The policies of this Bank are based on the recordeand experience gathered throughout four A Keftionl *0` clone contact` with every phase` of lhduItriaHe' in` Canada. If you have-a financial or business problem, _____ _.--- L- ......- 6-LAO than Dani.-nan r-nan ha: halt-sad Cannon. 1! you niwua nnancleu or uumucuu yn vuovuqv you may be sure that this Bank many times ha ha! its customers solve just such a problem. j 7 r A Branch of this Ban): neor you ' .. will welcome your Account. %%*T% %T%`(2e;aiz, EXPERIENCE lj,,V--_-- .*-- * *-"-- ..;,;..x s1o,ooo.%ooo Reset n-....-.`. Juan nnnm You can and any nuuttber ol used can that appeat to be in about the aunt conditlon. The paint may look the unto; the tlree myahow the aame amount 0! wear. The general appeal- anoea may be about equal. But what do they ahotv lnalde? How do they com- pare at the vital palate? There's ale big dierence. To know that, you must rely entirely upon the ..--.a ..... .1..m- from whom you buy. ' . must tezy entirely won my uled can dealer from whom you buy. ` Countless ownera who have bought used can `Item ua will gladly tell you that we have never misrepresented any ea! we have sold. THE BIG DIFFERENCE` NOKMAN M.%MARSHA'LL ALLANDAl..EL A A USED CAR IS ONLY A5'IJE1'EN'DABL`E AS THE IJ'EALE"R WHEI SELLS IT Av` fz7s`z'77210orta7'zt uvmcsrou sacs. eat, mama, om`. noo,ooo I Reserve j$`2o.oo%o,%ooo Reaou:.'ees $260.0o0.000 ' _ .- A : "WP now sun IJFEMADE4 T mmmuanr MILLIONS lIl'Il\I'.`!'l" In mun '|TI'.`.A port, President Macaulay said:-- | "You gentlemen have become soi accustomed to our presenting every year a statement surpassing all. previous records that you come pre-I pairedtto hear another report of that description. `I am quitesure, however, j that not one of you. in his most op- timistic mood. expected a report so! tavourabie as that which you now[ have. Our record for .1927 _is indeed a remarkable one. Let me touch on the main `eatures:- V illuminating. o_ ~ . . . '0! `even greater moment, however, were his statements regarding the. danger that this great Canadian institution may pass from Canadian control. Some months ago, Mr. Macaulay referred t the activity of \Va.ll Street in the buying of Sun Life stock, and caution d policyholders and shareholder of the menace it_ involved `to an institution which was founded and developed by Canadians and which has 0 b_t'ained its phen- omenal growth under Canadian management. Subsequent events have Justifiedthese misgivings, and at the meeting today the first public in- timetion was given that the Sun Life directors are seeking legislation at .the present session of Parliament which is intendedto effectively fore- stall this danger- ' ' ' Precautionito Maintain the Com-`F `from increase in market values. puny Canadian in-Character `And, of all the profits made in the In concluding` his address to the; narticipntin: brzmch. the policyhol- shaireholders and" policyholders the. d1`S get 11inet5"f1V'9 I191` Cent- President made the following refer- I would not have you suppose ence to the matter:- - that we eve` speculate. VVe do not. ......____- ._ ._.-. -_..e -1.....a . . . . .. We. of course. do not hesitate to sell vuuv luv any .-.--..w--- I "'.l`here is but one cloud on our horizon. Our very prosperity has! created a remarkable demand for! our capital stock. We desire to en-` sure that this great company shall! always remain strictly Canadian in its control and in particularthat its investments shall never come` under Wall Street domination. A bill. which we have introduced into Par--I liament will" be submitted for your! approval. It it. be passed, it will give` us -the protection we so much need] and I know we can rely on the whole-hearted sympathy and sup-I port, not only of our stockholde-rsi and policyholders here present, but: of our` army of policyholders! throughout the country." , ` 1 ' I nu.- .......a.a..:... .........I.....u...1.. .-.........-n. upon vague--..-v v---1 v-...-v- ,, . The meeting unanimously approv- } ed of the measure in question. How important and how. vital -to Cana-I dians.ame the interests at stake isl disclosed in the report submitted` to the annual meeting or the Com- pany. Tn moving` the adomtion of the re- puny. ` In moving the adoption of the re- I "You gentleman have hennme sol Participuiing Policyholders Receive Ninety-Five Per V Cent; of Prota-Divilends to 'Policyholdei's Again Increased--Compa.ny Seeks Legislation to Maintain Cgna.dianControl. . ._ ` Vii`.'g.LiF:2`f."%' uvuluuy ruuuluu uy cue reuempuu lot mo-oz Ieaurltien and. 819,000,003 tun:-u on-U wwvubhuuoovv vyvuwg-word V. iii; Qompan .s.ooo.ooo trom .pro,ts a.ct\i'I;!1y"ro ~ and by the rellemytlon nu an]: A! nnnnrlnn nun! 119000 nnn ,IW|.Il'KIDlI-VIJFDVVIH, atrongtn am: Profit: The new assurance completed; amounted to `$828.000.000. an in- crease of over $6"2.`500.000. "The amount in force at the close of the year had risen-to $1.487.- 000.000. and at the present mo- ment is well over 31.500.000.000. '1-`he income exceeded $102,000,000, an increase over -the previous year.-' of 328.800.000.130 me. this is very impressive. Not only has this item . passed the one, `hundred million! mark. but the increase alone isi equal to what was our total in- come but eight years ago. which had been accumulated by forty- nine years of strenuous effort. A life company with -a total income no greater than our increase! would be an important corporau t on. -The. assets have increased by . $66,000,000. and now exceed $400.- . 000.000. - : But the most wonderful of all` . these wonderful figures is the amount earned as profit--$88,000,- 000. I-Iow.great this figure is may be Judged from the fact that the which we. so rejoiced, were $20.- - 500.000. It would be hardly rea- sonable to assume that our earn- ings of future years ill. continue on such a tremendou scale, and wehave therefore set aside a large part of -this sum to provide for future contingencies. A Great Surplus and Contingency . Fund Our securities have been valued on a very conservative basis, but from even those moderate values we have .set aside another $5,000,000 to ugrovide for market fluctuations. m aing the total deduction under this heading $10,000,000. "We have nlnn no nala ikn .1. earnings of the previous year, n mus neaamg w.u,UUU,UuU. We have also set aside the fol- iowing amoun1:s:-- . "A further $1,500,000 for unfor- Ieen contingencies, raising that fund to $12,600,000: $500,000 to provide for possible greater longevity of ,an- nuitanta, raising that item to $2,- 000,000: and $'1.800.000 to increase our reserve: on. tropical `business; besides writing or! another $1,000,-. 000 on our- Head Office and other buildings. . `- "TXTA hnvn :lCa.-lmlmnd-AA Q-I1 qnn AAA .Montreal. February. 1(l--`The p-hAerElxe1a1 record `or the Sun Life As- surance Company is an 1nspiratlo_n'to all C_anad.ians; Its income of $102.-`. 000 000 is already equal. to the totalrevenue of the Government of Can-\. adef in the year 1910. 'ama s3s,ooo,ooo is certainly an amazing sum to ~ h've earned as protlt in one year. Not many corporations anywhere can report such figures. The Presldens intimate. practical comments at the-a,nnua1`meetlng explaining how these huge. profits were --made were illuminating. ' (\O 'nuIAI\ mngnlvnn onnnnnn I-nnntnvnn nrnnn his cfnfnnnnnfu v'\Q`FII`dh`\Q fh. At oz Record Low Price Uilllullllt ' - We have.d1s- u`1'buted $11,100,000 in profits to our policyholders. and have also set aside $6,200,000 to cover profits accrued on policies. After nrovidlnnr fmw all fhnun ._ uuver pruuts accrued on policies. `After providing for all these a- mounts, we have added $11,000,000 to our undivided surplus, raising that sum from $34,000,000 to $45,- ` 000,000. _8esle ct Profits Increased for - Eighth Successive Year "The announcement, however, that will be received with the greatest enthusiasm is that for the eighth consecutive .year we have increased the scale of profit payments to our policyholders.-The basis of distribu- tion for "1928 will call for nearly $900,000 more than would the basis of last year. Profits to Pelieyholders Unexceiled , in-the World "We can already say that in pro- fitableness to our `policyholders. we are not excelled by any life com- pany in the world; but we ,are,not satisfied and will not be satisfied until we can make an even strong- er -statement than that. Years ago. I told our fieldforoe that we hoped to be able to announce an increase in our. profit scale for ten consecu- ftive years.'We have maintained that record for eight years,_but the ninth and tenth years. have yet to` come, and their story has yet to be told. ' Our huge undirvided surplus andour `great contingency funds arethe best gudran-tee our policyholders can have as- totheir future dividends. `V Lsrasl Dividends the Result of s . `Wiss |nvsstu_nent., P_e|iey . ` "Yo, ask `how -we are ab1e.to'ma1ke these .- use profits. The` $88,000,(R0 earned.._ms.y be divided as com 3. `approximately; m,ooo.ooo. from the resular lifesssuranoe erstions of ` tltp_E$I_Ipan .`-3,000,000 om profits um sun in`: nu rnniniitlhh ` was vwu `Growtit, Strength and: ammo. -`l `from made ,. , | . u-r __.-_.I,1 ..._;. 1.....- . . A . . _ . ....A...... have suppose? We, of course, do hesitate sell. I bonds or other fixed-interest secur- |ities when they rise to such pre- -miums that the yield is no longer i satisfactory. but when we buy a. stock we buy for permanent invest- ment. we buy to keep, and We never sell merely because the market val- ! ue may have risen to a high figure. . \Ve have, .however. had an epidemicl [of security redemption:-1, and as al %result we have the $5,000,000 of re- I alized profit. `High Interest Rate Earned, With i No Arrears i i Even th'e normal earnings of a i life company depend very largely on i the rate of interest it can obtain on its investments. The current rate of interest has b'een steadily dropping for years, and there is every indica-l tion that it will continue to drop- [for how long we cannot tell. The outlook for investors in bonds and mortgages is not encouraging. That fact causes us no anxiety. We have enlisted many large groups of the brainiest, most experienced. most `energetic and most successful men, ion the continent to work for us to -maintain our interest earnings. Vvei iget their co-operation by becoming` ' stockholders in the outstanding bas- ic corporations of the country, so that we share in all the profits that they make. The dividends whichvwe [receive on our stock `holdings are already twomillions more than were payable on the same stocks when we, bought them. Our interest ac- cpunt, ofcourse, includes also our dividend receipts, and our record is lilluminating. In 1921 the average rate earned by us was 6.07 per cent; in 192`3Ait was 6.20 per cent; in 1924, 6.88 per cent; in 1925, 6.41 per cent; in 1926, 6.69 per cent; and in 19127, if we were to use the same basis of calculation as in previous years, the rate would be 6.81 per cent. We, " a high rate. and as we always make a. charge of 5 per cent. against our 3 interest earnings for investment ex- ipenses, you will note that we are quoting only the net rate. 6.47 per cent. after deducting that invest- ment. expense. `The falling rate of interest has no terrors for us. llIUII,> , I I n ,however, do not wish to show such I .....-.-_ ...~.. ..u u\.no\.lAs.J nu; us- ``The quality of our securities may be judged by the fact that not one dollar of interest or dividend on any bond", preferred or common stock listed in our assets, is in arrear for even one day. ' Business Doubled in Four Years The, position we have attained justifies enthusiasm. but we must always look` on the present as a. mere vantage ground from which to plan for the future. What is tfhat future to 'be? Year after year we `have been confidently predicting the glorious futu-re yet to come, and that promised future is now unrolling itself before oureyes in all its great- ness and strength. But what of to- day's future? I have lust been read- ing my own remarks of two years ago. and already the figures of which we were then so proud look small and outgrown. We have-_ doub- led in size now every five and a half years since t-he.Company be- gan. but our last doubling has taken onlyfour years. and we are today growing more rapidly than ever be- fore in our history. I predict that the figures of two years hence will make even the figures of today look small and outgrown in their turn. Sun Life Sets Its Own Pace People sometimes say when speaking of our ipro'gr_ess:--`Yes, life assurance is growing wonderful- 1y. So it is; but the Sun Life is not content to grow only at the rate of _life assurance generally. Statistics now available indicate that in 1927 the aggregate new business of all the companies operatin-g in the Un- ited `States exceeded the total for 1926 by only one per cent. and in Canada by seven per cent. But the new business of the Sun Life of Canada shows an increase of twen- . ty-three per cent. We set our own pace. Our prosperity and popularity, and the enthusiastic support of our _six hundred thousand policyholders, - mean increased service to hu makes our growth both rapid and certain. The future still before us . will. I am convinced, be more won- . derful than anything we can now 1 imagine. And i t is indeed a happy thought that all that growth in size andall that growth in prosperity manity, and service at steadily lowering cost to our.po1lcyholders." 7I'\Ln `I3-.....1.l-..L _1-,,, u a - -.. V... yuuug l|Ul\-IUL 3. ' The President closed his remarks by his reference to the need of safe- guarding the flutui-e of the Com- pany. as above quoted. v-my-vru -_v_..._-- A raw? szx ADVANTAGES Patented, sleeve-val ve engine, 45 horsepower; 4-wheel brakes; ' 8 Timken hearings in front axle for easiest steerin {roomy interiors; wide,form-tting seats; li ht control for Eimming on toe board at left; remote contra a on doors; thermostat- air cleuner-.oi1 rectifier. 4 ' Willy;-Knight Price Ranges: Standard Six Coach81480. Sedan um. Special Six $1625 to 81895. Great Six 82365 to `$3695. F.o.b. Factory. Toronto. Taxes Extra. Now! A full range of Willys-Knight and Whippet commercial cars and trucks at attractive prices. . ' The Board '01 Directors of the Sun Life is composed of the fol1owing:-- T. B. Macaulay. F?.I.A., F.A.S., Pres- ident and Managing Director; Ar- thur B. Wood, F.I;A.. F.A.S., Vice- President and Actuary: Robt. Adair, W., M. Birks. Hon. Raoul Dand-ur- and. J- Redpath Douga1I,eSir Her- bert *`S. Holt, Abner Kingman. J. W. McConnell, C. E- Neill, Cari Rim-don. John W. Ross, His I-Ion. James C. Tory, Hon. Lorne C. Web- ster. Three new directors were add- ed at the meeting---I-Ion. L. A. Tas- cherea.u.RossV H. Mc,Master and C. B. McN_a.ug`1_1-t. . ' The Law` Construction Co. has been awarded a` contract for the construction of ten miles of high- way between Collingwood and .Thornb1/ary. This is on the Provin- cial. Highway _and will . be con- structed lof, traffic bqund_ maca- Janna Ti-ii iAiti euumgn .-._.. ...__......._ DAIRYMEN ARE ? GWEN ASSURANCE or APPRECIATION; V H - . I (Continued from page 1_) ` One of thee `problems was overi supply at ca tain seasons of the year, particularly -in summer, said. Mr. Whitelock. 1-Ie thougnt'da.iry- A men would be wel-l advised _to keep their over-supply at home rather than ship it and accept some cream prices. Those who were in the milk uusiness just as a sideline were also hurting the ind1istry,,he said. Du-nrlnninnr r-nu.-a nun-o on launch. uuruus cue u1uusu'y,lne Sam. Producing costs were an essen- tial and important feature of the` milk business, said the speaker, in advoca`tin'g that a. simple accounting systemv be kept.- it a manufacturer found a. certain line unprofitable, he discontinued it. He knows just which lines are_ paymg and those which are not, but a dairyman might have any number of non-profitable7 cows in his herd, low-producers, and not know it unless -he made use of the scales and the Barbcock test and7 kept records. `It. `1"-=LA`__` \ . a -. I _--..---g -_-- VI -........5u Too many dairymen In York and perhaps in Slmcoe, were depending on purchased cows to replenish their herds. Too many went to `Toronto |stoc.-lcyards to purchase, `he said. |Nothing but low testers, old and he said. They were cows which had been weeded out and would not oth- erwise be there. Also, too many dairymen and farmers made a. prac- tice of disposing of low-testers to their neiglrbors rather than sacri- ficethem to the butcher. Likewise the so-called pure breds" that could dangerous cattle to tamper with. Because a beast was pure bred lL did not follow that it was a remun- erative- proposition. 'There were` diseased cows were available there plenty of low-testers among the` :be bought for small money were thoroughlbreds. Least of all, the man with limited means could least at- ford to fool around with this class I of animals. . ` A sign of the times, too, said the speaker, was that people were de- manding aiccredited milk. Prince Ed- | I ward County, he said. was now an accredited area, all herds being in- spected and declared free from tub- erculosis. To secure this inspection required a petition signed by 66 per cent. of the producers. In some eastern counties the signatures 'had run as high as 90 and 95 per cent. Many American States had already _ legislated for accredited milk with Ithe result that today `Ontario's ac- I l\h yb IVUULKIDQ ` _ I Mr. -Whitelock\quoted figures to show that as much as $98 to $145 difference existed in the production of a. low and high producer extend- ing over one year. That was the ditference in revenue between the best and the poorest cows. The same principle could be applied to `herds. it might cost more to feed a. high producer, but nothing in proportion to resu_l_ts attained. York County figures had shown a spread rang- -ing from 90 cents to $4.07 in the costs of milk production per 100 pounds, speaker said, in dealing with efficiency in dairying, in breeding, feeding and weeding. M ......__. .1 _ o u-- - -` OW--at the lowest price in history...-thousand bf hbw ow:nr_g_ma_X _anjoy_the__imPortnt advgntage `of tye i Mr. Whitelock advocates constant Itesting of cows as -tihe only safe- guard for the dairyman if he would make his business profitable. `Cows should be tested regularly every month and the results carefully not- ed. - I credited herds were in great demand with American -buyers and were bringing -high prices. `Dv A 'h:an1-man: nf fhn Rnar nf DI`lng1n'g unlgn prnces. R; A. `Stephens of the Board of Health, speaking for that organiza- gtion, said -there had been a. great } ~ 39` ful { 31' l S, `Local Distributors: THE BARlilI-;."l1USIC STORE ' 70 Elizabeth St., Phone 1 162 Rhaps3dy j`n"Blue All Bruns- wick 10" Records HR- Some gf` '_I'h_es_ Days Mine-All Mine UW --It Elle IOWUBI. P1100 `nu LuaI.U1]-I-Luuunuuu vs uvvv owners ma enfoy the 1m ortant advantage: of the patented Wi11ys- nig It six-cylin er sleeve-valve engine-its silent power, velvet smoothness, simple design,` quick start- ing, rigid economy. 7 - -. V The new Standard Six is notable for the same qualities which are praised so enthusiastically by its 300,000 resent owners. --the same ashin activity, ease of eontro , freedom from carbon troubles an repairs. . _.._..._ _.nIAAua;nuiuA Aoit Adxiahiuatiiid Ta Sweet William and Bad Bill in New York Sweet William and Bad Bill Still in New York Fox Trots with voca1'chorus~es_.-_4,_A_ . -. , Bernie Cumming and ME drhestra` -F 4 -1. 3750 Fascination FoxV 1'rots with Vocal Duets. Ben Bernie and his Hotel Roosevelt Orchestra - - _` ` Comedy Dialog. Sweet William and Bad Bill. (Wm. Le Maire and John Swor) - A - Piano Solos. Lee Sims. with incidental Violin 8764 \I`lll`l.B I. CIIIU 6] Frank Black and his Popular Concert Orchestra. Piano Solo by Oscar Levant - - 20058 Vales From the Vignna Woods Artist s Life LUDU 1 nsunuu 1 llnvvxsuuu RECOR Pour` This 12-inch record by the New York Philharmonic Orchestra. $1.00 - - - 50096` ELECPRIQALLY REC6RDE_D "Funrjr F ate" umeditation V7`; g" gzhmdaiw All Bruns- wick l 2" Records mm-nacmmnmomma '00 (Parts 1 ztnd 2) ant` I-x3e Dnn Improvement 111 u5arr1e's TIIIIK auy" ply, particularly in cleanliness, since` the formation of the Milk Producer!` Association. This was more pro-` nounced than ever at the presen` time. The quality, too, had improved.`- - improvement in Barrie s milk sup. nlv nan-fir-nlnriv in nlnnnlinmza. sinc6 +'I.nuI-`sday, March 1, 1915. 3747 T___.. I'hI;nk's:I:p:emuu.Hdlh. Aypnaxtuuehorcnanunh. - g nl.4gL Il 3710 Dunlap Street,