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c: (J , But shefl'hat f. Heel 0 min under the date (I 1911, Mrs. Ritchie says: eneral health I can any Eot felt. so well in year!- Es in the best of com!!- n eat things I bayonet ' s. I can walk quit. my cane when I go on.» quite confidence in ny- t it you had seen III ed to take Dr. WM 11 would realize what. have worked in I“ at I have stated is th- , and I may add th“ a cured my husband of le that other medic“ we no effect upon, to, both thankful." It the date of J an. 16. Litchie says: "1 union and able to do all my I shall always recom- liams‘ Pink Pills' and "ufl'erer will receive 3 y reading- this as I ther medicine in tho sure you get the 3” the full name, ‘f Dl'. x Pills for Pale P90" wrapper around 66* by all medicine W L 50 cents a. box or lit L50 from The Dr. W file cures to their res â€" non, oke the u' 12.x BETH ALLEN- o! the late Mrs. All away at her honor” on Sunday hat; in Ire Cured Aby this DELIEV 1’5 IT SAVED QU'I‘ [LONG TO LIVE' REA]! HER GRATE- 5' Pink l‘ils cure such mpoless Cases as Mr!- muse they make nevi )nd, whiCh feeds m or coma w or k?! benefit. of suffering Lfl'ord to neglect 1r. : Pins. the great blood xen‘e tunic which ha" BITUARY. moon, interment: itfle Britain can! PINK PILLS mâ€"snde xxx-side. faithful use of CO . , BYOCkvme‘p any ot nerves. i: to every 0!“ ataxia, )t her nervous The report to the Sharenomers was mm sm‘... “an.-- . V . . THIR’I‘IETH ANNUAL REPORT OF THE DIRECTORS OF THE '1‘( RON‘TO GENERAL TRUSTS CORPORATION, BEING FOB TH? YEAR ENDED 3131: DECEMBER, 1911. To the Shareholders: . Your Board of Directors have pleasure in submitting the Thir- tieth Annual Report of the Corporation, together with the st‘tement oi Assets and Liabilities, the Prafifit and Loss Account gnd other statezments showing the operations of the Corporation for the year 1911. _ . . .. ,,_ .L.-.'A- -_.a nanny nuirk The Toronto”, B) For Year Ended ‘313t December, 1911.- bulzmce brought. forward from 313i. December.- 1910 ............................................................. ’ commissions for management of Estates, act.- mg as Trustee for Bond issues, Registrar and i‘mnsfer Agent, etc. interest on Capital and Reserve. Profits on Guaranteed Funds, net inns from Office Buildings and Vaults, etc. ".3372. 253. 76 To management expenses, Directors' and Auditors’ I‘m-s, salaries advertising, rent,- commision paid agents for finding loans, etc .................... Ne: profits foi' the'year ............................ . 173,861.84 1 ippropriated as follows.â€" ‘â€" ‘0 Quart‘rly Dividends Nos. 59, 60. 61 and Lhc rat? of 8 per cent. per annum ...... To amount transferred to Reserve Fund To hahmce carried forward ............ 1 Iflortgmges on Real Estate ............. Government and Municipal Deben- Locai Company Debentures“ .....-..; Stocks and Bonds .................... Loans on Stocks, ands and Deben- the meeting- 19H. '1 be new Executorsbips, Administrations, Truéts and Estate: wqu assumed by the (fo'rporation during the year amounted -to';$7,096.- 478.65, as follows 2â€" ‘ . 3 ‘ I .._..........$9;§70;185;27 - Executorships , Administrations 1.050395439“ 654,682.89 'I‘rusteeships ................... ' .......................................... _ 31 452.83 > GuardianShips General Agencies . ..........‘. 1,952,855.28 Investment Agencies $59,482.70 Guaranteed Investments 900,641.11 Lunatic,F.states . ' 5,517.82 (‘Ommitteeshxps 16,907.56". Miacellanmus 252398.50 , Capital Accountâ€"- Ho'Tgages on Real Estate ................ ‘ Stocks and Bonds Loans on Stocks and Bo/n d3 --------- Real Estate-â€" Odice premises and Saie RpoSit 'duhs at. Toronto and OttaWa» ..... . 'A': «med rents re omces and Vaults Rt Toronto and Ottawa ................ New Head Oflice Premises, including building in course of erection, and land and building in that '0! sins. Sundry assets ..... CdSh on hand and in banks ....’............ The financial statements, tion {or the year ended Slat commented upon by the Man Sundry Assets ................. :u Cash on hand ad‘in Bun Total ........ In addition to bond issues to t!“ pointed to act aS citieb. Trust Estates and Agenciesâ€" ; Unrealized Original Luau. inc-mint ";.4_ C1115. The residuum of assets in the hands of the Corporation at the close of the year amounted to 545.065.232.49, as compared with 341.601.297.63 in the preceding year. , , _ 'lhe net profits, after payment. of the entire cost of management at the Head Office and its Branches, and after making ample provis- 'he amount, together wit); the end or the, preced- “LJRL--- 1.- 1.4:-.. dawn ion for losses. amounts to $198,392.42. ‘ the balance at credit of Profit and Loss at f‘ Real Estate, Mortgages, tux-es, Stocks and M 0% wit Inventory vaJue “ .._. ... .....u.-.‘ -‘mmvsv r- inf-'1‘ um LCD ASSETS AND LIABILH‘IES STATEMENTS Year Ended Slst Dacember, 1911. ASSETS. ‘ mImSDAY' m' R Dvmond H. C. Hewetson, J. A. :1. ”WE, rm. nee Lang. George Porter. The President, the Hon. Featherston Osler, took the dun, A D. Langmuir, the Assistant Manager, acwd as Secret Cupital Accountâ€"é _‘ PROFIT AND LOSS STATEMENT Lion to the foregoing the Corporation became Trustee Ior to the amount of $5,920,000, as well as having been ap- act as Registrar and Transfer Agent, andjn other capa-y u'pon by the Managing Director, Mr. J. ort to the Shareholders was then read to. so... out... 15,‘ 1912. showing the operations 01 the Corpora- December. 1911. were submitted- and .........o........- o...--.qo ...............c.- u.......- u.......u.a...:.o unfinau..-. ...u.o:.... .o : 7.....o.........oc. nn....... .c......o...-oc:o- .a-¢oooon .a.......... u....o..n a... .u‘ I... .. .u... .......r ..... .. ..... .. ..... u... on. .a-u co. annum , 61 and 62, at nu..." ..-...-.. nu V Accounta‘ 317.189.179.85 ' ' .- ‘... oo---~~ 626,094.44 81,600.00 93,651.94 325,000.00 525,132.87 149,890.08 7, 400.00 546, 360. 61 919,021.47 Shareholders ot- the Toronto 2, 789 .07 .o. 12:; read as follows :â€" DIRECTORS OF THE r. Maclean, Fred C. Jar- }. G. S. My,.J. G. nan, J. Harry Pat- :eng, George Bell, :K.C-. Wm. M, G; H- WOOd, .......... $2,470,785.27 1,050';954;69 654,682.89 31 ,152.83 ............ 1,252,855.28 .459,482.70 900,641.11 5,517.82 16,907.56 252,498.50 ............ ............ $7,095,478.65 . OSIER. Presidént . d in advance be entirely ,,”_,$251,237 .37 $198,392.42 $251,237.37! s 52,344.94 80,000.00 100,000.00 71,937.37 to Trust Estates and Agenciesâ€" For havatment ' or Inventory value and I shall not comment at any length on the report, but shall ask the Man; aging Director, Mr. J. W. Langmuir, whose remarks are looked forward to from year to year 'with much inter- est by the ~ shareholders to address you. There are. however; two mat: ters to which I might reler very briefly. In the first place I am con- vinoe'd that this Corporation is cap: able of rendering a larger service to the taming community throughout the Province, who have (hiring the last few years acquired considerable wealth, but owing to the lack of proper facilities for investment have large sums of money earning not more than two and a half to three R. F. SPENCE, F.C.A.. “ GEO. MACBETH. ' Featherston 08181". per cent. which 11‘ invested. through the Corporation's Guarantee Invest- ment System would produce a. guar- anteed net return of four and a halt per cent. per annum. ' The other matter to y‘vhiCh I wish to refer is the work 'of the Inapection Committee. the report of whichwill be read by the Hon. Mr. J. J. Foy, K.C., Chairman of the_ Committee. This report should be of interest. to everybody concerned. showing as it does how full and complete is the work done by the Committee in the examination of the leans negotiated or new business assumed by the Cor- poration, and in ascertaining that the authority of?” the Board has been received in eyery instance for the acceptance of such new loans and work. etc. In closing I need only add that I am quite sure that the financial results of the operations of the Corporation for the year will be alike satisfactory to both sharehold- ers and clients of the Corporation. I have much pleasure on calling on the Managing Director to address you. The Managing Director, Mr. J. W. Langmuir, said : ~ Thirty years ago this week the Toronto General Trusts Corporation was organized, when, at a meeting of the shareholders. nineteen Direc- tors were appointed. Of these nine- teen gentlemen ten are dead. four have resigned, and five only of the ~ ~ , AUDITORS' REPORT. We, the undersigned, beg to report that we have made a. full exâ€" amination of the books, accounts and vouchers o! the Toronto Gen- eral Trusts Corporation team 8181: Deoembél’, 1911, and find same to be correct and properly set torth in the above statements of Pro- lit and Loss and Assets and Liabilities. We have examined, and ' bonds 'uid strip of the Corporation's hands, and we have checked m with the mortgage and-debenture lodgers and registers. The banken' balances. alter deducting outstanding cheques. agree with the book- 01 the Corporaâ€" tion. We have also examined the reports of the auditors o! the Winn-- peg and Ottawa, Brahcha, and find? that they agree with the head with us toâ€"Qay, namely, the Attor' nay-General, -Hon J. J. Roy. K. 0.; Sir Aemilius Irving. K. 0.; Senator Robert Jaflray. J. W. Langmuir and a stafl compyisod. otthe Manager and one clerk, who performed the duties of stenographer as well as bookkeep- er. 'I‘o-day, our stat! at the" Head Office and its three branches numbers sevonty-two, - A. n,_._A_ t The gradual growth of the Corpor» ation necessitated the purchase and removal to our quarters on the corn- er‘ 0! ‘Yonge and Colbornevats. (form- erly occupied by the Canadian Bank of Commerce), where we have been for.twentyâ€"one years. and toâ€"dny we meet for the first tineâ€"abhough the building is not quite finishedâ€"in our splendid new quarters“ I say. .“splenj did,” for I thinhwhen the building is completed» it~will be- mudged In moving the adoption of the re~ art the President, the Hon.- 7m. to be one o! the handsome“ muo- tureo- in Toronto, bothdn respect 'to nrmior wand interior eonstrqotion. omce books. So: much for our -- Coming. now 1:: We commenced operations in a. nall office on Wellington-st... with Litbilitiea ...... Directors remain to the ‘ opmtions of .-. .- $23,192,571.” - 820.089.496.80 feature or our business which I think is a matter for congratulation, indicating as it does an inereasing dam-ea ox Dermanency in connection degree of permanency in connection with the work usumed by the Cor- partition; in other words. it makes eppmnt the growing disposition on the part of individuals to provide either by Will or by Trust Deed that the Corporation shall invest the proceeds of their Estates and pay .the revenue to wite or children, reth- er than distribute forthwith amon'g the beneficiaries the corpus of such The net profits for the year as shown by the Prth and Loss State- ment. are 8198, 892. 42, or an in- grease 0! $20, 318. 41, which, togeth- er with the balance brought forward: from 1910. mines a total balance for the disposition of $251, 237. 24. Out of this amount your Directors have paid the {our quarterly didi- ~deuds of two per cent. or eight per cent. for the year, amounting to 880.000: treneferred to Reserve Auditors. .Toronto. January 29.1912 $100,000, and carried forward to the credit of Profit and Loss Ac- count the sum of $71. 237 37. = The Corporation' 8 Reserve has therefore reached the sum of $700. - 000, which, with the balance brought forward to the credit of Profit and Loss. gives us a total Capital and? surplus of 31.771.237.371‘ one of the outstanding features oi? the Profit and Loss Statement is the small percentage the net profits bear to the volume of business con- trolled by the Corporation. And I may say that the result cannot be attributed to excessive cost of man- a,gement as in this respeCt, notw ith- standing the complex character of a very large percentage 01 the assets and work of the Corporation, nec- cessitating the employment of a skilled stafl, the ratio of expenses to the volume of business in hand (or the last year will very favarably compare with the returns of any other financial institution. These de- ductions should I think. dispel from the minds of certain personsâ€"and I understand there are someâ€"the idea that the profits made by Trust Companies ,hfough ,hi administra- tion of Estates. a are more or less excessive . at the same time these figures should be instructive to per- sons who contemplate the appoint- ment of the Corporation as their Ex- ecutor or Trustee, or in other fidudâ€" iary capacities. . Notwithstanding the compuotively small profits derived from such a great volume of humane. the result will, I think, be entirely utisfnctory to the Shareholders, especially when it is lremembered that the entire year. and, indeed, for the past two years, a considerable ainount of our Capital has been looked up in the construction of our new Read 03300 building, thus wifihdraWing for the time being a considerable sum,,1rrom the field of productive investment. ities Statement, '1 should like to point out the large increase in morâ€" tgage investmentsâ€"namely. $2 029- " 703. SOâ€"made for the Corporation for its Trust. and Guarantee Arr counts during the you: ' In order M the beneficiaries of estates may obtain the best possible mm“ 1“" 71.2.3137 12,818.39 hfix'1rrtgo 345.086.659.99 This form of speculation bus, the general expansion of the country assumed (afloat. propprfions, Mi“; 'umly m qonnectlbh' wltix éoghe - of .7-â€" . Thachudtho owiocity-nd immortmwfllbobeatredmd whwlmuquurcent._.ol mmwdwuchmturedonabe- foretheclosooftheyouhu been thought and invention-41.nov, spoo- uhtion in unproductive real estate. A number ot Presidents-1nd General W' of Bank: have mainly sounded notes of warning, which I the» system cities and towns. and ehpecinlly 'tho mw tomitaea 110113 the great railway systama through the Prairie Provinces and British Columbia! In many of these towns proxierty is being cub-divided and sold gs building lot: tint will cer- tainly not, .i! indeed ever. wine into the market for building purpoaes for a great mimy years. While this is true ot the West. it is also true 0! the City of Toronto suburban prop- from the city limits that. were under cultivation a. tow years ago; having a value of not more than $800 per acre; have been recently sold at fabulous prices. and, are now onered thatf’lbronto is increasing its pop-‘ ulation in .the neighborhood of third ty thousand per annum, making it: necessary to provide several thousg and homes" every year ; at the same time it Inust be remembered 'thst‘ ;between these outlying subdivisions Send the city there. is still an enorm- 5ous amount of vacant land to be built upon. While lt is important .that Banks should give warning Taghinst this tom of speculation it is Eperhaps even more incumbent upon [Trust Cumin!!!” to endeavor as far as possiblé to maintain true land values. since no large a percentage 0! A. ,2_ Iâ€"nubmfl m mm“ ?0 0n tho oust hand. there has ex- mud. and will continue to exist .in this country for many years to come. a. great field {or properly org- ,the several departments of industrial and financial enterprise,” ssthe fut- ure 0! Canada is undoubtedly assur- ed. This very (set places, it pos- sible, a. greater responsibility upon the Banks sud Trust and Loan Com- mortgtgeaon real estate. The du‘ii'e to "get rich quick" is findingAexpression in stock notations in respect 0! anumber or industrial and other 'companies that me great- 1y over capitalized. a. very large per centage of the stock bong water, as the actual assets or earning power 0! these companies would not at all warrant any such stock issues as are offered to the public. The tact that such compiling as I speak of ~ can be floated at all is one of the re- sults of the phenomenal development in Canada during the last dozen years or more, and while it may . , ;:....16 a... Mm (It-veinmenti‘ ‘0 be dimcuuixor the Gover'nmentr altogether control such notations order that the public niuy be I meted. yet no 60““ could be (1099 by B vestigation -‘ into paniea, who control so largely the financial moire of the country, to as for as. possible see that the founda- tions of our new industrial enter- prises are well laid, to the end that our Canadian business moire shall be of a. stable and permanent char- very strongly that the Trustee 1nâ€" .vestment Act, confined as it was to investments in first mortgages on real estate, Government and Muni- cipal Debentures, and high class securities of thie character was not sumciently' broad. and that it might Some time 88° I held trdn'x one to fiva doubt something more bk 3 more careiul in» no the facts before view our new nultathegxutatpouible mmmnhuboenembedwith . view to providing sheoluu Incur- ity from are, burglary voter. or even the collapse of the building, if such 3 contingency were possible. We ere advised by authoring competent to give an opinion in such matters. thatwohawinthismt. not. only the finest equipment in CM. but up to the :11th standard in the mind States. The wisdom o! nation! or W in Pmmg ’°’ cords and volunble papers. es well a securities. in a properly construcr ted vnult has been clearly demon- strated in connection with the re- cent total destruction by are 0! the Equitable Life building in New York. when securitie- and papers representing many millions of dollars were uved through being stored in thoulodop‘ooitvnnluinthebund- ins, We one looking {or a large: gen}: hh'as my reoornmendntion inane"? in connection with our I in: when he ‘lenvee me. but . - M ‘ - f . _ sewn «a sw- '32:: mm’eww 1a: dnnng the next flew you-8. Literature branches of market gar d M. fie giving details and pu'ttculnrl with outlay. even for such t ion: course. ,,_A.__. .-‘ M... “mm... .1111 vault it not treat. Two pouch}? the he. _. -I.‘_ you about the time the Corpontion taken poanesflon of these premises. I have much pleasure in racer-ding my high appreciation of the miees rendemd by the Advisory Boards of Ottawa and Winnipeg, and aho' by the sun of the Corporation both at adopted. The report of the Inspection Com- nilttee as signed by the Hon. J. J. Fay, Sir Aemiliua Irving and Er. Frederick Wyld was adopted. The following Shareholders were? w. B. may. w. Gibson. K.C.. A. C. .Hu'dy, John Hoekin K. C., LL..D. Sir Aemilius Irving. K. 0.. Han. Robert Jamey. J. W. Langmuir. Thomas Long. .W. D. Metthews. Hon. Peter McLu'en. J. Bruce MacDonald, Hon. Sir Den- iel McMillan. K. C. M.G. ., Samuel} Nordhelmer. Sir Edmund Oeler. I P. Hon. Feather-ton Osler, K.C., J. G. Scott. K.C.. Sir Edmund Walker. D. B. Wilkie. Frederick Wyld‘. . At a subsequent meeting of the Board of Directors Hon. Featherston Osler, K.C., was re-elected President, and Mr. W. H: Beatty, and Hon. J. J. Fay, K.C., Vice-President. The Inspection Committee was reâ€" electedâ€"mamely, Hon. J. J. Foy, (Chairman), Sir Aemilius, K.C., and Frederick Wyld. The following members were eleCt- ed to the Advisory Boards of Ottawa. and Winnipeg ; OTTAWA - W. D. D. Hogg. (Chairman. Sir, Henry N. Bate. George Burn. Capt. J. L. Murphy, and Him Robinson. WINNIPBG â€" Hon. Sir D. H. Hellman. K.C.H.G. (Chairman). Hon. D: C. ‘.Cameron.‘w. H. Crone, A. L. Crossin and H. H. Smith. “Yes.” saidthcu‘l mwmflwd. lady of the home I on the field." HiaHonutPI-ido. “m.wary.1mmuomtena “Wum'toukthctom' man: to give work to everybody." “Bummtdoyonthlnkottut! Wen. mmwmmummm A Beginning. â€"â€" â€"â€"â€"" Friend-mi have : men Pooh-No. but I‘ve not a bollâ€"W ~nmtne'mmp.mm°*' A Di plomd.’ 3. Brock. John j/m Woluhy‘u W I: m Fum- Her contention is that. one of the most trying problems of the day is what profeosional peopleâ€"educated ‘ people. with large families and little ’ or no capitalâ€"are to do with their I eons. Entering for the army or navy ! or for almost any of the learned pro. tensions means a heavy outlay. and as there is ._ large class of young men who hate the idea of an indoor lite, :menhorntoworktheland.andonly happy on the land. she proposes to I train them at. Glynde. I Al- thetthe 'I.on. Frances-Gum Wd- sdeyhdmghtet o! the famous field- mushd. is one of the eleverest lady gardeners 1m. Wand. Indeed. her . . “qu ,_,AA :__ m-_-_ u :- booksf. "hardening for Women,” is tended gs meander-d work. Luci}, lip, Wolseley has turned her atten- tion in mining young men to earn their livelihood as small-holder; market gardeners. or fmibgrowers in the Colonies. end is conducting an experiment nt her delightful home a Glynde. near Lem. of extreme in:- In fact, she is 00 keen on the “Beck-toâ€"the-land" movement. end so anxious to get the right menâ€"edu- cated and intelligent menâ€"on to the land. that at present she is ch no fees at all. except a couple pounds yearly to admit men studm to the special lectures given by ex. pet“ to her ledy gardeners. Asked how long she considered the “a young men who stays with me two veers has my recommendetion to It must not be thought that mas Wolsele only trains men in theoreti- cal ening. “My idea is this." she says, “that oung men who in- tend to make a iving by practical gardening ehould receive their train- ing in a, garden that actually pays its way. I am glad to say that my garden do that. and under my super- vision. with my foreman and practi- cal lectures. these men students learn all the many and dificult “tricks of the trade" in market gardening. "They have to plant. manage. pick. and dispatch fruit and vegetables to actual customers. They have to force their strawberries. their asparagus. thefir green peas on earlier than con- petals gardensâ€"wand they do it.” Even war. with all its grim horror. has now and then a bit of fun. and enemies. pitted against each other in deadly stngle. can relax into friend- ly controversy. A general relates a curious incident of the Crimean war. While the British army lay before Sebastopol much speculation went on in regard to the relative merits of certain Russian and certain British the British lines and asked to see “no cammander of the British artillery. “Your sixty-eight pouuder that {our people call ‘Jenny‘ is e beauti- ul gun." said the Russian; “but we have one as good in the embrasure. end we should like a fair duel with .. One day. during an an Russian oficer of artillery Arrangements were made that at twelve the next day all other firing should cease. and that the two guns should be put to the test. At the appointed time a large num- ber of oficers were assembled to view the contest. The British sailors of the gun detachment took of! their caps and saluted the Russians. who returned the compliment. The British gun. as the senior. was allowed to fire first. It struck the side of the Russian embrasure. Then the Rue- sians returned a good shot. The third shot from "Jenny" went clear through the enemy’s embrasure. The hluejackets. thinking the victory was theirs, jumped upon the parapets and cheered. But they .were miso taken. In a minute out ‘came the Russian gun again and delivered several accurate shots. “Jenny" got a had bump on her side. but it did no material harm: At the"seventh shot from the British side the Russian gun was knocked clean over. The British fellow: cheer- ed vociferously. and me Russians mounted the parapet and took 0!! their hats. in acknowledgment of de- feat. This ended the great gun duel. and more serious hostilities were re- ’Famo Dickens Gave Bath. Bath is 3 city for which the Dickens lover ought to hsve s peculiey dee- tion. Dwkens isteyed frequently in} “vu- "avâ€"v..- 'vâ€"i __ -7 - Bath in his eflli day: when engaged onre rting war and histobaceojar and r mug are still piously pre- served at the Saracen's Head. About six miles from Bath is the tiny vii-o loge of Pickwick, through which Dick- ens often paged, and.he bestowed the 4__-A:__ name u n his most famous creetion. Mayo the scenes in “Pickwick" etc. it will be remembered, leid in Bath. There is at the present momentâ€"or we: until quite recentlyâ€"e tndeemen in Beth gt the game 0! Bnodgtmâ€" London Chronicle. Tho Word Umbrolia. lisb word umbrelh is v.17 tin. coming through th “dune , “ombbre_lla,""1ifi10 n , _‘1-L LID“ vâ€" â€"â€"â€"â€"â€"â€"â€"â€" shad; ‘3' The French, Gem-m. Spanish and others give it n distinctive am. one}: ‘u “putaphno.” "regenschirm" un...Lâ€".II-" -nA Big Gun Duel. of an indoor life. he land. and only lshe. proposes to e. so keen on the novement. md to right menâ€"edu-