HomeMy WebLinkAboutExeter Advocate, 1906-12-27, Page 2 (2)SN LIFE ASSURANCE CO., 0? CANADA.
RESULTS OF THE INVESTIGATION
The Severe Probing but Revealed Greater Stren
43,000,000 Better Off Than it Claimed to Be—
Iuvestmeuts Absolutely Secure and Highly
Profitable — Mr. Kent's Remarks.
Naw that the chaff of trifling detaes the success of the line was unwed from
I
ta$ WWI). UWay, be mattagement 41 Me start. The bonds were, however,
the Sun Life A•ssurance Co. of Cattaila else guaranteed by the Illinoie Traction
Co whieh then had a Surplus of $162,-
000, available from its other properties
for the payment of this interest. As
thet entire interest charge upon. the new
toad when finishee woued be only $0et-
Oe0, the interest was ' already assured
two and a half times over, even if the
UM line earned nothing. It did, how,
ever, earn its own entire interest charges
in the Orst eight months of its first year
of complete operation, so that instead,
of having to call upon the guarantee ot
the parent mummy, it earned. a surplus
• Cesire to- draw attention to the really
•impertant facts windy tlio investiga-
. ton by the Royal ,Conunission 15
'brought one
LARGE pROFITS ON INVESTMENTS.
The moat streting feature of the mil-
nelln WaS unque,stionebly the Int.
inensely prontable character ot the
Investments. During the past few
years the Company has realized a net
pr,ofit. efter deducting all losses, not
0111Y ot principal, but ot interest, and
after liberally writing down any ee-
curitio at all doubtful, of over $1t000e 01 fifty Per cent. These bonds, too,
, 000 in hard cosh. In addition, the tweet were, all purchased shortly afterwards
ent market value' of the eecurities sun by a erre of bankers at an adyartee
tii
* wned, is deed $1,050,000 in exce.ss of Priee, without any sleek bonus.
their .ledlete. vfurther, alue.. Still. furer, the Further Illustrations coud lbe, ghtert
_,
ttolnPatlY has a contingent fund, con- but these cases, which were specially
sistiag eigellY of stocks obtained iki years invotigated, aro enough to show the
gone by a$ bonuses in connection wittt very hip quality of the bonds in which,
1"antle Purcbaeeet w11Lch1 thougb., hetd in the situ Lite bee inveeted.
. the Company's books at a nominal value, The value of the guarantee of tile
ot $1. for each block, have an. a,Pprotti- linnets Traetion Co, to anY bond mae`
'Mate value of e3,050,000, and that value be judged from' the .faet that its att-
. .1.; inereasing steadily. The Company s nual gross revenue now exceeds $3,000e
poUey is to hold these securities as a 000, and that it bias a surplus of $700,
-
contingent fund, and to only include 000 above the total interest, charges Up.
them in •the published list as each blot* on all the bonds or the system. After
becomes interest bearing, or Is sold. In Paying six per cent dividends upon its
the meantime policyholders , have the Preferred stock, it is earning about nine
• advantage of the einmense additional Pee cent. upon Its COMITIOrt stock, that,
se,curety thus provided, and may also 'nine per cent, howevernot being paid
t reasonably exPect to have their profits In cash; but, being used for 'extensions
mucnincreued from this source in years and other Capital expenditure, whicb
to come. increase the value of the property. There
are over seven hundred ehareholders,
t$AFFXY THE FHIST CONSIDERAl101ti.
and common stocks is about $7,000,000.
Aittiettieh. the Company has thus made and the market. value ot the preferred
enormous,proms, these profits slave not while the first issue of this preferred
stock had some water in it, large
amounts have since been Issued at 873e
and 95 for cash, •so that about $11000,-
000 ot etetual hard cash has been paid
!rt upon the preferred stock, and about
$1.4200,000 more of value has been put
-into it In the form, of surplus earnings
used for extensions. .The stock, there,
fote„ has a.very solEd ton haste. .Thet
franchises are long and, favorable, and
been .Madenfrom speculative securities.
The 'tonipany carefully ovoids* such.
The:preens are the result of. & PalieY
of not .wattirig tor investments to come
to the Company, but* deliberately look-
ing around and selebting those that are
*safest and hest, and then making use
of the company's ability to ;purchase
largettbleckteeta.assels are now $24,000,-
.0(0) to -oblate Insfde terme, thus cutting
eten. the middle meit. Absolute safety is are perpetual for more, than twe-thirds
.-alwaye the first. consideration, and pro -of, the mileage. . •
lilt .elssenliallY Secondary. Admit 3- The question wee asked how thug it
elusteetioyis are, however, more conitine- would take, to disposeofthe 111Moisi
• Ing than general: statements, and Traetionetederitiee. . The company's en-
tire holding could easily be tfiisPosed 01
at a handsome ,profit within tivo days.
Any person, however, who obeerves, the
phentenerial growth , of the earnings
must realize that the Gornmen stock at,
least 1011 net attate Atti full value .for
years, and te.sell now would merely Le
to divert into the pockets of brokers int-
' e.ikallway." Theett were scoured by first mense amounts which would otherwiee,
enorigage on a new Interurban line
conneeting Danville with the twin deep
:tit •Urigena and 'Champaign, and by a
'further lien on the public, utilittes of the
.ethree cities, comprising the street rain
" ways, electric light and Os of
each. eVere these bonds absolutely safe?
The audited net earnings for the previ-
ous year of tee properties by which they
were secured,. after deducting every plus over all liabilitias, andcapital stock
chargeeof every kind that would, rank et $1,735,698.59. This sum has since
• ahead., of the Interest on the new bonds, been largely Increased; This does not
was 130,700. The *total interest pharge include the contingent fund of over $3,
et the new bands, including ;amount re-, 00,000. The Company has also been
elutred to complete the interurban, was enabled to increase the rate' of peat
enit000., The existing net earnings were paid to policyholders year After year,
thheefore already more than two and a and It 'expects to still further increase
half ninesthe interest ebarCe upon the ,
new hands. Ties was without any ad- WRITING DOWN SECURITIES. •'
;inter'from natural increase, or from •
the new nine. The replacement value 'The CanitianY has been criticized far
of the, property was moreover esti/eat, writing down its eaurities before losses
okme attention was given to our Invest-
-Matte in the /Weals Traction Company,
these May be taken as examples.
ILLINOIS TRACTION COMPANY.
,
The first investment of the Company
• In Iflinois ‘i -Traction securities was the
purchase of two-thirds of the bonds of
it
the Danville, Urbanite& Champaign
ge to the policyholders. -a*
BENEFIT TO POLICYHOLDERS.
The large profits have enabled the
Company to forestall (ho requirementsef the law and at once •place the re-
serves upon all its policies upon a 5ee
per dent; basis, Et step calling for about
$1,200,000. Even by this severe stand-
ard it had at 31st December east a sur -
ClI t sseeet000 in excess of an bend actually happened,$ simply because it
•Was' there any riskin making seeh a feared that loss might perhaps, 'arise.
nrchase? Although no increese in earn- .The management claim, however, thee
rige Wes needed, lo make the 'bonds this 'Le the only Proper bourse, and that
any other would be highly objection -
'Abundantly safe, ,Jhe .new ,interurban
line bas In reaawe; If the manager,of atbankehr bite
reality proved highly' pro-
elteble, and the , earning:4' of tee city' oompa.uy. were to refrain from writing
properties halt* also eleadily increased *flown securities, merely became, losses
etc than file ettrplue,, Which Was two and had not yet , actually- materialized, lie
a belt' tildes the, Internet- charge when ould be .condeomed as issuing mislead -
the betide were purchased, is now about inn statemehtse The 'management con-
• ,seetti000tor seven, ernes the friteetst eider, that they deserve credit instead of
'Charge. The bonds were shortly after- eensure for the course they took. As•
• wards Sold at an advance in price, ,regards the so-called writing up, the
without, anyeetoek bonus*, to art Arnere facts aremerely that when smile large
can banking firrrt, who in turn retailed blocks of Illinois Treetton Preferred and
them aL a still higher price to the pub- Other securities were nufficientlY Mite
lie, among the Piteettettere being' two of to be transferred from the contingent act
the largett, and best American insurance
Companies, which each took a block. tit
$100,006. The security ter these bonds 19
ai'SrAlltt% Better cannot' be obtained,.
Did Me feet that the . See Company
Mutt re bargain by witioheit obteineti
isome bonus sleek, which would ordin-
arily !awe gene to other parties, in any
new lessenthat security?
DECATUft RAILWAY & COM-
*
The zecond puretiase of Illinois, Tract;
• ton eeetteillee corsisted of the borals of
the Ittectitur Railway & Light Company,
Which carried a mortgage upon the
!Street railway, eleetrie light and gas
propernee of tne city of Decatur. The now expected. Theactual losses incur -
Audited availal4 net earninga ef thee red by the Company have in fact been
properties, without any addition for very trifling when compared with the
,notenal inereete or earning; on new profits, thus affording a further tate
.properly, were over ,e5e,0004 to cover mony to the high totality of the ;weal,
tut interest charge of $30,0110 en the, new U01.
bonito" or t1101'0 thin $:.t, for each $1 te-
(mire/ In addition. there N't,'3; the guar -
ane of the Mint& Tratition Co.. whew
suzette.; earning: from Miley eropteliee
eiremly am .tinted to $130,000,0 or a fur -
her guarantee meal to ,the entire in-
terest cliarge, malting, with the Dtcatur
ta,rnineet. six times the entire interest
haritee on the new bonds. Where en
Safer or better bonds be obtainede Wes
there anythingespeettlativti about them?
tiount to the active list, the management
hat to face the question whether the en-
tire value of these, stocks shined be ad-
ded to the surplus, or whether they
should be weal in part to write down
other securitiee not, quite so good. It
was decided to substitute thoe neviSe.
amities in part for some others, that
while not bad, were not entirely sails -
factory. Had this not been done, the
nominal surplus of the Company would
!Ave been increased by about $300,000.
in the opinion of the management tins
&twee Was 'eonservative and !peeper.
Incidentally, most of the seenrities
then written down have since so im.
peeved that oomparatively little In. is
Dittgcrons HAVE NOT pnovrtsn.
No direetoe has ever obtatned any
finanoial profit CIO °drainage of arty
kind out of lite Company, hy Menne tf
salee, inane, or any such arrangement
ef any kind tvliatever, directly or. inde:
rtctly. he charter prohibits directors
awl alcove from borrowing trent the
Company, and this has been literally
lived up to. Director,s have been per.
tor, h,,,,vo sinc6 been sold st purehase securities for them.
an advimtee in rice, the sun company•
t
. selves on preeetely the same to s 03
treeening the s °el; borate. hel PnwillsIng 111°01 to the
Cottiottetti hut that tett got their the
CENTItAi. '111 (;1 Cue" . poinsitemeret end. ft is ne,en sets able
PANY. that (flee1er:1 itiM emelt their 'faith
Thi* wits the tient purehase. Three in the investments int() which they put
Jennies were itientred by Mee rnerigitee I the compeotes tneney hy taking some
neon a new intentrlan brie between fo' the tonne fer then, lve.e. net
reenter aro eieringneid, the capital rfj hie Leen d, ihoy hav41414'
tit. Connectmg two euth c1Ui,I for *itch inireetiateuta absolutely. *int
11111116,
3
•
.•••••••••&&•111111i
+(e4 -4-Q-4-°"-4-'+('°-4-4'4-"(44! NO COLORICAN MATTER
NO ADULTERATION
ABSOLUTELY PURE
ARE HE?
••••••••••••••••••-•,---
a _
OR, A $AP ititre STORY -
+0+0+04 te-e-Ct+04.o-e-o-f.o+o-f44)..-0-feietee+te+0+0+-0-e-ine-uaio-e.
CHAPTER XIV.--(Contbseed). to find out if you wish to know," he
anewers gravely; "for 1 thinlz he must
He silently holds out the water to be as much an acquaintance of yours as
Elizabeth, and she, without attempting of Larne, since it was only at the Moat
• to take- the tumbler into her own teem- that 1 ever met hen."
Wing 'hand, drinks. He loons with inn Ile had thought , that Mrs. Le Mar
potent pity from the bent blonde head chant was already as colorlessas wo-e.
ittliotthecisuprehnoiat orerdly bissnorewtassvvull.lannegilteo• sine: lCiaOrtIliclaeboot;akebuotnaas Ilheowspdeeaglitce,e 1e ot
therti without .appearing - to ttA.u.st him-
self with officious insolence into their, Patton Slte streggies unsteadily to .her
a.
confidence? It eeeins to himself nun Intl en lean is netting late le she sons int
"I efraid You muet have', theught
me
tit slow,' he says, feeling thet he is
dragging in the piece of infortnation Ilo
is anzilous to give them with an awk-
ward beadanunshoulder-ness ; "but at
Rest I couldn't fine our monk, and when "Yob are not lit to move yet.," he says
with kind imperativeness; "rest five Min
-
I end, be was engaged—he was talking
te a. visitor—a clergyenan." utes longer; it is not late, really—the sun
He pauses, eoescione that at the lett it hi li still"
ovo the kneeling figure. eloquence.CorivInc e or, , e aitsheirs 1»'
Yotrhee liykoeulyneg lonYages
word a tremuleus shiver has passed
„ shaking of her own limbs, Nies. Le Mar
-
Teat a ClergYlaan9" he goes °4 "I chant sits down again. Elizabeth has
'nervoes haste, hurrying to put them
oni.„ of their pain; "an cideriy, gray. risen to her feet, and now stands beside
'haired e English clergyman, wtio was
lust in the act of going ttway; indeed,
before I left, he had gone. 1 saw bIzn
dr1Ve off I" •
•
Ere be had finished his sentence, he is
seized by the apprehension that there
must appear to his lLsteners 'something
• sespicious in the labored details into
which he is entering; presupposieg, as
they do, that he is aware of there being
for them an interest attaching to the fact,
of the stranger's departure t And tot
deed, as he. speaks, he is conscious that
Mrs. *Le Marohantts frighteieed eyestt
which bay° been! takiAg 'surreptitioue
eripe round the peaceful garden, now
come home with ia no less alarmed look
to his faa.
"Was he—was he— ttn acquaintance of
yours?" she asks, with an attempt At a
laugh—"this clergyman, I „ Think you
said he was—that you noticed hirn so
particularly?"
.044,11 acquaintariee 1" repettts Iiin,
doubtfully, "what.„ is an acquaintanee?
Et man whom one knew aevery little,
solves the Problem very clumsily. dtslinctly ; "we—ought—to be—going
Even as she speaks She matte an mitt
home le
certain ,step forward, but it Ls so uneer-
lain that he catches her by the arm.
her mother. 'She has said nothing, but
he can see her trembling from head to
heel. He hears, her voice now address-
ing him, but in so subdued a key that
her words' are almost lost in the low
blowing of the faint south wind that is
fondling the blades ot the unshorn
grass.
"Did you say that he Was gone? Are
you sure of it ?"
"Yes, yes, quite sure! I saw him go."
"Oki you—did you happen to hear
where he was staying?" .
"Net ind"--twith ' the greateet eager-
ness—"I can easily find . out; nothing,
can be senpler."
' "Elizabeth IS standing -quite close to
him, 30 eloso that he can see her poor
littie heart leaping under the thin white
pixie: whose simple' finery had -pigged
him earlier in tee day, -She has appare
mine in her new- terror t forgotten that
there is any cause for concealing from '
him the occasion of It. She turneetzt-
stiettiyely to bent as a hurt 'child. to"the
nearest bystander,. It sams to him the
aatindd:%dvihsidlltspeda8s4asg000ndo4bejralw, itthnouYteaar,su'ineagmo sme°estelinoucttldur. Thilellyngatien blohteh ; wreCtaltdiedthtatet'
thernettives by her Mather's voice:
aiarnreeme ?,,gniti911
,:11‘..""nt's tliatt'an.enecquear "You reuse think- that we have lost our
lizabeth's . fallen th wits" 4 -be "Y's with' a sickly smile;414
„“E
ground, and hitherto she e-e-ent. -ett-t:t reivgehlit wilewheavileaitvoelnipdo'riu°0tonknaLaw levitirniatt
unconscious of the evening sunbeams
a
stinting her uncovered head; new she . •Ip'aitnivgeusstrtaonftggrerlikeyou,atifyour--olih°sl
rIdtlaec(url-
stoops toed picks it ue.' 4 •. -ty," •
"And . you did not make Yourself oats am not a comparative
'known to him men?. continues etre. Le stranger sy cries Jim vehemently; by this
Merchant, still with that' painful effort theeeehe does not know heee,he is
al. lightness of tone. "You let him drive
off evithout telling 'him who you were? holding a- bend of each of.the tretabling
or netting him where he was staying? "w°m'ela in bii" "I ancuntr a stranger al
ail I .1 am a friend! Why will not you
or ,how long his visit, to Florence
last? or—aoytiting?" is 19 treat me as One? Why Will not you let
me belP Ynn?"
Jim's.eyes are fixed' on her as site • '
speaks with a comPassionate eteadiness, ealigeerngeslasnferesMewolinhePit4rtinheg'otallffeeretioafntahtea
under wince •hers clean waveringly. Is woe -begone faces on either side of him.
it PasOble that she Pan imagine that she The tears hey° •corne in sudden flood to
Is deceiving,him by this miserable Pre-' the elder *ottani.' and are Pouring over
lence of' indifference?• her white cheeks, stopping the passage
have no doubt that 1 shell be able
of her voice; but Elizabeth's fair eyes are
drearily dry, and speech comes clear
and hopeless front her.
"You aro very good to us I" she,Says,
giving the hand that holds hers Et tittle
pressure, which he feels to be as cold as
IL , is geaiefun "ate least 1. see that you
want to be v food to us if eve would
let you; butk s helping us" --with a
slight dese ring s rug---"rio orie can do
Alen; no one but God, and eolnetimese—
c,eeded, On all tha •CaSeS combined the drawing a long, half -sobbing breath—"1
think it would pass even Ills power."
average amount paid has been about t
ninety-seven per tent. of the estimate.
.1'10 management inay be pardoned for CHAPTER XV.. • •
,
-of their record. ,,The este There are few ehings more difficult
being proud
mates nowin use are. lower than the than when one's mind is full of the in-
former tales, and, premiums ..,ere Weber tereete, titres,' and eorrows 01 one set Ot
eo that present, estimatesshould certain.
le be realized. 'Statements were filed
showing that $108 is an hand for every
$100 required to pay the arnourge called
for by the present estimates for every
deferred profit poticy on the books.
STOCKHOLDERS.*
The directors have reduced, the pro.
peetion of preille accreing to share.
holder, from 20 per cent. 'Minh WU
the original ratio, and Ls still usual with
elvish Companies, to oily 5 per cent.
Wheadhe capital was increased ia 1807,
the new, stock Was essued at 300 per
cent. of the paid-up value, and the. dive
'donde of 15 per cent., which have since
been paid, therefore yield the stock-
holders only 5 per cent, upon the edema
paid tato the Comprany. As the money
eerned more than e per cent. this new
capital bas cost the policyholders no-
Ctiltillgit'
Ol
efSSIONEll KENT'S APPIIECIA.
TION.
NThe naanagement gratefully acknow.
ltdget ele. ieeritte appreeiative remarke
oat tibiae celoonllnegotiun siNovtilt„hin itivishieshu ghtf,e6stliaotr;
that voting power might be givett . to
polieyholders that 'it seems to mo- that
m the conduct of the Sun Life business
theri3 nothirig to be desired as far as
the protein generation is cencerned. If
'eau were immontal I would riot say any.
thing fattier about it. If, by round
jutlein.nt, hard tvork and ittst (Medlin
have, put the Sun Life en
the pinnacle of a tuccessfal Company,
menhir management with other Mire- .
111-
butes might just oi; stitlAnder it. :4,011 itIlpheS, Wile E111 opening to
dvillgtelY illitherOM 'Wits it affords.
ITi detatteination to conduct the search
it: at pretend. a good deal more clearly
definet1 than the method, in that
cearch is to be etre:Atilt Tie can coneult
Galignani as to tho ittintee anti et.
hetes of new arrival,: but theyecoule.
that notch for theinselve.e. Ile cotild c
amine t114 Iii.311()V; 1101116 Of thA, diffv1V11
biztelt: but itierettett, though. ti little 011'.,
ClnlatON 011ERN TEA.
Has the same character as Japan, but is
Infinitely more delicious.
Lead panitelte *Met 48o, $0* end ellhe Pen 1b At teil VOW%
Florentine gossip and who since he had
seen him in conversation with -the, object
of his inquiries, weauld probably be oleo
to ttetisfy theme but his aequaintance
wile the goosimatured newsmonger is
not sufficiently intimate for WM to be
able to pay him a morning visit with
any ale of probaltility, of having been ,pose to buy her a preeent?" I
Jim broke into an unavoidable smile.;
"How frightfully, milck your newt
moves ! lt, leaps' likeea kangaroo! Li
eever said that she- would not resign titer
precious boon .o! My society; op the eon-,
teary, I ' am sure that nothing would.;
give her greater pleasure bue—but—i
what will Willy say to my monopolizing
you?"
At the exces,sive disingenuousness ott
forenoon.. She sees his unreadiness to
answer, and, -attributes it to a wrong
ause.
"Amelia„ will not?" cries he in a tone
eerprise and diseppointment. "Well,
1 could not have believed it ot her! Not
even if you told tier that it is on pur.
^
mpelled thereto by a, desire for his com-
pute tie& moreover, he shrinks with
morbid leer from 'any actionwhich may
lead, however ordiquely, to his being
himself apprised ef the terrible secret
which—it is no longer mere matter of
conjecture—lies' crouched somewhere la
those two poor, creatures' past.
t And meanwhile h.e 'knocks at Mts.
Byngie door, and is quickly bidden enter
by • a, cheerful% English voice, the weer
this speech his PA 1b gives hirn
coming alaenty of whosez tones shames sOv:ere prick, ,recalling to his mind thoe,.
tee own want of pleasure in the meet- altitudit ofprostrate aftectiontestretetteet
lug. *But hods too unfortunately honest face downwards onshis bed --in tvitieV,
•to express a. joy he does not experiencei his young friend bon renehnd the news
s ,
and onlY ea , with II ht 'Went of big parent's prospectiye approach. Ai
reproach tie he lakes her radee hand, light eloett
bea.rtiln, held out : sunny. face. 'Plisses ,t)vel‘ that Parehr5
"You Should not spring these eurprises "Willy has EIT1 engagement. this moen.
Ing," site antaters more •slowly, and.
with less radiance than .bas, hitherto?
marked ety ueereeces; "nothing could.,
be sweeter tied dearer ,than he was, and,
he is going to take me somewbere thin; -
afternoori—to Resole or .leetrttia, or. "
somewhere else delightful; but thisj
morning he has an engagement. Ile "
14
She laughs a little guiltily,
"It—it was Et sudden thought; you see
I—I had never seen Perugia• ."
Ile laughs too. 'Poor Perugia! I
think it would have blushed unseen for
a good many more yeare if you had not
begun to doubt the effieiency of my
chaperonage. Confessl -You lave tonte not ttni me wilal; it was, and I did not!
to look after the precious baby -boy, have like to tetiee him with questions. 'You—
not you?". - • with a 'rather wistful glance- of interroti
HIS tone 'is, as he leellself feels. not &aloe' at her eompaniea—'d0 not hap -
pelt to know what it is?"
Jen, ;shakes lila head, While a rather' -
deeperestiade than habitteallet
it settles onettle careworrt forehead. It
qede a pleasant one;, but the ,mother
scarcely more prone to take offense than
the seen .and she .answers wiee an 'anew.
Any hasty disclainier .,. • ,
eit woe 'not that I felt the .least want Of es perfectly .true theette knows nothingt
confidence eretyee—tyott,,renet ;net ehink, ,oeteroungeeesagte..penegementr, but yen, •
thentbute—but I had ono of my 'Pri'senti- .liez rate a *ntirewd *suspicione to White.
Monts t YOU know that 1 aut..' aleiattt$ queeter --,of -the town that erigeneMent
little:superstelous; -andtthrete nig* rune
ning ap owl eanneandthoeted eette .eidee • "no' 'the!, I ratted counted open you," '
under nar*wiridOW't" *.. continues e .,-. •
'As..loog'es•..1,heere known your wood, •sotnewhat.erestfellen Air' tottheetvindone :
name 'had owls; and" as long tts I have "And You die e j re-
known
.tety wiridovne _ ' • • ami 1. • " ailleftl5nt.Bryll.r,i4°1r114:wflattiSi41:iit- sort'Ot' o*villit,iirifts°117.1reditt
knolotnyt.tihtehe‘myoeoteeyelsitticy of
Istebeutes:dee:, ,gp
like to • hear them; but this one was close 01.
Jim's
only ttmwer, is 10 hit his hands he- will have to coneent under penalty
and. shoulders • bit 'Protest against his htg(i)ail• abgbi'ss.P.siendraebtlinitlinle3:.6417etiirlitlittita'let°"f;ot.htti.einet°e•rfc:eraSsseDitjahyse,:i
tl°ncaueaff'ni'hedhe:s''e—tldd°it"sv1tag<°dEae-e*Ane ;411
tehadttiteeeien11ethat • the deferring otteo Pliohours 01
omet;ingtlacapinec:,-ontiea4•
hie researches cannot' be 'of any great
• their own Money, and the compeny .has
not assLsted them in financing In any
way.
ESTIMATES AND RESULT'S:
Over 700 deferred pront policies have
matured; and in thirty-four pee cent. f
the eases the amount originally este,
mated as likely to be received at tee end
at the term, has been .realized or ex -
friends, to have to empty it suddenly of
them, and 'retell it as suddenlywith the
entirely different, arid perhaps acre-
panteinterests; 'cares, and sorrows of an
altogether elide set.
, Seldom in the course of their old and
tried friendship has Jim Burgoyne felt,
less dienosedefor the company and can.
tet
versation of his valued ally, ales; Byng,
than when be knocks at the front doer
of her sitting-raom on the Morning fol-
lowing the excursion to Certosa. Ile
cannot talk -to her about the Le. Mar -
chants, seeing that slut. has never even
heard of their existence; and if oet 01 1114)
abundance of the heart the mouth
speaketh, hia tare upon' any other topic
must beescant and jejune indeed. The
only cheerful side which his prospective
visit turns to him is, that if he Were not
with, Mrs, ,Byng„ he would be with
Amelia; and that the friendly indifferent
eyee of the former will, at all events,
be less likely than the hungrily loving
ones of the latter to detect that he has
not Slept a. wink, and that rho has not,
the remotest idea of what he is talking
atioutIf he tvere to follow his•inclina-
tion, he would be bestowing his com-
pany this morning upon neither blend
nor eweetheart, but, Would be ransack
-
trig Florence for the Mao of information
he had yesterday promised those two
woe -begone women to procure for them.
Even into the very midst of his heartfelt
sere compassion for them, there pierce.t
a 'stunned untvilling thigh, of elation at
the thougle of what a stride of intimacy
hie being entrusted with this commis-
. . . The ditectore have donei theft,
duty noblyt"there is no complaint to be
made againet them, or any one of them.
Who can Say weenier the future man-
agonient ill eontenue tit° present high
stantlard of yoer ntrepany?"
while the direcent anti mafingenient
4(1 ii regret that they do not eee the
n't erten of Vriitig by polietholders 11
tie. samf, 11. hit ne lieVerthoi •
the e:ommatietterse arte intenhely wifuld 11110 hug,. 41011141 eoneult
14,4 SIECh telteing free f Me et it rielt lit mut nee (-mute)
preciattel.
Greenock, tee heed 11(14 fount of ad
,ehe, not much abashed by his scorn; consequence to t the Persons in wheSe
'and it Was the greatest reli vviten 1 behalf. those researches are set on foot.
zr
first caught sight of -him at tile station, To a suspicious' ear tb.ere might , be
thinner, a7pler1-1i°°01pds—dng jouelnot,tUuhe stilke you galvanized' alacrity of his assent; ' but
al, e little something dubious in. the sudden and
as te „little thin? Ilas tie beeneweighedt itot it . shadow of doubt cresses . Mrs.
lately? He eaves mediae idea df having teengte mind as tolier old end tried ally
lh°iamt, a esP°tulineare'ber :wWe'llghslinn:g.° mi 'aleahsitneaailny ,.bci.tueianigniaa:c"eP.leaseci to
-avail 1:int: ell of
411
th,Olthewteillirb' e , v ,ory easy
i. 0 as co r t a in., s. i°t-thveeP. °htrlavisueunaityllYwyafte°.asrraestation°wdYelndingoirtlileteni'cis feal°f:hledelititY:riatalegst
"Ane , how is Ameba.—her cheerful .
eyos resting in friendly and heifer);
quisitive interest on hti'
on, sombre ,face. .tiler:31:heciby this
hlhappyntesetsofft,ali etetileini6
e, thoCii°gletaPei ' . • - . '
'tAntelitt, 15 Yery. well, thank You." ' the otileet, of the expedition she finds
"Amelia Vgascn stili 7" that sill:slit:is In modify her projeet; and
' ' -'baiurg°Y°esh°vsll °sei restive
For:hivlong?"—laapileg-4ano- tiercta.hraa shops, eld dec11:eaP6r"
the:t:yais,isupp0so?,enptolliiobaanypartst0bI:ingfFo:thrononths,ibeiele;weare
to'betmerried as SQ011‘ as Ittey return to himself a wedding -present. lie puts ids
England." ,-. . let ' ' Qtibiaject tiit°ensituepl°1 nbethu6n. asbelneil-ito°6°agevoidgy.glivehrd-
"You do not say so ?"--with an went
of lively and delighted ineredulit hearing the price of her intended gift,
(s‘ ttiPI uearinrtakiialinelprenPi °w:iartintiAaaaltte,evIneiadnrgl ec*a;ntle'sc9neud; hsvilarinYtt a:a'si't hi tna Pt ilearlh his
les int Ijodtet stet:: r cciudi edepn° tinS 1 aililidS
the strain of helping her to haggle over ,
heart is an uneonecious feelingethat to
she?"•receive nuptial offerings gives an al-
l'iShe is not going to attendre anY *most greater body arele certainly to his -
more," replies Jhn, drill.*oreetriding fete than even ilea buying of
"Then shell have to give* you a hret ditinertservices and saucepans. * So they,
sent, t suppese cries , Mrs. Byng,
with that .delighted ascent. "Something
useful, I have no doubt. e feel sure that
Amelia wouldlike' something useful ;
why shoule not we choose it .today?
Florence is an ideal place for buying
presents ; do you think Met Amelia
would spare you to Inc for it. whole
morning?"
• elm hesitates. It is not !that he has
any doubt as to A.tnelia's cheerful re-
nunciation' of any portion of his time
that he may see fit to abstract front her;
bttt the . occupation suggested—that of
squiring . Mits. Byng—is not that to
whioh he has purposed devoting his
go ' to the, Adadernia diilioflelhi Aril 1nn
stead, It haying occureed to ,Jim that in
.pOrtunily tor conversation, less °Petting
for inteiested inquiries orehis compan-
ion's part as to Amelia and the minutiae
of hie future life with her, then eliere
Would be In tbe green wales of the Cast
cine, or on the slopes of Fiesole,
(To be continued' ,
a Viotti() gallery there will be less opa,
&&.•••••••:•&+• •••••••••••• •
"I 'wish to giveta present to a young
lady. Cart you suggest something that's
cheap, but doesn't exactly appear. so?",
"Take a look at this mirror, sir r'
* •
0041•00043041•04)044000000
your baby thin, weak, fretful?,
Mike hint a Scott' is Emuiston
baby..
Scott's Emulsion is.tl
Coy, Liver Oil
•• and }lypophosphites' prepared so that it is
easily digested by little folks.
it
ConsequentlY the baby that is fed ,Oiirk
Scat,t'a IS, mt.4itators is a sturdy, rosy -
little fellow full of health aim/ vigor;*
ontiocturrtis BOa. AND $i.00
* • 0 • • P., • • •
▪ &