Prithte Dinthy Room SPECIAL DINNER At N A la Carte at all Hours Phone 222 - Listowel, Ont. ere pe bg oy rE a. ee Aly tp rey Rh A Fell iat Gk z ‘Really, You'd Think It Was Now is a good time to let us clean that heavier suit for the ed with its look of newness— p keep down om ania budget. J. LOCKHART Prince Cafe we are prepared at all times to serve. Hot Meals, Lunches ~ Imperial Bank of Canada Review of Canadian Business — Bank Made New High Records During Past Year - President, Vice-President and General Manager See Prosperity, and Express Faith in Future Developments _ a Bank’s Assets Increased Twelve Millions Mr. Peleg (Howland, president, oc- cupied the chair and cailed the meet- ing to or It was with much regret that I was ‘compeiled to absent myself from the Annual Meeting last year. For simi- lar reasons my remarks today will be very brief. The statement that the Manage- ment lays before you has given much satisfaction to your Directors, and I trust will do so to you, Year Profitable To Bankers The year has been a profitable one to Bankers, yment hav- ing been found for their funds, eith- er commercially or in loans on se- curities, for the greater part of the year at good rates—the money mar- ket, when in the earlier months in- @icated weakness, having strength-| ened later on in a marked degree—| ithe rates in the New York Call mar- ket ‘belng particularly high, it thue forming a very profitable outlet for any surplus funds from time to time. Our profits have been good, and arch shown after making ample pro- sion for contingencies. The usual dividend has been paid, with a bonus of 1 per cent for the year, and we }have felt justified in increasing our Rest and fwriting off a large sum from our ‘Bank Premises Account which Is of necessity large, as the General Manager will explain. Foreign Trade Increased To refer to general tonditions in the country our foreign trade has grown, perticularly in mports, which would indicate increased spending ability on the part of the people, Debt need—Revenue Increasin The net debt of the Dominion is being reduced, offset to some extent at least ‘by indirect obligations in- curred on behalf of the National Railways. The annual revenue is increasing, giving hope of further re- duction In taxation, than which there can ‘be no greater stimulus to enterprise. Most of our industries, it ds hbe- Heved, will show satisfactory results from their operations this year, with the notable exception of at least Pulp and Newsprint, which is suffer- ing from over-development, the nat- ural result, no donbt. of previous conditions. (Pulp and Paper Industry This industry is of such impor- !tance directly and ind'rectly to this | country that it is hoped that matters will right themselves soon, though IT fear, to have any permanency, and In- crease in the consumptive demand equal to capacity to produce ds the true Teme t is just now reported an arrang- ment of some nature has been enter- ed into for the aintanance of prices, which will no dowbt tempor- arily prevent loss to some of the compu. If the arrangement includes some cently occurred. This movement has surely nearly ‘reached ita end. As far as it has gone, it must have added to the likelihood of growth, d the certainty of success of in- stitutions euch as ou St. Lawrence Waterways The deepening ‘of the i w- rence waterways Is a subject of vital interest before the public just now. The United States would seam pearl mined to provide a deep shipway from the Great Likes to the Auntie Oc would seem desirable ean, therefore, since we have gone to the enormous expense of the enlarged Welland Canal that negotiations should tbe begun as early as possible with that copay | to bring pen es the completi#n of the outlet. through the St. aerreinn., Surely ailterounee between the Dominion and the two Provinces as tO ownership of ae bed and ‘hetween Ontario and (Que- bec as to nmrode of development. of power, can be settled In thea common interest of all, so that matters may not be délayed on. that accamriz. While it may not be that all the benefits will accrue that are clalm- ed, the movement of grain from the West will be at least hastened, and the capacity to take care of an ever- increasing flow will and If, as stated, velopment of electrical power age Pa made to pay the total ‘cost to country one would think that ‘the work should be begun with the least delay poasible. Country's ospects Are Pleasing Altogether, the picture of. the country’s prospects as I see it Is very pleasing and reasonable confidence in the immediate ure is instilled. I am very sorry to have to report the great loss the Bank sustained very recently ‘by the death of a Assistant General Manager, Mr. Boulton. His death was very ae den and was a great shock to us all. e high position occupied when he died. came for some time in almoust daily contact with him, and he won my high Peat and esteem. Ho is much misse H. T. Jaffray, the As- aistant Genars! Manager, resident in Winnipeg, has been moved to Tor- onto. Testimony to Staff Before I sit down, I would like to ‘bear testimony to the zeal and loyal- ty of the Staff generally, and’to their share in ees ape produced for the year, an er particularly to the high anatities displayed by our Gen- eral Manager, whose efforts have been ably acihoutented by his im- mediate assistants. VICE PRESIDENT'S ADDRESS Sirviames Woods spoke aa follows: Before seconding the adoption of the Report, I would Hke to speak briefly; not on Canada's paxt or pres- ent achlevements, but in regard to hives of antes, th m ne shoveling and frections. . While bie 19 4 such ao see tegen regen that today 30 ogres en can produce a5 Many motor cars as 100 men sould 14 yeare ago, that 40 men can Produce as many rubber tires As 106 ou 14 years ago, that In tron and eel 40 men can produce what 100 mat could 14 years ago, that in met- als other than iron and/steel 60 men can produce as much as 10 n could 14 years ago. In varying de- free this is the experience in indus- try generally. This development of lebveeaving appliances has not worked to the eeecventees of labor. 1924 the American Federation of ‘Reber commenced an exhaustive study to determine the number Wage-sarners in the United States, the value they added to raw mater- fal by thelr labor, ane the avareee income per Wage-earne T ann The findings show that, from 1914 to 1925; the value added to raw ma- terial ‘by manufacturers increased 155 per cent., while wages increas in the same period, 146 per cent., and the number of wage-earners In- creased ‘by 1914 per cent., showing clearly, I ‘think. first, that wages coms from production; second, that Idbor-saving machinery does” cause unemployment. It may force labor into different cnannels, but the ew em ment will probably be more desirable and advantageous. White Coal The uneven distribution of coal in Canada is more than counterbalan- central Provinces, where up to the present time there has been no pro- duction of coal, the greatest indus- trial development has been attained. Before the coming of our scientific and mechanical age these power re- soutcés would ‘have been of little ue ‘In the aeroplane we have an ap- plication of mechanics which alds in topographical ma ing come make pioneers and: aré pro: of Canada, With St great re- sourtes and { of our feople, ‘Dut bonuses ee loans. In tt great- est period of {immigration nip.t Can- ada, between 1901 and Mar ing the same period Abas two ealiiion left the country. any ter were, no dowbt, cotarnine to their old homes but a peerage lors num- ber of the em were native rome Cimcon ry was due in part to he pressure Raper permits set up _ e@weomers, felt obliged t seek livelihood elsewhere. The loss pe natiy fis a serious one, for they, with their Seyret of the country, are best fitted to sist: id ‘its development. phase of the se OER pro- bem ae not to be overlooked in Can- such citizens as are: ‘capella of ally. ing themselves with one or other of these groups. To plant colonies of strangers as has, unfortunately, been done in the past in the ern provinces so that they remain unas- similated and out of touch with the |- old Canadians Is to set for later gen- pin gy a most -difficult, task. It le for a complex a population to live together lo n and harmony, se under democratic institution The ‘racial complexity ry Central Europe and the Balkans and of Asia Minor, has presented to the world very serious problems of administra- tlon. The solution to date seems to consist in the breaking up of the old polyglot states into innumerable smaller ones, To encourage the coming of non- assimilable peoples to Canada is to court like difficulty for those »vho succeed us, Let us confine our ef- sag to-securing such additions to rapid transportation of mils and passengers, and by its long flights into the Northern territories has Jm- mensely enlarged the accesstble area of the country. Durin the past season parties of prospectors and explorers were carried into’ the far North in so short @ time that their available time for the season's work was Incredaed far beyond that which would have been’ possmie with the old methods of’ trave ve need not only to make the fu Mest use of the best and latest that ‘mechanical skill haa to offer but we muat pay attention to the cultivation of science and its application to our problems. So only can we hope, with our high cost of labor, to meet the competition of t 900, 000 in ten years as m pike for a cwtna ‘and harmonious Canada. I have much pleasure in seeresine the adoption of the Report The General Ma " Aaa ress Mr. A. E. Phipps then addressed. the meetin There are several interesting fea- tures in the statethents which you 1 have in your han the Bank heve for the t thme ex- ceeded $150.000,000. The 100,000,- 000 mark was reached in 1918 there has been an fhcrease of 60,- The profits of $1,469,523.11 are the largest in the history of the Bank and have en- abled us to write $509,000 off Bank Premises Account and make an ad- dition of $600,000 to tor Re- serve Account, tringing that account up to $8,000,000. The last transfer mising material for the upbuilld- | ™m general well-being meee will come with- ts mises; Mortgages on ge = Honea. “ate. $2, 00, 000" -more- last year, Loans Up $12,000,000 It ig in the current aoe that. the ost nrg aca place, th ng fi 2, pet 000, trom herr 000, 000. “~ $87,0 000, or nearly bee Pe cent, rere \ remarked that we would like see this department of our busi- be able now to report such a factory Inerease, which is site due to larger grain loans owing to the earlier harvest, but lergely due to new and desirable business waien has come to the Bank during the year. It seems superfluous to. repeat that our loans have been carefully examined and everything of a doubt- ful nature eliminated or provided for but I once more assure you that such the case, and that the Bank’a .po sition in this respect {s thoroughly satisfactory to the Executive, is re- flected fn the transfer of $500,000 to Reserve Fund or Rest Account. The oo rE Account, $6,- 032,847, increased round figures by $1,000,000, which Pash jp re- presents the price of the corner pro- perty at King and Bay Streets, Tor- ‘onto, purchased last year as an even- tual Head Office site, A gratifying feature of the tail- end of the statement is the reduction in what might be called the liquid- ation items, ie., Non-current Loans, Real Bstate, other than Bank Pre- sold, and Other i leetively amount to $1, 148 ne oe weat figure for man believe these assets to bé aaanly one for the amount at which they are carried and all possible losses i them have been anticipated and peoviees for, but It 5 very satisfact- ory to mote the continued and sub- stantial liquidation. New Branches New Branches: One Branch of the Bank*was closed during the year and nine ‘branches have. been .opened— at King and Bay Streets, at the cor- er of Mount Pleasant Road and Eg- linton Avenue, Toronto; at Leaside, Chatham and Caledonia in Ontario; one in Alberta and three in Sask- atchewan. ave. now 195 branches in actual operation. Staff } 404 Staff: The opening of new branches means a constantly growing staff and we now have 1,404 employees, cf whom sHghtly over 300 are young ladies. I have ‘great leasure in again testifying to the efficlency and loyalty of the staff—they work hard and get results. 50 Bank Premises Bank Premises: In addition to the purchase of the corner of King and Bay Streets, Toronto, we have com- ge at considerable expense what has been described as t andsom- est Dranch banking office in Toronto, near the corner of Yonge and Bloor d we have purchaser, ‘built Sta., or remodelled on a “lar A Syiattyret act that. we staly sii. soua00, compare | venin gra- | with th 134 500,000 @ year ago and our New York pail 1 ae already men. | ts | hope that the future vat Seatite | this AYbert ada is not s0 might imagine. Lumbéring generally has not been ff but we are told that the lumbermén have about got ough withont |) prospects, are better, . was. practically tha game as as 1927 which was ff round flgn bi - the atiaatson Tumber, “Gatersagtn not forget the medias of ihe: procaete of pulpwood, rallway tles, telegraph poles, etc.,, who, generally speaking, have an active year, and I think have made good profits. ing ©. In the mining induatry, from the production o apart f copper and nickel, In which considerable gains have been recorded, the year has been one, more of exploration and development than marked by any in- erease In production pe: the bringing in of any new great mines—the de- yelopment and commencement of operation of the mi on and prea of the Horne Cop da being the most notable. ‘event “at the year. The operations, Iam g¢ to say, give every prospect of being an unqualified success. nother im- portant matter Js the completion of the railway into the properties of the Hudson Bay Mining and Smel Co., in Northern Manitoba. faith in the future of the mining in- dustry ic eyidenced by the fact that large blocks of min rae hag es ae being dealt In with a confidence. In a the develop- ment of the oll flelde. posit of. Cal- gary is proneayiee with satisfactory resulta. Manufactures in all Unes have been busy, I belleve, with reasonable teturns. The flour millers have en- joyed a better business and sales ie merchandise generally five heavy perhaps with only fair profits, Rai Co lroad The year has been marked with a very heavy program of rallway con- struction in Western Canada, which put a good kg of money into cir- culation. jons are. that further "cdnetrietion hig charac- able outlay for Canadian. industry and energy. ng erate Up Building permits Canada” in 1927 amounted to $400, $00,000, and for this year, so far ip io tea ve been prepared, the f -tracta Ia about 20 per “cent an na = tracting firms are sald to ‘have much work as they can ‘ciateanetis handle at satlabnehne figures On his return froma Western trip, to the ‘Rest Account, was in 1919. Al- together I hope that you will agree that the statement Is a very satis- factory one. of All Kinds Pure wholesome foods prop- erly prepared and eerved have her future outlook. fence Helps The Farmer As a result oe eeveral good har- vests,.Canada is prosperous and pro- Pres. Beatty of the C. P. R. is quoted ces at Monarch Park and Dan- mae forth Avenue, Eglinton and Mount} 35 ee ala RES agg em baer oa Pleasant — Oakwood Avenue and| Country | & , all equalizing scheme, and does not lead to new development, and can maintained unti) demand catches up with preluction, it may be of benefit producers in low-wage eli ag Co ates We should congratulate ery Ger. ernment of Canada on its decision t ¢| my experience I have not previously Rogers 1 in oronto; a . won for us a very liberal pat- || to the industry as a whole, though |duces far beyond any other country | erect and equip in Ottawa a great re- Cireulation a3 10416000 is practi Kirkland Lake, Kitenener, “Walker- pintc contbenss i Gaus ones ane ronage . usually such agreements have a ten-| of like population. One reason why | 8e@rch institute under the direction cally unchanged. ‘Total deposits ville and Sioux Lookout in the Pro- mag watbilitie A whe os saith ox: ICE CREAM, FOFT DRINKS [! gency to curtail consumption and to|so much Is accomplished by ten mil-| Of the National Research Council. above $18,090,000. Last 8 ear they vince of Ontario, at Noranda, P. Q.; we of resent feelings an RS. lead to competition from new and|lion of people Is the increasing ap-| Similar congratulations should . be} were $109. aaahe so that they hava| ®t Jasper, Alta., ibesides making Laeot Swath tothe faneatite tathre alwayn in stock, Syumeecked aearece, plication of machinery in the funda-| extended to the Government of the | Increased by $9,000,000 or 8% ®!\esser alterations and additions and poh pr aoeh ‘ > Oe aa are ' laxgely Phone orders promptly at- Mining Activity mental Industries, The rapid Increase| Province of Ontario for providing | cant. Acaovdte to the G: Dee t purchases of sites at a number of nD mal ke ponte: than the tended to ‘ While it cannot be said that min-/in the areas under field crops in the| Public funds and for securing the co-| Return the Canadian deposits in ai) | 2tBer Places. The cost of this work pd for BB io rvice and satisfaction ing iy not prosperous, the amount] three Prairie Provinces: is indicated | Operation of the industrialists of the eposits in all! has been absorbed in the gmount Te, sc mcg guaranteed to our patrons. produced in dollars and cents by this! by ae eee cleures Province in setting up a Eesoared In-} 6 “| written off ay Premises account| ®88ured basis, and given @ contin- Forced To Sleep In Chair -- Gas So Bad| *“¢ “Nights I ast op up tn a chatr, I and nothing I eat hurts. me mow, Even the FIRST spoonful of Ad- lerika relieves gas on the etemach and renroves astonishing amounts o old waste matter from the system. , Adlerfka will surprise you. Did you ever try turns, and promises ‘increased pro- duction in the future. Very La Field Crops Our fiela crops have ‘heen’ very large, though not as large as the early estimates indicated, frosts in in the Northwest having af- fected both yield and quality. Had the wheat crop turmed out as at one time expected, with prices as ther existed, there would certainly have been something approaching a boom 'n Canada. . Ae it is, even at the somewhat re- duced prices being realized, many mers must fare welland the car- riers and all others engaged in hand- ling grain, must benef't from the large crop, and our general pros- perity. will be helped thereby. Wholesalers and retailers in some nes of goods have had thelr sales, and thus the-r profits. adversely af- fected by the extension of the chain store system, and the establishment of branches by the large department- al stores. Both the regular whole- saler and retailer are necessary, I think, to the convenience of the p lic, and the economical #'stribution . and will survive, though perhaps in reduced numbers wh-| for a short population in those Provinces and is, a large meagure, due to the In- troduction of labor-saving applianc- es. In Manitoba there is, one trac- tor for every 4.6 farms, in Saskatch- ewan for every 4.7 farms, and jin Al- berta cne tractor for every 7.5 farms. New aids for the Western farmer haye come with the develop- ment of the reaper-thresher, which cuts and threshes the grain at the fame time, and the swather, which cuts the grain in swaths, when after drying of the grain and weeds, dt is picked up and threshed by the reaper-thresher. The sales of reaper-threshers in Western Can- ada increased from 176 in 1926 to 3,657 In 1928. The swather practi- cally made its first appearance on the prairies during the present year. These new appliances avoid the nec- essity of stooking the grain and = emploving gangs of men later threshing. In a way, they indicate how the farmer may grow without the trouble and cost connec- ted with the employment of great numbers of harvesters at high rates ‘period. The annual migration of tens of thousands of harvesters to the West may, as a re- eult, be lessened and the ‘cost of pro- e| ve attacked and solved. vest, extended the area eapable of Erowing wheat in the Prairies far to the horth. was followed thy Garnet wheat. which matures stil! more rapidly and by other which mature early and so avold, in part at least, the risk of rust, ing recent years much attention has fen paid to the problem presented by rust, which fs caused by a fun- gus which attacks the straw and pre- at the proper development of the The National Research Coma in co-operation with the people ob ithe _ Prairie Sorina has in the West a steer the history of the rust fan- with a view to. overcoming. this blight whtsh costs the wheat grow- ers millions of dollars annually. It is a satisfaction to learn that rust- resisting types of wheat have al- ready been develope In agriculture aaa in other indus- tries there are many problems to Upon the generous application of science to these national problems, the future happiness of Canadians In a large | % measure, ore oA Deposits Tacreese $0,000,000 The deposits not bearing Interest are $27,000,000, an increase of $3,- 000,000 or 121%4% for the year. The deposits bearing interest are $91,- 130,000, an increase of over $6,- 7-| 900.000 or slightly over abroad and Letters of Credit Se ecnte amount mirree pd to $5,50 ebb, compared with $3, 350 ,000 last yea Strong Position Parsing to the assets, I would re- mind you thet a year ago I remarked hat the establishment of a system whereby settlements for all Cleceiag Houses are made daily in one amount at Montreal, instead of at a number of Clearing ‘House centres, would st. able the Bank to carry less cash a keep more of its immediately avail able resources employed. Our act- ual cash on hand. $9,300,000, rer pares with $11.500.000 a year the difference of $2,200,000 betas represented ‘by an Increaze of $2,- 200.000 In our Call Loans in New York, an asset which for all practi- call purposes is as- liquid as cash. Adding the New York Call Loans and the other cash items in the Bal- own buildings and that leasing ‘is both uneconomical and ynsatisfact- hi have consequently m fairly heavy expenditures on Bank Premises in the last few years, but I think that we are near the end of the road. There are only a few places where we do not have mod- ern and thoroughly satisfactory buildings of. our own. Number olders 2,651 “whe otal mane number of shareholders | is 2,661, compared with 2,605 a year ago and 2,055 In 1920. Bountiful Crops The President has briefly raview- ed ‘business conditions, but I would like to add a-few remarks. The crops have been bountiful, with the ex- ception of perhaps Northern Ontarlo, where Levis harvest weather caused heavy I had the privilege a few vik “ago of altting at din next to Miss Cora EB, Hind, hevtonts tural Editor of the Manitoba Free Press, who ja looked upon in the West as the greatest authotity on such matters. She told me that she estimated the wheat crop of the throe Prairle Provinces at. 543.000,- ‘000 bushels but the grade ja disap- pointing. The latest estimates I have give 57.6 per cent. contract last ade | have decided ner | He is greatly ber, 1928, totalled 2,185 milliona, nance of the perl which the YOUR PATRONAGE Industry, or shall I say enterprise,| 1900 ...... 8,600,119 acres atiiate to Baath, ; compared with 2,097 ‘millions in| 7WziMS the year. ri agriouljariats ‘have e_enjoved for tho SOLICITED will show, I fear, ttle increase 1910 iereeeis 13,607,697 acres shad Pp ~e n of resea rch: to September, 1927, an increase of as been foun rom experience} past few years nothing ahead over the year previous, which is dis- 4600 (cc 30,235,114 acres ag iy ure has already produced a 4.93%, so that we appear to have that in order to have prominent and to élieck rhe Uevelopiient of the PRINCE CAFE appointing but the activity expended} 1928 ....., $8,858.263 acres | Seat barrens The production of) more than held our own in the mat.| Well located premises for branches country and the growth Of the Bank's in exploring prospecting and devel- This increase in acreage is y| Marquis wheat, which requires &] ter of deposita in established districts it is neces- wianinies: e 242 opment js giving business large re-| sreater than the relative increase in| Shorter period from planting to har- sary that the Bank should own ite I ry d it in mind t som thing about stock speculation, but not to.do 60 at any length: While ars convictions have not altered that the present boom In stocks is going to rere sooner or @ kind, it ts eyident to me see the. Sceraties of bankers and rve opp- osition In the United eee and high money rates for al] call lo have dtteriy failed to stop the ouarind pace, pg and prediction aq to when how the situation will eoms to eat are useless. Before sitting down I would like o joln in Mr. Howland’s tribute to ite late Assistant Genéral Manager. Mr. G. D, Boulton. was a man of ripe erience and sound duds. ment, and as a colleague to, w: with he could not be improved\u» on, missed in ead Office of the Bank. Agriculture Course In co— +. Bruce County's three-month echoo! n home economics and agriculture bole conducted in Walkerton this winter under the auspices of (h- local Department of Aerisuiture, had a regent sere inte: in the homes. economics Ing in the isolated née Sheet to the ectnal cash on| grades against 67.4 per cent. cs class 9 Building and contruction wot ons ig gn he Sedacee: Throggh Sclence country feel that aR neg cag od hand, we have $32,000,000,. just|year. Even so the crop is extremely | and <5 young Lepr in oe agricu!- or G e = he confidence diaplaved nthe| A similar development of mech-| With the rest of thelr fellows, The|®Pout 24% of the Bank’s labilities | valuable and comes at a time when fay record for rdies oon os coma Ba three * coniinued grow of| anical labor-saving “appliances has| telephone, formerly found in the} te the public and when we include |the Northwest farmera’ financial month courses. still pros- the secondary reserves consisting of| condition fs generally satisfactory, Dominion, Provincial, Municipal and’| an other high-grade securities, equal to | about 56% of total Mabllities to the pub- urban centres, has been extended so that the ruralisections are ho longer ‘ut of touch with what ts passing in the world. The radio, ronto, particularly by Shoes erect- ioe) lofty bulld'ngs, for different uses, being Very marked. We are fast pects for several additional Benies mrs Much of the interest displayed in th« is due to an Satiusiast!c lente nothing to complain : ered Banks was ropor- Agricultural Products : ~ growing skyward. wihecaas Sltgnt‘caety etene the er “Peet Ne. A very strong position, indeed. #2.000, 000 local short course committee. " t e t t " pal & a speec the same occasion Pen ne ee If not, try a Ton gevinat bye ped Pgs sucrensed, tan: yA Pho development of sod | ‘ According to the September Gov- ie Prime Minister, the Rt. on. = Py, as'also have “fh amie Toada and. ‘nétotn done }®™ment return the percentage of | W. eKenzie King, estimated iy Eases CN Ree ; tirite ee Ree So sald per much to annihilate the fgolation of} Capital, Rest ene. sadieided Pha the value A Se eesixa products of d Throats Bs NOW ; of the increased sale of automobiles. those in the tural areas. to Total Liabi ue of all he hows -| every kind for all Canada at approxi- é “Beckler’ though maybe an evidence of that comes to us through mately B odta tha ong a enormons ve stock operat pros tion of the same items to total lia-| sum na have plans aaa Hit sf Ad aD | bilities s in the Imperial Bank of Can- per re been re sasnabty profitable, although Siheculation, ust peal oa ined sie lane Yortenavs ra ada Ww. 6%, so that If we want) the industry still i from the rigghyb tol rite Se eewaity Fae small on and{to Sinks at fhe postston from a purely | lack of pa stable rying Dai has a little better than held its own. Fruit ond BE da have brought generally . returns, while vThe 1 Dominion and Esoriecial se-| the proceeds of the fisheries have| 45 | curities, no ng market value, } been somewhat below 1 i amount to it “$90)000, age hae a BE; with $14,034,000 last year -in- : of $2, ‘pecuri feapital standpoint, the Imperial to one sex. Many atocks have Bank 2 ‘of Canada stands atove tie ny @ forced 49 lend ey based Sernings ba LE | Robert Oliver | Phone. 4 Listowel