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i" ",r'i7'-"-Q' ("i'fiurs4= ","ri. ". _ ' tf . 's. _ "-d"vrf,, _ T JC."?" " "d . r _ _ “I T“ , _ , - A . . ' . ". I tA,' 'iaalltrlArttriittli"i'it. uc gm. any“. t3t-,ttmttdilttBgl' ', MW About 85.8 million was odd- ed to our bondind deberlznre holdings, which at the end of the your amounted to 8288 million. There ms, however, some rediste'sbsttioh among the nations categories. When in- terest rates, are high. spreads in yield between different classes of securities tend to be wider than when interest mm are low; and unmet“. opportunities may be present- ed for improving yields. which mud: be weighed against ad- jusbmemn in book value. whidh may be involved Due. ing the past year there were a number of such opporhuni- ties, and our holdings of Cana- dian government securities were reduced by $11.7 million, whereas our holdings of pro- vincial and other government securities. were increased by $6,125,000; our municipal se- curities by $900,000; end our corpontion securities by $9,- 208,000. Canadian government, ddwntnree norw represent about 11% of our assets, and these, with provincial and other government securities. make up about 23% of our The aggregate book values of :1] our security holdings - bonch, debentures, preferred and ecmmon docks - ne below the total allowable val-nu prescribed by The Contain sud British Immr- my! Godwin Art, -- Conno- Stock. 3.1% of Anne“ There was little change in the percentage of assets held .in common stocks. which at the end 04,196? m" 8.1% comma to 3.2% " the end of 1356. Our program of regu- lar mdn’ohly purchases of stocks was continued through- ont the year. A rempgmane ttrhrtmt of stocks which were being quoted " prices sub- stantU1V above our book values was sold about mid- year, and some od there have since been repurchased. ttt lovin- prices. . _ . am adequate margin of safety. Karim 44% of Amt: Our mortgage investments at the and of 1967 nmounud to $843 million, an increase for the you of $20.7 million. Additions to morhg‘ge account in each d the three preceding yen- vn-ied between $31 and $38 minion. A yen ego, when "new comprised 43% of out was, it was suggested there mid likely be some reduction in the scale of our mortgage lending. M-ortgnges new represent 44% of assets with, in the interests of what We eqnsiderr to he a desirable distribution of use“. is Mr" proeohing n maximum. Con- tinuation of lending " the gl',', 'sa crates!“ at a 'l1','lti w e - e, mm not-change Mthis pert ”It. million, and it h! Dean - pulley to Inn-intuit: than gt-thiaed accounts " n at“ in was not: 'rhieh, by am an”, profit!“ 112et2,i, Mimi-"o'- _ Lthoit " " "tlet no“ pt tll not 'gut, tIta' in. tho do at M and, and!!! 01m”!!! 'ytdtth ”My? no lacuna in t3. already mm on}. of dividend - the m consecutive more”. to be mic: 1nd tow-Wide for thin m. 81.8 million bu but we! to our “slinky for dividends. An incl-one from 336% to " In. tho been manual in the interest nu to it raid h (Iridondl and at! 3!!qu on W. _ ". Minute of mush" euiuo, $1,685,000, has been tum to the Una-(gm! t3oq9htemte, Fund. 3m. all Bond 61M rah-.m- " for "" . Ply under no Wag in, “out!” (dd In. you“ you.) n; wél-intognted effort! ar', Mado- vim dawn, the not". nod pt “.0 million. “vii-.1 Seal. Inc-nod In "" $10,136,000 in divi- rnb in paid 0:1 ti'ttt,tt - .m - n no ttl in ut WG tie nap "ndunt to $284 Jesters Junior eormktitton, Toronto, by 3; Scout Home Band 91mm, Kitchenerh My)? " and IT; Oahu-lo Junior championships, Toronto, June 21; Waterloo Championdsipo. June 28, Waterloo; - of Champions with Scout Home as featured dilution It Bridgeport Conn., U.S.A.. July 6; Competition in Ameri- can Junior condition gt Madison, Wisconsin, U.S.A. July 12; American junior duet in a "ttrowth" manna in . "trrowth" country, and because it is our aim 3nd con- stant intent to continue to at the highest standards of life immune service to the an.“ ”Mic. th with quality”. That the' Mutual Life will continue to grow. and grow vigorously. l! have not the slightest doubt! because ours is a quality pro- dud in a "M" indium-ll the winter months, conducted an interim mm " twin.- inc and in mm rm this year their music will be taking Scout House Band Has Booked ll Engagements For "958 And Considering Other Invitations Md: and the United States for the 1958 man, and they have under consideration many additional invitation; for their services. Included in bids under consideration in the fourth annual ttgettatittat to the Calgary Stampede. these results poniblo. Whet- her in the selling, underwrit- ing, materiel, investment or administrative phaoen of our business, they have worked effectively, um! we no grate- ful to them for the contribuv tion they have made to an- other yoar of successful ac- complishment. . "Growth With Quality” Conn-y'u Obioclivo Evert yecr groom: its own pan-elm r cha 1913300; and u we get into 1968 it is no- parent that we will in" to be more than usually dart and offieient to keep on achieving Our dual Mrietite of "gray- across Canada In" 198% Preobon Scout House Btnd has ahead: accepted 11 out- -Abq'r. ia W; _ " _ Ill, "' , .9 'e" x," . "r..':.'.'.')'""?'):':",.:':".,""."!:,':'), "rrerE _ l "21.52: Cfp.., ', iN", " so"e:"ci.. 'l. _ atql & Rt Ck' "g8%igr; _ W} 'sc. rrp'. . l. f 'ttWir. 's':eiiaigfirFsr; "i"t4itttr " 's'e . ttN ' 34.517593”; y' . vcri: {1, _ . ' l . ." " , c, a”. 21$ ' ,4 b ' . . ,Q Ce vp' ‘2‘?“ "j'y mm P T _ é ' a I L if '..r '_:i,,tt"",: '; , '. < ' _ '"Y'e, r ;.::-.,' '24.. " . " Ay, "P " , ., + _ v, J' W " 'Y." " 'it)',) 6 1&0»; . ' ‘- 'c... "WS' _ ' ”2:13;; ', "tis, "trr; :33???" T l .1 l ,. A)? “Wu-">2 '. V. Cs s,.)) u, f. _ V a "_c.sy' y." _ _ -, 5: _ ., I . rv.'.: 'r-w . ' "ik.' L314." V, 'e . it, 'it.':' 2* _ t? a: f q W4. 'r. ttter v" C _sefi,f Yi )5" c. " - "dw,, .' f???" Tiii' 't W,e,t, ;.--: v'rs.ici:ir #4 'sAbs:y.rc Bk2 .2. _.. 'w. (yi. 1),,“ . F P .' _ ' "tt2 --- - . wxr' vr c' _ D iBBC. "' tt c' ”Q; if Ni . - f "owty.k' ‘ w . . ""e 'fr", ‘3 , r, K', . t _ . , . ‘ ‘. . - 3 gg, L V" = . . _ d a '. _ ‘ Definite daten “canted by out Bonn. Bud are; Jolly The bond has, throughout Mr. Tueder has been associated with the Company since 1931, following graduation mom the University of Toronto. He is a Fellow of the Society of Actuaries He has been Assistant General Manager since 1954 and was previously the Companv's_Actuary. MP. Guy has lad I diatineuiahed career with The Mutual Lite since he ioin- ed the fiogrJttl'2,f1tt years a. He has served " Associate Actuary, IYeasur- at, Auburn "era! Manager, neral Manager since 1954, and was elected to the Board of Directors in 1955. Mr. Lang! who has been I director of he Mutual Life for " years, was elected Vice-President in 1939 and President in 1943. In his new capacity as 21311513133 af the Board he will have a continuing close relationship with the at Canada nPttt'g iii, Fc. (if taiiiGaraiGia -ciaiGriiror Ge ma. Mr. Barry L Gar, .B.E., F.S.A., Resident of the Company and Mr. E. A. 1tieder. ISA, Vice-President and General Hanna. L. L. LANG H. L. GUY,-C.B.E., PISA. E. A. Rim PISA, At a -rtinget.the Band at Dirgctou of The Mutual Life Almanac Oom- The CPR now operate. a fleet of " "darlinerts," self- competition " Stillwater, Minnesota, U.S.A., August} atnd IV, New Hamburg, feature attraction, 'August 20; Lia- towel, feature attraction, Aug. ttttt SW, Canadian junior cham- pionships, Galt, September 18. Other emrairemertta under consideration currently are Ansel-inn Legion convention in Wisconsin; eastern drum and bugle contest in Mass:- chusettee; invitation to Chic- outlmi, Warsaw, end Peterborough, Lucknew, Al- monte, Atwood, Welland and Bowmamriue. propelled mil diesel ms, se- cond largest of my railway in the world. ~MM1 a“... q_t..-9.- cilia-eh of m, prdéent of the Kinettos Club made the presentation to Mr. J. Gil McIntyre, president of the K-W Kinsman Club. It w. eatimnhed that the The lucky winner of the door prize was Mr. Stun Wit- kin of Toronto, who took home s beautiful Automatic Elec- trio Wee and Ten Maker. IR-tite of tho waning was the presentation of u cheque for, $760 for furnishings for the new Dawn School for retard- ed dim. Mrs. Wm. Swin- Rosalyn (have was the ren- devous chosen by the K..W Kinettes Club for their Annual Dance Friday, Jan. M. Approximately 170 fun low ing people turned out to endoy Kinettes Donated $750.00 To Dawn. School . qi-----. qt-got-a-r The net receipts from the mm! frolic were $75.00 and win be mod in connection with service work for may!» ed children. a, . Convent for in evening was In. L. P. Begin, ‘66 Bah-In St., Wuterbo. $750.00 would furnish approx- imtrte1r 2 mime in the new school. npmhlon’. veterinarian played to I ceed For Killer, hath, Reporting that Waterloo Township and Hespeler have expressed interest in n simihr plan, Dr. Killer endorsed n proposal that Preston join with than in the plan, but ad- nnced that 'We :hould not wait for them to make up their mingis, but rather pro- Noun t unpainted 0&1:th Dr, Piored to m nanny h- apoetoe W. G. Doha in the inaction od food hudlin. “blink-nab in Pro‘on. no “(and to yak to Dr. Wilson of the Kitchener Boon! of Health to determine possi- bility od engaging their veter- inarian on 3 part time basis. and to advice the be.) Board at March meeting. engagement of a "and to: such ert a... a I". mound“ by Dr, hie. district Wanda» 9:80 All. am By Group "" oe The Wand MM Rummage Salle' SAT. FEB. 22 that United Church banana medial " Mr [may " ' improve "terinariin ("I