Evening star., 1925-02-20
Extracts from Directors Report

Your Directors present their fourth Report with
unusual The rapid expansion Of operations. and the
steady upbung of which have markedly charso
tized the Company Transactions have
tnued during the past twelve months and at greatly increased
These figures herewith qaoted show the growth which
has taken place IN the volume Of the operations and
IN its resources The figures as to p0" and hnan-
cial strength more impressive.
As to profits actually paid the of $685. 6524S has been
dsbnsed during the poyhoders under this heading
As 10 provision for the future the Company position has been
materially strengthened in all directions
There has been further upbuldmg Of the life policy
policies prior have been valued the
basis Of assuming three and half per cent interest the dis
counting ratio for the Company obligations but this the
entire Life contracts have been valued st three cent
the extra amount thus set aside being sl,11l.ose.
There has also been strengthening OF the Annuity Reves
Recent investigations have shown progressive increase the
average lifetime OF annuitants special annuity of
$5000 has this been beyond the amount required
BY the Government Standard
The Companys Head Office and branch buildings and other
real estae, have been written down by $75o,oee.
The Contingency Reserves have been strengthened by the add
ton of g. oc 600 taken from the earnings of the
of this going the fund provide for possible Haua
lions in the market value Of securities raising that fund to
$OOoooo, and 81 100000 going General Contingencies
raising These contingency thus
amount to 81, 100000
After maing these heavy ALLEGATIONS the undivided surplus
has yet been increased by ssA4oa insng to total Of
$z2,lU,S5s.
Tn. Company is Of position to its already
generous scale profits pohoder and your Directors have
pleasure IN announcing for the 9Th in succession that such
an increase wH be made.
EWhe factors have contributed to this remarkable show
ing the noteworthy has been the large earning from invest
As has been mentioned previous reports has for
years been the policy Of the Company invest m bonds
and similar choice securities order that by this the high
rates OF interest then prevailing result Of the abnormal
dons produced by TIE might be projected into future
This policy is bearing fruit Current rates of interest, though
st very sstiadory materially lower than those Of former
years. and consequence there has been marked the
quotations for OF the owned by the Company
During the past year Of these increased values have been
capitalized BY sales and net pso6 OF u aSaAs has brn
realized from this In addition there has been increase
Of in the market vaue Of the securities still held
Although Of this increased vaue undoQedy permanent
and due merely the OF interest
normal basis it win be noted that the Company has carried
100000 Of the contingency already
explained.
The earned during the the invested
assets has been per exclusive Of profits from sales This
the Of the previous year. and has
resulted from having realized Of holdings Of gov
ernmen which had high figures the pro
being then reinveted securities yielding better returns