ne eee n . “ \ ” q = Xf io : - 9 ‘ r e é ) ‘ 4 ‘ - ; ' ‘ ‘ ee a * yworkers Limited attended _ the ' leaves to mourn her passing her, following Hymns. “Shall We) The Guardian, Charlottetown, Thur., Jan. 29, 1959 15 FINANCIAL STATEMENT | 'N MEMORIAM [eee Serres] IN MEMORIAM eerie nd ia tos Sts Att at | | SF . 1 was a : F . . ’ EI ; : MRS, GEDDIE DOUGLAS — ay a ae a + | a toe - = May, Leslie, Russell and Heather| Rose, Ralph, Elsie and Roy Cot- TO: THE POLICY HOLDERS OF PRINCE EDWARD ISLAND The people of Head of Hillsboro} i944 Also surviving eight| bearers were Ralph Coffin, Louis| Eunice, Millie and Margaret = / fim MUTUAL FIRE INSURANCE COMPANY and vicinity were saddened when ceaiaiiaivan Gas Tokar sana Cameron, Ernest Bambrick, Mel- ag mew fhe yf str a an See, Realm Se Y wists Financial State- they learned of the passing in the dhildren, and the following sis‘ers| vin Jardine, Hamilton Douglas | Henry. Jennie ai Blanche and| Legion - : SEE oT baer Lietinietdand Caeeaadinn tar eo. pave. conn, Doves Prince Edward Island Hospital| 2nd brother Eunice, Mrs. W.| and Walter MYers. The fipral . ee gy sae CUT FLOWERS ber Sist, 1958. ‘ : Dec. 21. 1958 of Mrs. Geddie Lodge Bert, Peake Station, Mu. wauits, were as follows. eee: a Mary. Merton and annie If there were no amalgamation this would be Seventy-Five Dougies seventy-ninth | lie, . Chester Coffin R.N.|! . POTTED PLAN Prince Edward Isiand Agricultural Mutual Fire Insurance year. She was a daughter of the | Charlottetown and George, Mat- 7 glad eee en Staff of Red Cross Senpegy . be in operation and the Sixtieth year the original late Elisba and Mary (Douglas) | tofon Mass U.S.A.. The funeral ahd ‘ae Saba - he . and Mrs.| You are not forgotten loved one Prince Edward Island Mutual Fire Insurance Company would be Piet. ~ ger var gong woaig pwnd Charlottetown Income Tax Staff| Gertrude Saunders ; Nor will you ever be ; - i the Financial Statement as certified by Sad. Shes Ged: Guar stint to, hale ie we en, etarmest ie it. . and Mrs. Herbert Carr cS Song 6 ie: Sas ener the Auditors you will see that our net premium THtOme was~$162.- | -+-im times-of sickness and need, but | Stewart Cemetery, Services at the| Head of Hillsboro Women's In- and Louis Bestrice aad ‘We will remember thee. i 084,93 for the. year December 3ist, 1958. This is an increase ‘it is in the home that the loss| house and grave were conducted wes ; ; of approximately $24,000.00 when it is compared with the 1957 in- wil be most keenly felt, she| by her pastor Rev. C: Towns- ~ come, and again is an all time high. ‘ ’ ley of Mi. Stewart, Presbyterian || : S a : .— We have decreased the rate on small holding, isolat- Bristol ‘ Church of which she was a mem- ; ed, rural from $10.00 per thousand for three years to J. J. and Mae-Perry, Bristol ‘| ber and where her place was sel- ies i lag? _ $9.00 per ad for three years... weescv md Lilly and Gerry Barry,Merell| dom if ever vacant. A mi us en : ~~ We-hatvéaig®-Wecreased the rate on new isolated dwellings. to Dot and George Barry, Bristol | choir under the direction of Mrs. ;' ’ Se rere co SPOR BONS. SMD takes care of Daphina and Walter McAdam,| Arthur MacLauchlan, sang the t co . “a “see See Se se INVESTMENTS " : : : y e _ The fact that the income from the premiums is higher, shows: Or. and Mire. Adsighes Veusty, : ,
that the citizens of Prince Edward Island have faith in your Com- Pany and its management. ‘ Approximately two-thirds of the net income is derived from
meming sad fishing risks. Mr. and Mrs, Melvin Peters, * GOVERNMENT OF CANADA 414% The interest income ‘aas $17,169.28 which is the highest income Job ’ e ; 7 Charlottetown Sept. 1, 1983 Price 96. To Yield 4.78% ; te ne oe ee ted to. $787,559.32, which |The late Mr. MacDonald> was Mr. & Mrs. Charles MacDon-| Mr. Harojd Phalen, Morell : ‘ is a decrease of approximately $26,000.00 from last year.” (born at Morel, P. E. 1. on May | id; Morell . sete ee Ea ee PROVINCE OF SASKATCHEWAN 5% Last year the losses were approximately af hg [90 UR, ented, hans, een) Se Eee, teens be Marlee eee, Nee ee March 1, 1979 at 96.% to Yield 5.25%. premium sey This year the loss eeleaer a ie yeoman peed ‘Seen in tae We cae 7? & Mrs. Alfred MacDonald, cee , i : 3 Sree M Seucennany > bet. Cone So. O6t we have & aot ae- ea 1942, and | Brantford, Ont. +. Les, Marie and Carole McKay, PROVINCE OF NEWFOUNDLAND 514% ome _of receipts over expenditures a ing i i i Charlottetown Feb. 1, 1979. Price 96.75 to Yield 5% % This was an exceptional year for the Company Neca the (Sree Oe ee LOW MASSES oseph Chariott b Be total amount of losses incurred was less than the average, and and Europe his discharge} ar & Francis, Ottawa . — i’ re
town
Harry Walsh, Charlottetown EASTERN CANADA SAVINGS 514%
1964 - 1969. Price 100 to Yield 54%
The loss percentage of the premiffm income on other risks for 1958 is Thirty-five per cent.
thanks to the Chaplain, Sisters, and Nurses of the Charlottetown
town and took employment as :
interest collections. Wirnens Charlottetown| ward and Nan, Ont ald and Norma Edward, Char-
We carry a total of $45,937,039.00 fire insurance which, as you | Hospital < Be he. and since| Mother and Dad,, Bristol _| lottetown : ® CANADIAN PACIFIC RAILWAY— at 30 to Yield 3% will see, is an increase of approximately $2,100,000.00 over the that time has been engagéd in Ruel and Mrs. MacCormick Mr. and Mrs. Ben Keefe and > | a x. ze pn foes. carpentry work here on the Is-| yariottetown family, Morell Me * DOMINION BRIDGE COMMON STOCK— at 23 to Yield 4.35% [= net prumieat teaieeb a re farming and fish- |1354 and in Labrador. ag eon! jas: Montreal Roderick and Mary, Chariotte- er
risks for year 1958 was 648.83. balance is income . y illiam, Charioite- town. : . i ? from mercantile risks and income from~insurance on dwellings ua eves . aoe his sad | town Hat cH 2 ~ . : N. B. TELEPHONE CO. CAPITAL STOCK— at 12.75 to Yield 4.70% which are not ne farm risks, schools, churches and other MacD id. B a — L. Peter Mabel, Chari | CARD OF THANKS at 3 "The loss percentage of the premium income on non commercial |2%4 six children, namely, Gerald) Bertha and Mary, Charlotte) Mrs. Reginald J. MacDonald & ie anes i 5008 was acprexiessiely Fitty-cne percent. Sek dete tek Peas & ol ae oe a ate Coane nee EXPORT A EASTERN SECURITIES COMPANY LIMITED
Augus-
The following is an analysis of the losses which we paid for the year 1958:
lottetown - George and Vera, Charlotte
tine MacDonald of Bristol, to-
gether with 5 sisters and 6 bro- | town
thers. Pius and Lillian, Charlottetown His largely attended funeral} William V., Charlottetown
at Morell where Requiem
Ronald LeClair, Charlottetown Charies Connolly, Charlottetown Joe and Clara Prowse, Char- lottetown | Mr. and Mrs. Francis O'Keefe, |
Mass was celebrated by Rev.
the services at the grave. Intern- ment took place in the Chureh
mett Cameron, Baxter,
Mrs. J. A. Griffeth, Charlotte | town i Teresa and Ledwell Vessey, | Charlottetown
Pat and Margaret Sinnott, |
Gordon Sanderson, Alexander Stewart, Gavin Duffy and Fran- cis Hughes. The Morell Branch of the Canadian Legion and Fel- low Employees of Eastern Wood-
Rural ij "see ee ee amet Se CCC Coe ae. Om ae dhchékuce ctl 24,285.47 Rural Outbuildings ...... dtabak Sobdiodechhbie 65-44 duces 20,021.10 MN hdc v isis Cee te as 13,500.00 I shed oo Cee ee 11,727.68 OTN ccs Soclecce boc eite as | Coe ' 8,418.75
tame 3 Mvbaads <ckbee aoe 3.3 MI odie e 8 occ cdsca Suken beh sae bi ccackhisouee $000 I oesk oiu d Seteeeess paaticns 298.19 ME ac: 4 275.00 ie STON diébudnta bbskece 200.00 BI co eb ees okt i Sieben bid bcebeteubsind’ 97.70
Ps tidses oetee 7 Bebabd: Hebadeuidees | 65s adecncbt hac 41.10 ceed MM... .. 5.0. a eebubshavdpellel bh 0684s. Gse aki cs. 35.00 | Hall enh at) MUSe a odbbaENE ndeh od ogc dadkadbaksccdeJe..2.. 30.00 | SE OT ge 27 Se I Se 5.02 | MES se a Piss obebaebicasa “sohk kih 3,048.71 | and the balance is, miscellaneous.
The following is an analysis of the causes of losses: BIE = nny 5s -5> snepeged | otensabs cebibens cacstssQ MMREID Rmrnes, EFOm Stove... ..ccccccdcccecncs Sbbbehbaeewabens 11,000.00 | SY NN 8,000.00 | IES 640655) Seenecsnbiud sesbincedthen haveseesce t:) MALI ND oe isch) bbehic icicle ee 5,623.75 IONE ce ee eh gt 4,650.50 |
t g . ‘ paras cibabon . | ee wiunpene Wen Moetchte ooo eo 8 3,700.00)
. SNRs SDA Gd sudebianl bebe Oscue bia 2,932.96 | Overheated Bearing in Saw Mill .......0..cccccccccosee oy Faulty Safe _..: bs ands ba eekes dh osesiee peebibs se 2,195.00 Gasoline Lamp Exploded ........... bh eweehesckédusend ow 2,030.00 | Grass Fire ...... ohERS SWS REO ceshel eebebeas adcedb es 1,460.00 Overheated Stovepipe .°.......... .. sh ébvensauctsecec ° 1,342.00 NN IUOUMNRG ik Lice te 1,210.00 Tar Boiled Over on Stove .......... ede Seecebeeus then sé 741.45 Spontaneous Combustion ................ sescedeccsboes 700.00 | RN hiv, Abin ewes ch csi Lacéen. abbacdemanae 591.10 | sO Mtr Dhow) oc. ctecdcdccaccess becccauned 328.25 | Overheated Fireplace ...... bibs: ROAdRMK A Whedbe budses on 200.09 | Fire Departments ............ Nees ubas! soaabced dee 200.00 | GO MAOCIOG SS ck. ccanended Dabo’ Sasbideasss 175.00 | NI ME 1445 scdy ep <dahcenh vadels deccshessodiesse 135.75 |
121.53 50.00 50.00 27.90) 17.50 | 11.43 |
5.02 3,048.71 |
' ‘The percentage of the security reserve of the insurance liabil- ity has been stable and is approximately 1.1 per cent. This figure | has not varied to any extent for some time past.
According to the requirements of the Insurance Act our mini- reserve would be $140,000.00, therefore you the Policvholders assured that the financial circumstances of the Company | excellent condition. | the expense percentage of the income is 13.4 per with 14.6 per cent last year. ie commission percentage of the premium income per cent compared with 14.7 per cent last year.
The reason for this decrease is that the people are becoming and the individual premium is t
ain we would like to point out that it has always been, and i to keep the ratio between the reserve in a good healthy state and ‘ at the lowest possible premium
+
It has always been the policy of your Directors to keep the expenses at a minimum having regard to the services rendered. ~ If you will examine the Balance Sheet of the Company you vill see that the book value of our Bonds exceeds the actual market valne of the Bonds. In the opinion of your Directors this does not cause any consternation, because im the forseeable future your | Directors do not see any reason which would require us to sell | these bonds
After examining the Financial Statement and this Report you will notice that we have had a very successful year.
During the year Mr. George’M. Grant announced his retire- ment as an Agent. His resignation was reluctantly accepted. Mr. ; Grant had been an Agent for nearly Twenty-Five years.
Mr. James MacKay formerly of Brackley Point Road, but now | of Charlottetown, resigned from the Directorate of the Company | and-was designated by the Company to be the recognized rep- | resentative of the Policyholders for the district which Mr. Grant | worked. <>” |
Mr. Eric Lowther of Crapaud was appointed Director to fill| the position for the balance or unexpired term of Mr. MacKay. i
Mr. W. B. Warren of Kensington, owing to ill health, resigned | as Agent for the Company.
The territory which Mr. Warren represented has been divided among three Agents of the Company. namely: Mr. S. B. Birch, Port Hill, Mr. W. V. Craig, Bedeque and Mr. Clifford Simpson, | Stanley Bridge. ;
Your Directors trust that the current year will be a successful year and will again demonstrate the benefit of the co-operative | principle which underlies the system of Mutual Insurance. |
Respectfully submitted this Twenty-Seventh day of Semele | A. D. 1959. |
(Sgd.) JOHN MacINTOSH
(Sgd.) ALBERT. LINKLETTER
(Sgd.) T. L. LINKLETTER. Committee on Behalf of Directors.
STATEMENT OF INCOME AND EXPENSES
for the year ended December 31st, 1958 {
INCOME >— } See PUD i siccconcanbedadededakerccacdscngacaecess $ieeneeanl BE PONE: is accnsodibascvsees once dcaeioe eesccceese 17,169.28 | Net Office Rentals .............--ccccescsecsecccceccece 291.32 | Profit on disposal of investments .............sse506 eee 1,899.03 | $201,444.56 | EXPENSES:— ) Agents’ Commissions ....... acesees scenccccccccecseces $ 26,089.34) Beets MCUITOR . ......coscccnccecccebesesecs eeteeeecees 78,559.32 GUNN CONG i. sees lihectcnsswscddvswebectcasess 228.40 | imeiiidtretion Mwpemees: ...... i... «sc cc. 0s -cccadceese 26 592.40 | Depreciation on Building and Office Equipment ...... 1,692.33 | $133,161.79 | SURPLUS FOR THE YEAR ...... pebentedsccesesiesians $ 68,282.77 |
BALANCE SHEET aa"
ASSETS:—
Cash on hand ahd if Bank .....cecccccecccccccscccccses § 20,000.20
i tt i
Notes receivable for cash premiums ................++ 1,138.74 BRS ACCOMM 6 ociccccc is ccsencedeceneccecnede ceesenes 852.29 Miamemer'’s ACCOUME 2. ccicccccccccccdscccecnncccccccencs 300.00 $ 22,381.23
Dominion, Provincial and Municipal Bonds, at cost (approximate market value $251,225.00) ............ $275,707.32 Mortgages and other Securities .............-.seeeee+-- 173,435.57 Accrued Interest on Securities. .. . 2... cccccscccchocccctess 1,159.76 $450,302.65 Real Estate, at cost less depreciation .................- 37,149.51 $509 833.39 LIABILITIES: — ; PE AMOI 6 Ui dais och do cbc dannn hs enciceoes santos $8 113.60 Provision for unpaid loss claims .................ses6+- . 4,500.00 : Td $ 4,613.60
NET ASSETS:— “Ip. ee BONO UN. MES se dks count Cxdededdndscdbnseaeds $438,095.91 Add: Surplus for the year ..... gvacdcendends Mdewapendecs 68,282.77 a. $506,378.88 | Deduct: Net Investment in_office equipment .......... 1,158.89 | enero $505,219.79 AUDITORS’ REPORT
We have audited the records of the Prince Edward Island |
mutual Fire Insurance Company for the year ended December 31,/ 1958. and verified the cash and bank. balances and securities.
As all insurance is on the premium note plan, a reserve for | unearned premiums, as described in Section 69 (4) of the Insurance | Act, is not required to be segregated from the Company's general | reserve. i
We have éxamined the reserve for unpaid claims, and in our opinion, it is adequate.
We have verified the balances owing by agents and by policy- | holders for notes for cash premiums.
After deducting the net investment in office equipment. as) shown above, the Balance Sheet does not include as assets items | prohibited by the Insurance Act from being shown in the annual | statements required to be filed thereunder. }
By virtue of Section 62 (1) (a) of the Income Tax Act, it has been determined that the Company is not liable for income taxes, since more than 50 per cent of its premium income was in respect | of the insurance of farming and fishing risks. 2
Subject to the foregoing comments, in our opinion, and accord- ing to the best of our information and the explanations given us. the foregoing. Balance Sheet sets forth fairly the true state of affairs of the Prince Edward Island Mutual Fire Insurance Company as at December 31, 1958. All transactions of the Company that have come within ‘our notice have been within its powers.
Charlottetown, P. E. I. H. R. Doane and Company | Jamiary 8th, 1959,, Chartered Accountants a
ATTENTION HOG RAISERS
SPECIAL FOR ONE WEEK ONLY -
4 PURINA-CHECK-R-MIX | HOG GROWER — IN 10 BAG LOTS OR OVER j
$3.25 per cwt.
CASH PRICE ONLY
_ DILLON & SPILLETT LTD.
70 Queen St.
Phone 3626 Ch’town, P.E.L.
MANAGEMENT OPPORTUNITY |
Fine opportunity for lifetime career in rapidly
growing industry — Consumer Finance. No ex- perience needed. Work in whatever location you choose. a
Because of our fapid expansion, we offér an excellent op- portunity for men ages 20 to 25, with at least High School Education. No selling, no experience necessary, interesting #| office and field ‘work with expenses paid. Attractive salary. 9) Outstanding employee benefits, plus rapid promotion, with @) secure future. |
Preference given those with sales or banking experience. Write today and tell us about yourself.
Box R-123 Guardian and Patriot
Hospital, Dr. C. A. Coady, the many kind neighbors and friends, Eastern Woodworkers Lid., fel-
any way during our recent sad bereavement in the loss of a loving Husband and Daddy.
AIGARETTES
Dial 5511
Established 1910...
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® Listed stocks subject to change
146 Richmond Street Direct Wire to Montreal
+
er
~SMASHES
TV & APPLIANCE PRICES! !
a
TV
Complete
2
1959 Westinghouse
6§9°*°
FRE
1959 Firestone
REFRIGERATOR
“See The Lovely New Models”
5 PIECE CHROME SET WITH EVERY
DeLUXE
Firestone
WASHER
$139.95
(5-YEAR WARRANTY)
WITH TRADE
FREE TV SERVI
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Kitchen
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100.
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PROPANE, COAL, WOOD,
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TRADE IN FOR YOUR OLD RANGE
Westinghouse -
17” Portable TELEVISION
523
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FIRESTONE
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e Lay Away ® Up to 2 yrs. to pay
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WE TRADE ALL SIZE RADIOS
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RUBBER STAIR | TREADS *
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OUR
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FOR ALL AGES CALL TODAY
SALE J continues all — this week.
bn
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MON.-TUES.-WED. THURS. ‘8:00 A.M. TO 5:30 P.M.
8:00 A.M. TO 9:30 P.M. SATURDAY $:00 A.M. TO 1:00 P.M.
187 Great George St. AND
“Firestone HOME & AUTO CO. LTD.
Ch’town
Dial 5547
HOME & AUTO ASSOCIATE STORE
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an
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