Then as oow sportsmen favoured the time flavour and effective relief of SMITH BROTHERS COUGI-l DROPS for tickling dryness and for (gush: due w colds. I00 YEARS OF COUGH RELIEF I847 - I947 ‘is...’ a mall-RS‘ ilfscfion shows SMITH IIIIOTHERS COUCH DflOPSarelhev/lse choice! I olrll prefer them because lllevYe OTAITY OIIIIGTIYI OSQQTIIII‘ O MILDLY MEDICATID BLACK or MENIHOL COIIGII DROPS - I0‘ In Megan-lam MR. JOHN LEFURGEY s mu OI infill; In uus Pro- l-lml» learned with sincere regret ‘ llvll .\Il-. John Lnfurgey, a highly I"5lJlLI*Ll iurnlcr and fox rancher Valle)‘. home o; Wllnlol slvay at his January 27th. 3111195113’ m 1°!‘ "m9 Ilml- the Ieneratlons In the female line. all that it living are qrent cralidmnlllel‘, Nfrs that he _ ilfirl passvd away. About two years E- I-i h" d“““m""' L-“lm PM“ end fern; rd I'll III!‘ IO llllrd suddenly lo realize had passed on Monday, ago fllc deceased developed foot IIIIOCIIOH which developed so rap- llll_l' fllat it became necessary to remove the log alld sl time went an 1t became apparent that the ' infocllon hnd sprl-nd to the otlleri fool and up In Lhc time of his dffitll his sufferings were very IITIFIIFC. Lcfurgcy, born '78 yearsl film on fir." farmstead which had bo-n ilis lllnne all llfrnugh his L." llflf» Ill" son of William and .l!"'ll‘tl'| Small Lefurgcy' and his !--:.u\ h rum» known as a center at ilmpllilllly" where visitors were IVY-us \\l‘ll'0lllI‘. Mr. Lcfurgoy W1‘ l1 lll'flQl‘f‘S\'I\'f‘ IfII'I'|ll‘l' \\'IIO vi’ uhlllly l',‘.i"l a .'f‘li,f‘ will-n required. of hlmlol- “"1" nlwdo llim a lalrnsant rwvl: lllnnnllsf nnd nn nlwnys l“ -l.‘l-ln~ dill-sf. In religion he If ' Hauflst and In politics ll mfinr, . Conservative. slllllllll: arr- llis widow‘, form- Wl Bin; w-f Ross; unf‘ daughter \=,'~~ \llnui with file Civil Ser- r‘ u mfuwn; and two sons, l\' ' m af llOllll‘, and Hal in Jas- " Albl-rtn; also one brother. Dr, fillvia In California. w» "'1' urldacousr-d him, Jolln and f‘ Eli‘ SL1. Ossie, wlloso plane " ~'ll~*l in England. Tli‘ fllnl-rlll was llcld from Ills Hull» 'u Willnot on Wednesday, Ianuluv 25ml. and was very larce- was wnduwoll bv Rev. E. J. Barass of "lo Hll'.1lll‘."l‘>l(ll\ Baptist Church. “ Messrs. Plilmzln. David Wnlkrr, D. -Nrill and Clark McQuarrizr. o {v lffendod. The service nll! In-nrors u'r'l‘r‘i Gillcsplv. John Leckir. sympathy is extended ‘,~"'cn‘,'c(l family’. Call PAUL'S For Charter Flights Typical fares bet-wean Charlottetown and Maris III-W Georgetown . . . . . 8.00 llurray Harbor . . 9.10 8.25 0.70 8.20 Illmlllflflllll. . Ekmont Ba 12.80 (Ihllillsm .. 88.88 Amhmf .. 10.00 Trm-o- 17.10 sass 44.80 ydney .. .. .. 48.85 BlI-IIIIGI . . . . . . . . 42.70 PAUL'S FLYING SIIIVIBE Hanger A (‘llsrlouotown Airport Phone 1800-0 ~ vm- foo busy to help out a ‘ llllcrl ln fir-ed of assist- lua lraoly of his Veterin- He such as IN‘- lltrn possess and this. coupled ‘l-Il l1?‘ “Til Informed mind and 5.7 ,‘ mm was nppoillled lender of file , worshrlp culnllll. llulllllllll This odlaul l; w 1w mun-l. 737.37.17.25’? I. "ll'~'Z"...'.‘.'."'I' ‘"2.’ l‘; .‘“""“ wor s . able In advance. c ‘y “y ________________ OI-ASWELL for Pnolagrspns, OONIIDII-ATION urn . suuxce. m IIMIMIPS TAXI. Phone 5g5_ 000K’! for Pnofograpn; DON'T FORGET ills big Mar;- cslln dance at the Forum Wl-q- nesday night. CONFEDERATION urn m sunaxcz. IRONS. TOASTERS, Hotpllltge Brown Electric Shop, OVERALLS — Robert Lnlvlllcr, Victory Avenue. sale, Wear. Mrs. Johnston's male; ROYAL surm GRAND Vac- uum Cleaner. Toonlbs Music St ore. . i1 ' nowano IVMINNIS’ Fitted ' Footwear now located at I75 _ Queen Street. solar m THE rux at ule Moccasin dance in the Forum Wednesday night at 9.30. l. '1'. HOLMAN um, oh“. loftetown Store will b!‘ opcn each Wednesday until 12:30 pm, until further notice. JAMIHOWS DRUG STORE Idll be open this afternoon and evening. EZAUTIFUL CHI'ISTERFII-‘.I.DS —Very low price, Toombs Music Store. RETURN T0 P. E. I. — Mr. and Mrs. Walter Fraser and Ml‘ and Mrs. George Campbell of Mllr- ray River, P. E. I., who Ilnvl‘ ‘Jtwll employed In the canning business in the Topper Industries. Trenton Road, for some months past, leave tomorrow mOfYllng an l‘f‘illl‘ll lo their homes on the Island. due fa ‘lack of’ supplies-New Glasgow ewe FOUR GENERATION! -- Four Melissa Wall, North Granville. P Mrs. Leigh Follnnd. Hil/Pl Grou- P. E. I.; lzrallddnnnhlcr ls‘ {elm-l Mae Mrs. Fred Wsdman, Kcnsinfl- Ion, P. E. 1.; great eranddallshlfl ls Anna Mae Wullmall who is five years old The lzreaf lzrandnlnfll- er Mrs. Wall celebrated llPl‘ 73rd. birthday on July 3rd. I946. LEARNS DEATH OF UNCLE — Weird has been received bv W.H Drake, Poumsl, of lhe death of M: uncle, Mr. J. Stewart MacEnell- em of Lcfilbridgc. Alta, an FPYF ruary 7. Mr, MllflE-‘ICIIPYII, who was In his 06f ll your. was bv-rn Ill CIIOFIKV Valley, PEI. but hnd resided in Western Canada for the P351 {my years. He is survived by his Wife (nee All-Ill! Brcllnull of Charlotte- town, one son. Rev. R-v Mal-Earh- enl stationed ill 0111"?“ "-11" daughter, Charlotte of Lethbridifv- and three slslers. Illrs. Geoffle Mlmln, Easl Royalty. Mrs. John Munn, Msrshflcld, and lilrs. FTmlk Vickerson of Calgnfrl‘. MT. nallnsln‘ u. r, u. __ Tho regular nlectlnrl "I M‘; IIPYIIUI- Y. P. U. was held ml Frlrléll‘ "f" ning February 7th Inslearbal the regular Tuesday nigh! nll-inf: in file power cut-off, Ralph Raynor. Fellowship COIIYPIIPI‘, ‘was Illi- leader and look for Ills worslllll theme. "Hnllolvf-(‘I Be TIl.\'_ Nam?’ The meeflnz opened wllll the singlnrof "Holy, H01)“ HWY- 1-0171 God Almight, ' David Mlltell read file lesson which was Psalm A13. The group were led in the "Lord's Pnlyer" by Althea M-‘ICKPYY/flc- A very bltelesting lalk on the l-nrc- less use 0i God's numl- in anim- nry conversation made valuable discussion material. The hymn, "Joyful Joyful We Adore Thee brought this )BI'I nf the program fo a rinse. ho business per-loll opened with fhr president in the l-Ilair. If was fumed nnll second- ed that four new Prlmramnll: Arl- nusls Vol, 4, be ordered for use m the union. An IflVlIHI-IOII to a Valentino party sponsored hy Trinity Y, P. U. was heartily ac- cepted by fllc members. Dl‘\\.lIl' period for next mccfilllg. The l2 members present were said to be responsible for st 1e!!! 911B contribution to the Rel-creation BIG FEBRUARY CLEARANCE, ‘on Mcnduv. l Ed-ITQ ‘of Edward Heath Doherly, son of lspolnried lo by the Party next Tuesday. There was nn further business and a contest, sing-song and fhe Nhrpsll Bene- O‘.'.‘ni'i0. Previous to her marriage. Mr. and Mrs. AW. Blacklswes. Out of town truest: at the wedding were the bride's sisfsr, Miss Hefty Man- derson RN. of Montreal and Mrs. A-W-I Blncklmwes, also of . Will Represent United Bhureh Youth At World Conference Donald S. Reid. son o! Mr. Ind Mrs. Harold A. Reid of Shut-am- acadie, N. 5., nu recently ncotved notice of his appointment as a dele- gate to ll‘!!! World Conference for] Christian Youth to be held In Oslcn; Norway, from July 22 to 31. 1947.; lie will represent. the youth of the, United Oluuch of Canada. beiui, one o! eight delegates from the| National Oouncil and the only 491°": mile flom the Maritime Conference Young People's Union. I Born in Shubenlcadle In 1924. he received his early education at fhe, local school and at the Oolcheslel‘ County Academy in Truro. l-Ie enf- ercl-l Mount Allison‘ University In file autumn of I941 and later enlist- ed lII the Royal Canadian Air Force. After his discharge ircm the ser- vice be took business training at ‘the Maritime Business 6011880 In. lllallfnx and at the Wesent time l5.‘ [on the stuff of AJ. Reid & Sans, lsllllbvnacadle. I Mr. Reid has been very active In‘ young people's work in his own hom~ church and In the Presbytefl’ of ‘Fruro. lie llow holds file offinO of President cf Trllro Presbylfil‘ Y9 P. Vninn and has given strong and olllhllsklstic leadership in this.‘ capacity. Last summer be was} Qhcsen one o! eighteen delegsies| from the Maritime Conference Y-P-i U. to the National YP, Council at] Belle-ville Ontario. Mr. Reid's interests are not can- ,fincd to the work of ffhe You“! people but be serves in several capaeilles in the social, recreation-I al. and religious llfs of the ctmq nlllllltv. Being well known andl 'hlghly regarded uuouzhovf f"? Alarifinles this sppfllnlmflm I? ‘he ,\'\'orld Conference for Christian Youth Ill U510 will be armed will‘ much satisfaction by- mull P50919- __ diction brought the nights activ- ities f0 an end. wars. MEETING-The month- ly plot-ling of the Evening Circle of the Women's Missionary Soc- lc-Ly of the Summersicle Presby- terian Church was held at the Manse on Thursday evening. The nlooting opened willl flle cull lo \\l)l'.°-‘.illl by Mrs. David Lnrkin. Scripture was read by Mrs. Henry Bishop. The evening's meditation was by Mrs. Edwin McKay on the life of George Leslie MncKaY. the first Presbyterian Missionary in Formosa, The devotional per- iod closed with prayer by Mrs. Fred Mouse." Miss Connie En- man, president, was in the chair for the business session. Boll wall called and the minutes of last monthly meeting road and ap- llrnvvd. Mrs. Carnegy read n re- port taken from the Presbyterian Rocord on tllc missionary work of G,W. IIIncKny in Formosa, The nxvellng closcd with the Lord's Przlvor. Lllnzh was served by Mrs. Carnl-gy and Mrs. F. Moase S WEDIJINF- BELLS — A very prclly lvodding was solemrlized at. Illp Wesflnorlalld United Church Rectory, 'I‘orcnlo, at fllree o'clock Jan. 27th. with the Rrv. LI, Hunter officiating, when Marian Manderson, dau h-. fer of Mrs, James Mlmderson nd’ [he lule James Mandersoll. of Cen-l Ira-l Lof 16, P.E.I. became the bride the late Mr, and Mrs. A. Doherfy (‘I Cilllrlo, NB, They were attend- ed by Mr. and Mrs, John Hender- son of Toronto, friends of the groom. The bride wore a, gray gab- a-rdizne suit with blvwn accessories and a corsage of American Beauty roses, Mrs. Henderson ‘were n grcerr wool dress with black accessories and n l-msage or Talisman roses. Following the ceremony, s. recep- liml was held at the hom¢ of Mr. H.137 lVIr-s. John Henderson; 30 Ant- lcl- AVPIIIII‘ nl which twenty guests were mcsent, The table was cen- tred by R beautiful two lie-r wed- ding cake with a miniature bride and groom for decoration". A toast was proposed to the bride by Mr. Doniol Gill and appropriately re- gl-oom. The brllu- is a graduate of the Royal VICIUFIII Ilnspitfll, Montreal, and has been n member of the staff since llel- graduation. The groom ls attached f0 the R,C.A.F‘. and is nl raesen-f stationed at Clinton, lilo bride was tendered a shower by ml» girl friends at the home of East to West 060E713’ Best | $‘AfD YQUZL ROLL EM wlTI-l OGDENS "IIPI 8 . GUI PLIIOJ’ Individual Enterprise . Most Valued of Freedoms Says Ileull of Mutual Life of Ilunullll Warns that Canadians lnust be on guard to protect the rights of the individual against bureaucratic. "thoritcxrian. monopolistic or subversive influences. REPORTS A RECORD YEAR FOR MUTUAL LIFE A Cites Life Insurance as valuable means loriféirrying out the lessons of Ihr Waterloo, Ont. Feb iith. Calling on Mutual Life p|)llC_\'ll0l(l0I‘5 to be a bulwark in the defense of personal frccdoln, fill", LOUIS L Lung, president of the Mutual Life Assurance Company of Canada, at the 77th Annual Meeting of Policy- holdcrs, stated that llle ability of Life insurance to continue to serve the Canadian people in the coming lion of the rights of the individual fected in its ownership. Amongst other hlghlighls of l!‘ if; yllog-lc». .',.l- peak in the amount of life inslll rllll the Canadian plllzlic. Condensed text of Mr, Lang's ULIIAICIJI llrllll\\l“~, Calludabs Upporlunilles Many opportunities will present themselves during this, lllc second year of reconstruction, lvhicll should lead to increased happiness, real se- curity, rnore settled government, full employment, increased Production of goods, exp-union uf services, rc- duclions in prices. Iolvcr taxes and l0 a more stable and normal crun- omy. It remains to be seen whether these bpportunilies will be utilized to the best advantage Since hostilities ceased in 1945, the victorious powers have bad lo strug- gle with the tremendous task qt maintaining some semblance of civil order, of minimizing death and suf- fering from famine and plagues, of encouraging the production of food and other commodities and of rc- storing the normal trade channels. Much progress has been attained in lbe gcneraLobjecilves Rehabilitation in many of the areas devastated by the war is stead- ily progressing. Fertile lands which were ravaged are yielding harvests and the supply of food llilS been greatly increased. although lt is still far from adequate. In the majority of countries, most of the people are beginning to support themselves. In- ternational finance. ls linking up with national finance and real interna- tional trade is slowly but surely im- proving. These facts are fundamental to any constructive thinking relat- ing to Canadian affairs because tllcrc is no way by which wc can separate our country from the far-reaching effects of world conditions and movements. In\ spite of the difficulties en- countered and mistakes made, I946 was a year of substantial and encour- aging recovery throughout the world. Wage Increases Deceptive There were some artificial and misleading sernblanccs of improve- ment. One of these was the inflation of prices, which was not an indica- tion of prosperity at all as it was caused by keen and often desperate bidding for needed articles which were scarce. There was a great in- crease in wage rates, which was dc- ceptlve because it was accompanied by a decrease in the purchasing power of money, due to the rise in the prices of commodities. During last year, there were very serious errors of omission. There were great opportunities to increase production of all kinds. The whole world wanted food, building matc- rials, fuel and manufactured goods of all kinds. Unfortunately, when need was so great and universal, pro- duction per man per day declined when it should llavc increased and world production fell far below its capacity. In I946, Canada shared with other countries the same opportunities and was exposed to the same failures and disappointments. Nevertheless. no country in the world has fnrcd bol- fer ill its rc-adjusfmcnt from war lo peace; orjlzls been subjected lo less real hardship during the past year. There is no country of our size and population that faces brighter pros» pecfs in I947 than docs Canada if she makes use of her opportunities. Must Meet Changing World Conditions Canadians must realize that, for better or worse, a form of world gov- ernment is In action. We are already being affected by its actions and we shall be more involved as its powers increase. We have assumed our share of what has been done to set up and to operate the United Nations Organization. The fact that it is in ex- istence and has made some progress is encouraging. Is it not important that we should continue to take an Intelligent interest in this body and to continue to do our part and to Ply our shsrs of the expense? We must also be vigilant in our own interests to ensure that Canadian Ideals, our way of life and our mate- rial welfare ,are safeguarded. There are s great many Ideal and systems which are being advocated In these disturbed times and. on the whole, probably this is a good thing L It indicates an awareness of l international spd national problems. but we should avoid the danger of being confused slid impeded by a multiplicity of new roposals, orgnn- ization and proce ure. While the most certain thing in ths world is change, and we must be prepared to welcome and adapt ourselves to such 1 changes as are expedient, we should g also have due regard for the Ics- 1 IOIII of experience. Critical Year Ahead Canadians. in I 7 which will be a critical year. sho Id take s keen and constructive interest in sll that concerns the domestic welfare of lheir own country. The great major- ly of Canadians continue to believe Jul the , "“ I Ind economic sys- s lems embodied in the British Com- monwealth and In and so glibly proposed from time to time. realize the vast amount 0f hidden faxes, such as faxes on consumption, IIIITK". and indirect, which are in ex- istence and which will continue to be necessary if the present scale of public spending is maintained. Too as savings to be put back Into lndus- j try, business and agriculture, depression of varying degrees of in- tensity during this year. One of the most effective ways to produce a de- pressiun is to talk about it and l thus create apprehensions may or may not bc well founded. On the other hand, It is wise lo watch for storm signals and, while main- taining a constructive attitude, to take precautions to counteract un- foreseen evcnts. ‘ growing demand for goods and serv- ices all over the world. Germany, Japan and Italy are out of tho Inter- national field, t The goods prev us! exported by Canada has the opportunity of corn- peting for this trade. Great Opportunity in 1947 production year in Industry, rnlnin , per man theory is followed. It will not bc reached if there in a lack of wisdom, enterprise. undcrsfandinl, and resolution on the part of man- sgenlent, have expanded to so large s total of the $100,000,000. I believe uvusl real- Ill learned by wartime savings. years, depends upon the preserva- to create property and to be pro- lalllg: roplnl-wl .l fi\‘\V l‘ |i*llL'lIri u-ll ii Ulli lllc Cunlpdlly lib" i rollsllllllrull of the United hlales 0i Amt-Inca. are lllfl best which the pro- f‘,l(‘>$ o. llliilliilllll nus thus far pro- ' (lured. While lhcir peoples consti- llllc u nlinorify of the whole world. lllcy produce a very large proportion of the world's goods and services. zllld -tlleir influence toward social betterment has permeated all nations and hns accelerated the progress of nr- .rl'n civilization. Foremost among the freedom: cherished by the British and Ameri- can peoples is the freedom of indi- vidual enterprise. If we are to pre- serve this freedom, all of us must be constantly on guard to protect it against those who would destroy it, whether by bureaucratic authority, monopolistic control, or subversive influence. Onc cannot condemn too sin-null‘ those who exert their finan- cial slrclllzfh and genius to gain con- trul uf the supply of necessary commodities thereby to benefit them- selves at flu: expense of the public. yet it is just us reprehensible for any organization to manipulate the lab- our of human beings to the tem- porary advantage of n few, regardless of the curtailment. of production at zl time of great shortage, of the blighling effect on the national econ- omy and of the hardships imposed, directly or indirectly, on the popula- tion generally. Whoever tempers with the principle of free competi- tive enterprise is yvorking toward the dcslruclion of man's inherent right. to provide a higher standard of liv- ing and life for himself and his family. In our own country, the records of governments, municipal, provincial and Dominion, have maintained a hilzll standard relative to that of other countries. Generally speaking, our governmental bodies are trying to do their best for the people whom they represent. It is encouraging to note the in- creasing interest in the stores of primary materials which Canada has ln such abundance and the activity in their utilization. Every- thing possible should be done to advance and extend policies of ex-, paneling, restoring, preserving and cropping our timber. minerals, pru- ducuvc lands and other resources. Must [increase Production Ollr greatest material opportunity in i047 is to increase production of nll kinds, and particularly industrial production. The output per man per day should increase. If it does in- crease, the economic and financial position, and, more important still. the social position of the people of Canada will be much better at the end of this year than it is now, and will be more satisfying and per- manent lllun the various panacea: \Vllil(‘ it is encouraging to see some signs of practical economy ln gov- crnnlorlfal expenditures, there Is still nlllcll mom for further saving. Un- forlllrlzllely. llL‘(‘(iC(I but how can governments reduce taxation if constantly urged lo spond more money? People do not Iflrse a Proportion of the earnlnsl not decrease further. onus.- fllcrr o.‘ 9f our ample Is new Imus dlverfed a markcrl upward lrcnfl. follow rn- lnto taxes rzlillcr than accumulating ductions i" H“. Qumndn) 5 “\‘~I‘|g(\ There are murmurs of a business which There is still an enormous and pornrily at least. t hcss countries are still needed and Canadians can make I947 s record umbering, fishing and in agrlcu - he slow-down and low production In the uncertainties which eon- ue of new life insurance should past selen years Ila: resulted in the accumulation of the Illghcsl quality With our substantial Dominion Government bonds, about 60% of total assets, thrcc limes the proportion prior to the war, we are in a strong position f0 seek other channels for the investment nf our expect to obtain an increased rule of return. In fact, it has become iln- perative l0 re-examine all available outlets for investment with a view blnation of the three fundamental principles which I have mentioned. all parts of Canada. we have largely extended our facilities for the fin- ancing of new construction under the National Housing Act, and of both new and old housing through the ure. This will not be achieved If usual Company chmlncLmDllring filo psst year our field of operations hns been expanded considerably and lve have been of service f0 a large num- ber of Canadians seeking to estab- lish new homes. Enterprises of Canada Limited, the front us it ls remarkable that, in co-opcrstive company formed by the common with life Insurance com- panies generally, our Cflmplny] 1|. life insurance companies opt-ruling In Canada n! the rcqllcst of the Gov- ernment, has already made sulislalll- till progress in providing much needed natal housing. MUTUAL LIFE PRESIDENT‘ ‘l loui> l.. I,,ii|‘-Z Plcslllrllt of lill Illlllllll I rl-. VI Lull- nrla, \\ llo atldav i -ll llll‘ Tllil .\l>Il\I-'4l Rlecllng of polllrj-ilc-lclrrs, llrld m Waterloo, on 'i'lllllsda_v, FCIJIUUI) 6th. ons for this increase in the szllc of new insurance can bc advanced. With a scarcity of lllc things used in daily living for which the people normally spend most of their ill- comes, tlle high earnings of present days. despite high laxcs. have given many people lllc nlculls to buy Ilfc insurance. That more people should be using a larger part of their in- come to buy insurance is evi- dence of their desire for this form of security, and is a nlark of con- fidence in lifc insurance companies generally; and since such purchases remove spending money from the market fur consumer's goods and services, if relieves to this extent lllc pressure nn prices and is according- ly a movement to be encouraged in the general interest to our economy. Thevolume of new Mutual Life sales in 1946, almost entirely Cana- dian, established a new high far ex- ceeding any previous total. The ef- forts of the Government during the war years through War Savings and Victory Loans undoubtedly llavc en- gendered a greater appreciation of the benefits of systematic saving. The advantage of systematic saving has been promoted continuously by the life insurance industry. Life insur- alicc, however, must be sold, und the outstanding accomplishment of the past year is a tribute i0 the aggres- siveness and CIIICICIIC)’ of our sales force. With vigorous, well-trained salesmen-and I am satisfied that we have never possessed a better sales force—the outlook for new produc- tion is indeed encouraging. While one can be sanguine with respect, lo salcs prospects, other phases of the Conlpzlllys operations. particularly in the investment field. are not without complex problems. [Insurance Funds lnvcslcd’ In The National Interest The safety of policyholders’ funds has always bccn file cornerstone cf the Company's investment policy. Coupled with this has becll not only the endeavour in carn lllc Iligil- esl. with that objective, but also to di- rcct our investments inlmchallncls which will be most beneficial to the national well-being. In pursuance of this policy, during the war years our resources wcrc frccly loaned to lilo Government through large lallrcllzls- ' es of each successive Vlclury Loan. rate of interest consistent With the cessation of new financ- ing by the Dominion, the bond mar- ket in the early part, of the ycar was characterized by refunding is- sues of Municipalities and Corpora- tions. As this financing rcprcscnlrci only interest obligation by one yielding a lower rate, the not cflecl was that of contributing IO a further lowering of the average net rate of interest on our (he “‘1"'l'm° habit Q! latter part of the year lhesr‘ rcfllzld» lnrlzc flllfl careless spending Is pcr- ‘lugs were uupl,k.,,,@,nv(] l“, 5 slsliluz, Lower taxes are urgently ' the rcplal-vnlenl of n hillll- total illvoslnlcnf. 'I‘0\vz.lrrl Illt‘ ,3. tics issued fur new money pill POMS‘ by Provincial GOVOFIIIIICIIIS. Muni- cipalities and Corporations. trend Is continuing inlo the cllrrcnl year, and should result Ill a flTCiIIPF diversification of made available lo Investors. bulll lll- slitutionnl and privntl- Wllllf‘ there may be‘ some indication lhnl interest rates on high-grade IHVCMWIPIIIS may, This securities llulng nlerest rate may be expected Aids Building Progress The policy followed during the nvestment available in our country back-log of unds from which we can reasonably o effecting the best possible com- In view of the serious housing ituation which prevails throughout Despite many obstacles, Ilnusing Individual becurlty_ A Necessity Our ability to continue, as srl in- stitution. to serve the people of Can- ada in the next seventy-seven years to the same, or greater extent. than we have in the put depends first upon the preservation of our nation- al sovereignty and then upon the preservation of the rights of indi- viduals to create property and to be protected in its ownership. That these will remain unimpaired I am firmly convinced and I know we can count on Mutual Life policyholders to be a mayor bulwark of strength In their defence. We must strive to adjust the opera- tions of our Company to the highest purposes uf life, and in so doing we musl. depend upon the whole-heart- ed support and strength and under- standing, not only of our great body of policyholders and their families. bllf the public as lvcll. llfipplfluoS has many routs hul fmm: is more important fhnn true security. To serve the individual and the public at large in their qlles! ‘for ' security, your Directors stand re- sponsible on the higllcsf. rllalc- of IHISICPLIIIIJ. zllld lilo UPYUIIIIIIIIR which the}: ,.‘r~ r~llf I"fllll war in ‘far ill fellll of IIWPIII‘, TI‘ll',l\.(".I ullfl lInalll-lzll .~‘_ll.ul.'\' spezlll". cin- lllmllfly of lhc lllgll so -e of L»I1'\\ urti- lllln which aclllal fhurv rrsrlun- SIIJIC for tllc succ. ‘llli Ulil‘ great ro- olicrzxflve inrfllllflrlzl lil~l\'ll~.'\'i' 0F ZIIUTIIAI. LIFE BUS] ‘ESS BY GENERAL MANAGER ,\ll::|_\xl-- ‘f .-<-f,-~ ullll Fair,- ‘.ll \\ I! '.'lll"\llll' \'l.r I'll»- if. l l l~l‘(i (j wnl Ill llliliPi. zullvll ll‘- ~. l... .4 m, ml. .» -~,rri f"l| flu-l lilo A‘. l all lnlrl Mfl Ill if?!) lu fl iota] of . rlnnprisc 76.5"; of" .. .. The Build Account loials $2l9.5ll,b'37, an increase of $13,562,719 over 1945. Dominion of Canada Direct and Guaranteed Debentures increased (luring illi‘ year by $16,875,738 l0 a total of SIMLUBLIBB and represent .7911’. of lhc furl zvrcls. The Provin- cial and IVILIIIICILdI Bonds of $30,714,- 203 comprise 10.7‘) of totalassets and Public Utility and Other Bonds s! $19,126,196, comprise 6.67% of the total assets. lvlortgagvs and Sales Agreements at $3Z.332.ll7 urc higher by $2,132.36!) and are 11.1."; of the total assets. They consist of $24,123,503 on the se- curity of city properties, $2,000,119 on farm properties and $6,208,493 on homes built under the provisions of the National Housing Acts. Loans to Policyholdcrs on the se- curity of their policies. at $17,817,908, are 6.21% of the total assets. They decreased during the year by $437,509. The total book value of Preferred and Common Stocks is $7,503,386 which is 2,62% of the total assets. Income Mr. Somerville reported that the total income of $36,156,737 during 194G was made up of $25,620,475 from Premiums and Consideration for An- nuilics and $10,536,262 from Interest. ' Dividends and Rents. Rate 0f Interest The Rate of Interest earned in I946, was 3.96%, a reduction of 31% from the I945 rate. Death Claims The actual incurred claims less the reserves held thereon for the pur- pose of meeting them were $2,732,581, which is more than $250,000 less than the corresponding strain experienc- ed during I945. The associated dis- cusvs of the llezlrl, blood vessels and kidneys accounted for more than 50"}. of the face amount of insurance deafll clnims paid. The second most important cause was cancer, which accounted for l4’; of the civilian claims, followed by accidents at 4"}. and tuberculosis and pneumonia st slightly ovcr 2'1 each Surplus Earnings The Surplus Earnings for I946, 0-126, were $i0.37fi more than in . .1. and $lB3,750 greater than those 01' i944. Reserves The Unassigned Contingency Fund and General investment Reserve ag- ul-cgulcd 515.915.4713 being 5.55% of '.I.‘0lnl Assets .\IIIUIIIII> Ull UUIIUSII l-‘ollcv Proceeds, Dividends and Other Amounts on Deposit \\'lI.l'l the (‘nnlpnlly total 542162.148. This is an increase 01' S-Liilififilfi over 194.": (Illlulgl- In Ifusis Proposed Itcfcrring f0 Illf‘ new Iillslllcss for lhc year of $05,000,001], it was pumi- (‘ll uul that a chart 0f lllc Ordinary Illlslness paid for from ihe end of 191410 the 0nd of Ill-If; lndlczlicd that Ill!‘ pzlllcrn of‘ prlltlxlclllnl (lllflllfl and following the firs! World \VIII' was being rcpculvd mid J llll- parlor-n llf tlle chart fulluns Illll) lhc fulllre, zl lrlnpnrary’ flUCllllC Ill llcv: produc- llovl might lCSilll Til" vlnllsl- of I‘ it, »-‘, IIUIII the commencement of bllslllflss in i870 up to the present time was nut- lined, and it was pointed olll that with the infercrf "IIFHIIIJ "M" ~>w reduced In 304i". lcslnlcllf fflflFI-Pl the refunding of bond obligation, nl lower interest rates, lhc spread be- flvvcn the interest (‘llrncd and the IHIDTOSI nleef policy obligations was nnrroxv- er than in any previous period was obviously illimical lo the inter- csts of the existing body of policy- holders to continue f0 issue a large volume of new business nt pronliuln rates which require the llllrnfnlent of funds al. a higher yield than can be justified by the present outlook. Accordingly, the Company propos- ed at all early date to nlccf the situa- tion by changing to 2M2; as n proper assumption for Ihl‘ calculation of premiums and values, not because interest rates are expected to drop f0 fhis figure. lull because lf carning rntcs on invcsflnellfs rclnnill at the current level or were to drop some- lvllnt lmvel", tllr earning rate of 2%‘; lo he presumed may be expected to provide nn RdCqIIBlC working mar- gin Since the not cost of insurance lo policyholders in a mutual life insurance company is not. governed lw the gross premium but by the actual interest. earnings, file nlorlal- ity experience and frntlve efficiency of the company. IIIPIT‘ lvns no reason In L-elicll- lllaf the Company's abilily lo continue in a leading position with respect lo low net cost will be disturbed by the proposed change in basis. null \-. m. fl..- clnll nl-fr-l l. "II hy required in be earned to II the adminis- J i l PAGE THREE A lady in Wiaslos has received! the following letter which speaks for Itself. Kifissls. Athens Jan. 22, I347 Greece Dear Madam: Through the Greek service the! distributes lh- donated clothing to the poured 0i llle pool‘ l got your wonderful warm brown coat will fur. This presenl came af. a mo- menl of utmost despair, that ! llud lost all my hope and all my will to live. During all this horrible war I and my family had to suffer a lot. I nll-self have been in a Ger- nlnn concentration lump for work- mi; \\.-tll one of the underground organizations. There I lost my health and now I am only a. shade of my former self and very sensi- file 1n ‘r-illylliiflg l-uld. I should not wori; v11; hard FMIIICI, but one has to fly in krep Illa frlmlly alive. My husband had in he fur l, long time (ILIFIHZ; ,lll- U".lI[l'.l1f0i‘I a refugee fc. ins wolf. rn the underground OIAJdlliLflIl/ID. Through lack of food and norriblv IVIIIL: lundltions he llClfilflFll '1‘. I]. ‘Illollgil there is Ill‘ huge lilzll lle will Ill‘ ~ured he is noi unit‘ lo \\"I'l-, and has to sill, 1n b~d. ills lr. llc kept warm uni‘ lvoii I01. Besides lhis. there is UUI’ 4 l-‘Z your old daughter that has lo be fell. cured for and zllso -' I" nl lack. of loaf and 1' >l'I(‘ continually has i lll-‘xe. Your coat i f H I l; vbvlll from i |~ ~ l ll lll rqmglng- I ll luau-rial 1 man- w a u lrnl lacket If is llnle that 1 remember arm hands and not strff ones, I am su grateful in yllll and I I(‘.i our Ijilli) every drly of [he kind lady lilui ezlvl- her wurm coal. for us. You sve- neither my husband, n01‘ I have any living relatives. The) all died during the war, either during Illl‘ lime of starvation or nlurrfcred _b_\ lilo Germans, All our fflfllirl‘ lwlllllgnllcs have been de- stroyed I»; lhe Germans too. Befolc the war both of us have hall seen better times. We are both high school gruduateg, but now there is no Job to be found. My husband is seriously Ill, so he cannot work and all the respongi. bililies sf-ly on my shoulders. There i5 no job to bc found so I I1oVO Lo lvork wllalcver the chance brings The payment is so small that it covers Just the costs of a. poor meal. the extremely high‘ rent, some medi- cmes and a very little wood to light 1hr slave for 2 m- 3 hours a day. This lllcfllls shivering all day be- cause we live ill a suburb of Athens on the fool, of mountains, that now durlni Winter are covered with snow. Sometimes we can sell for I. very low price one of the pends-swings my husband makes. Pieces of art are new Ilnderpaid here, but the Irving expenses are going up stead,- lly. I should like very much to express my gratitude to you fluqugh sending you a small pen drawing of his. When the weather will be better and he will be a-ble to get up for some hours a day he will start drawing again. He i; very Eli/Ger to express his gratitude for you. In the meantime I will find out which is the best and 5813;» way to send ff, so that I'll be sure U131 you will receive it. As I do not. want lo trouble you with nlon- sad and unpleasant de- r-(‘ripllmls uf our life I finish this letter. I cannot find words enough f0 thank you properly for this gift 0f yours and to express my ever- lasting gratitude to you. Yours faithfully. JOANNA A. ‘TATIIOPOULOU 3 Maruthonos Str. Kifissis, Athens Greece In Memoriam In fond and loving enemas-y 3| George Maxwell Davey, who pqgql away, on February 12th, 1945. No one knows the silent heal-techno. Only those who have loved can bell The grief’ we bear In III€IIICQ For the one we loved so well. Lovingly Remembered by H15 Wll Annie, and Daughter Janet. CARD 0F THANKS I Mrs Ambrose Wood and Family u‘ has in exprcss their since Ihankl In nil llcighbollls and friends for lll(‘ll lllfl‘l_\' IIUIS cI klIltll1€SS and to file lelilullw llnd friends, who sent Lclfvlge and (‘a s of Sympathy in filer rccruf lxr SARI! 0F THANKS ‘i’ \\ Ellliulull sill.‘ vllestes v.11 w '. fir» IICIKIIIJOIIYI‘! and friend In, lllrnr kindness dur- fnr lh!” enl bereavement; also la firm" wit» ~l‘nl Farris of Sym- paW- l " lwl l-‘i yer? TllCfC is now hope for you iI you use I’0Is0‘n'8 COUQII Syrup. Iiud attacks of cough- ing lvill cl-rlaiflly be checked. This aromatic remedy acts as an internal antiseptic and thins out the mucus or phlegm that causes the gasping and choking. The sfraillcll, over-wrought con- dition ill the muscles of the throat and bronchial tubes is relaxed, and you ran breathe more freely again. II you suffer Irolu a Weak Throat, from Bronchitis, a Cough 0r Cold. don't experiment with a doubt- ful rcnlcdy, use one that enl- braccs the bcsl of pharmaceuti- cal skill. Use Polson's Cough Syrllp. Sold by all Druggists in 35c bottles OISUNS SYRUP Gifts Appreciated - l‘