THE DAILY BRITISH WHIG THURSPAY, AUGUST a 1923. Canadian High Commissioner Opens Splendid New Manufacturers Life Building INSURANCE COMPANY NOW OCCUPIES EXCLUSIVELY OWN SIX STORY BUILDING History Since Its Whepiion in Continuous Growth. ~ Yesterday afternoon witnessed, - the official opening, by the Canadian High Commissioner in London, the . Honorable P. C. Larkin, of the new | . Head Office buflding of The Manu-| facturers Life Insurance Company, | at 100 Bloor Street, East, Toronto. The interesting ceremony marked | the culmination of one era in the; Company's history--the era in which | it grew from a small organization! { oeeuping a little store on King | Street East, to one of Canada's lavy- | "8st financial institutions with an en- | tire six-story office building needed £0 'house its head office stuff. The history of The Manufacturers Life fs one of growth, not only paralleling Canada's. growth but] Spreading beyond the shores of the| Dominion into a world-wide field. It Is a history, too, of pioneers and pioneering. For many of the names most intimately connected | with the early days of the Company | names to conjure with in early | Canadian history. ~ Probably the most outstanding of | these is Sir John A. Macdonald-- first premier of the Dominion of 'Canada and first President of The 'Manufacturers Life. Others there 'were whose names are written large in the story of Canadian govern- "ment, finance, education and indus-| try. : {2 Founded in 1887. Just twenty years after Confedera-, tion had been consummated, The Manufacturers Life was formed. To launch a new life insurance] 'company is no easy task, but under the indefatigable direction of the first managing = director, Mr. J. B. Carlile, the preliminary work was/ soon completed and the Company organized under a Dominion Charter th an authorized capitalization of! L000, and with subscribed capi- | i of $621,000, of which amount {$126,820 was paid up, the Company © was ready to start operations. On August 15th, 1887, the Com-| 'books were closed on December; th, 1887, the business written amounted to $2,664,5003 which at, . the time was considered ap out standing achievement. Like all Canadian Life Companies, The Manufacturers Life is under] 'close Government-supervision. The Company's policyholders, however, | have never had to rely on Govern- ment supervision to ensure their] Under a directorate of the financial © standing, - with executive officers of the ablest type, the. Company's funds have always | Small by contrast with those of to- and safcly invested, 'bringing returns which are a mat- for annual congratulation by the and policyholders alike. : In the matter of improving. policy contracts, The Manufacturers Life always been a leader--never a r. When more liberal and ptive features appeared pos- 'théy were immediately incor- in the policy contract -- in ' both clear and devoid of i ambiguities. To-day Manufac- turers policies include days of grace for payment of premiums, automatic ture privileges, extended surrender. values, loans, cted as regards residence. or tion, disability benefits and t by instalments. important of all, perhaps, the policyholder"s standpoint, )é Company's rule of prompt pay- of claims. The Cempany has paid claims promptly on re- of satisfactory proof of death - maturity of policy, no fees 'payable for this service. securing of new business, the getting it and its conserva- it is on the books, has 'been a matter of vital con- i | | § | : ance experience has been {later Actuary. {of the Company. {Actuarial Society of America and a {| penditures amounted to mn 1887 Has Been One of | heavy losses from | ing { and similar catastrophies .s bromnght J. B. McKECHNIE, M.A, .Fellow of the Institute of Actuaries. | General Manager. | Like many of the Company's offi- | cers, Mr. McKechnie"s whole insur-| with The | Manufacturers Life. An Honor grad- | uate of Queen's University of King- | ston, Mr. McKechnfe joined the Act- | uarial Department in 1903. Step by! step he has risen to the highest posi- tion in the gift of the Company. March, 1907, Mr. McKechnie became | Actuary and two years] In April, 1915, he| was appointed Assistant Manager| and Actuary, and in February, 1916, | | General Manager. In February, 1917, | Mr. McKeslmie was elected a Director A Fellow of the In Assistant Fellow of the Institute of Actuaries, {a Past President of the Insurance { Institute of Toronto, the Canadian | Life Officers' Association, and the ; Dominion Mortgage and Investment | Association, few men are more wide- | {1¥ known than Mr. McKechnie in the | | realms of fifhnce and insurance. | A steadily increasing pace The total amount of business in| force at the end of 1890 amounted | to $6,830,525, under four 'thousand | | and seven policies. The total re-| 'ceipts from all sources for that year | were $182,602, while the payments | for death claims and all other. -ex- The assets in this year were increas- ed by $52,380, making- the fotat assets on December 31st, $345,97 Remarkable as these figures ap- peared at the time, they seem very day. In 1924 The Manufacturers Lifé wrote almost as much new in- surance in one month as the total in force equalled in 1890. In 1924, also, the Company paid in dividends to policyholders alone the 'sum of $1,044,649, which is more than three times the Company's total assets in 1890. Geo. Gooderham Becomes President. The death of Sir John A. Macdon- ald in 1891 threw a shadow over the entire Dominion. His passing was probably nowhere more keenly felt than in the offices of The Manufac- turers Life, where his kindly coun- sel and outstanding qualities of lead- ership were fully recognized. Succeeding Sir John A. Macdonald, Mr. George Gooderham, President of the Bank of Toronto, a prominent financier and one of Canada's wealthiest men, was elected to the Presidency. Mr. Gooderham was connecied with many of the coun- trys best known industries, and took a Keen interest in the Com- pany. Having been a Vice-Presi- dent since inception, Mr. Gooder- rhe {down to the irreducible | dise; { study of the | second to none. A. MACDONALD 18¢ SIR JOHN Premier of Canada dent Manufacturers Life, ham was perfectly familiar with the ideals of the founders. In Foreign Fields. It is always desirable for a 1If. insurance company to write insur- ance fn as many different countries as enjoy stable government healthful climate. In this risks are widely spread and mortality earthq and a Way, the from epidemics, The Manu- pro ? As one example of this facturers Life suffered ately the smallest losses of Canadian Company from the 1 fluenza epidemics of 1918 and 19:9 From a national viewpoint the writing of insurance abroad 'Is excellent one. Since it results in steady payments from policyholders all over the werld, effect similar to the export of merchan- the premiums going to swell the "invisible balance of trade which has such a noticeablc effect in controlling Canada's export balance." As soon as the Home agency force was functioning efficiently, the offi- anv an in it is in this | cers of The Manufacturers Life laid preliminary plans for the develop- ment of business abroad was slow, and field had to be before agents could be appointed. Progress of course Sir George W. Ross Becomes President. 1901, Mr. ham retired | dency and TGeorge Ww. George from the was succeeded by Ross. George was a man of more varied | gifts and activities than perhaps any | other Parliamentary | time. an educator, serving as Minister of Education for Ontario for vears, during which time he instrumental in reorganizing ite! result- | g akes, | minimam. | portion-| as case | | careful | made | Gooder- | Presi- | Sir | For six years Pre- | _ pany issued its first policy, and when (clothes and was striding ahead at al ier of the Province of Ontario, Sir | the | The Four Presidents Of The Company 5 GOODERHAM to, Presi Manu- 1501 dent SIR GEORGE W. ROSS Premier of Ontario, 1899-1905, Presi- dent Manufacturers Life, 1901-1914 MR. W. G. GOODERHAM Capitalist, Toronto. President Manu- facturers Life since 1914. and Agency | 1 eted through enlistments. Following the cessation of hostili-| { imposed by war and influenza, each |trebled this amount, and | ties the Company welcomed back to d those of the ed their count nce generous 8 socorded their dependents, on their return to civilian life they pursued the arts of peace as formerly pursied ies During in orously as they the arts of war. In the placed its 1ancial resources as far The Manufacturers Life of the largest purchasers of Victory Bonds in the Domminign of | Car as well as raiment Bonds of Allied countries. 1ada of Gove Influenza Epidemie. Althc trying to the during ough the life world-wide f 2 War years were very companie epidem closing of 191s and early part of 1919, caused a heavier mortality than the war cas- ualties on life {ance companies was tremendous, the months insur- the The strain death rate being history of all companies In a period of five: years lifg in- surance was called upon not only to | Perna mins Staffs were greatly de-) life and its services both in the Home Office | sistent growth, i staff who so | been broken with treatment i and | Allied Cause the Compaily] the largest in the] 1$100,000,000. half years ~~ In the last seven and the Company has in June of $300,000,000 Company wrote in in affected every business. | Notwithstanding the heavy handicap | a succeeding year has shown a con- and records have | unfailing regu- this year reached the mark. In 1924 the almost as much new one month as the total amount torce at'the end of 1890. insurance | larity. In order to fully appreciate the remarkable expansion of the Com- { pany during the last decade, a com- | parison of figures of 1914 and 1924 should be made | { 1924 New: insurance is- d ' .-$14,519,921 § 60,440,136 | 281,195,960 53,003,781 14,335,844 | rece ... Aszety : oe otal income b ividends to | policy holders 1,044,650 | Agency Organization. The Manager of Agencies, Mr. | Alexander Mackenzie, is one of the | best known life insurance men on | the continent. Mr. Mackenzie joined the organization in November, 19186, as Superintendent for Ontario. In | February, 1918, he was appointed | Assistant Manager of Agencies, and {on the retirement of Mr. Junkin in | January, 1919, became Manager of Agencies. At the time of his ap- | pointment to Manager of Agencies the Insurance in Force amounted to L. A. WINTER, Treasurer. | | { leader of nis | He attained eminence first as | sixteen | was | { ! school system of the Province, bring-| where it also ing it to the point He fame as a writer on topics, tion as a lecturer. appointed to the served his country faithfully his death in March, 1914. Mr. W. G. Gooderham. On April 16th, 1914, Mr. 'W. G. In. 1907 Senate, where he until Gooderham was elected to the Pre-| sidency. A son of the late George Gooderham, former President of the Company, and trained in the same school of intensive experience] as his father, it was but natural that he should identify himself with The| Manufacturers Life. Mr. Gooder-! ham has long 'been connected with | many of the largest financial in- stitutions of Canada, and Das a thorough knowledge of finance in all its branches. He is President of the Bank of Toronto, President of the Canada Permanent Mortgage Corporation, President of the Cana- dian Permanent Trust Company, and a Director of numerous financial organizations. The Great War. The outbreak of war in Europe in August, 1914, caused more or less a panic in the financial ex- changes throughout the world, and for a time diso bed its eom- merce. From an insurance point of "| view it would naturally be supposed that the heavy enlistment of the youth of the country would close is} Mr. | \ gained | educational | and enjoyed a wide reputa- | he was| THE at a | stand the shock of a war but, in ad- dition, a world-wide epidemic. Not- | withstanding this heavy mortality, {mo reduction was made in dividends { to policyholders, which demonstrated | beyond peradventure the solidity of | The Manufacturers Life. | Throughout the whole history of | level premium life insurance no- thing did more to bring to the at- tention of the insurance public its practicability than the ravages of war and influenza. The experi- ences of these momentous years de- monstrated that in good times or bad, war or peace, famine or plenty, a par. Development Since 1914. The decade 1924 was an eventful one. ably the most exciting that will presentéeneration. The Great War life insurance policy is always worth | between 1914 and] Prob-! left its impress on every individual's NEW MANUFACTURERS LIFE BUILDING, ~ Milestones! In July, 1907, practically twenty years after the inception of the Comptny, Insurance in Force reached a total of Fifty Million Dollars. Ten and a half years later this amount was doubled. Two years and one month later the Insurance in Force had grown to One Hundred and Fifty Million Dollars, and a year and five months later to Two Hundred Million. In three and a half years, more New Business had been placed on the books than during the first thirty years of operations. In January, 1924, the Quarter-Billion mark was reached, and in June last the Three Hundred Million--the objective given the Field Force a year ago for the Official Opening of the new Head Office. INSURANCE IN FORCE July, 1907 $50,000,000 February, 1918 $100,000,000 March, 1920 $150,000,000 $200,000,000 © January, 1924 $250,000,000 August 26th, 1925 touch the experience of most of the; STRONG BOARD HEADS LIFE INSURANCE 0 Prodioeat. Financial Men Compose Board of Directors. WIDE EXPERIENCE Prominently Connected With Other Financial Institutions. The Board ef Directors of Manu- facturers Life includes a number of Un-~ | Canada's leading Financiers. questionably one of the reasons for the growth of Manufacturers Life has been the far-sighted ability and stable ideas of the men who have served as its directors. to-day, 1 The directorate numbers as it has always in the past, who are known throughout the coun- try men and in international financial circles. The President, Mr. W. G. ham, comes of a Gooder- family prominent in financial affairs in Toronto for He is also Presi- dent of the Bank of Toronto, and of the Canada Permanent Mortgage Corporation. The Vice-Presidents are Mr. A. J. Wilkes, K. C., of Brantford, who is a Director of the Royal Loan and Savings Co., Limited; and Mr. C. C# Dalton, of Toronto, President of the Dalton Spice Co., Limited . The balance of the Board consists of Mr. E. R. C. Clarkson, of Toronto, who is a Director of the Canada Permanent Mortgage Corporation: Mr. M. R. Gooderham, Barrifter, of Toronto; Mr. J. B. McKechnie, Gen- eral Manager of The Manufacturers Life; Mr. F. Gordon Osler, Director of the Dominion Bank; Mr. Douglas G. Ross, of McKnight, Ross Dougtas, of Toronto; and Mr. Wil- liam Stone, a Director of the Bank of Toronto. BULDING PROVIDES DEAL CONDITIONS AWAY FROM - DOWNTOWN NOISE AND BUSTLE Splendid Light and Quiet Location Make for Increased Efficiency. The new Manufacturers Life Building is not only in. architecture an outstanding feature of one of To- ronto's most important streets, but also is a comfortable place of busi- ness for the Head Office staff, It was designed to give them in the greatest possible degree good light, gopd ventilation, and quiet. 'The location was selected with that in mind. The Manufacturers Life is the first big company to leave the congested downtown financial district for the better surroundings farther north. Geographically Bloor Street is now the centre of the city and is that much spre convenient to the homes of the staff. From the standpoint of air and quiet, it is muck more Hke a resi- dential distriet. There are no fac tories or large bulldings. Heavy traffit is several blocks away. The land for the building was pur- chased from the Toronto Board of Education. It has a frontage of 300 feet on Bloor Street and runs back 700 feet to the Rosedale Raving. The building itself is one of To- ronto's finest examples of classic architecture, It is 196 feet in length two generations. & 3