od new branches at points pwan, 1 Nokomis; in Manitoba, at Keanville ' PAGE TEN The Canadian Bank of Comm erce REPORT OF THE OF = THE ANNUAL MEETING Meeting Canadian Annual of The ommerce held on Tuesday, 14th Jan- The forty-first the Shareholders Bank of ¢ banking louse uary, 190% 12' 0'¢ lock The President. Mr. BE having taken the chair, Mr 11.48 was appointed to act retary, and Messrs C. 8S A. J. Glazebrook were appointed scru Ltineers was in at St. L as Bec A The President called upon the Sec | Report of | the Annual us follows Report. The Directors beg to present to the Shareholders the forty-first Annual retary to read the Directors Heport, covering the year ending 30th | November 1904, together with usual Statement of Assets and Li ies: Sue balance at credip or Profit and Loss Account mougnit {orward trom last year was 3 Net profits for the year ending 30th November, alter providing for all bid and-doubtful debis, amoditid Ww ... Rx »~ labil- 1,752,349 67 $1,856,912 10 Which has been appropriated as fol- lows Dividends Nos. 80, 81, and 83, at eight per ¢ per annum Farah ha Written off Bank Prem- ings ..,... . .s Transferred 80 Pension 'Fund (annual contri- bution) . "hanes Balance carried forward 82, nly $ 500,000 00 350,000 00 30,600 "00 675.912 10 $1 All the assets of the Bank have been BS LUsUs carefully revalued ana all pad and aoub®Wul debits amply provided for | Your Directors have the pleasure of reporting the most satisfactory. earn- ings in the history of the Bank, amounting to $1, 3490.87. After pro- viding for four guartérly dividends at the rate of eight per cent. per annum and for the annual contribution to the Pension Fund, we have been able to write $350,000 off Bank Premises Account and have carried forward at the oredit of Profit and Loss Account the sum of $675,912.10. During the year the Bank has open- the following in British Columbia, at Cres. ton, Mission City, and Prince Rupert; in Alberta, at Hardisty; in Saskatch- at Drinkwater, Lanjga and prs and at Atlin, B. The branch 'has been closed. In accordince with our customary practice, the branchex and agencies of the 'Wtates and Creat #4 durin 3 The Prrectors have again Canada, the United Britain, and the arious departments of the Head Or- ce, Yiave all been thoroughly Inspect- the year pleasures Bank in in recording their appreciation of the efficiency and zeal with which ficers of the of- the: Bank have performed their respective duties. Notes of the Bank "Ting interest Deposits Balances dus te other Banke Dividends unpaid 7. .. B. BE WALKER, President. Toronto, '14th January. 1908, / GENERAL STATEMENT Mth November, 17, ' LIABILITIES, in olrcu- ~ atin .. .. .. :- $9,385,769 68 its not bear- .§80,961,27 bearing 3 includ Kc « 66,089,788 15 "interest; ing interest erued to date. 57,041,087 50 166,490 78 LAT 12 1,608 ¢4 in Canada . v sassivash Balances due to other Banks in foreign countrjes Dividend No. 83, payab december! .. «ov ys; 2icesias Capital paid up. ..$10,000,000 00 Hest..." .}. 5,000,000 00 Balance of Profit and Loss Account carried forward... 200,000 00 65m: 0 15,6W%.912 10 ' $113,683,638 62 Coin and Bullion . $5,663,047 48 Dominion Notes 5,800,372 2% ~311,068,4}9 73 v- of Deposit with Dominion Go ernment for security Note eirculation cay Notes of and Checks on oth- or Banks .. ., . aa vaady Bhlanves due by other Banks Dh d . 430,000 00 3.70.40 Balances due by Agents of the Bank In the United ingdom a Ca AAR. Balances due by Agents of the Bank and other Banks in foreign countries .. .. Government Bonds, Munici- Pal, and other Securities. . Cail and Short Loans L121 88 2,878.82 77 L874. 681 = 12,686,557 0 - +a - Po her Current' Loans nt - sgounts .. .. .. .. Overdus Debts (loss provided for) "oo. Hea! Estates (other Bank Premises) Mortgages ALEX. LAIRD, General Manager. The General Manager then spoke as General Manager's Address. We have come to the close of a year precedentad in the history of fin- Ancial stringency. and as it was world Wille in effect we in Canada have not sacaped from the results of eur own Ped. expansion in trade, apd the in- Stitable contraction of credit which Cumes as a check In the midst of pros- perity throughout the country. Not- withstanding the unfavorable events of the year. the statements of the bank 2 2 of per the Walker, Gzowskl and) Lhe | business 65,912 10} le 1st | PROCEEDINGS OF SHAREHOLDERS oting the to expenditures making the and after de of $350,000 and the annum | large sum on bank premises usual provision for Pension Fund, {'we have carried forward a balance of $476,912.10 at credit of Profit and Low Account Now that the Rest of the Bank equals the sum of fifty fer cent of the paid al, our recommen- tation will be that transfers ted profits should be carried forward at the credit of Profit and Loss Ac- count Onr deposits during the yedr show a small decrease, namel $111.000. tearing ihterast which are composed of 'he fluctuating balances of various omimunities and are, there- the nature f things subject changes. A. year ago we Vointed out that some of the deposits j then held were of a temporary char- to in rapid {th | ho 103,562 43) ctor. and we dean it proper to say |tua tne | | that at close of this year also a { considerable amount came under this j category, In common with other bank- ing institutions, a real shrinkage of de- pokits will probably result through withdrawals of money which but. for | the present emergencies of trade would {remain with us. On the other hand, our deposits bearing interest. being those of a more stable character. have Increased during the vear $1,564,000, | * The administration of the affairs of the. bank during the past vear was fraught with unusual difficulties, but we lock forward with the confident ex- pectation that with, our organization Jus shall be able to conserve ard main- tain a high standard of efficiency in | the management of the great Interests | committed to our care { In moving the adoption of the re- port, the President said in part: -- President's Address. {- At the end of a very eventful year Lin the financial. world it cannot be truthfully said that any business man in Canada was without! warning, even 4f he found himself quite unprepared for the new conditions he was called upon to face. Nor can it be truthfully sald that the banks as a whole have | failed to do as much for the borrowing publi¢'as the latter had a right to expect. Indeed, when we consider the rash and Ignorant oriticism of the banks heard in communities where the stringency in money has been most keenly felt, it seems almost as if it were useless to offer a signal of dan- ger to the borrowing public so long as prosperity is in full force. A year ago this bank did its part in offering a warning which events have shown to be justified, .but this warning was actually regarded as an evi- dence of total inability Yte un- derstand the true business condi- tions im the West. Canada was doing more business than was justified by the money at our command at home or that could be Yecured abroad by the sale of the securities the country was creating, although it was not produc- ing even - sufficient merchandise te meet the demand or bullding to any degree in advance of immediate re- quirements. We were, however, im- porting far in excess of our exports, and generally, we were mortgaging our future, not, as a rule, in the case of each individual, municipality, indus- trial cempany, or railway, beyond what could be plainly justified if money were eary but beyond what was wise, having regard to the world- wide condition of the money market which has been so marked in recent VOars Now that the cheek upon our expansion, which we would not make of our own accord, has, in a measure, been forced upon us, we shall doubt- less rapidly adjust our affairs to the {new conditions, and I shall be sur- prised if we do not eventually con- clude that as a borrowing country we have escaped the more serious trou- bles of our neighbors, have not failed to sustain the high credit Canada en- joys in Great Britain and elsewhere in Europe, and that the banks even if no more free from blame than other mem-~ bers of the business community, have really done all that could fairly be demanded. 4 | While Canadians have taken a na- tural pride in the great their foreign trade, which has incre ed from $257.185.000 in 1897 to $617 944.000 in; 1907, some remark has seamed necessary each year upon the large excess in our imports. For the I'vear ending midsummer, 1908, the {two had so approximated that the ex | cess of imports was: only $37,680,000 in ia foreign trade of $580,854,000, but for | {the year ending midsummer, 1907, we {have an excess in imports of $101,301, 000. our exports being but little larger than for the previous year, while our imports. are <ahout = $65,000,000 more, The. first three months following mid- summer 1907, showed no tendency to- wards improvement, We cannot build a third transcontinental railroad in addition te providing for the large growth of elder railroad systems; we cannot take care of an enormous and unprecedented inflow of immigrants; and we cannot build up new towns and cities by the hundred, without largely increasing our purchases as compared with what we have to sell This is what we mean by mortgaging our future. After we make allowance migrants themselves and by the many men with capital who come, mainly from the United States, to establish industries or to become merchants or important farmers, the total of which must be very large indeed, the greater part of the sum required to liquidate this excess of Imports must be ob- tained from the sale of our securities abroad. The railroad vide their share and vance of its sold their bonds so readily that they have not hesitated to spend money in very large sums on improvements, the bonds for which can not as a rule be y : -until. the work is completed. At the same time many In- | dustrial companies have been spending money and depending on foreign mar- which to replace the capital required for such expenditures. In ordinary times such a course would not serious- bu: coming in & year when the bal- crops below the worst possible condition for all bor- , A growth of} for the wealth brought in by the im- | for the sale of securities with ly inconvenience Canadian finances, ance against u* was so large, our normal, and the money markety of the world. in the THE DAILY BRI | TOSINE y 2 ta trange v ad wed ns se discomfort We LT congratulate ourselves 'an the of. our business mditions the lack of capital and {this has enabled Canadian Ries tio obtain money in Eureopein mar- Kk on easier terms than many other countries. The course wa should foi- flow in the imnediate future ain In cases where important penditure for publi or privgje srk« is contemplated we must be as- a8 to securing the capital be- sre" undertaking the work, and this | doubtless means that we must go more | slowly for a few years Whether we {like the discipline or not. the results {will certainly be, good for Canada in { Fhe scarcity pf, money arises j various causes, Moughly speaking, Jone Jynust have saved in a shape ready | for investment If the world 2 er soundness japart from ts ns see all | sured § fe | magy ways from if one man wishes to borrow, another | the world's trade is expanding and | profitable, and extravagance is there- | fore general, the reverse will be the tape. One great French economist has ly, The | endeavored to state the conditions of decrease, is wltogether in deposits not | the world as they existed in 1906. He [previous year. For the moment there are {estimates thé capital needed that year | for new commitments as $3,250,000,000, land the world's savings available for | investment at not more than $2,400.- | 000.600 to $2,800,000000. There was fore an enormous deficiency, and ver near this may be to the ac- facts, it illustrates .in a forcible | way what the world is trying to do, land why interest rates have risen and | the prices of all securities, no matter how excellent, have fallen. When we look at ordinary commercial banking operations connected with the produc- tion and movement of commodities, we must realize that as against an in- 'creased gold supply, and the increased credit made possible thereby, there hive been two factors tending to in- crease the load of credit to be carried. First, a great increase in the quantity or number of articles of merchandise to be carried, and, second, a great in- crease in the price of almost all ar- ticles. Clearly the world has gone too far in one direction, and now we must look for a mood of economy, in eon- sequence of whioh personal extrava- gance will decline and savings In- crease, and the pace of the world's building operations and trade move- | ment will somewhat lessen, This will probably Be accompanied by a fall in wages, however regrettable, and by a fall in: prices generally, although the steady increase in the gold output of the worid and the power of certain great Industrial organizations may be opposing factors to any large and permanent decline, Ontario and Quebec. Agricultural conditions in the differ- ent parts of Ontario and Quebec have rarely been so varied and so difficult to describe in the few words at our disposal. The late spring, unfortunate- general throughout Canada and in- throughout a large part of the world, was followed im these Provinces by unusually dry weather, and doubts existed at one time or another regard- ing aimoet all crops. In the end re- sults were very varied, -evem in the same districts, and, of course, the yield as a whole is much smaller than usual. But in one respect all farmers have benefited alike--the prices of every- thing produced on the farm have been higher than in the previous year. This factor, as far as many parts of On- tario are comcerned, has caused the money result to be not very different from other years. Wheat, no longer a very importanl crop relatively in these Provifices, was quite satisfactory in yield in some ts, but as a rule considerably below the average Oats, usually reliable, were, because of drought, bilght and other causes, a re- markably peor crop. Hay. generally the most valuable crop in Quebec and very important in Ontario, was ver: variable in both provinces. because of many features connected with the late spring and lack of rain, and as a whole the vield was unsatisfactory Where any fair percentage of a normal crop was gathered, high prices have helped the farmer materially in the money re- sult, in mary cases leaving him as well off as in other vears. Those who sold cattle and hogs early did well, but financial conditiohs in the United States and lower returns from Europe have caused a sharp drop in the prices of both, and those wno did not sell are unfortunate for two reasons ~they must either hold until spring | and pay unusually high prices fur feed, | or Jo as many are doing, seM stock at | low prices, whether ready for market or not. It i= in the dairy department however. that the effect of the lean pasture shows most clearly. Last year we had to note record results in money | from the exports. of cheese and butter | combined, uamely. $26,000,000, This year the total only slightly exceeds | $20,000,000, and the loss is mainly in | butter, The quantity of cheese is some- | what lens than in any year {since 1301, but the average price | obtained was phenomenally high (and the result in money was only | *bout nine per cent. below 1906. But iin butter, what with the actual short- | age In make and an extraordinary von- sumption at home the exports from | Montreal, which for the previeus nine j Years had averaged 413.429 packages, { with an average value of $5,537.403, ac- {tually fell to $6,773 packages with a | value of $842,000. Although a high price { for butter riled during the year, it is jelear that it paid the farmer better to make cheese, snd thus almost all the shortage is shown in the one article It is also to be remembered that the quantity of butter available for export is always small relatively to the total production, so that in a year of lessen- ed production and Increased home enn- sumption it is not strange that the surplus has nearly disappeared. ye The crop of apples has heen variable in quantity, with good prices, and as a whole the results are quite satisfac- tory. The exports 'rom Montreal were 626.000 barrels, against an average of $62,000 batrels for the preceding seven years. ' Without referring to other aspects of farming. grasing, and dairying, it is which surpri us because of the many years of unusual prosperity enjoyed by the farmers of this part of Canada. But still the year. because of high prices prevailing in almost every ar- ticle and good yields in some crops, has left our farmers in many parts of On- tario with little cause for complaint. As a rule. collections from farmers, and others have been well maintained. even exceeding other years in some districts. Until the financial stringency began to have some affect no diminution in the output of manufactories was vig- ible; indeed. they were doubtiéss never 80 busy before. The only evident checks upon the output were difficulty in ob- taining labor and raw material, and shortage in car supply. For these reas- ons most turers were continu- one-hand signs, which neither I nor anybody about here understands. Fin- ly Kessthinan drew an accurate dia- gam of his stomach, and by varied sized arrows indicated the location of ins, their course and intensity, proved -- ously behind in their deliveries and the (The grain and cotton ciops of the Un-| moment {showing signs of a check because of ina | to that |debt-paving and stherefore also a sav- any abatement in the volume of capital account be made in even millions and | ing mood, it will set aside annually (being fixed in either private or public that in the meantime the unappropri {more savings than are needed; and if {improvements must be plain" that we have had an off year | Sel LA TISH WHIG, SATURDAY, JANU p------ ARY 18, 1908. will be checked: extrave- refusal of orders because of inability to | ited States have been moved largely | gance In expenditure, cven where there 0 make more goods was a frequent currence. ® The banker has for some {by European credits; in addition to local loans, and this has been a sound | be changed is no actual diminution to economy of Income stocks will of time past been urging a curtaliment of [system financially, because ultimate goods will be lessened instead of per- ily sufficient grain or cotlon goes for- | conditions, and clearly this will now | ward to Europe to liquidate such cred- | shall have a time of debt paying in- output becaiise of world-wide money take place. We have not, however been witnessing an overproduction of goods, indeed, part of the large increase in our imports has been clearly due (0 the inability of eur own manufacturers to cope with the demands of the buyers. With the rapid settlement of our West, and with normal crops our purchasing power will, we hope. remain suffi- cient to keep our manufacturing estab lishments well employed. Building in towns and cities through- out Ontario and Quebec was already the high prices of material and labor, and this tendency has now been sharply accentuated by the tightness In money. Although dwelling-houses are hard to obtain in almost every growing town, welcome at present & Until the effect of dear money in the United States began to be felt, the de- mand for our lumber was strong and prices were higher even than for the few buyers, but sellers are not inclined to lower prices materially. Money conditions 29d other causes will cause most operators to lessen their cut this winter and the Ontario and Quebec lumbermen, who are near the great markets of consumption in the United States, du not anticipate much trouble in marketing their next séason's pro- duct Foreign markets are however, uncertain, and #fie future is not as clear as in recent yéars. A fall in wages has already taken place. and in other elements of cost in lumbering there will doubtless be a reduction in consequence of the restriction of output And the stringency in money. In wining the Cobalt district is likely to give Canada a definite rank among the silver producing countries, Of course. the bulk of the world's silver is produced by Mexico and the United States, and we chnnot hope to reach the rank of these countries. We hold now, however, the fifth place among the silver-producing countries, and a little further development might easily put us in the third or fourth position. The product for 1907 from the Cobalt dis- trict is valued at about $6,000,000, against about $5500,000 altogether for the years 1904-5-6 that is. since the foundation of the camp! Satisfactory development work continues, and many of the mines are working lower levels with success. Much excellent machin- ery is being installed and very sub- stantial buildings are being erected. In- deed, the camp appears to have settled down te legitimate mining on a com- paratively large scale. We have not as vet the figures for 1907, but the total value of minerals of all kinds, metallic and non-metallie produced in Canada in 1908, was about $80,000,000, a very considerable advance over previous years Manitoba, Saskatchewan, and Al- berta. So much has been written and sald about the crop conditions of the Prairie Provinces, and these conditions have varied so greatly in different districts and have changed so rapidly from time to Lime, that it is a relief and a pleasure to be able to réport that the money 'result from all cereals will cer- tainly be about $85000,000, and will perhaps equal the result from the crop of 1908. Of course this is due to the high price set against the much smaller quantity andthe great loss In grades due ia ross Had ae season been a normal o 8 prices, which are not Say affected by our crop, remained high, our Western farmers would' have enjoyed a pros- perity exceeding anything they have known, Apart from the difficulties of transporting and financing the grain, the unfortunate feature of the crop has been that the results fall so un- evenly as to districts. In the main the fair results have been enjoyed by those districts which could have borne poor crops, while the most meagre results have often eome to the newest dis- tricte. Our estimate of the ctop of 1908, which has since been verified by the latest returns of the actual outcome, was 190,000,000 bushels of cereals. as compared with 167000000 for 1905 Our estimate for 1907 is 160,000,000, dividéd as follows: Wheat--70,000,000 bushels. Oats--75,000,000 bushels Barley--15.000,000 bushels. With two years increase of settje- ment this is not a good showing, but | Ha, | dealers have been able to move grain | crops' without much outside assist- is really because (he point of con- sumption for most of the grain is now al home and not in Burope while a real part of the cotton crop is still sold in Europe, Wearea young coun- ry. with little accumulated capital x ively to our wants and, like the United States of twenty or thirty Years ago, we must use the credit of Europe to some extent for our grain carrying. redeeming such obligations as the grain goes forward Now, the reason why it has been feasible for the United States to bor- money aguinst grain in store, is be- cause for the last thirty years or more everything possible has been done at such places as Chicago and Minneapo- lis to assure the lender that he had grain of a certain grade tn the hands of a termifial warehouse, the owner or officers of which could have no ob- Jeet and, beeause of weighing and inspecting supervised by the State, no Power to dispose of the grain except cordénce with the State-counter- ed receipts. The banking and ele- vator Interests of Winnipeg have been steadily endeavoring to improve the conditions su ing terminal re- ceipts in Canada, and the system at present in use will give any foreign as well as any domestic banker a most perfect form of security. Winnipeg holds the second place in America in the volume of grain trad- ing, and everything which can be done to make this great department of our commerce work satistactorily shoula have the patient consideration of all concerned. There seems to be little the Dominion Act, known as the Man- the farmers, the rallway companies, the elevator companies, and 'the banks Designed originally, no doubt. to pro- tect the farmer, it can be so made use of by dishonest people as to cause to others serious delays in transpor- tation and losses in money. and in the final result it must hurt many as it is possible for hundreds of or- ders for single cars to be placed In the names of people who have act- 'ually no grain to ship, also possible for the elevator com- panies to get cars to ship grain with reasonable promptitude. or to place the blame for lack of cars with any precision upon- the railroad compan- es. be entirely reconsidered and amended before we enter upon another season, In the oattle business the striking feature, of course, was the very heavy losses on the ranges caused by the severe winter, It will doubtless take two or threa years for the stock of cattle, horses, and sheep on the ranges to get back to a normal condition. Meanwhile prices are likely to be good, even though dear money and lack of cars may affect the situation for the moment. The fact that sev- eral shipments of Alberta cattle have been made to Chicago via Montana with highly satisfactory results, shows the natural widening of the market coincident with the decline in the supply. It is to be hoped that the farmers of the three provinces will now be firmly impressed with the wis- dom of breeding cattle, horses, sheep, and pigs to an extent not attempted heretofore. Not only does the lessen- ing for the time being of the number of cattle on the ranges seem to as- sure the farmer of good prices for some time to come. but his experience with his grain crops in 1907 has proved once more that he can get the best value out of damaged wheat and .oats, and when prices happen to be low, out of any grain, by feeding it to his own stock. Wherever dairying has been developed this is abundantly clear, and we are glad to know that in many parts, particularly in Adberta, where mixed farming is mere general. the farmer is able himself to use profit- ably all his damaged grain crops It would also be well if the farmers of these provinces would consider the value of raising their own poultry. The monev paid out by the farmer who grows grain alone, for many of the necessaries of life which he could pro- duce on his own farm, such as but- ter, eggs, poultry, and pork, may seem, when he is prosperous, a small mat- ter; but prosperous or not the loss to his province is very serious. and sooner or later it may be serious to it is too slight a falling off to distress | anyone living in the West. The aver- | age yield per acre is of course. low; | wheat 14 bushels; oats 83. and barley! 25 About half of the wheat will} grade as fit for milling~-No. 4 or bet- | ter. Oats suffered more from frost | than wheat, and about two-thirds of | the crop is of the lower grades, After a winter of severity, greater than had been known for a quarter of a century, the farmers succeeded. al- though a month later than . for many years, in sowing an acreage as large as that of 19068 The growing season in Saskatchewan and Alberta was all that could be desired. but in southern Manitoba the rainfall was quite in- sufficient: so that barring frost, it seemed as if the two Western Prov- inces would show sxcellent results and Manitoba would disappoin( us But frost came to the late-sown crops and did an amount of damage hardly rec- ognized at the time, so that in the end Manitoba. where the conditions had improved, and southern Alberta pro- duced the best crops both in quality and quantity. : Apart from the peculiarities of the crop of 1907, the difficuities of mar- keting the orep have been #0 pro- nounced and have caused so much dis- cussion in the newspapers that It may be wall to refer frankly to some! of them. The farmérs blame the grain dealefs as to price. both farmers and| dealers blame The railroads as to cat] supply. and for the f. xt time in the! history of the North-West the banks have found if difficult, because of the many demands by borrowers, to re- lease the money necessary lo carry the grain to market One might think om some recent criticisms that these difficulties had never beén heard of before. whereas they have accompan- fed the marketing of grain and cotton in the United States. from time to time, through fjhe entire history of its settlement. "We have been ing dpon the assumption that the rall- roads can carry (o the point of lake navigation - all the grain the farmers choose to market in the few weeks between threshing ana the close of lake traffic, and that the banks can not only take care of this but also find the money for the entire balance of the crop as the farmer chooses to sell it during the winter. and await the liquidation of such advances In the late spring or early summer. Now we may as well recognize the fact that when the crop is materially larger i both of these things will be impossible, him individually. So far as the payment of debts is concerned, collections are good or bad in accordance with local crop condi- tions, but better as a whole than might have been expected Naturally these lessened resuMs from agricultural and pastoral work, accom- panied by dear money. have caused a curtailment in building of every kind, and this again will. as in the Bast, result in a much smaller cut the Prairie Provinces for their mar- ket. View production figures, even market of building i= as imperatively neces< sar in Canada as elsewhere in the world if we are to get the --~oney mar- ket into an easy condition ggain, it was inevitable if the high prices of labor and material continued, While it is not practicable to ascer- tain how many new settlers entered the Prairie Provinces, the immigra- tion into all Canada for 1907, with the last month or so estimated, is about 280.000, of which about 210,000 are English-speaking people. - This The cost of dangerous desirable reaching highly was migration is now to be checked or not, the settlers of the last few vears in the North-West will largely aid the future prosperity of Canada after they get through their first few years of pioneering Land sales and home- stead entries are, of course somewhat less In number. but the average price for land sold is slightly higher than in 1906, and we must remember that if the opportunity for labor in other fields declines for a time throushout the world, many will, as in similar past experiences, go back to ths land Any decline in homesteading is partly due to the increasing difficulty of getting land near to railroads: Indeed, it is surprising how far settlers are willing to go, counting upon the rail. road coming to them In the near fu- ture. Prospectors are even going into the re River country, and before long it will be difficult to avoid open- ing it up for active settlement. 'After several years of abundant crops, we have to record a year in which in several parts of the North- West the farmers' results are quite unsatisfactory. but as a whole the country will receive a very lar~- sam for its products. and the general. re. sult to the three vrovinces will still represent. vrosperity. although or a even With an ordinary money market. be suffering from gastric fever. With- t- Kesselmen's drawing it might have taken us a long time to have found just what was his trouble." ---------------------- diminished scale. Expansion for the -" Shot While Escaping. Vancou lk] . liberty. He dashed slong an alles a ver, Jan. 17~Clyde Brown The Fe gu ad {want down Brownfield st the first field, a notorious criminal, of Sesttie row quite readily very large sums of | doubt that many of the provisions of itoba Grain Act, are unsatisfactory to more farmers than it benefits. So long it cannot be i= al large gain over 1906, and whether im- | ance, but not the cotton crop, and this |, 1 sistently increased. and Eenerally we Of iate years in the United States | stead of debt creath United States. n dealing with the general situa'ion the United States, the Prestaeat said Taking the United States as a whole another great crop of colton has been raised and is being sold at good prices and - while the grain crops or 1907 were slightly less than Ose of 'w 7 1906 or 1906, the result with the high- er price is considerably greater io e farmer, so that the Agricultural basis of the country has been well ed. During the winter of 1966-7 1 money markets of the United St had, however, repeatedly reflected the fact that the expansion of build g. in trade volume and'in prices common to s0 many different tries, had outrun the world's supply: of money and in March a short stock excnans panic gave special emphasis | tl condition. It became evident plans of great railroad sys $ volving very . large expenditures money, could not be readily carried out; mofiey became perceptibly dearer for long loans, and ordinary building operations were somewhat cneeckea Sober financial journals sugges. ed that we were approaching a crisis. but during the summer much was torgot- ten. However' during the week be ginmng 21st Oclober a decidedly criti- cal situation arose in New York, due largely to the acts of some the larger Trust companies, which had apparently forgotten the pringiples on which such Institutions should be bas- ed. The failure of one of the largest of these companies, and runs upon sev- eral others: created panicky copdittons in' New York, and this stgte of feeling rapidly spread' throughout the try, causing timid individual tors to withdraw money anu up, and a still more serious matter, Lausing country banks to atlempt to build up reserves, in somé cases need: lessly large, by drawing ihe bal ances from the reserve cittes. Under the banking system of the United States, because of an inelastic curren- cy, but quite as much because of the laws regarding reserves and the pecul- lar system under which they ca only be used for the very purpose for which they are held at the expense of break- ing the letter of the law and thereby Creating a panic, the effect of this hoarding of currency was to paralyze busiriess and cause on the one hand a premium on currency for a short time sustair cour that * ir of 1 € deposi ex It It seems clear thar the Act should | as high as 3 1-2 per cer and on the other the creation of a temporary cur- rency, illegal but eminently sensible, in order to enable the business of the | country to go on. At the. same time wold was Imporied from Europe to the extent of over $100,000,000, and while this was an extraordinary evidence of ability to apply heroic remedies to the situation, the very fact that it was necessary amd possible to obtain this very large sum from Europe vaturally alarmed the money markets there. he- cause it was a concrete example of the violent and enormous forces which American trade and dinance ean exer- cise upon Europe when the pendulum has been allowed to swing too far in one direction The situation is now steadily improving, the gold importa- tions and the premium on currency have stopped, and the: reserves of banks are being brought back to the legal requirements. How far the enor- mous fall in the price of copper, and the more moderate fall in other met- als and in lumber, will be followed by a general fall in the price of all com- modities, it Is too early to estimate. But as the wages of labor are being reduced and large numbers have been thrown out of employment. we must expect a moderate readjustment of prices, Food stuffs do not, however. because of another series of factors, show any tendency to decline in price. The hope has been confidently ex- pressed on many occasions since 1883 that the United States would bring about reforms in its currency. and banking systems Partly because the situation is full of difficulties not pre- sent in most countries nothing of & decisive nature has yet been accom- plished, but the demand for reform from the public throughout the United States is more persistent than ever before, and wé cannot doubt that with the recent experience sharply In mind steps wlllcgnow actually be taken to remedy the defects referred to. It is well for all of us residing outside the United States not to forget that while stringency in money was Inevitable owing to expansion, the extraordinary features whieh differentiate the mon- etary troubles of the United States from those of othar countries are dus almost entirely to their peculiar bank- ing and treasury systeins In Can- ada we have an enforced revision of the Bank Act every ten years, and it is well to bear in mind that we are approaching the time when the dis- cugsion connected grherewith usually takes place, The situation bears little relation to | that following the troubles of 1893 of lumber in all districts relying on| ®ither as to currency conditions and | sta This is from several poinis of °f though justified by the! full ! prices, -- while curtailment| Should prevall throughout North Am- i { conditions, or volume manufactured goods relatively to the demand, and, provided the usual crops Are harvested next 'vear a very measure of "industrial activity ndards, ®rop orica. The marketing of the actual products of the field, forest. and imine of itself requires that large additions shoild be made to railroad equipment and that other buliding operations should be carried out. and If the world generally can be induced on the one hand to exercise its powér of saving to a greater degree. and on the other to moderate somewhat the pace of its industrial expansion, especlaliy as Te- gards the fixing of capital in better. ments of all kinds, we need not fear for the proxperity of the farmer throughout North America, or that our workshqps will be idle to an extent which should interfére with a sound and reasonable prosperity The motion for the adoption of the Report was then put and carried A by-law increasing the authorized capital stock of the Bank from Million Dollars to Fifteen Million Del- lars was then passed and the usual resolutions expressing the thanks of the shareholders to the President. Vice-President, and Directors. and also to the Getfieral Manager. Superintend- ent of Branches. and other officers of the Bank. were unanimously curried Upon motion the meeting proceeded to elect Directors for the coming ; ear. The meeting then adjourned, The scrutineers subsequently report: od the following gentlemen io be elect ed as Directors for the snsuing year: B. BE Walker. Robert Kilgour. Hon Geo. A. Cox. M. Leggat, James Cra- thern, John Hoskin, K.C. LL.D Flavelle, A, Kingman, Hon I. Melvin. Jones, Frederic Nicholls H. D War- ren, Hon. W. C. Edwards, Z A Lash, KC. E R Wpod At a meeting of the newisr-eiected Board of Direciors held subsequently, Mr. B. E Walker was elected Presi- dent, and Mr. Robert Kilgour, Viee- President. iW. | Synopsis of Canadian North vest HOMESTEAD REGULATIONS Any even pumbensd section ion Lands in Manitoba or the Nur ! Provinces, excepting 8 apd served, may be homesteaded son the e head of a family over 18 years of age g one-quarter section of or less Application homestead entry must be made wn person by the applicant at a Dominion Lavds Agency Sab Agency Entry by proxy may. however. be mada |at an Agency om certain conditions by the father, mother, sou, daughter y jer or sister of an intesding homestoader | An application for entry or cancella i made personally at any sub-agent's may be wired to the Agent by the {Sub-agent, at the expense of the apph | cant, and #f the land apphiod for is vacant on receipt of the telegram such applica tion is to have priority and the land wigl ibe held until the pecessaly papers complete the lransaction are received jmadl, {| In case of '"persomation" or fraud the |applicant will forfeit all priority of dlaim jor i eptry has been"granted it will be summarily cancelled | An application for cancellation must be { made Jn person. The applicant must be siigible for homestead entry, and only one j application for cancellation will he re ceived from an individual until that ap plication has béen disposed of Where an try is cancelled subsequent | to mesthtutpopiof cancellation processing. | the applicad for cancellation will te en j titled to pride right of entry Applicant for cancellation must state iy | What particulars the howmesteader is in | default { A homesteader whose entry is not the subject of cancellation procecdings may, [subject to the gpproval of Depart | ment, reMoquish it in favor of father | mother, son, daughter, brother or sister {i ebgible, but to no one else, on filing | declaration of abandonment {| DUTIES---A settier is required to pe form the dutics under one of the follow- | ing plans '~ (1) At least six months' residence jon apd cultivation of the land in | year during the term of three years i (2) A howesteader may, if he so jaires, " perform the required residences | duties by living on farming land owned solely hy him, not less than wvighty (BO) | acres in extent, in the wicimity of § homestead. Joint ownership in isad will pot meet this requirement | (8) If the father (or mother; if the | father is deceased) of a Homes! oa dull ~ | permanent residence on farming and solely by hin not" less than | mighty (BO) acres in exts in the Vitini- | of the homestead, or upon a howe I stead entered for by him in the vicinity | such homesteader wav perforos his own | residence duties by liviog (with the fath jer (or mother.) i tr! | (4) The term | prec | of Domine th-West Rot re bY any per or male. to the extent of 160 acres. more for or to hy uf each de vicinity {ino the two eding paragraphs is defined as mean ! not more than wine wiles in a direct line, exclusive of the wikith of road ail {| lowance crossed in the measurement (3) A homesteader intending to perform his residence duties in accordance with the above while living with parents or on farming land owned by himsell must notify the Agent for the district of such iatention. | Before making application {the settler must give six in writing to the Commissioner minion Lands at Ottawa, of his tion to do so . SYNOPSIS OF CANADIAN NORTH WEST MINING REGULATIONS COAL~Coal wining rights j leased for a period of twenty-one years {at an annual rental of $1 per acre. Not | mora than 2.560 acres shall be leased to | one individual or company. A royalty st the rate of five cents per td shall be collected on the merchesmble coal mined. QUARTZ~A person eighteen years of age or over, having discovered miners! in place, may locate a claim 1 8500x1500 feet The feo for recording a claiut ia $3 At least $100 mum jclaim each year or paid { recorder in) lieu thereof been expended or paid {upon having a survey [complying with. other requirements. pur {chase the land. at $1 per acre The patent provides for the pas jof a royalty of 2§ per cent on the sales § Placer mining claims generally are 100 jon square ; entry fee $5, repewal le iy + J An applicant may obtain two leases to | dredge for gold of five miles each for a | term of twenty years, remewable at' the discretion of the Minister of the lo | terior | "The lessee shad have a dredge in ation within ome season from the | of the lease for each five miles {$10 per annum for each miles leased. Royalty at the rate | cent collected on the output {ceeds $10,000 {* Deputy of N.B -- Unauthorised | advertisement will pot be for patent months' notice of Do inter may le be expended on the to the mining When $500 haw the locator may made and upon ment year sper date of afte W. W CORY the Minister of the Later publication of t paid for, Notice to Creditors | In the Matter of the Estate Adam Williamson, sate tha City of Kingston the County of Frontenac, Contrac- tor, Deceased. IS HEREBY GIVEN PLR Hevised Statutes chapter 179 that having clais the Ada on WL the PS ol of in NOTICE suunt to The i Omtario 1807, creditors and others jogainst the Estate of | Williamson, who died {19h day of November, jguired on or hedore thi 10th. day f February, 1WOB, to send Ly post prepa jor deliver ta George H. Williamson Gore street, Kingston, one of the | ecutors of the last Wil 'Testament |snid deconsad, their Uh at aad Muy names, addresses and descriptions the | full particulars of their clans the statement of their accounts sal the matite of the securities, if any, beid hy then AND FURTHER TAKE NOTICE {that alter such last wentioned date the Executors will proceed to distributg the assets of the decrased among the part {len entitled thereto, having regard to ithe claims only of which they shall thes {have notice, and that the Fxeculors w | mot be liable for the asee!s or any pars [thereof to any parson or persons v { whose daims notice shall pol have hewn {received Ly thew at the time of such | dim rehution. Dated the Uth dqy of January, | 1908 : ARB WILLIAMSON, MD, GEORGE HH. WILLIAMSON Fxecutors a i. weit uh 19075 AD i {DON'T WAIT TILL YOU ARE | RICH TO BUY A i | Victor Talking Machine Drop in and enguire or write us about our Easy Payment Plan. |'q DAWSON & STALEY, | 217 Princess St., Kingston. {High Grade - Pianos, at Liviag Prices ? to_the police station made a dash for policeman pulled a gun shot. The ballet had the, ! passed right shoulder, but he will recov. district fo vagrancy aud on the way ory | call, you DAVID HALL, 2m