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Lethbridge Herald Newspaper Archives

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Lethbridge Daily Herald (Newspaper) - December 22, 1913, Lethbridge, Alberta MONDAY, DECEMBER 22, 1913 THE DAILY HERALD PAGE FIVE ANNUAL MEETING Union Bank of Canada Held at Winnipeg, December 17th, 1913 THE FORTY.NINTH ANNUAL GENERAL MEF.TINd OF THE SHARE- HOLDERS WAS HELD AT THE BANKING HOUSE IN WINNIPEG, ON WEDNESDAY, DECEMBER 17th, 1913. for distribution among SlureboUers as Ttc Annual Cenernl Meeting for (be election directors aud oilier scu- business. ivas Ibo banking lioaso, 1ii the City of Winnies, on tlio 1JIU of December, 1513. -The niei-Una .was largely attended. The Chairman read tlie Annual Htpori of llic directors, as FORTY-NINTH ANNUAL STATEMENT November, 1013 Tlie rrrsidcnt, Mr. Joha (Jill. moved tliat tlie report 1.0 ami nil addressed tfco Metltog PROFIT AND LOSS ACCOUNT at credit of account, SOlb Novcrn'oer, 5 7i.lS3.7C Net urollli for the year, afitr deducting cspensesot mauase.Mcnt. interest due depositors, reserving for interest anil exchange, and making provision for bad and doubtful debts and for rebate on bills under discount, have amounted (being sllgUtly over 15 per'ct-nl. ou ihe paid-up caiilial, dur- ing tile 7M.M5.27 v Which has been applied as follows: Dividend No. 101, 2 per cent, paid March 1st. 1813.............. JIOO.OOO.OO No IK 2 per cent, paid Juno 1st. 1513................ 100.000.00 Xo IOC per cent paid September 1st, 1913...........100.000.00 No 107 2 per cent, payable December 1st. 1913.......> liouus of 1 per cent, payable March 1st, 1914, to shareholders.of record as on February Hth, Transferred to Hest Account.................................... Reserved for depreciation In securities owned by the BauR.......12.VMO.OO Written off Bant Premises Account............................ Contribution to Officers' Pension of Profits carried forward............................... SO.579.03 THE PRESIDENT'S ADDRESS In moving the adoption 'of the Directors' licport, I bave aa opportunity of U-fore'cji Shareholders a review cf conditions lu Canada as Ibcy present themselves lo as. Tbe financial statement will lo dealt with liter by Ihe General Maiiasw. shall only say that tl.li statement i; satis- factory as k shows a steady progress, and also Indicates the conservative uolley, which in mv judgment .is.characteristic of Ibo management of the Bank. The year 1913 has been a trying one both for borrower and leader. There has oeeil'a general-feeling of uneasiness which baa caused Onzndew 10 carry au unusually large proportion of lu'elr funds la a liquid form. This Las cur- tailed or all (he Banks aud bis checked tbe encouragement of business, but we have been' careful io see that our customers have bad tbo incnoy necessary to carry on ih'elr legitimate trade, and 1 comi-ly witli the provisions under the revised Act. Deposits have IncreaEed l.y .jotuiderkg ficaucial condi- Uons, Is looked upon very salisfactory. They now auiomit to Our Immediately availablo assets are 01- o4.53Vj per cent, to liabilities to the public. Current l.oaus lu Canada have lucreau-d by fl.780.00a and now amo'Jut to fK Discounts oucsiile of Canada total as aiainst CROP OF 1S13 GENERAL LIABILITIES Koles of the Bank in Deposits not bearing Deposits bearing interest......................... 45.a5T.21J.Ol Balances due to oilier Bants in Canada......................-- Jlalances duo to Agencies of the Bank and to other Banks in Foreign Countries Isills 'payable Acceptances under Letters o' Total Liabilities to the Capital paid licit Xo. payable 1st to Shareholders of record as on February 14th, 1914 -Dividends 'unclaimed Balance o! Profit and-Loss Account carried J12.53S.32 150.SC6.00 'ASSETS- 5S0.7C0.532.4S Gold and Silver Coin Government Notes 1.06 The slatiFtics which aro at .Our couirnand ivill be furnished by the Ku] erinteudeuts in their reports oh the several Provinces: I may say, suuakln generally, that the crop results bave been satisfactory. In the three great wheat srowlng Provinces, ihls has been a banner, sear. Not only has Ihe yield been large, but tbe average quality bas never been equalled, and the cost of harvesting bas been unuBiially low owing to the rnnsuificcnt weather we trove enjoyed.' This bas, lu tome extent, offset thij'loiv prices which pre- Providence has indeed' been kind to us, and tbal, too, at a time when we needed it moat. The railways- have done splendid work in handling Ihe crop, and we have had few rmnplalnta of of cars. We cannol, with our present facilities, expect much more wheat to be delivered at lake ports before the close of navigation than has been delivered this year, and the Jie of interior storage for our grain will be urgent for some Unw to come. MIXED FARMING There is a marked increase in the number of iifeslock. Farmers are be- coming more fully alive lo the advantages they derive from Ibis source and are realizing that their borrowing credit is greatly enhanced wllh their Bank ers if they can shon- a good proportion of cattle in their assets, and banks sti'ould look with favor on loans tor the purchase and handling of livestock. BRITISH COLUMBIA, Trade conditions in British ColmrTbia bave not been as bright during tin year as ive could wish. Conditions in the lumber Irade have been unsalis factory, and coal strikes on Vancouver have lasted for months have thrown a great many men out of employment. The fishing Industry has had a good year.'a'nd the recent revision of tb United States tariff, by which lish now enter that country free, will be o advantage la tlie trade. The mining Industry lias yielded satlslaclory returns, a very large h in the producllon liaying taken place over the preceding year. The fruit crop for 1913 has been a record one, the value of shipments from the Okanjgan Dtelrlct alone being in 'the neighborhood of ;l. Railroad expansion bas ijceu active and about miles was under con- struction during the year. titringenl money checked many Municipal undertakings, and this, tO30ther the-'ciosing down of lumber caln'ps and completion of railroad work, will add'to tbe'number-of unenuiloy'el. din-ins tbe coming wiuler. Large harbor improvement have been undertaken at Victoria have improved conditions lo some 000 last year. Kslale and other Bank PreinlfL-s been reduced by I'roperty and buildings acquired for the of nanL-: are uow at once charged to Bank Premises. Mortgages on Hc-al Kstatv sold by the Hank are larger by than a year ago, and overdue debts sh'JW an increase of In agricultural districts it Is ditlicult to impress upon the farmer tho ecestlty of attending promptly to Lls at ila maturity, especially when eather conditions are favorable lo plowins and other aarifultiiral pursuits. ank Premises have increased It Is fouisd to erect a I umbtr of buildings every year for our own occupation, when suitable nrem- ses cannot be leased, every effort being made to provide comfortably nodatlon for members of the staff at country branches. The lotal assets of the Bank are now over as asalnsl 00 in showing a subalantlal in the. growcli of the lustHulloii urlng Uie year. PROGRESS OF THE BANK During the year three branches wore closed in Ontario. The total number of Branches and Agencies is now as follows: 48; British Columbia, 20; Manitoba, 5u; Saskatchewan, 90: Ontario, 9, Quebec. ..13; Maritime Provinces, 2; London, EnK- 1. Since 'closing of tlie year, ue have also opc-ned a West End Branch in London, Kng., In the llajinartet, corner ot Panlon Street, and at Smithers, C. and tvhen trite or mother com- plains of fatigue, nfrvousness, loss of appetite or tnergy, she needs rest, out-of-door extr- cisa and building up. The firs': Ihourht should It vraeh U medicuial food free Iron alcohol or narcotics. 1U nouriahin; force quickly fills hollow cheeks, builds healthy tissue, rnrirtoft the blood, restores the healthy flour, overcomes languor and joakes tranquil nerres. witk Scolt Emfltion for jut ctwjjtlwi, but huut At. In connection with the very satisfactory manner, in the railway companies have carried o'Jt tbo grain from tbe Western 1'rovlnoes this year, I may be interesting for you to know ibnt up to December 1st. the following quantities of grain have passed Winnipeg for the head of tbe tlreal Lakes, namely, bushels wheat, bushels oats, bushels larley. and bushels flax. Hefbre sitting down I desire to bear testimony lo the. efficiency and oyally of the Slaff. not only ot the Executive Officers, but the wbole Staff of li'e Bank, to whose energy and ability much of Ihe success which iiaa attendc-d .he operations of the past due. Mr. tico. H. Thompson, tbo Vice-President, seconded the adoption ofithe iteport, which was carried. AUDITORS ,Nole3 of other Cheques on other Banks...................................... IJalauccs due by. other Banks in -Balances duo and Banking Correspoadenls elsewhere than in Eonilnion and Provincial Government EecurlUes not ciceeding market value Canadian Municipal Securities, and British, Foreign and Cojonml Public Securities, other than Canadian l.W.161.42 Hailwav and other Honda Debentures and Stocks not exceeding tna'rkct valuo...........'........-........................-.- Coll and Short (not exceeding 30 days) Ixians In Canada on Bonds, Debentures and Stocis........................... Call and Short (not exceeding 30 days) I-oans elsewhere than in Canada Messrs. T. Harry Webb, C.A., E. S. He-ad, C.A., and U. K. O.A., were elected as Auditors of the UanK. Tbe ballot was unanimo-js, and these gentlemen were declared elected. It was moved by Hon. W. H. Montague, P.C., seconded by Jlr. B. H. Hlley of Calgary, that tbe thanks of the Shareholders arc hereby tendered to tlie Honorary President, 1'resldcnt, Vice-Presidents and Ibe Directors of tbe Bank for their valuable services during the It was moved by. Jlr. -M. Bull, seconded by Lt. Col. Carson, that the thanki of tlie Shareholders are hereby tendered to tbe General Mauager.-AEslstan General Manager, Superintendents, Inspectors, Managers, and otter officials of tbe flank, for their devotion, and real in tlio service of the Bank during Hie past Mr. G. H. Balfour, General Mr. K. 0. Denisoa, of iliunedosa, and Mr. H. J. PuKh, of Virden, replied briefly oil behalf of the Staff. The Scrutineers reported the following gentlemen clecltd ns Directors' fo tho ensuing year: Messrs. Win.-Price, John Gall. Ii. T. Riley, Geo. H. Thorn Eon E. Drewry, F. E. Kenaston, W. K. Allan, il. Bull, Hon. Samuel Barker M.P.. K. K. A: Duvernet K.C., Stephen Haas, I.t.-Col. John Carson, F. Ileuhach, B. B. C'ronyn, Win. Shaw. Tbe meeting then adjourned. At a subsequent meeting of the newly elected board, Mr. Win. Price -wa elected Honorary 1'resldent; Mr. John Gait, President; Mr. IV. T. Hlley an Mr. Gco. H. -Thomson, Vice-rfesidents. I. ha- 'JIE WIIIRLl'OOL OF STRONG DRINK An able Irasmess man vrho took tho s'eal Treatment last year says 'The Ume required from tho first cocktail ream to the last nightmare ol delir-- utn is as short as-Is the JJsUoce rom the oufer edgo ot the TirhirliwoV jf driuh to iU; awful vortex In which liousands ol men are lost forever." Today through-tbe Neal Treatment any drinking man can be. rescued Id :hree days trom the enticing and al- I urine path Tfvhlcli leads to wrected bupincps, ruined homes, "etc. The Neal Treatment Is a purely vegetable remedy taken Internally, which no bad nfI er Ko hynodermic iniectloca are quired. Call or write for full infprmatloTi, NEAL INSTITUTE 820 Thirteenth Citgary, Phone W. MAYOR OF ST. BONIFACE Winnipeg. Dec. ance was elected mayor of St.r-Boni- face over jV. F. Bteau, by. 61S majorily. The swee'plus major- ity caioo as a surprise fo Iho ex-mayor aud hla workers. FOR- PANAMA CANAL SERVICE OUier Current Loans and Discounts In Canada rebate of 16.79S.EG9.15 Other Current Loans and Discounts elsewhere than iu Canada (leag rebate of Interest} ol customers under Lctteta of Credit, aa per contra.. Heal Estate oilier than Banfc Premises J55.545.25 on Heal Eatato sold by the lli.3JS.S9 Overdue Debts, catlraated loss provided Hank Premises 13'eposlt with tha Minister of Finance for tho purposes of. tho ClrciilaUon Funil 2JO.OOO.QO in tho Central (Jotd Reserves l.SOOjGCO.QD Other Assets not included in the foregoing G, II. DALFOUR, JOHN OALT, General Manager. Prtaideut. The Dlreclors liare pleasure in presenting ihe He-port, showing the result of tlie Hank's business for the year ended 30th The New Bank Act, as revised, went Into force on July 1st. You will notice several changes in lijc form of our statement. Under Sec. 5G of the new Act, you are required at this meeting to appoint AiidHors for the Dank, to vote the amount of their remuneration. A now set of Bylaws will be submitted to you for approval and adoption If thought advisable. It will-be necessary lo change the date of bur Annual Meeting from December to January in order that the Auditors may have 1 sufficient time in wlikh to complete their work. Your Directors wish to place on record their appreciation ot the excellent advice, helpful EuWance and valuable work by the Bank's CommUlce iu Lon- don, England. It is with the deepest regret the have to record llic dealh of ihe President, tho Honorable John" Sharpies. -Mr.-Sharpies wns for many years a Director, and for five years the honored and esteemed President of. this Hank. Its present Is largely due lo his great interest In its welfare anil sound judgment fa business matters. 5Ir. Wm, I'rSco, of Quebec, was elected Honorary President, find Mr, Gco. "3i, Tltomson lias succeeded lilm as The vacancy on Ihe Doard lias btfSn filled by .the election.of Mr. Ii. Oronyn, Vlcc-PresUlent of the R, Brock Company, Limited, ii gentleman ot long business experience in We feel sure the.judgment and influ- ence of Mr. Cronyn will ho of great advantage to the Balik. During tho past year .thtrly-nnf Brunches ami-Agendas "teen opened In Hie several Provinces as follou-s: Ontario -irQucbec G, Alberta 5, llrllish Columbia 5, Manitoba A, iu. Three. Brandies Ontario wore not giving satisfactory results doped, Tho total number of Branches ami Agencies Is now 313, usuat Jlcad OfTice. and of all Branches, and .Agencies ol In Eastern Can.aUa, trade cond'itloGB have been the crop results f. r ONTARIO.' r1 'Crops hnvp been of a good average and we 5uve again to report a proa- rous yeir. PROVINCE OF QUEBEC Along ioih scores of the St. Lawrence and. in thu.Kastern. TownshlpSj ditlons'wero harresle'd in good order. The lumber trade has pxperle'nc'ed u good year, and the removal of the United Suites duty on lumber should stimulate trade. MARITIME PROVINCES Weather conditions have been satisfactory with the result that all crops have been nbove the average.. The Industry has also experienced another profitable year. GENERAL Good Question of good roads is of paramo-jut loiporUuce, and there yet remains a sreat deal to We are glad-to be able to report that the Legislatures of the various Provinces are giving their attention 'to this important question. continue to bo of a satisfactory nature. Approxl mately p'eoplc have entered Canada during the year ending September, 1S13. Tlie imtnlEratlon anthorljlea' report favorably on the class of these new settlers, and estimate them to te wortli per capUa lo Canada. Whilst wo belteve trado conditions to he on n sound basis, and the cial position of CanaOn in a rnqst gratifying sllll consider thai It Is the duty of this Dank to exercise caution and to discourage any attempts to undertake large commitments whilst conditions in Europe arc readjusting themselves after the recent disturbance." FINANCING OF MUNICIPALITIES From our point of view it is very desirable that the Provincial Govern should take action in regard lo monies required for municipal expend! ure. A commission ahonM on nil issues after expert examination o ropoaed expenditures; Jt these issues carried the guarantee of the Province nd were sold tinder its auspfces they would have a greatly enhanced value nrt Ihe saving to the community be.very large, both in Ihe difference o aluc and In the supervision'of expenditure exercised by the Government er. the present system the initial-financing falls upon the.Banks bccaus have to await the sale of debentures, the disposition of vrhich, in lurn fteu depends upon the ability and knowledge oi men who have liad little o o experience In financial operations, and who make their sales in a haphazar nslead of a systematic manner. In this way sometimes, for indefinite per ids, largo Bums are tied up which should be employed In the general flnancla perationa of the community. I The proposed legislation Province of Saskatchewan" along thes itios is. in-rrj- jurlgmcnf, likely ,to prove of ber.cflt. NEW UNITED STATES TARIFF The recent reduction in the. tariff should result in obtiinin R larger market for our In conclusion.'let.ine tay'that'the figures whlc-h have.been laid befor must be particularly gratifying to'our Shareholders. We arc now a larg nstituIloTi, and our growlh'nnd strength IlluEtratc, to some extent, tiie ge the. Bank has been .TO11N OAMT, Preaidcnt. oral development of Canada. yotir help shall do .our test to fcce pace with this progress, and to build up a great UanV, which will be In'fouc with thc'nceds of the country, and a credit io the whole Dominion. Stettiui Germany, Deo. large .rbipe steamer for" the. Panama Canal ccrbf the Hamburg-American line as launched today and christened i Admiral Von Tlrpltz." The Is lo have a speed oE nineteen nots and "nil! carry two thousand Your wife never Said she.di'd. riot like Fancy Glass, etc. Fact of it is SIFE L'OVES IT r.'r.ke her heart glad It- ivill cost you less timn nal. We arc clearing out our stack. .ROOM I. KIRKHAM BLOCK VISIT Kirkham Bros. Opcri Eveninys "Until'Christmas V i I imp i PI llllv I Cl HAVE' .YOUR THOTOS MADE BE-'.' EORE CHRISTMAS Sec our show case this woek, Pine port- rails at five dollars per up.' Our pliotographs oinbody all the improv- ed points and -excel in soft lighting ofiects, beauty of finish and taste in mounting. Make an appointment to sit this Allison The Photographer In Your Town BALMORAL BLOCK LBTHBRIDGB c? erf beirn from 10 (o 20 Uken. GliNTvKAL MANAQEK'S Tiic General Manager, Mr..O. H. Baitoar, addrcaied Hie mecllne as fol- low: largely (o Ilia unsettled financial.conditions obtalhcd througliout Itio whole worlj during year under review, business lias not leen norninranii liisi'ctused.bankers much ansletr. Con- terratlro ndnimislrallon anil caution liavc been adhered to, and whilst sup- oiir customers with tbclr leitltlmato requirements, we liave aimed 'at maintaining, at all times, a strong financial posllton In so far as liquid or ImmedlMoly available.assets aro concerned. .The early marketing of the Western grain crops has bad an imi-oitanl hearing upon collections in Uiat tno country In walcb wo have Urge Inlorc'SU and Is reRecled In tho increased volvirno of deposits.' Dealing vllh the. figures In tlio Profit and Account and In the Bal- ance Sheet, 1 nm pleased to that after making ample provision for all ncccasary the net proJlts show an increase of almost 1 per ceut, over those of 1912, being ellS-'-ly over ITi ptr cent, on tho paid-up capital. In Ihe orinlon nf the Directors this result has been deemed tufficlcnlly satisfactory lo Justify tno declaration of a bonus of.'I per cent, in addition lo the regular dividend of S per cent. (2 per .cent, quarterly.) This bonus will be laid on the let March next to'Shareholders of record as on February Hth 19H. Owing lo tlio prevailing monetary i-onditloDs, prices ol securities erally havo declined during the year, and It been considered advisable to set .nslde Die sum of ProP.tJ, io a apecltil -KcstfTo Account, lo YQU NATURALLY COME BACK TO GOODMAN'S Ladies Shoes, value up lo sizes 21-2, 3, 31-2 and 4, going at, per pair Boys'School Boots from SOcup Knickers, per pair, .......65c Men's Black Beaver Overcoats, Marmot collar, regular price cut down to- Men's Black Beaver Overcoats, quilt lined, Astrakhan collar, regular price' going at Men's Overcoats, black, grey and brown, from 96.5O up Men's blue and brown Serge Suits'for Men's Navy Serge Suits for Men's Brown Suit for S7.SO All Sheepskin Coals, 25 per. cent: off COME AND SEE THESE BARGAINS AT GOODMAN'S Third Avenue South Nexl lo Royal bank ;