N ijniii‘ is? 1922. ;

ADA LIFE

trend... ..

-_<;,..

ms cnsnnomarown G_lll.|iRDtAN i

_—-———a_-____.._____-.s_. -¢_....,..___. ._ ....-.-

_-—_..-

BUTSllllESS

EXCE

{AGAINS OVER PREVIC US YEAR UNIQUE

NADA |_|F5 policyholders g" scattered fer end wide, ma]; l. with the desire of

hi” thern i" ‘m- H _‘

"g readable form that this T | W" published in the “pm by the Company. A let containing even more M. p.\-flcullrl will be d upon reuuest-

Ani LIFE HASIIECORD YEAR IN 1921

ual Statement‘ Review- ed by President H. _C. Cox

i0

it.

happy to soy that in an" so have been able ' up. objective set at the be- g ,.r (he year. Having in mind b-i» volume of new assurances

. ‘.5120 no felt. we should not b6 ,,,-,i iiiis iii i921. ‘and conse- ]\' med as our goal 8T0.0ll0.000-_ (“give lias been exceeded b!‘ (il\_ g3 .iig ns the handsome iii- ,,r rgcitrtloo, or 1'.‘ per cent. rig.» M.) bringing the assur- tii 8320000000. ', in, decline of ill in I921.

_ ,, triii-i- , ..i it.» ieneral business tiliillll. but I hope not

~<i or the Incl. that ours

'. ln- its‘ i» know the only Cann- iiiiipiiir reporting a bitsiness C»: of that of the precefing firm‘ Britain has again given irip» geatifving notilrihiilloiif i wIil iiiti-iest you to know that IICP of Quebec has liad a

Iii our success fiome we commenced issuing lh-t-iirii, and have follow- ‘lb b‘. publishing iiic annual

ici: and all advertising matter

Bl i‘l"?ll‘ll‘.l‘. As iiie Canada

iitis the lijsl company to enter

c. |I‘l\'iI‘Z iiiine so in I so

i-irii llll‘ first to issue In the 'l;|gu a course of in-

‘ ‘IFQIIIGTI. and we have

ereral iequi-sts in allow its use

ieges anil schnuis. “'0 have, of

e. very considerable sums iii-

lii that Province.

_e iiiitlrsti of lb» \(‘flf‘ I visited. in» (tenor. I Suurrintenilenl. tiie s or the roninoiiy in Great

l in the L7nilod States and Riiniit i\‘t-.=ti‘i‘ti Catt-add. Every- _ lie found iii our representatives

IIP-llllli‘ optimism and utmo- J of success ivhicli surrounds ‘his ha ‘e slrtven oiil (if the ill‘ dPtu-ession and have turned t.r turn advantage and to that eir Institution the lessons to be eil from constantly eiiaiigiiig tiisiatircs. 'I he tiersistent cheer- es o.’ the life assurance sales-

s of lllllfllil value not onlv to

hut to ilio public with whom illlllvs. urd enables Iiim to pre- ~ Ills vwiiosal iiitii the conviction , i't'.'ll'l‘lt‘.'l with it. that relief _. ‘is rv and that menial repose li leave one free to prpggcure _ IIItIerriI rule's ordinary Iuisinoas ‘I ‘IWjFIM. with its normal benefit .t state. \- \Illl iemember lliat two rears nrniiii insurance ivas introduced riiinilw Thu channel to which tiitrtlcu ii‘ form of coverage was f. dlr ted has. through the - ‘reaii curtailment of operation 5 industrial ivortd, been largely lo us. but ln its stead there ‘opened another avenue which zoven interesting and remuner- Tiils includes employees of l’ miiiiiilpalliins. of banks and

"vlllnuiiins. of educational and i institutions.

v Loam.

m r ‘vi hi‘ llIEIIJITRWIiIIIIK condi- M 11"-I_"v"i bolicv loans. accord- . -\llll lllB Information, have ‘ ‘itgtiiieil in In greater measure ‘Ii lllt‘ and more particularly in ‘Iéltjvls. Continual ivui-ning is lstlulimbt‘ all uomllllillt-s In the WWII] it! home the danger of V, Jhll“ I‘Iluil_v In ones nulicy. on, "fllll propaganda ls carried [Iv it.‘ liovthe repayment of loans

I n‘ “cured. \\'Ith others. ihlg ‘ um']u“:_l‘Xlll‘l‘ltFfl('0d nn increas- l, Ur Lnrllifli this source. hm in; HAUL“ i ianipaign for TEDHYIIIPDI. - w) until}. (‘Iv existing loans has H “whit-ital that the net increase l‘ ‘trliLfllP amount lhns invest- h ‘lillpl-Pedabovo tho average. h I lIioiJraRIIIE. and lenfls color _ ‘ l‘! that the means being ii,‘.,-l",I‘2_IIl>;t|ient riiir present ef- m‘ Ill, ‘decreased terminations “tthvonservationtwlu prove

II its lll0ll§llt‘ll\ll. during ' " .\'l‘oi‘s a constructive “llllll! Influence may bu ef- l" “Tbilisi ilisiassurcd in- IIIICTPSlPKl in his policy. iii» rlnne best from tho Home ‘Itl special machinery has ‘II for the purpose. A policy It lrleiul nuidc. so we shall n "i" llri-vt-iit the lapse rnthtzrl I‘ Hm tlizwrurc the. rclfisialcmeiit. k In" M l"nr_l' that it In wiser to w“ llltllt! door before the horse

r "ltlirtl.

hi“! Elrnirigg.

l Iii-z i. U Wmllliii It‘ our 800d fortune. even h, jm. lie disturbance of war. m" m’ "l ll'hoift from your to soar . p! ‘lmilllllij.’ tin-reusing earning t ‘Qua i»! maintains the worthy ‘(qv-Ifitfltvre. has been no un- J0"; I lIffcL-llfll our tleiitn v “Mu ‘Ill the saving its between Hum,‘ {IQIHIIIN incurred and those H h-flmryi li-vbeen Peeler than Hun“ fr. Mill ilile added to the l“ ‘Inmblfl othcL sources aggre-

- ‘ ill. this ls the Iarg

u. "binned urine company's , an,‘ _‘nlllnn m-er .1 years; and ‘"“lll‘l‘settis continuance of

in not‘.

‘ wit’?

I

res \ll» "ll ilnil. l! itin lee, I .~ tlil n: vc

t

l lltlllilsi-r iipuii the tiresent scale.

MANY PROOFS‘ ‘ or SUCCESS

Business written by this Com- Mny In 1921 sxeesde the rs- merkable record of 1920 b 12 Dir cent" or ever 7.000’ , total business in the year am- ounting to almost $71,000,000.

The total business in force in the Cenede Life now amounts to over $320,000,000.

The excellent rate of interest earned on iivestment being 0.17 per cent., which en iri-

ie in

Canada Life

"Conservative Pro-

il , but an- other etsp_ on the ascending scale. This is one of the chief contributors to surplus earnings.

There l-i s b factor effecting adversely.

an no unusual ths death rate

This saving-when .added ta the earnings from other sources. aggregates $2,600,285.46, the lergeet surplus earnings in ths_ Company's history, extending over 74 years.

Group Insurance business, ss- cured with the Canada Life in 1921, was double that of 1920. amounting to $5,333,950. and giving insurance protection to 4,501 employees of various firms, municipalities, etc.

Dividends paid to policyhold- ers were very satisfactory in 1921, being $i,5i3,000.

Facts. such as these, are un- mistakable signs of the steady prcgre which the Canada Life has been making for a great number of year-e.

but enables s slight increase upon sortie itliisses of policy. lt. is iiiosi gratifying ihut. we have been able to achieve this remarkable sin-plus while accepting seventy millions of new assurances. This experience is unique, and inusi greatly increase the already large confidence nl‘ our nieni- bcvs and of thiupublil: ill iiiir insti- tilliCln. ‘

Sound Imestmentn.

One iif ilir- inosl lniptiilan‘ lat-tors in the success iif a tfe assurance COIIIIIIAII)‘ is the Pillllill"?! of lite. HB- i- His-s in nlii Ii its fiinils tire p‘ ed . I inc new riiii- of lill\‘!'l'“l l|l"'i' yii-l I aui abti- lo s: ' Willi RIPII‘, confiiiriii-i- lli'l'l tun iiiicsinicnts n, the Fziiiiiiia I Bil‘ second Iii \ilt)\l' of‘ nu uiller ins ‘iiiii illl\'\\ilt‘lr'. sud that (‘Ollllnfltlil uiili this HIM" "illvll" is It most uraiirvi-iin Iuterc‘ return. In the raiii i-iii of illf‘ your we weic still alili- iii RNIIIIWH securities of. un- iluuhieil vniiir- at. prices uutuuuinaliu‘! those of the tii-iiviiiiis Near. but lltllfili) llie initrltel has shown an upward len- dciicv, \\iill ii consequent slight do- .-ri-;i_ in yields. We have. howeier been able to eintfioi‘ our iuveslmvnl funds to advantage. and our net rnlu for iliri year. 6.li pct‘ ceiiL, indicates another i-uriall siev \in the rlsiwullllll scale. The demand for mortliltBe loans continued. and our miiiiageins have again exercised fins ilisirrelion In their recommendatmiiis. Home o.’ lhrsi- loans are Io cover si-cuinulaivil iiai-tt alliances. some lo enable further ile- velupuioni. rvbiin still others are ru- quircrl to carry the borrower over ill" period of stress occasioned b)‘ the iiii-

hauui- lt‘llllt‘llfln in ilie vslue of hi.“ \i‘ “<I

venture to reiterate that loans average. only ‘fvllWn Der uifre. view of the frequently illsliirbing ex- perlences in some tiortions (if title Western Provinces perhaps you Wll Dcrinlt me to say that llllB cuinnatig‘ has been particularly well and hen- pily advised since the Inception of its loaning operations there. and lbrl- consequently we have extremely fell’-

any. loans in the districts which have proven su undesirable ivliks for the farmer and the Investor. [he rllf- ference between the ultimate price ro- veived for wheat. and cattle and that anticipated, tins. or course. tieeu ro flceted to some extent in interest pa!" ments. but our 10.000 borrowers have. on the whole. dune as well as could he expected, and our atcdll'b:iie_ r9.- lerinine show a very satlsfaciori‘ HI‘ crease over last year. AI usual we have not iurluileil in Ibo nssetqdrs- (‘fllllfd as “ . out-standing niiv sums in orrenr which appear ilouhtflil of collection. ll is untivoldlllill HIP‘, amongst. so many borrowers 80m! Wil- full by the wavslde. but we have never yet, had lo Ivvlfill 3- Ilfil. “'99 ["10" properties coming iniu out hanlls.

The funds arlsirilf "'0'" "ll" OIIPFB‘ tioiis in Great Britain we have run- tin“!- io invest there pending a lurri in lb exchange situation. null bar!‘ now in that. country securities of Stivtiflflfi. Willi an airrace rlelil of li per cent.

Your nssels have. as usual. "t?" valued upon a most ronservaii\'c basis, and _voii will remember‘ the 90'" elal contingent. fund uf SvQOJWI. which you have ticl. up so an additional uro- teciion and stabilizer.

t was uur great. misfortune to i084‘ ~. year a dear friend Ind colleen")- in the death nf Dr. John Hoskin. l(.\. who had been one of your Directors slnrn lililil iiiiil Viiiii-Pi-cslrleiit for some yearm |v,,. i, l]||ll‘ ii.- iiisiiir-il u llliiu- land. and ivliili- itiii. ll il“ iiiii-i I l' ful es Chairman It’ 11-‘ Hiiiiil lli l: Britain. iiiilr-eit ii-iiiingli-iiii li..- w, sonlntlon will» iiii- i-iintianv lit’ lei ‘i keen resin.» . i. I;‘\' fill’ its $U!"‘l‘*»“' ' nave. niii-i ‘.- '\‘ tils Hul- vounsel to "llrlll bcvenlrlli" \HI

We. liair- iiisi i»-.-,. ..iiiii-iiiv‘=, SB\'9lil\'-flll|l,’\_ -- ~ "“ nuniv isaiy iin- liaiclltitol as ~iii -i‘~ jrsiivo in lien! as. trttuccl five tuillI0tlI.-._f iliiilafl. Director! has‘ authorized on in the litnit ll risk io-be can one life to $75M‘). Your offn reprrissriiriiivsii In tile field iii. lll spirited and hopeful. but would vs no‘ the etipiiort of ever)‘ policyholder and liarelinliler in the esu-nsion of what l nfttr alts business very personal lo each of you and I tiiei progress o! which _\0ll each have e vary lively In- term-i.

The statement \vh'r-h h been sub- mitted for your nnurovll esultl from the cheerful siiil cuntlnilotis effort uf all IirsncIiv-s of the service. and .i‘0'iii tin-colors IIPFlIG to cordially thank '.li who list-e hail a share In lt. .

My ivarineut thanks ars again ron~ .|,.,-.~-i f‘ ilie members of the hirer» torgle .to oiir Board in Uri-at Bi-iiein lfl-llll officials. the IltGlilUfll illreoloi»; lltn solicitor. the ngencv imil ills loan IIIIILIIIGTI uiiil i‘.‘ti‘ll liidivliliiel unit in tho Home flfflre and In the I-‘leld ‘i-r fhe courtesy enil consideration with which their snneioiis support has bent: Il\t‘|I thionghout -|ie your. I

l

l I Ihi

l

ts i||L|

' b

‘Liii

‘Cmnpany Enters 75th! Year of Service

THE PRESIDETIWPS ADDRESS

MR. HERBERT c. cox REVIElWS ‘BUSINESS or m2: BRIGHT OUTLOOK FOR CANADIAN BUSINESS

l

I

1931 has lied many unusual fen. ‘mes-Mn '1'” Blcasanl. but, on lhe other hand. not all ‘unpleasant. The W068“ of JTAFIM-lllmtlfll has con- tinued with a further lowering o! Prices and slackening of trade. Mer. clients and niaiitifaeiiirere In gen- eral have been compelled to accept additional reductions In their in- "enmrlfl- and Ir seems Ilosslble that they Iwve not set reticltcd s. finality l“ 1M“ TQKArd. but the nearer we lwptoach to pro-war levels the more impel"! "l? outlook for future lm- provemelll- lbbcsrs lo ha. Our for- lflfrl trade. like that of other coun- t‘ er. shows n materiel diminution bill with the mitigating lnct that as: Doris aia more nearly balancing lin. ports. which 1a.: healthy sign and s step in tJio rikht direction We have Silll some distance to go. how. ever. before the premliiin on New York funds can be onilrolv eiiniin- aied. and there will be access,“ - 1 sllll more marked decrease lll )Dlt.|‘ purchases abroad. with a FOfli‘li\‘|‘gn[ increase in our outside sales if this is lo be nrcnmplished, '1‘), is an iiiiilerlakint; in which the Individual may share. in llio wider field of “wild "Bhflltte the best minds are u! work in the effort to devise wave ‘if lirlriiziiiir about Mobilization, and it. is honed some degree of success ii ill result. ireaisi- production even». Where ivoul scent to be a. prune csseniinl. ._

The influence iif traces llQflH/fiPn. dlifllll" l8 III’ naxiinnuiii‘ inipiii-iarit-r. and tho ittiiude of labor lll this -i Rflljd Wlii llinc s. powerful FrfIIU-L,

ii"l also be letter-Led ln the rorrelaled problem nf uiiemplouzient. Th‘; lailei‘ ions‘ ago rrarlinn 11,9 Dbilll of seriousness. null the initi- callous l-ll‘ the comiui: inmvhs do not rnciitiiaigc ns to tiiol. lo“ .-,,,-,,i l|“l>)r0\'£’l\\i’ll| unless those set-Irina‘ wail. shun mute willingness. in Ht" Wilt i’ .11 .1 ‘Yllltc iiilvri‘ iiciiiiiii:iisiii‘- at»! nitli the Iii-roll living costs and

‘ ch will cu rs iii under- izilu- contract.- .uc.;r of a ieinionahli- the rial.‘ In- vulirtl. \\'hi.‘n this ‘UJBlB is ieache viii-bill‘: tlis product of fiiciori‘ an. mill lu be iurneil out oi 1i ‘coil. lllH buirr will bc more ietuly tn tllfer we iiia I. and construction iii‘ til Iiiiitls will l-cizoiic a great im- ul-ttis. liiiiliiiui: \,'Qlil.|'.'l"!( aggro- gaiing: lnatiy niilliuiii. uf dollars n-Iiirii 'l"t‘. tlrtieitiliiiir i_ iiir labor lost a‘ ieailv ‘o ii.- i- iIli-il with the iii-iiiiriit rniiiliiwiii ii-ivll‘ IIIO- nitious, and it ii ' for all l'tIIl\.’tEl|\Pi| {alien on.

'i'l.i> ijuiift-ierrr in iVa-sliaigtoii i_. Iiopc. of ll an’! tha‘ its ii-siilt‘ luzl oval oi: el-iig uf III‘ iniiiiigiit nonvs. \\'hil'll \\‘ll rvpiiiilio the icllrvn to iviiiii Iias her-ii iiiiiieil n condition of tioriiini ‘ \\i‘h “ we iiltriiditnt bles- sings. 'liii_~ titiiicwi ‘nus already real-Ii- vii have )‘I‘l'l‘.t‘ii the. riilllnc of ‘the gpiifrreipin. and giieii giivvei- neigltil and significant-z iu its Iiiiiiier delib- eiailous. _ I

The pumps-r of final all; Wilfil-ftl of ii". lllrr“l{'ll|_t‘\' wlilt lfPlllllll and h-‘r gggttmlyugu iii‘ responsibility fui‘ Ihc g,,\,>,i,,,,,;n; of‘ lllji‘ nwii IIviIDlP has i,-~,,,,g|,= ‘n1. use i»-l.el'. not only ll) iii-out IXPHRMI niiil lIPiLIIIU, but to the Worm a, my-ge. and Vless iliiided iil- lwttimu can iiov.‘ be ilivi-ii lo lliP suiti- m," n! iiie piotiirins reiiiaiiuiig‘ lroin llll‘. nil‘

Qnt- iif Ihp chit-f of those liuli, whit-h has in ail couln come an niiniist unbearable

urs INSURANCE i I ljigTl-ZCTION

‘rim volume 0f Business insurance m, u",- pouis: is increasing each _\t.‘{l|. and n substantial poiiiun of DIR‘ uruduciiiiii for l‘l"l was uiude until. life llislllittlli e I .‘Il (oi ‘bur-tunes P“ ' leoliini. 'I‘Iiis form oi lllBllfflfiCG ll more iinil more taking-its Illilfeiaz |-l“‘||“|)1_\l‘i.'ll'\l(‘COUOYHIKKLIIWITVI n_ v businrss \\‘l)ll4i, zinil ueotl‘ HPI‘. ijlflfl! til‘ business liCfll'll_i' is recoi- nizxiniz its need and willie.

The policies issued fur _ Wumseg ,.,)\-,.,- flyplllis \-;'ii~,.l-t\I'_ olf I'll": KIIFAIIIPB need lite) lllvif] J iIelpns“ various ietisoiisedo fulfill!’ d H i “m4 [or elticrgetil-ies, Ill iitrenl; ‘I91 i-reilil iii l‘t’lli'l‘lll Iiuuils at uinliirili‘, l0 bills’ over iliii ilci-etisci] partner's [nlgaltqtl-(l lI\ create n sinking fund. to fliftllfillifltl itivcsltui-nt. I'm‘ slifllll“;

‘ _ _ _ . i. . if funds, lll |Il'lI\ii|t. Mimiiil‘tli'sllt(lllipé_ int-tubers. to cniliin‘ re i2?!‘ i. ind iinnal or charitable institutions. u

. ~ ,- iosra. “‘l.'l.'l;‘e°.l,'.','ff.,,ll".5"... In Ilflltlllliil frnu‘! “null sinus of i\\u or three thousand itiillars tin in tins lliillli)" ilollarB. l" ,,,,,,~,._ f...» iili kinds nl‘ business 0:’;

b|lkl"l|fll [Wyn] Ill" small mic-III!

"'”" ..,.,,....,-i- m‘ iii.- iiiniieraii- sore‘!

‘ ° . ‘w. limited l‘=II'l“""F_l"l' lliihin‘Llleriiylizeil that UIIITIOFIHIOII. i \) . B mpv‘ NSUHUH... H, Jim as iiecis

“s. ‘H. \|t\|1\' small business cori- m“ l“ ' l, 1'" ,.,,.,-i- vllv. iuwn will i-eli-liipafizilii" I: m m" m“ firm! and vi i -- » v _ _ “mi. r‘l‘I"I.)l'i\ill)|lE'§ l" U l m‘ ‘l-"ulnilllll!

-. cmqllv zu Kr ""’ Ill?‘ l H04“! l\ ll ‘n H H "mm “New ,.,..

and iiflcn i‘i‘l‘l"'_'

s iiie of lhlc ownei.

.iiiil their funnies. l l m,“ (“We ||Oi lilfllrlullxvl l“

.i.. .. iir lit-llll." "I" "‘"‘ his tqi-in of nro- ..- sin-rose of any Dl'_"!"-’~" iisuall)‘ imnlfifit?‘ 03hr)‘;

. i uic i llvns nf 0‘l|l0 oil. Inlay" Gaul i -. m" "m" i '1 ‘ffil’ the. business" fillfih "Wm"! 'l"“:'..,,|,,g in inr- tiiislnces "1"": "Pa; In “m.” n: their salaries. l“ l derived lri- c "i". ‘r i.‘.:.‘.:-...I‘.<‘l‘. ii liiis no e i , i- nf

. lie the innttll ‘Nani "Fig.1!‘SIIJOTPIHRCEIHCIH. More- r'ad,'lu:unu' generally k"°"" “ml ‘Wm.’ iii-s iloiv pllfllfll KIN"? ‘m’ """"' a nn llfo lfllllrfllfl‘?! protection nuruinc ‘(lending credit to llt0ll w 0 hafmaliir lnnns. and a substantial “w” ,'..i Business insurance 8"‘! :lng‘°.lllrl\ etrerttilw" l“! “em "r “w business man ol‘ "Fl" '

The lieiil for Rusinc

almost ntiliintlfd.

heat-tel really may a. iiuenl. tisiioii‘ lilnFl i lllltrilllli lmiiiinari lti-iii n.

Posting a blight upon business of all l-inds and removing thi- incentive from individual effort. ‘Tiiet viii-Hun vllllrsesble directly i0 \v.-ii~ require- ments snrl viteasures to met: them must be chee lt_v lIIlllEPl-fllifll‘. bu‘ there is abroad a spirit of i\'fl‘l'l\llll criticism of all other expenditures. and anv Government. wliii-h has re- snrd for this feeling \viil tie well advised. | A N-"éunl KPH‘. I l‘ ‘s i o surprise that ‘lie allege-tile;

unusual nuioiini of life iiss-uraiiigii‘ Much h“ bu" s,“ M“; wi-iitgm sold nu . this continent in N217 shoutil both for and against. Canada‘; Ng- llflirY been equalled in lhe izisi tionsi Railway tinilertaklugx. We all l“"‘l\'e IIOIIllIF-“lllé wonder is rnilwi‘ know the undergo"! he“, 1,934,“; i0 that. ihr shrinkage iii volume la onlv the Government's assuming the in nor loenL. and iii Great Britain roads. a all know ihe difficult“)! iiboiil. S‘ nr-r cent. This is only an- which flurrgundgr] gm] cgntinng n, other ii‘ ilicatiori iif the appeal life surround ilqgir nperminm Qnly on". assiiran. n makes In the public siructive criticism ls helpful. The tinder n v and all Pirvilntntallbns. It assistance and vii-operation of its i» lull! o " ‘lie crest silent slabililiniit 9.0111300 owns" w“, gecnre ti"; gug- [actors u business and iii the home. ceos of the National Railway. and as 'J_l J's is been in evidence In the our population grows its progress bailed: rates for somo consider-lath will quicken. Au aggressive imml- ltltlfi‘?! endenc)‘ upon the DB-Tl of irratlon program is necessary. The llflllkvl‘! l0, 3BR for‘ life assurance its peoples of Europe as not. seeking counter-ii securili- in eases where ill?‘ new homes in as large numbers as rlcrsniial snqiiniion rulers largely ‘x1110 had been eiiiiripaieii. but Great ‘lic- srlirtluis of retina. Britain Ia fosteringa ieasonnbls rnii- ‘rim rtpsii-aiiii _ or such protein. l=_I'-'ll‘<“‘ l" the oversees Ifloitiinwlls- ‘iun lIRF of ld‘I? bfllfl atlrflfiiiflg the. Lannda. has ftieliiiies for making her aiiciiaii-iiiil nf lfanailiiai bankers. and advantages known. and should obtain \\'1\ “mi.- . f,"- h, 53mg. (“mama a major share of thoesi who will ihns (ffyfl) int; i,’ _ his 15f,» or in, li-ave the homeland. I\ui she must llfll'l'l\\\'f‘l' flllfll importance to lie. alive to ihii fact that our sister iho ieniii lll our opinion. this Uiimlllifllll FTP Offfi-Tlllfi‘ IFHIISDOPIJI- form of i roleclion is as necessary as tron and other inducements which is ihii I surance. upon his m”. must. be offset in some Wily If W8 l" r-iisnilise. Greater vii-operation tie- "M 1° h?“ “m- i" “'9 739% M9" R110 tween th -. hanks and insurnut-ri coin- WOW?" III KPH!" Illlmlll?!‘ illlll mo" puiiles \ fliis rlireriloti could nnl. quit-titty than natural increase can fail to b s of mutual adVlliilagg, ft Iirllvltli‘. ih“l‘|| l|_'|\'(-i ljflFn and are the. is unders and llial In riilure. the Elm“ "EM "T W" “'-‘IIIIlP"i_-1fli| I1 smoiiui o l life assurance carried will l""il\'.\‘ look-ins lrythen‘ rnielll [HI a m. Lllft.‘ of flll CPLHlil. reports rill‘ HPQIIlFllWjII Will BOIIIIYIIIII-l Issued b}? two of liie leadinz credit "IIIDWI- For‘ I_lI-1It.\' T8111‘! agencies rid wi'l have iltl influence "dill" n-‘Ilwm’ C0!"- in dEl-Effinllillg llic ueiierii.’ financial i-in iinuoi-ianl share in

’ -‘ ‘l . 1 . .l :‘ ‘. . - iiii neoplitig iif our Wt-slflin Pro- “nu. o! "he ‘mludlarlbu ‘nrvnra

lion mid-tr review. . '- u-owing

vinrrs, iinil iiiev now appear‘ In be renlillllill of the viziui: iif .ilo i-i\-| "I 1"""?1l'l\' "ll." ‘IOIII- siiianrn in business Ilkllllflti! is, many niii- R-rgaflf,’ n ldeniuts’ the field for the}

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