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Lethbridge Herald Newspaper Archives

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Lethbridge Herald (Newspaper) - January 17, 1918, Lethbridge, Alberta me L*:THBHlbOk .DAILY .HERALD \ Bank of Report of the Proceedings of : >V THE ANNUAL MEETING OF SHAREHOLDER^, Tae�d�y, 8th January, )1918 The fifty-first Annual Meeting of the Shttreholdors of Tho ^anadinti' Bank cf Commerco was held In the banking house at Toronto, on Tuesday, 8th -January, 1918, at 12 o'clock. The President, Sir Edmund Walker, having taken the chair, Mr. A. St. li. Trlgge was appointed to aot as Secretary, and Messrs. W. y. Hodgens and B. M. Saunders were appointed scrutineers.. \ The President called upon the Secretary to read the Annual Report of the Dlreolors, as follows: . Report. The Directors have pleasure In submitting to the Shareholders tJio fifty-first Annual Report for the twelve months ending 30th November, 1917. together with the usual statement of Assets and Liabilities: The balance at credit of Profit and Loss Account brought forward from last year, was ..............................;...% 802,319 09 The net profits for the year ending 30th November, after providing for all bad and doubtful debts, amounted to.......... 2,637,556 43 13,439,874 52 This has been appropriated as follows: Dividends Nos. 120, 121, 122 and 123, at ten per cent, per annum. .$1,600,000 00 Bonus of one per cant payable 1st June Bonus of one per cent, payable 1st December ............>.... War tax on bank-note circulatlcn to 30th November......... .. Transferred to Pension Fund.................................. Subscriptions: Canadian Patriotic Fund ...................... $50,000 00. British Red Cross Fund....................... 7.500 00 British Sailors' Relief Fund (Canada)........... , 5,000 00 Sundry Subscriptions ........................10,300 00 150,000 00 150.000 00 150,000 00 85.000 00 72,800 00 Balance carried forward .................,............�....... 1.332,074 52 ?S,439,874 52 A most careful revaluation of all thp assets of the Bank has been made 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 EXskrille; in Saskatchewan-Tramping Lake and Willow Brook'; Ja Ontario-Hamilton Road, London; By-Ward Jlarket, Ottawa, and Balmy Beach, Toronto; In Nova Scotia-La Have. Sub-agencies have been opened at Cobble Hill. B. C, Richard, Sasfc., and Port Greyille, N. S. The sub-a�8ncl88 at Birch Hills, Sask., and Schumacher, Out, are now being operated aa branches. The followteg branches have been closed: in Alberta-^Athabasca; and In Saskatchewan-l�nigan and Lewvan. The sub-agency at Bic, P.Q., has also been closed. ^ As indicated In the Profit and Loss account submitted herewith, your Biractors have, during the year, subscribed $60,000 to the Canadian Patriotic 'FmA, $7,600 to the British Red Cross Fund, $5,000 to the British Sailors* Relief Fund (Canada) and smaller sums, fimounting in all to $10,300, to ^Tari'^'^s other organiEatlons of a patriotic character. jur directors irecord with deep regret the death, during the year, of one'of their number, th^ late Hon. Sir Lyman Malvln Jones. He joined this Board in January, 1802, and during the fifteen years of his connection with It had proved himself an able and valued* couniellor. His place was filled by -the election of Mr./Charles N. Candee. The auditors appointed at the last annua! meeting, under section 56 of th� .Bank Act have made the audit required of them and their report is �!>-p�nded to the statement sabmltted to you today. In addition, the offices Of the Bank in Canada, the tJnlted States, Great, Britain, Newfoundland, and Mexico, and the departments of the Head Office, have undergone the niaal Inspection by the officera of our .own Inspection Department. -The Directors once again .have pleasure in testifying to the ability and' tricts. For this reason In more than zeal with which the officers of the Bank have discharged the duties allotted to them. " JOHN Amp. B. E. WALKER, Before moving the adoption,of tiio report,, the Prdsldont'cillcft^ on the Oeneral Manager to. address the shart^-holdfere. �' ank in the task of providing for Uio financial requiromfents of the merchntlle com� munlty and of carrying on the dally business of the country. In this connection It is Interesting to note that by the year 1912 the. current loans and discounts in Canada of this bank wore three times as great as those ot all the Canadian banks In the year In which It was founded. We, had hoped on this anniversary to announce the Increase of the rest to an amount equal to the paid-up capital Ot the 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 cauMous and conservative policy'and to provide during the war even more thoroughly than usuAl for any element' of doubt in the loans and slciirltles �f the bank. The 1n-creaslnglj" keen conlpetltlon. In"business has resulted iii tKe banks being called upon to^ perform far greater services for smaller remuneration, so that the Increase in the volume ot tlieir business Is out of proportion to the Increase ih their profits. Naturally an Increased volume ot business moans a corresponding Increase in the provision to bo made for doubtful items, while the profits do not provide, in a corresponding measure tor the relative appropriations. WHien-ever there is offered a new issue of Governhient securities yielding a higher rate of interest, the ijiarket for existing securities Is depressed to a corresponding extent, and this entails a writipg 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 o! this may be recovered. Half-Century/Mark To mark the seml-c^ntennlal anniversary ot the founding ot the bank it Is our Intention to- publish its history; In the' course ot a comparatively short career it has taken over several much older institutions which were among the pioneers of Canad-lon banking in their respective dl,S' 1 General Manager. �Toronto, CSth December. 1917. President - , 6ENMAL STATEMENT. 30th November, 1917. lilXfalLlTiES Notes of the Bank in Circulation........................... $ 23,995,244 68 Deposits not bearing interest............... $ 86,458,403 02 Deposits bearing Interest, Including Interest , 'accrued to date................... 189,967,251 39 --- 276,425^654 41 Balances due to other Banks In Canada;................... 580,958 01 Balances due 'to Banks and Banking Correspondents else- . where than in Canada............................. 7,295,110 40 Blfls Payable............................................ 120,857 29 Acceptances under Letters of Credit..................... 6,597,685 13'; I $314,015,489 92 Dividends Unpaid .........^......................... 2.688 20 Dividend No. "^23 and bonus, payable Ist December........ 525,000 00 Capital Paid up.......................... $ 15,O00,O0per cent; ' In Mexico we continue the policy ind oated in our reports of the last few years, of trausncting only sxicti limited business nsthe .prevailing conditions will permit. �\Vh!le these have shown somie improvement during the year, the present Government has many ^rtou's problems to solve and we fear that some time mnkt elapse before we can reap tho benefit which our standing in the community and, strong local conueotlons-justify us In expecting. '  ' Halifak Disaster Since the report of ' our Halifax sortptlons to tho loan appears to hn^e fOAohod 'f4X7,000,o5o from aiioul S07,-000' fiubacrlbors, a financial nocont-utllahment of tho first magilltudu. Tho Isubsortptlons received through tho ,brani:h'QS of this bank lunonnted to abolttt $80,000,000 from over 116,000 subscribers. , Qold Reserves Probiem After the United States came Into the war tho shlp'mouta.ot gold Irnm Oreat Oritain to that country ceased/ and, OS pointed out In the report bt our.New York agent, a slight adverse movement sot in; in order, therefore, tq conserve its holdings-and to pro vent gold from reaching the enemy, tlio United States Government placed an embargo on exports' of the metal. Upon representations being made at liyashington, however, through tho Canadian Bankers' Association,*' aa to the, unfalr.nesa of enforcing tho embargo against us, the release^'to Canada ot a cei^aln tmount of gold was arrange^ for. WKile this will, doubtless aid in tho stabilizing of the exchange between the two countries avo feel that It Is Important that the un' derlylng gold , roserves of Canada should bo Increased to correspond With the groat Increase In tlie Uablll-tleg of the Canadian.banks resulting from war activities. To this end wo consider that our endeavors shouldl be directed, and we believe also that the. Government bt Canada should place nn embargo on tho export ot gold produced in Canada, and seo that It Is made available tor this pur pose, � t>  - Railways a Vital Factor Probably few people realize how essential to ; modern business h prompt'and reliable railway service, or how tho lack ot such service invariably means high prices to tho consumer. No modern business could continue In operation .were the trans-port.itlon, faGilltlea ot the country suddenly to be suspondod. A full consideration of the relation between delays in transportation and increased cost to the consumer Is out of place hero, but it may confidently be asserto-l thiit promptness and regularity of service are of more importanco to business men ntjd to the general public than low freight rates. Unfortunately ot THURSDAY, JANUAhYA?, 1018 T/c sny or do. We are no nearer thti 'war eupptlciffofthelr tiso haVo been iCnd that wo wore a'year aqio, butw placed In 0(innda,'>atid it.lMitoo fttriy only because a.^yoar has and animals and th^ir products being less than SO millions. The export of nmnufactures �07,000 Subscribers Having this/in n^ind, the Finance Minister created an organleation calculated to show what the Canadian people could do. An extraordinary body of bond-dealers, bankers an/l other business men, aided by the 3,000* perty and to shipping proves, apparently to be oveai heavier than was at first anticipated, lliough .from ^ the�^errijiiontht� pj^ced" all" the" "railroad ther'e is an increase of $111,290,000 atestreporte we toe pleased to lea^^^ over the corresponding figures for that the linanelal position ot our cus- of a director-general .to bo opor,-itod 1916- These imports, mainly necos- tomers hag pot been seriously affect- ^s a single system. Fortunately for, sary to complete munitions being ed. Our sympathies go out to the pui,Uc interest one of the greai- made in Canada do not rftfect this sufferers, especially to those who Canadian railway systems has not coutitry in a financial way. Coal coit have not only lost relatives and b^on depandent o>itlreIy upon its 'n- us $11,50Q,000 niore, sugar, $10,800,000 friends K,.# a,.a >?,Am_ ^ � .________ _____,  . . . selves clement season'ot .the year. . 1,121 Women.CItrks on Staff amounane in 4s7 millions i,n innrnnaa ""-"""^ ousmoBS men, nmeu oy me a.vw t, 'sss. af/no-?. "csss Bcrlptions for 417 millions of dollars ceding year. There Is an Increase in exports and Imports under almost every heading, but the only very noticeable item Is that of $149 930,000 tor �YorkrOgont in the Review of Business military stores, munitions of war, etc., ,,,,,,,.,,,,,,,, ,, ,,,,,,,,� ,,, ,,,,, CondiUons, although since Ills report imported and remaining the property about onrinelc^^^^^^ was written, the United States Gov of the.Imperial Government.' In th�s-?ospo,deS t^ the c^l^ from 807,000 people. U\ to these we add the 195,000 purchasers,, of War Savings Certificates and- disregard to duplication of Jiames, wo find that . IV: "j. "t u i-----^ "�p*>n"Bni- cniueiy upon us >n- -v _ i in the disaster, but are_tnem-. come from, transportation, or th'^prob- more and provisions, much of which rendered homeless-at thjs In-, lem. here would have become'more .was doubtless exported again, $17,500, The members'bf'the staff number acute.. The cost of,operation, that Is, ot labor, materials 'ond'sii;plies, has risen enormously' lit, rsccnt p-oais. ?r7^i;nU^l� n!., t^nt^�Tf^^^ revenue from trdtfsportatldn. It i� ?i^Ii^rV/.'hl-W�W^ mind that the do- ?u� lo^^^n\ tin^^ Canada,�'and its subse- ilf'^lovJl ?>l.^n i^^^^^ increase in wealth and popula- somewhat larger than a year .ago. ^^vould not have had offered a loan of $150,000,000, ro-payabla ln,5, 10 or 20 years with 5% per cent, interest, issued at par with a slight advantage In interest to the subscriber in making hisf payments.' He had stated tiat subscriptions. In, oxcejis of sl50 millions would be ac-' cepted In, whole or in part', ond the hope was that 250 or 300 millions Avould be 80"ured. It Is safe to,say that such o-flguro as 400'miIIIons waa. not deemed to be within tho realm of poBSlblllty. War Finances The increase Is, htwbver, entirely iii untrained women oldrKs, the nuihb^r of women being now 1,121, an Increase of about 400. On the other hand, the number of male ofticbrs has decreased by 128, in spite ot'*the addition of a large, number of Inexperienced lads Kotes of other Banks................... $ 2,004,762 00 Cheqnes.on other Banks............,...... 11,930,875 21 Balances due by Banks and Banking Cor- / respondents elsewhere than in Canada.'. 8,496,103 99 Souiaion and Provincial Qovenuhent Secrultles, not exceeding market .value ...................i -................ British, Foreign and Colonial Public Sedurltles and Canadian > Municipal SebnrlUes....................... Ba^way and other Bonds, Debenttures and Stocks, not ex- �' ' eeedlng market value---------................ Call and Short Loans( not exceeding 30 days) in- Canada ou Bonds, Debentures and Stocks........................ Call ana Short Loans (not exceeding 30 days) elsewhere than ; in Canada ...>.....................v-.,.......� Deposit with the Minister ot Finance for the purpose of the Circulation Fund ............................-........ $ 54,552 317 21 , 22.431,741 20 27,596,420 22 , 22,095,133 29 6,192,461 60i 13,460,862 C2 20,076,903 18 , 831,173' 35 Other Current Loans and Discounts In Canada (less rebate  of Interest)..............................,. Other Carrcnt Loans and Discounts elsewhere than in Canada (less rebato ot Interest)............................ LiablUttes of ^Customers under Letters ot Credit, as per contra................................................ Overdue Debts (estimated loss provided for)........ Real Estate other than Bank Premises (In-oluding the unsold balance of former premises ot the : Eastern Townships, Bank)................................ $ 1,236,999 52 |JeB9 mortgage.assumed............ 100,000 00 Mortgages on Rent Estate soldby the Bank ..;..... Bank PremiseB at;cost, less amounts written' off................................... $ 5,390,075 44 Less mortgage assumed on property purchased /........................ SOO^OOO ()0 Other Assets not included In the foregoing ,.......,. $167,336,942 67 140,822,028 44 14.846,130 56 . 5,'597,665 13 / 237,796 39 1,136,999 52 19'6,005 81 5,090,075 14 .111,588 68 may be considered as part of our boo more, , ' / ' Iniporto of Metal , ,,>mnB7-.. - - ----- f------ I Of the various forms in which Iron, � �LonTr� iTnrt without a . corresponding incrnase Ui copper and other-metals are used as ,0 messengers anu rRvnmo ffnm tr,i�=,,..f,fi^.. i. rfrw materials; ranging from the orp to ! beams, tubtfs, wiring; etc., we imported Tlio a.ctual disbursements of Canada about'$42 000 000 more .than In 1916. for the war, to 30lh November amount-. ^ - These parllally manufactured articles ed to $685QOO.000. To this must be lul-hoon pos^blt! come under a great variety ot hopd-, dedoutBtanfUnpL exponsos and estim-witlvout the construction of the rail- inga, but they are all, or almost all, ates for the bsnnnno ot the year to roads, and that the large number of tqtms that wo should eventually make cover requirements here In Great Brit-people who have invested In railroad in Conada. I regret to say that articles njn..and in the field ot war. These, ' securities have, therefore, performed of luxury sUll show rather tbo promin- carefully computed, indicate that ^ at a public service of the highest Im- ently in the list of imports, and there the end of tho year the cost of the nortanoe. Whatever mav hnvA hflon jg evidence of restraint on, war to Canada was about $760,000,000. the part of Canadians in the purchase It is well known that. In addition to . of unnecessary things. A surplus of the task of finding money 'for such 550 nilUlona in our foreign trade for vast otpenditure, tho Finance Mlnist-the 18 months ending September last or hadbeen called uponto aid tjje Im-  in �h 'loaves, even after Jnterest on foreign perial Govemnieril to provide for a as to ine indebtedness has-been paid, a snrii of large part of the cost ot munltlonB, money unheard of In the pnst, ond to etc., purchased In Canada. In a'ddltlon this is to be added the tcsuUb of the to advnnces to the Iraperlaf Munitions crops since marketed or still to bo Board ot 380'millions, as much as, 32 marketed at prices hitherto unequiU-'millions was lent for tho purchase ot ed. os well as tho results of other pro-^chocso, 15 milllona for ngricuIturaJ , - , , ducts ot our industry. The field crops products, ond about as raur.h for other 'ployed at high w.iges in war in.dusl- , cnn-fia for 1917 " portanoe. Whatever may have been the motives -vthlch prompted the investment this service still calls for Need 5f Greater Thrift And now a few words under the age of twenty. Having re gard to the continued.growth ot our somTmeasure of'recognlUon' business and to th6'deorease iij gen- s i ^u. eral atficienfcy caused by the change? in personnel, the bitrden laid on our ,___________,..___,,,,men and women grb^fs hetivier with future. Up to Hie present the high transacted or the additional respon- succeeding mopth. It was there- cost of living, of; which we hear so slblllty involved. Large advafcces tore particularly gratifying to u? that much, has. borne heavily on compar- have been made from time/to time the results of the year's business atlvely few.' Tho great malority of to both the Dominion and the Im- were such as to Justify,a more than. Canadians who are not serving in the perial Governments and these natur- usually genel-ous-percentage honua. to armed forces of the Empire are em-ally bear low rates of interest! TBis' the members or the staff. Of our officers, 1,422 have now. ries.,They have more to spend than , are valued' at $1,- items. Atnatnst this thete are offsets contrlbutlVnirthe cost"of the war taken up .arms, or 75. per cent, of our they ever had before, and"many"are SaT � �2 ^ilLf .v^^^ ^"^'^"^ is, in connection with; the upkeep of ohr We have continued the pa>i^^^^^^ present male staff, exoluslve of mess- spending it. Th'ey acorn o^retLlsH f^^J^^'^Z^^"^^ iZJ^J^ T.^'^'^L?.!. 11�"^^ ^vHh other matters, but engers. We know that we have sup and the small econoraies tliatijinst ^''^i."'^''' problem of tho hour the final result at tho moment! leaves piled our full fiuota,;,but-we a^e mok-'perforce be practised by the Inhabl-''� that purpose, Groat nrlt,nin conHlderably In debt to of the usual divideiid of ten.per cent, per annum with a bonus of one per cent, at the end of each half year. The annual contribution to -4he pension fund shows an increase of $5,000, owing to the larger number of members of th'e staff who come within ,, , ----. its provisions. We have again been >"'^r''^' the .ength and the character double the Ing efforts to release � every man tants of less favored, countries But physically fit who is.icalled upon un- there will come a time when high tax-der the Military Sei-vijib Act, and who ation and uncertainty as to the future can possibly be replaced, and are will make men hesitate to embark on wherever It is not needed tor some the Canadian Government other equally urgent purpose. ' 'Government Credits' The Chartered Bank* A comparison pf tho tigures of the  called upon tor' sutiscrlptlonB for various patriotic purposes, for which your lapproval is ssked.' The, war tax note circultitlon has this year reached its maximum, and ^fter prO^ vidlng .for these items, we carry forward the large sum of $1,332,000 at the credit ot profit and loss .account. Increased Note Circulation There Is again a large Increase, amounting to $4,735,000, in the item of notes of the- batik in circulation. C^anada to the United States, has sent JLifi ^ m K "^^m and when to that country*^ over a billion dollars u A ''T?,'''"" 't,ln gold,,but the time has now come is at present. Only then,shall we re-, when she must have credit for prac- alize the full effects of the high cost of living. HoW shall We prepare for tically all Ijpr purchases, and obvious- The total liabilities Have grown from' $1,323,252 ono to $1,995,488,0001 lin in- . | crease of $672,236,000, the growth li^ deposits being $589,837,000 and In note circulation $95,037,000. As agnlnHt of whose training are-such that they cannot be replaced.:' >^ � The Boll of i^onor . With.' grief mmgled with pride, wa record a total loss ot 153 men killed In action. 69 of whom,have great, sacrifice during the past No fewer than 255 have been _......., .,,,..y. v, viu.Biummu ,,�u,^iiu uuu, mm "ujios'is ae"""" ed, many seriously, 7 are nnsaing, portaUon and distribution, are able to:tor lt� sharo in tho cost ot the war ceaa, circulation $7,6,370,000. 1 he addl-ond IB are undergotag tho hardships .pyppjy the nitlons in al^undance, wo arid also supply money to Great Brit- tiohjto loans and, securities ot?4{)0,-of the enemy's prison camps. ' Ishall not only have' laid bfoad and-aln for niunltlcais of nil kinds, Includ-~ " the Canadian ,rt(.�ri *ho ffiiinrinnnno/i� n,./..".^"-!... ,- . - - - - �; B, WALKER, President $344>76,232 64 "JOPNj>aRD, General Manager. ^ Rapert of the Auditors to the thareholdfrs of The Canadfan Bani'":T;''HABllYr'WBBB. 0,A. . , .' ' . bt Webb. Bead, Hegan, Calllngham ft Co, j ^ Vii^-JA^ Auditors ' ot Marwlok, Mitchell, Peat * Co. latlon are twofold; first, the high level, of all prices, 'and second, tho great business activity, caused by the large orders for, raerchandlBe and munitions placed In Canada by the allied Governments; A* few years ago It would have been, considered most Government for the'purchase of our wheat crop, in addiMori to ' those already current for the purchase of munitions In Canada. In all this financing the bank has ttiken its full shai-e. assisting the government in the pro extraordinary that the totSl note clr-1 "t'v.^tlon, of the war to the besi pt its living. After the War Tho machinery for accomplishing this created on tho spur of the moment, and we must'equip our-solves beforehand to cope with tho changed conditions, which will prevail culation Of all the banta As an Item of interest in changed eondltionB,which will prevail throughout the yolr In Sce� of the' t^^'" connection we may* mention that ^^'T We must so co-ordinato tStTot the?' SdVp cS customers have during the ,yodr �f the nation I I e r yiua up capicai. _i no ^^^^^^^^ munition orders for a total, that tijere will he as it ^ere, the nuc- courae.ot events hpa thus fully vindi cated the foresight of those who de vised the provisions of the Bank Act under which the central gold reserves were established,'as otherwise there would he =to�day no fegiilar statutory provision 'tor the a'ddtional bank-note. currency � needed to ' carry on tho business of the couiitry. | Twenty BMIlon Turnover. The deposits.iow amount to. the very largo .sum^of $276,000,000, 6n increase during the year ofi $46,529,000. When it is recalled that not until 1901; thirty-four years attor the bank's establishment, did the, total deposits equal the amount ot this increase, and then only after thtT taking ovor (df the Bank of'Brtiah Columbia, the ojrtont of tho iricrpiise and the differ-onco In scale in Canadian affairs will be better grasped. We ostlmalo'the total turnover ' ot' tho bank for \ the year at 20 thousand roilllpn dollars,' Needless to say, the deorease In our trained staif caused by mllltory enlistment, t|ie problem pf'caring for this vast aniount of busness does not, grow'less difficult. The'increased-Is i^brtance. of. over 84 milllona of, dollars. Success of War Loant ileus of an orgnnlzatlon already prepared to )itillze the labor of the unem- ,, , ,, r v.. , , iployed in the .production of food, and The outstanding iSuccpss, ot the Vlq: l;in its distribution and transportation tory Loan was a striking tribute to to the groat markets abroad. The per-the energy and patrlotlem ot the or-1 lod of strain Unmedlately fT)lIowJng' ganlzatlon which undertook to plaoo the war will palis away in time and 11^" J." "l"?^.^:"? }-^� P?''"/'' nmw^l cnndltlons will again prevail, and the Pinancc Minister.,is again to m order that this trade qhould bo lior-be con.^rntulnteU on (ho result ot his manently Buereastul undor these nor endeavors to obtain within Canada mal cnndllions. It must bo orgnnlzod boing, am} clearly such nn effort Wo havo now to face/the loss In deposits havo not made, Capital Is npt, how-' which will be cauRod by the paypientB ever, in any-largo measure, being fix- to ho made for the Victory Loan. This 0(1 In betterments, either by Individ- will In any event mean something bo-unls, municipalities, or Provincial and ' tween three and four hundred mlll!-ll)on^nlon advernmonts, and thought- Ions of dollars by next Mayjt Is twio ful people,'at least, are spou'ilhg loss, and rojiHao that we are engaged in tho Htrugcfloot the ages. Now that the United States, has entered tho war there is no. market for our securities outside of our own.bonlOrs, and. thore-foro.w.^,,are, being put to a greater that tho money in the end will return to the banks'In one form or another/ but not necesBsirUy to tho sn me batiks and,not In tho same form. The lo^s of savings deposits, built up over a series of yeacB and now trausterred per* manently Into a now form of (javing In test-pf ojirecpnomlc;powers than ever which the banks have no part, Is' bo- before. If provlnpe or munloiphlitleB have; sonurltles to soli they Vnust be sold at homo. ;,'/,, Ing borne cheerfully becauao, thp reat Hdn for It Is Imporntiv?, but it would , be foolish not to recognize what a aer> |-lo\w and difficult nnnrntion, the great ' ' war loan Is to the banksi ' ' . ^ ' Uennsi to G#vornment)i \- Tl^o bfinks BtlU hold Uie'ilmperlal '  \ JradoWJtl^^.United States in tho year j'qnrUng Slat March,' 1917, we bought goods to the value of 805 ....... - ----- .......,......u=L u� "r�:u...�u I mjlllons uhro^^^^^^^ obllgctlons for munitions' amounting as largo a proponioh as,, poislh 0/.O.t from the bof?^ning with a, view, toi.'onsjAmMrpm hundred milHon dollars refer- th,o funds requiredcarry on th^; pffirijojlcy and placed on a sound ocon-1 w sol� red to n:year rigb- and during the jiast war. A.S m tho c-'.se of-the last \m.,^oM" l/'.stfl, When wo cbnatderswhat '^f ^"^i,^" voar thoy hive made lot^na tho perial AVar Loan ihb'bthks were;not' dltflfuRloti have be^n ovorcorao in "'"'aeourltlos. Wo Pan now aol soourlt- u,,,i,t,, Govri-ijmeht more 'pr'' leas called upon to subscribe dlreotjy. ns order ,to tr.nnsnort fresh meat troni Ics nownero but nt home, and our ox- p,J,J^^^^Q^^ ,^vlth n'd to tho Imnorlnl this would havo meant a lock p? ,up Aua'trallfi, New Zaalnnd and the ArgonJ PPrt^ and import bu^ineaa 'a done.^l-,.j,q^^^,,^p,,_ ,, Jnnunry (hoV b'nnaht ot thplr funds In a permanent Inveflt- tine thvohtOi tho ironical ?,onn to the' 'nost^ontlroljy with O'-o'it nritn,ln;n nent and would nUb have tended ,to^the habit of Bavlhg throughout '.ttie-'oom,-mijnlty la of the Rroatest national lt�. n BUCCP9S- to cover pur_8horfno with tho United C^IJH a milllona ot Ptntes. .and a Ume bosldos , ""^."h^ lid. wo Rxnect Therefore It is clopr thnt In respect of T t p ikn� !...�..).. whnt we'own the TTiii>f>ii �tntno �i.o* ,B:"ivi'i i. Prealdentta Addrees;, The President then said; We meet again with: the shjitaow . and five bills, find in OntnJjaV 75 milll-*iivinf In 1110. It will be ob-hat nil of thonii �1'1'ina "exoont ^iountry must lend to Greut-Brltoln ^v'" he shortly a .sura fiOEreappnfllnn; to our a^les to a"" the In tter; country. If -we are to con- .Absorb Securities at'Hotne tinue to trade with the United States. ^ Theitf^leB bt Cahadlnn seourltles for Jl!l!*!.'l_^^*>�� h^s entered 'the cnlendar.year 1917 show a much The toiar:.m9U�t|W.Vnl| �.<�the great war affecting W^riifhTng, tho war; hWer.^T^^^^^^^ irgertXTS ov\r^ "buUhe" I s i\ \ i ' \ ' v r t,  ;