the Viceâ€"President and General Manager, Mr. W. H. Somerville, C.B.E., and other officials of the Company. Mr. Lang‘s address dealt largely with national matters, and Mr. Somerville commented on the Comâ€" pany‘s operations during the past year. It was reported that new insurance sold in 1945 totalled $70,008,890, and the total insurance in force at the end of the year was $773,548,363. There are 803,828 policies in force. tion with others. No nation or peoâ€" | Of the 14,240 Canadian manufacâ€" ple in the world can now stand turing establishments, employing apart or act alone and Canadians over five employees per establishâ€" realize this basic fact in internAâ€" ment in 1942, 76% employed under tional relations. [50 employees and 87%, or 12,388, In these circumstances, it is Of employed under 100. This is conâ€" the utmost importance that able ivincing evidence that there is opâ€" and experienced representatives of portunity in Canada for the small all branches of national activity company under the freedom of enâ€" should present their views, supâ€" !gerpfige which we enjoy. It is true ported by relevant information, to they do not all prosperâ€"some fail; those negotiating on behalf of Canâ€" ‘but most of them make satisfacâ€" ada in all international matters tory progress A few have grown and coâ€"operate with them in evâ€" |into large and prosperous corporaâ€" ery possible way. Intelligent and |tions, but "big business" is the exâ€" honest criticism is necessary at ception rather than the rule. This times, but constructive suggestions is well exemplified in the mining are needed more and will produce/industry where we have a few most of the beneficial results to be |large mines and many small ones. obtained. in the retan iravie in farming hen. Continued Growth is Recorded by Mutual Life of Canada Policyholders Hear of Progress at 76th Meeting â€" Insurance Protection Over $773,000,000 m Ne t e |the small operators. Individuals or In addition to international relaâ€" ,small groups, day by day are inâ€" tions, Canada must deal with inâ€" vesting their savings or borrowing ternal problems similar to those of cther people‘s savings, to start many other countries. These inâ€"‘small businesses for themselves. clude the demobilization of Active The great majority survive, grow Service and Auxiliary Forces and and provide employment for many their establishment in useful civil thousands of Canadians. work. the employment of the dvfl-Y This is the system under which ian population, and, in general, Canada has developed to the proud the transition from war to peace position in the world which she conditions. Inow occunies It is worlh nreser. The war achievements of Canaâ€" vation and encouragement by our dians have been remarkable We fiscal policies and it is my hope have" gratitude and admiration for we shall never discard it for the the men who turned from peaceful ‘hncitul dreamland of state ownerâ€" occupations to outfight the best the ship and control by the state of Axis could offer and who won lastâ€" ‘e\'erybody and everything. ing credit and honour for themâ€" seives and for the Canadian name. IMPROVEMENT RATHER redit and) praise are (due io ,“] THAN CHANGE DESIRABLE members of the Navy, Am, Air| A prominent American business Force, Merchant Marine subâ€" man, not long ago, expressed the sidiary services, as well as to the opinion that if we are to preserve Dominion, Provincial and Municiâ€" \the private enterprise system some pal Governments, and to all citiâ€" |rather important changes in our zens in their various occupations thinking, in our motives and in our who had their rightful part in the}objectives are required. He was victory and in the supplying of the convinced that to attempt to imâ€" mighty armies created. To a great prove our present system, founded extent, the same thought, upon the profit motive, was far betâ€" en and planning are m ter and safer for the future than to tnnfinrrd to demobilization, reâ€" edopt any substitute with which habilitation and reconstruction and, people have experimented. I am in INTERNAL PROBLEMS in the degree of progress so far ‘attained, Canada compares favorâ€" ably with other countries. _ Canada need have no material difficulties if her people are occuâ€" |pied in work which will enable ‘them to support their families. How | can this desirable objective be| }reached? There is no easy or comâ€"| plete solution. The size of the unâ€" employed or unemployable minorâ€" 'ily is the core of the problem. The (goa] of effort is to expand the maâ€" jority and decrease the minority until nearly every one is employed |in some gainful way. _ â€" _ In considering employment, the responsibilities and opportunities of private citizens and of governâ€" ments should be studied and, so far as possible, defined. The Right Honourable Winston Churchill is quoted as saying: "We must beâ€" ware of trying to build a society in. which nobody counts for anyâ€" thing except the politicians and the officials, a society where enterprise gains no reward and thrift no priâ€" vilege." The two greatest countries in the world, the British Commonâ€" wealth and Empire and the Unitâ€" ed â€" States of America _ were developed by the individual intelliâ€" gence, courage, invention and inâ€" dustry of their private citizens. These two countries were the chief architects of victory and their sucâ€" cess was based on the characters\ of their peoples, on the producâ€"‘ tive capacity of their national inâ€"| dustries and on the resourccsj which their peoples had accumuâ€" lated through centuries of individâ€"| ual enterprise, labor and thrift. A year ago a prominent English busiâ€" | ness man, in referring to Britain,‘ had this to say: "The selfâ€"interest| of every country in the world reâ€" quires a strong and prosperous Briâ€" | tain. . . As I read the story of this naâ€" | tion, the driving power of that leaâ€"| dership is to be found in the twin gualities of integrity and enterprise expressed in a thousand ways throughout _ the _ everâ€"widening| range of adventure in industry and trade. . . . Greater social security, improved standards of living, more leisure, better educationâ€"all these can be fitted into the pattern of our aspirations for a happier society; but the plans depend for their fulâ€" filment on personal morality ra-’ ther than material conditionsâ€" their mainspring is the quality of the individual and his sense of duâ€" ty to the whole community." The history of Canada has been simâ€" ilar; French and British and other‘ immigrants from many lands, who settled this country, relied on their own efforts to establish and mainâ€" , tain themselves. Let us help the Dominion Provincial and Municiâ€" ; pal governments to perform their appropriate functions, but let us also cherish the ideals and pracâ€" tices of private endeavour and conâ€" duct which have sustained and benefited the Englishâ€"speaking world for generations. | EMPLOYMENT IS ids APidinbinadhialP cantodicantiaimiel t c oifi l _1 T immigrants from many lands, who'inghgrl;%u]:ri :l"j":yih:ee”;’;;a Sg:fi;l'th sgttledflt}:_nts; ?“figglfigfi‘efng“ngf;f function. It is a duty in which riskl ?.‘7: fhgmselges Let us help the |and caution are combined. Most of| p 6ominion Provincial and Municiâ€" US have taken full measure of the |,,; al governments to perform their °Mo"ts, the persistence, the hazards .4 2 o or, fonge, and the obstacles which are inherâ€" ;;,,, iss cheeis fi:hncq?ins']sb“t dlet 1c. ent in the business of organizing 12 !flzs:s (SP:Jl;liirhate :nclle::oura:nd;::?rf- and 0&33:3“% P"?ld““‘"’e ::iteeré' P j 4 prise. Most of us have recognized ; g:rcxzfitfilChthzaveEnsgulsig:-r;;gakai:g and respected the compelling powâ€" | (, world for generations er of competition. We have all felt 5y 8 ~ Jthe thrill of creative effort We ; j IMPORTANCE OF have all witnessed the courage and ‘ ;;,., SMALL BUSINESSES the purpose of thed people who of Of the 14,240 Canadian manufacâ€" :Logll“eeg,l ‘:;d}‘:;"‘lg a;r;arvecli'el\tev:rt);::ig turing. establishments, employ'l.ng loyalty and devotion. But our great _ A over five employees pelr establishâ€" production has been achieved when P3 ment in 1942, 76% employed under under war conditions, a single cusâ€" .m2 50 employees and 87%, or 12388 tomer the Government, required thr employed under 100. This is conâ€"|,;; ;}/, surplus we could supply. cnG vincing evidence that there is opâ€" Tody we must find customers to |ves portunity in Canada for the small use and pay for our production, bal company under the freedom Of 80â€"‘ which cannot be maintained withâ€" | _ terprise which we enjoy. It is tn_xle' out them. Never before has there y°@ {;)hey do not'a]l prosperk snA ?l ‘ been such a challenge to Jeaderâ€"| 1 but most of thxm‘ mnhe satisfacâ€" ship. Those in positions of responâ€" POI tory lpmtl"e‘:sa ew have grown {sibility must endeavor to progress | ti0‘ tions. bet "big busmeros_COIPTA~ |towards still better things if they | an« fions bul Nok bu.sme:s "’]" e.r?l’s' are to assist in guarding their /ti‘\i ception rather 1‘.28" the hm © u05 |country from the compulsions and | 1 is dwell exa}\;\px ed mh" $ mm'lng restrictions of the dictator state. ((‘0“ ‘;" ustry w erz weo _ Hnave If newLTho first primary essential is emâ€" isat I"‘fi mmgsl :r“ a mgn)f' sma Ofl::' | ployment; a nationâ€"wide opportuâ€" | © in + edreltalbea‘ne. in ?‘mmlg. 1' nity for all who want to work. If |Ca ts a:xna"um rm“ wf d?vled u]" Y ‘ freedom to produce is taken literâ€" ‘m "he . Srouge Yav »y quy q2 °0t ally, it will not be difficult to show | . 1 vesting their savings or borrowing | that it comprises practically all the t vesting their savings or borToWin& | froedoms that have been described | M ‘cther people‘s savings, to start so eloquently |RBl: ‘small businesses for lh.emselves.} > Ho The great majority survive, grow NEED FOR ECONOMY T and provide employment for manÂ¥ | _ The individual finds it desitable, |of ‘thousands of Canadians. P AibnthniP ie bl Tknive es usc irams h shuind inbaka nc t they do not all prosperâ€"some fail; 22°_ C but most of them make satisfacâ€" ls)fie" s tory progress. A few have grown si.bi%it 1 into large and prosperous corporaâ€" |{‘"l.} f;g tions, but "big business" is the exâ€" !~ '; s ception rather than the rule. This | 5C t° is well exemplified in the mining m“t".r{. industry where we have a few .‘i?; "ff; 1‘1 large mines and many small ones.| ‘2© A"S In the retail trade, in farming, fishâ€" 5;?;’?3: ing and lumbering, we have largely | y ?4q.,,, IMPROVEMENT RATHER | THAN CHANGE DESIRABLE | _A prominent American business man, not long ago, expressed the ‘opinion that if we are to preserve \the private enterprise system some \rather important changes in our thinking, in our motives and in our }objectim are required. He was convinced that to attempt to imâ€" This is the system under which Canada has developed to the proud position in the world which she now occupies. It is worth preserâ€" vation and encouragement by our fiscal policies and it is my hope we shall never discard it for the fanciful dreamland of state ownerâ€" ship and control by the state of everybody and everything. I T P SR ho A unaner Palinds UE ERORUCOTCICE MUCDERDCE NT MNUSE ter and safer for the future than to cash requirements npr-:nt the sdopt any substitute with which financial cost #f the war. Although CHIEF PROBLEM I am in .taxation increased over fiv Our thinking has been so dominâ€" ‘ated by fear in recent years that ’concem for security, dread of unâ€" employment, doubts about labor rrelations and worry over social | tensions have overshadowed desire for freedom. Freedom is no word for a tired or hesitant people. It }is for men of courage and faith. .'rhc acid test of faith and freedom ‘does not come when the business cycle is on the rise, profits are saâ€" ]ust‘actory and employment regular. The test comes when things are ‘going badly. The war has taught us that there is little which men |determine to do that cannot be dune. No obstacle, political, econoâ€" mic, financial or social, seems to stand in the way of achievement if the spirit, the will and the intelâ€" ‘ligence exist. All Canadians are now confrontâ€" ed with the task of retooling Canâ€" adian production in order to use everybody‘s energy and skill to turn out an abundance of the things we, and others, need and the luxuries we would like to have, !and to afford an opportunity to everybody to get them in proporâ€" tion to the muscle and brains, the i)ndustry and thrift, they contriâ€" ute. The principal factor in providing employment is increasing producâ€" tion in all departments of national activity, using what we need at home and exchanging our surplusâ€" es with other countries. Remainâ€" ing Government controls should be modified or abolished as soon as possible. These were absolutely necessary during the war and reâ€" ceived national and sustained supâ€" port. The Government has reâ€" laxed or abolished many. Some are still necessary, and we must be paâ€" tient in respect to these because we might regret hasty action; but it is to be hoped that the conditions which require théem will disappear within a relatively short time Necessary as they were in war, they are brakes on constructive efâ€" fort in peace. What is needed now is the return to accumulation and inyestment of savings in new and existing forms of production which will not only employ nfore people but also create a new savings for further investment, which in turn will provide more employment. COURAGE AND produce the results desired. In the larger units of business the only element which need be added to the profit motive is that they should recognize the phrase "in the public interest" and be guided accordingly. I believe that the managements of our larger indusâ€" tries have regard to their duties to others as well as to the owners and that the latter cordially approve. GOoVvERNMENT CONTROLS ARE BRAKES ON CONSTRUCTIVE EFFORT A CHALLENGE TO LEADERSHIP agreement with the view he exâ€" pressed, that every system has beâ€" hind it the o&mflt motive in one form or another, directly or indiâ€" rectly. In any system, brains, ability and qualities of leadership will be rewarded with power, prestige and wealth. Among the vast number of small business units which transâ€" act the larger portion of the total business done, we can always exâ€" pect the forces of qon_lpe_tltgm to { NEED FOR ECONOMY ‘ The individual finds it desirable, from time to time, to review careâ€" fully his financial position. Comâ€" /panios follow this course, and it is wise for a country to do the same. | In 1938 the direct funded debt of Canada was $3,366 Million. As at May 31, 1945, it was $15,090 Milâ€" |lion. In the fiscal year ending March 31, 1939, Dominion Governâ€" ‘mcnt taxation produced a total of $450 Million. In the fiscal year ended March 31, 1945, the peak |year, we paid in taxes $2,760 Milâ€" lion. The budget estimate of reâ€" ‘ceipts from taxes for the !ear endâ€" |ing March 31, 1946, is $2.360 Milâ€" The total expenditures of the Federal Government for the above years were: | lion 1939 â€" $ 511 Million 1945 â€" $5,600 Million 1946 â€" $5,338 Million The enormous increases in these FAITH NECESSARY THE WATERLOO (Ontarlo) CHRONICLE _ The Auditors‘® Report and the Reâ€" ‘port of the Actuary on the valuaâ€" (tion of the outstanding assurance ‘and annuity tontracts are submitâ€" \ted herewith. Additions to the Ordinary Assurâ€" ance Account for the year totalled $67,552,171, of which $65,098,561 were new Ordinary Assurances paid for under 27,371 policies; $2,â€" 322,255 policies revived; and $131,â€" 353 Bonus Additions. Terminations from deaths, matured endowments, surrendered policies and other causes aggregated $22,293,530. The net result was that Total Ordinary Assurances in force gained by $45,â€" 258.641 to a total of $732.845,796. New Group Annuity contracts peid, for and increased, provide for future annual payments of $663,â€" 402. The total Group Insurance in furce increased during the year by $4,428.196 to $40,702,567; 27 new contracts â€" involving 38.410. ~lives uaving been affected. _ _ _ The total Annuity contracts in force will provide for annual payâ€" ments to Annuitants of $5,155,012, of which $334,511 have vested and $4,820,501 are deferred. GROUP ACCIDENT The Group Accident and Sickâ€" ness Branch has policies in force covering 98 groups. Net premiums written for the year were $312,â€" 883.78. The assets of the branch amounted to $279,925.49. INCOME AND EXPENDITURES The total assurances in force, Orâ€" dinary and Group, amounted to $773,548.363. an increase of $49,686,â€" 837. 453 new Ordinary Annuity Conâ€" tracts were paid for and increased, providing for future annual payâ€" ments to Annuitants of $202,208. Total Income for the year was $39.943,584.30. Payments under poâ€" licy contracts amounted to $14,225,â€" 453.32, including 1945 dividends paid or allotted to policyholders of $3,743,458.91. Your Directors have pleasure in presenting the Seventyâ€"Sixth Comâ€" bined Profit and Loss and Surplus Account, together with the Balance Sheet of the Company for the year ended December 31, 1945. ASSETS At the close of the year the Asâ€" sets of the Company aggregated $269,560,078.02, an increase of $17,â€" 456,388.96. Surplus Earnings for the year w ere $5,460.049.43. The rate of interest earned on Net Ledger Assets was 4.27%. in 1946 amounted to $5,350,000, inâ€" cluding $1,500,000 for the Special Surplus Distribution. â€" Reserves for Assurances and Anâ€" nuities as computed on the basis set forth in the Actuary‘s Valuaâ€" tion Report amounted to $201,765,â€" Unassigned Contingency fund agâ€" gregated $11,583,158.72, an increase of $1,286,790.71. GENERAL REMARKS A continuous audit of the Comâ€" pany‘s books and accounts was maintained _ by the _ Auditors throughout the year, and at the end of the year all bonds, other inâ€" vestment securities, cash and bank balances were verified. Mbrrrtrgagor loans made during the year were also audited. The Board again desires to reâ€" cord its appreciation of the highly satisfactory manner in which the work of the Company has been carried on by the Officers and staff in the Field and at Head Office. spending increased over tenâ€"fold. Of the money spent during the war. [ only about half was raised by taxes;| the other half was borrowed and | added to the national debt. WeJ were, in effect, spending cawulw and not income. There are those who say that if the countl;y could spend such large sums under war | conditions, it can spend equal or | even larger sums under peace conâ€"| ditions. This could only be done| by maintaining taxes over five | times as great as those imposed beâ€" ; fore the war, and by continuing to borrow considerably more than the | taxes yielded. How long would such a plan work in the case of a municipality, a company, or an in-l \dividual? The Members of the Board reâ€" tiring this year by rotation are Messrs. C. S. Sise, I. Pitblado, G. Blair Gordon, H. L. McCulloch and Hon S. C. Mewburn. Respectfully submitted on behalf of the Board President of The Mutual Life of Canada, who addressed the 76th Annual Meeting of policyholders held at Waterloo this afternoon. The expenditures for maintainâ€" ing the armed and auxiliary serâ€" (Continued on Page 8) Provision for dividends payable | Report of Board of Directors Mutual Life President ASSURANCES ANNUITIES Louis L. Lang RESERVES LOUIS L. LANG, President AND SICKNESS ‘the Company of $3,349,001.23; an increase of $320,178.86 in Miscellaâ€" !neous Liabilities; of $1,677,174.35 in Dividend Reserves and $1,286,790.â€" l The net increase in Assets is balâ€" anced in the Liabilities by an inâ€" fcrease in Reserve for Assurances and Annuities of $12,093.444.00 to a total of $201,765,612.00; by an inâ€" |crease in Amounts on Deposit with The principal decreases were $1,â€" 814,876.21 in Preferred and Comâ€" mon Stocks; $1,255,760.77 in Mortâ€" gages and Sale Agreements; $819,â€" 237.51 in Loans to Policyholders and $441,696.19 in Real Estate other than Head Office. Due from Reassuring Companies; and decreases in Preferred and Common Stocks, Mortgages and Sale Agreements, in Real Estate other than Head Office; in Head Office Premises and in Loans to Policyholders. The main increase in Assets is in Bonds, which, at $205,958,818.37, mcreased $21,220,549.06. Of the Assets of the Company of $269,560,078.02, which increased $17,456,388.96, there were increases in Bonds, Cash at Head Office and in Banks, in Premiums Due and Deferred, in Interest Accrued on }nvest‘ed Agets and in Payments Comments On Mutual Life Sta And Operations in 1945 DOMINION OF CANADA and DOMINION GUARANTEED BONDS, which comprise 56.7% of TOtAl ASS@LS...............ccllcecllllllll. PROVINCIAL AND MUNICIPAL BONDS, consisting entirely of obligations of Canadian Provinces and Municipalities............. OTHER BONDS, including Public Utility, Industrial, Institutional. U.S. Treasury and MUnicipal BORGS.....â€"â€"..sm.cwssnonnnernnennuce MORTGAGE LOANS AND SALE AGREEMENTS, of which 18.3<; are loans under the National Housing ACt........cczucclcclls. REAL ESTATE, including $600,393.38 for Head Office, at cost. less BMOURES WTIERET Off.â€"2..:0.00000000000â€"0onerrivernicrvennoterinenirsSapesinnebscvenbene cncaparescabee LO‘A_N'S TO POLICYHOLDERS, fully secured by Cash Surrender STOCKSâ€"These consist of Preferred Stocks of $2,128,134.10 and Common Stocks Of $5,055,340.09......................ceucn cce es. The Market Values of Bonds and Stock holdings are substantially in excess of the Book Values shown above. VBIHEGS : L. meli ces Svicerinaensinpens everecnebioage cederonebecenedaaoegestneane d fpssiesoernapesiea on caninte c hous CASH at Head Office and In BANKS.:â€"â€"...::â€"0.â€"..000tmm mm cmmnmcien PREMIUMS due but not yet paid; and on a semiâ€"annual, quarterly and monthly basis, where part of the premium for the year reâ€" mains to be paid (fully secured, because assumed paid in calculatâ€" ing ACtU@TIAL Li@Dilit@§) ............c...csssss0eseeeeemmenememmmnnemenmncenmennmmmncnccs ACCRUED INTEREST, representing Interest on Investments, carned but not payable until 1946 (interest overdue not included)............ PAYMENTS DUE FROM REASSURING COMPANIES for losses or tlaims paid by tTh6 COMPSNY.â€".........::s... on im minininenioieerevensoorecinesbrtenrececccee TOTAL ASSETS RESERVE FOR ASSURANCES AND ANNUITIES representing the aggregate actuarial liabilities for contracts in force on December 31, 1945, as required by the Dominion Department of Insurance.... $201,765.612.00 disability claims and matured endowments awaiting payment........ FUNDS ON DEPOSITâ€"Policy Proceeds, Dividends and Other Amounts left with the Company At INLEPESL.....:...s.â€"csuuscecmmcncrcenss UNPAID DIVIDENDS, which will be applied to reduce overdue preâ€" INCOMPLETE AND UNREPORTED CLAIMS, including death and PREMIUMS AND INTEREST PAID IN ADVANCE OTHER LIABILITIES, including Provision for Staff Pensions, Un paid Expenses, ACCPUEA TAKES ... mm RESERVE FOR QUINQUENNIAL DIVIDENDS, consisting of Divi â€"dends accumulated annually and distributed, according to con frACt, At fVEâ€"Y@AT INI@TVAIS ................c..clcnscceeeccmcmemenmeemnmmmciss DIVIDENDS PAYABLE IN 1946â€"Full Provision for Dividends pay able in 1946, including the Special Dividend of $1,500,000........... SPECIFIC RESERVE FOR FLUCTUATION IN VALUE OF IN GENERAL INVESTMENT RESERVE.... UNASSIGNED CONTINGENCY FUND TOTAL LIABILITIES AND SPECIAL FUNDS R. C. BERKINSHAW, Toronto, Ont G. BLAIR GORDON, Montreal, Que GORDON C. LEITCH, Toronto. Ont H. A. MACKENZIE, London, Ont H. L. MeCULLOCH, Galt, Ont. JAMES Y. MURDOCH. K.C LOUIS LaCOURSE LANG, President, Kitchener, Ont MAJ. GEN. HON. S. C. MEWBURN. K.C., CM.G., Viceâ€"President. Hamilton. Ont W. H. SOMERVILLE, C.BE., Viceâ€"President and General Manager, Watcrioo. Ont A. E. PEQUEGNAT, ALA., FAS, Assistant General Manager J. M. LAING, A.LA., FA.S., Actuary J. M. LIVINGSTON, M.D., Medical Director E. A. RIEDER,. FAS., FALA., Associate Actuary . M. Somerville, C.B.E., Viceâ€"President and General Manager, Comments on Company‘s Operations A complete report of the proceedings of the Annual Moeting held at the Head Office of the Company. Waterloo, Ont.. on Thursday. February 7th. 1946, may be obtained from the Head Ogl:e or from any of the Company‘s Branch O fhoes HEAD OFFICE MUTUAL [IFE 76th ANNUAL STATEMENT BOARD OF DIRECTORS AND OFFICERsS During the year 1945 Bonds and Stocks in the aggregate amount of $55,029,559.19 were sold, redeemed or matured, while in the same peâ€" riod, a total of $73,431,417.39 was invested in Bonds. A large part of the above transactions represented tne sale of short and medium term Dominion of Caflkda Bonds. The latter were sold at quite substanâ€" tial premiums above our book vaâ€" lues. The proceeds were invested i« longer term Dominions and the profits applied to reduce the cost The effect of the transactions was to at least maintain, and in some cases increase, our book yield, and Provincial and Municipal Bonds had a book value at the end of 1945 of $35,315,700.78, equivalent to 13.1% of Total Assets, having deâ€" creased during the year by $3,â€" 952,048.22. Public Utility, Industrial and Other Bonds at $17,837,718.60 comâ€" prise 6.62.% of Total Assets and decreased during the year by $380,â€" 118.40. 71 in Unassigned Contingency Fund and a reduction of $1,270,â€" 200.19 in Other Reserves due to the elimination of provision for Addiâ€" tional War Mortality. . In the Bond Account of $205.â€" 958,818.37, Dominion of Canada Diâ€" rect and Guaranteed Debentures comprise _ $152,805,398.99, befi;lg 742% of our Bond Holdings a 56.1% of Total Assets. BONDS COMPRISE LARGE PERCENTAGE OF ASSETS Toronto. Ont L1A B ILITIES DECEMBER 31, 1945 A SS ETS Established 1869 THE W. G. MURRIN. Vancouver, B.C GLYN OSLER, K.C.. Toronto, Ont J. E. PERREAULT. KC. LLD. â€" Winnipeg. Man C. F. SISE, Montreal, Que W. G. WATSON. Toronto. Ont H. HOLMES, A LA . F A S. A.A LA .. Secretary GEORGE DUNBAR. ISAAC PITBLADO. K.C., LLD H L GUY, FAS Ass‘t General Manager and Treasurer WATERLOO, ONTARIO Superintendent of Agencies Our Real Estate Account, excluâ€" sive of Head Office, which totals $606,635., is made up of 11 Urban and 143 Farm properties. During 1945 190 Real Estate sales, includâ€" ing 172 Farms, were made, total sale prices being $943,358. with cash payments aggregating $505,â€" 462.00. gages comprise $27,509,957 and Sale Agreements $2,689,791. Our Mortâ€" gage Investments in Eastern Canâ€" ada increased by about $750,000.00; but this increafi was balanced by a reduction in the Sale Af‘eemem Account of practically e same amount. Western Farm and Urâ€" ban Investments were reduced by approximately $1,254,000., which accordingly represents the reducâ€" tion which has taken place in the Mortgage and Sale Agreement Acâ€" count. REAL ESTATE Applications for new mortgage loans to the amount of $5,410,â€" 172.00, including 532 applications for loans under the National Housâ€" ing Act involving an advance by the Company of $1,809,468., were accepted in the past year compared with $3,547,731, of new loans in 1944. Of the Mortgages and Sale Agreements of $30,199,748 Mortâ€" tv insure the continuation of this yield over a longer period. (Continuea on Page 8) MORTGAGE LOANS $152.805,398.99 $269,560,078.02 Montreal, Que $269,560,078 02 35,315,1700.18 17.837.1718.60 30,199,748.06 18.255.418.29 624,909.33 37.777,135.02 2,000,000.00 3,500,000.00 11.583,158.72 2.404,202.24 1,207.028.38 3.595,001.06 7,183.474.19 2.630.176.70 4.307.644 12 5.350,000.00 HOLDINGS DOWN 160,804.33 388.409.78 41.478.10 97.137.35