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- That Ecuuomy of Management; has always been regarded in its; true. importance in the conduct of: the affairs of the Excelsior is attest. I ed by the fact that, Counsellqu Til-l ley made the following reference; to this company before the Royal? Commission: “I have gone over the salaries; I do not think thqu is anything to be commented upun exâ€" cept that it has been the effort of the company to keep down expens- In some respects, however. the lost interesting: feature in the re- sultn of the Exculsinr’s business is the. productivmmss of its invest- ments. During lhe past five years the avenge rate uf intere‘t earned by all the companies operating in' Canada, was a. «hade under five per- cent. The wen-age earnings 0% Brit-i511 Cumpanics {Hz-n: the. same? source was four and a. fifth per cent, while American companies averaged siighfly bc‘ttcr than the English. The Excelsior Life, howâ€" ever, earned during the same period the remarkable sum of more than seven per tent. on its investâ€" ments. In 1905 its interest earn~ ,ings were the highest of any comâ€" pany in Canada and for many years it has nM. ranked beiow sqeond place. The far reaching effeétng such earnings is too apparent fo?‘ further comment. exactly twelve per cent. The Excel- sior’s average for an entire period of nineteen years is only about four per cent; and the year 1909 shows the lowest percentage in mortality experience of any year since the company began operations. The experience of the Excelsior in this regard is certainly noteworthy. The importance of a low mortality ratio cannot be overestimated. It is of vastly greater significance to the policy holder than even a low ex~ pense ratio. further comment. An agent of thé American Bible. In the year which has just closed Sm-iety was assaulted in Venezuela the Excelsior Increased its Cash In- mud- his Bibles desimyed. The Mortality Experience of the Excelsior Life is remarkable. The average mortality experience per 1,000 lives at risk for 10 years of all active Canadian companies is slightly over ten and a half per cent. The average of 90 prominent American («mummies for 1907 was Splendid Shmring' of The Excelsior Life 1mm mice Cmupany. Nearly all the Canadian Life Inâ€" surance companies have in the past few yearn shown remarkable growl-h. The confidence of the peo- ple ‘of Canada in their own institu- tion:- has been well merited. The managements of the most success- ful companies have been especially pruiseworthy in their efforts to keep down expenses while enlarging their field of operations, adding to their assets and increasing their divi- dends to policy holders. Canadians have not been slow to recognize the excellent opportunities for safe and profitable investment afforded by these well-managed and thormxghlyâ€" supervised financial institutions. The. security ofim'ed by the regular Canadian companies is second to nene. In practically no other line of financial activity can it he said that any company has ever entered int» liquidntiun or failed to meet its obligations in full. The Excelsior Life Insurance Company has from the first. held a position of prominence in those facâ€" tors which are of essential import- ance to policy holders. Economy of management. productiveness and security of investments and favorâ€" able mortality experience have been the watchwords of its manageâ€" ment ‘Alll‘ifl on an Im- E100 in the Gulf of Finland. A despatch from St. Petersburg says-z Fifty fishermen ‘who were set hdlift upon an ice flue which broke away from the shore near Peterhnf, on the south share of the Gulf of Finland, are believed to have per- hshed, as SGiM'L‘h for them has been futile. Some [fave Been Kept (Ivor Two Years at Montreal. . A deapatch from Montreal. says: Montreal’s Chief Food Inspector, DercGari‘y. has‘been investigatâ€" inqlicoldâ€"storage conditions here. In one add-storage place Dr. MoGax-ry has. found t‘uét no less than two thousand sheep have been kept for the last two years. The owners. of tlw sheep declare that they are still in good condition and {it far con- sumption. The report; will Show aim that in some coldâ€"storage places there is stored food that has gmw beyond “prime” condition. It is likely that. more stringent regu- lations Wlll be enforced. A YEAR’S RECORD BUSINESS. Fl FTY Flh‘ H ER M EN I’I‘IIHS H. SHE R" IN COLD-STORAGE. vies. dark spots, erufi kin needs attention Al'c Cured by Zam-Buk. At this: season, scores of pcopIeâ€"--- girls and young women especially»-~ find their faces disfigured by pim- The management of the Excelsior has shown a. most pi-aiseworthy conservatism in the selection of new business and in every essential of prn‘gressiveness, consistent wit-h the utmost safety. It has given a most, remarkable and satisfactory ac- count of itself in the conduct of the company’s affairs. Just think what it has gong thmugh! You have been out in rain and sleet. and snow. You haw] been at one moment perspiring from skah‘ng, or some other, excr tion. Then you have stood M “can! OK.” You have spent hours pf the day indoors at a. temperx‘ lure equal to summer heat. Then 'ou have covered up yOur skinâ€"w» L'pt your faceâ€"--~:md gone out into n tnxlxperature away below zero? Don‘t forget that the skin has '9 do work just as any other organ of the body. and if you morwoi‘l; it, it gi‘ces out. 211119811}: is lvlm remedy. Smear it lightly over Lila spam. the eruptions, the. {mallow patches‘ at night. and notice. how quickly your apprzirancc imprm'ea. As the rich, refinedyherbal esscmu es sink dcvp into thv tissuu‘ tl‘m ham}, scurvy-like patches are re- moved. Better culur results. The cells of the skin become. transImI-~ ent. and the delicate ‘bloom of health replaces the sallowncss and pallor of disease. Zam-Buk also cu'res eczema, ul- cers, chaps, ringworm, cut-st burns, bruises, children’s rashes, piles, etc All druggists and sto‘ros at- 500. box, or Zam-Buk 00., Taran- tv, far price. Refuse harmful sub~ stitutes and imitations. Big: Shipment of Cobalt Product for England. A despatch from St. Catharines says: Three big lorry loads of solid silver passing along St. Paul street- on their way lo the Grand Trunk station on Tuesday evening testified to the richness of the Cobalt silver mines. The silver was all in bars weighing about seventyâ€"fire. pounds a-w:*irdup(:iis each, a. hundred am»? seventysix of them in 3.11,.the wholl‘ totalling up to about seven tons 0] solid silver. It all came from the Thorold smelter" and was smelted from Cobalt ore. The silver goes to London, England, through Mout- ‘3ul and Halifax. As it is very heavy stuff. its very weight adds to its security in transit, though every precaution will be. taken en route. Thi.w is probably the greatest ship- ment bf silver ever sent from St. Catharines. come thirteen per cent.; decreased its; Expense and Death Claims Ratio nine per cent.; increased its ASFetS sixteen per cent.; increased its Government Reserve twenty- three per cent.; decreased its Lia- bilities thirtyâ€"seven per cent., ad- ded to its Net Surplus on Policy Ho'ldel's’ Account fortyâ€"three per cent. and more than doubled its Net Unalloted Surplus. The total assets for the security of policy holders now stand at $140.00 for every $100.00 of Liability, a most unassailable position all through. gave me up but “Fruit-a-tives” saved my life. I am now over eighty years of age and I strongly recommend “Fruit-a-tives" for Constipation and Kidney Trouble". (Signed) JAMES DINGWALL. ‘ 50¢ a box, 6 for $2.5oâ€"or trial box, 250 â€"â€"at dealers or how Fruit»aâ€"tives Limited, Ottawa. JAMES DINGWALL. Eu. Williamstown, Ont. July 27th, 1908. “I suffered all my life from Chronic Constipation and no doctor, or remedy. I ever tried helped me. "Fruit-aâ€"tives” promptly cured me. Also, last spring I had a bad attack of BLADDER and KIDNEY TROUBLE and the-doctor GIVEN UP BY HIS PHYSICIAN "FRUIT-A-TIVES", THE FAMOUS FRUIT MEDICINE, SAVED HIS LIFE. SEVEN TONS OF SILVER. SPRING SKIN TRO l7BLES. , eruptions, etc. The Roar-Admiral Says» Skin of War Vessels Must Increase. A despatch from London says: “The battleship of the future may be fifty per cent. larger than the present Dreadnought.” This is the prediction of Rear-Admiral Bacon, commander of the original Dread- nought, who addressed the Insti- tute of Naval Architecture on Wedâ€" nosday. The size of the ships and the power of their guns must inâ€" crease until actual war confirms or qualifies the present theories of naâ€" val construction, he added. Report of Dr. Rutherford. Yet.- General of the Dominion. A despatch from Ottawa. says: Dr. Rutherford, Dominion Veterinâ€" ary-General, stated on Wednesday that reports which had been appearâ€" ing in the press as to mad dogs having bitten people in several dis- tricts of Ontario east of Toronto are not borne out by the facts elici- itud by the official ini/estigation. In none of the cases mentioned has it been found that the dogs were suf- fering from rabies, and as far as it is now known there has been no outbreak of the disease east of To- rent "READNO [FGHT Al’lh‘fl Y SHIP Three. Men Seriously Injured by Explosion at Sydney, N. S. A despatch from Sydney, N. S., says: An explosion occurred on Satâ€" urday at the open hearth furnaces of the Dominion Iron and Steel plant. Three men were seriously burned by flying molten metal-and severely injured. Supt. MacKley, of the blast furnaces department, who was passing through the mill at the time of the explosion, was most badly injured. All the victims will recover. It was caused by pouring cold water on slag. NO RABIES EAST OF TORONTO. Old Gun Had Hung on Kitchen Wall for Years. A despabch‘ from Centreville, B., says: On Saturday, Wm. Lewis, a prominent farmer, accidentally shot his sister, Mrs. Esther Gal; lup. dead. Lewis took his gun floll‘. the kitchen wall, where it. had been hanging unused for years, with the intention of cleaning it. Nos knowing it was loaded, he snapped the hammer, and the charge of buckshot blew his sis- ter’s head neaer off. The victim was sitting in a chair with her twoâ€" yearâ€"old grandchild prattling by her side when the accident occurâ€" red. and the little one’s escape is a miracle. Lewis, who is 67 years old, is prosti'ated with grief. l’Olle‘jl) COLD WATER ON SIA G SHOT llIS SISTER. DEAD. Booklets containing the Directors' Report and proceedings of the 40th Annual Meeting held March 3rd, 1910, are being printed, and will he distrlbuiod among policyholders in due course . New Business (all Canadian) written in 1909 . . . 3 8,125,573 Assurances in force, December 31. 1909 . . . . . . . . 59,261,959 Assets, December 31, 1909 . . . . . .. . .. .. . ... 14,518,442 Surplus, December 31, 1909 ................. 2,269,692 Otfice) .. .. Cash in Banks .. . . . Cash at Head Office . . Due and Deferred Mortgages .. . . ‘. . . . . . Debentures and Bonds . .. Loans on Policies . . . . . . . Premium Obligations " Real Estate (Company's (net) . . . . . . .. .. . Interest due and accrued Ne? Lgdgrer Assets, December mums, mg ASSURANCE lie-3mm . M SCULLY. RNA" 'A'uanm- 9(7),, January 24. 1910. Axiulimd and found correct 1119:”) OFFICE IN COM E. ASSETS. , OF CANADA FOR YEAR ENDING DECEMBE Premiums Fix A N (V‘IA'L STATE M EN 'l‘ 01’ TH E Head . . .$12,355,474 2,049,820 u. 700,127 The following illustration for which we are indebted to Mr. W. E. Dyer, Canadian Representative of thc Eucalyptus Timber Corpora- tion of LOS Angeles, shows what nature and scientific work will proâ€" The secret of this rapid growth is due very largely to the tap-root _system that nature seems to have worked out to perfection in this species of her many wonderful chilâ€" dren. Almost immediately after trarisplanting into an open field the seedlings develop what is called a, fap-root. That is the main cen~ tral root starts in a downward course and simply keeps on growing until it finds a. supply of water. The Eucalyptus is a remarkable treeâ€"remarkable from almost every standpoint as compared with the na- tive American. timber trees. It is an evergreen, but a hardwood. It is one of the hardest of hardwoods, 'but- is a more rapid grower than any of our native softwoods. As a seedling it requires about as much care as a field of corn, and it grows almost as fast, but after two or three years it requires very little attention. and yet will continue its remarkable growth for many years. Even when out down there is a sec‘ ond growth (like our Canadian chestnut trees), more rapid than the first. Page (33) Under favorable condi~ tions trees in seeding plantations have reached a maximum develop- ment of 5 inches in diameter and 67 feet in height in four years. This represents an average of 17 feet height growth per year, though a growth of 10 to 15 feet in height yearly is the general average. . . . the most rapid seedling growth noted was made by a tree which in nine years reached a height of 125 feet and a diameter of 36 inches. A Rapid Growing. Hardwoodâ€"~Na- tire of Australia. But Being Pro- pogntod Very Satisfactorin in , California” 2' l The rapid development- of the% Eucalyptus growing industry in-i California has been attracting much} attention of both the State and} Federal Forestry officials, and more recently this interest has spread to: the point where many capitalists are investing very largely. With the oneâ€"time almost unlim- ited forests of native hardwoods, America looked upon the Eucalyp- tus simply as a-supply for certain oils for Medicinal, purposes. and but little attention was given to tho} wonderful growth and the intr‘nsEl hardness of many SDE‘C‘iPS of linâ€" caiypts. Recent- yoarsi liovnémr, have proven the fact that Eucalyp- tus will grow in California as read- ily as in its own native country of Australia, and the following quota‘ tion from “A Handbook for Euâ€" calyptus Planters,” issued by the California State Board of Forestry confirms this statement. $15,105,322 22 $14,518,441 61 BA L} N ("E S [l E ET 6,885,864 4,858,596 1,818,768 854,717 292,660 50,528 233,633 3,786 19,885 (IA SH A COO llN’i‘. EUCALYPTUS. To Policyholdersâ€" Death Claims . . . . . . $384,537 Matured Endowments 240,137 Surrendered Policies . 96,257 Surplus .. ........ 86,044 Annuities .. ...... 11.843 Expenses, Taxes, etc . . . . . Balance Net Ledger Assets, cember 315:, 1909 ..‘ .... ' "”‘ ' LIABILITIES. Reserve, 4%, 83,57» and 3% stand- ard .. . . . . . . . . . . . . . . . . . a Reserva on lapsed policies on which surrender values are claimable .. . . . . . Death Claims unadjusted . . . . . Prpaent value of amounts not yet due on matured instal- ment policies .. .. . . . . . . . . Matured Endowments, unad- justed . ‘ . . . . . . Premiums paid in advance Due for medical fees and sundry . accounts . . . . . . . . . . . . . . . .‘ Credit Ledger Balances . . . . . . Surplus. December 3lst, 1909 . . (Surplus on Government Stand- ard of Valuation, $2.973,â€" 749.51) .. ,........ R 3181', 1910 GEO, “TGI‘JNAST. \Ianagiug Direct-01' Increase over 1908....3 877,114 Increase over 1908 . .. 4,668,077 Increase over 1908 1,534,778 Surplus earned in 1909. 608,921 DISBUBSEMENTS. WATERLOO, ONT. Baron Von Mueller says that well matured trees of this species, cut at the season when the circulation of sap is least active, and carefully placed for drying, have proved one of the most durable of any timbers of the whole globe. (Page 77) The l'ostx'ata, is a. timber that ‘is very valuable for many purposes. It is very hard and strongâ€"~almost as hard as iron, when thoroughly dried. The great. usefulness of this timber is due principally to its durability, both under ground and in water. EUCALYPTUS ROSTRATA. Age, 15% months; height, 13% feet: circumference, 13% inch at base; tap root, 16V2 feet, below sur- face. Planted April 20, 1908. Dug up August 5, 1909. This is not, one of the fastest growâ€" ing‘ Eucalypts, but is one of the hardest and most valuable for tim- bn: products. Regarding this par- ticular species the United States Dep’t of Agriculture, Bulletin No. 35, may be quoted: due.“ in the short spaceof time stab ed. ‘ Gfiéommn ' LANDS firefly-B '31 PIXLEY. '7,“ 20, Tune gsww’ C mm :1 , g" CALIFonmA De- . 412,065,146 16 $15,105,322 $14,518,441 61 13,834,174 2,269,692 818.809 452,33 12,078 36,889 1,938 41,247 74,404 2,762 14,282 53 73