The following text may have been generated by Optical Character Recognition, with varying degrees of accuracy. Reader beware!

rr ass bulwark of 100000000 protects sun life investments unique financial position of company discussed by president macaulay in annual address montreal feb 14 the phenomenal growth and success of the sun lite assuratce company of canada lends widespread interest each year to the annual address of the president mr t b macaulay the annual meeting which has just been held disclosed a continuation of this expansion but it was more noteworthy still for an announcement almost startling in character by mr macaulay regarding the financial strength of the company ho stated that so carefully had the directors uuticipated every possible adverse contingency in the money market that oven a panic which would reduce tho valuo of the assets by one hundred millions oi dollars would still leayo untouched and unimpaired the shown surplus and reserves of the company mr macaulay dwelt as well in a most interesting and illuminating man nor upjn the relative merits of the varied securities in which insurance com panies invest their funds and of how traditional views on investment havo altered owing to tho changed conditions of modern business ho said in part a mere statement of the increases over the figures of tho previous year is impressive in incomo the increase s 511972000 in assets ss705000o ia surplus 59157000 in new assurances 5ll2ssg009 and in total in fofce 408925000 a company with total business equal to theio increases would bo a largo and poworful institu tion it is but tbreo yoars sinco wo rejoiced at passing the milestone of 1000000000 of assurance in forco and yet already wo aro nearing 52000- 000000 while at this moment our as- tets exceed 5500000000 but llicro is another feature oven more striking and important advance figures indicate that tho increaso ovor the previous year in the now business written by the combined lifo com panies r vho continent wa3 approxi mately s per cent and the increase in tho combined total in force approxi mately 9 per cent against these per centages lot me place tho figures of tho sun life cur now assurances increas ed 34 per cent whilo our total in force increased 27 per cent i need not further emphasise the rapid expansion of our business it is but a continuation though in acceler ating dogreo of our normal condition tiiat the company is extraordinarily popular with tho insuring public is evi dent but people will hardly eow so pronounced a preference without rea son that reason unquestionably is the great strength of tho company and iti unusual profitoarnlng power the earnings announced in tho report are nightly in excess of 40000000 but it is clearly intimated that had we desired to do so w could have taken credit for a much larger amount we however follow our usual conserva tive policy we alwaye iv before our miiirt the possibi of a business depression which might occasion heavy shrinkage ia i iarket values of all classes of se ttles mortgago securities may at nh a time become totally unsalable lut that fact ia not patent while every fluctuation in the prices at which stacks and bonds can be tttrned into immediate cash is quoted on th stock exchange 3svritis3 heavily undervalued hive decided to take our pollcy- iiolii into our confidence in tho mo complete way so that they may realize liow cully our directors havo provided against any coulingeney of his hind you will notice that wo say that tho values quoted are thoso given ly ilio government department or loivr there ia much in those two words they mean that the value given in the report aro ap pro in ttdy 502500000 less than the actual current values of those securi ties on ho exchanges tliett we havo the additional deduction from uaricei values of f20000000 referred to i the report and also the special contingency reserve of 12500000 these items total w500000o aud our imdvet assets and other margins the amount to 100000000 this means that tho market values of our recuritie could surlnte by soooooooo without reducing our surplus by one dollar such a hlirlnk- pa is of course almost inconceivable i incle doubt very much it oven the catastrophe of another world war could produce v drastic a depros- snpposing it did wo would still utiet our undivided surplus of hooocoo we are hardly likely it to be criticized for lack of vatism i lo not know any financial corpbr tltori which has it so protected i imagine wa ore likely to be told that wo been i h conservative if so i a criticism wo muft endure icety margins may perhaps be riiy large but safety must no magic in bond consider mortgages what coni pauy has not suffered losses and sometimes very heavy losses on its mortgage investments as to bonds some peoplo seem to consider that there is magic socurity in tho label bond this popular belief is not supported by experience tho sur plus earnings and margins of many companies over and nbovo the divi dend requirements of their stocks aro much greater than the surplus earned by other companies in excess of tho interest requirements of their bonds fow experienced financiers would claim that tho bonds usually offered aro pater than or oven as sare as stock of such companies as the montreal light heat power american telephono nd telegraph commonwealth edison and many others i could name tho payment of tho intorost on the bonds is cer tainly no more sure than the pay ment of tho dividends on tho stocks in the very unlikely event of the divi dend on any such choice stock being reduced it would bo certain to be far more thau offset by lucreascs in the dividends on others our own average interest rate has been steadily mounting year after year due solely to increased dividends and bonuses received on our stocks be yond the rates payable on those stocks purchased by us in 192s the actual cash yield from these in 192s represented a return of 238 per cent on the purchase price greater than the dividends payable on theso stocks at the time of purchase whilo the average value of tho rights bonuses received during the inter royal devotee of popular sport tl if 36k roumanians princess as a lover of sposts inccss lleana youngest daughter of queen marie ot roumania jtist limerick corner joyous jingles by gifted rhynislers hundreds of contributions are reaching us that just fail iiort of requirements either in rhyme ry thm or expression but we hups those who have failed so far wfll not he discouraged but like the historic spider will try again strive for originality in the idea behind the limerick as well as in the manner of expression the following are a few of last weeks winners heintzman pianos there was a young lady named anna who wanted to havo a piano said her ma it is true no other will do but a heintzman upright for our anna mlts it m taylor nipaviu sask tweutycue enjoys an afternoon of skiing at tains vlcro she goes to school th ci e i5ay veiling five years has amounted to a further i per cent per annum tits ill before parliament c will now bay a few words about the bill we have before parliament there has been so much misunder standing and misrepresentation about it that f think you would like i plain statement of tho facts even the fost perverse efforts of ami man cannot pjh the natural magniti- ence of table bay nor the natural beauty of it surroundings i am temperamentally n stayathome per- i i liked tho op because it i of home or rather of tho scutii of england it was settled j end cultivated for one tiling for an other its woods of oak and pine were j refreshing after mangroves and palms the original charter granted in to slmpndium might have 18g5 authorized the companys capl- 1 ata across a dorset heath but that lvf i ti roil are liuv- that ir iiuiie be our paramount consideration aud if as iv confidently anticipate the margins prove not to be required they wiii ir time be availrblo for dis tribution among our policyholders ami what possibilities for our policy holders do tliew margins represeul investment prevision f may be timely to bumtuariso primly tiio provision of our law they permit investments in first mor-u-i- ifj up to sixty per cent of tho appraised value government nod municipal bonds corporation bonds cured by mortgago pre ferred stocks of corporations which havo paid dividends for the preceding five years and com men stocks of corporations which have pud divi lends for the preceding seven years such dividends being not levt than our per cent per annum or jiooooo per annum in amount thee pro- visions avoid the extreme both of unwise freedom and of harmful re striction to my mind they are almost ideal our list of awti show3 tint wo own securities of large amount iu all classes authorized by ho act for a very considerable part o our investments wo must conse quently look to those classes of com mon ftloclta which aro authorized by our canadian act forlunilelywheu the namo degreo of caro as is neces- nary tor safety in selecting mortgages and bonds i applied to the selection of common stocks especially within the conservative limits laid down by the act theso selected securities are in the judgment and oxperienco ot tho thoughtful and wcuiaformed among the choicest and natest of all investments and by fr the most profitable and desirable instead of furzebusbes there were ten- foot protean with flower- the size of cabbages the town of paarl might have been iu the vale ot evesham where it not for the stupendous pol ished dome of the paarl rock and the fantastic ridge of tho drakensberg one had all the amenities of our familiar landscape with a lot of splendid mountains thrown iu here one cannot get awa from the moun tains except to seaward they bound every horizon and especially near capo town where they rise abruptly from a level plain seem to justify any height with which the tricks of the atmosphere may happen to invest them i was not able to explore any of the outlying ranges for they aro not yet made accessible by roads aud inns and any ascent involves a con siderable expedition but i spent a good deal of time on tablo moun tain what a top tiiat was i looked over great sloping sheets of rock fantastically grooved and tunnelled down io tho southern ocean as standing at dun augus i have looked over the bare bluo slabs of aran down to calway bay but with a dif ference one can walk over the limestone of aran stepping across tho narrow cracks in which lurk male fern and maidenhair the tablo mountain liandstone is split by chasms ten feet wide and thirty deep choked with giant heaths and pfotoas but near by the elements have proved too strong for tho rocks the mountain is about the same height as snowdon aud all has been washed away ex cept some few isolated fragments worn into the queerest shapes that stand like mcsozoic monsters on tho levol surface of tho subjacent slab on such levels on any place where moisture can lodge ami especially 5u tho wet ledges of tho cliffs grows uio most varied flora in tho world heaths of forty kinds brooms and proteas of a hundred different forms on the moru exposed tops then lilies gindloll and tall dogdaisies on this wide shady shelf a sheet of arum lilies and under the mossy dripping of hat narrow gully the great red orcliij tho disa pride oi the cape all theso nature planned on the mountain it was man that planted the woods in some places as it seems to me especially as seen from below too exclusively coniferous but it was a government scheme and therefore jins an economic aspect but beyond this sombre forest viiere the spires ot the spruce rise more sparsely through the pale mist of the silver- leaf ami the thinner blue haze of tho eucalyptus and oaks and their con geners weep down the rocky ravines and gradually merge into lie gardens tts difficult to figure hnvsr j player otktattiuhoscli for ali this side is a has roaehod a es when hej only reserve for the protection of the nai flora in which the rarer and more j delicate plants are tended there you will see woodland as beautiful as tal at 1000000 an amending act passed iu 1871 contained a somewhat ambiguous clause which has been in terpreted iu some quarters as limiting the capital to 000000 five emi nent legal authorities to whom wo submitted tho question assure us that tho original authorization was unaf fected by that amendment but ad vised us that it would be well to have the matter put beyond doubt by a brief clarifying act of parliament wo do not ask that tho capital be increased we merely ask that our right to issue stock up to the amount origiually authorized bo freed from legal ambiguity by a nimple declara tory clause v but why do wo require a larger capital than the present 52000000 chiefly for two reasons i because tho present capita is mauiteslly out of all proportion to the magnitude of tho companys operations it is absurd that a com pany whose assets aro already j500- 000000 should be controlled by a capital of 2000000 2 because wo wish to ensure that this great compauy shall never fill into undesirable hands we can not alter tho status of our existing shares but we can impose restrictions on the transfer ot the new shares which will bo an effectual safeguard it lias been said that such an increase would divert from the policyholders profits properly belong- iug to thoni this is the exact oppo site of the truth the insurance act allows stock holders to rcceivo ten per cent of i he profits distributed from lie par ticipating branch our stockholders loug ago reduced their share to five per cont all our contracts for thirty years past havo been made on the agreement that tho participating pel- icsdioldors shall receive ninetylivo pv cent 6t these profils atfil tiiat right any ot our members could iutorcelu uy court ot law and pitches bis camp at sunrise ho crosses the mountain ami is dpvn iu time to open his office at the appoint ed hour so near is the tawjj when one its on tho ledge of the table one seems to be swinging ones legs over oranjezicht this was the morning before a southmaster one of those iiard clear mornings when there is no very deii- uite light in the sky or anywhere oitse merely a sort of yellowness between tile dark bars of cloud but on the purple mountains every rockface and gully showed up as clear as it picked out by the beam of some luminary other than ours from tho bassen- berg to cape hangklip tiieir serrated skyline ran in a great semicircle at the nearest some thirty miles away o the north and to the south rising beyond salt water aud in the middle beyond a plain noless level aud seem ing even less substantial beneath a pale blue haze that veiled the crudity of black pinevood and yellow sand conor obrien in across three oceans i purity flour thero was an old lady named bower who always used purity flour she declared the day long to bo healthy and strong icat bread made of purity flour mrs henry coulthaud it it no i eugeuia out royal yeist there was a farm woman named mary whoso bread was as light as a fairy when asked to explain sho replied it is plain royal yeast cakes your worries will bury mrs t genoe ceylon ont wrigleys gum there onco was a boy found a penny who being a scotty was canny so be bought wrigleys gum aud he said oh yum yum i knev- this was better than any elsie robinson bax 7- preseott ont red rose tea said a sprightly old man in toronto i drink all the lea that i want io as ive drunk but red rose ive not got a red nose wife put on the teakettle pronto mrs ii v stevlnson macleod alta salada tea a matron who lives in nevada recommends very highly salada come friends when you can to lasto my japan fly delectable green tea salada mrs ii 11 fjlktcher paisley ont big ben tobacco thero lived on the island of thacker a jolly old farmer mined packer who said with a smile the weed thats worth whilo is a plug ot this big lieu fobac- cer miss mollie patterson blenheim ont royal purple there was an old woman at shoos- ter and she had a very sick roomier royal purple she fed and she smiled and she said now be crows again just like be use ter mrs ward duller rk 3 ridgetown ont cuticura a flapper neglected her duty to her skin so she lost all her beauty although all those pimples detract from her dimples cuticura will cure her poor cutle mrs hurst buckingham que williams pink pills there was a young toiler named tilly who became white and frail as a lily took williams rink pins which cured all her ills aiul now shes as gay as a filly miss ethel mckkllar belmont ont mrs t genoe mo decision has been reached as to when the con test will be closed compare care fully the rytbm of tho limerick with which you won a prize with tho others and you will see just where tiioy faii short mrs t neal sorry we cannot return any limericks jbmitted as they are not kept there is plenty of enjoyment for tho whole family if all join in tho fun ot writing limericks any nationally advertised article or service found in this or any previous issues of this paper may bo made tho subject ot a limerick one dollar will be sent for every limerick accepted give naino and address and name of this paper write limerick editor associ ated publishers rooms 4215 7j adelaido st west toronto 2 london to paris by airway england lies below like a gigantic picture puzzle its pieces the meadows rimmed by hedges roads and streams fit perfectly each into the others the oblong fields of fiance precisely laid shading from saffron gold to indigo are like nothing so much as a multicolored patchwork qiiilt margaret neils i cant get hurt mr cighrctte- v a safety match i hilt bxck tho enormous difficulties in the way druggists obserye buckleys cough mixture wes tiio week of february 2sth to march cui is being observed by tlo relall druggists of canada as buckleys cough mixture wee this week has been arranged by the retail merchants association of canada and the provincial boards ot the retail merchants association in cooperation with messrs w k buckley limited tho manufacturers this product has been on tho market for man- years and becauso of its rapidly increasing favor with cana dians during the last few years the week is being featured this season io focus additional attention on this fine cough remedy for icy windows windows may be kept free from uptodate spider wont you step into my parlor miss fly not unless you havo a radio serve cocktails and allow pot ting to a poet many singers like tho phoebe who havo little to say declaim in places prominent the livelong day but one i know a hermit thrush with glamour to display even from all admirers steals boauleously away walter hendricks in spires an spears a livingroom is just a detour on tho routo from the bedroom to tho garago ft of preventing war aro slnkiugl lilusjany in the world i know for i have- during tho winter mouths by rub- i i ovcr a b alpfiti in irated by to lamentable outbreak in slept there in this delightful climate jblng o ui4 blgmjr sfitieroej salvation army the city man goes ont in the erculrie alcohol v f you ever have rheumatism lumbago or other pains that penetrate to he very bones and joints aspirin offers such quick relief and such complete comfort that its folly to suffer keep these tablets handy in the house and carry them in your pocket then you need never suffer long from any attack of neuralgia neuritis rheumatism or from a bad headache aspirin is always a marvelous antidote for all pain and has no effect on the heart proven directions for many valuable uses in every box of genuine aspirin everjr drugfeist lias it aviria i i tdmjtc rsjisured ia cimii