FRIDAY, DECEMBER 7, 1928. Banking and Trade Conditions| Exhaustively Reviewed at Bank of Montreal Meeting Hopeful Note on Canadian Business Situation--An Explana- | CON GT eI] BRTRING FUNG IRV DOUroRsuu---- f Revision pf Bank Act Discussed. The ;addresses pres~ated at the annual meeting of shareholders of the Bank of Montreal by the President, Sir Vincent Meredith Bart, and the General Manager, Sir Fred- erick Williams-Taylor, were of the| general comprehensive character which always features the remarks of those gentlemen in discussing the economic and financial conditions which prevail throughout Canada during the period represented by the fiscal year of the Bank. They were unanimous in the opin- fon that Canada bas a great deal to be thankful for in having come through a year of perplexities in the banking field and unsettled condl/ tions abroad, as well as she did. With regard to business conditions and the outlook for the future there was a hopeful note, but it yas pointed out that mo broad forward movement 'could be expected until such time as conditions in Flurope become more settled. The various events of the year affecting banking conditions such as the revision of the Bank Act, the burdens of taxation, the uneven- state of trade and the losses sus- tained by some of the banks, neces- sitating readjustments of their bal- lance, were reviewed at considerable length. Strong Position of Bank. The strong position of the Bank 'of Montreal, as indicated by the re- cent statement for the flacal year, was pointed to with considerable sa- tisfaction by both the President and General Manager. Sir Vincent, in his remarks, refer: réd to the many perplexities which confronted the banks during the year and to the fact that the lessen- ed profits were due to three princi- pal causes. One was that the Bank's customers leaned less heavily upon it for accommodation, but chiefly be- cause the Bank felt that in view of the possibility of untoward develop- ments in the banking world its cash resources should be kept exception- ally strong to enable it to lend ald, it and when called upon to do so. gre' was also the incidence of heavier taxation, but Bir Vincent re- marked that fhe Bank's resources are so large and ifs darning power so constant that "I have no misgivings as to the maintemance of substantial profits," | 5 The Bank Act. After describing the changes which had been made in the Bank Act at the last session of Parliament and reviewing the causes which led up to this, Sir Vincent went on to review the business situation in Can- ada. "In regard the state of trade in Canada as having improved during. the year," he said. "Statistical evid- ence supports this conclusion. Bank Clearings, railway receipts, foreign commerce 'have: d. Stab- {lity of commodity prices has been a favorable factor, encouraging con- fidence and including freer buying.' He" then referred to some of the special features of the industrial sit- uation, and added. "When the Buro- "pean field is surveyed, it is indeed a cause for congratulation that Canada has held up so well." Discussing agricultural conditions throughout the country, he referred to the immigration problem &s it is now being handled by the Federal authorities, -which gives rise to the hope that the coming year will wit- ness a material enlargement.He went on to discuss the imperative neces- sity of moderating publie taxation, owing to the fact that the margin of profit in all business is seriously cur- tailed by the accumulation of taxa- tion whieh retards enterprise and discourages thrift. Sif Vincent also took up the ques- tion of the Dominion's foreign trade. remarking on the tendency towards expansion in that connection, des- pite the disorganized state of Euro- pean markets, Question of Inflation. Sir Vipoent attributed the relative prosperity of business in the United States snd Canada in the last couple of yi as both a cause and effect of the greater stability of prices. He went on to discuss business conditions in the United States and Europe, and closed his address with reference to the business outlook in Canadas, In that connection he said: "The outlook in Canada, as I see it, is for a continuance of reasonably sat conditions, with possibly some 1 revival in trade, but we manent betterment until worldwide | conditions show a marked improve- | | ment and this is likely to take time." | The National Railway. Referring to the Canadian Nation- | al Railways, Sir Vincent said: It is a satisfaction to learn from the published reports that under the new management the National Rail- way's earnings show a surplus over be appreciably Increased by the close of the year. - This surplus is chiefly derived from improved earnicgs on the It must not be overlooked. how- Bonds during the year, guaranteed by the Dominion Government, amounting to many millions, which constitute an obligation of Canada for interest as well as principal, so that a material portion of surplus operating revenue will be absorbed by new capital charges. General Manager's Remarks. In introdiicing his remarks Sir eral Manager stated it had been a trying year for Canadian bankers, probably as trying as any year since Confederation in 1867. He repeated the remark made a year ago that "Canada cannot progress as she should until our cost of living and our taxation are less than across the line." He elaborated on this point by stating that Canada's economic position will not be satisfactory un- til we succeed in balancing our public revenue and expenditure, in- cluding railways. He suggested that a healthy inter- est In the country's finances would be stimulated by the regular publication figures giving the essence of the whole position, including the result of National Rallway operations. After referring to some of the handicaps of the present situation and the need of immigration, he added, "Canada has priceless ad- vantages as a place to live im, to work in and to play in. These should be obvious to all -- as indeed they are to our friends in the United States, who now have $850,000,000 or more commercially invested in Canada -- and they will without question attraet to us in the fullness of time the people we need." Agriculture Must Be Profitable, "Prosperity in full" measure can- not, however, return to this coun- try until agriculture, our chief in- dustry, becomes again more profit- able," he added. Although the lot of the farmer in the last few years has been hard, it is by no means confin- ed to Canada and agriculture cannot be permanently depressed. He stated that improvement ig bound to ensue and remarked in this connection that the Bank's current loans in Canada upward of $33,000,000 are to the agricultural community. "The case of two Canadian banks, public balance sheet adjustment of reserves has been necessitated. One small bank has closed its door and another moderate sized bank has considered it the part of wisdom to merge with a larger institution. It we had been experiencing troubles of this nature here, while the rest of the world was free from them, there would be more point in the criticism that our banking system must be at fault, but no country has, in fact, escaped post-war banking losses and no. banking system has proved invulnerable. The truth in- deed is that few countries have come through so well as our own. "Our own Bank continues in a sound position, with good earning power and unimpaired standing, both in our own country andabroad." He went on to refer to some of the changes in the making up of the balance sheet and dealt with a num- ber of the outstanding features of the statement, as recently publish- ed. He remarked that the Bapk's taxation for Dominion, Provincial and Municipal purposes for the year amounted to $1,300,000, in addition to wirich full income taxes were paid on earnings in New York, London and elsewhere. He concluded with a referemce to the operations of the Bank in Great Britain and foreign countries. The board of directors was re- cannot hope for substantial and per- WHY THE WEATHER? . DR. CHARLES ¥. BROOKS Secretary, American 'Meteorological Trek lety, Tells How. Tog or -- ; How To Meagure Snow, The measurement of snowfall, es- elected for the ensuing year. "pecially in terms of rainfall, fs of enormous importance in some reg- fons of America where much of the 'winter's precipitation ia held fast till spring. Everywhere snowfall Is of considerable interest. Its meas ur t is one of the most difficult ot the usual meteorological observa- tions, and great care is required for reasonably satisfactory results. In- structions for the nearly 6,000 ob servers of the United States, and Canadian weather services include working expenses in the operations | of the first nine months, which may | Frederick Willlams-Taylor the Gen- in the press of simple standardized | American branches of tba Railway. | ever, that the Company has issued | It is nice lo see that the 13 -- TT Balkans are reverting to their ordinary peace-lime conditions.--From the Pall Mall Gazette, | London. -- If wind has swirled snow out of the {gauge several vertical sections of the new snow may be cut from places where the depth is average, 'and carefully weighed. Where the j@now is very deep, as in the west. ern mountains, small, tubular snow- samplers are commonly used, THE TOWN OF DESERONTO. onto Streets Very Muddy. ¢ Deseronto, Dec. 5.--The recent heavy rains have made the streets look like side roads and the motor- ists find no pleasure driving. . Mr. and Mrs. Donald Dow, Tor onto, are calling on friends in town. Paul Berry, of the C.N.R., Caprio}, has come down to accompany his mother, Mrs. John Berry, to his home to spend the winter. Silas Storring, who has spent the summer on his farm at New Lis- keard, has taken up residence in his home on Second street. Mrs. Stor- ring and their little daughter have come over from Hay Bay and are also living in their home on Second street. W. H. Henderson, who has been supervising construction work for home for the winter. mile plece of line connecting the C.N.R. with the G.T.R. This line between Long Lac and Nakina will Be ready for operations on Dec. 16th, and will mean a saving of twelve hours travelling between Toronto and Winnipeg. Mrs. Martha German left fox her home at Moscow today. Sumatra, in the East Indian Archipelago, has the greatest vari- ety of animal and vegetable life of any place in the world. J The path of ambition leads to many political graves. simply dit Peps of its silver-jacket then dissolve the tablet in your mouth. The powerful medicinal fumes given through the throat and air-| into the chest and lungs. In this way are soothed, oughs and colds New Piece of C.N.R, Line--Deser- | the C.N.R. at Nakina, has returned 'The C.N.R. has built a new eh .| depreciated too much, as in the 4 i KIND OF Let us have your inquiries. VICTORIA STREET. WE CAN SUPPLY THE FINEST Dressed (uehec_Spruce Uniform grades--well milled--in Flooring, V. Joint, Novelty Siding and Sheathing. Hardwood ABSOLUTELY DRY --- Algo SORT NODDAND SLADE KENNY & FALLON | PHONE 687. 187-141 CLERGY STREET ALLAN LUMBER C0. " "Phone 1042 ---- SPLENDID DISPLAY of | CHRISTMAS GREETING CARDS The Briish Whig Publishing Co. Ltd. ' 306-8-10 KING STREET, KINGSTON, Ont, | \ MONEY | AT WORK | Brief but Important Lessons in Fiaauce, Markets, Stocks, Bonds and Investments Ng ZN IS MONEY ALWAYS WEALTH? Wealth consists of all useful, material things owned by human beings, Money is not always wealth. Wealth = is usually not money. All wealth, of wnatever kind, must have the following three quali- ties: 1. It must be useful. 2. It must be material, 3. It must be owned by human be ings. Aaything which we want is useful, whether it is good for us or not. Muterial is anything that has sub-| stance, weight, and can be handled. Ownership needs no explanation. | There are many things which are | not wealth because they possess only one or two of the three essential ele-, ments. For instance, air is useful, | and material, but is not owned by human beings. Good health is use- | ful and owned, but is not material. Money is material .and owned by human beings, but it may, or may not be useful. It would not be use- fu! on a deserted island or if it had case of the German mark or the Russian ruble. Money can be considered wealth only as long as it can be exchanged for something which we want, be- cause it is the exchange value which determines wh®ther or not it is use- ful. DEATH OF STERLING ORR. ein A Well.Known Resident of Simooe Island Pa:ées Away, : Wolfe Island, Dec. 6--'"Duft" Cos grove is oonfined to his home through illness, The heavy rains have filled the wells to overflowing. The farmers who had to haul water [are now out of a job. Dan MoGlynu has returned Bome from Rochest. ier. The following eailors have re- turned. home after a successful ses- gon: Capt. Wm. Davis, Clarence Kenney, Henery Davis, Dan Larush, Joe McAvoy, Pat Baker Sheridan Maloney, New York, spend Supday with Thomas Green. Nie There are two thrones in the) line of that which the king occupies. Nobel, founder of the Nobel ptiz- | ment, that of the queen being one| es, owed his vast fortyne to the dis- inch lower and one inch behind the | covery of dynamite. House of Lords of the British parlia- P. CLAWSON KINGSTON'S LEADING FLORIST Fuperal designing and Wed. ding work our specialty. Corner of Brock and Welling & ton Streets. TELEPHONE 770. HANLEY'S AGENCY FOR ALL OCEAN STEAMSHIP LINES = Special attention given your family | or friends going to or returning from , the Old Country. ps Passports arranged for. For full particulars apply or writ$ to: {J. P. HANLEY, C.P. & T.A., G~N. RY Office: Canadian National Railway Station, corner Johnson and Ontarie Streets, Kingston, Ont. and night. Phones 99 and 1433, = Open 'day PA tm nN OE y oo A Hl, are es er "e { AAW = 10 for 15¢ 25 " 35¢ { CANADIAN PACIF SAILINGS CHRISTMAS SAILINGS From §t. John (FROM ST. JOHN) Dee. Jie-Montrose Alan gow. Dec. 37M IFICENT ORU T YEAR