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DIAMOND HORSESHOE Betto Grable "They Were Experd:ble" Our people are capable of great generosity. Their social conscience is, in fact, the product of their perâ€" sonal opportunities. They will asâ€" sist in feeding the warâ€"starved areas. They will permit courageâ€" ous ventures into the relief and reâ€" habilitation of their fellowâ€"men COMING MON. â€" TUES. â€" WED. The more the individual can be helped and induced to assume reâ€" sponsibility for his own welfare, the fewer will be the demands on Governmentâ€"namely, on his felâ€" low citizensâ€"for aid in sickness, unemployment and old age. It is these three, with the hazard of early and unexpected death, which constitute the four spectres that" haunt the minds and hearts of most human beings. | We are too apt to think that the interests of government, of manâ€" agement, of ownership and of labor are at variance, one with the other. Government actions should repreâ€" sent our interests expressed by our elected representatives, and the inâ€" terests of organized and unorganâ€" ized labor are identical with the inâ€" terests of management and ownerâ€" ship. Labor has everything to gain from active and prosperous Canaâ€" dian industries operating under free controls. Our people want to work. They have pride in what they do. They want to possess and to enjoy the advantage of possesâ€" sion. They do not wish to contriâ€" bute to the coddling of the idle. They will reject the tyranny of the officials who act in the name of government as they reject the tyâ€" ranny of wealth. courage, we can now act so as to maintain the confidence of the peoâ€" ple in their own ability and enterâ€" prise, thus vindicating and imâ€" proving the astonishing record which they have already accomâ€" plished in this direction. Men and women want to be creative, proâ€" ductive, independent, and to secure the fruits of their efforts They want to be a part of the social orâ€" ganization upon which they deâ€" pend, proportionately to their own native sense of personal responsiâ€" bility. This is the time for those in all occupations to declare their confidence in the future of Canâ€" ada and to provide the leadership which will give hope to all Canaâ€" crippling and discouraging and the national debt kept within reasonâ€" able bounds, strictest economy must wealth for the reconstruction peâ€" riod. There is no bounty sufficient to accomplish the task. There is nothing in the philosophy of the "handâ€"out" that can lead to anyâ€" thing but impoverishment for the postâ€"war world. We must all work Out of effort, new weaith must be created and some of it must be saved. So plain a truth could easily be elaborated to show that investâ€" ment must once more take place, capital must be accumulated, and production must move forward on a solvent and profitable basis until it provides both the wealth and the ozzrtunity for the social welâ€" fare ich is now so extravagantâ€" ly projected in the plans for the postâ€"war world. If we have the (Continued from Page 3) vices and special civilian services, : -mang.coth-' war mppl":l.d ve been lining rapidly should soon be reduced to whatâ€" ever amounts are required to mainâ€" tain Canada‘s armed services under peace conditions. If taxes are to be COâ€"OPERATION OF Mutual Life Policyholders Hear of Progress Robert Montgomery John Wayne â€" Dick ALL IS NEEDED Haymes of The nature of the life insurance business implies an expansion in resources with an expansion of the substantial gain in the purâ€" chases of new life insurance wfiich we have experienced. Our sales of ,new life insurance exceeded sevenâ€" ty millions. No doubt several facâ€" tors are responsible. The uncerâ€" (tainty of human life, emphasized ‘by the war, has evidently quickâ€" |ened public _ appreciation _ of ithe practical value and necesâ€" |sity of life insurance. â€" There |has also been observed the ‘tendency to make it the vehicle for ‘incroascd personal â€" savings. _ It scems quite likely that these same influences, in some measure at least, account for the marked persistency of the business already on thc‘ books. You will note that we had a record gain of about fifty millions[ in total insurance contracts in force, and that the aggregate of these at the end of the year was upâ€" wards of threeâ€"quarters of a bilâ€" lion dollars. Hedy Lamarr â€" Robt. Walker Your principal interest, howâ€"| cver, as policyholders in this Comâ€" pany, will centre in the manner in which its operations were affected by the momentous occurences of | 1945. From the Seventyâ€"Sixth Anâ€"| nual Report of.the Directors which ; Fas been read, you will have noted] No one can see far into the fuâ€" ture, but it can be said safely that Canada has most of the elements of happiness, and prosperity; and that the future of Canadians deâ€" pends largely on the manner in which they, as individuals, use their abilities, opportunities and possesâ€" sions. Gloria Jean â€" John Qualen Do Canadians realize and appreâ€" clate their good fortune? If not, they have only to contrast their conditions with those existing in any other country in the world; and if they do make such a comâ€" parison, they will be convinced of their favoured state. CANADIANS IN The prosperity of England before the First World War was in large measure the result of willingness to help her foreign customers; and her forbearance and assistance to them when they were in difficulâ€" ties. It will be necessary to give away some of our products to other counâ€" tries to help them in their tempoâ€" rary distress. Other products will be exported on credit within reaâ€" sonable limits. This policy of mainâ€" taining export trade is sound, as well as humane, because it will maintain old, aÂ¥d establish new channels for Canadian trade with the rest of the world. peared and was replaced by , the much greater volume of war supâ€" plies sent to other countries. One of our greatest assets is agriâ€" culture. Canadian farmers, in spite of the absence of members of their families and employees through enâ€" listment in the services or engageâ€" ment in other employment, proâ€" duced immense quantities of foods wnd materials for home consumpâ€" tion and for export to our allies. They are now planning construcâ€" tively for future production. The same is true in regard to our other basic industries. All factors necesâ€" sary for huge and successful proâ€" duction of goods and services are present. The domestic market is hungry for all kinds of products, and the supply is much below the demand. Our great export trade of prewar days practically disapâ€" DOMESTIC AND PROGRESS OF MUTUAL LIFE "Her Highness And The Bell Boy" â€" ADDED FEATURE "River Gang" FORTUNATE POSITION Trea~| It seems to be apparent in Canâ€" NaiNâ€"|ada, as it is in the United States, 1. @§)that Government fiscal policy will will continue to be directed towards new maintaining low interest rates. with Governments everywhere are interâ€" |'ested in keeping down the interest EfOl’E;cost of their heavy debts accumuâ€" arge ‘lated during the war. It is ungoo- ness sible to say how far these tendenâ€" and cies will operate, but it is to be e t0 hoped that those responsible for icul~ the fiscal policies of this country will give somewhat greater weight In the light of favourable surplus ecrnings, coupled with uncertainâ€" tics as to the extent to which, in future, the tendencies to lower inâ€" terest rates will operate, the Board of Directors did not consider it adâ€" visable to make any upward reviâ€" sion of the scale of distribution of surplus to policyholders; but havâ€" ing experienced favourable earnâ€" ings and having made provision in our preceding Annual Statement of $1,500,000 to meet possible addiâ€" tional war mortality, which fortuâ€" nately was found unnecessary for that purpose, it seemed to the Board that the position of the Comâ€" pany warranted the distribution of "Secret Evidence" She offered herself as a sacriâ€" fice to save the ones she loved. It is also to be observed that any nâ€"arked movement to lower yields on investments will be directly reâ€" flected in our Balance Sheet posiâ€" tion. With lower yields, the market prices of the securities carried in our Balance Sheet advance; with |a movement to higher yields on inâ€" vestments, the reverse will happen. As there is no guarantee that highâ€" er quotations will prevail indefinâ€" itely, sound policy and the welfare of the policyholders demand that contingency reserves for security fluctuation be retained in adequate amount. That atomic bombskell of laughter . . . 66 99 Hold That Blonde "ARIZON A*®"* and _ Monday, Tuesday, Wednesday After Sun. Midnight Preview The mightiest outdoor picture of them all. A wildcat of a woman in a world of men . . . Jean Arthur â€" William Holden and Warren William As bond prices advance proporâ€" tionately to the reducion in yield on investments, the margin on inâ€" vestment earnings over interest reâ€" cuirements on our policy contracts has tended to become narrower. If interest yvields on investments in the future continue to diminish, this will eventually mean that the consequent lower rate of earnings will require some appropriate and. compensating action. If, although it seems at the moment unlikely, yields on investments should move vpwards, our existing basis of operâ€" otion will not be materially disâ€" turbed. with Marguerite Chapman Willard Parker Chester Morris g‘f}:;_;hs:r;gfst jo}ridTâ€" "One Way To Love Thursday â€" Friday â€" Saturday FEBRUARY 7 â€" 8 â€" 9 to the desirability, from both ecoâ€" nomic and social viewpoints, of enâ€" couraging thrift, and providing an incentive for saving, through a conâ€" tinuance of moderate interest reâ€" urns on highâ€"grade bonds. There has been a tendency over the past decade to deny encouragement to thrift and saving. This is a very shortâ€"sighted policy because the continued prosperity of the counâ€" try must depend on future savings, which are not encourâ€" aged by unfair treatment of those who have been savers in the past. Not only has the developâ€" ment of this country depended to a great extent on this sterling atâ€" tribute of character present in such marked degree in our forefathers, but it is difficult to believe that lack of saving and foresight can "ccomplish much that is socially desirable or can contribute greatly in socially desirable objectives. ing Victory bonds has assisted the Dominion in its war financing, our large investment in the best secuâ€" rity this country has to offer has contributed to the basic soundness of the security of our contracts. the various Victory Loan e::ralsm were under way, substan! purâ€" chases were made by our Compaâ€" ny. These bonds were bought for permanent investment though exâ€" changes for longer term issues have been made as certain of our holdâ€" ings became relatively short in term; and the funds of a life inâ€" surance company are available for relatively long term investment. While the policy pursued by our Company in purchasing and holdâ€" â€" ADDED FEATURE â€" about seventeen and oneâ€"half milâ€" lions, which represents the increase in the aggregate savings of the inâ€" Assets are of the highest grade is indicated by our substantial holdâ€" ings of Victory and other Dominion of Canada bonds. These amount to about $153 Million, which repreâ€" sents 56.7% of our Total Assets. As ;-:mâ€"?;unn&u’: hfivT’mdemm which the business of a mhummm lthimpqflamtoohl:.:thnfll Complnys-uuxln stability keep in step with its constructive lividual policyholders. That these â€" ADDED Marjorie Reynolds and Starring Eddie Bracken and Veronica Lake Charles Quigley in INTEREST RATES DIVIDENDS THE gate face amount of $8,156,013 of ordinary insurance died during the year; a reduction of $859,817 from the corresponding assurance acâ€" count value of death claims in 1944. War claims accounted for 22% of the total in 1945 and 24% in 1944. During the six war years | | HOUSING fAt the request of the Minister of Finance our Company, in comâ€" mon with the life insurance comâ€" panies operating in Canada, is doâ€" ing what it can to assist in the soâ€" lution of the present serious housâ€" ing problem. Yn view of the shortâ€" age of labor and materials, progress must necessarily be slow in bringâ€" ing the contemplated projects to completion. a commitment to take: Bx&'and pay for the balance, $10,100,000, in 1946. The exphmtomooe to the Net Profit on Sale of ger Assets and Foreign Exchange mentions that $3,547,977.45 of such appreciation was utilized to reduce the book vaâ€" lue of securities to stabilize future interest yields. The market value of our bonds and stocks exceeds the book value by $15,000,000. NINTH VICTORY LOAN Of a subscription of $20,000,000 made by the Company to the Ninth Victory Loan, $9,900,000 was paid for by the end of the year, leaving In our December 31, 1943, and 1944 Statements, the Provision for Dividends payable in 1944 and 1945 was $3,500,000 and $3,650,000 respectively. At December 31, 1945, the Provision for Dividends to Poâ€" licyholders payable in 1946 is inâ€" creased by $200,000 to $3,850,000, plus the Special Surplus Distribuâ€" tion of $1,500,000â€"a total of $5,â€" 350,000. With the 1946 Dividends \lpmvlded for, and held as a liabiâ€" lity, the Surplus Earnings of $5,â€" 460,049.43 7permitted an increase of $1,286,790.71 to $11,583,158.72 in the Unassigned Contingency Fund. Adding the General Investment Reserve, which, at $3,500,000, is unâ€" changed from a year ago, the total of these two funds, $15,083,158.72, ‘ is 5.60% of Total Assets. | The General Expenses and Taxes at $4,386,989.11 are $229,680.07 more than those of 1944; and the ratio of ‘Expenses to Income increased from 12.28% in 1944 to 12.67% in 1945 The main increase in Expenses was in Commissions to Agents of $110,â€" €08.02 and Taxes, $82,124.50. the former being accounted for by the increased volume of new business written. Policyholders carry an aggreâ€" te face amount ot"i:.m,ola of Income from all sources shown in the Profit and Loss Statement was $39,943,584.30, an increase of $986,376.73; while the total of the Expenditures and of Dividends :;Psaol% or Allotted increased $118,â€" .98. The Specific Reserve for Depreâ€" ciation in Value of Investments of our 1944 Statement has been reâ€" placed in 1945 by a Specific Reâ€" serve for Fluctuation in Value of Investments of $2,000,000. At the close of 1940 it was considered adâ€" visable to establish a Specific Reâ€" serve against Stock Principal to reduce the aggregate book value of our Stocks to the market value at that date. This Reserve amounted to $808,263.08 at the end of 1942. since which time the market value of our Stock Account has shown a continuous upward trend reaching $1,270,590.31 in excess of aggreâ€" gate book values at the end of 1945. The 1944 Specific Reserve of $1,â€" 770,200.19 included the Stock Prin-‘ cipal Reserve of $808,263.08 and 2 Specific Reserve for Depreciation of Mortgages and Sale Agreements of $961,937.11. These two Reserves have been combined with an extra $229,799.81 to make up the round figure of $2,000,000. in the 1945 Baâ€" lance Sheet. DEATH CLAIM PAYMENTS The lowered returns from Mortâ€" gage Interest and Rent Income coupled with the reduced earnings on Bonds account for the reducâ€" tion to 4.27%, from 4.75% in 1944, in the rate of interest earned on Invested Assets The rates earned in the years 1940 to 1943 were 4.61%, 4.59%, 4.57% and 4.56%. AMOUNTS ON DEPOSIT The Amounts on Deposit with the Company, $37,777,135.02, conâ€" sist of Dividends Left to Accumuâ€" late, $15,136,474.64; Sums Assured on Deposit, $19,168,722.17; Future Premiums _ Discounted, . $2,925,â€" gggg(l), and Other Amounts, $546,â€" INCOME AND EXPENDITURE EARNINGS IN 1945 Interest and Net Rent Income from Morngges, Sale Agreements and Real Estate declined $678,960 to $2,119,840. Of the decrease $417,800. is Interest and $261,160. ‘Rent Income. The lower Interest Income is explained by the marked ‘rcduction in recovery of farm inâ€" terest arrears, in the reduced inâ€" vestment in Mortgages and in the lower interest rate; while the deâ€" crease in Rent Income is due to the marked reduction in Real Esâ€" tate owned and to the fact that the 1944 Rent Income included rentals for the years 1942 and 1943 as well as for 1944, due to restricted grain delivery regulations in the earlier years. â€" cially than at any time in its history. gu is true not only of our Balance Sheet, which records the material resources of the Comâ€" pany, but of the human assets of the Companyâ€"its personnel in our offices and in the Field. For over §eve:ny-$ix Y_un_t.his Company . mcm!nhnboumu in being able to absorb war losses and continue to show a relatively has been serving the public, and has devoted its efforts almost exâ€" it is most gratifying to report that this Compan;uineome through thelfiemmnv::usnwithw sets unimpaired is now finanâ€" WAR EXPERIENCE this sum to policyholders adâ€" m-umub‘:fm. buted in 1946. DIVIDEND PAYMENTS (Continued from Page 3) Comments on Mutual Life Statements FAVOURABLE CHRONICLE ness was sold to persons who were carrying previous insurance in both 350. the latter accounting for 19% of the new business for the genr An additional 175, of the new busiâ€" Insurance estates are generally built up through the purchase of a series of individual policies. It is of interest to note that for many years between 30% and 40% of our new business has been sold to perâ€" sons buying their first life insurâ€" ance policy, usually at a fairly young age. The first policy is usuâ€" ally smaller than the second, third and subsequent purchases. The averageâ€"size first policy sold in 1945 was. $1,569, whereas the averâ€" ageâ€"size second or subsequent poâ€" licy sold to persons insured excluâ€" sively in the Mutual Life was $3,â€" the new insurance, and 20% was written on the 20 Payment Life paf‘ticipating plan. lis the largest volume sold in any year during the history of the Comâ€" pany. Of the fbtal, $4,910,329 is new Group Life insurance conâ€" tracts and $65,098,561 Ordinary inâ€" dividual policies. Over 95% of the Ordinary insurance was sold on plans which provide for participaâ€" tion in the surplus earnings of the company. One half of the new business was sold on two main plans. The Low Rate Life Particiâ€" pating plan accounted for 30% of from 1940 to 1945 inclusive, policyâ€" Jholders carrying a total face amount of $32,750,000 of ordinary |insurance died, 13% being war |claims. From the beginning of the | war to the end of 1945, the war |claims on our own Canadian m cies aggregated $4,158,086, of whi $2,251,460 included a war clause providing for return of premiums | with interest. houn Poie m e na d S 6.257. The associated diseases of the Heart, Blood Vessels and Kidneys again accounted for over oneâ€"half of the civilian death claims, the percentages being 51.5% in 1945, compared with 50.6% "in 1944. No significant changes were observed in other causes of death. _ In the case of death claims, the G o u D IE s assurance account values or face amounts alone do not determine DEPARTMENT SFORE the financial effect on the Compaâ€" n ny‘s operating statement. The net King A"‘! Queen Streets cost to the Company is reduced | Kitchener through the reinsurance of certain large risks, the operation of the | war clause in fllle case g:hw mmz _ claims under policies pu ased{ . during the war period, and through | the Mutual Life and other compaâ€" the application of the actuarial reâ€" nies and they bought an averageâ€" serve to meet a portion of each size policy of $4,806. claim. In settlement of the 1946 The average size of the 303,828 claims the Company applied $2,â€" policies in force in the Company is 384,000 of actuarial reserves. In $2,546. The average size one year comparison with, the preceding ego was $2,540. The relatively large year, the ratio of Actual Death number of policies being issued at Claims to those expected dropped the present time on the lives of woâ€" increased our new writings by large amounts, despite the MZQ of having had such a large pum of our Field Men lcfl in the Armed Forces in other capacities. In recent months they have been rvel:.urniu to us m;â€" ally, and we have been very to extend to them a warm welcome. The splendid results of their efforts have been_ most gratifying. . We can face the future with courâ€" age and with faith, confident that by wholehearted use of our invineâ€" ible spiritual and material reâ€" sources we shall participate in m more wonderful age than any which mankind has yet known. Your Directors renflu that nothâ€" ing less than a high standard of executive responsibility and vision can satisfy the demands of true service. f‘"‘ ¥°w"m -r’u:. over 5 year within these boundaries is a real achievement and speaks volumes for the efficiency and inâ€" dustry of our Field Force. During xuu\vujynnvohm‘r!e.m Phone Linwood 40 r 5 Don‘t put it off any longer, that smail repair job may cost money if it is let go. . _. . We‘ll admit it doesn‘t look much like spring right now, but it will come, and you won‘t have any time then for repairing or renovating those buildings. . . . You are going to be busy with other jobs, that are necessary at that time of the year. . E. RATZ LUMBER LTD. Are You Ready For Spring _ Since the last Annual Meeting, further honours have been won by seven members of the staff: Flying Oi!licer“W.L C. 'Maxwell. Guelph, and _ Flight Lieutenant â€" Peter Holmes, Head Office, have been names must be added, namely Lieut. William T. Buddell of the Head Office Staff and Flying Officer Robert A. Irwin, Edmonton. ously been recorded, it is with great regret that two additional Two hundred and sixty names of members of the staff who served during the Second World War are listed on the Honor Roll at Head Office comprising 115 members of the Field Force, 77 members of the Head Office staff, and 68 members of the Branch Office staffs. To the eleven whose deaths have previâ€" Ito the number of over 11,000 was‘ It is with a keen sense of loss of this type, and the average poliâ€"< that the death, on June 8, 1945, of cy on the lives of children was $1,â€" the Company‘s senior solicitor, Mr. 027 and on the lives of women, $1,â€" Harvey J. Sims K.C.. is recorded. 332. No doubt, too, the heavy Over a period of several decades taxes paid by the higher income the late Mr. Sims was diligent in groups leave less income available his attention to all legal questions for large policies. The great maâ€"|affecting the Company. jority of the people of the country | _ Two of our Officers, Mr. W. Carlâ€" are in the lower income ranges, and , isle and Mr. H. M. Cook, retired in auring the war have had an inâ€" the past year. Mr. Carlisle has been crease in their average incomes.'succecdvd as Superintendent of As a result, many of these are now | Agenciecs by Mr. George Dunbar; prospects for life insurance, but for| and Mr. Cook, as Secretary, by Mr. relatively small policies. It wouldEHorace Holmes. seem, however, as if the redistribuâ€"; While the past year has been a tion of income brought about bylbusy one, with the rate of turnover the War would expand the market of the Head Office staff of 17%. for life insurance in the lower inâ€" ‘and 75 replacements, the welcome come ranges. return of male members in incrane. â€"Individual reductions in the latter group. Savings substantial . . . and still a good selection. WOMEN‘S COAT SHOP C O ATS Noteworthy Savings In The Following Groups Of Women‘s And Misses‘ Coats BLACK CHESTERFIELDS AT $35 GOUDIES BROWN FLEECE TAILOREDS AT $29.75 BLACK COATS WITH FUR TRIMS TAILORED TWEEDS AT $25 chearance: Queen Street Floor 8T. CLEMENTS, ONT. Advance units of the Commonâ€" wealth troops have already arrived, and their numbers are estimated at around 45,000. _ Tokyo.â€"While China has exâ€" pressed a desire to help in the ocâ€" cupation of Japan, and at the same time pleaded an inability to do so, and Russia has not made clear her intentions at all; British troops have joined Unrited States forces in the task of occupying this counâ€" ty. _ While the past year has been a ’busy one, with the rate of turnover of the Head Office staff of 17%, and 75 replacements, the welcome return of male members in increasâ€" ing numbers will reduce any addiâ€" tional burdens which, in the meanâ€" time, have been carried cheerfully by the experienced members of the staff, to all of whom appreciation is‘tendered for a high standard of service." . awarded the Distinguished Flying Cross; Lieut.â€"Col. J. L. Collins, Asâ€" sistant Accountant at Head Office, is a Member of the Order of the British Empire. and Col. John Wallis of Montrcal is an Officer of tnis Order; Major A. M. Fyfe, Monâ€" treal, bas received the Croix de Guerre; and Flying Officer H. P. Florence, Saskatoon, and Lieut. Norbert Jeffers, Head Office, were a lot of Yanks Occupy Japan )