REPORT OF THE PROCEEDINGS OF The THIRTY. t FIFTH ANNUAL GENERAL MEETING a D he Phlcty Ath Annual Meeting of the Shareholders of The Seroflo Géneral Trusts Corporation Was bald. in the Board Room of the Corporation's Head Office. corner of Bay sad Melinda stfeets, Toronto, on Wedngaday, the Tth of February, 1917. The President, Mr. Peatherston Osler, K.C. D.C.L., took-the chalr, and Mr. W. 0. Watson, Amistent General Manager, scted as Secretary of the meeting. , » Mr. A. D. Langmuir, O Wha than rend, 4s Loliowa: . of ene ur me the \ the operations of the Corporation for Ki ho sow po or agticipated loses, amount to $321.393.88, 10 $17.4%0a8, the amount brought forward from the B. S9n1 af $399,047, whieh sour Dirastare hive dealt quarterly dividends at the rate of : sredioitmdiizere TUTTE i "38.800.00 amount to 317, 180,613.67, an increase of your. the Way. of. Bxeculorships, Adnatassivitions, Truss, ae, taken Svar by the Corporation for the year ' 2 i The oe SWvscripions do, the for at' the Annual a during the to ny casbets of the Bound, Fhe Corporation, diy 194.944. 18 aia 1" ; oh i TRY TR Stee FRG ------------ dasha 'ola . 197.868. o™ 321.392. 98 -------------- $1399.07. 00 ------ $150,000.00 British Red Cross Boclety British Sailors' Relief Fund ......: 15.500.00 in 1917) . "1 1800.08 Te Amount written 'oft Head Office Building 100,900.00 re Amount to Kiserve Fund 98,667.00 399,051.00 , $ AUDITORS" REPORT We, the undersigned. beg to repart that xe jaye made 4 Jae phoma iy oi - he EEE hd find by bg Ago al and funds are kept Frans fun I securities are 80 . particular Batate, Trust The Bunkers' Balancia' ser Gadueting oustanding chiaues, apres wha n. of the 'Winnipeg. t they agres with R. P. SPENCE, F.CA. "Can" { Auditors. foes: GEO. MACH rH, Toronte; January 22nd, 1917. The President, Mr. Featherston Osler, K.C., D.OL, in moving the adop- Han SL Ihe Fepart. rt, which was seconded by John Hoskin, KC, LID, DCL, add the + i Jaret in amount m-- total volume of business taken o Ast ten-year period: amish, that the uring last five<year 3st December, 1916, shows a greatest volume of business than the whole amount received during the previous ten-year period ended December, 1811, facts which Justify me in believing that the Corporation has established itdelf in the comfidence of (he public. There remains in the hands of the Corporation of this large amount Trust assets as at the end of our Anancial year of no leks g Sem than $64,692,318 60, the greater portion st hich covered by Trust Settlements, and will, therefore, romaine. with indefinite number of years. In the light of thése results. I think It can be confidebtly the Corporation may look for a continued and largely inéreast business from the public, so long as a high standard of service is mal at & reasonable cost, which at al} times has been the main PurRoas of i ni Tg -- Eo a he a ie with an © ving a and, experienced ee, ecient stall, and that the management and charges ave at all times subjest to gudit and revision by-the courts, are a sufficient guarantee of the capable and economical administration of estates. The demand for loans on farm and city properties has fallen off greatly in the last three years. You will have observed from statement of Investments sub: fo you that the amount invested in _48 at 31st December, 1918, shows a reduction securities during the year of $684.988.4% the repayments having the new loans negotiated to this extent. an that in t The following comparison of Mortgage loans negotigted and ty made for the last three years will exemplify --- extent of this falling off i Mortgage Investments Taken in ; Ontario and Northwest. $3,905,138. 06 Repayments in Ontario and Northwest, $2,473,601. .64 2,796,993 94 2,621.934.5¢ 1.942,336.683 2,827,316. 04 The causes which have brought about these results are mainly attribut- able to conditiong incident to the an the great Riling off in the Rumba of immigrants coming to Canada, umber of men who gone overseas on active S roioe, the decline in in Sunding SPerations and the housitiful harvest of 1915, together with the high obtained by farmers for thelr produce in 1918, which has enabled ers to largely reduce the amount of their mortgage abilities, On the other hand, will Have been observed that our jfvestmesty In Municipal Securities a Government Bonds ha been incpesised to the extent of $1,504: 737.43, "at rates of interest which & years age would have n consid high satisfactors for even mi Jouns, the result being that our es ha oud very little ty it any, In thei | ineo! 'orporation these amon to The sum of ga TIv 080 as compared with Ee S307008, 398. 1. yet 1915, or & net increase of § Iutereat rates on mortgages have been fairly well maintained during the past year, although latterly, on ac¢ount of I a iculty. In In obtaining p dere 1 Ee SooPRn To he Thirty-fifth Annual Report of the that shareholders ity In their | : Apbroval af land heir satisfaction WIEN the manner In % Aner 1A Which | has already been in oe handa. 1 do to SI Ther | ha She liege snd varies interests ve $ ¥ ars howa to bo Upwards of 14110000 | wy tar) erence, aif Bins Coridorea from shown in" the Year, of these profits has al iresky pheno outlined in Directors' "and will be dealt with ul grea length by. the | I'am sure it will be sal firgt-clisn mortgage applications: there has been a tendency towards some- at lower rates. I " always interesting, from the viewpoint of our clients, that they Should Know and feel that in Ihe investment of their funds they are receiving the Rightat rate consistent with security, and if this connection istactory for them to know that the Syerage rate of interest return on oe Ontario ma ments The policy of the Corporation EE ogurd to the investment of funds belonging to Ontarie Trust Estates has been to confine its investments, except in the case of Guaranteed Funds, to this vince, I am sure this policy ur or Sve weeks have been fruleul In meetings of banks and tutions at which the prevalent financial conditions and , and, indeed, Ong may say, of the world at latge. and ticipated after 'the ow have been discussions and ore all, and it 'would ng purpose " ions Sv $ pubject to those of abler heads I aa tent myse t! referring @ other matters i rviore, te in terest to the share! a tt and with the work tion, which are to conte betore then to-day, : The olders will miss the familiar face of our late valued Vice Frigident. on. 4. J. Foy, Ken .« who ne of the original charter Directors and upon whose rp! services and influence the Corpera- | ED a able to rly. Mr. pot 4 Sled. on the 13th of June, 1918, His ly Vice-President was filled by the appointment: of Sir od Dastorss peiig ats bof iW Directors 18 amply suffi. present manage rs © eQ rporation, ve passed rs 25 confirmation of 'w will be asked for, to the - Sotint Board to shat number ingtead of twenty-one, as provided by the ar nd Bit te he um f 1 i urposes of in a that va the Thearfal of 13; : approval o hatha ' sharetiolders, Irn rey of" their action' in' this' Yespect will other By-laws of a formal charscter She Directdrs u ng o t r sn for/your a rh he: en "will Meo be ted nnual M were 'to 'establ (them - that + passed by roval she en by your Fin ac a Beane' in: the City prebented the in any one TEX: SEE the em of ad Nast : «of their ory for their all of whiek Is seks nbain SH in 1918 rome is |p Head will be commended, having regard to oo) tina OEY Tala Nl "more present current, the er permanency nvestmen prompt Sayent of interest which is o o than seek higher rates in Western Farm moriEaiies with interest only payable yearly, and where a considerable amount of arrears of In has to be Sarried over, not to say anything about the legislative disab that are being ed from time to me in the Western Frovinces. to the collection of interest and income ave by the Corporation, we have no arrears on any of invested in Municipal RE and ponds, and 98.34% has bee in of the interest charged dunia ny 1916, 1816, including fotward from 1915 on the §16,517,300.7% OE , 78.38% on the sum of $7,450,002.90 invested In in W The Net Profits as result of the year's eto an of $821.382.88, or 9.69% upon the on's paid-up funds, which, added to fhe balance of $77,674.12. the amount ried for wa m last year, after deducting dan for 1916 Dominion Wa Tax, leaves vs, 067.00 at the credit of Profit for distribution. Out of 'this have declared 2 and paid four 'dividends at the rate of Ten per cent. per annum, amounting to 3150. 180.000, carried to Reserve Fund $100,000; have written off Head Office Pre 26,000; pro- TE in: 1917, L817, S150 aot and on yee vestmenta the dt: 770,828.26 n received brought and out to to the Re Sus Reserve forward n of ers Arded us, havieg tatement 'whicli has total assets under the care of the Core $18.62, being an increase during the year of Statement that of the Assets tes, Trusts and Agencish } 33, $56,900.50 represented by $41.335,418.10, are the in conformity with rust documents, ander nin the Corporation derives its will require to be given by your in Toronto, in order to made by th tion. The property ing has been 1s A TOWN hay WOMEN RUN Council and Officials of Oregon Place All of Geatle Sex. "It is a long way from the early fRteambont days when Umatilla, Ore- gon, was the distributing point for &ll inland points of Eastern Oregon and Idaho, and the days of the wild Ins lans and cowboyw to the so-called 'petticoat government," but we are here nevertheless, so It uf all pull together for the Improvement of Sha is left of the once famous old ty,' / Such was the closing and pictor- esque statement in the Inagural message of Mrs. Laura J. Starcher when she took her seat as Mayor of Umatilla, Ore,, together with tour women elected to the Coumell, as well as to the offices of City Record- er and City Treasurer, e new office-holders are: Mrs, Laura J. Starcher, Mayor; Mrs, Lola Merrick, Treasurer; Mrs, Bertha Cherry, Re- order; Mrs. Stella Pauli, Mrs Gladys Spinning, Mrs Anna Meidns and Mrs. Chauncey Brownsell, Couin- oil, Mr. Brownell and Mr. Stevens « *.J. Du SEG are the two hold-overs on the Coun- cil, Mrs, Starcher defeated her hus- band for re-election as Mayor. At the first meeting following organization the Council ordered the installation of 16 mew street lamps. The women also ordered a oleaning af the City Hall, and proposed re- { pairs on jt. They adopted a resolu. tion to be sent to the Governor plse- ing Utmatilla in line with other Bast. ™ Oregon towns to work for the ote of the Columbia highway east of the Dalles. A bill bearing on the highway is now pending In the Leg- islature, OTTAWA TRACTION'S GAIN Net Rarnings of Masa04, ay In. crease of $100,780, Ottawa, Feb, 12. The POM pre sented at the annual general meeting of the Ottawa Traction Company, showed gross earnings for 1916 $1,- 154,912, and net earnings $484,664, being an increase over the previous year of $100,785. Dividends of 15 per cent, for the year were . paid, e total number of passengers cars red was 27,033,778, an Increase over the previous year of 2,671,911. A, J. Dawes, Montreal, was elects ad girector in place of the late Red- mond Quain, Ottawa, The board of divectors are: T. Ahearn, president; Warren Y. Soper, vice-president; Thémas Workman, James D, Fraser, . F. Ahearn, Elbert N. Soper, Col. rge P. Murphy, J. F. Smellie and wes, Intemational Paper Melon, New York, Feb, 13,--The plan an- nounced for the ligyidation eof the International Paper Company's back Pirigends dicated that the rumor wo the hoard Jy Au had a basis of Want réet heard at 'that timg that a Drogas! was being con. sidered by th 'to fund the ateumula ividends, oo dent Dodge el that such a plan was gnder advisement, and' events showed that means were sought to retire the dividends without making any Additional fixed chargé upon earniigs." For owners of thé pre ferred, who Nave kept thelr holdings for years with only & meagre return, She plan, if earriad out, will come n the natare of a of 3 mslou-ritting. St. 'John Raltwiy Change St, John, Feb. 12 at is announe- ed that the directors of the St, John ! Railway have recommended thet the property be sold to a looal corpora tion to be known as the New Bruns- wick Investment Company, whieh his been formed to take It over, The purchase price is $1,800,000 : land an additional $100 a share for important that Shee altars should be us, in der that we may not ourselves unpre, that' surely arise Immediately following the past past S64T Sevan move mailers of the State Nave been released |§ for scotive service o ng up the number of those whe have left aradad, -- SELB Bert their 8 4 E Ra d down 1 Hoes for thelr [4D - King and country. appreciation of and thanks a members of of the Sant at the on have heir duties a : | horrified whisper, "Mabel, each share transferred. The share. holders will thus get a net price of $140 a share. Toronto Street Raflway Report. Toronto, Feb, 18.---At the annual meeting of the Toronta Street Ball. way the following report will presented: ain earning, 1916, $5,973,161, 48 Compared with $5,604,738, In 1915, Net earnings $1, 340, 794. Total dividends, $958,882, leaving s surplus of $381,968, Bank President's Salaries, New York, Feb. 12. John Skel- ton Wiliams, the comptroller of the currency, has figured out, that Na- nal banks with a capital of $5. 000. 080 or ove pay their Prafidepts apn average. sal of 4 0 annum, Preside ne of Natron hat banks capitalized at $60,000 or less receive on the averdge a lary of only $1,008 per annum, Csi Standard Of Dividend, New York, Feb. 12. Standard Of Co,, of New York will probably de- clare & 33 1-3 per cent. stock diyy- dend in the near future, inna TNculcsting Gand Manners, Condon Mis just back from the States says 4 Hitle girl on the to Pittsburgh was chewing gum only that, but' shé sted on pulling it out in long gn - and letting it fall back into mouth + "Mabel!" said her mother mn a don't do Shae Chew yowy gum lke a little 2 Sok be