Winnipeg Free Press

Winnipeg Free Press (Newspaper) - January 8, 1920, Winnipeg, Manitoba Free press Eft thursday Janet Ait 8, us go Money and business Atlantic sugar was the feature life insurance and credits Rural common Slock of this refining company was the most Active Issue in Montreal Montreal Jan. 7. Atlantic a tool on Market today but several other i c. C. Ferguson the general Man Ager of the great life will be Ono of the chief speakers it the convention a Julch the Rural credit societies of the province Are holding j at the a Ort Garry neck. . Ferguson will Point out that the position of a Farmer who wishes to borrow abort term Money la strengthened by the fact that his life is insured to that immediate Cash will be inn led in Case of . Notable further Progress of the Union Bank of Canada shown at annual meeting was again the most Active a tool on the directors of All the Rural credit everal other i societies arc asked to see thai pro Tocks prominent by of vision of this kind la Mailo by Bor j inc or Arenth and activity among i rot Verf in rates where Tho additional j i Protection is needed to cover the Riv i tie Torino fur i to be trading. My Tut later a and Leys talc a Imus the opening i ice being to Low for the Day Trio closing the reports from Points in flip Jii to under tin High. To muck j Iii ated a. Considerable attendance of loan. Ii. General Secretary of the societies said yesterday that r r j to the shareholders discloses continued growth of influential canadians banking institution total assets built up to and added to Extension of connections in Canada and abroad aimed to assist in the financing of Canada s foreign1 in strongest position it has Ever held new shareholders .1 not gain of it i Misli held steady Tion. And stated that Uio interest deeper in the of Tiec and Kne it 71 in ill Fiir tortes com j of in close proximity to the Iii us .1 my recent High at j6 j the Union Bank annual at Tho Best the annual meeting of thu Sli arc Holder of Tho i non Ijanke Trio Rin n off Ali at St. Nelll if 7 Pollath. Brompton weaker Prim la Ilion of the the annual meeting of Tho share holders of Tho Union a nor of Canada was hold at the head office in Winnipeg on january 7lhy 1920. Present were John Oak. It. T. Hiley. Ii. Lia four a. Jull u. Allan. J. H. Hopi pm. . R a Elf can .m.i1. It Luht guv. John urn Dale. X. Lynnle u. H. Slaw. J. Lilii Nolton f. S. A. K. Ullam of. Chucle c. A. Noel c Limpp Bill . A. , h. A. P. A abort c. K. Rowry. U. Ii. Hard. V. Drewry. J. J. Ii tier Nhill. C. Wilson j. Irese i. A. Lowson h. Lond x. It. D. C. Up incr j. Macau of Xiv. Mcmillan. K. K Hull k. C. Visitor ii. . A. T. Pc Vlok. J. . H. A in Acmillan the distinction of being n vice presi Dent. We have arc Sitf plea arc in con or. Stephen Haas upon Nib appointment to that position. In British Columbia a committee of your directors with Tho general manager visited Vancouver Lant Spring for Tho Pur pose of conditions in the province of British Columbia. We were Erc atly impressed natural re sources and Fuli irn our interests Are Stoa Dlly show Lotf in tills province and they arc becoming no Niport Ait that to feel they should to d by men thoroughly conversant Coll Lonh on Tho t . To ivc been most fortunate in obtaining Thyl consent of or. K add general manager the Al Rutish Colum Hla Klu Carlu company and or. Nalio general manager of Tho p. Burns company. Ltd. To act on an advisory committee with or. Mall fun our urls Ash Columbia director a chairman. To lick Lyvo their experience and ability will prove of inestimable Valtion in furthering Tho int Oresta not Only of this hunk but of the province of British Columbia. We have strengthened our position in Montreal by appointing or. .1. N. U Lulu cell to our advisory committee i there under Tho of major a Coral her John w. Curzon. Iii ii a head office Here Vas j. A. J. La. Hodgins a. I. Ulant. A. Cockburn a _ t mar i till t t i i t t 11 a. In fat Iwatiw Ivha Energy with the sex and f. Rowry As purnliiiuorh., approved. Among who other Ruivo Issue do i pct nation of secure our Benefit to the the Secretary read the notice convening the meet i Points w us of the " Ulch the following terms Rose i n notice la hereby Keven that the annual uen Ulith to porn the at i la Hir Ideal of rendering Public let u of Union of s it tin close. Lrein res sold vice and developing the country. I ten the meeting Trio us Orkney. Jai Ihnn Koyeton. Kyleville Umer lilt i Orte. Major Matarlo. Mcnutt net Irrl la. I Al and Illet a Tinl Decd the one hit incr at s7 i7 bid. S eel of Canada added l Spinall a action at s7-4. Dior Gnu added r. Points at 190. In Tiu Bond hat. There was a Fin i Nilly tendency to the War ind the Industry lash of the prop Obi a Letl rement of h. T. J Lilley did tie election of Stephen Hrib of Toronto u ice presi Dent. Any Wmk ii sch wishes to attain prom Lenco. C s gamed 1 per Cunt at must be Strong in the old province of Ontario and the election of or. Haas indicates Ali of the mining magnate dead. J institution to its Concu has a . I Bonds j27ij.700. York. Jan. It of the on in Tillat Here i lil spy Dodici competent local Board. . Talley Iii Itulid Uniti in Nln properties died today at his Ocon very Active in the Bank Tor Ion-1 lie 71 notice . I n Orn Iii tent Bucell. Ast heard of in Tho of tort Arthur Ihu you of Alexander Hor it clip. Longn Lilit. Manchester. Tobacconist nil also of Liei Wilri. In Tail on the Slat Jay of of i a mfr. 1915. Mill also the Wlter Undot the Norman . No Hor clip Weiju Steil to fort i Tii Uli the unders Lencil Lien will i incr Horl Lily to tic or i i Nelce. In hereby riven that if information of Tho existence of or any of them to re Eucil for i Perl Tel of from Tho j5th a Kulil Lif entitled under the will of Ilio Enlil Horn Stten. Upon other therein named und lit Trio excl Rillon of incl to Slort ouch Viii turns feared try the Kex Cut Rex by. Dated Day a a a tinker. Kall. . . Trudon i Mol cifors. J6a Izu Elaml. Iros Civ. A Etc. of Liani pm. Mannl Xian fur the o. Time and to his entire attention to his own Large did increasing interests. Tjie John dalt. Indicated the belief of Tho tank that u period of some commercial trial was before Canada in the not Remote future and that it was the duty of All also men to prepare for the leaner 3 ears. Tho general manager. Ii. D. Shaw referred to Tho War debts of the world and to Tho t voc Lii is Chanse problem. With reference to Exchange Nuest Lon to pointed out that Tho Bank.1 did not make unusual Proult from Trio present condition and that they would a re turn to the Normal rates. Tho full statement of the Ali Manchu position of the Bank and tile addresses of and general manager will be found in Otic a columns of the present i Mic of Tho free pics. Hank of Canada for the a Lection of director and other to neral will to held at the la cad office of the Frank in the City of Winnipeg on wednesday the 7th Day of january 1020. The chair will be taken at twelve o clock noon. My order of the Hoard. Nov. 25, 11. U. Slawi i the chairman read the annual is follows pc part of the a i Aimer. It Thilda Salvador Stewart Strong Cid. In Tho 1 to since of Alberta Valley. Alcom Dalo Bentley. Us acc Olani Ond. Illel thirst Calgary. Chau Van Clave Duchess. Leduc loyalist Lundbeck. North Edmonton it obey Scdella sex Smith sunni Nook and in the province of British Columbia City and ducks. Tho Trumbor of branches and agencies in operation on nov Ember 30th, 1919, Ivas i18s. Tho usual inspection of All branches and agencies has been made. During Tho year advisory committees were appointed at Van Couick . Montreal quo. And London ens. Jozik Preal Dent. Profit and loss account balance at credit of account 30th november 191s j net pro its for Tho year after deducting expenses of management. Interest due depositors for interest and Exchange and making provision for bad and doubtful and for rebate on Bills under discount have amounted to Premium on new f und ugh ocies Warp directors report. The have pleasure in present los their showing the result of Tho business of the Plank for the year ended november 30th, 1919. Duri Tif the year s9 brunches opened As follows in Tho province of i Ince and Tiu d Island Ditt town. In the province of Nova Scotia Cut Villa and truth. V to Tho province of banns Wlch and Sussex. In province of Quebec in the i love no of on Tailo Liu Rritt s Cal Don juin Bellford Charlton Ijas Joii n Cor jc3.c17.i3 ners Indian hover us Drytown. Rodney Toledo Toronto Woodbine and Gerrard. Warsaw and in Tho province of Manitoba 2s Altamont. Anus vile. Coltin Wllliam Clynn Vator Deepdale drop More 131rn Creek. Ulp Hunstone. Cincys Volle. Llo Mcwood Lowe farm Mur Piet. Morris Kilcauley Oak Liurni Taos Bank Roselle Handy Lake Sanford h ols Gerih Sper iils. Winkler. Which has been applied As follows dividend no. 12s, 2u per cent a d 1st 1919 dividend no. 129. I Viper cent. Paid 2nd Juno 1319 _ _ 13 dividend no. 130. 2v1 per cent., paid 2nd september. 1913 _ 1i dividend 131, 2vi her cent., payable 1st december 1919 _ 1g7.799.32 transferred to test account -.ooo.ooo. vim Premium on new Stock i rom current profits 21s.s30 contribution to officers pension fund. Contribution to uen Cral Hospital. Winni Pofi War tax on Hank note circulation to 29th november 1919 balance of profits Cair Eccl Forward of Lihi experience and advice. Fainting conditions. Pointed out last year that was in a very dry condition Ami that a a at factory crop in Canada could not to expected this year unless there was in abundant rainfall in Tho unfortunately there very let to Somo Dott trick there was Tho result that Tho crop returns were not at All uniform. Owenjr to Lar Iju yields in some and to Alrh prices the value of Tho 191 j crop will exceed that of last Kellcy und of credit will to necessary in some arean but the Clover month and the Hanks Aro riving consideration to All such cases. Uro in Bolle Vlnar next i car s drop will to sown under favor Able Condo Fonh a there in in Abund Anco of Mol Ture in the ground due to the splendid Rains which took place capital us it was Only available for a very Short period. Circulation the notes of the Bank in circulation compared with Tho Ilg ures of Tho previous year show an increase of or 3.03 per cent. Sep Obi to Tho total deposits of Uio Bank Are this year 1.33, showing an increase Over Tho previous year of or g.i9 per cent. V you will note from Tho statement that our interest bearing deposits show a very satisfactory increase of or 23.29 per cent., while a Carlos nip Malta Tow Beans i May Pav Tho no Tomt one of Ings will incr oui by Vlco to Uio Public. Ency branches eighty. Nine y. Nne new Himm been opened during Jhc lows i a Typo Kwam i hand w vow Krakat Chowan. British 1 5 a dec Rejsa of 13.07 per a pit crease in Trio latter account wan not unexpected As some of our customers were carry Lair jars special balances at Tho close of 1918. Total subscriptions to the Victory loan of 1919, which passed through our Iran Cha Umoru Torl to the of l Kocat proportion or Nelch Haa been from our to Poelki. Caralt reserves our holdings of bold Ami Silver Coin and Dominion notes amount to 3.11 per cent of our liabilities to Tho Public. Quick assets Tho percentage of Quick assets to total to the Public 47.23 per cent As compared with 50.14 per cent last notes and cheques of other Banks the total thin Var n compared with most year. 3 new York and Kranze. China Japan Tion a elopement Thote n inc Hundred our Orr anal stuff of a staff so i of regret t0 that Mir re that 123 i Mac Given u thew their Rountry no have of j i or Tod. And r be cd Tugo of tic pc locate balances due Banks and other in. The fall. Cattle. Correspondents elsewhere than in Canada these amount to and an increase of jc36.-i4s.oi Over the. Figures of the previous year. Dominion and provincial government securities the figures this year arc 913.69 compared with is .sj7.337.j.2 year or an incr Atit of j.13 per other with unfavourable weather conditions has caused a heavy decline Jar prices and forced Many Farmers and ranchers to dispose of their a tool in an unfinished condition. Tho Early Advent of Winter caused anxiety to livestock owners but 1 am glad to my As t result of Milder weather. Conditions Havo somewhat improved and effective measures have been taken to i event further losses by Flural municipality ass1nidoia notice of prices were firm trading slower ice Bontura marked up to i o clock by the pin. " 5s.fi years. Cd crap s3.l30.uoj Clipso can lie in such Bear ing either Ori or so o int Crit. And per i sons required to mount if debentures arts i hued and f Are issued. S. of Check in loan i no lessened the volume of business in Wall Street Tho he Ghent or any tender not Neces accepted. By order Friank Secretary treasurer. Rural municipality of As Kirk Lloyd 1 ii rat p. O., Man., january 7. 1920. V greater Winnipeg water District i tenders stated tenders addressed to the chair nun of commissioners will be received by the corporation of Tho greater w Rupee water District up to 12 no Tii Rudur. January 17. Ply of Tho Folio Wing equipment. Motor trucks and trailers Gyratory Crusher railway dump cars and passenger coaches Fonna of tender and specifications May to obtained after noon of tuesday. December 30th. 19j9. At tha District s of. Flee. Tribune r. Chal Wii of n feed Corn exceptionally Good Quality Frt Carload to any Point in Western Canada. Cathcart co. To 536 Grain Exchange Winnipeg. Member mpg. Grain Emeha. Chicago Beard of Xuwu York. Jan. 7. Stock Deal Ings Wero visibly restrained today presumably As a result of intimations conveyed to banking interests yesterday by Tho Federal Reserve Board. This Wajih Lessch apparent in Tho trend of prices than in Trio Market s extreme lassitude. There was much abstract discus Sion regard in b the definition of in joans. Mature consideration of.1 governor. In arding s Rumi irks in connection Lud to Tho conclusion that credit restrictions Aro to apply with equal Force to speculation in leading commodities especially Cotton and food b Tuffs. Tho Only Echo of Tho conference at Washington was Trio announcement of another slight Advance by Tho local Branch of Tho Central Bank in Short Elmo Succop Manceo Auch action being taken to meet Tho prevailing rate in Tho open Market. Banks and other lenders of Nonoy reported let to inquiry for Call Loans which were freely offered at 7 per cent. Tull Snong Yot another Low record for such accommodations Slanco the november reaction but the Supply of Elmo funds was altogether neg log general statement of liabilities and assets As on 29th november assets. Com and Silver Coin. S53.302.9s Dominion Jovonn Nunt notes liabilities capital Stock la Deposit with the minister of to Nancy Foi the purpose of the circulation fund Deposit in Tho Central Gold Kotes of Otheo links _ cheques on other Banks _ balances due by other Dank in Canada balances duo by Banks and banking correspondents elsewhere than in Dominion and provincial government securities not exceeding Market value Canadian municipal securities and Lori Tosh Korolan and colonial Public securities of dior Canadian railway and other uni ult debentures and stocks not exceeding Tai Sci account Talanco of Proult Ana loss account carried Forward 19s.222.s7 260.000.00 in 09 1 unclaimed dived ends dividend to. 131, payable 1st december 1919. Call and Short not exceeding 30 in Canada on Tures and stocks votes or the Bank in circulation my deposits not bearing in deposits bearing interest Al Alanora duo other in Canada balances due to bunks and banking correspondents elsewhere than in Canada acceptances under letters of credit. Liabilities not included in the foregoing it part of the auditors to the Shorf Violder of Pilitt Union Hank of _ general news included the reviews of authorities in Tho steel and Iron Industry renewed emphasis being placed on the prospective demands of Tho for now construction and equipment. Further Large orders continued on nine Call and Short exceeding 30 Days Loans elsewhere than in Canada. Other current Loans and discounts in Canada less rebate of interest other current Loans and discount s elsewhere than in Canada less rebate of interest. Heir estate other than Bank premises on heal i old by the Bank overdue debts estimated loss provided for j _ premises at not More than Cost amounts written off liabilities of customers under letters of credit As per Contra assets not included in the fore ss7.760.9s in the prov Lalona of huh ret Lons 19 and 0 of Section to u the bunk act we report to the Morel Iolder As follows we have audited the above Ila Lanca Khiet nth the Balkh Uno vouchers at of ftps ind with certified returns Tho a ranches. A Haie Ulim Lovd All the und Tomt be have required turn Aro of the opinion hint the Ottlie hunk which him come under our nut co been within the of Trio bunk. In addition to our verification at Tho 23th november during the Cash and verified the rear rant intr the inv fitments of the m ii Chic of Rico mid branches und found 10 Lien with the entries in the books of the Juank relating thereto. In our opinion the Una Nurr Hect in pro a Fly it ratan us to As to exhibit n. Truo Corr it Law of the state of of the Hank according to Tho Best of our information ind the Siren to i and of Horn by the books of ii Dank. T. Iii it vteb11. E. S. , a Dlois of the firm of Guork co. Nth which is Neal Samatt web Bead co. 20th december Galt h. B. Shaw general feed in to Tho needy districts the efforts of Tho provincial govern ments to at Nunt the ranchers and Farmers in holding their Stock can be warmly commended and Tho j3anks arc co operating in every possible v the i tallow report of our Provin Cial superintendents from each pro Vince ure. Most and will be printed in our annual report. Trade Coad Lolomi in Canada Are Good. We Are getting High prices for our products and inc demand for wheat lumber and pulp Etc., la greater than we can Supply. It is a Elmo when to should put Forth every Effort to incr Ahu ton and build up reserves a Alnut the lean years that Aro sure to come. Tic War is not yet paid for. I Prtrt of the Palcu will be hard times though they May not yet be in eight and 1c to Are Wise we will be prepared for them. I regret extremely that my warm Friend or. Riley. Lias asked to to announce that to desires to retire from his position an Vico president and director. . Llcy has nerved with the Bank for fourteen years and has seen our resources grow from i2h.000.000 to to will Tell Yon with what Prado to reflects upon this wonderful development and you All i now the share to taken in obtaining it. . Ulley docs not to resign jut once and i shall ask you to re a acct him today but he feels that the time drawing near when his own of Tali a will fully occupy him. He 1ms1 kindly consented to continue to act until such Elmo is we Are Ubalo to re him. I cannot close my remarks without making special reference to the splendid work that is being Dono by the of ulcers of Tho Bank. Tho he lilt of Loy Alty which animates the Wei old staff is apparent to All. The results of their work an. Shown in the that Are in you. Hands. You Aro indeed fortunate in having a i neral manager who bus proved that to can produce results eminently satisfactory to Tho shareholders and i Lnu build up an army of Able and in this lastly workers who know that their efforts will to duly appreciated and that their Zeal will not be Over looked. Canadian municipal and British and foreign securities this year these total compared with last year approximately the same. Call and Short Loans in Canada Tho figures this year Aie sm39. 41u.79 Compa cd with 50.508.72s.ci last year a decrease of thin decrease Doca not mean a. Curtailment of our Loath to brokers in Canada. But is the los tilt of Tho re payment of a Laan during the in other., cs3, have for absorbed into each of these instated at a i a Moujir his might Hud lie bran dutch at Homo of i of who frn alow. I canno Iurii 0l-, of t 0 0 Gei Neual proceed. Ings of the meeting re Call and Short Loans elsewhere than in Canada the cures this year Are s5i.7i comp rail with Las year an increase of o 134.77 per cent. This increase la due entirely to the growing business of our Tendon England and new York agencies and must not be taken indicating a Transfer of Money from Canada. Current Loans in Canada the total Thea year to compared with Las year an increase of or 1c.s3 per cent. Thin sum will indicate to you that Urc doing our part ii meeting the increased demand Foi Loans from the Canadian Public our Grain Loans arc included in totals. Liabilities of customers under letters of credit amount thin year to compared with an in crease of this increase like that in our Call and Short elsewhere than in Canada is due to our eran Chea in London and new York. Railway and other Bonds Deben Tures and stocks these How a. Small decrease this year of j100.915.59. Central Gold r nerves the la Fures this year Chow a reduction of the figures of Tho previous year or 29.48 per cent. This from the Central Gold reserves was made possible by our increased capital which automatically increased the Bank h circulating Powers by an equivalent amount. Bank premises Joo Bank s notable Progress in year general manager s address the figures in this account show a reduction of und now stand at the is due to Tho t iat to transferred a number of our smaller build links to the Canadian Kealty corporation whole Bonds were disposed of at a satisfactory figure during the year. Total assets the total As Seib of Tho rink now amount to f 174.ds9.037-17. Being an or 14.20 per cent Over year. No pointed carried. It was then in Ned Mij Bull and seconded i i i be Fik part by directors to Romu aeration of Tho Ati Dutoi a apportioned b deemed and it was moved by or. We. I Judd seconded by to. S. Liar of for the on Ning Joar Ami Liat is chairman do Ono u Oto messes. W. La. Allan. G. Blake. ., m. General sir John w. Carson of b. R. Cronau. Toward u e. Al Hon. . John a. Hitchcock j. S. Howich w ii. Seal Ken. Mcculloch Vuk Bemiston sir Price f. A Law u m. Shaw and Ueo. N. Tho Ariot Tho to on was Tho Ariot carried Moua y. Tho. Ballot being Cash. Tie scrutineers reported Gei Illean Elc Clcil As directors of the Bank o Tho year ending november 30th in f it a Jurod by j. B. Perese esconded by g. A. Mar Rock. Hll pfc n the its Sieml to honorary president and Are the dlr Clor a of the Bank for of kit valued ten ices during the fair. Carried. K t. Wilcy s. Elkin m.p., responded. It uns moved or. Ton and ecco Mlod by or. G. H. Bil four that thanks be tendered gentlemen on the Bank s Advt Orr it was moved by or. A j. Four. J. Be and seconded by or. Ii e. Still that thu thanks of the . Hereby tendered to manager assistant. Mawn . Inhui Ector. Mat Nikci hand other officers of Tho Bank or their of Imit services Duton the past year. Carried. . Hamilton and or. It h. Jail responded briefly on Belott of Tho staff. Tho then adjourned cd to at n Hibst fluent meeting of icily Csc Tecl Board Tho follow lip off Rerp Wero elected sir Whlon Honor nov president or. Jote i Salt. Prohl debit or. A. T. Rollor. Jct. K. Thomson Ami or. Vict Prosl Doit. Rural municipality Kildonan. notice in Llic Muhr of lir Kutr. Mike .mi.ndiiik, Bank s position in Canada and n abroad the presi Dent s address assist exporters in in dlr markets members Hel Najj sir Keith Price or. Lor goods and they will doubt Dalr or. Small and or. Kuhns Ngali iat the Nemo estate 1 he to Tho t is Vij i is i Manitoba o or before the huh Nehru try. D 19-0 to n stave card Tutu firt co y admin orator. the Kusuto of Man Jault. The Cenito gentlemen Moro Ihan t months have great War ended and each month i Irr less to willing to extend further a his Tunco in this do Rellon. H is to be hoped that Tho depart Trot of immigration will actively on t Fieo in it Campaign to secure a Largo number of a desirable class Ommul those Are needed immediately if Canada la to Supply her share of the world s Raqul Romento. The world has suffered from an epidemic of strikes and we. In can Ada have not been free in this to is sect. I am glad to say that. In our country Thorn is n6w in evidence u for better understanding Boosler Hammond Nanton investment brokers financial agents Etc. Stocks and bond3 bought and told on mortgage Loans on improved firm Insu insurance effected Esi r a wholesale and retail. It. Comer Mam St. And Portage Aye. Structure. Increasing dist Irb ances in portions of he pc and Indorato time a Genii Uhric and abiding pc co in not Jet in sight. We should Pray that this men into i hosts hands is entrusted the safety of the nations May to Given Tho no patience courage and Wisdom their stupendous talk. Ave. Live in Canada have much cause for thankfulness. H tin that our National debt has increased during Trio past ear by a very Lar a amount hut our country is u vast of and no doubt about our Abilio to meet our a determined Effort Ghoul cd be made at once these re Bourceau and do our full snare towards suppl Vonz los about Industrial peace. This in the fifty fifth annual Meel ing of our bunk und i am glad to should submit a report which Howu sub Progress. New Stock Issue idealizing that our to the Public Wero rapidly incr Alang your directors Lant february decided to offer Tho shareholders the three million dollars of new Stock a Jilli they were empowered to Issue a considerable amount was sub scribed for in England where we now have a very representative group of shareholders from whom we May confidently expect Active support. Your general manager and i re in gently where have Ticac gentlemen no Devolin close Atten Tion to Tho affairs of the Hank and under their prudent and Ablo advice we Aro developing a satisfactory and profitable business. Our new York office la proving in important Factor in the build of Tho Bank and the originating in Canada great urls urn and the United Staten. Which pass through that Channel shown Erato Frinc in crease. Trio work of our adv Luord committee Thuro is highly appreciated by us. Through All these troubled times we have Felt no anxiety a knew our interests were Safe their hands. Canada s foreign Trade As was foreshadowed in our re Marks last year working in cloth co operation with tie National Park Dunk of new York we have opened up banking facilities for Canada s Trade with foreign nations. Agencies Havo been opened in France Japan and China us Well As on the Pacific coast o America which should bring much this Dank and prove very helpful to Tho merchants and manufacturers of the Dominion. We have kept our Llna cps in such shape that to have been Able to sup ply every legitimate demand from our customers and our relations with them arc most cordial. Our in Eastern Canada in important we Lynx la s la it tie chairman of our Tui Jiuu a Hurld enjoy or. Chairman and it me pleasure to present to you in satisfactory report of. The Bank s operations during the past year. I reminded you a year ago Liat the period or readjustment upon which we were entering necessarily create financial and economic prob lems which must demand the Seri Ous consideration of every banker. This forecast Lias proved Correct a4id we Havo been confronted by Many Complex questions. 1 am Happy to Bay that we have been Ablo to Copo with them successfully and bal Ance Sheet submitted to you reveals Tho Bank in Tho strongest position it has Ever held. The president has dealt with Ken Cral conditions and i will therefore Only touch upon important in Shecht. Capital account our increased activities warranted Tho directors in authorizing Thoj Issue of the balance of our unsubscribed Stock amounting to Shuo was made during the year and you will be gratified to know that the amount was fully with the result that our capital now stands at the balance Between this amount and represents unpaid Aub scrip tons not vet Duel these subscriptions a Sturc within the not two months and our capital will then stand at paid up. It la us Catlin to Noto in this connection that we have added 1.125 new share holders to our list bringing the total up to rest account an addition of made to the Hank s rest account t during the year of which hum Premium Stock and j21s.s30 Transfer trom a general Survey 51 y recent trip to in Glam and the continent waa taken primarily to Complete arrangements for the Extension our foreign business in connection with the Park Ugloi foreign banking corporation. The arrangements concluded were. I be Lieve Satla factory and we feel that conversations entered into will Hiltl mately prove profitable to Thust Bank As Well a to Tho Park Union. Though conditions in Europe arc in an unsettled Tuto it affords me nails faction to advise you that the Bank s business at both our London and new York Agencion shows steady and healthy growth. 1 can a mire 3011 that our interests Uio in very capable hands at Jiotti places. Inflation of various rur Incles has causal exc hang to become n most important at the moment. An erroneous idea prevails in some quarters that the Banks Are responsible for and making Large profits out of the present situation. This la altogether incorrect. The Banks derive no Oxtra profits is the result of. Heavy fluctuations in the Vic shall. Indeed Wel come a act uni to Normal conditions. Any Effort to restore rates by artificial methods should t c do tour aped. Vast debts of Tho cannot be liquidated without Tho application of scientific methods and it finns inevitable that readjustment be made through a proper funding of the debts. To Perma nent Relief can lie expected until the nations of the world got together without Creed or Hollish int Lars. And. In a Frank and fearless manner. Fit Ronda tons. Tho United states might very Boex petted to take Tho Load in this mat Ter. In the meantime As far we arc concerned in Canada time production and Thrift Are the Only pos sible Kola ends. Riporti is ill importers should not open in doth or engage in contracts without exorcising the utmost caution. The for can be of material assist Ance to them in this regard. I am glad to be a olo. To report the inauguration of our managerial Ron be Renfer which had honed to put into effect some Vearn ago. Confor Encoh were held at i Tolner and tic at profit and loss. This addition to the cat account brings the total no to or 70.28 per cent of the capital. Profit and loss account Xet a Rolls of j932.256.so, after de ducting the usual expenses and pro visions Dow an increase Over the previous year of those net earnings Aro 9.70 per cent in our capital and Reserve and a connection i would like id Point j it our net pro Loti Ilo re tied lit Camins Power of our increased j Placo occupied two full Exerv Mee Liik attended by Ron he nor executive officers who Dell Ned in of perk dealing with relate no not Only to the of the staff but to the betterment of Trio Bank s service. The meet lips took place at the Fol bowl nor cities and the attendance As Man Agern Winn neg title i Anil 49 and l fitly. 21st. Public m Chen notice its Ciuc. Council of the Kural municipality a Keld Naii Linb Csc Clond to in Tob and exc it and Complete the Fol sinful improvement. The opening and w Dashiff of Alkons Tittl lot cording to i plan Are Jared by Wayne. M.us., now Llull in the Musi Copal of Loco local list not. No. 2. And will and Levy it 4 costs thereof upon Tho real thereby Ulris a of Tho owners of tins property footed i t Refton Altur at least value of my h property As a lion Kol o ice Allty it to ton Tiu last municipality it to ton thu Council a palest St the name not Kiln the lift Ubl Catlon of jew weeks after notice. Dated this sixth tiny of Secretary trea Hurr. Vust Sale of buildings at exhibition. Grounds. Scaled off is add rented to a tier Man committee on works will of Celvid at the Ollre of Tho us to o clock . Tuata january 13th, for tie of univ one or All of Tho bulls inns it the old Ruhl Letlon in funded by jury in Ned Selkirk Sinclair Ami Mcl lil Lipi , the grand stand Del Long my Tho buildings have ind for of it it t v t Ful f to twin number or on a Holcli bid i. In Noe. I he an Oft off or of bid and or rach Deposit the Balanco of of a e i count be pah Atel upon acceptance of offer. Furl or i Virti and Fly or i air o of i to pm Likin boat the office of the i by i Rukhl to any or All and to accept any City. j. N it to Chy off Winnipeg. Chhai trl Winn Attu District tenders for construction of gravel bins id Drosick so . R of tender und i. at inc Juji Ireci s chairman of ;