. S)TURDAY, JUNE 5, 1920, PAGE Foun ~ _THE DAILY BRITISH WHIG Canadian Municipal Securities and British, Foreign and mediate future--as to our ultimate } es lion Dblre Canadian 13 ,204.50 15, \ V - Cin nd Colonial Public SocuriUel oe a Stocks 8.471.494 3 5. Iutyre. there need be no misg ving, s ) ts 0 d! d Call Loans elsewhere than in Canada .......e Sssetnsan 6,206,537.78 2, or It must be: borne in in.nd that TEE TITTY Canada is a young and virile country al ,$97, hi hy of almost limitless possibilities and immense natural resources awaiting 9 -- 1 M t Current Loans apd Discounts development, that its manhood § . - n Canada (less Rebate ; . ho Ss i of the Fifty-seventh Annua ee ereree.-3119198,913.9¢ strong, enterprising, thoughtful and 3,587,491.69 sane. } I } | Loans to Cities, Towns, Muni- . ir 1g of S Iders on June 2nd, 1920. y Spel 'and Scholl DISUSE .vex --------318786.405,53 95.574.426.04| While we have our Teadtmatmant) ih Ee yg - -- a se tn mene irs ne EARL A 3 TM EARP. aMricalties Yo deal with, our progress fe ada (less Rebate of Interest) mn I la » of Interest) 1,117,268.51 a i is in i EE vig a he than in Can. 7 Current 'Loans and Discounts elsewhere n 332,918.12 | through the transition period will be Meeting of the Shareholders of the Mer- |, ., "CF 18 Customers under Letters of Credit as 3.18 Bris orderly and well conducted it the The Fifty-seventh Annual in the Board Room 464,153.08 | 4 re chants' Bank of Canada was held Wednesday, Jue 2a. i called to ofder at | Beal Datars. vines than Bani Promises Le $04,325 33 782.326.64 | 18 & fair measure of mutual appre- at the Bank's Head Office at Montreal, - The meeting Overdue Debts, estimated loss provided for ...... . $52,737.28 13 o'elock noon. Bank Premiseg at not more than cost (less amoun 2 *2,575.639.21 Sir H. Montagu Al- written off) On motion of Mr. John Patterson, the President, Deposit. with tha Minfster Tor the urbe of the Ofte Seam . 7 N 758,500.68 : i Kas Sak Lo gake the Chair ad Secretary of the meeting and read culation Fund $197,387,855.14 $166,725,404.95 per contra 386,973.56 | clation of surrounding difficulties and eagonable co-operation and good 8,263,269.48 | wil{ all along the line in; surmount- 366,000.00 | IDE 'then. In a word if the wise - 515,149.12 and reasonable policy so briefly and 0 Mr. J. M. Kilbourn was app clearly Ta in the three simple notice calling the meeting. : he The au of the last Annual Meeting were taken as read. The Annual Report. the Annual Re- The President, Sir H. Montagu Allan, then presented the BE yACAROW. port; as follows: - General Manager. ; $ sev: 1 half of the Directors, the Fitty-seventh Annual | ppporT Op THE AUDITORS TO THE SHAREHOLDERS OF THE| Before closing I would like to add " I beg to submit, on beha! my tribute of appreciation to the J. F/ ROWLAND a as at the close of business MERCHANTS BANK OF CANADA. staff of the Bank for their devotion The Stan dard Bank, Local Treasurer. Statement of The Merchants' Bank of Cauada 33 SIS lone NS Yusincte In accordance with the provisions of sub-Sections 19 and 20 of Sec-|and efficiency. I cannot do so bet- : Watch the papers day by day b the evening of the 30th April, 1920, toge : n by saying that the Presi- words "give and take" continues to erate ith cordial uninterruption : We sha ove with steady and as- A cam; to help these child ren will be med in Kingston and sured step to the great destiny which saupeign on ocal n rai i" Canadian lies before us through wide-open District under a 1 Committe in ovation wil Avenues of peace, progress and pros- | Brotherhdod Federation. » erity. PoHity. Subscriptions may be sent to:-- * After crediting amount received in respeot of Prem Pte lransferred to The Merchants Realty Corporation, mited. H. MONTAGU ALLAN > President. A elative period. sn ip colering the sein) es costs have continued their ypyar 38 t . gomrse, the net profits resulting from the year's business were $1,686, © have examined the above Balance Sheet with the Books of Account |dent's apt and graceful remarks 156 15° being an increase over last year of $302,586.75. and other records at the Chief Office of the Bank and with the signed | thereanent have my unqualified and "The financial position of the Bank, as reflected in detail in the Bal-| returns from the Branches and Agencies and have checked the cash and | unrestricted endorsement. - It is verified the securities of the Bank at the Chief Office aginst the entries e, indeed, that the progress of the in regard thereto in the books of the Bank at 30th April, 1920, and at a | Bank is in no small measure due to 3, will, I hope, meet with your full approbation. er et ils year ago,'] mentiongd that an issue of different time during the year and found them to agree with such entries. [the co-operative efforts of a loyal, 4 $1,40 the date of 3 ,000 of new stock was being made, and that, owing to ey on.0 he step would fall for comment more appropriately at the next Annual : leased to advise you that the issue , was rire sino paid for iu full by the shareholders. The p d lon DY a ar bv Bank, therefore, stands today at $8,400,000, while ] remium received from the new issue and $700,000 transfer- a ota and Loss Account have been added to the Reserve, thus ~ maintaining that Fund upon an equal basis with the Paid-up Capital. "You have already been #&dvised that, In line with the growth of the Bank, and with a view of keeping pace fairly and reasonably with the giti uirements of our ever-growing clientele, a further issue of 000 of new h hare- stock, upon the same favorable terms to the s : iy ig -- under way. This new issue will appropriately be referred » It a " interest to mention that the Bank's shareholders now Bum! nat 2,406 in 1919, and 2,340 in 1918. hos a of the Bank's fiscal year presenty under re- . view, the Directors felt warranted in placing the Dividend on a regular 13% basis, and also, later, in distributing a bonus of 1%, making in all 139% received by the shareholders during the twelve month period. No doubt their action in this respect will have your full approval. During the year we opened 65 Branches, with a number of sub-agen- clos as feeders, and I may say that results have amply justified our ac- tion, as evidenced by the fact that we have only closed 2 Branches during » ' our office in London, England, was opened for busi- i eT Ar progress has been made in the building up of a London connection, while the facilities afforded our clientele on this side have greatly enhanced the value of the services we are enabled to extend to them. It had been apparent for some time that the growth and in- : ereasing importance of the institution called for the completion of our or- ganization by the establishment of an office in the Capital of the Empire. During the year we conceived it to be advisable and expedient, in keeping with modern and approved practice, to liquify to some extent, the ve asset represented by Bank Premises Account, which, as you are Aware, must, with the growth of the Bank, be an ever-expanding one. We rdingly turned over certain of our premises to a subsidiary com- pany ed the Merchants' Realty Corporation, who in turn issued Bonds against the respective properties-to the amount of $4,000,000, the proceeds of the sale of which have been appropriately applied. These Bonds 'are of a serial nature and will be thus automatically amortized as they fall in for payment, control of the property being held by the Bank through the own- ership of all the stock of the Company, this being shown upon our books ata ns. Meeting, death has rémoved from our midst Mr, B. F. Hebden, formerly General Manager of the Bank and, for a period, Manag- ing Director. His service in the institution was lifelong and in his demise the financial community lost a distinctive and distinguished personality, the Bank an able and experienced administrator. His death is regarded all. . re the Board has been filled by the appointment of .. B. W. Kneeland, of Winnipeg, a business man of wide experience and in the West. i view of the continued growth of the Bank's business, the Direc- tors hd of i it would be desirable to enlarge the numerical strength "of the Board by adding one more to their number, and an amendment 'to this effect of the relative by-law will be submitted for your approval. yo name of Mr. Gordon M. McGregor, of Windsor, Vice-President of the Ford Motor Company of Canada, will accordingly be included in the list, sh will be submitted to you in due course. He is a man of high stand- 3 in the commercial community, and we. are sure of your agreement ~~ with the Directors that he will prove an acquisition to the Board. y. You may be interested to learn that I made a trip last autumn through Ontario and the West--accompanied by some of the Directors and the Gen- eral Manager. We met all the senior officers, and I have pleasure in say- ing that I found the trip both inspiring and beneficial to a degree. 3 We have undoubtedly an efficient staff' and you will, I am sure, join with the Directors in extending to its members, one and all, a word of cordial appreciation for their capable and loyal service, to which the measure of progress the Bank has enjoyed is in no small extent attributable. All the various offices of the Bank have been inspected during the past ' twelve months. The Auditors' Certificate is appdnded. All of which is respectfully submitted. ONTAGU ALLAN, » . a President. STATEMEN 'T OF THE RESULT OF THE BUSINESS OF THE BANK FOR THE YEAR ENDED 80th APRIL, 1920 The Prof ment of charges, rebate nts. Joarees on. neste ang making oll provision for bad and doubtful debts, have amount jo reve . jum on New Kk e balance brought forwa Making a total of ddwpos as. follows: 136 a rah 5 per cent. per annum ..§2 129. at the rate of 13 per cent. per annum .. 2 , at the rate of 13 per cent. per amnum .. Boy pedi RY : 340.00 of 12 per cent. per Sogn iss Tax culation Chiende 81,138 } ys g a Premium on New Stock .....% 70 100.000, 50,000.00 260,774.93 $2,960,199.47 : ngSERVE FUND ACCOUNT o nn Api 1018 sxsxrassiuseivisises $7, B00.t00e PE bri tatty | 20007000 ; $5,400,000,00 © Lol $1,400,000.00 ; QUAANE YOAT «:uieneiasesssssosiessesst $8.:230,589.00 Sotto a] Suing D. ¢ MAGAROW. a at. : : General Manager. STATEMENT OF LIABILITIES AND ASSETS AT 30th APRIL, 1920 arg LIABILITIES. 1920, Cam. + $3,400,000.00 $7.000,000.00 8,400, : 7.000,000.00 333.169.23 194.194.00 si aera nsaiveessrenasane 200,774.95 STA043.92 48 $17.398,934.20 $14,768,237.33 a Be ee Sireuiation cesta pessaasidnasiss TATOLONTOUISIS 02000 the 3 Il 45,365.876.69 43,552 214.81 rey oro 114,192,176.79 91,004,903.37 A LUST A0R Ne Bete ese eh 534,997.39 105,076.98 TRG Ceiaes 7.387,856.14 $106,125,400.95 We also attended at some of the Branches during the year and checked the cash and verified the securities held at the dates of our attendances and found them to agree with the entries in regard thereto in the books of the Bank. We have obtai Balance Sheet 8 properly draw: ibit a true and correct view of the state of the Bank's affairs, according to the best of our information and the explanations given to us, and as shown by the books of the Bank, VIVIAN HARCOURT, , GORDON TANSLEY, Auditors. (of the firm of Deloitte, Plender, Griffiths & Co. Montreal, 25th May, 1920. PII YSIDENT'S ADDRESS. In moving the adoption of the re- port, Sir Montagu Allan said: "After my formal address| I wish to add Just a few words, and I apologize to Mr. Macarow for doing so, because it is somewhat/of a personal matter, but I think on this occasion it should be referred to. "I wish to say that the day before yesterday I and the members of the board were notified by a member of the staff of the bank that a very important affair was to take place in the board room here yesterday after- noon. We attended, and were agree- ably surprised to find that the busi- ness in hand was a presentation to our General Manager, Mr. D. C. Macarow. "I have not secured his permission to mention this matter, but take the opportunity of doing so, because it was a decidedly unique event, of which neither he nor I nor the direc- tors had any previous knowledge. "It turned out to be a spontaneous gift from all the members of the bank's staff, from Vancouver to Halifax, a magnificent silver tea service, one of the most beautiful things I have ever seen, with other objets d'art. The presentation was the occa- sion of several very happy addresses from members of the staff, with an address which they presented Mr. Macarow, along with their gift, and led to a particularly illuminating reply from the General Manager, which, needless to say, brought down the house. "It is with particular pleasure that I inform the shareholders of this event, because it is of interest to you all to know that the General Manager and the staff are in such close accord, and have such friendly personal relations. We of the board have every confidence in Mr. Maca- row, and, from what we saw in the west last year, there was no doubt of the friendly feelings of the staff everywhere towards him. As an evi- dence of the friendly and confident relations that exist between Mr. Macarow and the staff all over Can- ada I think yesterday's function was one of the most agreeable and unique I have been privileged to witness for a long time, and I congratulate Mr. Macarow on the regard he has won from the bank staff throughout the whole Dominion." (Applause). The president then made the for- mal resolution for the adoption of the annual report, seconded by Mr. K. W. Blackwell. ' THE GENERAL MANAGER'S ADDRESS. The General Manager, Mr. D. C. Macarow, in rising to make his ad- dress, was receiveg with much ap- plause from the shareholders. He "In the first place I must say that the personal onsisught-made upon myself by the president™§ as unex- pected as it Is kindly. I was deeply touched by the presentation so spon- taneously made to myself by the staff throughout the country. I view the presentation with mixed feelings, appreciation of the kindly intent fit showed, and doubt as to my own merits. However, I accepted it in the spirit in which it was given, and it will always be ons of my most prized possessions. The President's address forms a comprehensive epitome of all the of paramount importance. If stable conditions are to - be reasonably maintained, it is essential that the vital channels of commerce and in- dustry be kept open and, I venture to assert, in funétioning as the above figures reflect, the Bank is playing its part to that end. At last year's Annual Meeting I made referénce to our Asset column as representing dollar for dollar of actual, yalue, and I make the same assertiod today with equal emphasis. The record of growth this year leads me to feel that a few figures showing our progress, taking the last five years as a basis of com- parison, may be of some interest to you. The totals and percentages are as follows, based on the year-end figures as at 30th April, 1915, and 30th April this present year: 1915 1920 Gain Total De- posits ..$64,869,000 $163,080,000 151% Current Loans and Discounts 47,401,000 118,198,000 138% TT) Assets 86,190,000 197,387,000 189% a satisfactory and evenly balanced measure of development, you will, I am sure, agree. If I may be permitted to add a word as to general conditions I will be brief, for the subject has been dealt with from platform, pulpit and press so exhaustively that 1 cannot say much - without 'wearisome rei- teration. I fear it must be admitted, however, that the progress of this country, and indeed of the world at large, toward normal peace condi- tions has not been what we looked forward to a year ago. Unsettle- ment continues, labor and other difficulties abound, and the dominant need lof the timef. Production, is palpably inert and backward. . So long as production lags so long will high prices and general inflation continye. Costs are mounting to ever higher levels and the process of deflation with the necessary changes in ideas, in habits and in outlook to something more approach- ing those of normal conditions can hardly be said yet to be in real evi- dence, though sporadic and some- what spectacular cutting of prices in certain seasonal lines of manu- factured goods may perhaps be ac- cepted as a psychological sign showing that the trend, at least, is in the right direction. capable and contented staff. That, I know, we have. Before putting the motion for the adoption of the Report, the Chairman invited questions or discussion. There being none, he put the motion, which was unanimously adopted. It was moved by Mr. A. Haig Sims, seconded by Mr. 'David Kinghorn. that Messrs. Vivian Harcourt and Gordon Tansley, of Deloitte, Rlender, Griffiths & Co., be r appointed Au- ditors of the Bank, hold office un- til the next Annual Meeting. On motion of Messrs. K. W. Black- well and Farquhar Robertson, it was proposed: "That By-law 111, enacted by the Shareholders of the Bank, be and is hereby amended by substitut- ing the word "fifteen" for the word "fourteen" in the first line thereof." This was unanimously adopted. On motion of Messrs. A. Halg Sims Patterson and Arthur Browning were, by unanimous vote, appointed Scrutineers, and instructed to cast one ballot for the election of the fol- lowing persons as directors: Sir Montagu Allan. Mr. K. W. Blackwell. Mr. Thomas Long. Sir Frederick Orr Lewis, Bart Hon. C. C. Ballantyne: ; Mr. A. J. Dawes. Mr. F. Howard Wilson. Mr. Farquhar Robertson. Mr. Geo. L. Cains. Mr. Alfred B. Evans. Mr. T. Ahearn. Lt.-Col. Jas. R. Moodie. Hon. Lorne C. Webster. Mr. BE. W. Kneeland. Mr. Gordon M. McGregor. The ballot having been cam, the Directors as named were declared to be elected: Mr. A. Haig Sims--*"Before this hearty vote of thanks and a precia~ tion to the President and Ditectars 'for their services during the past year, which have made it possible to present the splendid report we have heard to-day. With this I would liked to couple the thanks of the Share- holders to the General Manager and all members of the staff throughout the country for their effietént and loyal services to the Bank, which have contributed in no small degree to enabling the Directors to carry on their work for the advancement of the Bank." This was seconded by Mr. A. A. MacDougall, and carried with ap- plause, after which a brief address of thanks was made by the President by the General Manager 'for himself and the staff. This concluded the business o, meeting, which then adjournen He At a subsequent special meeting of the Directors, Sir H, Montagu Allan Yas re-clected President, and Mr. x. W. Blackwell, Vice-President. % The demand for borrowed capital continués to be more or less im- portungte and it is in the conser- vation of credit and the equitable rationing of it that Banks can play and, indeed, are playing a sound con- structive role. Legitimate produc- tive enterprises are being fostered and encouraged fairly, while at the same time a firmly restraining hand is held up6n unmproductive, non-es- sential and speculative undertakings. This policy of selective curtailment, 80 to put it, operating as it does at the very root of existing evils, and applied with due judgment, discrim- ination and consistency, cannot but prove a beneficial corrective and an importantly contributing factor to- wards restoring, with a minmum of dislocation and disturbance, healthy and normal conditions in the body politic. I might here venture to say that it is a matter of gratification to see ite: hpi: £ THE MAN ON WATCH and David Kinghorn, Messrs. John | sero" w---- When a Scream- Startles You your heart j in your throat-- and you i a run to the medicine cabinet for the bottle of NE Whether it is a cut hand or a gashed knee CE bruise bruise or open wound--apply ay sunaat for an fusiant=but it will Cleatite the estroy ease and promote dy . Leahy host pa F colten with "ABSORB! soothachn; saturele INE JR" and place in the cavity in the tooth. Thearib th face with this reliable liniment--it stops the pain. gress wih "ABSORBING JR You: ses ho wethl "ABSORE $1.25 a bottle--at most druggists' or sent postpaid by W. "F. YOUNG 1Inc., Lyman Building, - - Montreal. meeting concludes I wish to move al WINNIPEG BRANDON 'REGINA SASKATOON STANDARD TRANS. for himself and the Directors, and |- OUT, INCLUDING - The Way fo the Wes?) DAILY SERVICE Lve. TORONTO (Union Station) 9.156 rp.m. CALGARY EDMONTON VANCOUVER VICTORIA | == farming or sther purposes. Now that the "knockers" of the fire department have been knocked as flat as a pancake, what next will they attack? I ---- How did the county council miss holding its session during a circus week? There should be an enquiry into this. -------- Well if the Supreme Court of Can- ada cannot agree on the law as to price fixing, a lay opinion wonld ap- pear to be just-as good as the find- ings of their lordships. MATHIEUS SYRUP : OF TAR / XI Se LIVER OIL \ ------------ -- --------_--_------_ tl CONTINENTAL TRAIN EQUIPMENT THROUGN- NEW ALL-STEEL TOURIST SLEEPING GARS. Sun. Mon. Wed. Fri.--Canadlian Nations! all the way. Tues. Thurs, Sat.<Wa 6.T., T. & N.0., Cochrane thence 0. N. Rys. Yiekets and full information frem nearest Canadian National Rallways' Agent. M. C. DUNN, CITY ACWNT. 217 Princess Street. KINGETOW ' or General Pasibager Depaftment, Toteate, Sopartment sox Senate seaitabis Br erates o satel peseies | tand In Western Gonads 3 ie he Bia Go Mase 111111 53 F 1