REPORT OF THE PROCEEDINGS OF THE THIRTY. .. FOURTH ANNUAL GENERAL MEETING. 'The Thirty-tourth Annual Meeting of the Shareholders of The Toronto General Trusts Corporation was held in the Board Room of the Corpora- Pon's Head OMce, corner of Bay and Melinda streefs, 'Toronto, on Wednes« day, the 2nd of February, 19186. The President, the Hon. W. G. Watson, Assistant Featherston Osler, took the chair, and Mr. General Manager, acted as Secretary of the meeting. Manager, submitted and commented upon he operations of the Corporation for the Mr. A. D. Langmuir, General the financial statements showing t Year ended 21s: December, 1815 The report to the Share To the Shareholders :-- Your Directors have pieasure in submitting herewith the Thirty-fourth Annual Report of the Corporation, togeilrer with the Statements of Asse and Liabilities and Profit and Loss for the year ended the 31st of December 71915 holders was then read, as follows , The net profits for the year, after payment of all expenses, fees, tikes, €fc., at the Head Office and Branches of the Corporation, and making fe provision for all ascertained or anticipated losses, amount {4 $345, To these net profits must be added $86,487.05 carried forward frgm making a total of $421,948.10, which amount has been dealt Ward as tollows :-- 1914, with BY your To payment of four quarterly dividends at 197, per annum . » A To amount of cost of extra equipment in the Corporation's Safe Deposit and Storage ? Vaults written off .., ".....8 5,680.50 amount written off Head OfMce building 25,000.00 ihe rate of a $150,000.00 or" To rene 30 G30 | 50 To amount subscribed and paid to the British Red Cross Society and the Order of St. John | Are amount transferred to Reserve Fund (thereby in- ¢reasing the Reserve to $1,750,000) ' a x balance cirried forward to credit of Profit and Loss T 2,600.00 a 150,000.00 To 98,812.60 $481,843.10 Se The Assets and Liabilities Btatement shows that the total assets in the hands of the Corporation amount to $71,869,470.10, being an increase over the preceding year of $4,448,879.11 The Board of Directors have, on your behalf, in addition to the payment of the subscriptions to the Canadian Patilotic Fund and the Canadian Red Cross Society, which were provided for out of the profits of 1914, subscribed and paid $2,600 to the British Red Cross Bociety and the Order of 8t. John, which contribution you will be asked to confirm at the Annual Meeting, The Board of Directors have arranged for the opening of a branch of the Corporation at Vancouver, and suitable offices have been secured 'in the Bank of Ottawa Building, at the corner of Hastings and Seymour streets. Your Directors exceedingly regret to report the death, which occurred during the year, of Mr. J. W. Langmuir, the founder of the Corporation, its General Manager from the date of its organization in 1882 until his retire- ment at the last Annual General Meeting; and at the date of his death one of the Vice-Presidents of the Corporation. Your Directors also regret to report the death of Captain J. L. Murphy, Who for a number of years was Vice-Chairman and an esteemed member of our Advisory Board at Ottawa. "oh FEATHERSTON OSLER, 3 President. oot Ha RET ' All of which is respectfully submitted A. D. LANGMUIR, : General Manager. Toronto, January 18th, 1916. oR . - Assets and Liabilities Statement For Year Ended \ 31st December, 1915. ASSETS. Capital Account-- Mortgages on Real Estate " Government Debentures Stocks and ;Bonds ............ . ws vaens Loans on Debentures, Stocks and Bonds Loans on Corporation gage Account Real Fstate-- Office Premises and Safe Deposit Vaults at Toronto and Ottawa Accrued Rents re Offices Toronto and Ottawa Sundry Assets ......... Cash on Hand and in Banks .. $ 1,997,8¢0.93 > 5,400.90 66,600.00 128,282.50 260,000.00 Ea 800,000.00 and Vaults at 3,700.23 85 ----$ 3,418,812. 60 Guaranteed Account-- : Mortgages on Real Estate . wv \ Government and Municipal \W . Loans on Debentures, Stocks y/ Cash on Hand and in Banks 8,300,988. 71 1,063,475.63 115,600.00 285,281.38 Debentures and Bonds + . . $9,715,345 i Estates, Trusts and Agencies-- Mortgages on Real Estate Qovernment- and Municipal Debentures , ... Loan Company Debentures Stocks and Bonds, Loans on Debentures, Stocks Rents and Sundry Assets Cash on Hand and in Banks 1,161,566. 830.484. 26,926. 1,184,812. and Bonds 22,888,936. 31 ¥ Original Assets, including Real Estate, Mort- Kages, Debentures, Stocks and Bonds, eic., at Inventory, Value 2% HT. tN, UP LIABILITIES, 8,740,311.78 $71,869,470.10 Account Capital Stock 4 LS ~ Reserve Fund . . Crs. « A3 Dividend No. 78 .... : Interest in Reserve Profit and Loss 00,000.60 50,000.00 37,600.00 . ruiee 27,600.00 \ " 98,812.60 --r--i $413.313.60 Guaranteed Account-- Guaranteéd Funds for Investment Trusts and Agencies-- 8t Funds for Investment or Distribution. entory Value of Original Assets of Estates and Agencies under Administration by the Corporation ,,, 9.715,345.72 29 , 388,936.31 36,351,375 47 Sam------ 8. 040,311. 78 r $71,869,470.10 Sedona Profit and Loss Statement For. Year : 31st December, 1915. brought forward from 31st December, Management of #8, acting as Trustee for Bond Issues: istrar and Transfer Agent, etc.; \Intérest on ' and Reserve: Profits on Guaratiteed Funds; Rents from. OfMce Buildings, Vaults, etc. rar dani aansinsanens renee: $008,886.78 Management expenses, including Directors' and Auditors' fees, salarfes, advertising, rent, Commissions paid agents for finding loans, lowing manner :--In payment of four. t hg Corporation at the Tare of 10% a With off ji4.630.09 from the Corp aults; in ment of g& subseription Society and the Order of . John, and is Fund, Mav 4 balafice at credit of p pared with the balance brought forwa Turn to ts and Liabilit i of the making the Sis: $9%, $ 86,487.05 as at year of 6. shown by the following ine. a it ot the i ress of act oF, Investment of funds. Th 1911 ........ $45,086,659. 99 | 83,852,664.15 res, will no 63,430.74 ée or Agen -- Net Profits for Year ... EE EER 345,456.05 it te. 318.10 Appropriated as follows re Quarterly Dividends, Nos. 78, 76, 77 ana 78, é the rate of 10°, per annum Aneta s amount contributed by authority of Board of Directors to British Red Cross Society and Order of 8t. Joh . amount expended during the year in extra equip- ment for the Corporation's Bafe Deposit and Stor- age Vaults written off amount written off Head together from appointments as & similar character, as you Report, amounted to $7,796.4 The Corporation's office Safe Deposit Vaults at both the year, after the writing o this amount the net return office and vault rents, by the Corporation, and after taxes and expenses of all kinds, | present book value of the properties. l You will also observe from t notwithstanding the fact that th | closed te the Old Country Corporation by Companies, individuals for investment in $160,900.00 77.08, or 2,600.00 20,630.50 160,000.00 -- Amount transferred to Reserve Fund q, 98,812.60 | Balance carried forwar . oomt---- $431,943.10 religious mmm '| falled, and to the deep regret "al | value of real estate offered as securi .| General Manager, in succession t { J AUDITORS' REPORT, ! We, the undersigned, beg to report that we have { tlon of the Ybeoks, accounts and vouchers of The Corporation to the 31st December, 1915, and find | properly set forth in the total amount of Guaranteed funds made a full examina- Toronto General Trusts Same to be correct and and Loss and Assets and find in order, all the mortgages, deben- tion, as weil as those negotiated for the Supreme Court of Ontario, and Trusts, Estates and Agencies in the Corpora- | tion's hands, and we have checked same with the mortgage and debenture | ledgers and"registers. The Banker's balances, after deducting outstanding | cheques, agree with the books of the Corporation. We have. also examined the reports of the auditors of the Winnipeg, Ottawa and Saskatoon Branches, and find that they agree with the Head Office books sum of $9,539,31250 in 1914, the Corperation has, Trustee Investment, whic of. our operations in 'this debentures in which th in the books of the for whom they are taken, so that, h enactment } Linnititien . department o | tures, bonds and scrip-of the Corpora 1 properties has fallen off considerably been taken of the very favorabl and Municipal debentures security, | funds fully invested during the y i R, F. SPENCE, F.C.A., GEO, MACBETH, Cav, } Auditors, Toronto, January 18th, 1916 i | Featherston Osler. K.C., in moving the adoption of Foy, KC, MP, P., made the {the vear to $2,795,993.94, and Presi y The President, Hon. to $852,737.18 the Repor:, which was seconded by Hon, J. J | following remarks : | In moving the adoption of the Rep venture to say that the first thought in morning was of the familiar figure of the J. W. Langmuir, the founder of the Corporation, to whose energetic and careful administration for the long period during which he guided its affairs | it Owes, in large measure, the high position it occupies among the monetary | Institutions of the country. } ri Mr. Langmuir was, i believe, present at every Annual Meeting of the | 10 ork oh jeri Corporation, and his suggestive and admirable address Lp ie ened | rears brought forward to with interest. As you are aware, Mr. Langmuir, aft } of active service, resigned his position gs General Manager at the last Annual Western montsuges 13% Meeting, remaining on the Board as Vite: Prosiasns It was hoped that some West ererring to t ¥ Sel Sie years of rest and usefulness were In store for him, but hie health rapidly : 3 rh A Soa pale wh 5 a d of his friends he passed away on the 12th of | in min ny bir aha on, in at pi the following month of May, possessed "of all that should 'accompany old Sagem. en ny most nvariably age" and full of years and honor. as in t SAF ast, ad as a rule. matures With your permission I will presently ask the Secretary to read the ihe An place, Meuley s : Resolutions passed by the Board on the occasions of Mr. Langmuir's resig- | ng ah{ mar 3 ns o De Fi nation and death, in order that these may form a part of the record of our | con Co e Ae > a present proceedings. | ment - o! the: Fnusus y¥ heavy crop, so The Report of the past year's operations is now before you, and is sub- present Sime hia no mitted with some confidence for your approval. It discloses a substantial | ast 9 % ae p omen, increase in the net profits over those of the previous yeaf. The usual dividend jae are ey tz n has been maintained, a large addition made to the Reserve, and a sum of he © 3 Jegar ' 2 ot Cnn a aL nearly $100.000 has been carried over to the next year's account. The state- | the oFporation » ru t --- ang ments which have been laid before you show that the business of the Cor- as at the en 2 the Jar o hi06.0s1 poration has been satisfactory and remunerative, growing in all legitimate Fires Tap esen Pury ass made a directions, and manifesting by its growth the continued confidence of the | IRE Fe ty Benin -ve public in its management and usefulness. It gives me pleasure to congratulate | Vinces oa e Domin On 3 Hot the new management on being able to show this result at the conclusion of | KNOW that net one o g se Secu : 2 their first year in office. ve which is a very good indication of the Mr. J. W. Langmuir's position as Vice-President was filled by the appoint- Munitipal Debentore. i ad ment to that office of Mr. Hamilton C Is, K.C., who has been a member pea - Kenera y, 1 am gla 3 on of the Board for some years, and Mr. Welltngton Francis, K.C., of Toronto, | Notwithstanding t ® aust Sn usual 8 | Was elected by the Board to fll the vacancy in the Directorate. Canada, owing to ihe at Which we | and the names of the other Directors will be submitted to you for re-election, | the Empire, engaged, We have call unex interest maturing on m hstanding the continuance 'of a war unexampled in world history for | been satisfactorily met, the unsettiement of financial conditions and the destruction of human life [of the principal of mortgages: and of property, ; g Canada War Loan was subseribed t Upon the conditions of daily life and existence in this ¢ offered by the Gov can harflly be said to be as yet seriously felt, although it inevitably must be 80 as time goes on, whether the war were to come to an end to-morrow or should be prolonged, contrary to all expectations, for years. Economy, therefore, in all directions, and restricted expenditure, except in supporting our just cause, in which Canada hag taken so noble a part, should be the watchword, not only of individuals but of every Municipal and business Corporation. » ® Of the staff of the Corporation at its different offices many have answered to their country's call, and some of them have already given their lives for its cause. As regards all of these the Board has felt that it would be the desire of the Shareholders that they should be generously dealt with, Their names have also been inscribed upon a Roll of Honor which has been placed in the Board Room of the Corporation. \ : Without attempting to anticipate anything which the General Manager y deal with in the course of his ad ress, 1 may briefly refer to one or two a of interest to the general body of Shareholders, and industrial affairs, In particular I desire again to draw your attention to the value of the | You have Observed, work of the Inspection Committee. This Committes report to' the Board | Office of the Corporation has been op. quarterly and a' consolidation of these reports 'is always laid before you. | We obtained authority te do busi It describes fully the nature of their work, and its Perusal will indicate the | this authorization has met assurance which it gives that the orders of the Board have been carried | having assets in that Province u out and that all securities which should be in the possession of-the Corporation | business of she Corporation can b have been obtained and are in order. In view of the wreck and ruin involved |& Branch Pee ye Tne M. Pratt, | in the recent failure of a western trust company where no such precaution |&tion. at its Hea ce for a num {appears to have been observed the value of an independent check of this | | kind, in addition to the usual audit, is apparent, M { In all of our Provinces legislation, more or less drastic, in relief of debtors. has been passed in the nature of a Moratorium, as it is popularly called, and sometimes also a War Relief Act, in addition, which makes special provision for persons on active service, The tendency of such legislation, to a certain extent, ha ers investment, since it enables debtors, under some circumstances; to lay payment. In this Province its effect has not heen ! marked, and in others it has not been taken advantage of to the extent which i might have beén expected. The Homestead Act of the Province of Saskatche- | wan and the Government Seed Grain Lien Acts, as well as other legislation | referred to, have made it imperative to scrutinize more closely than ever the ty.. In conclusion, I would remind the Shareholders that the main object of our existence is the administration of Trusts of all kinds, and the manage- ment of Estates as Executors, Administrators or otherwise, and that by influ- ence or example it is always in the power of the Shareholders to extend the business of their Corporation in these directions. The President then called upon Mr. Langmuir, the General Manager, to address the Shareholders. : : | Branches during In addressing you to-day for the first time since my appointment ag | manner in which t © the late Mr. Langmuir, I do so feeling how | greatly the Shareholders of this Corporation, who have been agcustomed for S80 many years to follow his remarks on occasions of this kind, will miss 'him here to-day. " . ; His broad grasp of the affairs of this country and thé comprehensive manner in which he expressed his views and explained the operations of the | yw Corporation were at all times listened to with respect and appreciation. With regard to my appointment as General Manager of the Corporation, 1 appreciate the confidence which your Directors have reposed in me, and it will always be my endeavor to conduct the businéss of the Corporation on the lines of those well-considered principles which have obtained in the past, and which have placed the Corporation in the proud position which it occupies to-day. , y ay Report of the Directors, which is Assets and Liabilities and Profit and Loss ts which I have just submitted to you, and the profits earned by the Corporation during the past year, and 1 feel sure shat the Shareholders, clients and friends of the Corporation will be ratified at the continued progress and success which have attehded the af- ry of the Corporation during the past year. fit and Loss Statement shows that the net profits of the Corpora- tion for the year amount to the sum o ro, ah f $345,456.05, or 10.63% upon the Corpotation"s paid-up Capital and Reserve. Th um added to the balance of $86,487.05 brought forward from 1914 made a total of $431,943.10 at credit of Profit and Less. ' ort which has just been read I will | the mind of every one present this | first General Manager, the late Mr. Saskatchewan and Alberta $7,882,179 Our interest collections in respect from" 1914, has has been colle: n this y ning of harvestin The ountry ity effect farm products for 1915, working on munitions of 8 into a position financially me nation for many years to come. th business duri natién and as individuals to Pp! @s far as possible during the period together wit war of one ki ng the last year, which we should now have secure when the war believe It will be, to the whatever readjustments end that we of Ottawa Building, situate on the An' Advisory Board will be appointe | Ottawa Branches, comprised of m | munity, and it is intended that the | with this new Branch as has all ;and the Head Office, s6 that anyon | Vancouver will obtain .the full be |acquired during the last thirty-fou The Corporation is now chart Provinces of Ontario, | Columbia. | In common with other financi | ot the Corporation is doing its du | Over 256% of the staff---young and nefit ty in old | their lives in The service | In closing my remarks I desire to |done by the offiGers and sta The Report Cassels, K.C., LL.D., Hon. Sir John donald, was alse adopted. The following Sharehol R. Brock, Hamilton Cassels, K.C, LL.D. Hon. Senator W. C, | A. Wellington Francis, Col. 3 Arthur C. Hardy, John Hoskin, KC J. Bruce Macdonald, Sir Daniel H. Hon. Peter McLaren, Lieut.-Col. John Hon. Featherston Osler, K.C., J. LLD., and E. C. Whitney. At a subsequent meeting of the Osler, K.C., D.CiL., M.P.P., and Hami The Inspecigon Chairman; Hamilton of the Inspection Co M. KC, Edw in' your hands, together with the Statements, taken with the state- set forth "early the operations of ommittee was Cassels, K.C., re- and Winnipeg :--- Ottawa--W. D. Hogg, K.C. Robinson, and Sir Henry N. Ba Winaipeg--Hon. Sir. Danijel Frederick T. Griffin. mm, dence, if the President should deem it advisable, ugtil Congress ' shall have had an of reunity further to consider the subject. ° Provision also is made for the re- tention by the United States of lands and rights for naval bases and coaling stations. dm i---- § To Probe Dowlin Charges, Ottawa, Feb. 4.--An Ontario Su- preme Court Judge will be appointed to inquire into the charges' 'madé against County Judge John L. Dow- lim of Kent County. : 'PHILIPPINES AUTONOMY A WITHIN FOUR YEARS. VU. 8. se Approves of a Looking to This ummation. Washington, Feb. 4.--4 genniie «policy contemplating Phillipine inde- pendence within four years WAS ap- ved by the Senate, Vice-President arshall casting the deciding vote in favor of the Clarke amendment to the Phillipine bil directing the Pres- ident to withdraw American sove- Teiguty within a four.year period. Which followed . weeks of Was 41 to 41. An effort fo recomiuit the bill was d Snal action on the measure, 'which Bas 'hot 'yet passed th was © defdrred upti) mormon. t he. Sere Of the amendment as vition is made for t eof | * Erantiog U--Useless to deny," interposed his better balf, a gawk; sure the doe- tor knows best, keep quiet." V--Very much like the saviours of the recialists, choking them and call ing them pames for not understand- ing it's for their good. W---Well, the jaundiced Jingoes hope to merit heaven, no doubt, by making for others a hell of earth. X--- Xperience teaches that people suffering from hallucinations may, in one hour, bring to dust that which took prudent counsel years to edify. Y--Y¥es. But-what's the use try- ing to reason with mercetiary politic fans 10oking torabid sectarianiem for votes. and support." Much more of this intolerance Tn time must prove fatal to the loyalty of the most pa- c. We believe the Banner of Britain stands to-day for that which is highest and noblest in life. Bug, # you want to destroy the national COMMENTS BY ZACCHEUS, Who Acknowledges That the Scotch Knew & Thing or Two. A---A labor paper in Glasgow was suppressed on account of its anar- chical tendencies. B--But Scotchmen know a thing or two, and so C--Conformed to thé unpleasant edict by : D--Detaching the old .hame of Forward" and E--~--Exchanging it for "Backward." | F--Fortune favors the brave, and this tactic brought an avalanche of new subscribers who felt that "a .rose, by another name, would be just as sweet." G--Going to have all manner of musketeers \ H-Help thrash the hated Teutons. I=-indians are to form a regiment. J--Japs, living here, ditto. K-~Kolored men also to L---Liberty; likewise, given to western Orangemen to go in a body to the frost. M---Mad Emperor's finish can't be very far off. N--Nothing against Tim can make defence, O--Only one month old is 1918, and behold the number of good, re- Spected citizens who have fallen he- fore the grim reaper's stroke. P--Preserve thelr memory shall be in the hearts of relatives and friends alike. Yt Q--Quite a difference, we beg to remark, between, pandering to mal- contents and the Safe-guarding of treaty rights ? R--Real easy to arrange things | when it's the other fellow who is be ing snuffed out. ome time ago, a nounced a man dead. T--"Truth, I'm not," protested the Patient' who overheard the official e's scythe doctor pro. don khaki, Alatement of his defunction. © !edifice, sow discontent! Even a dog quarterly dividends on the per annum, oration's Real. Estate of § th rd in 1814 of $86 The growth of the Cérporation's busin demand for Trust ¢ e figures are as follows have learned E & reasonable ren payment of salaries, amounted to he Assets and Liabilities stat our Guaran held for investmen as at the 31st of December last being $9,715,345. This attractive form of investment offered by by reason of recent Provincial Je, Corporation as the property or high-class mortgage e prices which have ebtained for Government ear and at very satisfactory Our new investments in mortgages for all ace 1, bearing an average rate of 7. Wer percentage of collections shown in regard to 0 mortgages, two facts should be borne Ace, in respect of Western farm mop. ly delay were experienced equate transportation been realized upon, and indeed 1 grain crop of 1916 will not be he Provincial and 8 far back as municipalities scattered through five of will no doubt be of i uation in which we find ourselves usiness conditiond' origages on improved properties and an unlooked for amount in the financial affairs of the Dominion. which we had scarcely it is nevertheless incumbent upon us as a ractise economy in th. d by us in the matter of regard, so that our financ has been brought to a satisfact may be necessary in connection no doubt, from the Directors' Report that a Branch ness in this Province our requirements in the ad P Lo the present time, we now be farther advanced by the es same close refationsh along existed betwee e who entrusts his r years. ered Quebeq Manitoba, al institutions and business houses, the staff {the Corporation allowing them half pay. you that airdgdy two of our staff have made of their country. The Report was unanimously adopted. ders were elected Directors. Sir John M. Gibson, MoMillan, K.C.M.G., G. Scott, K.C., Sir Edmu Was re-elected President on Cassels, K.C., LL.D, V and Hon. Sir 3 The following members Were elected to the A . Chairman; George Burn, N. D. Porter, Hiram te. H. McMillan, K.OMG, Smith, W. H. Cross, A. L. Crossin, Hon. Sir D- C. Cameron, K.C. These profits have been dealt with by the Board of Directors in thé fol- i Arn. rr eA \ Capital Stock amounting to $150.000,00: and Safe t 2,500.00 to the British Red Cross of $150,000.00 to Reserve HH ®, as com- tement, it is gratify e tra raft and Ng to observe usi n the hands T last, $71.868,470.10, or a net during the past five years, as doubt be of inte 10 you all, show- ompany service in the matter ¢ management of property ory m gg us t, for th 1918 ......,. $63,055,888. 97 19M in $7,421,090 99 ceeee $71,869,470. 10 rporation during the past year, Trustee of Bond Issues and work of from the Inspection Committee's an increase over 1914 of $577,492.76. at the end of 800,000.00. On in the way of Space occupied . Wages for caretaking, 949,674.09, or 6.20 % on the i i i i I f ! if tal for the i 15d ement that, practically ount ef funds entrusted to the and charitable institutions and by teed mortgages has slightly increased, t by the Corporation 72. as compared with the tH FE IE pieces of light, friable ice stone, which ha by the volcano. The of- volcano was heard at Valdes, 400 away from Kadiak, and a cannonsading. It was deposit of fine ashes in Va n Kodiak the ashes every: thing. They haif buried Col Blod« gett's big cannery on the and put him temporarily out of business. They completely filled up a pond four feet deep which bad been the skating re- sort for many yeafs of the children of Kodiak. CORE OF THE EARTH. Its Form a Mystery, but the Globe, as & Whole, is as Rigid as Steel, The theory that the crust of the earth is only a few miles in thickness and rests upon an intensely Heated molten interior is no longer tenable. It is now known that the earth, as a whole, pow Ssesses a Righ degree of effective rigia- ity, as great as if it were composed throughout of steel. It is no doubt truethat the interior of the earth is in an intensely heated condition and that it appears to possess some of the qual. ities of a fluid. At the same time it behaves in many respects as a solid. Professor Milne concludes from the velocities of seismic waves at different depths that the materials and general characters of the crust of the earth that are found at the surface may ex- tend to a depth of about thirty miles, but beyond that the material seems to merge into a fairly homogeneous nu- cleus. This state probably extends to A depth of six-tenths of the radius, bat the remaining four-tenths form a core which differs in its physical 214 post: bly its chemical constitution the outer. portion. What the state of this nucleus is must be a hatter largely of conjecture until we have ga tulle khowledge of the state of matter when subjected to the vast pressure such am exists within the earth's"interfor. Additional evidence that the earth, as a whole, is at least as rigid as steel 1s | furnished by a study of tidal phenome ( na and also by the variation of latitude, i Fi Kislation, become a extended the scope All mortgages or mu cipal Te invested are earmarked of the particular investor n addition to guarantee of the has f wo considerably rk. st loans on city and farm during the. past year, advantage has this class of to keep our rates of interest. ed during Debentures wine of mortgage in- The percentages of dence the high class to this large wv; 8, you will be pleased ng 1815, including ar- been received, and in respeet of our cted. payable yearly, in the latter pa instead of half-yea rt.of the year, and in by many in the thresh- ear, owing to the unfavorable weather facilities for the move- 40% of the crop at the I am informed_that the shipped from the West operations for 1916. Municipal Debentures purchased by Guaranteed Accounts, and amounting 02, 1 wish to Say that as these Deben- 1394, and no less than one the Pro- nterest to you at this time to is in default for principal or interest, high-class character of the Canadian that at least this occasion to be able to state that, in fi_ common with other parts of avé during the year improved, has on the whole repaid on acceunt manner in which the Dominion of of the issue originally ® public generally The unprecedented value of the e very large output of factories nd another, has suddenly brought Jhoped would be 'ours Notwithstanding this, however, and Way be increased their are, h th nd ai @ conduct of our affairs Great and necessary WEr expenditure, to lal position 'may be ory conclusion, as we may be in a position to proceed with with our national of the war. Squaring the Circle. The origin of the problem squaring the circle is almost 10st in the mists of antiquity, but there is a record 'of an attempted quadrature in Egypt 500 years before the exodus of the Jews. There is also a claim, according te Hone, that the problem was solved by a discovery of Hippocrates, the geom- etriclan 'of Chios--not the physician-- 500 B. C. Now, the efforts of Hippoe- rates were devoted toward converting a circle into a' crescent, because he had found that the area of a figure pro. duced by drawing two perpendicular radiuses in a circle is exactly equal te the triangle formed by the line of june. the famous theorem of n Vancouver, British Columbia. in 1905, and, although ministration of estates feel that the ened i at our Winnipeg and standing in the com- ip shall be maintained n the other Branches flairs to the Branch at of the experifnce of the Corporation and equipped to do busiffess in the »-Saskatchewan, Alberta and British the matter of enlistment for overseas. have taken up arms for active service, 1 deeply regret to have to advise the supreme sacrifice in giving up -- Probably Futurist/Music. He was a "reformed" ola fashioned country newspaper editor that bad found farming a better paid industry. than editing, and be was discussing crops with a company of fellow farm- ers at the village grocery. "Well, Lem, I §'pose you're a reg'lar for ten years," remarked one of the friends. "Ob, I'm a farmer al right," saia Lem, "and 1 s'pose I'll always be one, but I tell you the smell o' printer's ink Is still music to my ears." ------ Why He Was Sure to Advances.' Clarence presented himself before the father of the girl whom he Loped to marry and Jecldred his matrimontal Intentions. "1 bave no serious the father, "but #4 of promotion for you yoursalary?" "Is there ™ exclaimed 5. "I don't see hoi 1 can help it! Why, my posites is Wert 10 the lowest one in the whole establishment!" ex Mr. Hamilton J. Bruce Mat- mmittee, as signed by Gibson, K.C.M.G., and for 'the current year:-- D., Sir William Mortimer Clark, ards, Hon. J. J. Foy, K.C., M.P.P., KCMG, LLD, LL.D., R. W. Leonard, Thomas Long, W. D. Matthews, F. Michie, 8ir Edmund Osler, M.P., nd Walker, C.V.0., Board of Direetors Hon. Featherston , dnd Hoa. J. J. Foy, K.C, ice-Presidents. elected, namely, Hon. J. J. Foy, K.C, hn M. Gibson, K.C.M.G. visory Bodrds at Ottawa Bi Chairman; objections," sald there any chance Or an increase in will fight for the bone he knows is his, unless he be a cowardly cur! ~--ZACCHEUS. Clarence eager- DIED IN SALONIKA RAID. _ ------ Damage by Zepps. Now Estimated at . 5,000,000 Francs. Parts, Feb. 4.--A despatch to the Havas Agency from Salonika says! the total number of victims in the Zeppelin raid over Salonika was eigh- teen persons killed and thirty-seven wounded. The material damage is estimated at nearly 5,000,000 francs. The French staff and the Greek authorities, according to the corre- spondent, are working in concert to effect measiires of defense agai further attacks. The corredpendun: adds that all the pe Jers, even those of German tondentien: a people generally are indignant over what they term an aet of piracy on the part of the air raider, 'oR slip' of the serious than'a slip of Home 1s a is often more the foot.