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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - July 20, 1909, Lethbridge, Alberta SIX THE LEYHBRIDGE DAILY HERALD, TUESDAY. JULY 3d. LI THE CANADIAN BANK THE SOUTH ALBERTA LAND CO. LTD. OF COMMERCE n p Boards rroposal ror Financing Irrigation Scheme Has Been Approved Prid-iip Cupittl, TRAVELLERS1 CHEQUES mw Trmden' Cheques pectnfly m vfakfc to cany money wh by thb Bank are m raort tuoed n deaommai and met mount pajmhkr in Austria, Belgium, Denmark, Franca, Qennany, Great Britain, Holland, Italy, Norway, Sweden Switzerland a stated on the tux of each cheque, io otber coootrttm nun payable carrcot The cbequM Am may obtained at Baak. Lcthbridge Branch C G. K. Nourse, Manager DARING BURGLARY IN MONTREAL Montreal. July daring burglary on a store was pulled off on Forsythe St.. Saturday night about: 11 oclock. Two men entered a little grocery store, kept, by a Pole, and after demanding tobacco, one of them pulled a revolver and shot the pro-! priotor in the groin and wounded his wife in the shoulder. Then they rifled the till and got away. The chances "l catching them seem slight. (Reprinted from the Financial Times, June ISi'h.) The second ordinary general meet- ing of the Southern' Alberta Land! Oinpany. Ltd., was held yesterday at Salisbury House, London Wall, whole scheme at a cost of and in view of the satisfactory re- sults we are led to expect, we have decided to carry out the work as ree- ded, and at this meeting we in tary to the reservoir and branch canals, "A Great Landmark" I-am glad to- say that as a compli- ment to Mr. McGregor this great res- ervoir has received the name of Lake Tlu4 Secretary (Mr. William J. F.C.I.S.) having; read the no- tice convening the meeting and the report of the auditors, The Chairman said: We have held over the meeting so as to enable Sir. McGregor to be pre- sent, and as he is here I will call up- nn him to give you particulars of the very excellent, work that he has car- ried on for us in Southern Alberta. I acree with me that The Jubilee Cup at Bisley, for the am sure highest aggregate in MacKinnon and I Jt is much better J'ou should have the Kolapore cup matches nada. wa's won by Ca- OF CANADA Capital, Rest and Profits Exceed opportunity of hearing first hand the latest news of the development of our; property. The directors' report- and i balance sheet has been in your hands j for the past week, and, I assume, has i est irrigation experts in the United States, and I feel it unnecessary to add anything to what ht> has so ably said in support of the plan. His re-1 port speaks for itself, and we must find the money to carry out the scheme which is so strongly recom- mended and promises such excellent results. A finance committee has been appointed to consinder the best methods of raising the required funds, and Mr. Grenfell, who is here today, proposal which is briefly mentioned in the director's report. Mr. McGre- gor also being here. I do not propose to detain you with my remarks, as it is better that, you hear direct from Establish Yonr Credit Have yon ever consi- dered how important it is to have an account at your local bank, with T recognised financial standing and credit It would be a great advantage to you, whether you are a Business Man, a Farmer or a Rancher. There are other substantial advantages in having an account with the Union Bant, including Interest at highest current rate on Savings Deposits. Your account, large or small, is respectfully solicited. Lethbridge R. Anderson, Manager. Stirling F. Manager. Lake W. Mai Hie, Manager. received your careful attention, butj I wil just run through the balance! him M tO general of the sheet, which is, I think, very expli-i cit. and requires but little explana-i T tion. and the work that he and are carrying out on our be- I therefore propose to call on On the debit side cur capital re-j mains as last year, issued out on an authorized Mr. Grenfell to second the resolution which I beg to that the report and statements of accounts f to 250'000 acres; that is to of this reservoir, Messrs. McGregor and Grace have decided on a very much bolder, and in my opinin, a very much safer scheme, than any- thing we have contemplated in the past. When I say this scheme is very much bolder, I do not mean that it is more risky, as from its simplicity it is very much less risky than any scheme which we had before; but I say "bolder" because not only do we lovk to irrigate the vast tract of ter- ritory which comprises our lands, but we also look to supplying water to a territory even twice as large as ours, already settled and occupied, which with water available will become a I large and thriving community. The scheme, therefore, is a great deal larg er than any tiling we have previously considered. Taking your own tract alone, you will find that instead o: hoping to irrigate to we now contemplate irrigating ONLY 65 LEFT OUR LOTS ON WESTMINSTER ROAD ARE SELLING FAST. IN- QUIRE AT ONCE. PRICES AND TERMS'RIGHT. GALVIN HATFIELD Room 4, Imperial Bank K! capital of t V VJ be to outline are comparatively! f Sundry creditors are comparatively! our pro- small "items, and the income and ex-! fo; financing the com- penditure account balanc-i pany' after I.shall be pleased es, so that we are in the happy posi-j tion of having been able to meet the i general expenses of this company out of our income. On the other Side you have the cost of our property at i am dealing in round figures will be increased by ab- work on the can be better McGregor. I have not yet :y of going out to and actually seeing the big work going on there but I hope very much to go out this fall and re- iy acquaintances with the coun- I BOW ISLAND FOR SALE and Business Lots Buy real estate in the progres- sive town in Alberta, and tKereby double your profits Residential Lots from to Business from to out during the next five years when we complete our agreement with I the government. Expenditure on the Wmc? not seen for i work on hand amounts to about and J rePort to 000 and we still have the expense ac-! tune next -vear that from count, which, as explained last year, j is carried forward until the assets of I the Grand Forks Cattle Company are actually liquidated. Mr. McGregor For terms call or write Ludtke Waddell estimates that these assets will even- tually realize more than they original-! my own personal observation that the South- ern" Alberta Land Company is one of the best propositions in Western Canada. (Applause.) Financial Proposals Explained Mr. A. M. Grenfell: ly cost to the company, in spite of! have much pleasure in seconding the the loss occasioned in 1907, so that the j resolution which has been proposed amount of must be taken as a j by the chairman and explaining to you the financial scheme for rais'ing funds to cany out the work as rec- book entry, which we hope will be converted into a" profit. The live stock etc., amounts to and, as yoxi j were informed last- year, our policy is to liquidate this item as opportun- ity occurs, it being the intention oi the company to devote itself chiefly to the irrigation scheme and land business. In addition to this we have sundry debtors loans and cash, which total up to so that as regards liquid assets we are in a very sound position. This, I think, deals fully with, the balance sheet. As already advised yon, we have been able to carry out a very satisfactory exchange of land, which.naturally altered our plans and necessitated fresh surveys and the consideration of an entirely new scheme, the net result of which j is 'thai a much greater proportion of your land'will, we believe, how be rendered irrigable. of Scheme I trust that you have all read Mr. Anderson's excellent report, .which deals very the scheme of ir- rigation proposed by Sir. McGregor and Mr. Grace and which he so fully endorses. I would urge that any who have not done so to study this report- most carefully. You will see-that 'Mr. I Anderson urges the adoption of the ommended by our consulting engineer which has been tully endorsed by Mr. Anderson. I need hardly, tell you that the proposals to which your ap- proval is asked is the result of long deliberation and- after consideration of several other alternatives. In the original scheme we raised 000 for.working capital, which we con- considered, with the assets of the Grand.Forks Cattle Company, would be nearly sufficient to irrigate to acres. The original estimat- ed cost was of this was provided in cash and was the estimated value of 'the assets of the Grand 'Forks; .When we met last year you will remember that we had before us a pumping scheme. This we contemplate irrigating 100 per .cent, more of your land today than we had estimated in the past. In ad- dition to this, as our canals traverse through nearly ninety miles of coun- try, we shall be able to offer water to many holders of hundreds of thou- sands of acres of land from which we expect to derive a very large revenue. I have only prefaced the details of tlie financial scheme by these remarks because I think it is of importance in considering the financial side to real- ize how we propose to invest your money, and even though we are rais- ing today a greater sum than we an- ticipatAd, we will at the same time ir- rigate a far greater area than we had j contemplated, and the net results will I believe, yield ultimate profits very much larger than we had in any way- hoped for. We shall ask you today to approve the scheme to raise 000 which, in addition to the we have in hand, we propose to in- vest in the irrigation scheme which has been so 'strongly recommended by Mr. G. G. Anderson. In case some of the shareholders are inclined to cri- ticize .the. large sum which we have to raise, I want to make it quite clear, not only that the money would be vested in irrigating a far greater pro portion of your lands, but that we ex pect to derive a considerable'income from.water rights, and I believe tha the investment of the money that propose to make for your account, wil be justified, merely on the prospective return from water rights alone, apart altogether from the irigation of our own lands. We propose to raise 000 by an issue of Five per cent..Debenture stocks, each deben ture stock carrying an option -to sub- scribe at any tune, within three years Have you seen the New Model Oliver No. 5 Typewriter? It Establishes a New Standard in the Type- writer World It is as essential to a business organization as a right hand is to a as versatile in its many functions. It Will Pay You to Investigate We are the local agents: Stephen Malone Insurance Brokers and Commission Agents Room 1 Qtt Block i- scheme had several things to.recom- for one ordinary share of at 30 shil- mend namely, the smaller initial cost on there was always the drawback of the con- stant annual expense of the pump- ing and the risk of any mishap to the plant. Mr. McGregrr hoped to be able to. exchange our lands for an area close alongside which: could be irri- gated by means of gravity canals, and am glad to say that the land depart- GRH SSY LHKE The Best New Town on the C.P.R. Crow's Nest line Some Things Grassy Lake Has! Two coal mines in operation A first-class brick yard in operation A branch.of the Union Bank An up-to-date hotel A practising physician 'All kinds of business houses ment of the Canadian, government, realizing Alberta stood to g.sin by a successful scheme of irri- gation, agreed to make the .exchange of this land; and "the'nature, of our business ..was. in consequence, consid- erably though it entailed a very much larger expenditure of .money. This exchange of land, there- i.orfr, enabled the to alter hi, scheme snd adopt, a scheme for" distribution of water by gravity. This rtifvins a much expenditurife' but a wry much smaller nanna] ex-; pense for maintenance. Mr. gor will tell you how even nature fought for your he clis- covered a vast natural reservoir, which not only from its immc-nse size, but from its location, will prove of very material value to you and also lo the vast countrv which is tribu- lings per share. In order to supply the shares ior the-option it is neces- sary to ask you to increase the capi tal of the company from to Criticisms Answered We have had criticisms from several shareholders, one suggesting that we are maiang a Dig mistaKe in raising this sum as we might have been able to raise the money by temporary bor- rowing; but I think you will agree with, me" that-a "bird in hand is worth two. in the bush, as it a far safer bus- ines for us. to make certain of the. money, and have to if -the money market should go against us, to onerous terms. I am glad to say- that for a commission of per cent., and a brokerage, we. have been able to have the whole underwrit-; and I think that the sharehold-j frs will agree that these terms are very reasonable, especially when-we r consider that the company is still in construction stage. From the point j i of view of the borrower T think we I may congratulate ourselves that we have done good business a'nd from the j point of view of the lenders I think (Continued on Next Page.) OUR STOCK OF SWEATPADS, WHIPS, BITS, BRIDLES, HAL- TERS, AND OTHER ACCESSORIES IS THE MOST COMPLETE IN THE CITY. WE WANT YOU TO FIND OUT WHETHER THE PRICES ARE THE LOWEST. A. EASTQN Next to A. Macdonald Co. Begide Gray's Haidware Western Canada Agency, Ltd, Merchants SPECIALS Gra'phite Cylinder Oil (the very best) Atlas Reo Engine Buby Reo Harvester Auto Motor (non carbon oil) Cup Grease, Hard Oil, Axle Grease Linseed Oil Soap, Boiler Compound No More Sweeping Com pound Kerosene Western Canada Agency Offices, Macdonaid Block Ltd A fine Assembly Hall which is open for engagement Some Things Grassy Lake is Now Getting! An elevator A new depot "An .electric light plant. Town Property is advancing rapidly. Some business lots are now selling as high as i tooo Buy Lots in Grassy Lake and Double Your Money Bitsiness Lots from to Residential Lots from to For apply to J. R. PERRY, Jun. or Box 411, Lethbridje, Alberta WM. SALVAGE Lake, Alberta Sec our Dif play of New FURNITURE A carload just placed in stock m White Furniture Co. Agents for the Thomas Organ and Davis Sewing Machine Phone 356 Crabb Some People Think that lumber is of th'e same grade and same price at all yards. We can show that prices and grades and we can show that our GRADES ARE THE BEST and our PRICES ARE THE LOWEST STAGEY LUMBER CO., Just across the track on Westminster Road in the North Ward; Phone ;