(Canadian Bank of Commerce Report of the Proceedings' of the Annual Meeting of Shareholder ' The forty-third annual meeting of the Shareholders of The Canadian Bank of Commerce was held in the banking house to-day at 12 o'clock. The President, Mr. B. B. Walker. having taken the chair, Mr. A. St. L Trigge was appointed to act as Secretary, and Messrs. Edward Cronyn and A. J. Glagélrook were appointed scrutineers' The President called upon the Secretary to read the Annual Report of the Directors, as follows: -- % REPORT The Directors beg to present to the Shareholders the forty-third annual report, covering the year ending 30th November, 19509, together with the Usual statement of Assets and Libabilities: s The balance at credit of Profit and Loss. Account, brought for- Ward from last year, was ....p... .... ex vai The net profits: for the year ending'30th November, after ing for all bad and doubtful debts, amounted to, ......... Amount recovered from over-appropriations in connection with . assets now realized, ... ... ¥ . $ 161.244 provid. ia 1,520,885 es way "w 200,000 This has been appropriated as follows: Dividends Nos. £8, 89, 90 and 91, at Bight Per cent per annum. . Written off Bank Premises ,, . » Transferred to Pension Fund ( Balance carried forward ,,. "on $3 800,000 410,801 30,000 722,139 . $1,971,840 OS alow The ashets of the Bapk have all heen carefully re-val ed with our customary practice, and all bad and doubtful « provided for, Your Directors deeply regret that they have to record the loss by death uring the past year of two of their number, Mr H. D. Warren, who died In March, and Mr. Matthew Leggat, who dled only a few days ago. To ni the vacancy caused by Mr. Warren's Jeath, your Directors have. elected thé Hon. J. M. Gibson, K. ©. LL.D. _ieutenant-Governor of Ontario, For the Pugpose of making some provision for the widows and orphans or other dependents of officers of the Bank, your Directors propose to submit for your consideration a resolution atthorizing the establishment of the Necessary fund. During the year the following brancifes have been opened: Elk Lake, Gowganda, College and Dovercourt (Toronts), Gerrard and Papé (Toronto); in Manitoba--Virdes; in Saskatchewan--Broderick, Elfros, Hawarden, Herbert, Milestone, Shellbrook, Wilcox and Yorkton; In Alberta East Calgary, South Calgary, Carmangay, Olds, Provost, Strathmore and War- ner; and in Britigh Columbla--Nakasp. The branches at De Lorimer, Que, and Van Ness and Eddy (San Francisco) have been closed' A branch has been opened at Milk River, Alta, since the close of the Bank' Car. The usual thorough inspection of the branches and/ alenciés of the Bank in Canada, the United States and Great Britain, and of the various de- partments of the Head Office has been made during the year. Your Directors desire again to record their appreciation of the efficiency and zeal with which the officers of the Bahk continue to perform their re- spective duties, 3 ' : B. E. WALKER, President, in-accordange bts have béen amps In Ontario «Toronto, 11th January, 1910" GENERAL STATEMENT 30th NOVEM BER, 1909, LIABILITIES the Bank ip circulation ,, "a TREE Deposits not bearin interest .. .. ,, .)"..".! $31,294,640 64 Deposits bearing terest, Includin interest ac. L Prued to date +, ..,) ,..." ..".] wr as oo JB 89,192,438 34 Peensstetmsmss------ Balances due to other Banks in Canada, .. .. .. jiances due to other Banks in forelgn countries {dends unpaid .. .. ., sa am ihe ane ividend No. $1, payable 1st December, , dina hital PRMD a a a a . ,000,000 00 5 t aly 6,000,000 00 forwat™ 723.139 02 v Notes of $ 10,327,415 120,434.01 8 L697 88 1,030,817 70 Wud a9 200,060 00 CH he eae 16,722,139 02 ii rie mrs $148.998.453 53 «8 7,509,018 24 ~~ s+ s4 we as B966,895 50 a -------------- L475, Agents of the Bank in the Units x $16,475,918 74 y f s125.080 68 . other Banks in foreign countries) 3.656 133 37 ada .. 9,420 01 5,693,191 20 rine ree ma ASSETS Cola and Bullion ., ,, ,. mition Notes ., ae se as | Balances due by od Kingdom i Balances due by | Balances due by .other Banks In Can : | Notes of and ques on other Banks ,, ,, | | Call and Short Loans in Canada . : | Gall and Short Loans in the United States [1 17! Yetnment Bonds, Municipal and other Securities att with Dominion Government for security of Note eir 13.515.470 J L495 53 21,065,630 84 7,194,886 03 450,000 00' $65, 7 80.3 128 ar en oe oan Li A YT a Loans to other Other Current Banks in Canada, SOCUTEd ve wo wu ny oy us Overdue Debts Loans and Discounts oa ss oe , Wiine ws se as ean ee se a or Bank { Other Assets be ---- NN Breas ALEXAYGER Amn, ¥ In moving the adoption of the Re- (Port, the President requested the General Manager to address the shareholders: : . ! ! General Manager's ' Address. ' AS has been foreshadowed by the | 088y position of the money market during the greater part of the year under review-----the outcome of a eral 4 on to co ation of old obligatt, of desire to engage | ta % which resulted in a large | coum © funds a centres---the profits of t Bank show a decrease of $116,636.92, as com- 3 figures of the previous They are, however, somewhat iin €Xcoss of 16 per cent. on the paid- (Up capital, and we believe that (Will: not consider this an unsatisfac: Had it the Bahk Act amendment of 1908 which empowers the banks during the grain-moving Season to issue .circu- ating notes In excess Up eapital to the ext cent. of the total of and surplus combined. Of our year the Ban stood at $10,327 415, in Stoo an crease of than $636,000 over th of the previous balance Sheet, he h ircula~ 'two excess ng the 94,000. e for | Account {on since the date mentioned to make | i { ment in connection with bank prem. i i i i | The lands and -- the matter of investments in bank Premises, and we then reported that & subsidiary company hdd Leen form- | ¢d_under the name 'of the Dominion | Realty Company, Limited, to conatruct { land own our smaller buildings, 1h funds required by this Company over and above the amounts received from the sale of its bond issues being sUp- its capital stock, amount written off Bank Premises As we have heen called up- large expenditures upon the Bank's new buildings at Montreal and Van- | couver, our mvestment in. the Realty Com- pany on aceount of smaller holdings, a j revised statement of our total inwesi- | ives as at 30th November last will be of interest to the shareholders: ; buildings owned by the Bank, (carefully appraised and i full allowances made for depreciation = of ~ build- | ings) are valued at .... $3,173,000 } The Bank's holding in the Dominion Realty Com- 2 pany, although the cost : thereof has been entirely { written off the Bank's' books, represents a cash investment of (The rentals - 1] 1,081,000 | of the { buildings built by. the Real- { | ty 15 i res- Company vears discharge pective honds). Safes and (ixtures {depre- ciation liberally allowed for) are valued ut wil) the in Total... .. $4,824,000 From this statement it will be not- ed that our investments on Bank Premises Account are now shown in the balance sheet at only 41 per cent of their Value, namely, at $2.000,000 We shall shortly have to undertake another large expenditure In connec- tion with the erection of a larger bullding at Winnipeg, and the in- crease of branches incidental to the growth. of the country will for some Years necessitate our making consid- erable outlays of a similar kind on premises. With the completion of our Winnipeg office, however, our large individual expenditures will be | almost at an end, and thereafter you: Directors propose that the Bank's in: vestments in Premises Account shal! be carried at a figure not exceedin' 60 per cent. of their value, In view of the remarkable prosper ity with which this Bank has been fu vored during the past few years, we must reckon with the question as to what our duty Is to those who havi entrusted us with the jnvestment of i large capital. During What may bs called the formative period of the Bank we have asked the shareholders {0 accept a reasonable dividend whil we endeavored to lay the foundation: of a safe and permanent husineks In the management-wf our Bank w have had a two-fold purpose: first, th permanence and continuity of. a ser : vice to the country which must besa some relation to our duty, and vec: i ond, the successful adménistration of | your property, looking to its earning power now and in the future. With these purposes in view we have had the courage toy adopt the policy of erecting a large number of branch buildings, for the time being taxing your profits. It cannot in justice be "ald 'that what we have done has txceeded our requirements, or that Wwe could safely have delayed this im- portant work. Our reports indicate vhat we have accomplished, and we Jleve that candid consideration will hfing § conviction that we pursued the Drorel cone While there may be vome who think we should have been satisfied with a more moderate o%- peudityre, to have done less would liave shown us recreant to our trust. The results are seen in our splendid equipment of buildings from ocean to ocedn, certainly creditable to our in- stitution. Nevertheless, we should not forget that you have been exceptionally pa- tient with us In the working out at our plaus, and we think the time has Now come when thé increment fron: vour investment should be larger, It sf our purpose to recommend during 'he coming year an increase of divie dend (o nine per-tent, per annum. with the earnest expectation that -our prosperity will before Jong justify a further increase, We are not ignorant of the fact that nur success would not be possible bu! for the active, Intelligent and loyal support of our staff, and we have al- ways had the heartiest co-eperation of your Directors in every proposal] for the well-being of the service. We oan- not hope to perpetuate our business without giving the greatest considery- fon to those who carry the heavy hurdens of management, and while there is a grateful acknowledgment of past recognition, a desire has been ex- nressed for the establishment of a Widows' and Orphans' Fund in con- nection. with the regular Pension Scheme, which will do much to ce- onal} to experience any permanent. d ment the pleasant relations so long u @istinguishing feature in our Bank. ere are, no doubt, many Jifticult problems go face Jn the Immediate future, but we have every réason to look forward with the greatest confl- dence. . At the moment all evidences polit to a continuation of prosperity, 80 far as this country is concerne and 'we bhelleve the political unrest and financial uncertatnty In other lands will be so adjusted that, while n | those of the plied by the Bank's subscriptions to | such subscriptions | { In every year being less than the total : | stringeney. These facts are, of pourse, ides considerably increasing | j over the previous | 515 per cent. progress "Dring the early pert of the year j the volume of husiess was consider. ably smaller. than usual ana profite [ wére much lessened thereby. bat ap- "parently our industries have net had 168 much to bear In these resnocts as United Rates, Prices and: the volume of trade, here end In the United States. frayve both im ed conditions are new, dedtics {almost ag favourable as' before reflected in our clearing house returns j and in the totals of our foreize trade. The total bank clearings of the four. teen Canadian clearing houses for | 1909 are $3.204.080.008, against §4.- 142,000,000 in 1508--a in of 25 per cent. over 1908 and of 2) per cent. high record of 1907. In 1901 the figures far th ¢ight clearing houses ' then existing were $1.871.000,000, and. compdring thif with the same cities in 1999. the growth has béen 150 per cent. fn eight years. During this period the growth in Jiontreal has been 110 per cent. in Toronto 146 per cent. in Winui- Peg 474 per cent. and in Vancouver In 190% Montreal rep- resented 35.8 per cent. of the whole clearings, Toronto 27.6 per cent. Win- nipeg 14.8 per cent. and Vancouver 5.35 per cent. The total value of the field erops of Chnada, at focal 'market prices. is plieed by the Census Department at $632,992,000 gathered from 26.968, 556 acres, us compared With $432,524.. 000 gathered from 37.5 the previous year. ending September, 1509. our reached the record figures of the year ending March. 1808. the intervening year having which our trade wus restricted by the stringency 1n money and. by other causes. The record figures of the fis- cal year ending March, 1908, were: -- imports $370,731,000. exports $2890. 006,000, a total of $680.587.000. the excess of imports Delng $90.725,000 For the year ending March 1909, the Imports were $309,674,000, the exports the 'excess of imports being only $48, 162,000. For the six months ending September, 1909, the imports wert $183.5624,000. an increased over 130% of $34,084,000; the tiporty $13%.188, 000, a guin of $12,488,000. - The ex 'nlarged by $21.601.600, so that the tendency to Improvement In that re spect has passed for thé time heing It i» worth while to compare the tn with that of 1808 1304,475,000. an that of 1888, $201.087.000. The basis of our trade relations wit® Ireat Britain has becn improving eaving out of account thesabnorm VeAr ending March, 1909. Taking th vears 1401. 1902 and 1803 together for every $85 of produets exported 1s Great Britain we received $15 In good nd $20 fo cash. During the vear nroducts exported we received $35 ¢ goods, and only $14 in eash. As we look to England to buy almost all o the securities with the proceeds 4 which. we pay for our surplus of im ports, and as practically all of the cash received both for surplus export to Great Britain and for securities sal goes to pay the United Statss. any im provement in our imports from Crea Britain at least tends to make the situation igen one-sided. When w! turn to. our trade With the Unite States there is no improvement in th proportion between exports and Im porte. In the years 190%, 1902 an 1603, for every $35 of goofs imports: Trom the United States we sent to tha cduntry $21 in prog@mets snd paid $1; in cash. Turing the vears 1908. 130 and 1908, for every §62 of 'gonds int ported we sént them $31.50 in pro ducts andl psid them $30.30 in cash It is well aio to fiote that the increase of our exports to Gréat Britain jn the short "period used . for comparison Is as $39 to $36, while the increase of our imports from the United States is as $62 to $28. Ft would, undoubted= Iv, be wise for the Urited States tu take payment fo a greater extent in products, and we can afford to smile at threats of disturbanée to sich A total of trade as they enjoy with us The discussion. in the United States of the yhe tariff bill shows no diapo- sition®on their part to take a broader view of their relations with us: in. deed, quite the reverse, if we are ta judge by the power to annoy us iver to the Executive of the United Spates But the fact that we inténd to manage our natural resources in our own way: to favour Great Britain in our tariff relations, ang to maké such trade nr- rangements we. choose with other countries which PY disposed in turn to treat us well, will be accepted, an? between Canada and-the United States will not be seridusly ohecked. »s it was in 'other days of tariff manipula- tion, when we were not so important as trading neighbours" 's Ontario and Quebec. . The year has been a prosperous one for the farmers of Ontario and Quebec, Despite much unfaveratile weather, the crops were, ag a whole, Above the average and brought excel- lent prices The agricoltural areas, the weather conditions and the nature of the crops vary so much in these Provinces that the yield has ranged from seanty to abundant. but there ee to be no district in which gen- a pros rity among the farmers Wwe cannot avold feeling their infu- ence in our affairs, we are nof jikely va 3 The President then spoke in part as follows: -- President's Address. The statement we have laid before you, the 1 's ments ti and hi ons as to our future, strike the keynote for most things that can be said about Canada during the past year. We are from the world-wide strin- gency of 1907 almost too rapidly, and. ed to the years fol. the panic of 1898. We cer-- tainly are not able to er all the reasons for the remarkable difference Between the two but rumba ent among ul are celerity with the trading na- tions of The world now act when tri com- is not {fted, and in which this is fiot shown by their power to bu c 3 ht. - paid' to- tile-draining,- the aeeds fotation of evops, A manyring than ever" ore, and Mare the farming is at its best, the yield per ace of grain is not only in- f i qi 4 : f fest i (Stuffs to accelerate our ussal rate of the same may ,663 acres 'n | : + Judged by the fighres for the haif-! £6 oped Fear foreign trade has apparently almost | indieated the extent tn! $261,512,000, a total of $571,186.00 | cess of imports in the six months wus | tal foreign trade of 1948, $050,737.000 | 1806, 1907 and 1908, for every $38 A d the great and rapidly growing trade | JANUARY 15, 1016 he said of those who j rear cattle, Because of the great (nerease jr Westert and other home consumption of articles proceed on East rn farms. our exports certain artici s---no- tieeaby dairy products.---are falling off This falling off # much to be regretis ed, as greater energy ently have enshied us to supply both markets more completely it seems indeed true that in very many parts of Enetern Canada, vwHie the money re- ult makes the former comforiable the land is not being worked to thw nt here the farming represents the + high intelligence of our agricultural | colleges, conditions are better than aver Before ani the outlook is excels | {18nt. but where intelligence ie noi So d RTeat and especially where the and 180es not respond rea ily fo tuftiva- { Hon, conditions are not |mpro-ing. and 'we. fear this statement applies to a larger area in Eastern Canada than Oes the more favorable one. From { the less prosperous districts men are' | StH} going to the West. amd in all pares | of "Eastern Canada an ver: present { trouble i the lack {labor., Thik caus many | @ificulties, besides the {on the volume and cost of production Indeéd, we cannot heve the best ; PoERible farming even where intelli | Fence is gt its highest, hecanse ever i farmer finds himself forced to adjust | his scheme [h* ean secure, Intensive farmin would be best for the country whole, because by it the jlargest gross value per aere woul i the farmer wou | spend kinds of uld thus have more to on labor and svepliés; bar fearcity of labor makes him turn gra- zier, so that he may nt a sotiefactory j Ret profit with the least entiav jible for labor sana supplies. On the j other hand it has brought about a' | extraordinary advance in labor-saving | | farm machinery Partial drought i have | of and animals on Ontario farms {returns to let Julv: show i numbers in milrh cows and jonly in horses is the rmber Inrker | The shipments of applies from Mont | "eal were 581,000 Barrel® the aver [#&e for ten vears being $45.000. Thy "Xport of butter has nearly ceaped ! the shipments from the same port he Ing 38.000 packages, against 573.007 {in 1905, the collapse in 1807 hei | clearly 'maintained. 'A wer large! | nereased home demand will hard | "¥plain this. In cheese tha shipmerr vere 1,872,000 boxes. worth $17.20 { M00. the average for five vears being {297000 boxes. worth £18.417.000 | Ve used to exuletw the falllfrom the | leh figures of 1962 by | ment of the production of butter, bu Ow we murt admit that we have les I airy nroducts tn export than former ¥, whatever he the cause. At the sam ime, Great Britain does not need ane { 'alry products ar much ng formerh New Zealand. ® which flee vears an UPPLed only 4 ner cent. of the chess 'mported from the colonies now sup nlies 20 -per-enrt Ntrrithesa mgt improved facilities. wpain PETOPLE Are 27.059.000 bushels, arnirst on as erage for five vears of 28.143,000 bushels 'n flour, however, thers js a lJares Merease. the shinments Yelrg 1.718. N00 snevs and 210.000 barrels. agains: 1.128.000 sacks and 167.000 harrels in 1808. Live stock shinments ape /Imaller than in aby recent vosr but JOT meveral reasons the I Hustrate the trade as'a whole The 'arbor', Commissioners are fteadih 'mproving the freflitien af the nart nf Montreal: with the hope of making i 'he forem mort on this continent The volnme Af shipments from. Ment veal and of iMand shirmants throngh the Lachine Canal both show a grat. 'tying inérepse over 190% In manufacturing the conditions are Very satisfactory <havibe regard to the recent check. As the year ad. vanced, there was a steady increase in orders. with an imnrovement in rics. Not many new fantaries. war hailt, but additions to visting plante ere quite -numerons There are. of course, exceuntinne. hut at fhe close 'of the .vear the mniaritey of the factories in _Omtario and. Ovahes ware warkine- at full time, manv had increased their output over al nist rernpds and near Iy all have the rromire af 5 tafe, volitme: of Wnginres in 1810 then ever before, orders from the Waat being iprecedentediv large in many linag There has been ereat expans'an i= the volume of trade |= etap]l Iman metal goods of all Finde with a ron siderable increase in prices: Plane milling has heen ahnormale hrait able. In lumber the cut of nine this VAAr has srnavertle Fam anmnt pel fold. and higher grades of lumber gen readily, but in Bex himber and 1+ wer erades the ma-teat gin negds ASOThe improvement. Ts adtionk ne i &_whole is wery good. The new cit At {loge will be deprer than that. of th» nrevious year, herause of, a recover In the wages of the men. The mos: important avent of the vesr in es nection with dur forests was the actinn ~f the Government of ths Pravines of Quebec in connection with the export of pulo wood with a view ta the pre j corvation nf tha svent front areap nf; { that Province. Much Activity In' butld- ing is sereral thronehaitt the grentar part of Canada. and in the smaller Cities as well as the larger ones Hus. DERE pronsvtice sve Wing sold at pricks which would Kate been very furprising a few vears alo. To a sat isfactory extent these sales represent investments of capita) unaccompanied by mortgages for part of the purchase money. The mining hugindss of Omtaria centres at Cobalt. "ami here the pwo- Auttion Is the largest of reford. The growth of this mining camp is suffi. clently remarkable to make the fig- nres for the last six years interesting. The yalué of the production has been as follows: 12¢.217 pin ae . $32,484,464 Taking into consideration the ore in sight and without refer- the price of Ml. obalt alone may level. or there 44 although ' Moderare beefi made, a! * sup- would appar | t advantage, and the product mult | } léss in quasirity than in the past. | sufficiert farm | ohvious effect | of farming té the Inbar | axa} uld he produced, and | poss- | Eigh prices | apparently lessened the number i As | | Compared with 1908 the Gavernment | diminighe other | j cattle, sheep, swine and noultry. ant | the devalop- | siialler than in 1967 and 1908. betns | relation to coal | On the basis of | thon among the world" silver, having displaced Australasia, "8 *While the silver mar- Ket was rather uncertain during the Year, the price remained about the same until Ket showed a from 43 million ounces in 1868 to 109 millions in 1888 and 200 millions in 1908. This is not remarkable in com- ; Parison with other products, but the | price lias fallen from $1.32 per ounce in 1868. to 64 cents in 1888, and 52 f The total value of all { Minerals produced in Canada in 1908, 2 shown by the preliminary govern- Bent report. was §8% 23.000. | At the end of 1908 puntos general. | ¥ In Ontario ana uebec, whether In | manufacturing, ordinary trading in L merchandise, building, dealing in real | 'State, mining, selling of bonds ang 1 securities. or otherwise, is distinctly tetive, and dccompanied by Increasing oricés and Inrger volume in most ar. The legitimate basis for this "Mairs is our excellent crops Wd an cusy money market. But the VRIY activity of business will cause 'he easy money to disappear and the. igh prices are already causing a speculative tendency, which is sure, '# usual, to end in loss and disap- | "ointment to many. Sate of | Mahitoba; Saskatchewan and Alberta. We have. as You already know, an- ther year of : "ord for the Prairie Provinces. The "pring In Manitoba was cold and back- vard, but good weather in May and Tune gave the crops as good a position 't the end of June as in 1808, when he spring was early and favourable 'n Baskatchewan and Alberta the spring conditions gave everything a food start, but July and August were very dry and the yield suffered he- 'suse of too quick ripening. Bouthern Alberta suffered severely from, winter- lings of whent--as hizh as €0 to 18 per cent. in gome parts--byt this loss vas largely repaired by re-seeding in he string. In August there were fur- her losses by frost and "hail, and this | tart of the province dil not bear out the first cron estimates, although the otal results were fairly good. In \ugust we published the estimate of { ur Superintendent of Central West. | *rn Branches, base upon reports rom nearly 400 correspondents. This | vas us follows: -- Wheat Oats ... Barley 113,979,000 bushels 157,687,000 hushels 24,224,000 bushels In this estimate allowance was | Made for shrinkage by rain, heat, hail, | 'rost or other adverse conditions. The | vountry, however, had ideal autumn yeather, and some carefully made es- timates now put the wheat yield as { high as 120,000,000 to 125,000,000 { hughels Our estimates for other { grains seem likely to be confirmed The flax crop, to which we do not always refer, is this year about §,- 100,690 bushels. and becayse of the abnormal price will bring the farm- ors about $4,500.00. The grain crops | #re high in quality, 90 to 95 per cent. being shitable for milling. The grain TOPR altogether are the largest in | quantity ahd 'in value ever harvested 'A these provinces, and the total re- sult in money will be from $165,000, J 000 to $160,000,000, The Census De- partment's estimate of the value of all leld crops, cereals, Fools, grasses, vegetables, ete, for the three prov. 'nees, 1s $192,839,000. We capnot report very good pros- gects for the next eeason. It has been ry in the' West for <three or Jour months, and in consequence the ground is hard, making fall ploughin Hiicult. Unless the spring is early ind 'favourable we cannot expect as large an |ncrease in acremge as would otherwise be the case. These oon- litiane should result more adversely in Bouthern Alberta and Southern Saskatchewan than, elsewhere, because of the, greatér need of moisture in these parts of the West As we have: tried to emphasize re- arding Eastern Canada, the country ts a.whole is deeply interested in the largest gross product from each acre of land. because . evéry dollar not saved by the farmer is spent in Can- ada in labour and merchandise. The Average farmer, however, will not adopt new methods beyond the point Which gives him comfort, financially and otherwise. And so, because the pressure of population ie slight aad the rest of the world at the moment pays high prices for food-stuffs, we do not, except in a few isolated districts, thise from each acre nearly as much 18 we would if the pressure of neces- My were upon us. When this means eglect of the land, us. indeed, it gen- erally does, we may be sure that some lay we shall be punished for it. Few lfarmers in the West take enough trouble ih preparing the ground for the crop, weeds are getting a hold upon thé country which will in the next generation éause the childrén to say harsh things of their fathers, the land is not rested by changing crops or restored by fertilizers to any rea- sonable extent, and as yet 'the side profits from such useful adjuncts to grain crops as cattle, horse, sheep and hog raising, Adeirying, poultry farm- ing, etc. are little in evidence ex- sept 'in perticular districts," where mirked success has attended dairy. ing and stock raising. Even If the present money result was no greater mixed farming in Which the crops are partly used on the farm to feed stock, would so sustain the value of the land Hr grain growing as to pay handsomely In the long run Summing up the trade conditions for these provinces, it may safely be $414 that, as in the Pam, Site volume of trade has increased as the year pro- Kteased, na that the level of 19806 has doubtless bheea remihed by almost all trades, many are doing a larger business than ¢ver before. The extent to which fetatt trailin In heiig ¢ on a cash basis Is gratifying, an Sang 55 contrast to the edrly years of settlement in the eastern provinces Thé motion tor the adoption of the Report was then and carried. A resolgtion authorizing thé Directors to establsh a find to provide for the widows and orphans of deceased offi- cers 'was submitted to the shareho!2 ers and passed. The usual resolutions expressing the thanks of the share-- Directors for the coming year, and then adjourned. as 1AE doen 10 308 WH AT'S our figures i {| X¢ have now moved to the third posi- | $s producers of December, when the mar- { hardening tendency. | The world's production has increased | {CANADA ABLE TO FEED 1 IN FEW YEARS. "IN PROSPEET STATES | Rosy Puttre for Doménion Prophesis | Fisher, minister of {for Canada a roses | her at resources will { developed, and she wil! 'the food consumed States. For the Syuedit of ibers of 'the Beacon Society uture, {drew a verbal picture of the domins ions fuflire. Like the United States, Mr. i said, Canada has been | nhtural resources; but has folly of it and Proposes to | them from now on. {#te the time ahead | States will have ceased, by | congestion of population, foe produown nation that but he assured his hearers. t | be no fear, as Canada will have chiefly furnish in the United ed by Hon, Sydney Fisher at Boss ton, on Boston, Jan. 12.--The Hon. Sydhey Syvicalturs; Te te in which been the mem here, he Fishes wasting her seen the conserve He professed ta when the United reason of to be the be is now, here need then be more than able to feed us all, In illustration of | which the great eccuntry in the manner ig the north |is developing her resources and movi (ing towards his ideal, Mr. Fisher said { that within ten years Cadada's pros j duots of agriculture have ¥ nereased from $160,000,000 10 £563,000,000, and she has yet but touched the § { of her possibilities. To keep u t | standard of Minneapolis ore. De ait | the American millers have to {tions of bushels of No. 1 | wheat from the Canadian fa |. The three provinces in the { he declared, can produce | bushelg of wheat, | times re than the | States produced last yoar, Mr. Fisher said, 80,000 | Went across the border, them $65,000,000 to add {of Canada. He rather { hearets when he said stat { that furing the past five {000 Americans have pone {taking with them $200,0( 0 | pn i The Only Way, {Cipcinnati Enquirer. X Charles 1.. erica's leading collector paintings, of decorations from the dining the Leyland House in London, 7 a collector of Whiss Mr. Freer is' also tler anecdotes, one of which me at a recent cfnper. "'Whist'er," he said, took into the autumn salon. He {and the picture was bung. | "But the painter, | masterpiche with Whistler on ing day, uttered a terifble € he beheld it. *" "Good gracious,' he | 'you've exhibited down 1' 1" 'Hush,' said mittee refused*it i 1 among Mr. Freer's ures béing the famous Peacock Room 'ance to get a fellow painter's work my picture take mil Northery rmers, J northwest billion or one and one-half whole United Last year, Americans cartying with to the wealth started istics showad years tb Canadas, hig 300,» ho, ¥ Freer, of Detroit, is Am: Whistles treass room of told unders he succeded going to see his varnishd sath wag Rronngd, ups Whistler... "The edu the other way,'" 1 Mistook Her Motives, T. F's Weekly. She was jast a shopping ady, o the wan signalling the ear in Hox fashion of br sex: but on, and did not come eight people had shouted. glared at the conductor, bel with indignation, Why didn't you step me #' : op he | "How was Ito know get on?" "Didn't you see me arms, and jumpin {waving my umbrella ?' i "Of course, Could anyome {ing you ? The whole {ing at you ¥' "Then why didn't 'you saw me ¥' swin, up and organ." ~ Had It Tethered. Joseph Chamberlain in one of jtarifil reform speeches said : | "Many of opponents | ignorant of my proposition | certain farmer, many years | the umbrella, { journey of somedd miles on j#mall town. As he was abo my This farmer has made a the or it to a halt until Then ling ove . car for you wanted to ing m own br help sees street was looks you stop whenit "1 thought you were darcing to any # hig® are adi AS was 4 ago, of: foot tos ut to set j off for home again a hard rain cama | ups and his host losned him | brella--a novelty {it _himsell #0 as to save his {porsibls trouble. A week | tarmer brought the | The weather was br ight aud {he held the contrivance open | head. "This mstrument,' 1 is more troubls thas it's [wasn't a doorway in {could get jt through, and 1 wor " eR More Convenient, { London Daily Express at the Popp. friend bater the * umbrella back, fine, baer over his he grumbled, & th: There the vill *h bad bor tether it all the week in a field." Count 1'Orsay, on his first visit to | England, chance {her next to Lady i Holland, | markable and man it up gallantly fork, then her glasses, 'and lost article, youth gave way, and, on her ber napkin again, he turied "Put my plate on » "I'l finish my dinver there be so much more convenient Holland." William UD. Boyes, & East Afric had with a lion J. M. Gibson, K.C. McMaster, Robert without weapons, and as *prang at Him the former to ¢ ound went ecleur re Sn snd ; Wa repeated and finally the lion her neighbor stooped and restoted ed one of the footmen behind ; pubbicher Chicago, who has Jt returned from Roosevelt hud sighted the liom when the 1 to be seated at dig. That re : y-sided woman was {in one of her imperious humors, { dropped her napkin ; the count picked ; thee how fan, She then as often, 1 the At last, however, the patience of the dr, and eal him the floor," said he: it wil to Lady 4 _ Roosevelt And The Lion. fA Mdftreal Star of 4; tells an amusing ~ an encounter Colonel Botsett . a lion president the lion g