930

of which helps the score. ' -

ljitral Guardian-

* IOIIIN HOOD FLOUR milled only from selected wheat. _

_ - , t M24-2-10-l3l.'

_ ` ROBIN HOOD Rapid _China Oitl.

Better Oats. Better China.

` 1624-2-10-l_ll.

INVEBNESS l(,‘lllN COAL-5-4

Pltzksrd as Co. are unloading cars _of this good coll Wdly- 1737-2-14-3l_

BEBCO COKE-'Excellent fuel lor

any iumace, try a ton. A. Plckard da Co. Phone 240. 1787-2-14-Sl

__ iuaitimr oossir

Furnished by Mowal. Q Mactliilllv-

ray, Stock Brokers. _

" ii. A. ou '

1flf¢'-“IIC ¥°°d 80"- l! ‘H3139 The circular in connection with the

up of many little things, each one sa,ooo,ooo debenture issue or British

American Oil reveals earnings for

I .., _ _ ' the piist three years. It is interest

..._ _ I ' -

Better digestion steadier nerves c carer _ng to now that the c°_____m____ md’

, _ _ Ms) brain, are all factors that count and are gained ' uma to _“"5 nom an nr

After-every meal

partly, no doubt, to the severe com- petitive conditions.

The privilege or convening these

_ P 5 ning'

lk f1'0m!l10 U5¢9fW“Sl¢Y°5» standpoint last year over 1928, due .., -L

**~"‘ K* ' ' `-'_'_' " ~: 'I debentures on a sliding‘scs1o into JOHNS”l'0N’S RIVER SCHOOL old Currie. common stock lor 'a number of

___s GFM0 TU-1 Emesi Currier 2 years, has resulted in depressing the

pm- the month' or ranuuyr- . Marv Sinnvth 3 Melvin Bowel- stock, the result in this ease being Gmdo VIII-i Mary Power, 2 Grade II-1 Lawrence Brazel, 2 shnxm. to what occurred in winm. Brrndmi llallorari. 3 John Trainor. Richard Currie, 3 Clair Slaven. _ _peg Elecmc when thc- Normweswm Grnilc VII-1 Dorot-h_y Hailoraii, 2 Grade I-1 Lillian Higgins, 2 Reg- puwm. fmancmg was made pubum

Rfiyinoiifl 'Traiiicfr, 3 Willie Currie. lnald Power.

Grade VI-1 Daniel Currie, 2 Har- - sun uf,

_____________-.__._.__-,_.-__-_-__~..___.._.____..>______.___ _ 1 -

- Addressing the policyholders and

shareholders at the annual meeting

illonlrral Toronlo

sim: Jehu '

Qwbee Omiwa

ilhinitfg lhneouuv

(haviotuiowa Thru Riva: Rivia:-du-Lol) Hamilton Rqina < Ednimilan

L`¢1g¢:/y l'»`:!orl'd

SLJohvi'1, Ngid. Nns Yuri

London, Eng,

llalifur '

Sound Securities

Royal Securities Corporation, Limited, has had 27 years' experience in. govern- ment, municipal, public utility and industrial financing. It controls an unusually complete organization, in- cluding offices with experienced per- sonnel in all important financial centres.

It offers to investors all the advanta es ‘

of a large and _internationally-known investment banking house: a broad list o_f securities, trading facilities, céuota- tion andjnlormation service, an reli- able advice. ~ ‘

We invite enquiries, and shall be glad to supply pa.rt1cul,a.rs of our current offerings upon request. . - __

,. .

_of the Sun Life Assurance, President MacAulay, when speaking on oom~ mon stock investment, stated:-

“Common stock investments are

On__ca_ ' _ ldepression proof and bear market

_ proof ir bought at the right time."

ln presenting the annual report he

_said that securities held by the com- pany are '-‘sc undervalued that even the financial panic oi last November, which caused such a tremendous drop in values, did not even reach _tha figures at which the securities are carried."

The management of this great

' company has often been criticized on 'account of its investment pdiley but

;Mr. Macaulay replied to such critic- ism by stating that the Sun Life

'-- wanted to grow and not stand still.

Therefore, they buy good .common stocks ol the Canadian and American

_ companies and prosper as the same

____,.¢»_- -.

. Llllll!¢(| .'

Riley Building, Charlottetown _ 0,- mi,-my year,

Telephone 822 ' _

_ `*.[,i ` -grow with these two coiniti-les .and

' ' r ` ' , ~ few would doubt that Can d cl

Royal Securities the United States will not bohtlhlie

to grow in the next five, ten, twenty

W5 ‘ Canadian Bronze

Canadian Br I li ot tlcl

-_._._.___»...____.__-...__....__-._-_&.___‘.i._._.i..___ 937# 55 ll DB1' 1)'

* /

130 Grafton Street _ ~ Cl-IQRLUITETUWN '

usan/ ori-'ice

, orrswa

' _ 'v ated as fully in the recent recovery

l \/ 6 _ w- qLtlic market as is its wont. This

MQ) g @ .- gy has ‘led some students of values to

hr _-_,__ -1 M -,E assume that the market sponsors oi

- Bronze cannot long delay giving their

‘ M°mb§"'°‘ “N M°°"°" DW” “"3” favourite some special attention. An

f Members Standard Stock and Mining Exchange ‘“°‘7"°’° in ~th° "resent dlvldmd U l» Members ol Vancouver' Stock Exchange., "°p°"'°d "° be “nd” Way ““d_ *LW

_, ._ some good sized orders Irom the Private Wires to Leading Exchanges and all railways. ‘

- , Bra\iclies. Orders Executed on all Markets. Few people realize that we gf

_ .

" W- A s,,,,|c, ,W 'ip App|¢¢|;|,¢_ every order thst the equipment

companies (Canadian Car and Ns- tional Steel Car) secure the Canad- ian Bronze Company supplies a good deal of the bronze and it is ol aonis

-_.___ _

'rim grA1zr<'rl_'l'lj‘Iow_i_\_J_oU_A_iz_n_i_Ai~i

| 1

_ ,, 4

` SUNi4Lii~fB ASSURANCE co_M-PANIY o`F'cArNA*Di,s-

I -TGWEROF

I i 1

, 1929

. New Assurances Paid for 654,451,000

An Increase of $213,207,000

Assurances in force, gnet) $2,401,237,000

An Increase of _$504,322 00

‘ Total Income (Znet) - - - 172,857,000

An Increase of $ 8,1 10,000

Surplus earned during the 5 ' Year - - ' - - Payments to Policyholders

and Beneficiaries .-

Surplus and Contingency

Reserve

An Increase of $5,869,000 ,vi

Total Liabilities ‘- - -

(Including paid ,up Capital)

Assets, ' at December 3 I st,

-929 - - - - 568,197,000

An I1i__crea'se of $79,239,000

~. 42,863,000

69,1 74,000

72,807,000

495,390,000

'- Rate of 'Interest 'earned on mean invested assets 47.02% `. 5

I Tzhe high role of dividends allotted to participating policylzolders is co1ztiifued and the special dividend '_ ~

on maturing policies extended and increased.

New policies aid for numbered 161,391 for

a net amount oi)$654,-151,143.27, an advance of $21§,206,752.36, or more than forty-eight per Cent., over" the previous year. This marked increase and the fact that the average policy, for t.l1e"ii_rst time, exceeded $4,000, affords impressive evidence of the ever-grow- ing pdplilatity _ofthe Company.

After deducting amounts reassured, the

total assurances in force amount to $2,401,- 237,036.94,» an increase Of $504,32l,l02.37. This advance is notable not merely for its magnitude, but because when allowance is made for terminations by death and maturity, it repres nts arernarliably high rate of con- tinuance and evidences great satisfaction on the part _of out policyholders.

The amount paid- to policyholders since

organization, .togetlier with the amount at present lielcl for- their security or benefit, eiiceeds' the total amount recei_vcd froni them in premiums by $139,290,474.03.

The rate of interest earned on thc mean

invested assets has risen to 7.02 per cent. This figure includes :i certain aiiioimt from bonuses and stock privilc cs accruing on many ofthe Company's holciings; but if these were entirely eliminated the rate would still be 6.60 per cent.

A net profit of $13,077,284.62 was realized

from the redemption or sale of securities.

-The surplus earned 'during the year, based on the values entered in- the accounts, amounted to $42,863,578.59, b'ut from this Bum substantial appropriations have as usual been made to further strengthen the position of the Company. - .An additional $10,000_0O0.00 has been de- ducted from the market values of our securi- ties as a provision against possible market

dill _ ` l_la _ I ` rr _l .

' - ” , ` , EXTRACTS FROM DIRECTORS' REPORT- ' . _ .

fluctuations, raising the amount thus set aside for this' purpose in the accounts to $30,000,000._00.

A f urther 8_1 ,000,000.00 has been written off

the Company's buildings. ` -'

$931,000.00 has been appropriated to raise

the annuity reserves to the Rutherford table of valuation, with interest at 3% pci' cent. This exacting standard requires reserves $2,656,000.00 in cxccss of those of the Domin- ion Government standard.

$1,200,000.00 has been set aside as addi-

tional provision for claims arising from total disability, death claims as yet unreported, and possible claims under canccllccl policies on which a surrender value or reinstatement might be applied for. - ' .

$22,606,265.67 has bccn paid hr'z;1lottcd as

profits for the year io pulicylioldcrs. - _ The special amount enlcrccl as a lirbili' yio

provide for unforeseen continygcncics has been niaintairicd at $l2,500,000.00.

Aficr making all tliesc rlcrluctions :incl :illo-

cations, SS,868,899.96 has been ad<lc<l to ilic undivided surplus, bringing the tolnl over liabilities, con Lingency accounts, and capital stock to S60,307,762.44. ` `

In accordance with our usual coiiservativc

Rracticeihc securities owned by the Compu uy ave again been valued at figures much below 'the market quotations current at the close of the year. This undervaluation rcprcscnls an important element of strength to the (Tom- pany additional to the specific pro'.'isions in the statcmcn ts. -

Your Directors are pleased to announce

that the high scale of profits .at present allotted io przrticipuiing policyliul;lcrs “ill bc conlinuctl during the ensuing yc;:r, while

the Special Dividend on maturing policies, introduced last year, lins been extended to include policies maturing after liaving been in _ force five years or longer, and the scale of 1 benefit has been increased.' ' < `

- . .ir

The business of 'the Company has always been conducted under the

exacting provisions of .the Canadian , Irisurancelawandtherigidsupervision , . .

of the Insurance Department of thc ‘ C-overnmentof Canzi<la.` Ever since' _ ' wc entered the United States in 1895, the Company has been under similar . supervision tlicre and is now subject

, 19 the regulations of thirty-eiglit States » ol' thc lfnioii ivliich require periodical » crxurzizinlion of thc_:iff:iirs of all com- -

_pri-xii-s l3<‘cust~'_1 in their territory. ln _ tlw: 11%-,1\::i'gc cl their r'c_';ular duties a f c:>:1\::tIi;vc of t\`.'o_:1tj.‘-t\‘.'o orteiiiincrs, ' |'<‘;‘i'usc:il1|ig tlic .*`,_Laics_ of hlicliigan, 1 I.i.'if=.a;1r~l:i:;cll.-, ;‘-iiiaiicsma-_ Ohio, 'i`én_- " l

irc.-‘_=r‘c, \\`a.\ltiiigio1i, Virfliriin, \‘.‘e_st

`\'irg~_ini.'i. lj`l'fi'i<fai and titc District of 1 (`¢»lumI in recently coiziplctcd an ex- i lrmisli-_'c cramiiraiiori into c\`cry`tle- 1 ]‘;\r'.::ic:it r f ifzc Coin{`1o.ny’saffa,irs. The '

report of this oonimittee makes ;r.r‘.ifj.iiig izfcrciicc to the liberal trcatniczit accorded to our policy- lzolglcrs, and `provides authoritative testimony to the Compariy's strength. liven adopting the low valuations -plarctl by us on our securities_'the committee still rcportecl a surplus at the close of last year $1,333,92l.71. in ewcrs of the figure claimed by t.lie

Cornpany. - I

l ll . _ - _ , . .

interest to note that every cushion _ -

that is put into s car there is twenty ' ' ' ' '

Oth M rlllm Branches pmmds °! bmmel the" ”° “mt - -

lm"“_ si' _|°:m_ n;1"_“on_ Ynmoum cushions to a car. The important

N _ _ customers ol Canadian Bronze are - . _

, ew anno' syn” Canadian General Electric, Shawlni- - _ _

V . "mn" """'””' gan, Gatineau Power, Canadian \ _

“ _ ' .Westinghouse, etc. ` _ _ _

L_ .___,

'Quotations furnished by Mowat it .1-. -n i 1 , 1 I -------- -- --- -- ' ' - A-1

Maellllllvra Stack Broken ` """"""""”"""“""“‘°"“ """"" w v "'" ' "” “'” "' """

i -Post Mortems _ ’» _ ' _ __ ____.___ __ . -_ -_ p-_.. ";_-_;'..;;-¢.___-------

01'

PLANS ?

Me you holding post mortems on the' losses-botli paper and real-of yes- terd&y’.’-1 ~ pf 2

0R`-are _ yo u. planning' for tomorrow - `n°Xt Year ten .years hence-when the manor vision must inevitably pros-

per? If you are planning for the future. an Wlllslmlly at ractive medium is ob-

tainable ¢_11I°0,ugli an investment in high ' grade bonds at current levels, which Yield 8,11 the way.-from 5 p.c. to 7 p.-c. 1 andmore, f -4. - ..

Mal’ WB sen dyou fe. copy of our C r- rent. offering-List? ,r - ' u ~

E°‘_'t°’7*' §¢¢»`¢U’l¢1.9s Company

[Jill/ll"l`ED '

_ ~ - 1'."-_ ll- V1,-,°l)_Nlal. Ullman.

I nli»s|iit'torv~

_ ‘ aaur/ik_°"

Montreal Stock Exchange

Abitibi Brazilian 36-li Canadian Industrial Aféohol .. 10 1 Canada Power do Paper 12 Cons. Smelters 248

Canada Brewing .............. '1 Famous Players 5i_ 1 General Steel Wares 13% Hamilton Bridge .............. 36% intematlonal Nickel .......... 38.10 Massey Harris ................ 32 Montreal Power .............. 198% McColl Fmntenao 26_ Power Corp. .................. 'l'l',&

/Price Bros. .l................. '10

umaea. I. 0.1. livshne Public Auction Sales

naw suns -

will be _lsnilsi

vs "Mn tu.. sum

l'|C¢

~ Montreal Curb

May 125

-l

_l|QIl0n_l_tl‘!Ul _ __

Air induction iso ‘main ..... ._ 42-. tuniteu Aircraft

Atlfnoc assi Allison' zac oiuetto rurzam ~ - 4mor._at_-’i»\»rs_i¢n'eow_¢'r. .‘....-._'1iy,t tneineenmniis servlet is inews ........ can Aam-.smolung .enticing ;.."u\,t oolri oust is-ii vanadium emi 'mm

T01. t Te1.2f013 lift. Combustion 6% Beynold's Tobacco 51%;

reaiuylvsnis ny. ai _‘stanton pfcsiusniis asf. = ' keel .............._ioost Remington' mini is National cash mgater vo-_ Gower `..-........'.. 'Ilia Rsdiokeith Orpheum an Stand. Br:md:i` 21

not ..

'ai-alispiuiiu ` Im sinsisir on ms stewart warren ‘sou

'co;,._ 1-1,. . i11~'r:~'- u,s.stecl iss *

British American on ro Genet-an a.-t..ie is lycuow -'

4 General Motors 427'. lA“m._ Byers . . = lG°°dY°‘“` ' 81"* lmncr. Watcrwoi'ks&:Elcc.

Wheat , lrludson Motors 511'. Alleghany _ _ _ _ _ ___f _ _ _ _ _ _ _ _ _ ___ 3315

_ glut- T01- &T€l~ ~ - - - - ~ ~ - 7° _Baldwin Locomotive . 15.514,

oct. . izeianstsnd. 01|otNew Jersey----~ 6° ‘Bendix Aviation 33-, .~,.,. _

.ruins Mnnsvnie iii C,,,,,mc,.¢|,,| S01,-cnt, 29-, _ , are-;&‘__ _ ,___,__.i , _

July . .......... . . , . ... l20:i.Cll\`YSl¢I' - - - - - - - »- 3""-if Coniinonv\'eiiltli& So. 17%,. ` ` - f ` }_ - -» 53 Curtiss Wright . . . . . . . ... 9*. _iif’~.,`_'§_‘~_ __ _ _ S

. 21. rnworit its- ’*.;_.._‘; ,; ___\\.,\i»\\\\\\\‘u‘. _

Montgomery Ward 42‘.i l-Freeport Texas 41 - U gi \,v_|.;|_5|| ANTHRACITE -

my ...... ._ si-it Meek 'ri-uck19'.i Packard ie-vi _ /mexican AN‘rliuci're

_ , msn .. ........... slit simmons ..... .. as `

‘ ._ n in |.............A» .A .'

New York Stock Exchange Btand..0ii ol New York .. 32 'rlmken Roller Bearing

9 '- _ ' Overland . . . . . . . . . . . 9% Sears Roebuck

riean Oln ...........`....._142 Pan.AmerlcanB . . . . . . . . .,.52-75 United isa or»miesi.._.........._... mltrutiir service or New .1mey..9s-4° watnrr ares. _

Kciiiiccott Copper _

Oats Kolster . . . . . . . . . .

" sm rJ.s.rrui»b¢'i»' ir western' union sim

.__ Q .n ;?_ __

ii -c;

B124

Efigoeg _‘I-sr- .e-

plnennut 1 abllli all iii oil ir.-arsoura-12| LU. Build. Al00\‘l0l use-\~»s'...’llU',i

1. , ~

I .llmmlc Jingle Says:

lt's just :is good ns'

' ~ 1112'-1-ls leer ..... .... an-.l . . .. I

Quebec Power 65 _New York Central __. D . _Alymh works _ _ _ _ _ _ _ _ _ _ ___ 4,,_ .".““.“““”....‘.' Smwmiggn 'ist-', 10. P- R- ----------- mrflstuaeuaxer- 44". 'r,,,,,,~,,,,-, 10-3~_, steel or Canada 4'I‘~= E“S¢'“”“ K°<‘°‘¢ 1°°‘=|sneii union 22 lsnlrs .. 1.692.500

E106- `-- 'ight 64 lTexas Corp. 52"i |_1\|¢,n¢y _

Fo". 'v . » . . . . - 33’-ll |\v¢5f,|ngh°u5¢ 1741,, _ ___________ _____ *___

C7 [J `.‘ 'T' 5” U.

.__ --

-;'-":{>=, sr

` ' r *_* rl "

- _` ig” .na

'Q'

/ \_ ji ' ' /,K-_'FTP ‘ ' _' /‘Z-:Wy

_ .____ _ -.-_.f -;:,Jr_»`

. ~ -J; - .nw-'l .. ,_- ._ ~ ~

12*

.PETROLEUM cox: - 5 nssco uoussnom con

- /il-more nur ima nova

The toast ll, makes- ' INVEBNISHSC

BIINIU

you'll say, "Oh, my: . 0|-D SYDNEY BCIIIHE

si-lunoans. soassrlan snrmrxo 00/ii. I -g

causal. cook rox quam;

cake or plc."

1 ‘ '-'°

-Sl:w:iri‘s Brcazi. “Agp AND sort "nom

promptly. - _ ».

i E

Sold in Ill! Iilllltlty l§l.'_lel|1¢f¢I

A. Pickers tice.