TUESDAY, 10th JANUARY, 1911 The ' forty-fourth Annpal Meeting of the Shareholders of The Canadian Bank of Commerce was held in the banking house on Tuesday, 10th Jan- wary, 1911, at 12 o'clock : The President, Sir Edmund Walker, having taken the chair, Mr. A St L. Trigge was appointed to act as Secre- tary, and Messrs. A. J. Glazebrook and W. E. Rundle were appointed scrutingers, The President called upon the See Cretary to read the Annval Report of the Directors, as follows: . approval. Report. The Directors beg to present to the Fhareholders the forty-fourth Annual Report, covering the year ending 36th respects a culminating Bank's history. of our estimates. The ness, uniformly make it possible to lay $1,838.065.04. an up capital Jast Your, was ..§ 723,139 02 The net profits for the year ending 30th Nov: ember, after providing for all bad and doubtful debts, amounted to ,, .. 1.838.065, 04 $2,560,204 08 This has been appropriat- ed as follqws: for the coming year. solution ai the last nueleus for a Widows' Dividends. Nos. 92, 93, 94. and 95, at nine per sion Fund, accounts for . cent. per annum ....§ 900,000 00 charged against profits Written off Bank Prem- | After very careful ses 2 an . Transferred to Pension : ; we have been Fund (anfbal 'contri | omschonslve scheme to embrace in bution) TS. 50.000 00] 0 "fund a beneficent recogmition of Transferred to = Rest Ac: a every member of the staff. We cen- count ...... x « 1,000,600 60]. express too strongly our gratifica- Balance carried forward .. 310,204 08}, 4¢ this consummation of our de- $2,560,204 06 "m1 the best interests of the "The assets of the Bank have all been | ugly guarded since its carefully revalued In acdordance with our usual practice, and all bad ands, page the manifest need for the ex- doubtful debts Fave been amply pro- |... gion of our system to meet the re- vided for. quirements of a rapidly growing busi- It is with deep regret that your Di- rectors have to announce the death during the past year of Mr. James Crathern, of Mantreai, who had been a member of the Board for twenty- seven years, and who at the time of his death wae our oldest Director. To fill the vacamwy your Diréctors have elected Mr. George FF. Galt, of Win- of the case the criticism activity of hipeg. uring the year the actuarial work connected with the establishment of a fund to provide pegsions for the wid- ows and orphane of deceased officers .of the Bank. as authorized by the; Shareholders at the last Annual Meet- ing. has been comneted. It was thought advisable that tie new requirements should be met by enlarging the scope of the existing Pension Fund and this has been found practicable on a very satisfactory bass. The new provisions came into effect In November. The following branches have been opened during the year: In Manitoba Transcona; in Ssekatchewan--Bounty. Kerr Robert, Kindersley, Mareelin, Morse, Swift Current: In Alberta-- Bassyno, Champion, Kitscoty,. Lough- eed, "Milk River, New Dayton: in British Columbia--Cumberiand, South Hill, Stewart, Mount Preasant (Van- couver), North Victoria; and in the City of Mexico. The branches at Elk Lake, Ontario, aml Skagway, Alasia. pave deen closed. Sinae the close of the year branches lmve been opened at the following plazes Porcupine and Bloor and Dufferin (Torox to), Ontario; The Pas, MN W.T, Brooking. Lamerton, and Nutana, Saskatchewan: Chilliwack and Balmon Arm, British Coiumbia. As is usual. the branches and agen- cles of the Bank in Canada, the United States, and Great Britain, and the var- commensurate with our with the assurance. that branches in new fields. clent management. a devotion to duty In often -- tration. year, terial prosperity. There have been ttoroughly inspected during the year. Your Direa'ors desire again to record their apprectation of the efficiency and zeal witlr which the officers of the Bank continue to perform their respec-' tive duties. B. E WALKER, Toronto; 10th January, 1911. President. a reflex Influence here; In movi the adoption of the Re- ny a r great development in all port the President calied on the Gen- eral Manager to address the share- holders. General Manager's Address. The General Manager then said: We have pleasure In presenting you dications are favorable = CANADIAN BANK COMMERCE RETORT OF THE PROCEEDINGS OF THE ANNUAL MEETING OF SHAREHOLDERS with a statement which is in many The past year was re- markable for a large volume of busi- ness and general prosperity, which jus- tified our predictions when last we haf the honour of appearing before you. At uo time during the Year was there any {,... ake money scarce. and the pace apprehension lest we should fall short satisfactory and comparative freedom from losses resuits of our operaiions confidence and a full assurance that they will meet with your very cordial The profits for the past year were increase of 3$327.370 as compared with those of the previous year--being 18.38 per cent. on the paid- This result was obtained . he | after making a careful Movember. 1919, . together with the our assets. a, ampie provision for all usual Statement of Assets and Liabili- bad and doubtful debts: Hea: | In accordance with our recommenda- The balance at credit of tion, your Directors Increased the gdivi- Profit and Loss Account, dend to nine per cent. per annum, brought forward from which calied for a payment of $900,000. We are gratified that our present and prospective prosperity justifies the .ex> pectation ofed larger réturn on your | capital, and it will be our pleasure to suggest the payment of ten per cent. You were good enough to pass a re- annual authorizing the grant of $20,000 as a Fund, and this sum, with the regular payment of $30.000 towards the Pen- x | investigation and 300,000 60 | actuarial examination, we are i sire for the weifare of the service. THis crowning act will do much to foster The extraordinary development of ness, and the protection of our business at points where we are already estab- lished, make it imperative should do our duty in opening branch- es, often anticipating the necessities We are not unmindtul of genders, but are conscious of the fact that we are expected to do our full share in the upbuilding of the 'country which gives us privileges with the un- derstanding that our service will We realize our accountability shareholders of this Bank, who have entrusted us with a large Investment. and we belleve you will be satisfied prudent caution as we continue to open The occupation of an extended ter- ritory with a network of branch banks gives us gerious thought when we come to the question of suitable and op This is alway$ a difficult problem. but we have been fortunate in selecting an active, intel ligent, and loyal staff who have shawn rot always very agrecable, which the ordinary comforts of life cannot be obtained. pleasure In acknowledging our indebt- edness to your Directors for a willing acquiescence in every suggestion for a proper recognition of the faithful work of able assistants who are asked to as- sume exceptional burdens of adminis- We have closed a very satisfactory our accounts showing unusual profits and a healthy advance in"ma- and Bersistent Jemund ow money to care for the needs of merchants, manu- lous departments of the Head Office | rg oturers. and our farming community, y with rates fairly wel! maintained. the fluctuations being unimportant, withstanding the uncertainty of fihan- cial affalrs in other centres with which we are intimately connegted. The out- look for easier conamions in Britain will probably result in the sale of Canadian securities abroad in large volume, and the prospect of cheaper money in the United States may have ada there should be employment . at remunerative rates for funds to carry | past. on ordinary: business, and all the In- complaint are those whose labour and to active trade; brains are paid by a more or less fixed recompense, which Is not adjusted in accordance with the ehange in prices. These are the people who, as a rule along safe lines. We enter the com- ing year with a confidence begotten FF record in the trend of busi- profits, before you the with great revaluation of meeting and Orphans' the $50,000- for this year. le to adopt a Bank, 80 zeal- establishment. that we this kind en- he opportunities. to the Wwe exercise a circumstances and in We take was a steady not- Great but with the parts of Can- tions of growth could we tut find space at the moment is the outhreak from always Ly one set of interests against another. We have a more prosperity -than could readily be foudd of past experferiée, and hope to share} in the general prosperity, and to en-| joy reasonable freedom from undue anxiety in the management of our In- stitution. : ; President's Address. The President then sald: Doubtless the feeling. most strongly present at the moment reganiing dbusi- ness conditions in Canada Is shat, we are enjoying a prosperity as grea we have ever known. Whatever sig- nificance the check of 1907 had at the time or should still have. even the memory of it seems to have passed) away. and with larger foreign and home trade, larger bank clearings, & larger amount of building in cities. a larger amount of railway construction. and larger immigration than in any previous year, it would be sfrange 14 we {c't otherwise. Our Western crops were not to our liking this year, bank- ers kaow that a little more expansion of real estate speculation has brought on the inevitable temporary exhaus- tion, but. Important as these things are, they have little effect on the situa- tion as a whole Even the large re- duction in the volume of business in the United States is regarded as main- ly due to political unrest and as hav- ing ro direct bearing on our position, Tha: we are experiencing very great prosperity Is a matter evident to all, but if w mine in detail the eir- cumsiances 'accompanying thls pros- perity, there is much that is not satis- factory. Great Britain is a country which can afford to import much more than it exports because the world owes it annually an enormous sum for inter- est and other things. for which it must of course take payment mainly in mer- ohandire. The United States is a country which should export annually about $500.000,000 more than it im- ports in order to pay for interest, and for the money drawn from the coun- try by permanent absentees, tourists. emigrants t6 Canada, etc, and because it cannot afford to increase its debt to foreign countries, having already about 100,008.000 people and a scarcity in many raw materials. Canada Is one of the pew countries which is entitled to, and which must, during! its period of rapid settiement. import more than it exports. The difference is met. how. ever, by debt obligations which: must some day be pald. The question. then, as to how much we should go into debt is the same which confronts the indi- vidual in trade. but the comsiderstions are so large and $0 complicated that it 1s hard to know when we are wise and when unwise. What 1s certain, however, is that when a man is In debt he should live sparingly, not ex- travagastly, and th~* If, with the money he has borrowed, he has put himself in the way of making a pro- duct with which he hopes to pay his debt, he should strain every nerve tw make and sell as much of that product as he can, In order to reduce his in- debtedness to the lowest point pos- sible. Now, Canada is somewhat like a man who, having a rich Inheritance in land. borrows to develop it, and, canfident of its future value, spends freely for his present gratification. while he does not make effort enough to creale the needed present revenue from his property The total value of the field crops of Canada, at local market prices, as es- timated by the Census Department, is $507,185.000, the product of 32,711,062 Acres. The corresponding figures for 1909 are' $532,992.000. from . 30,065.556 acres, and for 1908, $432.534,000 from 27,505,662 acres, The loss in 1919 was in. wheat, oats. and barley, in which the acreage was 20,992,900, with a value of only $248738.000, against 18,917,900 acres in 1909, with a value of $289.- 144,000. So that, while the degrease in all field crops is $25,807,000, the loss in wheat, oats, and barley alone is $40,406,600, leaving a handsome in- crease in all other field crops. Cur clearing house returns again re- fMléct the great growth in business. The tota! of -the- seventeen clearing. houses for 1910, two being only a few months old. is 36.154,000.000, as compared with $5,204.006,000 for 1909, a gain of eight een per cent. In the year. There is a Bain in evéry clearing house in Canada, most notably in Edmonton, Cglgary, Victoria. Vancouver, and Montreal. The building permits in the four chief cities WNT Mlistraie forcibly the growth of Canada. Hundreds of towns and cities would show similar proper- In which to give the figures: ------------------------ 1810 hac hecome © part of the eity The most curious feature in Canada time to time of agitation stirred up sometimes by gullds, sometimes by strikes. and often by city councils, bat gener . GENERAL STATEMENT. 30th NOVEMBER, 1810. LIABILITIES. Notes of the Bank In circulation ts not bearing interest. ...........c.i..00 hearing jmerest, Including interest ac- erued to date... ...agicc ceriiiet satan 92.332.5% Nn Balances due to other Ranks jn Canada ..... ... «icesin on ¥ due to other Banks jn foreign countries Dividends unpadd. . peiaw Dividend No. $i, payable 1st Decentbe! Carta paid UP Lo cosines. Caren ASSETS. Coin and BullIOR suciasiissicriranss sv vensesss § 6,953.430°80 Dominion Notes srssmmarsisianenssnaniaraasssass 1L680,803 00 . Balances dne by Agents of the Bank in the United Sesser saeanT nar, o (other than Bank Promises).............. <..ies na . EL EE Ee a Aarne war vr eras ERE WAS AS NEE R RR RAE ARR Rasa Rasa » | $157,088,016 28 JIBS. » » «x is 23 xn anus wa as saan $ 10,222,953 18 126,834,253 53 437.791 54 5 2,020,333 52 2479 45 225,000 00 ¥ '$18,643,323 80 it elsewhere, now cor In the history of the do not complain, PPIHEPS because thelr fortune is the same In every country. In the case of the majority {wage-earners there ment. any event, the overwhelming bulk of our people share In our which, be it remembered is the re- sult of our combined activities not due to the farmer alone. nor to the mechanic. nor to the raliroad, the bank, the manufacturer, or the shopkeeper It Is the result of the fortuitous cir- cumstances under which we are enabl- Be RL profital use of the natu S of Canada. Is It n ~ regrettable that, instead of each vidual finding happiness - ment in his own And Ssment The only people with a just of our is some adjust whether sufficient or pot. In prosperity, It is ot. therefore, most indi dhs tepriefigrit more farmel properiy ing of course with but mainly for Ne world. the partment ficlent. The value of the field crops] af Ontario and Québec for 1910 was $301,109.000, compared with $290,489,- 000 for 1909. Althg in the fruit districts where uh i= 3 carried on sclentifi- apple growing Is were only 163.000 no recent year comparable with this | r------ . ae a ar€ meeting a greatly increased demand | stock and of increasing thelr by decreasing the stock on hand. and such a state of things cannog, of course, continue jong. Many quite natural causes have led to this result, and others will tend to remedy it to some extemt high and the highest prices ever known for cattle, the farmer has in many cases sold both cattle and coarse grains, In- stead of feeding his stock as usual. But [exceeded all records food crops are now more plentiful, and we may look for an increase in the] were of such excellence stock of animals on hand. In all manufacturing centres the except 1901, whe Ipments story is one of a general enlargement ever shown in America. The progres- 122.006 RL ren Sl highest ea of plants. an increase of wages, and a|sive Western farmer is demonstra reached was in 1903, 7 barrels, | @¥fficulty in filling orders, with pros- [to his fellows that If each of them and the average of eight ie rela. perity to the local shop-keeper as one will, as soon as he can afford it, raise Was 516,000 barrels. Doubtiess | #f the natural consequences. The out-/a few head of high-grade stock the no care would have averted the main cause of a lessened crop, but with scientific methods the number and size of the apples would always be greatly increased and the quality greatly im- proved. We need to be able to follow close- ly the growth of our dairying indus- using the figures of the ship- ments of cheese and butter from Montreal as examples, but new con- ditions have arisen, and these figures are now of little use. The consumption of butter in Canada ana of cream in the United States has practically destroyed our foreign trade in butter, which one year 873.448 packages. valued at $7,400,000. The sme causes have kept our cheese exports almost stationary for three or four years. The figures for 1510 are 1,892,000 boxes, worth $17.503.000, against the record of '2.395.932 $21,500,000. One great departmental store collects di- rect from the farmers to keep several cheese fa ry by Canada and in 1903, valued at Successful as the neglected tained in proportion mous exist, to the farmer lectures and condition eof cared for, with the ledge of the frult-grower. perienced hybridizer, who is innumerable species of are in demand In all quarters of the! IT must be remembered that these resuits are not. due merely to of a 'warket, but thet in almost any part of Western Ontario similar things can be done. Too much credit cannot be accorded to the De- of 'Agriculture of Outario for the effort it Is making, and we can but hope that the number of lecturers and demonstra will, ¢ and t at we t they Ad be agricultural been given to fatm affairs. emigration to the West ha nearly ceased. farm il i i $ i year to the with Ity practical know- York and other United States | Ustially high, so that the crop is much 1. Br A markets, but we now Near of one ex- | more Important than might be suppos- | g7e¢ yah, including Canadian. about a (ed The money result from the crops banker, who has made himself! Tamoys | the three prairie provinces, as estimated | ying &s well as prosperous as a ger of | DY conservative Western opinfon. will | DIRE, loli, which | be about $20,000.000 less than for 1909 also be Increased, persistently kept &8 a permanent force working In + haw tatansl are « . ° farming Is a subject of genera! and keen interest fi i reached as boxes t milk es busy. bas been with the farmers of the East, there is a growing conviction that this part of Canada is at the moment a land of v, largely owing to the easy success of those who have taken up the cheap lands and virgin soil of the West, While many think 'that more effort is n cess in the East, facts gathered from recent experience show that in no part of Canada can a larger return be ob- gence employed than here in ome pine district, the output of silver fo We have one of the bedt and most; fa- af Agricultural wherever one of its students Is farm- ing. th= effect of his knowledge on his own term and the influence of his ex- ample on those of others is most mark- ed, but there are many parts where no such examples of Improved methods and the Government has. now adopted the plan of taking the College The Parmers' lustitute the Agricultural prizes have done and are doing much good, hut the new effort is of a much more cffective and practical it is sought by demonstration farming actually carried on by experts acting for the Government, and by visits paid to var.ous 'parts of the Province by experts who are able and willing to give advice, gradually to break up that contentment farming of our fathers which is great an enemy to progress. men con be shown the results of & thorough kuowledge of stock-raising as compared with not knowing, of caring for orchards instead of not caring for them, of systematic manuring and proper drainage, of a knowledge. in- deed, of the many things which about the enormous difference in re- sults between 'old-fashioned and up- to-date Yarming, we may hope, ' sons will stay on the land, and that many city men tle there, and that increased 'wi and happiness will be the result. actual results are, more powerfwi ar- guments than mere preaching. An or- chard in Ontario which yielded prior to 1908, 3100 worth of apples, annual- ly, produced in 1909 in new hands fruit worth $1487; the wet profit ea which. was $974. in addition to apples not suitable for eating worth more than the whole crop before the orchard was In other cases § acres of orchard produced $2.489 gross and $1,890 net; §% acres produced $2.- 237 gross and 31,720. net; 1% acres pro- duced 3539 gross; and many cases of yields in money from 3150 to $300 per acre could be Shoyh. the result vary- he age of the trees, to sue- Colleges, and Fair natyre. the so Vung cently compiled thet Will sat. But put of pig iron, steel rails, ingots, etc, | at the important plants at Sault Ste Marie and Hamilton show large in- creases over 1909 in all articles. Building operations are being car-| now stand, stocks are not as large as 'ried on at a pace which clearly reflects | they should be, nor are they increas- our prosperity. The farmer is spend- ing ing more than usual on tile draining and on outbuildings, In the construc: |chewan and Alberta to be of much ser fide of which cement is now largely | vice, but in Manitoba horses have in- used; In towns and citles extensive creased in numbers only about 50 per munidipal Improvemerds are general: cent in ten years, cattle a trifie more while ordinary bullding operations for than 50 per cent, sheep have lessened business and other purposes exceed all} in number, swine have increased about previous experience. 100 per cent, and poultry about 5 to Flour milling, one of our most im: | 70 per cent. Such statistics as are portant industries, has done reasonably Jvalighie, ig that stocks Bon hati but m \ so than In the pre- [for ree vinces are = El ul maak jue Pin- [000 horses, 2.500000 cattle, 345.000 vious season of abnormal profits. in- | deed. competition in the business has | sheep, and 608,000 swine. Figures for poultry seem unreliable, but apparent- reached a rather unhealthy stage, and it would be well if there were no more | ly there are not yet half as many as One has only to lok at ex sion in this business for a time. The conditions of the lumber mar- Th pp dunkide r he small part ket are not very different from 1808. ntarig farmed, com- There has been a ready sale for high pare it with the West, in order to see grades both abroad and in North Am-| how very much must be done before erica. and a satisfactory market for|it sible the intermediate grades, but the sale of | Vice-President of the C. P. R to re- low-grade lumber is still seriously in- proach Manitoba with the impertation terfered with by Southern pine, which of 12,000,000 eggs in one year over that has for the time being taken away our | railway alone, and to say further that market in the United States and evgh | the poultry and cream for their dining invaded Canada. Just 'at the end of cars must be obtained partly In the the year, however, there seems to be a| United States. better demand. for low-grade lumber. The rallways are again to be Sous Although there has been no new de- in velopment at Cobalt, and public at-|they handled the Stop. 3 estimated tention has been drawn away. from it | that by the glous havigat om 68.000, & ~ 3000 J to the new gold flelds of the ren the lakes. Terminal facilities for hand- ling the. crop have: still further im- proved, and through the Lake Ship pers' Clearance Association can be lomded and despatched with much greater rapidity than heretofore. One of the most interesting things in the settlement of Canada is the work of the superintendent of the irrigation schemes of the Canadian Pacific Rall- 1910 will be about $14.500,000, against $12,461,000 for 190%. 'The larger result is due to an increase ofabbut 3,000,- 000 ounces in the quantity mined. and a better price for silver. Up to the present, out of a total product of $48.- 000.000 since the camp began, about $24,500,000 have been paid In adivi- dends. The world's production of sil- A h $107,000,000, | way. The policy of providing "ready- Jes tar Ae WS nh made" farms is succeeding sdrhirably, and of this Cobalt's percentage was 118. The value of the total produc- tion of minerals in Canada for 1909 Is estimated at $00,400,000--just about half metallic and half non-metallic. This amount is, of course, the largest in our history, and compares with $49,234,000 ten vears ago and $14.013,- 000 twenty Years ago. While it is our habit to turn to cities in the prairie provinces or in British Columbia for evidence of un- usual wth, it may be well to note that 'in a list of Canadian cities, re- In order to exh'bit growth of population. Fort William and Port Arthur exceed all others, showing an increase in ten years of 350 and 300 per cent. respectively, Manitoba, Saskatchewan, and Alberta. Considerable disappointment, as we all know, the record of what Is nevertheless another year of progress in the prairie provinces The wheat, oats, and flax reaped in the previous year were the highest in grade. and the whole crop was the largest and produced the largest sum in money ever known. Under such conditions the acreage for 1910 was naturally increased, not merely by old- er farmers, but by new settlers pre- paring thelr first crops. With an | of 316,000,000, while 13 'existing com- early spring everything prom well, | Panies increased their capital by $3.« but because of many adverse condi- 000.000. tions a smaller and less highly graded | We regret that it Is Impossible to crop was the result. Our estimates ™ | SUPPLY the details of the extraordinary August weve: -- growth of several of our Western cities, and thesdryness of the past season has drawn attention to the value of irriga- tion in Southern Alberta. Sales of land in the irrigation area have been very large during the last three years, and have lately averaged a million dollars & month. The railway company natur- ally favour sales which result in Imme- diate occupation. Their plans have succeeded. so well that an appropria- tion of $8,000.000 is said to have been voted by the Railway Board In order to carry the irrigation system further east v Despite lean crops in the south, farm lands have increased in price in almost all districts. In towns and cities the increase In assessments. in building operations, and in population is even more start) in previous years, while in the already numerous manu- facturing establishments of Winnipeg there is the same increase in plant and output as.in.the Bast, and with the advent of cheap power we are, doubt- less, destined to see a great manufac- turing centre rapidly created. There are said to be already in Winnipeg 236 manufacturing establishments, with an annual output of $36,600,000, In 1910 there were 85 Industrial companies in- ted. with an authorized capital Bushels | PUt we cannot refrain from recording Wheat... ... coos oie 0. 85,000,000 | (DAL In 1910 Winnipeg was the largest OBLS. ... too ceo cen woo. ..90.000,000 | *CtUAI wheat market on the North Am- Barley... ... . ... .17,000,000 erican continent. Flax .. 4.000.000 Mexico. As you will know, we are now inter- $5ted If Mexico. Business conditions ere have been a little slower in re- Covering from the contraction of 1807 Other estimates are as high as 104, 000,000 bushels for wheat and 128.- 000.000 bushels for cats, but we do not expect either wheat or oats to reach 1909. 1910. in vege- Montrea! ...*...$10,713,000 $15,815.00 | tables one man with 17 acres roe 100,000,000 bushels. About 60 per cent thas fn other parts of North America, Toronto. ... ... 18,139.000 21.127.000 | 127 tons of caulifiower, which he sold of the wheat is fit for milling, and 10F oy because the country depends Winnipez .. 9,226,000 15,106.000 | for $30 per ton. a returty of about $225 | oats and barley grade badly. The flax trod development 80 much on the in- Vancouver .. 7,203.00 - 13.130.000 | Per acre. We know that for years large | crop was larger than in 1909 and the boast tion of foreign capital. Speaki With the Montreal figures for 1908 profits have been. made in Ontario | price during 1910 has been as high as Bas en Supply of foreign cap! are inclhded municipalities which in gro tine and other flowers $2.54 per bushel. and is still most un- sources: mR flom the following 90,000.000; about €0 of | invested in rallways, per cent. being 15 per cemt. in and 25 per cent ural and other industrial pari The estimate of the Census Department, |, United States, about $1,000,000,000: whiéh includes all fleld crops. is less | about 35 per cent. invested in raflways, favourable. The total field crops for |i? P®T cent. in mining, and the balance the three provinces for 1910 are valged | 0 CtDer industries. at, $155.926,000, as compared with | J. FYench. German, Beigian, Dutch. $192,839,000 for 1909, a less amount by | and Spanish about $300,000,000 invest- put $37,000,000. Much of the shrink- | ®d lrgely in bank stocks ge in value is due to decline in price | factures, and The smaller yield of the crops of | 'Fade. these provinces is due to unfavourable Canada is a northern districts agd in some south- by the United ern parts results were most excellent. | In the districts where results were gen- erally unfavourable, however, isolated t entirely monopolized hed States, the grain trade . usiness not al larg. ays valuable is carried on with i Salad Sui Tm milk, Siig fish, butter, condensed fruits, vegetables, foods, ete. In not do any this trade ex- cept grain, but, nev, when we ertheless, it awaits i 1 iit jEf ; o i i i ; P Bt : i ? £2 : i : i : i ¥ | 1 i i g % ¥ £ : i prime minister of Britain. In a letter high oficial to. the Pumjen 1 : in t am - sured 3hat the poe Jisit of King George emana from i ibmell, But hg SiBurent Pg RE minent in the Durbar of 1877? Toe lor of interest and can wiekd as readily as the 'Sindigh,' 'the rul. or Dk evy British officer in China, and it was he who at a public dinner in Calcutta drew his sword and pledged both his life, and his kingdom to the ser- vice of the queen-empress in the Boer rule in India, from the days of Mah. mud of Ghami, will take first place among the native royalties who will do homage to the British king. The ameer of Alghatistan is about the Same age as king of England. There is only one woman ruler in the Moslem world, and she is the Begum of Bhopal. She has already notified Queen Mary that she will be present. _ The vernacular papers of the Pum- jab are full of w tions about the durbar. Although i seems to have been officially selected, a writer in = Hyderabad paper proposes Agra, where the great Akbar reigned when h was queen of England. The Sikhs of the Punjab, always loy- al, are selected as the bodyguard of his British majesty, but they have ously requested that the "brave ittle Gurkbas" shall share the homor, Col. Sirdar Sir Mohammed Aslam Khan, an Afghan noble of distinction, and now a very 'aged man, will be the king a special protection both might y. Lord Hardi has a laborious task before him. Already the 'heights of Delhi," so celebrated in the history of the Indiaz mutiny, are being swept and garnished for the great event. Several of the English are of opinion that the visit of the king to India shonld be brief. His majesty will visit India in imperial state for a definite purpose, when that pur. flows is accomplished he should no longer be "ex; to the teachery of the Indian climate. On such occasions the princes of India vie with each oth- er in their display of diamonds. A Delhi paper says that even in this re spect the king-emperor will take the pre-eminence with the great African gem and the koh-i-nur of Kabul, Run- pit Singh, "the lion of the Punjab, took this resplendent gem from the king of Kabul, and Lord Hardinge, the ancestor of the new viceroy, took it from Ruajit. A Point in Taxation, Wa hail 1 na is ex| ing with a pol- icy of taxation which contemplates the gradual snifting of-the whole bur- den on land values. At the last ses- sion of the Ontario legislature =» proposition was made to permit muni- cipalitios, if they saw fit, to discrimi- nate, in the levying of taxes in fav- or of improvements, by placing the greater on lend values. But the proposal was received with scant courtesy, It is understood that it will be repeated at the coming ses- sion of the legislature, supported petitions from all ts of the "pro- vince, and' it will interesting note whether secure £39 Belleville Ontario. The Chicago cold found that they had nine tons of bad eggs on hand, and 3 to New York to be used in cake and confection. Usfortuns the pure food men seized whole shipment and destroyed it. : Ei i ¥ Als fl E : i $3 § if 5 i : F Ed i : : z i 3 3 iv § i 8 IE : 41] i a Fel : i to