The following table shows the number and amount of dividends paid from month to month during the fiscal year and to date: All converted-insurance policies provide liberal loan provisions after the policy has been in force one year. Loans are made on the basis of 94 per cent of the cash value. During the early policy years, loan values are relatively small but these values gradually increase as the policies become older. Policy loans have increased materially in number and amount during the last fiscal year. The following table shows the number and amount of policy loans made, repaid, and outstanding monthly during the fiscal year ending June 30, 1924: Loans made on converted insurance policies during fiscal year 1924. $4, 139, 116. 43 4,422, 450. 91 4, 677, 009. 17 4,981, 029.98 5, 224, 187.97 5,470, 089. 01 490, 211. 04 37, 895. 01 164, 037. 52 35, 581. 29 650. 40 989.00 1924 5,721, 787. 68 599, 683. 14 38, 783. 82 221, 083. 23 61, 170. 73 3, 144. 40 49.75 324, 231.93 5, 997, 238. 89 618, 882. 68 39, 768. 37 207, 257.94 29, 628. 55 1, 431.92 278,086.78 6, 338, 034. 79 712, 967.92 33, 890. 66 252, 691. 90 65, 729. 01 2,036. 56 354, 348, 13 275, 451. 21 340, 795. 90 358, 619. 79 Total amount of policy loans issued to date. Outstanding policy loans on July 1, 1923. New loans issued during fiscal year. Less: Loans outstanding at en d of month $4,422, 450.91 4,677, 009. 17 4,981, 029.98 5, 224, 187.97 5,470, 089. 01 5,721, 787.68 5, 997, 238.89 6, 338, 034. 79 6,696, 654.58 7,093, 306. 31 7, 494, 802. 57 7,839, 963. 51 $13, 119, 910. 80 4, 139, 116. 43 It will be noted that policy loans as of June 30, 1924, aggregated $7,839,963.51 as compared with ledger assets amounting to $120,595,756.33. During the fiscal year the policy loans increased 89.41 per cent as compared with an increase of 38.76 per cent in ledger assets, i. e., policy loans increased 2.3 times as fast as ledger assets. As of June 30, 1924, the amount of outstanding loans represented 6.5 per eent of the total ledger assets. POLICIES SURRENDERED FOR CASH AND FOR PAID-UP INSURANCE Converted insurance policies contain provisions whereby the policies after having been in force one year may be surrendered for cash or for paid-up insurance. During the fiscal year 1924, 4,291 policies. with a face value of $11,897,807.82, were surrendered for their cash value, which aggregated $867,013.91, making a total of 23,494 policies, with a face value of $57,137,479.47, aggregating $2,780,227.85 surrendered for cash to date. During the fiscal year 1924, 40 policies, with a face value of $177,500 were surrendered for paid-up insurance in the amount of $22,368.17 making a total to date of 136 policies, with a face value of $695,000 surrendered for paid-up insurance in the amount of $66,715.17. The following table shows the converted policies surrendered fo cash each month during fiscal year 1924, and to date: Converted policies contain a further optional settlement in case insured discontinues premium payments any time after the expirat of the first policy year, whereby the policy will be extended au matically as term insurance for such time from the due date of premium unpaid as the cash surrender value will purchase wh applied as a net single premium at the attained age of the insur Such extended insurance values are automatic unless either of other two forms of optional settlement, cash value or paid-up in ance, is selected. The number of policies continued in force under |