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Lethbridge Herald Newspaper Archives

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Lethbridge Herald (Newspaper) - January 23, 1913, Lethbridge, Alberta Thursday, January 23, IMS T if K L i; T II 15 It ID (i E I) A 1L Y II E K A L f) THE REPORT OF PROCEEDINGS -OF- The Annual Mooting of Shareholders Tuesday, 14th January, 1913 The forty-sixth Annual Meeting of the Shareholders''of Tiie Canadian Bank or Commerce was held in the banking house ou Tuesdu}, 1 Uh .lanuury 1913, at 12 o'clock. The President, Sir Edmund Walker, having taken the chair, Mr. A, St. L. Trig-go was appointed to act as Secretary ,and Messrs W. Murray. Alexander and A. J. Glazqbrook were appointed scrutineers. /  The President called upon the Secretary to read tlio Animal Report of the Directors, as follows: ' , REPORT The Directors beg to present to the Shareholders the forty-sixtli Annual Report covoring the year ending ,Wu November, 1912, together with'the usual '.Statement of Assets and Liabilities: The balance at credit of Profit and Loss Account, brought forward from last year, was............................... ? 2011,394.89 Tiho net profits for the year ending 30lh November, after providing for all bad and doubtful debts, amounted' to ........."'2,811,806.42 Transferred from Rest Account of Eastern Townships Bank .. 2,400,000.00 Premium on new stock .................................... 242,180.00 $5,1)57,381.31 Tliis has been appropriated as follows: Dividends Nob. 100, 101, 102, and to:: at .10% per annum ...---- Bonus of one per cent, payable 1st December 1-911! .....*..... Written off Bank Premises .................n............. Transferred to Pension Fund (annual contribution) .....i; Transferred to Rest Account..................... $2,500,000.0,0 Transferred to Rest Account, premium on new stock - -242;18Ch00 Balance carried forwt $1,41S,622U3 1.50,000.00 500,000.00 " T5;000::00 2,742^80.00 771,578.88 $5,657,381.31 All the assets of the Bank have been as usual carefully revalued, and ample provision has been made for all bad and doubtful debts. In accordance with an agreement entered into in December 1911, this Bank took over on 1st March last, the business of the Eastern Townships Bank, with headquarters at iSherbrooke, Quebec, and ninety-nine branches and sub-agencies, chiefly situated in the Eastern Townships District of the Province of Quebec. In addition to'fifty-two new branches and thirty-two sub-agencies in the Province of Quebec, the Bank thus acquired new offices at Coleman and Tabor, Alberta; Grand Forks, Keremeos, Midway, Naramata, Phoenix, Sumnierland and Vancouver (two offices,) British Columbia; and [Winnipeg, Manitoba. The business of the Eastern Townships Bank branches at Lethbridge, Princeton, Quebec and Victoria, was at once transferred to our own offices, and later in the year the business of their principal offices in Montreal and Winnipeg was also consolidated with our branches in those cities, the Winnipeg taking place as soon after the opening of our new building as it could conveniently be effected. The nine months' experience which we have had with the new business has given us every reason to feel satisfied with, our purchase. There were issued to the shareholders of the Eastern Townships Bank in exchange for itiheir stock in that institution 60,000 shares of new stock of this Bank, baring a par value of ?3,O0O.0O0. This has increased the paid-up capita] stock of the Bank-to $15,000,000. The by-law passed at the last annual general meeting increasing the authorized-capital -stock to $25,000,000 received the approval of the Treasury Board on 26th February, 1912. In addition to the offices acquired from the Eastern Townships Bank, the Bank has opened during the year the following branches: In British Columbia-Rock Creek, North Vancouver, Powell Street, ( VaucotiVGr) and Oak Bay Avenue1 (Victoria); "in Alberta-Athabasca Landing, Hanna, Tilley, Vulcan and YoangBtown; in Saskatchewan-Blaine Lake, Laird and Lew van; In Ontario-Brockvllle, Cornwall, Ingersoll, Niagara Falls, Port Colborne, Port Stanley, West End, (Sault Ste. Marie), Smith's Falls, St. Thomas. .Sudbury. Tillsonburg, Danforth and Broadvie\v,( Toronto) and Earlscourt (Toronto; in Quebec-F.raserville, Maisonneuve (Montreal,) Prince Arthur and Park (Montreal) Nicolet and Three Rivers; in New Brunswick-Fredericton; and in Newfoundland-St. John's. The sub-agencies at Keremeos. B.C., East Angus 1-fowick, St. Chrysostome, Ste. Elizabeth and Weedon, Quebec, have been equipped as branches. The branches at Bounty, Sask., and Stewart B. C, and the sub-agencies at; Midway, B. C, and St. Constant, Que., have been closed. Since the close of the year branches have been opened at Courtenay and Pandora and Cook (Victoria) B.C., Port MoNicoll, Ont, Campbellton and Moncton N. B., the Dunham, Que., sub-agency has" been equipped as a branch and the Upton, Que., sub-agency closed. In accordance with our usual practice, the various branches and agencies of the Bank in Canada, the United States,'Great Britain and Mexico and the Department of the Plead Office have been thoroughly inspected -during-the year. .. '> -" The Directors again desire to record their appreciation of the efficiency and zeal with.which the officers of the bank have performed their respective duties, �' .......  ...h.- ' � B. E. WALKER, ... Toronto, 14till January; 1913. . President^ . GENERAL STATEMENT 30th November, 1912 LIABILITIES $ 16,422,864.6S 'Notes of the Bank in. Circulation .......................... Deposits not bearing interest........----i.. � 58,586,813.55 Deposits bearing interest, including interest accrued to date ....,................. 139,030,648.45 ; -i 197j617.462.00 885,514.94 2,842,439,-50 Balances due to other Banks in Canada................... to other Banks in�foreign'countries.......... Dividends unpaid .................____..........; 6,429.74 Dividend No. 103 and bonus, payable 1st December ........ 525,000.00 Capital paid up .............................? 15,000,00000 Rest... ...........____..............? 12,500,000.00 Balance of Profit and Loss Account carried for- � f ward ...................;'......... 771,678.88 -s ---. 28,271,578.88 $246,571,289.74 ...... ASSETS Coin aud:- Bullion, v...'-.-.........;............. $ 11,273,485.3!)  Dominion Notes, ;;.,\ ,\ .;.. ..;........*...-...... 10,181,480.-86 -----r\ 27,45i,9G5.64 Balance due-by-AgoiiUs:in the:United Kingdom $. 2;082,53S.4V" - ;� - ' Balances due by other'Banks in foreign coun- i � * tries.............. ,s ..,............ 4,718,352.OS-Balances due by other Bank* in Canada........ 28,645,40 Notes of and Cheques on!dther Banks ......... 10,092,360.90 - lll.921.89r... 82 Call and Short Loans hi Canada \ .......................----- 8,779,459.47 Call and Short Loans in the United States ............... 9,003,590.37 Government Bonds, Municipal and other Securities ......... 14,362,116.82 Deposit with the Dominion Government for security of Note circulation................................. 707,000.00 $ 77,229,029.12 Other Current Loans and Discounts .....................163,753,559.28 Overdue Debts (loss fully provided for)................... 487,738.9.4 Real Estate (Other than Bank Premises) ----................. .208,372.77 Mortgages ..;.......... .........----'.,.; :40.4,096.95 Bank Premises-(including the balance unsold^of certain prem-  :�;** , tees acquired from the Eastern Townships Bank)  4,423,993.07 Other Assets ....... vi .....�..:;.'.'............>...v 64,499,61 i^.:-. -7 v v ' ',, v �' ��.$246,571,289.74 ' .  " " . ALEXANDER LAIRD, ;) .... . ".. , 1 1 . , - General Miuuurnt:. In moving the adoption of Ihe Report, tin; 1'n-sideul. called on the Ofiii-' ernl Manager to ad drew Hit; share-j holders, j OENEKAL AlA.S'ACKH'.s aDIjKESS; The General Manager then said: "We have clo-ted another year with a record uf uninterrupted prosperity, and we take, pleasure In submitting a report whh:!: will compare favorably with any j)rc."(ous >-:r.a( Ji.eJii;^ of '-onccrn est we should have dllllculty in meeting- the reriiiir^niCiitB of our customers. There was apparently a sound and healthy basis for this activity, and the money market was for a time comparatively easy, but. wo. had to look forward io the harvesting of a large crop and wen; naturally desirous of doing our full shari; in moving it. The necessity for a close supervision of credits was never so obvious and this period, usually one of dull and inactive business, proved to be a time for the exercise of great caution. We had expected the gradual return of better conditions in the great financial centres, winch, by permitting the marketing of a large amount of first-class securities, would enlarge the supply of available capital, but untoward events in Continental Europe and the uncertainty surrounding ah exciting Presidential campaign In the United Stales made this impossible. The latter half of the year was therefore a time of great stringency and consequent high rates for money, and it became increasingly difficult to satisfy legitimate demands, notwithstanding the inherent soundness of business generally. With the amalgamation of the Eastern Townships Bank our capital was increased to .$15,000,000. The average capital employed during the year was $14,210,437, and the net earnings on this amount were $2,811,806.42 an increase of $506,39" over last year, being at the rate of 19.78%. This result was attained after making the usual provision for all bad and doubtful debts and a thorough revaulation of the entire assets of the Bank. We are pleased to report that an examination of the accounts of the Eastern Townships Bank leaves us no reason to doubt the value of our purchase, and we record our appreciation of the zeal arid hearty co-operation of our associates in the difficult task incident to the adjustment of so important an acquisition. We disbursed in dividends $1,568,-622.43, being at the rate of 10% per annum, and an extra bonus dividend of 1% for the year. The policy of paying bonus dividends until such time as we are confident,of being able to maintain a higher rate would seem to be a wise precaution, in view of the extraordinary development of our business and the desirability of making ample provision for any con-,1 tingency likely to arise. We had expressed the hope that our �building program could be curtailed, but the acquisition of the large territory covered by our eastern branches, and tihe continued, growth in the west, necessitated the opening of a considerable number of branches requiring the building and remodelling of offices on an extensive scale. We have also a serious problem to face in the changes absolutely essential for the proper accommodation of H.ead Office and Toronto branch, our present premises having been for several years quite inadequate. Bank Premises account has been increased to $4,423,993.07, which includes premises acquired from the Eastern Townships Bank and we ihave written off $500,000, keeping the account at approximately 50 per cent of the value of our properties. The increase of the staff, now. numbering 3000 required the appropriation of $75,000 for the Pension- Fund. We have added $2,742,180 to Rest account and carry forward a balance, of $771,-578.88 in Profit and Loss. The Bank's Circulation account showed important fluctuations during the year, the. minimum reached in January being $10,-403,322 and the maximum in November $16,660,709. We had occasion to take advantage of the emergency provisions of the Bank. Act amendment of 190$ early in October, and we. closed our statement with a circulation of $1,422-864 in excess of the amount of our paid-up capital. ~ If the Bank Act introduced at this session of Parliament passed in its present form and a "Central Gold Reserve" established, there will be no apprehension of a scarcity of currency at a time w^ien the emergency provisions are not operative; for with the deposit of gold or Dominion notes in the custody of trustees the bank will have the privilege of issuing their owd notes to the full amount thus deposited. This will undoubtedly be a very important step towards ensuring that the business of the country, should not be embarrassed through , lack of currency. It Is evident, however, that there will be no profit . to the, banks availing themselves of the suggested privilege and as Ave have reached the time when the need of currency is beyond the present limits of the bank's power to supply it,,, desirable that in addition to the adventitious alds: so wisely provided In. the new Sank Act, the banks should , anticipate an increasing demand for bank-note currency by the issue of additional capital.-., . " � � �' .-'-. -� '." :. V: During the year � our deposits' iur creased $5L,651;727.  There was"a considerable accession of special amounts which will ue withdrawn in due course and we waived $IM,ui.!iy us a result of the Eastern TonnshlpH Hank amalgamation. Tic ordinary deposits show a very iian-fruiine Increase. Current loans and 'ib-eouuts increased $52,753,947 ami c;,ll ;ment tile information collected regard-j Ing Its industrial position in � ne-.v j form. Wo shall hereafter include in i the statement made of our shareholders' reports from senior officers of the Bank who have charge under the: General Manager of the, various! Geographical divisions of the Bank' cur large obligation*, before they are sure of the necessary investor in the securities they propose to offer. Many t>, our towns and citlex -vho iin\ e. re-! fused to consult the hanks find them-lves embarassed as a result, and I improvements which may be wise and much needed, must, bo postponed for j the moment. | will doubtless be absorbed in the near j future, but. at. lower prices than here-j fofore in order to meet the invest-' ors' expectations of a higher rat.urn Our niunicioalities, however, should seriously consider whether during per and who are better r,,,.tlified than ^..^ rff such ^ expansioI1 the Ux rate should not. be largely increased. the facts regarding I Total in Canada Newfoundland ..... London, England . United States ---- Mexico ......... .359 ) 1 4 1 Total uumber of branches 36C The number of the Banks' shareholders has increased during the year from 4,142 to 5,656, the increase being principally due to the taking over of the Eastern Townships Bank. The stock of the Bank is now quite widely distributed, not only in Canada but abroad, as will be seen from the following figures compiled as at the close of our year: ' � No. of Share- Amount holders held Ontario.......... 1.3SS $ 4,087,500 Quebec........... 1,127 3,213,650 Maritime Provinces 702 1,544,450 Western Provinces 118 242,950 Great ,509 3,204,400 United States ..... 66H 2,549,950 Other 'Countries ... 83 157,100 5,656 $15,000,000 We (have referred to the provisions of the new Bank Act for increased note circulation, and would like to advert to the proposal, that is now being considered of creating a system of independent audit ,to,, supplement ,what has always been regarded as complete and satisfactory in every well organized bank. There can be no question as to the importance of a strict supervision of all matters pertaining to our banks, and we should welcome any plan which makes for more efficient management and a proper recognition of the great responsibility we are called upon to assume. We are disposed to believe that with the co-operation of the Canadian Banker's Association working through the various Bank Clearing Houses effective service could be rendered in the correction of abuses aud the perfecting of methods for the encouragement of sound banking. We have .possibly not taken advantage of our opportunities in this respect. The Bank Act will probably sanction under proper liens and assignments, the loaning of money to farmers and ranchers on the security.of grain and cattle and other live stock in their possession. This will undoubtedly be a great advantage in niany instances, and will at least legalize a practice already quite, common, and 'probably -tend to'preventhasty marketing of produce. As a matter of fact, large advances are. made to farmers on the security of notes, but actually upon what they possess in-'the way of products of agriculture and their reputation for honesty and ability, always an essential consideration when lending money. We have no,^hesitation in stating that our farmer customers are almost without exception,; satis* factory borrowers. Our aggregate advances to farmers run into large figures, estimated at $15,000,000 for the western provinces. Despite fche money stringency during the closing months of 1912, and the fear that we maiy feel the pinch for some time to come, there are offsetting influences at work. The wonderful revival of trade-in every branch the bountiful harvests throughout the land and the consequent enormous increases in traffic on the railways, afford excellent grounds for the assumption that the unusual prosperity we are enjoying Is on a sound basis. Tlfere is therefore some warrant for the belief that with reasonable care and judgment in measuring our commitments there will be a continuance of prosperous conditions for the coming year. We nitiBt, of course, reckon with the adverse circumstances prevailing abroad, for In conducting a world-wide business we are sensitive to diiese influences. We are hopeful that with the settlement of present difficulties in Europe and - the- return of trade to normal channels, any apprehension for the Immediate future will be dispelled. We are likely to experience, on the part of investors a very decided reluctance to pay fancy prices when" we come to dispose of the'"securities now awaiting, a favor-, able, market," and we should be prepared for a revaluation which will .probably mean a higher yield_for the purchaser, -  are to set forth such districts. The year has been' one marked, even in comparison with recent years, of large expansion, by a con.-.ii.ued increase in immigration, in building operations of all kinds, especially in connection with railroads, in foreign and domestic trade, in bank deposits, indeed, In almost everything connected with the prosperity of a country. Our object in stating what is so well known is that we may consider the causes of our rapid growth and whether in the methods of our expansion there is anything which needs to be checked. Our financial requirements are mainly determined by the volume of Immigration. It is because of this that we must build so largely, and this also is the main cause of the excess of 'our imports over our exports. The immigration for the calendar year, December being estimated was 394,784 an increase over the record year of 1911 of 13 per cent. The immigrants came to us from forty-one countries and were divided as follows Bl-ltish 144,840; American, 140,456; from other countries, 109,498. In order to transpost them to their inland destination 800 passenger trains of ten cars each, averaging 50 persons to each car, required. In the last two years we have added nearly 10 new people to each 100 people already in Canada taken as a whole, but as over half of these immigrants have gone to the western provinces the proportion of newcomers to these provinces In the same period has been about 20 to each 100. The population of Saskatchewan has increased fivefold in ten years. Clearly this is proportionately the largest immigration problem ever handled by any country In order to thouse, Bettle and arrange transportation for these people, we must borrow very largely and as long as such streams of newcomers continue we are likely to be borrowers on a large scale, at least for many decades to come, In the excess of imports over exports and in the volume of our securities sold abroad in order to setle that difference, one can clearly see the strain put upon Canada by this enormous accession of new people. The total of our foreign trade for the fiscal year ending March, 1912, was $874,538,000. Our exports were SSStf^SCOOO and our.exports $315,317,-000 the balance against us being $243,-903,000, and the figures for the half year ending September, 1912, show imports on an even larger scale. The imports of iron and' steel in various forms from raw material to highly complicated manufactures amount in value to $95,000,000. Almost all these articles are already being made in Canada, but not in sufficient quantities, or not of high enough quality, to satisfy our requirements. It is to the last degree desireable that such articles should be made at home and to the extent of say, $50,000,000 or $60,-000,000 they clearly should be.' With the exception of motor cars and parts to the extent of $7,387,00"0 and a few-other items, the whole of this amount: may he safely attributed to the erection of new structures or the opening up of new* farm lands:; It is this large difference between our exports and imports which causes us to send; so many securities "to the London market, and if 4t were true that we, are offering too many securities it would mean that we are importing too many goods or exporting too little, or botlh. Doubtless some Canadian securities are offered which should not have been created, and doubtless our imports are. unwisely increased to some extent by the extravagance of an unusually prosperous people, but the main.cause each year is.the same We need more than ever new mileage' of railways, vast quantities of new rolling stock, warehouse and port fac-i ilittes, municipal expenditures in hun dreds of new towns, and an enlarged scale of improvements in all the older municipalities, the building of ordinary roads, bridges, etc., in many new. areas of settlement, the crea-j tion of plants for new industries and the general increase of existing plants throughout all Canada, the erection of private dwellings in greater numbers and of .more permanent construction than an the past, and many other 'forms of betterment which need not be -detailed. But while our needs are mainly measured by our immigration we are apt to forget that it is the Investor In our securities who has the! power to determine finally the pace of our expansion.; For every dollar we wish to fix- in 'permanent improve; merits :somebodyi 'should 'have saved a dollar and atythis; extravagant moment the borrowers throughout the world exceed, those ..whoae savings take the form of, loanable-capital, it is for. us therefore to-consider not so much our needs as the opinion of the Investor regarding our securities, and the condition of the world's money market. .If we-do this we must' conclude- to restrict our building- operaj tions as much as possible for the mcH ment^and we must expect to pay a higher rate of" interest for our re-quixemenis. Men with business ex-i perienoe before entering' upon build-! ing'operations; large oV'siaall, assure themselves that the needed money isj available, . It is' only our :rnu.nlclpal-I files and reckless .promoters- who in- roads whether they use the roads directly or not? Have we not as much intelligence as the citizens of th�se thirty-three neighboring states? Another cause of high prices Is the general inefficiency of most kinds of labor. Employment is so easily obtained and the worker Is apt to be so The existing securities j iaf.kinR in training for the particular calling it falls to his lot to occupy, that for this reason alone three men are often needed' to do the wol-k of two. The necessity of buying food for three families Instead of two clearly raises tae price of food, and every non-producer of food in Canada therefore suffers from this inefficiency of labor. Still another evil, tending to high prices and growing rapidly in these extravagant times, is the waste in the u-sci -of food. As seen in a modem hotel or dining car this shocks most Of us, but in countless families the waste is nearly as bad proportionately. If three animals are bought where only two are really needed, the price of meat is raised for everybody. I must apologize ;for repeating facts which are so palpable, bu;t in our desire to blame someone else for the suffering caused by- high prices, we often refuse to see local causes which largely contribute to it and which we could at least moderate if wo chose. � . We have often spoken of the tendencies of modern life wthich increase the food consumers out of proportion to the food producers, and it is' pleasing to see some slight evidence of a return to the land which may help to correct this disproportion, but while In the days of western expension In the United States 25'to 30 mills on' i a. fairly high valuation of property were not uncommon rates. Again, should we not pay for local improvements, in a far shorter time than v.e do The westc.ii cities of the United States make their local improvements by the issue of short term securities, the average life of which Ik usually not more than five years.. Such securities often carry six per cent, interest and do not appeal to the same class of investor as do long-term municipal debentures. AVe can easily f;ee the bad effect on the credit of our municipalities by adding the heavy cost of local improvements, spread over long terms, to the' ordinary general debt. Such a system as that followed in the United States would probably not find favor with the subdivision promotor because it would be a powerful check on all speculative real estate schemes. At least a year ago it became generally knows that he u Qf vegetable8 and here were many Canadian securities cerea!g immediately be in- in existence which had not been ab- crwuwd s0 as to ^ sorbed by the investor and that real estate speculation was proceeding at too rapid a pace. Undoubtedly the knowledge of these facts has exercised some restraint upon our people, Transactions in inBide city properties have probably been larger than ever, but the sub-division promoter has not prospered. Direct investments of British capital in agricultural lands to be resold have been made in both the east and the west on a large scale. In common with the rest of the world we are living in a time of high prices, and the incidence of these prices on those who have fixed incomes or earnings is so heavy as to constitute the greatest economic difficulty we have to face. I shall not attempt to deal fully with a subject which is being studied by Government commissions in many leading countries and which will, let us hope, be referred to an international commission. There are some forces which state of the cattle industry in North America Is so serious that some years must pass before we may hope for a return of normal conditions. It looks as if the United States. would soon cease to export beef and unless wo at once change our course we may be Hi a similar condition. "We must increase the number of beef cattle, sheep and BWine on the land largely if our annual consumption is to be.supplied without depleting the herds. We shall hope the Commission regarding our cattle ranges will produce good results and that the assurance of high prices for meat for some time to come may Induce mixed farming to a degree not yet accomplis-hed. Since 1908, while there has been a small increase in the number of horses in Canada, there has been a serious de-' dine in the number of milch cowg,, beef catUe sheep and swine. There stliould have been a very large in-! crease and unless every possible ef- Montreal .. Toronto .. Winnipeg , Vancouver affect the general trend of prices, i fon tQ arreat the decrease is madet others which may cause any partic-, thls clags o{ fQod wiu g].�.� (1) State roads built at the entire cost of the state. - -s-, ; most noticeable in Ontario, while the only important gains are in> Saskatchewan and Alberta. The Clearing House statements again give � ample evidence of our rapid growth. The returns of twenty Clearing Houses for 1911 made a total of $7,391,368,000, while for 1912 the figureB were $9,146j236,000 a gain of 23.74 per cent. � Once more we^ have to record a gain in every Clearing-House in Canada. , The building permits of the four ohlef cities were as follows: ,. 1911 * 1912 $14,580,000 $19,642,000 24,374,000 27,401,000 .17,550,000 20,476,000' 17,652,000 19,388,000 The motion for the adoption of the i report was put and carried'. By-laws increasing the number of Directors- of tile Bank to twenty-two arid lncreafe-ing- the amount- available for the remuneration of the Board of Directors were then' passed. The usual resolu- 1 tions expressing the ' thanks, "of the sharelholders' to '-the President, Vice-,.,; President and Directors, and also to ' the General- Manager,'Assistant Gen-i. eral Manager and other officers of the Bank were unanimously carried.-Upon, motion the meeting proceeded to elect ; .Directors; for the coming year;- arid-then adjourned.' 1 The scrutineers subsequently an- i nounced the following gentlemen to-oq; elected as Directors for the coming year:-  ' ..'' , ;  Sir Edmund Walker, C.V.O., L.L.D.i D.C.L; Hon. George A, Cox, JoVn, Hoskin, K.C., L.L.D.; J. W. Flavelle, L.L.D.; A. Kingman,1 Hon.->Sir- Lyman Melvih Jones; Hon. WV C. Edwards, 2. A. Lash, K.C.. L.L.D.; E. R. Wood, Sir John M. Gibson, E�G,-k.C, UVJ>; William, McMaster, Robert 'Stuart, George F. Gait,' Alexander -: Laird!1 William Farwell, D.GvL;; Gardner Stevens, A. C. Flumerfelt, George G. Foster, K. C; Charles Colby,' M.A.  Pih.D.,;: George W.- Allan; H. J. Fuller, F. F. Jones. - At a, meeting: of the newly elected Board of Directors- held subsequently, Sir Edmund Walker, C.V.O., L.l:d., > D.C.L.,, was, elected President and: Mr, z. .a. Lash K.C., L.L..D., Vice-President. :: (2) County, roads to ^hich the state contributes one-fhalf; the, county 35 per cent;; and the township 15 per cent. For maintenance the state collects from the townships $50 per-mile per annum, the remainder being contribut ed by the state. . of bad Men's j HOSJE, GLOVES, and MITTENS& The kind you usually pay 35c"-^ to 50c for. Our price Ladies* % HOSE, GLOVES, and MITTEN The kind you ha o-cn iiaiS ing from 25c to 5( roi OuK| price .'...........10c and loc^J Come in and we, will show * outl jSMlTH'jSsJl Be. to '.26%, Store - , Mr 309 Fifth. Street South � -j J 1 1 ;