FEBRUARYDZ _ 1949 '_. -_.

<Iv¢flsjfl

The Maritime Life Assurance Company

IQmUTlKS of the President at the Annual Meeting at Shareholders, February 3, 1949. ~

_____

I11 h has been pre- The "pa" w 13d“ is of more

u llfglfdusillal“significance inasmuch

- ' of as ilcésmlgfi,y?0l%iluhll:l:bhwl,&l of m? y,“ a quarter o! a century “*1: h“, glgpsed since the Nlarl- lll... Life issued its first Policy.

The Shareholders. and indeed le of lhe Maritime Pro-

lvlrylpglgeoldan look back with cou- Aldgfflblfi pride at the resrrirlts adhieved during that oeriod- e

has rendered an excep- figglgllaélyhlgh quality of service to .15 policyholders and has establish- ed itself as one of the leading fin-

apclal institutions of the Mari-

. . llflfllrfera are numerous Trust Com- pu-ugg and other types. of financial institutions in the Mantimes; there .1: _ly one Life Insurance Com- Head Office. r

r flu; Company has now thirty- "Yen and a quarter million dollars o; business in force. it has assets t; excess of seven and e quarter muion and durini U"! me years of its existence i 5 paid out to policyholders an pp}: no in excess of three million 0.x hundred thousand dollars. It has also been able l0 ivfly iv 1'5 shareholders a modest dividend "our. y am glad to be able to say n45 been increased this year from 53¢ dollar to one dollar and a quarter per share. Nor’ has its fgpgctbfll its employees. In 1938 an “equate Retirement Pension Sys- tem was established and dated back In that the employees will receive the same benefits as if the pension had been set up at the founding o! the Company. To this pension the Company contributes equally mm the employee.

To, Company is. like all Canadian rombanies. under the supervision w! the Dominion Department of insurance. It is well known that no policyholder of a company so ‘tum-vised has ever lost a dollar. This cannot be said o! Life Insur- utce Companies in many other countries. Your Company has es- tablished reserves considerably in excess of the minimum required by the Department.

Such in brief are some oi’ the tangible achievements of your Company during the first quarter of a century of its existence. The courageous and far-sighted. men who founded it were quite aware of the difficulties of establishing e new Life Insurance Company. But they also knew that the peo- pis of these Maritimes were firm bmevers in the benefits of life Lrrsui-ance and that there was no reason why these benefits should not be provided by a lifarltirzna in- Itttution. Their faith has been imply justified.

in. his report the other day the General Manager of one Life In- surance Company made this state- ment in discussing dividends and msnagership: "A study of cost. ratio among seventeen Canadian Companies showed that quality of management, not. the size. of the Pompany was the dominating fac- tor." In this regard your Com- pany has indeed been fortunate. Smce its very early days it has actually been under one manage- ‘vent and its position today is clear proof that it has been blessed with

' a soundness of management that

has brought it from infancy through

Mining

(Csnsdlsn Prose) TORONTO, Feb. 6-

lalea Stock

$1000 Amyknlfe . 1100 Anglo Cdn . ‘i500 Arjan .._... V600 Aumaque 300 Aunor . . 100 Bank NS

Dr. J. G. life-Danni], President

many difficulties to a progressive and vigorous institution.

l

Satrsfactorily established — a strong inundation achieved - with the hearty support of the people of these provinces we will go for- ward with every confidence.

I think I can make bold to say that your Company having its Head Office here has contributed something to the economybf the Marltlmes through these years. It has been responsible for keeping money hero that would otherwise have found its way to head offices in other provinces. The Company pays taxes here. its officials and employees hve heie and bring up their families. Large amounts of money are put through the hands of the investment dealers; and large amounts are paid for print- ing and supplies. etc. New money ls brought in from the outside territories wirere the Company maintains active agencies.

Your Company still confines its attention to the Maritime Pro- vinces. Newfoundland. Bermuda and the West Indies. When the Maritime Lrife extends its opera- tions to other provinces and to other countries we shall feel Justi- fied in bringing back from other provinces the money derived from premium income because for years this has been a one-way traffic and it has always been the other way.

I am sure that all of you in visiting Montreal and the due; of Ontario have been impressed by the size and magnificence of the head office buildings of Life Insurance Companies. I hope that the day is not far distant when one of the largest and most grace- ful buildings in Halifax will be the head office of the Maritime Life. Its size will depend to some extent upon the measure of sup- port which the people of these Provinces will give to its own in- stitution and to the men who are performing the very important function of selling and serviceing protection for the families and homes of our country‘.

I wish to lake this opportunity of thanking our many Sharehold. ers for the magnificent way in which 0W1! stood by the Company iu the struggling years of its in- fancy- and to the officials and the

6000 Base Met . 56 ‘(r00 Bevcourt .. .__ (l0 51000 Boycott . 03 1 2

100 Bralorne . 920 71110 Brit Dom 3 1-2 1.000 Cal Edm 550 1100 Campbell 300 I33 Criu Brew 20 3-8 R100 Cent L-crl _. 135 .'-."..'» Cont Pnt. .. . Jlifi "iii" (‘out For" . '_‘l i'-"J.'r Lllresicrv 2S0 "~00 (‘ochcnour 1'41) .“»;Gtl (‘ons Astoria . Iii.’ "i100 Con Boattre . . 55 ">00 Won Home It "00 (‘ouuest 1'21} ‘i700 Decaltn “It "'0" DlCl-("IISOH . 1:2 517110 Div lut "P5 Dome .

"W" [iulama 23 "V011 lltlvuj: ' "=1" a Mai :- ""-T"i h? Sulllv 295 "im" Flrionrr 66

‘"00 Elrrrekn Si;

150 Fnlcnu 415 ‘"00 Globe . . 68 ' ‘ Woo (ioldalo ..

1510f) (ioldors ‘"100 llalcrow “I00 llasagn . Highrirlge . llosco . - . llo\ve_v Hud Bay . lnt Llrau . Kelare

~ Kenlviilc

" Kerr Add I. Dufault .

' L Shore . 13 Leltclt . _ 119 MacDonald .. 57 MacLeod 110 Modsan ._ 230 Man East . 03 1-4 iilcfntyre 54 1.2 Nexus 240 New Alrer . . 13 1-2 New Ca

1150 New Malrrm 6% 1.2 5000 New Nor: ‘l0 1-2 1300 Nicholson 71

P8 Nerarrda .. 7 1.3 5935 Normetal 39,5 g°°° N°Yl1ick 1o 1-2 3500 North Inca 3a 300 Brien , 173 E0130 Orenade , 1g ~30!) Par: Pete . . 255 900 Punour . 1g 21500 Pan Wee “ g1

staff for their unflagging devotion to thclr work.

2500 Paymaster .. . . . 10300 Pen Rey 3200 Peri-on . . . 3200 Piccadilly . 1510 Pickle Cr 660 Preston .

' 4850 Que Lab 1600 Que Man 4500 Roche . 3000 Roubar 542 San Ant 2340 Sirerrltt . 6800 Silanco .. 2600 Silv Mill 1600 Springer q.“

1400 Starratt r2 7000 Sud Cont 09 1-2 1100 Sylvanlte 150 5500 Thom Lnmd .. l-i 1300 Turbil. _ 1m 2200 Un Keno 250 800 Upp (‘do 1T0 1010 Waite 1'.’ 7-8 S000 Wekuslco ltl 9400 Wlltscy 21 I-L‘ 00000 \\'1uguit r17 l-S 000 \\'r't Hurg £23 CURB 900 Feud UIW- b9.’-

Tutal sales 536.000

Stripping News

AT SAINT JOIIVN-l-l

Arrhed Sunday Calrrravou. from He'd-castle Mont Gaspo. Mediterranean parts _l'fanrillr-s. United Kingdom

Stalled Saturday hlanchester Yllvrsiovr. for‘ Balli- more

AT IIALIFAX- Arrived Saturday

Wellington Kent. from Si John's. Nfld. ‘

Newfoundland. Liverpool

Mortuacsugrr. New York. Arrived Sunday

Benny. from West ludiel

Beaverlake. Antwerp

Blue Seal. St. John's

Imperial Victoria, Poi-ta Lacruz Billed Saturday

Hallanger. for Curacao

Imperial Welland. Saint John, N. B

Agamenon. Boston Afaundle. sea Boiled Sunday Mormacsaga. for Baltic ports frriperlal Halifax. Saint John Newfoundland. Boston Jalakala. Madras ~Welltngton Kent. St. John's

REGINA — (OP) —The Basket» ehewen government has announced the setting up of a crippled child- renhrbrench in the health depart- ment. A grant of $35,000 from the federsl-governenent has made the

h possible -

NEW YORK. Feb. 6 — iAP)-— Stock prices cracked to the lowest average level of the yea!‘ in a fast two-hour session Saturday.

lt was the second drop in a row. in two days nearly 52.000.000.000 have been cut off the market value of all shares listed on the exchange. Saturday's dive was the steepest since Nov. 9 when the market was swamped with post-election selling

- orders.

Seventy-one. stock! plunged to lows for 1948-49 and individual losses ranged from fractions to more than three points. Hardest hit were the stocks of such basic in- dustries as steel. oil. rubber and railroads.

Wall Street blamed deflation and falling commodities. Professional elements tu the financial district accounted for most of the activity. Sales amounted to 790.000 shares. largest for any Saturday since Nov. B. The Associated Press average of

. 60 stocks lost 1.2 point at $4.

Lows for the last year or more were hung up by, among others. N. Y. Central at 11 5-8. Southern Paci-

lantrc Coast Line 40 7-8. Illinois Central ‘l5. Standard Oil (NJ) 66 5-8. Texas Co. 49 3-8, Pacific \Vest- crn Oil S5. and Graham-Paige 2 3-8. Some of the larger losers lnclud ed U. S. Steel. National Steel. Gen- eral Motors. Chrysler, Goodrich. U. S. Rubber. Montgomery Ward. Oliv- er Corp. Consolidated Natural Gas. Kennecott Copper. American Smelt- ing. Du Pant. Dow Chemical. Am- erican Tobacco end Skelly Oil.

At Toronto

TORONTO, Feb. 6—(CP) - All groups lost ground in dull trading Saturday on the Toronto Stock Ex- change. Volume was 536.000 shares. The exchanges index showed golds down .51 at 97.86, base metals down .75 at 103.70. and western oils down .$ at 540-4.

The two heavy traders of the day o'er-e Pan Western Oil, up six cents at 21 cents and Goldura, up 1 1-2 cents at nine cents.

Base metals showed a few small gains including MacDonald, Sher- ritt Gordon. Silver Miller, Steep Rock and Waite Amulet.

Virtually all refining olll traded were down. In the westerns Anglo- Canadlan lost 15 and Calgary and Edmonton 35. British-Dominion. Centrai-Lleduc and Globe were gain- era.

In senior golds Bralorne, Dome and Lake Shore lost ground, while Kerr Addison and hfclntyre were ahead. The juniors had little fea- ture. Aumaque. Central Porcupine. l-Irghrrdge and Hosco were ahead. while Eldona lost 2 and Giant Yel- lowknife 10.

At Montreal

LIONTREAL. Feb. 6—(CP>-Min- or losses outnumbered gains almost 10 ta one among selected indus- trials during Saturday's two-hour session of the Montreal Stock Ex- change and Curb Market. Mining turnover was limited and the ma- jority of issues dipped slightly. Most changes were confined to fractions although some leaders moved in a wider range.

Papers generally were on the dmvnswlug. Base metals. utilities and beverages followed the general trend.

Closing averages indicated bunks off .05. lndustrials ‘off .7, utilities off .1, papers off 2.82 and golds off 2-!

i Of 125 issues traded on the two

markets, 15 were higher. 69 lower and 41 unchanged. Six new highs

flew York Exchange

NEW YORK, Feb. —lCPl-

Stocks C10" All Chem .. . » 154 1'3 Am Car 3° Am Smelt . 49 3-4 Am Tcl 147 1'2 Anaconda .. . 32 3'4 Atchisoit 95 1'2 Baldwin 11 1'5 B and o .~ . 9 Bendix 3'3 1'2 Bcflr s: 30-7-3 Boeing '29 1'3 Borg 5“ Briggs " 1'2 Cutcrpillnr 54

t‘: and O 32 1-2 (jhr_\"slci' 53 7'3 Com and S 17 1'4 Cons Erl 3 5-3 Curtiss .1 3 3-3 (jurtiss Comm 3'3 3'3 Douglas . . 49 3'4 Clcc. Auto Lite 713 1'2 Eric . .. l3 3'3 Geu FL! 3'7 1'3 Geu hlotors . - 59 5'4 Goodrich - "'7 1'4 Goodyear ..- 41'

Gt Nor Pfd 4'3 Hudson M 10 __ f-Iarvester Z5 1"= int Pap 45 #3 rm net . 8 7-8 J Mnv .. 33 Kennec 47 34 Moutg . 53 flash Kel . .. 14

N Y Central 11 P? N Amer 17 1'3 Parmt Pix 3 1'3 Penn R . 15 5'3 Pepsi . .. 3 3'3 Phillip! . 52 Radio . 11 5'5 Repub . . '23 7-3 Sears R . 37 5-3 Simmons 25 Soconl’ 15 7'3 S Pac . 43 1'5 S Ry .. 33 Sperry . 25 1'? Std Oll NJ . 6G 53 Stone and W 13 1-4 Sfdblfl‘ . 17

Y. Stocks Take Second Sharp Slide _On Saturday

tic 43 1-8. Northern Pacific 15. At- '

‘purchased by Eire.

THE GUARDIAN.

and 17 new lows—based on 1549 prices-were established.

Hudson Bay Mining and Inter- national Nlckel closed at nexv lows of 50 and 33 3-4. respectively. Nor"- anda dipped 1-2 to 57.

In the paper‘ group. PrICe and International Paper were on s sharp decline and both closed at new lows of 51 5-8 and 51. respec- tively. Brown. Powell River. Great Lakes. Consolidated Paper and Abltibl. Common and Preferred, slipped 1-4 or a shade each. Algoma Steel closed at e new low of 51 on a loss of 1 1-2 points. Bell closed steady at 39 3-8 and the Rights slipped three cents tn $120 while Brazilian and Winnipeg Elec- tric were fractionally oft with the latter closing at a new low of 28. Oils were steady to slightly eas- ier. Imperial Oil was up a shade. but McColl lost 3-8 to a new low of 13 1-2. International Petroleum closed at 10 1&8 after losing 1 l-S points earlier in the week.

Grain

WINNIPEG. Feb. 6—(CPi—Ber-_ lay showed independent strength on the coarse grain futures market of the Winnipeg Grain Exchange Saturday. Coarse grain. prices were irregular. Most grains showed s: firmer tone. _

A small lot of Canadian via-heat. estimated at 120.000 bushels, was

Class two wheat. remained un- changed.

Cash prices’

Oags: 2 CW 7.’! 1-2. ex 3 CW 6E4 1-2; 3 CNV 69; e.\' 1 feed 69, l feed 68 1-2; 2 feed 66 1-2; 3 feed 62 1-2; track 68 1-2.

Barley: 1 CW S-row 1.20 (>4; 2 CW 6-row 1.20 Q1 1 CW Q-ror/ 1.09 34; 2 C\V Brow 1.00 5-41 3 C\‘V 6- YOW 1.15 5-4: 1 feed 1.06 3-4: 2 feed 1.05 3-4; 3 feed 1.00 3-4; track 1.02 3-4: 2 CW yellow 108 3-4; 3 CW yellow 1.07 3-4.

Produce

MONTREAL. Feb. 6-—(CP)—P!-o- duce prices quoted here Saturday were reported by the Dominion De- partment of Agriculture as follows: Eggs: Free cases, A large 44- 44 1-2; med 41-42; A pullets 37 1-2 ~39; B 38—3El; C 32-34. Butter: Current. receipts Quebec no 1 pasteurized 67 3-4; no 2 66 3-4: wholesale Quebec no 1 pas- teurized fresh and storage 68 1-2. First grade crearnery print job price ‘TO 1-2. solids 69. .

Cheese: Current receipts white 32 1-2; western colored 32 1-2; wholesale western white 33; west- ern colored 34. No other prices es- tablished. _

Potatoes: Quebec no 1 75 lbs new 1.30-1.35; NB no 1 T5 lbs 1.40— 1.45; PEI noll 75 lbs 1.50-1.55.

TRYON W. I.

The ‘Bryon Women's Institute rnet. at the homo of Mrs_ H0\\'3.l‘d Callback Jan. 17th. The presid- ent, Miss Florence Mabey presided and opened the meeting by slug- ing one verse oi‘ the carol and re- peating the Creed in unison. 20 members answered to roll call by nar-niug one of the nelver books. One visitor was [resent The min- utes of the last meeting were read and approved. One new member joined.

It was decided lo pack the old woollcns for blankets Wednesday, Jan. 19th.

Letters of thanks for Chrlsbmas

Texas - 49 3'3 Union Pac . 88

Untd Air Cr . 23

Untd Corp .. 2 1-2 U S Rubber- . 39 5-8 U S Steel T1 7-3 Vanad 19 7-3 Warner . 9 3-4 West U . 12

Westhse El . . 23 3-8 Willy: 6 1-2 Woolworth .. .. .. d6 3-8 Youngstown .___ __ .__.. 68 3-4

ufiAzusui uaiuwh y

INCOME

surance Annuity Premiums ..

Book Value. ..

Assurance Premiums (after deducting reas- premiums $178,302.57). . . . . . .. . 3 312,791,133

Consideration for Supplemental; Contracts

(flfiiilig Out of Assurance policies). investment income . . . . . . . . Sums left with the Company. . Profit on Sale of Securities and Exchange. . .

BALANCE SHEET sssars

Bonds. Debentures and Stocks at ' ............$5,816,511.98 Fir-S! lllflflziges on Real Estate Loans on Company’s Policies. . . Cash on Hand and in Banks and

with Trust Companies”...

Net Outstanding and Deferred Premiums... interest due and accrued . .. - . .. ‘Jitter Asseln---------....,................

-_ 01-11 HEAD OFFICE

SUMMARY OF 1948 OPERATIONS

29,281.72

18,585.00 275,613.48 47.60317 16.85714

$1,200,831.79

847,470.58 272,353.85

80,621.71 $1,613,958.02; 160,473.54

78.68836 1,582.10

'|'$lQIiIf(

n====

‘611251/702-53

BERNARD tocxrvooo} General Manager.

ma lrrconrs was srrsororaraolas FOLLOWS:

Death Cla1rrrs................ t. IQOII .. Disability Claims ............$..ll.....l.. ‘ Iziatured Endowments . . . . . . , . . , , , , , _ , _ , , _ , 103,259,“; .'.nuurty' Pay1nents........... . . . . . . . . . . . .. 11,064.66 Surrender \alues.. . 14535549 Increase in Reserve for Polic 'holdere....,.. 514,079.60 Tole! Paid or Crerhtcd to Po. cyholders __.___.._- - and Beneficiaries during the year. . . . .- . 909,959.56 Policy Proceeds and other amounts withdraws 34,397.41 increase in Staff Pension Fund. . . . . . . , . . . 6,155.85 Comrni: ion to Agents . . . . . . ............... 67,155.71 Medical end Inspection Fees. . . . . . . . . . . . . . . 6,394.96 _axes_....... . . . . 22,422.46 Operating Expenses. . . . . . . . . . . . . . . . . . . . .. . 85,896.63 Book Ve.ue of lm-estmerits written down by 796.25 Dividends to Sketch-elders payable in ‘D69 12,500.” increase in Rescue for investments l 25.00000 Increase in Contingency Resets-tau... . 25,000.00 Increase in Surplus. . . . . . . .. ..... . . . . . . _. 4493,95

Policy Holders Reserves

This amount together with future pres iniums and interest provide for payment rornised in the Corn.»

of the benefits panys policies (‘sing in

amount required by Canadian and British - Insurance Companies Act). . ..

Policy Holders Funds

Policy proceeds loft or! deposit, premiums death claims and ~ tured endowments for which proofs l:

paid in advance.

not ye‘. been received. . . .

Reserve for Unreported Claims. . . . . . . . . . . .-.

Staff Pension Fund. . . ..

Provision for Accrued ‘Faxes andiotlier Ac- crued Accountsrrx""*l'!‘

Capital Surplus and Reserv

Capital Stock (Subscrielted)31.000.000.00

Called and Paid thereon... . Reserve for Investments. . Contingency Reserve . . . . . . Reserve for ' Dividends to

lsgiareholders payable in

eeasenessleleoeeo

Surplus . . .

r. c RHacDOUGALL, President.

P. I. ISLAND BRANCE '1'. W- BII-‘Iflly. C. L. U., Managea- 1L3 Cumberland Street, Charlottetown, P. l. l.

HAL|FAX,N.S

DECE-MB 1R. 31st, 1948 LIABILIIIES

.-sauce-..

554,052.13 l 5,000.00 . .. - . . 53,133.03 25,113.05 sacezueaze 250,000.00 250,000.00 50,000.00 12,500.00 unease assesses ‘iii-ii smsrxrozsa

$1,200,837.79

erscess of the

.. setsglrrtod

boxes and fruit ivas read by the secretary from Mrs, Albro How- att. Mrs. Carrie Toonrbs, Elsie Boswell. Anna. Nicholson. Mildred MacLeau and Gerald Best.

lvfrs. Spurgeon Clark thanked the Institute for the Christmas box sent Miss Minnie Lcard, also for kindness shown in her bereave- ment. Miss Millie Gamble also gave thanks for the Christmas box given her mother

lVfrs. Bessie Rogerson reported that the expenses for the Christ- mas boxes amounted to $1.31 and fruit to sick in hospital 77c. mak- ing a total of $2.08. It. was voted

Nova Seotia Wreck Scene

all bills to date be paid

Sick committee reported having made several calls. and a new committee for next month, Mrs. Sheldon Howatt and Mrs. Bessie Rogerson. School committee had no report. Red Cross committee reported 10 night dresses, 2 sweat- ers. 3 dresses. 3 pair soakers. and l pair mitts sent since December meeting