Now, Mr. Chairman, that gives you an idea of the feeling throughout the country.
I believe myself that the policy-holders have not been getting a proper share of the profits. I have in my hand a policy that belongs to my father-in-law, which was taken out in the year 1860. He is 86 years of -age to-day. For 50 years-the policy is now in existence 50 years-he has been paying regularly his annual payments;
I have been looking after it for him now for a number of years. His annual premium is $28.50, and 30 or 40 years ago that policy, when the company had practically no accumulation of profits, earned $25 or $26 a year. But ever since the present management came in the profits of that Mr. TURRIFF.
policy have gone down, down, until during the last 15 years, it has earned $8 to $10 a year, never more than $10 a year in the last 15 years. I had a long talk the othgr day with the president of the company, who wanted to satisfy me that everything was right. I am anxious to be satisfied that everything is right. Tn order to do that, he sent to Toronto and got a statement of that policy and handed it to me in order to convince me. Well, it has confirmed my opinion more strongly than ever that that policy has not been getting all the profits that belong to it, and I will tell you why. But let me first read this telegram:
Toronto, Ont., April 24, 1909. Hon. G. A. Cox,
The Senate, Ottawa.
Policy number thirty-one ninety, Wilson, age thirty-eight, one thousand dollars issued April, eighteen sixty. Premium twenty-eight fifty, bonus addition end nineteen hundred four, eight hundred forty-nine cash value same seven hundred forty-eight. Permanent reduction same two hundred eleven sixty-four. Applicable this year's premium. Total cash value policy fourteen hundred seventy-nine.
That is to say, Mr. Chairman, that on this policy which I now hold in my hand, Mr. Wilson can go up to Toronto, and draw out on the profits of that policy $748. That $748 is cash lying there that he can draw out to-morrow; it has earned, ac cording to the statement of the company during the last year, $35.15. Ten per cent of that, which belongs to the shareholders of the company, is $3.51, leaving a balance that belongs to Mr. Wilson lying there in the Canada Life Company's hands, over and above the ten per cent to the company, of $31.64. In addition to that you must add what the original policy of $1,000 earns each year. Now that is what it i-s earning, and for 15 years back he has not got over $10 in any one year. That is what makes the policy-holders think something is not right. I am not going to say that everything is not right simply because I do not know. But if the company would leave this Bill over for six months, and if my hon. friend the member for Essex could have the Bill passed through next session in time to make the distribution, because under the quinquennial term it is not due until the end of this year, nothing would be lost. If that were done it would satisfy me, and it would satisfy hundreds and thousands of other policy-holders, and it would do the company, even if there was some reduction, less than one-tenth part of the harm that will be done by the action this House is taking to-day in shutting out the policy-holders from having any voice or right to come before the committee and
before parliament and present their view of the case. As I stated on a former occasion, when you find hundreds and thousands of men thinking they have a grievance, thinking that a wrong has been done them, even if they are altogether mistaken in the matter, if you do not give them an opportunity to satisfy themselves and have the matter explained to them, those men for all time to come will believe that a wrong has been done them, and the company will suffer. There are a good many other things I had intended to mention, but the hour is getting late, and I know it is the wish of the committee to get through with this measure before six o'clock. In deference therefore to the wishes of my hon. friends I will take up no more time. I will only say again, and place my remarks on record, that in justice to the 40,000 policy-holders, in justice to their wives and children, the Bill should stand over, and you should give these policyholders an opportunity to come before this House, or before one of the committees of this House, and present their views of the case.