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on new ac<uraccss usiued at ar assumed rat fointerest earred cf 24 * ard ?‘; 1: may be that similar measures will evertually have to be taken in this couniry if the course of interest earnings cf Lo es ment prcbi« 2 number c have revis« wards ard The increasing proportion of cur assets represented by Goverrment securities purchased at low vield rates will. of course. evertually have an adverse effect uporn the rate of interest which we eam. This year. the decline in this rate was minimized by the better rolâ€" lectiors cf irterest on Western farm mortgages and sale agreeâ€" ments due tn the rece:pt of mary payments wrich normally would have been received in 194). het were rnot actually colicrted until 1941 because of tre evisterce cf a pleasure to arnounce that your Directors have decided to subsombe. on your tbekalf. for $156000.000 of !l'c forthcoming Secord Victory The Secord Victory Lean cf this war is being offered to thke public withm a few davs It is our aim to continue to give maximum asâ€" sistance to the Government in supâ€" port of our national firarcire. We are raming our sights high. and it is loaned to the Government. thrruch which it requires the Dominion tion since 1940, has policies in force the purchase of $10.650.000 of Vicâ€" Gevernment may make use of three COÂ¥vering 23 groups. Net premiums tory Loan bonds. which brought our methods â€"taxction, borrowing or Written for the year were $22 629 80. total investment in War and Vicâ€" inflation Thrâ€"ush taxation and The asets of the Branch amount to tory Loan bonds to $12995.00) COn borrowing civiliar consumption is $108,97270 December 31. 19%1. our ageregate reduced and the saving therefrcm Income and Expenditures holdings of Deminion of Cinada can be diverted to war purposes . Total i for the and Dominion Guaranteed securiâ€" . { mt o Tear woas 3: Must Aveid Inflation $32.073 302 64. Payments under ues was $57570.009. a solid foundaâ€" ; . contracts amounted $13. tion for an investmert portfolio. . _IF° Cisastrous consequences of Policy ts nted to â€" irflation are such that the third 82205246 and, in addition, surplus Invest ©15 00009 in New mgsmum&%aggflwfllflumdwm Victory Lean eosts. recogrition policyhclders. The Secord Victory Lean cf this that unbridled inflation would proâ€" Survlus earnings for the year One of the largest gatherines in the history of the Company attended the 72?nd Annual Meeting of the policyholders of The Mutual Life of Canada, held at the Head Office at Waterioo on Thursday. Branch Managers of the Company from coast to coast attended the meeting. $ Two new records were achieved during 1941 with an increase in Assets to more than $200,000,000 and the passing of the $600,000,.000 mark in Insurance in Force, Mr. R. O. Mcâ€" Seventyâ€"Second Annual Report Shows Assets Now Over $200,000,000; Insurance in Force Over $600,000,000 stomes in the progress of our Comâ€" we have contimued to make very the maximum. we must achieve the Que., and W. G. substantal dstmbutiors to sreatest possible predurtion in war ericks uu:_! o + se ole Toronto, Ont. The considerable increase in the is at war, a nation cannot look to its 1 â€"â€"â€"â€"â€"â€"â€"â€"â€"â€"â€"â€" emount of new life assurances is 2llied neighbors for financial assistâ€" he smmiamt o uo anees m raave af. _ WHk all the manpower of the the amount of assurances in force at * the end of the year. are tan=ible ration employed, larger ouput of MJI] evidence of the effective efort war weapons, accessories and supâ€" made by the Field Forre. to whom vles ran only be cbtained by the great credit is due. lsm!}ysmdmmd fimfi:&nnhmwmmmmmm? these results were acromplischâ€" which we have made, greater efâ€" ed by fewer fullâ€"time agents as 2 forts must still be forthcoming for â€" _Warâ€"Tune Eronsmy Strong tional imrome was $4.100.000,000, Because of effective controls. our and at that time the needs of the ecomomy has not been upset by the Federal Government represented impart of the war to the extent that only 13%. As the result of the many predicted Interest rates comâ€" Erowing momentum in the applicaâ€" tmue at low levels and this a«sists t‘on of our productive resources of the Government immeasurably in labor and plant to war ends. our its finameing The rate at which national imcome in 1941 will be in corporation profits are taxed under the neighberhood of $6.200.000,000. the Excess Profits Tax Act. ard the of which it has been stated that the ceilimg placed over prices,. render Domimion Government will require corporation bonds and equities less approximately 60%. Thus despite attractive than formeriy and tend the in~rease of $2.190,000.000 in our to dimimish investment in other national incom=. the smount whih than government securities Ou;ampanyhasa”\â€"a;immt‘t- ant and useful part to perform in the effective prosecution of the war. and it is our aim to give the sreatâ€" m marshalling the financial forees it is encouraging that such a large of the nation. In fulfi‘ment of this portion of our war expenditures duty im 1941 a very large proporâ€" have been provided in that monner. $15,000,000 will be invested by The Mutual Life of Canada in the forthcoming Victory Loan. Complete addresses of Mr. McCulloch and Mr. W. H. Somerâ€" ville, General Manager, follow : President‘s le’.fl Must Shoulder War Burdens _ only twelve years to accumulate Mutual Life of GCanada to Invest ©15,000,000 in New Victory Loan &e of tre existerce cf restrictiors on the (rsp t* TVE cof asfurances For severtyâ€"two years ore cf the a 3 0 rass In t*s main cbjectives of the field repreâ€" whers the irvestâ€" sentatives of cur C:mpany has beer is enon more acute. ic educate and irfluence those with Cturatc> Compan.es whom they have come in contact to remoum rates upâ€" <ave ard to provide prctection for two larg<st comâ€" their dependents and tnemseives. eat.ne the rteserve: Alttough advertising and camâ€" Corc usiued at ar paignings in conrection with war forterest earmed cf loars ard War Savings Certificates 1: may be that can do much to bring hcme to our es wull evertually citizers the necessity for exercising nurn this couniry if thrift in their personal lLving. stull nierest earnings cf the accomplishment. so far. a companmies continue short of the cbjective. The m (Concianed on Page 9) Pat«* €ftTâ€" pan.es Toum fates upâ€" oo lafg=st comâ€" ifg the reserver t usiued at ar ferest earmed cf 1: may be that will P‘-»’ztu;l]y n this couniry if r Ccovernment. by Orderâ€"imnâ€"Council, wisely provided for a ceiling on pri~e< of good: and services ard the stabilization of wages and salaries. These Ordersâ€"inâ€"Ccuncil imnvolve a very widespread enntrol of our inâ€" termal econâ€"my and it is imperative. ‘f inflitmnary forres are to be held in check. that these controls be eiven cur who‘ehearted support Tr‘s program for cortrol of inâ€" fiaticnary forces will. where necesâ€" sirv. have to be supplemented by rationing ard will require. all along the line. emphasis on saving and restriction cf consumer purchasing. Never in cur history has the need for the exercise of thrift and saving been so essential. It :s in this crrection that life irsurance is qual:ified to play an importart part. Since its inception use will be approxim>tely $1,100,â€" 000.000 less than in 1938 It is impossible to finance in enâ€" it is encouraging that such a large| â€" Greup Acrident and Sickness _ |sorves applicable to them, are carâ€" portion of our war expenditures] Insurance ,, _ _ ied at values no higher than the have been provided in that mnner.‘ _ The Group Accident and Sickness market on Necemher 3ist last. In â€"rder to raise the $3500000.000 Rramnch wtwh has been in operaâ€"| Loans to Policyholders upon seâ€" which it requires the Dominion tion since 1940, has policies in force curity of their policies continue to Gevernment may make use of three Covering 23 groups. Net premiums follow a downward trend, the deâ€" methods â€"taxtion, borrowing or Written for the year were $22 629 80. crease for 1941 amounting to inflation. Thrrush taxation and The asets of the Branch amount to $1.042. 46624 against a decrease in erce. Engaged as we are in 2 total Pitblado, KC., LLD, Winâ€" been increased by $701,672%. The war. and fared with the urgent neâ€" nipeg. W. B. Powell, Hamilâ€" total of the Free Surplus and Genâ€" ressity of inrreasing cur efforts to ton, C. F. Sise, Montreal, eral Investment Reserve has been sreatest possible predurtion in war Toronto, Ont. pace with the growth in the Total| imdustries. When the whole world Assets. The total of these *wo| is at war, a nation cannot look to its !â€"â€"â€"â€"â€"â€"â€"â€"â€"â€"â€"â€"â€"â€"â€"â€"â€"â€"â€" * funds, $10,160,133.38, is now 499% | alied neighbors for financial assistâ€"| ~â€"â€"â€" |of Total Assets This ratio has not| m.hnmdepadwumm. l ' \been exceeded in the last 10 years., With all the of the "I' sems af Speened Feserves gad our. | manpower o. t â€"| war weapons. accessories and supâ€" J £3500.000 for Dividends Payable to vles ram only be cbtained by the Your Directâ€"rs have pleasure in Policyholders during 1942, which is curtailment of the produrtion of presenting the Seventyâ€"serond the same amount as was reserved| nomâ€"essentials. Despite the progress Cambined Profit and Loss and Surâ€" for Dividends payable in 1941; and | which we have made, greater efâ€" plus Acrount, together with the the Specific Reserve for depreciaâ€"| forts must still be forthcoming for Balance Sheet of the Company for tion in value of investments.| the prosecution of the war and all the year ended December 31st. 1941. $2.400,671.58, the latter having been | marfference and complacency must Assurances inrreased by $390,58587. _ i be eradicated. The funds necessary 20. |_ _ The Gross Surplus Earnings of to supply the materials. equipment, â€" Additions to the Assurance Acâ€" $4 673450 84 were $69.875.36 greater| Today Canada‘s role in the war is the foremost concern cf all of us mcmsamo(m Saskatchewan _ Commonwealth of Australia Newfourdiard 7 Kinedom of Ncrway _ *‘terta Bnitich Cclumbia Manitcba New Brurswick Nova Sectia Ontamo . Prince Edward Island Dominson Premiums Due and Deferreg Interest Due ard Accrued on Invested Assets .__________ Paymerts Due from Reassuring Companies Pnrierecesecreonee Real Estate other than Head Office ____________ _ Head Cffice Premises _________ Loans to Policyholders ________ Cash at Head Office and in Banks I EROE CDMAD PDIIILNLY CLILE&NLLE RHE ‘force will provide for annual payâ€" ments to annuitants of $2.964,248, an imcrease of $152.566. Stocks. Preferred ______ Common ______ Mortgage Loans and Sale Agreementsâ€"City ___ Dominion of Canada and Dominion Guaranteed Bonds__$ 57.671.213 Provircial ard Municipal Bonds (Canadian) .....__._...._._._._._.._.._. 48500106 Public Utility. Industrial and cther Bords _______________ 200419 Reserve for assurances and anâ€"‘ nuities. as ccmputed on the basis | set forth in the Actuary‘s Valuation Report, amcunted to $160.517.576.00. | (Continued on Pags 9) At the close of the year the assets of the Company aggregated ©207,â€" 46247469, an increase of $10.857.â€" 05656. The rate of interest earned on net ledger assets was 450°%. $108,972.70. ’im,,,?‘m..‘_ 81.85. _0;: 0 Trere is a (m 240 â€" _ Incoeme and Fxrpenditures . |.., 5; n Bu2) Fatate owned other and increased. prmvide for : an~ual payments of $191,644. for future anual payments to anâ€" nuitants of $194937. $207,462.475 1000 1000 . $10,857.057 DIESTRIBUCTION OF GOVERNMENT BOND INVESTMENTS The retirimng members of the board, Messrs. R. O. Mc Galt, Glyn Osler, KC., To At 2 meeting of the board held subsequently to the anâ€" nual meeting, Mr. R. O. Mcâ€" cf Canada CLASSIFICATION OF ASSETS THE WATERLOO (Oatwzh) CHRONICLE $87,307,157 1041 $57.671.213 3.323.398 16.107 .347 5 269 089 1.640 268 1. 297 801.379 23.991.341 1242371 3.092.718 30.945.740 20.020.419 2.013.166 112.121 {402, and involving a total sale price 863285 at $17,.251,770.48; the reducâ€"| tion being arrounted for by a deâ€" crease of $1,174,090.99 in payments| for Matured Endowments and Cash ‘ , Surrender Values. | _ Assets Increase by $10,857.056 ; as"m increase in Asnestt;f”sflfl.-f 7056 56 compares with ow â€" mer year‘s increase of $8.968,829.| in the Actuary‘s Valuation Report is $7,410,572; while the increase in Amounts Left on Depcsit with the Company is $1.919548 23. Of the amounted ot $3,471.973.96, of which approximately $1.675,000 _ repreâ€" sented acvanres on National Housâ€" ing Act Loans. in which our total investment at the ~‘~<» of 1941 was approximately $5.728.510. The increase in the Actuarial Reâ€" serve for A<surances and Annuities as ecmputed on th* haci« set f~~*4 $esns en Aint I £ â€" ROWROLLEI CC |__Reserves and Surplus Funds ":h-ed{yofitkwddme _ Special Reserves and Surplus Company, McCulloch, of Galt, Funds of $16,259,126 86 are $1,022â€" on Monday afternoon. L. L. Lang, 44321 in Real Estate owned. other than Head Office, Real Estate offers zmml;T Bonds, __anii;ilm""-i in Mortgages Sale / Asreements. Preferred and Comâ€"| mon Stocks represented 440% of| Total Assets compared to 454% at 18.130 76.164 $3.042 25 Nxp The aggregate face value of poli ces becomumng claims by death, less the Reserves held in respect of thâ€".mh“l’l The claims incurred were, however, them, and the ratio of actual to wdl-wwdy 21%. Among the claims were T. war desths under which the total payments were $150,192. The two other factors which are important in contributing to favorâ€" able one in all departments of its The seventyâ€"second year of the $5,128,510 in N. H. A. Leans $47.570,471 43.200 1.533.071 988. 452 1.304.138 3.337.841 15.481.092 116 5.163 821 508.196 34 15 96 1.0 34 13 25 000 18130 77.951 117 150 37 24.0 99 1.0 $10,932,485 $10.100,742 $10.100.742 During Year 1.042.466 73815 1,560,219 321.914 1. 240,443 1.339 541 105 263 107.197 196.111 168,755 14.443 11.810 1.787 212 Branches in Canada and Newfoundâ€" the Company‘s Assets are in Bonds; * K O McCulloch, President (Jeff) and W. H. Somerville, General Manager of Branch .angqg in The Mutual Life of Canada, reviewed outstanding year of progres st the i Tind Aunual Meeting of the Policyholders in Waterios Warâ€"Time Conference‘ â€"â€"â€"â€"â€"â€"â€"â€"â€"â€"â€"â€"â€"â€"â€"â€"â€"â€"â€"â€"â€"â€" . s Ist Viceâ€"President, W. B. Powell, Branch the Lmumâ€"mmmgowdmcm-mm.:m,& ferred and Common m Head Office premises and other Real Estate; and 3% in Cash and The total of the investments in overnment Bonds is $81,307.151. Figures relating to the Assurance (Continued on Page 9) R. 0. MeCULLOCH, Presidens Â¥. H. SOMER VILLE, SURPLLUS PAID OR ALLOTTED TO POLICYHOLDERS 3,379,718.0@ SURPLUS FUNDS at December 31. 191 1. comsa@ting of: CGeneral Investment Reserve 0_ .$ 2.500.000 00 Net Awocu=t Traxsrereeo ro Scrarucs Fry« Tazes and Licenses SURPLLS EARNINGS FOR YEAR _ Increase in Actuarial Reserves and Amounts on Deposit with the Comâ€" Fremsuams for Assurances . _ _ . ... .. .$17,198,861.45 Interest, Dividends and Rents (after provision for possible future losses). 8,823,987.08 Policy Proceeds, Dividends and Other Amounts left with the Company ... 3.998.148.63 Net Profit on Sake of Ledrer Assets and Revenue Basis For the Year ending December 31, 1941 (Inclading Group Accident and Sickness Branch ) SURPLUS FUNDS at December 31, 1940. consisting of: General Investment Reserve .. _ _ .. _ _ _ _ _ _ _ . $ 2.500,000.00 HEAD OFFICE General Investment Reserve .. . .$ 2,500,000.00 Free Surplus for Contingencies ... .. ... ... ...... 7,660,133.38 Increase in Specific Reserve for Deâ€" preciation in Value of Inve=tments $ _ 390.585.87 Transferred to Staff Pension Fund 201,483.00 Vaimes . ... .. 3,763,976.63 Annuity Payments. 2 5$45,672.10 Pokcy Proceeds, Dividends and Other Amounts Withdrawn . .. 2.977,633.61 et Profit on Sale of Ledger Assets and Foreign Exchange | _ _ ... .. _ 134,943.87 Canadian Public Served for 72 Years Total Assets at End of Year...............$207,462,475 Surplus Earned in 1941 .................. Total Payments in 1941 to Policyholders 414% Combined Profit and Loss and Surplus Account MV whuch Ledger Assets RTICS. â€"++«++«««s+s+»++s+*:++«# 17,061,770 es Paid for in 1941..........$ 54,107,966 (Exciuding Annauitics and Revivais) ces in Force at End of Year. .$609,364,194 (96.4% on lives of Canadians) 6 tary, H. M Cook, Secretary, and were also on W. J. Cowis, Publicity Manager. gramme. on s h,‘ . *4 ." -"\\ P 42 é“ 4 aas" hoR * #. .k * # 4 '* & # ;,“r"" 7 f 5_, P * 7 P < â€" * [ EC f ® . ( l h ’ . i 22A é '*'5 b« "-,;, 'f&j-u.g. 3 ) TX < s# BB % F4 M # Year 1941 THE $18,019,722.57 $13,882,052.46 $ 4,594.770.06 9,330,120.23 554,313.72 WATERLOO, ONTARIO $ 592.068.87 §27.349.812 .80 Fridey, February 13, 1942 $10,160,133.38 $13,539.851.40 $ 4,081,390.97