* OF THE pr LE ¥ * The ty-second yearly general Eneeting'ef the Bank of British North America Was held on Tuesday, March &d, at office of the corporation, of eh Street, EC, Mr. E. A Hoare ing. : tary (Mr. A. G. Wallis) the notice convening the the auditors' report, man sald: I will pot oc time by reading the report, at once to comment reserve to which I shail by £20,000. De- decrease of £263,000. chiefly in the corren in deposits explained by the attrac- sound investments, which, the financial stringency, were chased at most favorable also to the opportunities of anoney in the West upon movt- #t high rates of interest, Notes show a decrease of 000. © At no time during 1907 aid cirenlation expand to the level of Owing to the condition of the har. Yost in the West, to which I shall ve- latér on. Bills payable and other ties, including provision for con- , show a decrease of £601,000, J is" an important reduction, due chiefly to the contraction of business fi the United States during Ootober, and December, to which I have to make further reference ON; On the other side of the ac- and show an increase ETE call and short of £767,000, the following interim balance- to June 3th you have al y that the sum of £6,060 taken from the profits of the the 0 n of Canada # an Increase of £12,600, and nd at £157,000, with 97 as the Other securities have de- 15,000, and we are able to statement in the report of h that "the book cost iy lower current market quotation." 1 of the Investments is £9 000 than & year ago. Bills recelv- MW from the profits, show a de- f £5,077. The work under. i premises during the year has Ry been paid fof, and there uch to he done before we can sfied that our branch pre. ve been brought up to the re. A standard. We can assure vou ) Hie money thus appropriated fs ty spent. not for purposes + but simply to promdte the of the bank's business. We t branches at this moment of British North America . Presclited to the Proprietors at their Seventy-Second | : Yearly General Meeting. ' which imperatively demand either new premises, or substantial extensions of existing premises, the cost of which, aguit fn the requirements of Central ¢ a and the usual incidentals at other 'branches, will absorb the whole of this sum, and more. As already stated, by the addition of £30,000, the reserve fund has been in- creased £480,000, Good progress has been' made in there is much to be done, and we hope to be able, year by year, to make sub- stantial additions to it. As to profits, again we have the satisfaction of re- porting to you that the bank's busi- ness during 1907 has shown satisfac- tory profits, although just falling short | of 'the profits earned in the preceding year. The acfual net profits for 1906 were £129,056, for 1907. £122.617, showing a decrease of £6,399. We are still abia to repeat exactly the distri- bution of this time last year by pay- ment of the usual dividend at the rate of € per cent. nnum, with the addition of a bonus 1 per cent. Shalit In all 7 gor pant. jor. the year. ® again suggest I should kindly ' the A ae of the staff, of which we cannot speak too highly, by granting them a bonus of § per cent. upon their which will absorb about £4,000, We shall then carry forward to the new 610 at this time last year. Some of the changes to which I have referred are larger than fall within our usual change business in New York was completely paralysed for nearly three months, nor have we yet seen a return to such conditions faol, our bills payable today sho further large diminution since Decom ber 3lst. We fully appreciate the more fa of the New the future if there evidence that the lessons of the crisis will not be al. Jowed to pass Junheeded, and, there- fore, we continue to act cautiously, waiting to see what the after-effects may be upon the industry and com- meres of the country. It 1s no part of my duty today te In- vestigate the causes 'which led to this neal convulsion In the United tes. or to oy to award either censure or excuse: but this much I may sav---that it @id nnt' need any un- usual degree of magacity to foresee thet their financial methods must in- evitably lead to: danger, and, there fore, In the early days of 1907 we be- #&n to take measures of precaution, which were fully justified hy subsequent events. There was ofie statement fre- quently made, both fn this country and Canada. and repeated openly In the Press, to the effec CAnadia their resourcés were no Jargely employ. ed in New York. Speaking for ours selves alone, I Am glad of the oppor tunity of most definitely correcting this Statement. We employ part of our call money in New York--we have always done so--and when the recent panie broke out 'we had a considerable sum employed in this manner. It is only due to our many and valued friends with whom we d6 husiness in New York to state that In no. single in- stance did this bank fail to obtain re- payment of call loans when we wanted the money. Naturally, we disturbed recent years in | building dp the reserve fund, but still | | THE DAILY our loans ag little as possible, but still from time to -time; in the ordinary | course -of our business, it wag neces- | sary to make calls, and when this oc- | erred the borrowers never failed to respond. In Canada, fortunately, con- traction had commenced long before the time of trouble in the United | States, a contraction which was by no | 4 the means voluntary on the part of ihe having regard to the fact that ail the | of | feighed by the leading banks in Ca- | by the banks. After some years prosperity there had been the usual | tendency to advance more rapidly than even the favorable conditions of the country justified, and even before the tend of 1908 this had been evident to | those whose business it is to preside | over the banking Institutions of the | Dominion. The demand for money was kesn before the close of 1906, and as the monthy passed on in 1907 there Was a geperal stringency felt in every départment of business. The resour- ces of the hanks throughout 1907 were employed up to the limit of safety, and they found it necessary to refuse ad- ditional advances, and strictly to hold their customers within limits This was indeed fortunate, for the result was that when the storm burst In the United States, Canada found herself in 4 safe position. The stringency of money continged, and oven Increased, with a consequent depreciation in the value of securities and a decided check tu mercantile business; but this con- dition of affairs did not come to them suddenly, and so, happily, although the trouble was very nigh at hand, the people remained calm and faced the situation with most commendable good sense. At no time was there any tréce of panic in Canada. The banks did thelr utmost to supply all the legi- timate needs of their customers, and the' customers recognizing the gra: vity of the situation, reduced thelr re- quirements in eévery possible direction. Tho result must be regarded as emi- nertly satisfactory by all concerned, and especially by the Dominion Gov- ernment, which has now seen its bank- ing system, originated with much care and skill, and subsequently elaborated with the assistance of the Bankers' Assocjation, pat to 4 most severe test, and emerging from it with complete success. The occasion may serve to il- lustrate the value of close and intimate consultation between the Government and the Bankers' Association, thus working harmoniously together for the 800d of the community, The wheat crop was a disappoint- ment. Owing to the length and ex- cessive severily of the winter 1906-7, the crop wag late and consequently ex, posed to early frost. It was at one time estimated that, nowithstanding the damage thus done to the crop, the re- wults of the season to the farmer would be as good as In the preceding year, owing to the greatly enhanced price of Wheat. This hope caf no longer be entertained, for there is no doubt that in many districts the e done by frost wis so extensive that even the high price ruling for good qualities could not compensate for the loss thus sustained. But, notwithstanding this disappointment, there is still con- siderable value In the wheat crop, and disappuintment evidently does not mean discouragement, for it has been stated recently by the High Commis- sioner that the acreage under crop In 1908 will exceed that of 1907 by no less than 1.000000 acres, and up to the present time the season has beoh epen and favorable. The mineral produc- tion of British Columbia for 1907, ac- cording to an approximate estimate, shows an increase of three.quarters of a million dollars over that of 1906, which must be considered satisfactory when it is remembered that the Boun- dary mines were shut down for about two months, tatal value of the mineral production {n the province was £35.730,000, compared with $24,980,000 in 1906. It must be remembered that for the greater part of 1907 the price of copper, which is the largest product of the mines, wag exceptionally high, and far above that ruling today. At Dawson, however, the production of gold continued to decline, and in 1907 barely reached $3,000,000, compared with $5.260000 in 1906. It fs antici- pated by thoke who know the camp well that when the works of the Yu- kon Gold Company are completed this Continuous declive will be arrested, and a large increase of production will be seen. We hope that these anticipa- tions may be verified, but there have been. the Inevitable delays, and the i | community, but which was enfol THE BANK OF BRITISH NORTH 'AMERICA, BALANCE SHEET, 31st DECEMBER, 1907, BABA DNA AA nnn paid. 2 imam) By Cash and Bpecie At Bankers By Cagh dt 'call and shor and fo cr oven o SON45,363. 16 t notice .... 9.124.760.25 BRITISH WHIG, VR great Ditch will not be deady for the 1978 season. a Since December 3Mst--the date to which the actounts are made up--we have fet it our duty to join with the other leading banks in Canada in giv- iNg a guarantee for the Sovereign Bank, which has gone into liquidation. We were invited to join in the guar. antee on the extent of $300,000, and circumstances had carefully nada and that the proposal to wind up the. Sovereign Bank was approved by them with the best means of in- formation at their d vent the suspension of payment, the same time we feel that it is an open question whether it is wise for other banks thus fo ward off the eonsequeénces of unsound banking. This Is the second time within [fifteen months that we have been invited to take our part in ren- dering such assistance, and we have consented to do so under guid- ance from string local opindon, we are not convinced that such action is for the real good of the country. It ap- pears to us that such intervention, thus repeated, is sure to weaken the sense of responsibility amongst those who direct and manage banks every- where, and also that it must tend to encourage carelessness amongst de- positors and the community generally. And now, before I conclude, you will expect me to say a few words re- Epecting our future prospects; and this is the met difficult, part of my task. The influences which we must consider do not haye their origin in Canada alone, or even principally in Canada. We have still to consider the after-effects of the crisis in the United Stated. There are gpparently some on the other side who consider that those effects are merely tempor- ary, and that imdustry and commerce will suffer no set-back, and although we do not share this opinion--and the evidence of decreasing railway traf, fies and increasing fajlures is dis- tinotly opposed to-it--it may yet be justified by the strong recuperative power shown in the past by that great country. If, on the other hand, there follows, as we ourselves expeot, a period of dullness, or even-of sion In trade, in the United Statas, this can hardly fall to affect business in Canada, for the trade relations be- tween the two countries are close and intimate, We must also remember that trade in European opuntries has certainly passed high-water mark, and that we have already entered upon no period of diminishing activity. In Canada itself, as I have already point- od out, the proceeds of harvest are below expectations, and, conse- quently, there will be less money aval e for distribution. If these in- flue should mean a pause in the rapid progress of the last few years, an interval between the progress of the past and its certain resumption in the future, it will probably be no bad thing for. Canada. A time for the municipalities, manufacturers, . mer- chants, individuals, and last, but sure- Iy not least, for labour, to examine into their position, ré-value their as- sels, criticize their expenditure, and where necessary, stitute economies, will be useful, and will serve to build in the foundations of future progress and prosperity even more firmly than they stand at present. Bet this pro-~ Ofss may mean an intervaliof dimin- ished profits for us all, and. although we have been able this year to repeat the bonuses of last 'year, both to shareholders and: to the 'Staff, 'we @o not wish any of you to calculate upon that additional! distribution a year hence. We shall see our way more clearly as the months pass by and the prospects of the harvest develop. With 6,000,000 acres' under the pldugh in the three. Central Provinces, #8 stated by the High Commissioner, the If it should happily come and be garnered In 'good would be reasonable to expect that this might be a sigrial for renewed ac-) tivity in the business of the .whole country. 1 must pot omit to refer tp the open- ing of the Canadian Mint on January 2nd, when the first coin ever minted in Canttda was struck by Earl Grey, thé Governor-General, "who' said: --"As a representative of His Majesty, I have much pleasure in: declaring the Canadian branch of the Royal Mint open." More recentiy--on February 61h--Mr. Fielding, Minister of Finance, replying to a question in the Domigion House of Commons, said that the Mint 'would shortly be turning gold coins. of the value of "$2.50, $5 and $10. In * the course of the year Mr. Tomkinson, at the re-- quest of the court, paid a visit to the New York and San Francisco agen- cies, and to the branches of the bank in British Columbia and the Central Provinces; and Mr. Mayne Campbell, on hig return to Canada in the sum- SATURDAY, MARCH 21, Ta wavs sma SE ------------ , we felt | that it was our duty to jein with them | in taking the steps necessary to pe- | At | intervene and | i | Don't neglect taking your bottle of | harvest an important factor, of 198 must be rs { ance that the country's prosperity was Loditron, it out & # 7 1908. m-- Tells About a Lot of Things in| i | { ; . Short Metre, | It must be a great relief to sow { The Lord wants you to earn { blessings before you ask for them | H a man could see himself as Gther see him he might be able i finish, { mon when' their wives become widows. | 10 see hi | member Gibson's Red 'Drug Store is open all da { There were 9911 n 1,311, more than ¥. or {The fool is | he has just enc yugh sense to know tis a fool. | @ | your 4 | ' ; "» | "In case of sickness on Sunday" re- | Cross ( ross | | ew books publish- | for | t supremely happy unless be | i spring blood medicine and buy it at | | Gibson's Red Cross Drug Store. A ways fresh there, The cost of -Londan's to the consumers | sixteen languages. water suppl is represented b thorities received for 700 vacancies, Could you have better proof tha ta know physicians recommend beef iron and wine, "Red make," sold in Kingston only Gibson's Red Cross Drug Store. 5,000 application IMPORTANT. DIFFERENCE. ata Corporations. Railway Age, Feb. 14th, 1908. _ Ahe present business situation throw Into clear rebief one important difie public service railways, corporations. waterworks, lighting of tluetuations in general business, by they do uot suffer acutely from suc changes because the number of peopl tent to which they must use stree diminish, even when industrial depre son becomes pronqunced. But ways bear such a relation to trial and commercial kinds that every crop failure, panic that shuts: down factories reduces 'the sales of wholesale 'me hants, reacts violently on. trade, 'I'} freight business of the railways of th United States has decreased enormou ly as compared with the correspondir | period a year ago. | not, like the manufactory, reduce i operations in proportion to the cline in its business. To shut indu ar chises, and railroad commissions ar the public protest violently again reductions in service, especially where in earnings, proportion to declines Since railways are expose it is essential that in times of perity they should be permitted earn much larger profits than mo other concerns whose charges are su ject to public regulation in order make good the sustained periods of depression. tion was advanced by transportatic experts before almost ture and commission last year as an argument against justing rates solely with regard the traflic being handled at that tim | hut usually the argument was jaunti "dismissed with the gratuitous assu losses every established on such a firm foundatic sequent events show clearly who wi right. It is to be hoped that the'le son will teach public authorities gard to actual conditions and wit less regard to theories formulated wit a cheerful ignorance of, or contemy { for, 'facts anc DISLIKES rAINTED FACES. King Edward Displeased "at New Fashion. writes the New pondent, that the king and quee were rather displeased at the numbe of- women --at--the- last -- court-whos complexions . 'bore obvious signs artificial color. After several womer Recently the Victorian railway au the Cross at Railways vs. Other Public Service ence between railways and most other Street oon- cerns, ete., feel morg or less the efiects in a city does not decrease and the ex. cars, water and light does not greatly rail- enterprises of all every The railway ean down entirely would be to sacrifice its fran | pas senger service, oven when they are no in to such violent fluctations in business pros to to This considers legisly in the country | ad to that nothing could happen that would hurt the business of the carriers. Suly adjust rates in future with more re I probable developments, = It has just come to. my knowledge, York Herald corres. | i v A & 8 | | Ss r- ut hi lo t 5 = wl r te | Ve 8 ts le ald wt | 2 st b- in a n You Are Cordially Invited to Inspect the Latest Ideas in SPRING SUITS | Over 100 distinet models. Blouses In Muslin, Silk and Net. Prices 68c to $22.00 each. Spring Coats All new this spring; $4.98 to 15.00. Silk Coats 36 different styles, $15.00 to 35.00 each. Voiles The crisp, firm weaves are very much in demand. We show a full range of these styles at 60e, 75e, 90c, $1.00, 1.25, 1.50 yard. : New Black Dress Goods In the very latest Paris styles, plain and fancy weaves, Prices 50¢ to $3.00 yard. We can recommend the color of any Black Goods we. sell, The #4 Length Gloves Will be much worn this season. KIDS in Tans, Black, White, $1.50, 1.75, 2.00, 2.25, 2.50, 2.75. SILK, in Black and White, 50c; 75¢ a e, ly r- m AR 0 h h it LISLE AND SUEDE, 504, 60c, 752. LACE, 25¢, 35e, 50¢, 60c. T. R. Waldron. What, Everybody ih Fink | al '| | ol | Has Been Expecting and Looking For. A Record Sale for the New #Writing in Sight" including some quite young girls, had passed, the king turned to the queen, and remarked how astonished he wus | mer, kindly made arrangements, at the request of the court, to visit some of the branches in Ontario which had i { previously been brought within + that the youn daughter of a celtbra: } itinerary of a visiting director, and | 4 peer should have come to court | | By lovestments-- 14,570,128.01 s Payable and ot Liabiiiti flog Consols £308,000 at 83 .. .. 1.223, for Contingencies - a 43] Nationa) War Loan, £0,000 at "08 D te Account 3 audi MY eneiive § ose 2310, ° ities on Dominion of Canada at 97 Other fnvestments ., L. C. SMITH & BROS". TYPEWRITER Pr-- A------ we feel much indebted to both of our | + 4 colleagues for their most valuable mer- jh a painted face, - : vices. 1 beg now to propose that the | Bdt of recent years this practice has report and accounts be adoptad. | bee ome very general. When it was (Applause) confined to middie-aged © matrons " Hty doder guarantee in res teh no claim is anticipated pee! » To Pmt aod Loss Ae te 3 Balance Wolight forward from 30th Dil id pall October, 1007 Net Sosy for the balf-year end this fate, after deducting all pe. ig all current wud doubtful debts o.oo for bad and me 5 of | We have just closed our first'3 Years' Business, We have SOLD over 1,400 Machines in Canada. % : We hold the bight record for the sale of Mr. Richard H, Glyn: TY beg 19 Jupsious ed Pi their fading | placed on the Canadian Market. | | | fF hat) second that. Charms, the king, who has large toler- Have vou see w Ball-Beari Tr Bar ? The resolution © was them put and anew in these matters, did not make } you mn our ne all-Bearing Type Bar carried unanimously. { any 'remark, but it was easy 10 see Our Opponents said we "Couldn't do it,""" "WE DID." The Chairman. The following ai- | : gd a rear to I lies { he was #hoc ed at the number of | It will be money in your pocket to look at it. themselves for re-election: --I have to | young women at last Friday's court, | Let us demonstrate it to you. put my name, proposed by Mr. G, D. | Whose faces shone with rouge. Ii is 2 : Newsome & Gilbert, Limited, Whatman; Mr. G. C. W. Tomkinson | very probable that some notice may No. © Jordon Bt., Toronto. is pro by Mr. H. J. B. Kendall, | be taken before the next court. and H. Mayne Campbell is Fheré will be no gala performance Branches--Halifax, N.S., Ottawa, Ont., Winnipeg, Man. LOCAL AGENTS: NEWMAN-SPRIGGS ELECTRIC CO., P "momingtions were formally | prominent foreign ruler should decide 79 Princess Street, Kingston, Ont, approved. to visit London at the eleventh hour On the motion of Mr. Powell, sec- | Both the Crown Prince and Crown A Full Stock of Typewriter Supplies for all makes of Machines always on hand. td $3 td onded by a shareholder, Mr. George | Princess of Germany and the Crow Sreath and Mr. Nicholas E. Water- | Privo and Crown Princess of it : i i | i | ' We have a large stock, all makes, 2nd hand Typewriters; sold on easy terms. irr rvrriri bbb} 2,677,740. 27,271,638.98 743,000.42 By ila receivable, Loans on security, and other ac- By Bank premises, sto., i hes ny y ot Partiaman for Bank Note Circulation... any Typewriter Government aired security of ---- 11,737.10 Return received from November, 1907, and r are o : sERRRRROL Yay «+ 19,408.07 : e-- 206.900. 47 Avaliable for April Dividend and Bowws.. 311.597.10 ; . 17. $45,434.339.00 house were auditors. are expected to visit W i it Windsor in the . The Chairman: That concludes early part of the summer, when smal a usiness a tng. dinner parties will he Wiven in their ; TR" S45.430,299.00 Mr. Powell: 1 think we ought {houor uy they are not likely | -- Se | 198s a vote of thanks to the dipec- | = 16 London y ra = | tors and staff. They have served us ns j am t ~~ Skea : extremely well during the year. Ing I pranmined. the adore Balases eet in the Books ln London, and the Certified Retarns from the Bracches, The resolution was carried unani- on Transmitted Snake Bite. ri _ of the a OB SNRATH, mously, and the Chairman having: . ' NICHOLAS E. WATBRBOUSE, acknow the compliment, the pro= | "Ah extraordinary care 122d Febroary, 1008, ; Avditors. SE ato, oning is reported Eom pital in Victoria. ight in in a Balance i . a 3 to of snake pois- a country hos. An old man was gy comatose state and showing all the symptoms of having been bitten by a venomous suske. But on vestigation it was found he had been bitten by a dog, which died al most inimedidtely after from snake bite. Medical treatment was sHeopss ful, and the man gradually recovered from the snake poisen which the rep tile had indirectly transmitted to him. To Prevent The Grip. Laxative Bromo Quinine removes the y Gibson's Red Cross Druo cause. To get the genuine, call for Store, In case of sickness boc | full name and look for signature of this. 1B. W. Grove, Le. _ Some women are capable of beliey- ing 'the things they want to when they kanw' they don't believe them. In order to stay in the game it's up to a man ried baseball flare to make Or te Hem of {ra Sehoust & Cn, do neither. (Laughter.) He took a place on the cross benches of life's parliament and philosophically aes developments. {Laughter and feed properly. 'B. P kick from a colt while leading it to water. 'Albert Amey has bought a new organ. Mrs. Murphy is very poorly at Jiessent. W. Babeock is auling w to the feldspar mipe. Sadie Snook has returned from visit: ing her sisters at the mica mines near 8 ham. Miss . Mamie Wilsan, Chori: is visiting friends here. ---- The only Drug Store open all day 8 ABOUT VAGABONDS. a---- 8. Gilbert's Speech - Before a London Club. "Desert Lake Items. Desert Lake, i : iz £ i 1] f or 3 i 8 § £ they and v like roosters: wives do 'all the work all the crowing. : ent rave f £ Ao NY an bere F ®