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Lethbridge Herald Newspaper Archives

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Lethbridge Daily Herald (Newspaper) - January 17, 1918, Lethbridge, Alberta i J \ TMR I/'THfcHlbijk DAILY HKRALD THURSDAY, JANUAnVt7, 1018 f The Canadian Bank of Commerce Report of the Proceedings of THE ANNUAL MEETING OF SHAREHOLDERS Tuesday, 8th January, ,1918 The fifty-first Bank cf Commerce \nnual Meeting of the Shareholders of The Canadian a-as held in the banking house at Toronto, on Tuesday. 8th January. BUS. at 12 o'clock. The President, Sir Kdmtind Walker, having taken the chair, Mr. A. St. L. Trlgge was appointed to not as Secretary, and Messrs. W. S. Hodgens and E. M. Sn under* were appointed scrutineers. The President called upon the Secretary to read the Annual Report of the Directors, as follows: Report. The Directors have pleasure in submitting to the Shareholders the Cffty-first Annual Kcport for the twelve months ending 30th November, 1017. Assets and Liabilities: Loss Account brought together with the usual statement of The balanoe at credit of Profit and ward from last year, was ...... The net profits for the year ending 30th November, after viding for all bad and doubtful debts, amounted to 0 * 4 for-pro- ..,. 2,63i.iio& 502,319 00 5 4,1 Before moving the adoption of tho report, tho President called on tho General Manager to address tUc shareholders. Genera! Manager's Address We are crossing tho meridian into the second half-century of tho hank's existence, and, pausing to look back, j we may well feel satisfaction in what j has boen accomplished in a comparatively short- period of time. White we hold second place only among the Canadian hanks in the matter of "total assets," we may point to our premier position as regards "current loans and discounts in Canada." ns an indication of the importance of the share taken by this bank in *he task of providing for the financial requirements of the mercantile community and of carrying on the daily business of the country. In this connection U is interesting to note that by the year 1912 the current loans and discounts in Canada of this bank : were three times as great as those j of all the Canadian banks in the year-in which It was founded. We had . hoped on this anniversary to announce j the increase of the rest to an amount other items or the liabilities do not call for special remark, as they are morely the result of tho growth of our busings. V..' Strong Cash Reserve* * Turning to the assets side of the balance sheot, we find an increase in our holdings of cash of $8,361,000, of which $1,722,000 is In gold and silver coin, $2,039,000 in Dominion notes, and $4,000,000 in our deposit in the oontral gold reserves. The last item has already been dealt with. Our cash holdings represent IS.19 per cent, of our deposits and circulation, and IT.4 per cent, of our linbllft'es to tho public, from which you will see that deviated from our policy scriptions to the loan appears to have reached $417,000,000 from about S07.-000 subscribers, a financial accomplishment of tho first magnitude. Tho subscriptions received through tho branches of this bank amounted to about1 $80,000,000 from over 110,000 subscribers. Gold Reserves Problem After tho United States came Into the war the shipments of gold from Great Flritain to that country ceased, and, as pointed out in the report, of our New York agent, a alight adverse movement set in; in order, thorefore, to conserve its holdings, and to pre vent gold from reaching the enemy, we have not deviated from our policy ' the United States Government placed of carrying strong cash reserves in | an embargo on exports of the metal, those times taintv. The $3,439,S74 52 i of diiuVulty and uneer-largo increases in our holdings of Dominion and Prov'nclal Government securities and of British, foreign �ml colonial public securities cojistst principally of treasury bills of the Dominion and the Imperial Governments. We have continued, as opportunity offered, to realize on our holdings of other securit'es. and these This has been appropriated as follows: Dividends Nos. 120, 121. 122 and 123. at ten per cent, per annum. .$1,500,000 Bonus of one per cent, payable 1st June .................... Bonus of one per cent, payable 1st December .............. War tax on bank-note circulation to 30th November.......... Transferred to Pension Fund............................... Su&scrJptions: Canadian Patriotic Fund ...................... $50,000 British Red Cross Fund ....................... 7.500 British Sailors' Relief Fund (Canada) .......... 5,000 Sundry Subscriptions.......................... 10,300 equal to the paid-up capital of the I show � reduction of $1.�1S,000. Im 150.00A 150.000 150.000 S 5.000 00 00 I 00 00 00 00 00 00 00 72.S00 00 bank, and this doubtless would have been accomplished had it not been for the war. A Conservative Policy Wo have deemed it wise to follow a specially cautious and conservative j policy'and to provide duriug the war 'even more thoroughly than usual for; any element of doubt in the loans and securities 9t the bank. The. increasingly keen competition in business has resulted in the banks being! ) 74 go | culled upon to perform far greater Balance carried forward ..............................%....... 1.332,074 ^ i-^o Q?i =�! that the increase in the volume of (Services for smaller remuneration, �o} K] Alberta-Atha-sub-agency at A most careful revaluation of all the assets of the Bank has been made i and every item which might be considered as bad or doubtful has been amply provided for. During the year the following branches have been opened: in Alberta- Cadogan and Rckville; in Saskatchewan-Tramping Lake and Willow Brook; In Ontario-Hamilton Road, London; By-Ward Market. Ottawa, and Balmy Beach. Toronto; in Nova Scotia-La Have. Sub-agencies have been opened! at Cobble Hill. B. C, Richard. Sask., and Fort Greville, N. S. The sub-agendas at Birch Hills. Sask., and Schumacher. Ont. are now being operated as branches. The following branches have been closed: in basca; and in Saskatchewan-Lanigan and Lewvan. The Blc, P.Q.. has also been closed. As Indicated in the Profit and Loss account submitted herewith, your Directors have, during the year, subscribed $50,000 to the Canadian Patriotic Fund, $7,500 to the British Red Cross Fund, $5,000 to the British Sailors' Relief Fund (Canada) and smaller sums, amounting in all to $10,300, to varies other organizations of a patriotic character. *Tmr directors record with deep regret the death, during the year, of one of their number, th# late Hon. Sir Lyman Malvin Jones. He joined this Board in January, 1902, and during the fifteen years of his connection with It had proved himself an able and valued�counsellor. His place was filled by the election ot Mr. Charles N. Candee, The auditors appointed at the last annual meeting, under section 56 of the Bank Act have made the audit required of them and their report is appended to the statement submitted to you today. In addition, the offices of the Bank in Canada, the United States, Great Britain, Newfoundland, and Mexico, and the departments ot the Head Office, have undergone the usual inspection by the officers of our own Inspection Department. The Directors once again Save pleasure in testifying to the ability and zeal with which the officers of the Bank have discharged the duties allotted to them. JOHN AIRD, General Manager. Toronto, tsth December, 1917. 'their business is out of proportion to j the increase In their profits. Naturally an increased volume of business means a corresponding increase in the provision to be made for doubtful items, while the profits do not provide in a corresponding measure for the relative appropriations. Whenever there is offered a new issue of Government securities yielding a higher rate of interest, the market for existing securities is depressed to a corresponding extent, and this entails a writing down of all'securities on hand. Doubtless when the war is over this downward movement - will cease and securities will tend to appreciate in value, so that much of this may be recovered. Half-Century Mark To mark the semi-centennial anniversary of the founding of the bank it is our intention to publish its history, in the course of a comparatively short career it has taken over several much older institutions which mediately available assets have increased by $37,995,000, and now stand at 53.2 *pev cent, of liabilities to tho public. Call loans are slightly lower than last year but Current loans in Canada have increased by $16,083,000, the net increase in the total of our current loans being $12,097,000. Bank premises show1 an increase of $250,-f>18; this is largely accounted for by the purchase of the premises In Calgary which we have occupied for many years, and have now acquired at what seems to be a reasonable figure. ToiiO assets have increased by $55,947,000, or 19.r,9 per cent. In Mexico we cord inue the policy ind cated in our reports of the last few years, of transacting only such limited business us the prevailing conditions will permit. While these have shown some ing the year, the pi has many serious problems to solve and we fear that some time must elapse before we can reap the benefit which our standing !n the community and , strong local connections justify us in expecting. Halifax Disaster Since the report of our Halifax manager appearing in the Review of Business Conditions was written, the whole country has been appalled by the calamity wh'ch laid a large section of the' city of Halifax in ruins and cost the lives of so many innocent victims. The damage to property and to shipping proves apparently to be even heavier than was at first anticipated, though from tire were among the pioneers of Canad-' lalegt reports we are pieaged to learn B. E. WALKER, President- Notes of Deposits Deposits GENERAL STATEMENT. 30th November, 1917. LIABILITIES the Bank in Circulation......................... .......... $ 86,458,403 02 bearing interest, including Interest ( $ 23,995,244 6S accrued to date 4 4 4 � � * *  f 189,967, 39 Balnnces due to other Banks In Canada ................... Balances due to Banks and Banking Correspondents else , where than in Canada .......................^....... Bills Payable ............................................ Acceptances under Letters of Credit ..................... S7M2&.654 5S0.95S 7.295.110 120.S57 5,597,665 41 01 40 29 13 ion banking in their respective districts. For this reason in more than one province its roots go back to the beginning of banking in this country and the task calls for more research than would at first appear to be involved. In addition we have in course of preparation a new series of bank notes, which are. we believe, in originality and beauty of design.! a marked advance over those at pres- j ent in circulation. We have had j j the designs copyrighted in Canada. \ the United Kingdom and the United , States, and-they -will be our own ex-' . dlusive property. The work of en-' graving the plates is a slow and te-; j dious process, and some of the notes | | will not be completed for several i years, but we hope to put the smaller; denominations into circulation dun- I ing the current year. * * Dividends Unpaid ................................... Dividend No. 123 and bonus, payable 1st December ,.. Capital Paid up .......................... $ 15 000.000 00 Rest Account ............................ 13,500,000 00 Balance of Profits as per Proflt and Loss Account............................. 1,332,074 52 $314,015,489 2.66S 525,000 92 20 00 29.S32.074 52 Advance In Profits The profits foV the vear amounted to ?2fi37 555, an increase Of $195,000 i over the figures of the previous year,! but, as we have already pointed out, > �an increase not at all coznraensur-j ate with the additional business I men anti ^vomen grows heavier with transacted or the additional respon- eich succeeding month. It was there- that the financial position of our customers has not been ser'ously affected. Our sympathies go out to the sufferers, especially to those who have not only lost relatives and friends in the disaster, but are themselves rendered homeless at this inclement season ot the year. 1,121 Women.Clerks on Staff The members of the staff number 3,033, including 2S0 messengers and 367 janitors; the total, after the withdrawal of the meh; called up under the Military Service "Act, will still be somewhat larger than a year . ago. The increase is, however, entirely in untrained women clerks, the number of women being now 1.121, an increase of about 400. On the other hand, the number of male officers has decreased by 12S, in spite of the addition of a large number oi inexperienced Iad3 under the ago of twenty. Having regard to the continued growth of our business and to the decrease in general efficiency caused by the changes in personnel, the burden laid on our ASSETS Gold and Silver Coin Current..........---- $ 22.697,33G Dominion Notes .......................... 21,954,910 Deposit in the Central Gold Reserves ...... 10,000,000 96 25 00 Notes of other Banks .........,......... $ 2,004,762 00 Cheques on other Banks .................. 11,930,875 21 Balances due by Banks and Banking Correspondents elsewhere than in Canada.. 8,496,103 99 Dominion and Provincial Government Seeruitles, not exceeding market value ..................................... British, Foreign and Colonial Public Securities and Canadian Municipal Securities .........:....................____ Railway and other Bonds, Debentures and Stocks, not exceeding market value ................................. Call and Short Loans ( not exceeding 30 days) in Canada on Bonds, Debentures and Stocks ........................ Call and Short Loans (not exceeding 30 days) elsewhere than in Canada ............................................ Deposit with the Minister of Finance for the purpose of the Circulation Fund .................................. ----.; sibllity involved. Large advances $344,375,232 64 1 Have been made from time to time j to both the Dominion and the Im-I penal. Governments, and these natur-j ally bear low .rates of interest. This i may be considered as part of our j contribution to the cost of the war. i We have continued the payment i of the usual dividend of ten per cent, j per annum with a tonus of one per j cent, at the end of each half year. 22,431,741 201 The annual contribution to the pen- ---------- $ 54.0--.2 217 21 fore particularly gratifying to us that the results of the year's business were such as to justify a more than usually generous percentage bonus to all the members of the staff. Of our officers. 1,422 have now-taken up arms, or 75 per cent, of our present male staff, exclusive of messengers. We know that we have supplied our full quota, but we are mai-ing efforts to release every man physically fit who is .called upon under the Ml'itary Service Act, and who 27,596,420 22 22,095,13^ 29 6,192,461 60, 13,460,862 f2 20,076,903 18 831,173 35 l-sion fund shows an increase of $5,000, j. , 90 lowing to the larger number of mem-1 can possibly be replaced, and nre $167,336,942 67 44 14,846,130 56 Other Current Loans and Discounts in Canada (less rebate of Interest) .........?............................... 149.S22.02S Other Current Loans and Discounts elsewhere than In Canada (less rebate of interest) ........................... Liabilities of Customers under Letters of Credit, as per contra................................................ Overdue Debts (estimated loss provided for) ............... Real Estate other than Bank Premises (including the unsold balance of former premises of the Eastern Townships Bank) ................................ Less mortgage assumed ............ The war this year after pro-carry for- 5,597.665 237.796 13 39 $ 1,236.999 52 100,000 00 Mortgages on Rent Ealate sold by the Bank Bank Premises at cost, less amounts written off ................................... Less mortgage assumed on properly purchased ........................ # xz d'ff'enlHos eenf"onn'mr Cn^idn (,r,n be fiiim^ss-fuMy solved. AVe hnvc millions of pcres of prndueMvo lnnd. we. exoect to have an pbunrlnnce of tobor. but wo require organization and leadership. President's Addrees The President then said: We meet again with the shadow M the great war affecting everything war therfl is no market for our securities outside of our own borders, and. thorefore. we are bemg put to u greater tnst-or our economic powers than ever before. If province or municipalities have senur'ties to sell they must be sold at home. Trado With Unitrd T^tes In tho vear on ding *Ust March, 1917, wc bought goods to the value of 8G5 millions abroad, and of thc-e G78 millions came from the United fV'it^s. As we sold that, country only 290 millions we-lmd to find millions m money or secudt'es. Wo ctn now Hell securities nowhere* but nt home, pnd our export and import brnmcfs fs done almost entirely with f>c='\t. Brifvin and the United States. We r""rrt to Great Britain enough more Uvmi "-o, import, to rover our shorf.n,:e with the United f-V"t.es, and a larTO sum besides Thorefore It la clear UW. �n resooct of what we own the Un'ted Stntos that country must lend to Great Britain a sum corresponding to our sales to the latter country, if -we are to continue t trade with the United States. Slnv.c the United States has entered tho war, however, largo orders for In October The total liabilities have grown from ?l,12:i,252 0�0 to yi.99.vl.SS 000, an Increase of $672,236,000, the growth in deposits being $589,837,000 and in note circulation $95 (Klf.OOO. As agaimt this, loans have increased $128,5-14 000, securities $320,742,000. cash $70,57?,-000 exchanges with other banks, $50,-911 000, balances due by foreign banks $20,429 000. and deposits against excess circulation $7G 370.000, The addition! to loans and securities of $450,-000.^00. and that Inrge part of the remaining Joans which has taken tho place of ordinary industrial loans before tho war, represent the financing aid rendered bv the batiks to the' carrying on of tho war. but the banks havo now to ftico the Ions In deposits which will be caused by the payments to be made for the Victory Loan. This will In any event mean something between three and four hundred millions of dollars by next May. It la truo that, the money in the end will return to the banks in one form or another, but not noc.pfyirijy to the snme banks and not in the same form. The loss of savings deposits, built up over a ser-loa of years and now transferred permanently into a now form of saving in which the banks have no part, is being borne cheerfully because the rea-son for it Is imperative, but it would be foolish not to rcoognfzn what a ser-inu". and diff'eult onor-iMon the great war loan is to the banks. Lcnns, to Governments The bnnks still hold tile Imperial obligations for munitions amounting to one hundred million dollars referred to a year ngo. nn\ during the past venr they lnve made loans to the Domin'on Govrrnnymt more or leaa connected �with aid to the Imperial Government. In .T-uiunry 'h^v bought C^m'ihn Tven&r-v b'lls for 50 millions j,.,4,,,.tjVr 0nriv tn 1918 'n .Tulv and A"~'*-:t 70 �vil,!'�?iq of tb'*/* nnd five months bills ?t"h^v 75 mtll-In^'nv'ir^p: In t^n. B uT,t be observed Mint nil of ibn/jo Vnnq pxcent the i*qt have been or will be shortly repaid. Absorb Securities at Home The Rales of Canaan securities for the calendar.year 1917 show a much larger total than ever before, but the ;