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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - January 24, 1919, Lethbridge, Alberta PAGE EIGHT THE LETimuiDGF. DAILY HERALD FRIDAY, JANUARY 24, 1910 THIS REPORT OF THE ANNUAL MEETING Mr- OF SHAREHOLDERS guard the liiten.'.-u artistic qualify" of the" designs ,ofjs notes in circulation. juier for phcing :tbls -Jhese.notes, for'which Sir Edmund of dtislry on a profitable vn personally, responsible; and; his known interest In matters of more'than a year ago. ___Inrrease Is not far from double art, I the large increase reported last year, lo this a fitting coin-! but we Ehink that the reasons ad- pliment to him. .-Just a few for It then- still hold. _ gbod, [although it is. possible that in add earlier, on May ISth.'MrrK.' A n our 'Mutatd Vlco-Presiden.. and, 1 by a cte o "nu trusted legal admer daring so manyUvorkers who adhere to old tebils, Dil ol.bls call to the Bar or; ss- Deposits, and The increase in our total deposits JV, soon Ontario. The close coincidence ofiop6rate; we shaU watch witbl11 tnese two events; so unusual Ic them-'much Interest the course of tbe note selves, with tho fiftieth 'acnlveraary clrcnlation during tbe next few- of the Bank itself end wifb the summatidn of oar long-deferred itn sec rest coital In the na vaa- .very- remarkable; 'being followed so closely by closehs 27.y per cent., and of ttc great wat, raa'ke't'be past year] a rery notable one in the history of the institution, An We many reasons for a feeliqg of. Jubilation- on this oc- .casion, and this is. added, to by the 'excellence .of Ibe statement .which we have pleasure in presenting to you, ,The earnings of the Bank have .been good, and the profit a have again new bigh, level, amounticg or ?212.000 more than a y'ear aEO. Vie confess to.a feeling of pride that we'have been able to main- tain the premier- place among Can a 'diau banks in this, to you. Important Item. N'otwitbslandicg the apparem size of the figures, howfever, it not be forgotten that the rate ot earnings of this Bank, as of Canadian: banks In general, h steadily .decreas- ing, hy the aerFices rendered and the'eitent of the effort put forth by oqr staff.'On Ibe aver- large Volume 01 Transactions The next item of the assets, con- sisting of notes and cheques and bal ances due by other banks, shows an Increase of almost all made up of larger holdings s on other banks, 'ivhicb con e daily exchanges. This, in crease is. due solely to an Increased If i volume of current banhing transac Securities of various kinds hftvi a fie Spending ul occupations to the making munitions, look four years to reach a cllmai, but the reverse process conies upon us in an instant. We shall iu Iho end bare work for aH. but much that couJd have been started it once in spring or summer Is im- possible In The troops will conic home and as sit mouths' pay Is Lo be given to some of them, and smaller allowances to oth- ers, our anxiety regarding them is partly remove ii. Tbe munition work- ers, however, cannot be shifted to new employment fast enough to prevent there being a considerable number out of work during'this winter. t Our Foreign Trade In to appreciate the scale of industrial 'events we turn RS usual to the figures of our foreign trade, Dis regarding coin and bullion, which have fallen to Inconsiderable figures tbe excess of exports, for the-flsca Jrttatn's debt to Canada on war ac- :ounl may help our finances by Its imjldation at a future time, we have o add to this due to Iho Canadian banks by the Imperial Gov- all statesmanlike -year ending 31st, March, amounted to view pr.ths.ms.ilcr. prevail, and all ii633 647 Th'e 'cicess" for' the two ernmeoL- The Victory Loans In November, the first Victory an (the fourth Canadian War Loan) was offered. The sum asked In as soon as possible. Gold Reserves The Ilauk of England has the largest quantity of gold In its history, but its ration uf reserve.Is low, and the, new government issues of anil 10- shllHng notes have reached the largo total of Great llrllaiu controls a large percentage ot the new ___ ___ golfl produced throughout the world, as and people and in tho scramble for gold which subscribed The Khali doubtless see for many years wo quoted a year ago wen largely ex-ito come, she will'hove the cceded -when the returns were In raising money for (lie Dieted. Thfs Issue was made at culton of the war she has shown a and If it had followed the fate of inosij wonrfeVful confidence In her people as war loana. It would have declined In j to thetr well as lo their will- price Eomewhat before the next to provide whatever was but the organization. wlilChl necessary, week, anil she ban made tho fssuc so successful look latterly avoided the large issues at care of tbe ma i bet so-well that, while; particular moments which have- so dls- a very considerable percentage of tbuiiurbed finance elsewhere. She at first loan was turned over from day to some of us by (he vast Binoiini tbe issue price-was. not inercly main-jof Treasury Bills which she kept i tained, but was'ralsed'tolpar.by later In 1917 she seemcil 1" when.the and'sbM-Tfallois- e cicess or e wo _____ ks be cndertaken which arejr'joug years large as it was whenioud Victory ..Loan came out iti Bonne and Savings Lor- t Interests of ih'e commun- Jomiiarefl wiih'the past waa er last', the Finance Minister was able- In a" steady Elream through in the hest Interests of ih'e wiih'the past, waa ittt having regarfl io all aspects of the question, But let it not be forgotten to make the'Usue price par with air- tanks arid posl oHiffls, to a sufficient xtent lo her nseds of or MnaM4rablr for the largely increased. Even public rowing cannot indefinitely, .postpone the evil day of payment. v Reconstruct, With Savings Some pf our municipalities are al- Ing September, 191S, consisting- of the halves of two total years, ahows a smallPr volume of trade and surplus exports Now that the is over, we shall study wllh In- he greater part of this Is undpr tho leading of deposits not bearing ,in- .eresl, which account, for Deposits bearing interest show an ncrease of an- amount which would have been much greater laji It not been for ihe Victory Loan of 1918, If .we turn to the monthly statements to. tbe Government we shall find that deposits payable notice dropped vember, which is solely duo to Ibe Victory. Loan. On the other hand, it slightly. Call and short loans, show an increase of of which the greater part is in loans outside Can- ada, and immediately available assets are greater, elandiTig at tional debt of the Dominion; The safe course is wisely set out fn the Cun- lit fe report to whicb I have already referred. After speaking of the pres- sure that is sure to' be brought to bear upon the st-ite for capital expert- in many forms lor recnnstruc- about 60 per cent, of our liabilities toj ]ilure the public. Commercial loans show an j Increase of which Is lent In Canada is no doubt-a good.deal of In such manufacturing as.can be per head ot our ponulallon'. hut the .35 this required International money. amount subscribed -to the 191S loan that Is. gold or balances clue-by tor- was per head. In 1917 one countries. She bad shipped to the tien ia 9.02 bought a bond, United Stales, directly or in 1918, ono in every 7.25. The largest through other countries, orer Sl.OOO.- amount subscribed per head was In in gold, as well as a largo Ontario, where Ibe average was amount ot securities, anil had close-! .75, and whero one In every 4.94 her manufactures for export in irtly due to smaller exports ot manufact- ures, but mainly to smaller exports of wheat. The enormous surplus. ot -tie fiscal year ending in Marcb, was due to an in- crease, hi exports of while imports! Increased only Ijouglit bonds. The smallest vras in, order, to produce munitions, and J'rincfi Kdward Island, where the ay- after making huge loans to the allies, c'rag'e'Vas and one in every 'Enc began lo require those, outside 17.33 bought bonds. In these calcula-1 loans which are now roughly catimnl- tlona the' populalton la estimated aticd tit about" "Her loans 7.821.20J. This Is not an official cstim-'ip allies are' suppoied to balance ate, but il-.wfta made .with great carc.jthe loans site obtRincd-abroad, and we li Ti ,Ulon purposes, it points out that all.The increase In pastoral and agrlcul- emended 'on reconstruction ural products was and ,nada. Whde here; a (h {a This ried on under tlie c.rcumsanpes o dj h b j of.prtvalllnK past lew monins a large part .of j h bc and .ncrease is dim to prices j Uh k (0 th T money after lhc war is uncertain, Seon re- .ma ri. mast he remembered under the made by the Govprn- for the deposit.of in this connection, wmie largely inevitable under exUUng con-{ ,IrtnK dltiona. baa a prejudicial 'effect, 1. With nrotjable that current rates are held below the natura, ef.ent hy'var-tlme rcgute- vould seem to he very satisfactory ndocd, Were 'tt nbt: that tw the bulk of our exports we long credit to Drilaln, whUc.for iraporls we must pav in hiternational money: so that this surplus of exports, much as it aricls to our prosperity, carViea it difficult financial iiroblema. of the Victory with the Of (he era of from which the money -was ol fam produce, age of our total assets during tbe. drawn, a large part of this money sliH at-the crerlit ot the "Dominion GoyernmeDt, subject lo Ha require- ments. How to Save, Oncc'again the Minister of Finance and the brganlzation which controlled the Victory" eairtpaigns have won an outstanding succasa. The Victory have earnsd of] ono_ per cent, a a compared with 1.27 per cent in 1S13, the last yeao prior to'the and 1.37 ten years .71 Loan of 151S was over-subscribed IncVeased Services. .The. main'causes of this, as f havy of pubhc opinion, the been provided with more than the sum which It requlrfcd. Yet. as I point- td out laal yeart the le.sson in how ID ..._ ......_ so, fitrongly Impressed upon the polntcil out In previous years, are, hy theae camraigRFV V the enormous increase their great result from tbo nations Jn the volume of those banking ser-' lint or Whu may T0nture t( vices which are performed by thfi prc11ci wbal the ac pdbljc without remuneration, and ot how to jnvcst return ot wages to a .more normal, rSm-s ho volume ot both our loans ami dc- posits. Indeed. It will not be surprls-j ing if the figures of the present bal rather than downward. It ia clear thai tbe Importance'of saving ami ecbnoray in pePsonal pupehdKnres a public dtily will nnv be lesaenetl by lhc end the Problems The (ask of dealing with the tnde Canadian Securities need have little fear that she will not very soon reestablish her supremacy Sales of Canadian eecurit'cs were' of throughout tho inly, a Irltle larger than for the cal- srcai as are the difffcnllles mdar year 1917, but the table below her position. Comhiiuees It IS'intercsling. Iberetorc, to turn to, Miscellaneous will.Ehow that they were almost en- tirely absorbed In Canada: Eecuritiea. Munictpfer-.v 'ubllc our imports and lo consider liow far we to be able to produce them ourselves. Unnecessary Imports For. Iron and steel, in forms used as raw .'material for manufacturing, we spent'abroad over seventy-five mill-1 ions'; for carriages of. all sorts, .In- carriages', Wagons, rail- road cars, horse carriages and for riihberjtr'ca, etc., we spent twenty-five Total Sold.ln Canada. Corporation In United Slates. 2.703.900 Total HIS Percentage ..100% .U4.8T% JS5.955.800 4.7051 In Great Urllaln. m faauea include Uovernment ot Newfoundland Bonds and S2.000 000 ot Ihe French Ilcnulillc Bond issue, which --Mrc absorb- ed by the. Canadian markel. fact 'that banking Is one ot Ibe tew. bifsinesKes' in which charges are sometimes lowered' but seldom In-( creased, lit spite "of Ih'e In- crease in the cost of everything else: and on Ihn bther, the Increases in snd arc inevit- able to enable pnr men ,lo meet Ihe way mean to Canada in the years lo come? Except lor the increase in the productive capacity ol the country, this is perhaps the greatest material tcnetit derived trom tbe war. Along- side It the loss of a few millions ot fleponflp to individual banks Is trvery i small malter. which, if Hie I ing for the use of our Three Hive r ovr-r Hie United KWlfS, through blanch are the principal items accoun'.- ing for tbe net Increase ot In Bank t'remisea account. Total have incrcasMl and now arir.ount to tho very large Hum of This increase is 27.8 per cent. over Ibe figures of lapt year, a re- inarknUU; sbowiiiK when it Is rfcalled tlial Ibe f have been of branches, ,-iijd i. wo have not Inken the of great ibR k'arnl. will wjjifrfi ciiily 'A nol. Ibal and wages constitute! most for-i Bank Hefoet! Loart midallt lien, pf e.pense In .the' Or f.H ltlo Vfrii3ltr o( j any oiher bank. get_o( readily oM'sinlJife ,ui Mexico Branch We'have contlrfuod to tirfffcrslopit thnt the flnd (he djfflculiios with (be members view of the bigb level'of Ihe coal IK'iner. are not small. Depreciation Unnecessary. r An unusual in-our Profit and nccoinit this year, whJc.li the Ixian li'jve fn our our of- the r-rpdlt, wliereas much of the machinery for this purpose In the United KI.IU.S haa been called into Islenr'a pnlnly for the occasion, Is to nlnnK unfamiliar lines? On Hi, i olbiT hanil, wo Hlllnl 'Of- KCl Iho wlutb our nf-Tgll- bcr.4 Crirry tlKry under- take. n.. nhouM nlllmnlcly tils. now has swept it interesting to note j -r i of dealing fair nank large sum oflflv in Mexico In iho In tlili Ibat the "'i reprMonted by j tion ttinl general conditions In that un- Is f jon3j This am Includes {K'O.OOO.OCiO of new money reprcaonls 15 fifir cent, ot the (olal. II In Bralifj-ins (ft know tha'. we have far extecrlcfl Hie projiprilon ouni i happy country would so Improve that war ioney it wriubl enable us to at j-'orne I 10 or enable UN to at Fmtic U'e Imjie. now lhat the sreal K'lropc-an war Is over. ;i'illioritiC'3 v.-IH nijIMon that adcr Ihf II! r.rnvM more attractive ...............lo than Ihe trnJU'd H'atca, Rreat and thit, thus flic thtj-man- IIBI Ihe Mex- ]tmri-Tnt iliis cwjnirv mile Uf Hit war Ilieir way to lie ni'jr'- iJuui ronjoflled. lliu'iiurcliaso o( coal tor some parls of Canada, great as our supply la In other, parts, but an expenditure ahroad of f fghty'two millions lor coa and rolic rnlsca isharply the iniesllon of wliclher we are doing tne hcsl lha Ir. possible tinder the Our Import figures, os In plner sears, atf. KwOtk-rf W Item o( J coverlnE rnllltnry slorej, inun illona of "Imporled ntid tc lualnlnp thp property of [he imnerla and wo o Ilie.-sMddon elnngo llial pence wl bring on item nrnong onr exports i, ,rifle anil Tne fifMd cropa of Canada (of Ilic flgiireii urine last month bcln art estimate, ftre valued nl II Hi- Compared wllh anything ur pasl, Is'vwy surprising. Not ouly- discussing every phaso of her re iioth of our huge Victory Bni1 financial future, and It .remliirn; but the'general course oti realized by her, an we wish It were n bond market hns shown a cor- some other coimlrleMhat uncerUliily espondlng Improvement. While it lo conditions which wll snr- pened In 1918 at the lowest level of round her Ir.duslrlea Is the greatest ot rices, ami therefore al Iho highest all enemies lo mogress Sir In Inlcresl, lhat have seen for donotlcss relax only slowly th> 'cars, It has Improved so that lhc ,'lcld is from one-quarler lo one- ialf of one per cent., less than al the will c regu- lalions of trade nnd finance necessary .by the war, perhaps still ra- llontng raw nnlerlalt. recognizing Ibe ,cginnltig of Ihe year. Not only'have priorily of cssenllal industries, we taken care of all new new Issues of_ secnrKlea and iut wo bave njd of( maturing In he United States to the amount of about N'ow that Ihe war t must expect large Issues checking tho export of capital. War Production Wo have during lha war to give some idea, even if the In- of provincial and municipal b6nds and formation were fragmentary of (tin sKould find a ready market of munltlon-makijig m ('anarta. cr in Canada or In the United Stales. American Finance The financial and Lrade siluallon In the latter country Is very fully set oupN'ew -York agent and Ihn liiatory of American finance during liealirWllh ot'length, ft I esneclally the work of the Imperial Munlllons Hoard. This year wi bavci been autlclpalcd by tho excellent Gov- ernment publication entitled "Can- ada's War Kffort 1914-1918" publish- ed not is A. final record hut as an in- spiration for Ihe "fifth year of Iho dlffutill reallzo Ibat, In "Ihe of n greater tffoit nelr-WnW (Mo Ihe-.war ni Me. Tttot work telns tlieir industries were auparcntly .WAS beyond all cxiisclnt on wo most as .completely diverted 'to be Wr tttnso tor speclll rtf-ir- purjloses thoae of olber allied counlries, Ibe expansion fu partlculai dlrceilons, and In foreign Irnde gener- ally, example nnd'lie- yonil (jur Imagination o( .whal possible. One or Info Hems from his report glvp, iiftftnmc Idea of Iho ftcfllo of llielr opftrallons. The ed for (lie unstinted praise given liy lhc Premier, Mr.'Moyd Ocorgc, nnd by Mr. shortly nfler hnslllillci' ceased. Cbiirchlll lelegraphcil In a! agalnal menls .of tho Uovcrnmcnl for llie Sjlr Joseph follows: "As an with rierni'.niy bas now been concluded, t wish, Minister of Munitions, to con- ;