CH 17, 1932

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us“ I’ , company- “"' (a p_ 5., Vegreviiiel “$10.1 o! his

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I dthe Sun Life Company, ‘ use or Commons tilts ' Th, charge made by the '0; commerce against the “ “mo”, Life, he said, was ‘ m, o: $275,000 belong- “ m, pofley holders had been

n,’ under the guise of l, 5 mutual company. The

or commerce, he declar- "_, 5 "great commotion" "we extent of charging J. and his associates with “M, The paper contended m; the time that Mr. ma Mr. Bradshaw had mchurgc, large sums had invested in unauthorized ,. and that losses had finined as a result of this. motive in moving the res- .. said Mr. Luchkovich, in ,_.., was to ascertain the “otherwise of the state- mde by the Journal of H , He felt that the great “d uncertainty of people m; policyholders in the: H195 W011! ample 19850115 gmg the matter to the at- . of Parliament.

resolution, said Premier Bennett. was one which had . broad bearing. The blist- ot Life Insurance, and of .. Companies was not con- ‘a Canada. It flowed into countries. Policy holders in ,n Life were located Japan, i. and the position of the . was a mattcr of llnport-

ding to a decision of the council, the business oi Life cc was under the control . Provinces, continued Mr. t. The Dominion had an in- o act, out the validity of this he been contested. The Jour- ltCommerce itself had con- that the Federal Govern- iud no Jurisdiction in mat- ut insurance. However. the insurance Companies had, for been making returns to the n, Broadly, it might be Int thc Canadian Life com- t. bad been carefully investi- llld lmd stood the closest some time now the Sun iaurance Company had been largest in ‘Canada, Mr. Ben- nsertcrl. Its ramifications ex- - tar and wide. In each l‘ where it did businessj it railed upon to undergo the -- examination not only ns l business transactons but as -» financial structure. It hurl subjected to examination in United States, where it had ‘re business. and in other l" E5.

Tariianlcnt was being ask- on the strength of statements rilicil no proof was offered, to that there must be an in- lion Mr. Bennett continued. rchnrgcs had been mad-l lilesanlc paper in the pnst end lperiod of time. Their only appeared to be to dishcarten in number of policy hold-r lui make them suspicious. Fort -~ of n year, in season and‘ i season. these allegations. been nurde no proof was ot- ~ lie suggested that it would lust unwise to enter into a l discussion on these char- lithe present time. He re-

uuvuuua; §l0pS the Pain = ,

Discussed

on,“ Lurch 1b. — dun P1155) — T11111- mrn, American Life wclmel

d:- u, investigation by the

m,‘ commerce committee gm’; into the affairs

Tera cr-mncorrcrown GUARDIAN

PA.GE_ ELEVEN

N” Sleep. N0 Rest -— Gas, Gas All The Time

"For 2° Years 1 mu lndl gestlon gfidlllillétviaas restless. ltervous and s” and I: 9:1). Adler-Ike. rid me of A. Cloud. a and 51°“) “WE-Mm You can't get rid of gas b

Y doc- cnumwww» BOTH u wei. Adicrilra reaches wash,“ P1101‘ and lower bowel, u. “min t all-slim. bad sleep. Get; Ad- I ° PY- Youil sleep good to.

“ 5'“- mlihes D111: co, ma. EH, Bf.

minded the House that the courts are Open.

.Thfl Prime Minister turned to I seheral discussion of the inst"- ence business. In the premiums, money was

collected.

vestment of this money in 0mm- lhat the wmllflnics might be in a position to meet Obligation; as they arose. On the statute books were lirovislons indicating the

panics mlshi: earn. 1r they bought mlhllll; but Dominion of Canada bonds, unquestionably no question would arise as to the solvency of the companies, but their earnings would be materially reduced.

The Dominion Parliament was responsible for setting forth the securities in which the insurance companies might invest. Mr. Ben- nett indicated briefly these secur- ities. The companies were permit- ted to invest in common and pre- ferred stocks, among other secur- ities. The value of stocks 11nd de- preciated. But the value of firs‘.

many regarded ‘as the major sec- urity of the world, had gone down ten per cent.

Inasmuch as there frequently oc- curred, over a. long period, depreci- ation in security values, the duty had been imposed on the insur- ance companies of building up rc- servcs to provide for their future obligations. He believed that the Canadian companies should have the same opportunity to do busi-

‘ness as companies in foreign coun- tries, provided always that those officers whose duty it was to in- spect the companies could testify that they were solvent. Those who knew Mr. G. D. Finlayson, Super- intendent of Insurance, could tes-

tify to the fact that he wnsafirst class actuary. l-le was at the hear‘ of a good department. Mr. Fin- layson had been entrusted ‘with the duty of investigating the Sun Life Assurance Company, and, on December 31 lust, he had issued his certificate that the Sun Life was a solvent institution. He had no policy in the Sun Life nor in the North American Life. said Mr. BennettwHe believed that the Sun Life wnsas solvent as any comp- any needed to be in order to do business. He believed that it was. wrong. that it was doing a wrong i to the Canadian people, to give “malignant and malicious attacks“

on insurance companies a certain

amount oi.’ credence by reading

them on the floor of Parliament.

The Sun Life, nt his request, had. passed a by-lnw limiting the pur- chase of common stock by that company. A year ago, the Sun. Life Life common stock holdings were 51 per cent. Today they were . 47 per cent. Not long ago the holdings of Dominion of Canada bonds by the Sun Life were “neg- , ligible." Today this company had

$23.000,000 in Dominion of Can-

ada bonds. The avowed policy of

the company was to have $200,-

003,000 in these securities. Impass-

ing. Mr. Bennett declared that

the President of the Sun Life

himself had been a very heavy

loser in common stocks.

Mr. Bennett reiterated his state- ment that the Sun Life carried on business in practically every coun- try. It was doing a very small kindness to the Canadian who had his money invested in Liic Insurance to cast doubt upon the Companies by readinB unsilpliilfi-

viii find a missing letter.

"I which the prize wlnnin

Accuracy in forming the correct name will be the first ttinsideration, but neatness, originality and 811884 ill Ming a solution to the contest editor will also

Mutt. Four valuable prize

"It missing letters. Compose them in to the iirm's "the and mall your answer to the Contest Editor

Charlottetown Guardian, leach him not later than T

Contetants must enclose with their solution _a mrent week paid bill from one of the advertisers ln Th! Missing Letter Competition.

Ills’: Week's Winners-

Miss Austlna Mutclr, Rocky P01111- Mfs- H. B. Dennis, Marshfielrl.

QPPF

- F. Woolner, Fitzroy

IIISSING LETTER CONTEST

Herc is a chance to win a valuable prize. In some r Ii the advertiements appearing in the contest you

Illiltllier will form the name of some firm on the page

M"- A. H. Ilidner, North River.

These missing letters put g solution will be decided. s this week. Get busy. Find

Charlottetown, P. E- I- 10 uesrlny night-

form of I

Obviously there must be an in-I

rates of interest which the com-l

class bonds had also gone down, The United States gold bond. by'

‘should such statements be voiced‘

ed statements. He told of a Sun Life policy holder in Great Brit. ain who held l policy for 340,000 pounds. Persons had actually gong to this policy holder, on the strength oi’ rumours, Informed him that the company was headed to. wards insolvency, and suggested that he get rid of his pgucy m, 300,000 pounds. The policy was about to mature. I He had long held that there should be more stringent restric- tions on the investments made by

For free um I a g F M Almlhinke: cooflmro Insurance Companies and he Paul, Minn.

believed that those should be laid down in the statute, said Mr. Bennett. But he was re- minded that there was no statu- tory restriction on insurance com- Ipurly investments in Great Britain. ‘There they relied entirely upon ‘the wisdom, integrity and vision of those who directed the enter- prises-and it was seldom that a Eluife Company ever came to dis- aster.

As to the wisdom of some of the investments to which reference had been made, he had no doubt, éthe Premier said. They were such as he would not have approved, but they were perfectly legal and ‘could be best described as an er- ror of judgment.

"I wonder how many in this: l-louse have made errors in judg- ment in respect to investments," ‘the Prime Minister observed. The ‘best Judgments in the world have been wrong in the last five years. No one would ever have conceived that strong, old securities would depreciate in value as they had. The same thing might happen again to the wisest minds under the best possible circumstances.

“It may be well." the Prime Mln- ‘ Ister continued, "that it is desir- able that ln the future, when con- I ditions have steadied and fluctu- ations are less marked, that n calm, dispassionate investigation of the whole business of insurance _in Canada should be held.

"I am hopeful that some of our Provinces. uniting with the Do- minion, will agree that it is to the public interest that there should be a central control of Insurance. rather than a control 2y every province in this confecieratlon." |

I He had very accurate and com- I plete knowledge of the North ‘ American Life Comparrv, .lai"l the

Prime Minister. It was brought to

his attention last year that the

company was to ‘be nurtuullved.

Control had passed to Mr. Oundy

and Mr. Bradshaw. the latter. one

time treasurer of the city of Tor-

onto. was held to be a man of the

highest integrity and business

acumen. He conceived the idea of

mutuelizing the company and was

sending circulars to the share-I holders. Mr. Bennett had Mr.‘ Bradshaw and his Solicitor come to Ottawa where the Prime Min- ister examined the scheme and as- sisted in revising the notice so that “he who runs might read," and know exactly what was under- way.

He had insisted that this notice be sent to every single policy- holder. said the Prime Minister, giving them the fullest details of the terms of nlutualization and dates of proposed meetings. The resolution to mutualice passed without a single dissenting vote. Why then. asked the speaker,|

in the House of Commons on be- half of those policy holders who, when given nu opportunity. had failed to express- a single objec- tion to nlutullllzation. The entire common stock hold- ings of the company now made up only 5 per cent of the assets, de- clared Mr. Bennett. The Company did not. belong to either. lVfr. Gundy or Mr. Bradslinw—but to the policy holders. The whole matter had given him much concern ever since he as- sumed office, said~ the Premier. But he could see little result in reading from Hnnsard and Jour- nal of Commerce reports, before the House, other than to cast dis- credit upon two great Canadian cnterprises, and tum to distrust the faith of the people who have entrusted their savings to them.

“These are solvent enterprises and I believe no in estigation should be made of the character suggested," declared Mr. Bennett.

People were always too ready to enthuse over success and con- demn fallure. They were speaking in the most glowing terms of the Sun Life Company a. few years ago when the huge profits of the com- pany were swelling the dividends credited to policy holders. Who could have foreseen what was to happen, he asked. Very few com- panics felled to find ‘hemselves in difficulties when values drop- ped. _

"I would like to feel that we would not consciously. in a time of

restrictions I

FREE Merchandise S3, $2, $1, S1

THE

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formerly ALLETS

Missing Letter Contest

READ EVERY AD—FIND THE MISSING LETTERS-READ EVERY AD

"i

Farr

Merchandise $3, $2, $1, S1

FOR PARTICULARS IN REGARO TO CONTEST SEE THIS PAGE

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Take Home o Bottle of RED PLUM JAM ~10 Oz, Size

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