I now turn to the agreement with the Sun Life Assur. Ca. of Uanada, to which reference is made in the Report.
Everyone who is present at this meeting is aware of the very great imerease in the cost of living which has taken place in recent years in the Far East. The effect of this upon the ratio of expense has been serious, and a year ago the Directors considered a report by the managers on the expense of managing the Company, and the expense of the agency organization. These werd found to be high, owing in pari to post war conditions in' the Far East, and owing also in part to our Head Office being in the Far East, and our business confined to the East. We found that there
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