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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - January 21, 1914, Lethbridge, Alberta WEDNESDAY, JANUARY 21, 19U THELETHBRIDflE DAILY HERALD PAGE SEVEN IHE CANADIAN Report of the Proceedings of The Annual Meeting of Shareholders Tuesday, 13lh January, 1914 The (orty-sevenUi Annual Meeting of ihe Shareholders .of TLo Canadian Hank of Commerce v-as held In lie banking bouec at Toronto on 13th January. 1911, at 12 o'clock. Tfao President Sir Edmund Walker, having takou tbo chair. Mr. A. St. I. Trlgge was appointed to ad as Secretary, atiQ Messrs. Aemillua Jarvls ano Edward Cronyn were appointed si-iui-neoris. The I'rcs'idcnl caltcO upon iho Secretary tn read iho Annual Rojicit ol (he Directors, as follows: Tlio Directors beg ig iircaOhL io tin: Suarv-c.vCrE .er.y ntul lleiKWl, covering the year cuilliig 2Slb November. 1513, logclUer with usual statement of ABECIS and Liabilities: The balance at credit or Profit and Loss Account, brought for- ward from last year, was Tlie Net Profits for the year ending 29th November, after pro- for all bad and doubtful deMs, amounted to Tills lias been appropriated as follows' Dividends Nos. 104. 105, KG. und 107. at 10% fur annum Bonus of ITc, iiayal'lc 1st June Bonus of payable 1st December................... Written nB fcank Premised........................... Transferred lo Ponton Fund (annual, contribution) Transferred to Heal Account balance carried forward ues, which substantial carrying out in 'ukon........... Tolsi In Canada United Slates 150.000.00 so.ooo.oo GO Tn accordance with our usual practice the assets of tlic Bank have again been carefully revalueJ und ample provision made for oil and doubuul Tho branches were opened during the year: In BrttUli Colum- Ma-Comox, Courtenay, Pandora Cook (Victoria) and Parksvillo; in Al- bc-rtu: Highland, Monitor, Peace River Crossing and Uc-tlaw; In wan- Klccald. Ucadlyn Shaunavon and WUeton; In Maulu.ba: Kelvin Street In Ontario: Oriawa and 1'ort McNlcoll; In Quebec: Upper Town (Quebec) and In New Brunswick: Campbelllon. Mo acton and West fit. John. The sub-agencies mentioned below have been mado lnder.end.ent.brandies Cliambly. Clarcncevillc, Dunham. Ibervlllc, Lacolle, Iloxton Falls, Stanbridge and Upper-town (Sherbrooke) all in tho Province of Quebec The branches at Stewart. B. C.. Hlack Ivike, Que., r.nd St. Elizabeth, Que., have been closed and the b-jslDOss at Three Hundred and Sixty-seven Main Street, South, Winnipeg, bas been transferred to the main office in The business of tho subagciicies at Xaramata, B. C.. Bcloell Station. Henry- The business of tho subagencies at .Naramaia, n. nuuen aiouuu. vlllc. Lawreiscevillo, St. PldlHppe do I.a Prairie, Bt Scbaslicn Swccuourg rlly and realized good val nabUd us to of of our debtd P.d i-irgely tas u vu i Ca5h al. Canada H so dou-ly allied with ud lutluet.ccd by iho laoveicentt. of ur to the scutb, that tere was yrr-at satisfaction when lie radical and Important measures ntilated under the change of ri! worn SIi5 fT.ij'atcd wit': nn Tii rni rftp.itI- The to- il Current of Sl.lfl4.SGs for -TO of ih ovrrPRKnt rtlicr f-rcufltlt-s and IT We tJilnk It a.lv-ipfll'lc yn-i n rrsitrancR In the inlrtel of troubled and state ot in our inteic-iln nrA tlnn exc'clscd In handlfne a diSTirult problem. Our Manager our full .onfiflonce iir.rt ho lias unuaiul ability nnd Judgmrnt imrtpr these try- ing circumsMnccs. le requirement, and the Act b gen- ail? ..regarded as a piece of unus- liy good legislation. Tbe mcst pro inent of the new features are the revisions for the creation of a Cen- 31 Gold Tiesene anil the'appolnt- ent of Auditors for the independent arnination of banks. In view of what has been accom- ished In spile' of so many adverse fluenres and taking Into account e natural disposition to look at the right side of things afier havln? asEed through a trying period, It is ot easy to forecast what the coming ear will bring- We arc Inclined to he thought that with the correction nd adjustment of important millers ow such as the settlement f European political and financial ifilcuUics and (he attempts lo bring bout a return of peaca and pros- to unhappy Meilco (an impor for the year ending March. 1913, pass- ed tbe billion mark for the first time, belns The imports were valued at and the exports at showing the largest excess of imports we have ever-had. namely In the six months of the current fiscal year end- ing September, the complete figures for wb'icb have been published, there Is soicG Improvement in the propor- tion cf exports to imports, and since. September a greater improvement has taken place. As to our exports we to report an Increase during period In. every group, while tuere has been a decrease in many of the classes of imports. Wo again draw attention lo the large proportion of our Imports which consists of iron nnd steel in various forms, not only as raw materials, but aa manufactured goods. The total value Is about May we once more point out lhal In the main these are arttclts used In building or in equipping the country for its fuiure, and that such purchases differ In effect from tbe import of IcodstuffF and other rapidly perishing objects? At the same time TVB regret that thf greater part of these iron, and steel goods Is not made In Canada now, as certainly be the case In time. To the extent tc which, by making these gocds in we ccwld have less- ened the debt represented by the EG curilies we havo sold to pay for the difference between imports and ex- have getmtd Impossible only a years ago, and the value of Emaothnesa and mplrtlly vrith tbe work was bandied can scarcely be estimated. In connection with the opening of tho Panama Canal, there will he held at San Francisco In the Panama- Pacific International Kxposltlon, for tho purpose of Impressing upon Ihe world tlie vast change fa its com- merce likely to accrue from this now waterway. It Is peculiarly gratifying to know that In this exposition Can- ada will take a very prominent place. It Is proposed to erect a building covering square fee ably larger than the Canadian build- Ing in any previous exposUIou, and In this space the natural products of our country in agriculture, horticul- ture, minerals, forestry, fish, game, etc., will be adequately displayed. We understand that It is the Intention of the Government to make this one of tlie best exhibitions that has ever been placed before the public in the interest of this countryt JENNINGS Former wbo will ho a candidate for ho Governorship of Oklahoma. ilory, "Beating published re- cently. was widely read. Ing expended on permanent Improve- number cf those who have savings to lend, and the wants of all the borrow eis in all such countries have upon tho lending countries world a combined pressure greater than ever before known. On tlie other band, to the of Individ- uals represented by motor cars, pal- atial houses, social display, etc., bo- yond of their have been added colossal expendi- tures In war and on armaments and for many purposes which are useless from an industrial point of view. Armaments are as pait of tbe police system of the world, but the money sunk In their creation i none the less a sad burden lo the Industrial world. We have'thus come to a time when, coinciding, as they do, with tho hording of money by timid owners, consequent upon the Balkan and Mexican troubles, the un- usual requirements coining from an. almost world-wide prosperity cannot ho fully met. AH business activities, therefore, throughout tie world must bo lessened In volume until things right themselves, which they will no quite speedily if generally are willing lo profit by tbe lessons to be We turn to the Clearing House re-ldrawn rrom rAent turns wllh unusual interest at such a lime as the present. There are now twenty-two Clearing Houses in Canada, hut leaving out two with records for part of the year only and comparing tho figures of the twenty In operation a year'ago, we find that there have been ten Increases and (en decreases during the year, as compared wlia increases in every Clearing House the previous year. The increase in the total is 1.27 per cent as against 23.74 per cent, a year ago. Increases appear In the figures of seven eastern ami three western cities and decreases in these of eight wcslern and two eastern cities. After tbe phenomenal increases In 1912 we may be glad that we have 'held our own in 1013. Montreal, Toronlo and Winnipeg, three cities which account for 72 r.er cent, of the total, all show increases. The building permlU of. the four ant factcr In the shall ee n revival of better conditions and ur problems may be easily solved Ve fear there will be a slow recov- ryr and great circumspection will be eaulrcd before we again sail In mcoth waters. We arc likely to have n accumulation o( Idle money In UK inancial centres, but this will prob- biy not bavc any appreciable effect m rates for general business lor omo time to come, because ol tbe depression tn all nrsUlass securitler ,nd the dinicuUy of disposing of the arge amount awaiting a favorable market: On the othqr hand, trade has ipen prosperous asd is fundamentally sound, and while considerable restrlc- lon must be we are hope 'nl that the coining yrar will be one of reasonable prosperity. President's Addrets Tto President then said: At our last anr-ual meeting for the first- time we presented Iho Informa Lion at cur disposal regarding trial conditions In Canada, and io the foreign co-.mtrlea In which do business, in the form of an ap to the ordinary report lo our shareholders. Tho advantage o presenting ll.c views of our chli officers regarding the various dial Nets directly to the shareholders, In lend of compressing them into th of the President or Ih fJencr.il Mnnngcr, seemed clear, an we think the esperlmebt has Just fled itself and may bo adopted here- after. A mr expansloi MpmH fi'll (f> 'n Fn fcrr> onrrtcTE a (heck w.ii eJt-he In Fittjl or hnd and the? felt. >toToy for cert.il 3. In connt-ctlon w real Cf'nlo. so to obtal s !n year a, yet wlille hec of nid nthf-r tTiiil'lc iorrcatt future, o Ihcivr.-i al 'll0 of ;'10 vvc rorchifle 'h EOWO effC' ports, we have burdened ourselves for a long time to come. .Of .course, while workmen are busily ergaged In other things, as they have been In Canada, It may he that they are not avail- work, in Iron and steel, it us soon as railroad nnrl other itlding lessens In volume, not In the jgregate but In proportion to other duslriea, we may hope that we abnl1 2 to make In Canada tbe larger ait of the Iron and steel gocds now poi ted. The increased output of ur coal and Iron, ralnes, of our blast rr.aces and of our manufactories, Men would result, would bo.of in- value to the country as a chief cities were as follows: 1012 1J13 ClMrly 'Kf vish a lim o-r'dllTic.iilty In a most crulltahlo mr. r.fT, and we fan l'.ok forward lo th future cheerfully It the syi.-ll of r.r dencc which now characterizes ou people remains, unchanged al least u til another good crop has been ma B keled. Much of part ol our o Wo deemed It prudent to restrict priuslon which went too far remlnt the otcnlnjr of new branches to tho one of the diseases lliroush which th 519.U42.000 T0ront0 Winnipeg- vancouver- hole. It was evident to any student of ic situation n year ;igo that Canada, nil other borrowing co'.mlriesf would e put to a severe test during Vhnt we were no' pref.ircrl for was ictt this country should ho singled nt as, In some measure, chief among ic pinners of "this kind. It Is well oprever, (o remember (bat when becomes scarce In the great markets of Ihc world, the chief bor- ower Is always loM thai ho has cb- .ained too large a share and that he nisi stop borrowing for the time be lhat bor- Vie had scarcely realized ;a had become the chief 'ncada had owcr. or practically 'so, some vliat reseated beiag held responsible or a situation created by the com lined financial requirements o( nl1 be active mercantile rations of the world. However, we have had our warning and shall doubtless act upon t. Tho fact lemalns that tinder all ,hia pressure England has taken mor> of our securities this year than ever before. She bas patiently remember- tbat we are obliged to finish the np.ny sound and important entcr- nlses, semi-public and private. which hfifl been undertaken befor? Ihe clourts began (o gathc-r. That such enterprises will command i money of tlia investor In prefor- to loar-s for tho rehibiliaOlon of foreign co-jntrles devasMtni by war, y: h? to secnrltles based upon r.cw venlnrep. wo r.ecd nol doubl, onrl oul of the vnst sum aval! tntb year in the markets of roj-o for no'.v invostuif.nU, v.e rnay be fiirr. of getting n generous share. Phflll havo to .face a keener an rip of the nature, of Ihe security ar.d the recesaity nf Uglier rates to UIR invftstor, wr rhnll do well to Abstain during Ihc rext vear or so from seeking mar- ket any "unncccrfary securities, li.' orJcr Ihst we may do what we ref.lore the ba'ance between the in yesttncnt the world and hie securities qfTert-d for sale. It Is pleating in tbia connection to see thai the higher rates of interest offered Wo have made ihe comparison for three years in view- of. the contrac- tion which bas begun in some- cities. Toronto hag just kept even and 'the docllne In Winnipeg U U-Ifiing. Tha marked contraction is 'In Vancouver, and this no doubt represents .condi- tlons rin many other- western cities. In Montreal, however, there IB a great Increase in value, although the num- ber of permits is practically the same. The figures for Montreal always ex- clude large suburbs, the building Ir which last year is said to approxi- mate in value. Tlic comments of our United States and English offlcerf upon the trade nnd financial gllua- tlon are so clearly set forlh that I hesitate lo repeat in any form their conclusions. It may be how- ever, al such a difficult time to sum up the case as concisely as possible The wor'd has two problems before It: (1) How to' render available t supply of money sufficient for the arrying out of tuch pbysfca! better- ments BS must bo financed by the sale of securities? (2) How to en large 'the credit facilities of the world for those shorter term transactions which consist of the manufacturing and distributing of perishable goods? The firat problem can only be com- fortably solved If there Is sufficient money saved thai Is, profits with- drawn from active use In business, or income not expended by the owners. etc. to provide for tho' borrowings of thcso who are expend- ing money on permanent improve- ments. For some years the world ha.. been more, extravagant lhan tn any period known to history since Roman times, and this extravagance has been hich y hard for those, who are not extravagant, nnd who aro tho Tho motion for tho adoption of the report was then put to tho meeting and carried. Amendments tc tic ty. laws regulating tho number of.direct- ors of the bank were passed, and T. Harry Webb, C.A., of Messrs. Webb, field. Hegan fc Calllncham. Montreal and Winnipeg, and Mr. James Marwick, C.A., of Mesirs, Marwick, Mitchell, Peat t Co., Moat- real, were appointed auditors of the bank, their remuneration not to ex- ceed the sum of for the year. The usual resolutions expressing the thanks of the shareholders to the" Board of Directors and'nlso to tha staff uf the bank were unanimoualy carried. Upon motion, the meeting proceeded to elect directors for the coming year and then adjourned. The scrutineers subsequently an- nounced the following gentlemen to bo elected as Directors for the coming year: Sir Bdmund Walker, C.V.O., LL.IX, D.C.L., Hon. George. A. Cox, John Hoskln, K.C., J. W. Fla.- velle, LL.D., A. Kirigman, Hon. Sir Lyman Melvin Jones, Hon. W. O. Ed- wards, Z. A. Lash, K.C., LL.D., E. li. Wood, Sir John M. Qlbcon. K.C.51.O., K.C., LL.D., Robert Stuart, George F. Gait, Alexander Laird, William Par- well, D.C.L., Gardner Stevens, -A. C. Flumerfelt, George G. Foster, K.C., Charles Colby. MA., Ph.D., Georga Vt. Allan, H. J. Fuller, F. P. Jones. At a meeting 'of newly elected Board of Directors held aubsequfintly, Sir Edmund Walker, C.V.O., D.C.L., was elected President, and Mr, Z A. Lash, K.C., LLD., Vlcc-Presl Tho Minister ol Labor may exteui the scope of the Lcmlcui Act to In- clude otter classes ol labor these on public otllHiea. ftcconir-auled by a rise In prices whic JI.IH made. U very hard for those, wh most regular In saving money In or- dinary limes to put the usual margin nsalnsl life's contingencies. When securities cannot readily be sold be- cause of a shortage In these savings, the money necessary for tbe shorl term transactions ahavo referred Is need to some extent, but the etrnin produced by this cannct continue In- definitely, and such permanent im provemcnla must lessen In volumf until savings catch up and the equil- ibrium has been restored. The sit- uation during the past year, however has been aggravated by many other factors. In many countries, notably In Canada, wbere largo sums are be- Canadian Pacific Railway Depot Ticket Offict, LethbrMgt HE PRESENTING: Picina Heytl Mill Allan Line, Royal StMitwn White Stir, tint; Lelind Llnei Donildion Line Anchor Line French Scandinavian American Rutilan American HolTand-Amerlci Lint Hamburg-Amsrlcan Line North German Lloyd 8. S. Co. Soclela PI A Vaporo Navlgazlene Oenerjlo And all other Trjns-Atljntlt Steamchlp Special Chrls'.mas Rales, Silt ings of any lines mailed prompt- ly upon application, Wlreltss reports of ehlpa ing ports received dally. Infor- mation cheerfully given. REDUCED flAIL RATES IH CONNECTION WITH ALU TICKETS SOLD BY US Oil Telephone 612 er Arfdreii S. B. MITCHELL C. P. R. TICKET AOENT LETHBRIDOE, ;