CIHM Microfiche Series (IMonographs) iCIMH Collection de microfiches (monographles) Canadian Instituta for Historical IMicroraproductiont / Institut Canadian da microraproductions hittoriquaa Ttehnical and MbNofrapteic Ham I NelH tadmiqiMi tt biblio tu phiqM M Tht Imtitutt hM MtMnpttd to obtain tlM b«t orifiMl copy availaMa for filmint. Faatum of this copy wMdi may ba WMtograpMcaHy uniqua. which may altar any of tha imapt in tha raproduetion. or which may tifnificantly chanflB tha UHial mathod of f iimini. arc chacfcad balow. □ Cokwrad oo«an/ Coutwrtwra da eoulaur ECovan damagad/ Couvartura andommafia D D D D n D D Covan rattorad and/or laminatad/ Couvartura rastaiirte at/ou paNicuMa Covar titia miisins/ La titra da couvartura manqua Colourad mapa/ Cartas ftographiquat an eoulaur Colourad ink (i.c. othar than bhia or Mack)/ Encra da eoulaur (i.a. autra qua Waua ou noira) CokHirad plalas and/or illustrations/ Ptanchas at/ou illustrations an eoulaur Bound with othar material/ RaM avac d'autras documents Tight bindififl may causa shadows or distortion along interior margin/ La reliure serrte peut eeuser de I'ombre ou de la distorsion le long de la marge intirieure n L'Institut e microfihn* le mel lleu r exempWre tpt'll hii a M possible da se procurer. Las dttails da eet exempiaira qui sont paut-Mre un ique s du point de «ue WbHographiqiie. qui p eu»e n t modifier une imaia raproduite. ou qui pauvent exiger une modification dam la mMiode normala de f ibiiaga sont Indiquti ci-de s so u s. □ Coloured peges/ Pages de couieur n -<->-^.'-i/V *amkMted/ Pages rest ^ . i- i ^tit i peMieuMes Pages discov'- % i ttsin>!4 or foxed/ I Pages ikeokamr -- Sftias ou piquAes n 0Showthrough/ IZl n Quality of print varies/ Qualiti in tg a la de I'impression Continuous peginetion/ Pagination continue Includes index(es)/ Comprend un (des) index Title on header taken from: / La titre de I'en-tftte provient: Blank leaves added during restoretion may i within the text. Whenever possible, these have been omitted from filming/ It se peut que certainas pagas blanches aiouttes lors d'une restauration appareissent dans le texta, mais, iorsqua cala *ttit possible, ces pagas n'ont pas M filmies. Additional comments:/ Copy has manu jcrlpt Commentairas supplimantaires: Title pege of issue/ Page de titra de la livraison D □ Ception of issue/ Titre de depart de la livraison □ Mastheed/ Ginirique (piriodiques) de la livraison aiuiotatloits . This item is filmed at tha reduction ratio checked below/ Ca document est f ilmi au mum de reduction indiquA ci-dessous. 10X 14X 18X 22X 26X 30X INI/ 12X liX 20X 24X 2tX 32X Th« copy filmed h«r« has bMn raproducad thanks to tha ganaroaity of: L'anamplaira film* fut raproduit grica i la g«n«roaitA da: Arvhlwt puMlQim ds I'Ontflrto Tha imagaa appaaring hara ara tha bast qualHy possibia eonsidaring tha condition and tagibiiity of tha original copy and in kaaping with tho filming contraet apacif icationa. Original copios in printod papar eovors ara fUmad baginning with tha front eovar and anding on tha last paga with a printad or illuatratad impraa- sion. or tha back eovar whan appropriate. All othar original eopiaa ara filmad baginning on tha first paga with a printad or illustratad impraa> sion. and anding on tha last paga with a prints or illuatratad imprassion. Tha last racordad frama on aach mieroficha shall contain tha symbol «^ (moaning "CON- TINUED"), or tho symbol ▼ (moaning "END"), whiehavar appliaa. Maps, platas. charts, ate. may ba filmad at diff sram raduction ratios. Thosa too larga to bo antiraiy inetudad in ona axposura ara filmad baginning in tha uppar laft hand corner, loft to right and top to bottom, as many frames ss required. The following diegrams illustrate rhe method: Las images suhrantas ont At* raproduites avec le plus grand soin. compta tenu do la condition at da la nanste da I'exemplaire film*, et en eonformit* avoc las conditions du contrat da fUmago. Lee eaemplairee origineua dont le couverture sn pepier eet imprim*e sent fllmOs en eommencsnt per le premier plot et en terminent soit per la darnlAre pege qui comporte une empreinte d'impreesion ou d'illustrstion. soit per le second plot, selon le cee. Tous lee autres exempleires originsuH sent film*s en eommencsnt per le premiAre pege qui comporte une empreinte d'impraasion ou d'illustretion et en terminent par le dorniire pege qui comporte une telle empreinte. Un doe symboles suh^onts tpparaltra sur la darniire image da cheque microfiche, selon le ces: le svmbole — »> signifie "A SUIVRE". le symbolo ▼ signifie "FIN". Les cartas, planches, tableaux, etc., peuvent *tre filmte * des tsux do r*duction diffirents. Lorsque le document est trop grsnd pour *tre reproduit en un soul clich*. il est film* * pertir do I'engle sup*rieiir geuche. do geuche * droite. et do heut en bas. en prenent le nombre d'imoges nOcessaira. Les diegrammes suivents iilustrent le m*thode. 1 2 3 1 2 3 4 5 6 fiipi ^mm ^^*^ *'■-;«* V ^1 CANADIAN GOVERNMENT ANNUITIES ADDRESS DELIVERED BY THE SUPERINTENDENT OF CAN.\DIAN GOVERNMENT ANNUITIES AT A BANQUET HELD UNDER THE AUSPICES OF THE EMPLOYERS' ASSOCIATION OF TORONTO, ON FRIDAY, THE IOth JUNE, 1910 Printed by ^ulhority of th« Right HonourabI* Sir Richard Cartwright, Minister of Trada and Commare*. OTTAWA GOVERNMENT PRINTING BUREAU 1910 S68S-1 ADDRESS DELIVERED BY THE SUPERINTENDENT OF CANADIAN GOVERNMENT ANNUITIES AT A BANQUET HELD UNDER THE AUSPICES OP THE EMPLOYERS' ASSOCIATION OF TORONTO, ON FRIDAY, JUNE 10, 1910 Mb. CliAlBMAK AND GeSTLBMEK, " The poor house has heen a iiightmare to me ever since I was old enough to know that life and vigour are not eternal," remarked a rich old man : and if a rich man lives in terror at the thought that he may die in poverty and end his <1ays in a poor house, what must he the feelings of a man whose imme- diate needs absorb all, or nearly all, his earnings ? How is such a man to make provision for his old age, and at the same time keep square with the world ? He must necessarily be of frugal habits, and have no " leaks " in his expenditure, but this is not sufficient. He must have an absolutely safe plan of invest- ment, and one which will give him the largest possible return for the amounts he may save, for too often, after the labour of many years, has it been found that the dollars and cents so strenuously laboured for, and treasured up at the expense of no small amount of economy and self-denial, have vanished, or are inadequate for the purpose, and the cherished hope of an old age of comfort and happin' -s been doo. led to disappointment. These or similar thoughts were no doubt in the minds of the Parliamentarians of Canada when they introduced and passed the Canadian Government Annuities Act of 1908, in regard to 3 2683-U which infonnation is now being eagerly sought from every quarter of the Dorrinion, and which it is expected will ulti- mately revolutionize economic conditions m Canada. This Act was conceived, the details worked out, and the machinery pro- vided in order to promote and encourage thrift among wage- earners, and that they might have an absolutely certain, safe and profitable means of investing their savings in order to prepare for old age. By this provident legislation any person with the determination to do so, no matter how small hib earn- ings if he has regular employment, may secure a Annuity. In using the masculine gender it i) to be understoiMi that the feminine is included. One of the most formidable barriers in the past to saving and accumulating for old age has been the absence of a plan which would ins^ . * a feeling of confidence that when the aid was needed it would be forthcoming, some plan which would not only be absolutely secure, but which would also yield the fullest return for the investment made. The Canadian Post Office Savings Bank has supplied the first requirement, and gained the confidence of the public because it is the ftynonym for security. But the Savings Bank offers only 3 per cent on deposits, and the income from th"? accumulation of years in the case of the average wage-earner would, therefore, be inade- quate to meet the demands of even the most frugal person, when it is considered that a capital of $5,000, an amount which it is safe to say not one wage-earner in 10,000 could ever reason- ably expect to possess at 60, would only yield an income of $150 ; and, ordinarily, if a person spends his capital as well as his interest he must live in constant dread that the amount will not be sufficient to keep him until he crosses the " Great Divide." This point is splendidly illustrated by an incident recorded in one of our newspapers a few woeks ng^. A man in New Zealand thought he had made sufficient money to keep him comfortably for the remainder of his days, and decided he " need work no longer. lie reasoned in this way : I am 60 jean of age, my expectation of life ia 15 yerrs, but to be on the safe side I will annme that I may live to be 85 ; I ean, therefore, spend eaoh year a portion of my capital as well as the interest, and he spent accordingly. What was the result? At 85 hia money was gone, but the sands of time were still running, and it is said he now sits in the Market Place at Wellington solicit- ing alms with a placard on his breast on which are the wort ->: " Take pity on an old man who was out in his calculations." Had he purchased an Annuity, he would probably haw been in receipt of not only a larger income, but an income of which nothing could have deprived him so long as he might live. " I am quite alone in the world," said a fsmale wage^aruor in a letter to me a few weeks ago, " and bave earned my living since I was 16. By spending less than I received, I have saved a little, but for fear -^f losing that ' little ' I am afraid to take it out of the Savings Bank. The thought has worried me a good deal, that in future years, when I will be too old to work my interest and capital may not take me to the end of my life ; but this Government proposition, of which T have heard, seetw to solve tlie difficulty, and if practicable would ease my mind very considerably." This was a pathetic letter, but it is only typical of many that are almost daily received. She has, however, siuoe been made happy, for she has pitrchased an Immediate Annuitv. Tho Annuities Act, or the " Government proposition," as she terms it, meets the case of such persona as no other plan of investment can do, for a Gk)vemment Annuity represents on the average a return to the purchaser of Ha prin- cipal and interest in periodical payments calculai^ " upon the expectation of life, but payable so long as he may live, should he live to be 100 or more, each payment of Annuity absorbing a portion of the principal money. He may, perhaps, die before the number of years that he may be expected to live is attained, but the fact that he will receive with absolute certainty a specific income every three months for life, an income that will not vary one cent, and an income three or four timei a4 large as he could obtain from any other form of investment, will probably concern him more than the possibility that death may occur before he receives back the whole of his purchase money, or after he has received a few payments only. In his declin- ing years, when his physical and mental powers have failed, and he is no longer capable of earning a livelihood or of looking after his business affairs, when, jwrhaps, all those near and dear to him have passed away, that little memnger, his Annuity chee dwirod. The amount payable in that caae will be easily ascertainable from the weekly payment table (No. 2), of which copies are al«o h-' re you. It will be aoen that the amount of Annuity t. be >acured will vary according to the plan ..u which payments are made. If the employer wished to «ti|)ul«fe that in the ca-e the employee left hi« wrvice h<.f»re the expirati.m of tive years that the employer's pay- ments should revert to his en-lit on account of payments to bit made for empl..v.o8 who remained in his s rvice, the employer's payments for the five years would have to be on plan " A," as on plan " B " no adjmtmcnt could be made. If the employee were at the end of the five years still in the service, the em- ployer could then switch to plan " B " if he desired, and complete the purchase at a much lower cost. Tor example, in the case of a man aged 20, he would under ,.lan " A " pay 20 cents a week for the five years, and for the remainder of the term 15 cents a week. Table No. 2 shows the weekly payments to be made on either plan by males or females between the ages of 14 and 60 to secure at 55, «0, 65 or 70 an Annuity of $100. The Government Act, therefore, for the reasons which I have explained, affords an excepti.mal opportunity to every residei - "«>tla to secure beyond all peradventure nt extreuK ' -sonable cost an old age of ease, comfort and dignity. As evidence of the interest manifested in the Act, I might mention, incidentally, that d :Mig the fir«t year's operations just ended over fifteen thousand letters of inquiry were received, and that though the Department is yet in its infancy and may be said to be still in the organization stage, an office staff of twelve has already been found to be necessar.- to handle the work. The salaries of these oflieers and of the ten lecturers employed to explain the featnroe of the Act to tho pnhlic, •• well a« every other expense in connection with the Department, are wholly borne by the Onvemment in ord«r I'.at the Anmii* tant may receive full credit for every cent that ha paj 'a. The premium income to date amount* to over $555,000. I commend the scheme to yonr thoughtful consideration. The following are the tablos referred to above:-— I \l m II !^ 5 i (I i s M a m M s ^ 8 M J B I* 5 ^s s t -< S K e '4 K I ^ 8 g n a § a ■ O m ^ ^eS !{^ ^d ^«» £«» ^«» S< ^^ 9^ §2 §5 |5 I a I B. is c 1 E * E * 8-5.8 s k H > " { * gS $S $5 gS H I" 5'§ ^^ ^° ^^ "" ^ o ji 5 ^ S P.^ p.^ O.^^ as So 89 I I *" B S >; "3 a s ■ D 6 6 6 6 6 mi M'. 4- 0$ w-ii S >.B K-r 5 ? « I I-! «l§ ^ S?-- ij^ lis sg 6 ininencing Ago LMt Birthdky. Weekly PaynMDta for Annuitiet at— Age 66. Ag*60. Ag«6& Age 7a 14 $ OU. 022 028 024 02B 027 028 030 31 033 036 037 039 42 44 47 060 068 67 060 066 069 76 t Ota. 15 16 16 17 18 19 20 21 022 023 24 026 27 029 080 032 034 086 038 41 048 046 49 62 066 060 066 • Ota. 10 10 Oil OU t2 12 13 13 14 16 16 16 17 18 19 020 021 023 24 026 027 02U 030 82 81 ?6 039 41 44 47 61 066 $ Ota. • 06 15 16 17 06 007 007 18 19 20 21 with 8 per cent compound intereM, will be refunded. 1 Weekly Payment* for Annutiea at— Age 56. Age 60. Age66L Age 70. 14 • eta. 024 026 026 038 020 31 032 034 036 038 040 043 046 048 61 064 068 061 066 070 76 081 • eta. 16 17 18 19 020 021 Ofti 088 84 086 U27 29 03U 032 084 086 088 040 42 046 048 61 066 068 062 067 72 Oil on 012 013 18 14 16 16 16 17 18 19 02U 21 022 028 24 026 027 029 080 082 084 086 089 41 044 47 000 063 067 062 t eta. 007 1&:;;:;:;:;;. ::::;::::.:: :.::.: 10 007 008 17 06 J8. 08 W ... 80. 21 22...., 28. 24 2B. 26. 27 38. . 29. 30. 009 009 10 10 on on 12 12 013 14 14 16 81 32. 38 16 17 18 84 38 36 19 020 21 87 28 88. 28 39. 40. 026 26 41 1 038 42. SO 43. 0S8 44 34 4&. ose 46 47 088 41 48. 44 49. 47 60... 61 Kale>-Flaii 'B.' Tcibh of Deferred Awnwitiei purehaaabh by Wee- " ■ Pavmenta withoitt Return of Purchate Money. Weekly paymer required for the purchase of an Annuity of $100 beginning at ages 65, 60, 65 or 70, and payable quarterly thereafter for life. Under plan ' B,' there will be no return in the event of death before the Annuity becomes due. Commenoiiig Age Lw*' Birthday. R 16.. 18. . 17. 18.. 19.. sa. 21.. 88.. 2S.. 24.. ».. 26. 27. 28.. 89.. sa. 31.. 82.. 8S.. 84.. Sbw. am. 87.. 3&. 89. 4a. 4t.. 42.. 43.. 44.. 46. 46.. *■.. 49.. 60.. Weekl7 Payments for Annailies at AffeSe Arc 60. Age 66. AgeiO. $ cts. 17 18 19 U 20 21 22 24 025 27 028 030 32 34 036 8!l 41 044 47 61 66 M 64 9 Ota. 11 11 12 I) 13 18 U It 15 16 16 17 18 19 21 022 028 25 26 Oi» 80 32 84 36 3!) 42 45 (t 49 ta $ eu. 00 oo; 07 0«i7 U08 008 000 009 10 10 11 11 12 13 IS 14 15 16 17 18 19 20 21 2:« 25 2ii JH 30 38 35 038 41 t ot<. 004 004 004 004 004 005 005 005 006 005 006 006 006 007 07 007 008 008 009 009 10 10 Oil 12 18 13 II 14 16 16 18 19 020 022 24 26 28 030 97 Females— Plan 'B.' Table of Deferred Atinuitiei purehatdble by Weekly Paymenh without Return of Purchase Money. Weekly payments required for the purchaBe of an Annuity of $100 beginning at ages 65, 60, 66 or 70, and payable quarterly thereafter for life. Under plan 'B,' tjere will be no return in the event of death before the Annuity becomes due. Vi My Pkymentii for Annuitie* at CommenoinK Age Lut BirthdiLy. [ Age 65. Ageea Age 66. Age 70. t oU. t oti. 9 Ota. • cU. 14 10 12 006 004 iffc 020 18 008 006 Id, 21 022 18 14 006 000 06 17. 006 18. 023 16 009 006 :3 24 16 10 006 so. 028 17 10 006 21 27 17 11 006 22. 029 18 11 007 as. 81 030 12 007 84. :« 21 013 007 26. 035 022 13 006 26. 0:17 023 14 008 a: 0.% 42 036 026 16 16 08 28. 009 29. U46 028 17 009 80. 0-18 030 18 10 81 OHI 0B6 31 31 19 n 1A 32. 020 11 33. OAO 086 21 12 34. OtM 038 0'J2 12 36. (iO 41 044 47 24 026 027 IS 36. 14 37 . 16 88. 61 29 16 89. 066 U 31 17 40. 060 034 18 41 36 089 42 46 49 19 42. 21 43. 22 44 24 45 25 46. 27 47 SO 4& 032 49. 36 60. 38 i ^ 88 Males— Plan 'A.' 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