36 BUSINESS OF LIFE INSURANCE

early rates for health insurance were based proved misleading, it might have been many years before level premium life insurance be-came successful.

Instead, the success of the Equitable was prompt and complete, and as its resources in-creased and especially as its dividends and bonuses to policyholders increased, it became very popular and many other companies were organised upon similar lines. The Equitable is in existence to-day, as efficient as ever, with about $25,000,000 assets and paying excellent bonuses. It shut its doors to new members entirely at one time, but for many years has received them on favourable terms. From its foundation to the present time, it has never paid or allowed a commission or a salary or any other compensation, direct or indirect, for procuring new business. Its growth is slow, the new business amounting only to $1,000,000 or $2,000,000 per annum, which looks small, and is small, but does not prevent the company giving most excellent returns. The small new business is in the main, in fact, a reflection upon the ability of men to "attend to their own business" life insurance-wise, without the persuasive intervention of agents. There are other companies, also, which do not employ agents, and their patronage is similarly small. Under present-day conditions, it is unlikely that any more will be estab