J 24. 1951

ITNANCIALATATEMENT

PRINCE EDWARD ISLAND MUTUAL FIRE FNSURANOECOMFAINY ' STATEMENT OF INCOME AND EXPENSES for the you ended December 3111, I950

ixcoiau: Net. Premiums collected ..8l0'1,367.83 Interest received ........... .. 10,553.97 5l17,92l.80 E ax?!-JNSI-IS p I Age.nl.s' Comnuasions .'......................................... 8 17,238.83 liosscs incurred 09,700.84 Inspection costs Administration Expenses . 13,922.12 102,171.29 Net Income . 815,750.51 Deduct: Provision for Income Taxes .. 3,949.40 Surplus for 15118 Year ............... .. 811,802.11 BALANCE SHEET December 1111!. 1950 ASSETS Cash on hand and in bank Premium Notes Receivable I Agents” Accounts 5 5,118.98 Dominion, Provincial and Municipal Bonds ...S202.745.17 Mortgages and other Securities 72,529.11 Accrued Interest on Securities 1,079.88 276,354.10 Payments on account of New Building ...... .. 25,960.88 8307,43-L00 LIABILITIES Unpaid Loss Claims 750.00 Agen-ls' and Manager's Accounts .. 1,047.51 Provision for Income Taxes .. -. 83,948.40 Less: Advance instalments 2,851.72 1,296.68 8 3,094.19 Net Assets, December 31st, 1949 . S292.537.70 Add: Surplus for the year , 11,802.11 Net Assets, December 31st, 1950 . . .. 304339.81 S307,434.00

AUDlTOltS' maroxf

We have audited the records of the Prince Edward Island Mutual l'.re Insurance Company for the year ended December 31st, 1050, and verified the cash and bank balantx-as and securities;

As all insurance is on tihe premium 'note plain, the reserve for un- l?Iil'l10d premiums described in section 69 (4) of The Insurance Act is not required;

We have examined the reserve for unpaid claims and in our opinion

. I: is adequate:

We have verified the balances owing by agents and on premium notes: '

The Bzilance Sheet does not include as assets items prohibited by l':1e"Insui-ance Act from bein-g shown in the annual statements required in be filed thereunder;

Subject to the foregoing comments, in our opinion, and according to the Best of our information. and the explanations given us, the fore- zninglialance Sheet, sets fort.h fairly and truly the state of affairs of the Prince Edward Island Mutual Fire Insurance Company as at. Decem- ber 3151, 1950.

All transactions of the Company that have come witihin our notice have been within its powers. . ll. 1!. Doane and Company Chartered Accountants. Charlottetown.

Prince Edward Island, January ltith, 1951.

TO: THE POLICYI HOLDERS OF PRINCE EDWARD ISLAND MUTUAL FIRE INSURANCE COMPANY

Your Directors wish to submit. the Tenth Financial Statement of tihe amalgamated Companies for the year ending tihe '1lhi-rty-First day of December AD. 1050.

If there were no amalgamation this would be the Sixty-Seventh year Prince Edward lsand Agricultural Mutual Fire Insurance Com- pany was in operation and the Fifty-Second year the original Prince Edward Island Mutual Fire Insurance would be in operation.

Owing to the lac: that the Company has had no permanent Head Office your Directors I.-bought it advisable that a site be purchased and a new building erected. -

A site was purchased and a contract for .the erection of a new building was let to M. 1-'. Schurman Company Limited.

We have not as yet had a final settlement wilih the Schurman Com- pany but as there was no extras we do not anticipate that the cost will be over the contract price.

Owing to the fact that our experience in regard to saw mill losses showed that we had an avanage income per year of about 8975.00 and an average outlay of approximately 83,000.00. your Directors found it necessary to quadruple the rates on saw mills.

This, we realize is a large burden on the ordinary saw mill oper- ators and your Directors are studying the situation to try and find a My to reduce the rates without jeopardizing the economy of the Company.

"The net premium income h the year amounts to 8107.37.83. This amount la the largest prwntum income in the history of the Company.

The net premium income of the Company has been increasing every- Scar which shows conclusively that the citizens of this Province have confidence in the affairs of the Company.

Our premium income is One Hundred and Fifty-four percent of the premium income for the corresponding year 1947.

I The amount of interest collected as current revenue for the year -5 510,553.97. This compares favourably with 1949.

Our assets are In a liquid form and are entered in our balance sheet at the face value. . ,

If our total assets were liquidated the amount received would be a considerable amount more than the amou t. at which the assets are lzstcd on the balance aheet.

f lur total investments amount to 8270,854.10. This amount is divided 45 ows: . - .

Dominion, Provincial and Municipal Bonds .

Mortgages, and other Securitiu .

Accrued interest on Securities . 1.070.811 p ! IE1 our opinion all the assets are in liquid form and are readily col- AEP. E C.

The losses for the your amount to 80,700.84. This amounts to ap- proximately Sixty-five per coat of our premium income. During the

it tenyears this percentage has been exceeded only in 1939,, which War the losses were Seventy-Four per cent of the premium income. Thcre is no definite trend in regard to the percentage of the losses of 108 premium Income. m0Tlia following la on aualyala of tho louaa that we paid for year

hural or farm risks Saw Milla Urban or Villa Schools

made up y i . L . The following is an analysis of the cause of loans: Unknown. ' . Ovenheatcd stoves-and-stove-pipes. faulty-aafao;-faulty stoves and atove pipes and ovenhoatod flua .. Careless use of gasoline and oils BuaptcIcd- fncendlarlsm F-"sine Backflrlng F9011! shingles Llzhtningi Grass fires Faulty wiring children playing with matches

, dT Ina Machine .

'1 the balance by other means. -

1 Your Dlncum ttilnk that the largest yua outage of the cause of

ll;-was listed under tzhoiheading of unknown could have been avoided

b 7 MIME inmactlou of the building and heating equipment he made

if the insured and the necoaaary action is taken forthwith to eliminate

"Y potential fire board.

,0 Alma we repeat um um do not fun happen they are ecu-ed by

O "'9 means and In.a.Jot of case: by eamlaunau. To protect our econ-

,'"Y ""1 uve uaalesa destruction "of lives and property it 1- the duty of

"iffy lndlvid'u'a1 to endeavour as far as his capability goea to eliml .-

.V lire ha. .u'l,'hl'&Iar m enema sn.m,m.oo lnauranoe. We now carry . 01.; almam no 181180 largest amount of inluranca we liavav IIIM iti8”comp.n' y ' been inc:-mingle lao h u..l In yo?i,vk.i1ow. It! Die pollcioalof iu:::enca

g .

.4 t.

:1- I v

" old kitchen was

;

I . Tl-IE GUARDIAN. CHARLOTTETOWN.

THE wesraniv GUARDIAN

J. ELMEB MURPHY

following atoroa Bell llookatore. Buuiiuer treat; Kelly's News-ataiad.

30! at so per day or no per week.

-AUCTION card party, Ma- sonic l-Iall, Kenslngton. January 25th at eight o'clock, Kensington Branch, Prince County Hospital Ladles' Aid.

-MAGISTRATE? DOUBT - Before Magistrate 12.5. I-ltntaon, K.c.. in Summeralde yesterday a local man was fined 8100 and costs or two months in Jail for having liquor in a place other than his residence. A party from West Prince was fined 825 and costs for having moonshine in his ,oaaess- ion.-S.

-T0 NOMINATE - Mr. Leigh Stewart, whose term as Water and Sewerage Commissioner in Summerside empires this year, ad-' vised this paper last; evening that he intends to file nomination pap- ers for another term. Mr. Stewart has served three consecutive terms on the Commission, totalling nine years. At. present he is on sick leave from his position as main- lenance foreman with the Island Telephone Co. Ltd.-S.

-FUNERAL 0 YESTERDAY - The funeral of the late Howard Vaughan MacFarlane. who met his death an a car accident on Saturday last. was held yesterday afternoon from his late residence where 3' service was conducted by Rev. Mr. Harper of the Sum- merslde Baptist Chl1FCh- 19 W” one of the largest funerals held In Summcrslde in a 10118 lime and many and beautiful were the noun tributes, attesting to . popularlly of the deceased. Tne pal) bearers were M95511 Gem” vvn1k.;.,-, Davis Lldstone, Dave Morrison. LOWBII Mlenv Mn" Lecky, John Ellis. Interment was in the People's Cemetery.-S.

m - Mr. and Mrs. Roy Cveddls and family. June and Leigh, left Sum- merside Monday morning for Syd- ney N. s, where they 'will reside.-S

Renovations Made Al Epworlh Hall Trinity Church

Dmpworth I-lall, Summerside, has recently undergone Ext?"-live renovations and is now one 0f I319 up-to-date halls in the town. The dismantled and replaced with a two-story annex 39 feet. by 25 feet, containing what: might be called the last. word in a modern kitchen with its frigid- alre electric range. SIIEIVG5 "Id built.-In cupboards. The second floor with its southern and west- ern exposure, contains the church parlor and is attractively finished in silver cord plywood.

A dumb waiver-from the kitchen to this floor will give service to the different. church orKBnIZilivI0n5- The basement is being made into a recreational lounge with lockers and showers.

The old part of the building, where the Sunday school classes had been held prior to the newly constructed class rooms in the basement of the church. has I gymnasium or auditorium with I stage door doing double duty with

ed gives accommodation Trinity credit Union. The class rooms upstairs have been changed into a large Young People's room.

All rooms are thermostatically cntrolled from an oil forced air heating furnace and have fluoros- caut lighting. To comply with fire regulutionslthere are three exits.

Those responsible for these a,l- terations are the members of the building committee: Messrs. W. K. Llewellyn, Silas Maclai-land and Walter Duggan. The contractor is Mr. .1. Harold Maclennan and the painter is Mr. James MacDonald.

GIIYSTAL IIIIIK

TUEsDAY- Hockey 8.80 R.G.A.l'. Vanna luuimoralda Cryatala.

WEDNESDAY-Skalllll 9 lo 0.00. Skating 9.00 to 10.00

THURSDAY - Hockey 8.15 The lalamle . Skating 8.00 to 10.00.

the 5

its sliding doors which when clo.I- ;' for the

.. . AGTIVITIES... .. .

PRINCE COUNT! onion 8 laminar street. luuiuienlde. Phone 8081

Vows. Subscription, Advertising Be rcaenlatlvea

and (1503 E CLOW

Home Phones: 8038 and 0093 , Tlia Guardian may be bought at any of the

In Iuniuiei-aide:

Gourllaa Drugatore, 81 Central Street: Water street: Mark Gaudct. 07 Granville street; Alyro Doucette'a Grocery. Second street: Inland Motor Transport. Water street; A1bau'o Grocery, 188 Buaaell street. K. L. Walta tn Keuatngtmi

The Guardian will he delivered to any liouie in Suinrneraldo by Carrier

Phone 8031 for this aervloo or give

Your order to the boy reaponalblo for delivery on your route.

-4. S. TAYDOB, Optometrist, of Charlottetown, will be in his Al- ;)7e1',l'0n Office this Saturday, Jan.

t .

Mutual Fire Insurance Co. Annual Igling

The annual meeting of the Prince Edward Island Mutual Fire Insurance Company was held at the Town Hall, Summerslde, yesterday morning.

The president, Mr. Gregor Mac- Cnllum of Brackley Beach presid- ed. The manager. Mr. T. L. Link- lettcr presented the financial statement, which is published in this paper. together with the dir- ectors' report and the audltors' report. These reports were un- animously adopted. The manager pointed out that the company had a very successful year. Following are the directors for the coming year: '1'. .1. Inman, Bedeque, president; John Mac- Intosh. Tlgnlsh, vice-president; T. L. Linkletter, Summer-side. sec-

retary-trensurer: Gregor MacCal- lum, Brackley Beach: Alfred Simpson, Summerslde: Oscar Johnstone, Long River: Walter G. MacKenzle. Springfield: Chess-:1 Annear, Montague: William R.

Macl(ay, Charlottetown. R.R. 8.-

GAMEO THEATRE

KENSINGTON Wednesday - Thursday 7:15-9:15. Technicolor drama starring Glenn Ford. Rita Hayworth. in

"THE Lpvus on CARMEN” with. Ron Randall, Victor and others.

Jory

pr-V...

I(EllsIlltl,T0ll llllllt

MONDAY, JANUARY 22 Opening game North Shore League

Kensington vs, Kelvin Skate after game

TUESDAY, JANUARY 23 Skating 8-10 WEDNESDAY, JAN. 24 North Shore League Spring Valley vs. Baltic Skate after game

mm Professional cards

ll

9. F. Hunter. R.O. 0PI'0Mll'l'lIl!l Oouaplebo Vlaual Anal;-aoa Glauoa mica

rnona am I . manuum-a BlllIJ'l'N(Y l

luuunai-afdo, P.E.l. ; ifi:i T. Eorlo I-Ilckoy

Chartered Accountant Canadian Bank of Commerce

Ilnllrllaig

PHONE I888 Iunaniaraldo

E. E. Parkman. Ool.D.. R.O. OPTOIIETIIBT Ina Examined Olaaooa lltbd

I to I and by appointment. IIGINT TEIATII BLDG.

Ivmnaa ll... Iuinniaralda

reserve required by the Inaurluoo reserve.

surance carried and the reserve in surplus of 811,802.11.

Wllih very few excaptl opportune for any 7 '

your pa

The cost of building material increases the previously small fire 10.0891. of the premium income.

The axpenaea of atninlatratlon 11.891. of the lncorne.

Mil Signed) 3' in '1'. J.

I is lvdwir'botvnau' ' an miulmm mm! 6!

. ' Tm. Act. and the actual amount of ou

----V ,1;-3;.-m...;h:a.-of--3u:iir.1?lirect.oiwa to keep the ratio between the In-

a good healthy state and also sup-

ply the necessary service at the loweot poaaible premium rate. Our surplus for the year amount: to 815,780.01. from this we de- duct the amount of Income Tax namely 83,948.40. Thus we have a not

At the beginning of the year our reserve amounted to s2o2..-.35-1.70. to this we add the surplus as mentioned above, therefore on the Thirty- firat of December AD. 1950 our net reserve amounts to 8804.39.81.

Directouu -feel thatt-he time is not

rater, 5"” as we '

our raoerve our llobtlltlu, that is, our insurance carried is also increased.

and the central coat of repairing

damagedibulldlnga has greatly Increased in the last few years. This

damage so that the ratio between

small damages and the complete loaa la narrowing. o'rlia average couunlaalon paid to the Agents

amount to about

ofgilfa Company amounts to about

Your Directors trust that the cumin: year will be a successful year and will again demonstrate the benefit of the co-operative principal undai-llaa the ayatuh of Mutual Insurance. .

eapectfplly aubmltted this Twmty-mud day of January A.D.4l08l.

GREGOR "GGCALIIUMD '

INDIAN.

'.l'.'L. LINKLFPPIR

Con-imltteo on.balialf of Dlreetou.

S'side Board

Mr. Fred Bell last night. was elected president of the summer- slde Board of Trade at the fifty-

Ooyle's Restaurant. Mr. A.S. Hop- kins. manager of the summerslde branch of the Royal Bank of Dan- ada was elected to lihe office of vice-pi ” Mr. Hamid Rcldd was re-elected secretary and R..li:. Ellis and R..T.Dodds as auditors.

The banquet was presided over by the retiring president. Mr. H..S. Hinton, who before presenting his report on the year'a.act.lvit:tes ex- tended a welcome to all members and guests and said that a remem- brance had been sent to Mr. ohar- les R. Rogers, the only living char- ter member of ihe Board. A min- ute's silence wan observed in mem- cry of three members who had passed away during the year, Mr. 1-1. T. Holman, Mr. John E. Camp- bell and Mr. Heathtstrong.

The president introduced I the west speaker of the evening, the Hon. Walter E. Darby. who opened his address with a fitting tribute to the three departed members of the Board.

Land of Opportunity

lvfx. Darby chose for the subject. of his talk "Prince Edward Island, the land of opportunity".

He traced first, the history of the Board of Trade as an organization from the time when the first board had been organized in 1768 down to tile present day.

The speaker said that Prince Ed- ward Island was indeed the land of opportunity. a land of unbounded fertility and why, he said. "should we not seek to develop this land so that. it will be for all the land of opportunity? Where can our younlz men find better opportunities than right here in our cvwn Province? Income may not be as large as in cbher places but In the final analy- sis they are just as well off finan- cially and they will be sewing their own people."

Referring to the hospital he said that, "It is one of the finest in any Province. where a young doctor may find the opportunity to pract- ice and serve his fellow men."

"In the realm of agriculture," he continued. "where else dces a greater opportunity exist? some will say that the life is too hard but it is no harder here than any- where else. Here they can develop markets second to none. But in all these things we have to maintain a proper balance and I think that mixed farming is that balance."

Mr. Darby said that "under a properly developed system forestry can be developed into a great side line to a farmer's income".

It: is in the fisheries industry, he contended, that this is the Prov- ince of opportunity. He said that. ”we have never yet produced from our fisheries sufficient to maintain a steady market." He suggested the system of draggers and said that

first annual banquet. held at: Leo.

Of Trade

Holds Annual Meeting; Hon.. Mr. Darby Is Speaker

meats are ready end willing in render assistance to the young men of the Province who wish to en- gage In this particular Industry.

Referring ho the possibilities of the tourist trade. Mr. Darby said. "I do not. know of any place more adequately fitted for the develop- ment. of Iihe tourist. industry. Our facilities cannot be equalled any- where. By a proper development of this industry. by pleasing the peo- ple who come here, we can build tzhis industry from a three million to a fifteen million income. We have certain handicaps, ohe matter of transportation for instance, but it is a fair cry from what. it was in 1800 and you are all familiar with existing conditions then. "Today," he said, "we have the ferry shut- tle service across the straits and the Maritime central Airways”.

Mr. Darby ocrncluded his re- marks by salng that with proper vision "we can go forward and mak this Province the greatest of all p ovinces."

I-Ila worship Mayor Wedge spoke of the splendid work, accomplished by the local Board and of the fine cooperation which existed between the Board and the Town Council. He said that a board of trade can be the driving force to spur the communlfzy forward.

Air Force Speaker

Representing Gmup Captain Richards of the R. C. A.F. Station. Squadron Leader Perrault. said that it was a great pleasure no address the business men of Summerslde and sunoundlng districts.

Referring to tzhe troubled inter- national picture. he said. "I do not believe that war is inevitable nor do I think that peace is inevitable either. We have a way of life we want to maintain and mocking on behalf of the Alrfcarce it is only by the combined efforts of all of us that we are going to maintain it-."

"Our effectiveness," he continued." "is only going to be as great as the tools you give us to get on with the job. The present wcrld situa- tion looks pretty grim but if you can keep the supplies rolling to us the job will be finished just that, much sooner. Armed aggression must he met with trained strength."

Other Speakers

other speakers were Mr. Peter Pate, president of the Alberton and West Prince Board of Trade who brought greetings from his Board and Mr. 13. Graham Rogers. who expressed his thanks for the thoughtful remembrance sent. to his father, Mr. C. R. Rogers.

-Mr. Rogers brought messages from I-Ion. Eugene Cullen, Col. Prank Storey and Mr. Waltham Gaudet. expressing their regret: at their inability to be present.

During the evening a highly on- joyable spot of entutalnment. was given by Mr. and Mrs. Turnbull in it. Scottish dance -which was some- thing new be summei-side audiences and whlc-h' called for prolonged ap-

DWIX.

plnuse from the members present

the Federal and Provincial Depart-

2:30 to

man

Season - - - Gal Started

.

" iiooxlm: nrmolisminou

Thursday - Friday Saturday

Come in and see our I-looklns Expert at work--llle will advise you about your own - problem; and help you select. pat- terns and yarn; from the different atocka.

-s

RUG HOOKING I

For Pleasure and Profit!

5:00 PM.

It's The I-looking

NOW!

H6LMAN'S

--wn-uiui. our manna nun 9'

PAGE . THIRTEEN

CAPITOL Summon-aide

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