Lethbridge Herald, The (Newspaper) - June 1, 1914, Lethbridge, Alberta
MONDAY, JUNE 1, 1914 ,THE LEThvKCIDGE DAILY HERALD RAPID COMCI1C1R. Durlhg tho "dlscUBsion of the C N I meat to me was; We have not the in tlio.Honfto iccently W. A. are tryjnj- to get prac- chantm spoke-In-part as follows, ac cording to Hansard to hand: I want to say something along the line of what I'consider to he the pub- lic regard to the men behind this particular I believe that tho members on the tith- :er gide of the HouHo realize this. The 'isentiment of the'people of Canada IB that the" men 'who control tlw Canad- ian Northern railway have made vast that Individually they are in! strong financial positions and that they are ambitious to control and pos- practically'to own, a transcon were in a district through which a Canadian Northern rallT7By branch line that had been promised from yea: to year would go. I had a photograph of that group i sent to Sir William' Mackenzie'with a letter aayjng that these people "were gather- ed in the part the country which ihep Canadian Northern railway Jjeth- line would serve, 1300 the' majority of whom were fifty-miles from ia railway. I at the liave not yet received an ment of either or the petitions. I point that out to ahow that the lieads of. the Canadian Nor- thern railway not showing any anxiety to aarve the people ,of West- PAGE SEVEN TheM6rchants> Bank of Canada CAWMT.WII.M, ONT., May jtli. 1913, "Our little boy, Lawrence, waxorely affected with Chronic Indigestion, ana the doctor did not think he would tecayer. He started wtUi a lore mouth and it developed into this other trouble, Everything he ale just passed right through the system e just p without change. Ha em Canada Tho ireat anxiety they people of Canada. 'I have had occa- sion In this House to point out the system under which the Canadian Northern operates with regard to pro- jected lines In Western Canada. I have told tho House of the hardships which the men and women who nave gone to that country have had to put up with toy reason of the promises made year after year by the Canadian Northern railway people to "oulld branch lines and their failure to carry them out. The.head the Canadian Northern railway is tho best promisor In the country; hut "I do not know of 11-man "who falls to carry out hia pro- mises to the eame extent as Sir Will- lam Mackenzie, "When we are sitting In thla House, when Canadian North: ern legislation is rbeforo us, we liava imany requests to assist legisla- tion. Wo happen to be ia control .ctf things, and they come to us on bond- ed knees and ask us to do certain things. Then they say w'aat they will do In return. J am apeaklng nbout the construction of lines. Last are showing-is to complete a. trans- continental road will -give dis- tinction -to Messrs. "'Mackenzie and Mann. that If they had .aban- doned the Idea of completing a'trans- continental railway, In so (fir the line from Alberta through the Rockr ies to the Pacific-coast is concerned, and had' used the1 money, devoted to that purpose; of branch In'. Algeriaaha-Saskatph- they j. the people pj than toy the trauaconUneatal railway proposition, 'which could kiive. waited for a while. We have bean told that branch liaes may be completed under this arrangement'. Mr own Judgment and the judgment of other speakers who have opposed this particular agreement Is that practically all of this money will to com- plete the transcontinental .railway; and I think 1 can. -sir- that during the iimo ttiat the Canadian Northern rail- way has had tha link between Alberta and the Pacific ooast under cohstruc. tlon the construction, of' branch: lines in the prairie provinces hag fajlen off to s. considerable extent. It seems to me that If they" devote all. of this money, us they will com- pelled to devote it, to the completion the transcontinental system, there will be very few fcranch lines placed under construction and that is the in cried Incessantly and life was a "misery to bim. My husband had been iidiug for Indigestion, getting icnch benefit from them, and I thought what did him good, migtit help our boy. tf a tablet at a dwe, and the result was marvellous. Today, he is the picture of health, and he is perfectly MRS. J. VANFLEET. 500 box, 6 for trial size, isc. At all dealers or from Limited, Ottawa. the country more than the lack, of transportation 'facilities. If branch lines that have been promised are not built, then settlers will lose conUdenco In Canada and in transportation, com- panies, and in this way we may lose many citizens who Troulci be valuable to this country. I said at the beginning tbat I favor- ed government control or absolute government ownership of the Canad- ian Northern railway. I nave had pe titione from my part of the country since this matter came before tile House, and the sentiment there seems to be in favor of government owner- ship. There is no question that the Canadian Northern rairway as it ex- sts today lias been, practically re- )ullt by the people of Canada, and that it could not have reached the stage it has if it had not been fdf the assistance of the people of this coun- :ry. Why should wo give that road any more assistance unless we se- cure control of it either through hold- ng a majority of the stock or by ab- solute ownership of the road. We lave been liberal with the Canadian Northern railway; we Jiave given hem grants, of money and land, and and after telling us in Evans gone by that they would hot ome again they come to this House n 1914 and ask for f to com-, lete their transcontinental. There is o guarantee that they will not come Proceedings of the Fifty-Fint Annual Meeting of the Shmholden The nfty-flrst annual meettng- of the Merchants' Bank of Canada w MM. May 10, In tho Board Room at tho head offices at Montreal. T chair was token at 12 o'clock, noon, by Sir H. Montagu Allan, tha preuldon Others In attendant wera; Thomas ILong. Alex. Barnot, C. A. X Karquhw Robertson, Cains. Alfred B. Hvai a F. John Patterson, A. Plddington, Alex. D. Fraser, George Hag! W. H. Dlxtm. Arthur Browning, w. B. Blackaasr. T. E. Merrett, John Boatt David Kinghorn. R. Shaw, W. B. Shaw, D. C. Macarow, H. B, Loucks Campbell Nellea, C. n. Black, A. Halg D: A, J. M KUbo'ni and H. H. Ransome. Mr. j. M. Kllboum was appointed Secretary 'of th meeting. The minutes or the last annual meeting were taken as read. THE ANNUAL REPORT report of the was read by the President. Board ;tave much pleasure In lubmittlng rwult of the year business, cloning- with tho JOth April la.t. an avtrare capltaland re the Dank haa earned which Is a little lower nt. tha a year Meantime, our capital stock has been further augmented by th disposal of the unsold shares, making tho dividend disbursement, somewha ...In the Proflt and Los, Statement you will observe anplle n reduoUon- of the ,um nsrcsentlnt the bonds arid securitlei. which durln the year have suftored a fall In 'price. To bring them to market valu the Board have authorized the writing of them down by. that I treat pleasure today in coneratulatlng the ihareholders upon very notable event In the history of the fiftieth' anniversary of i also upon the happy attainment of the roal of the Board ambition for many years .back, namely, the placing of the .Reserve Fund iipo an equality with the paid up Capital. This consummation has been at lengt attained" The paid up Capital Is and the Reserve' Fun urgent I Western Canada.. Until tin value of the Panama Capal Is established, the wasttra route little feryice to the people of Western Canada. be- lieve that eventiiailj- It .will be im- portant, probably the nioit Important route for the Alberta .farmer; but our outlet now is by the east, and if the Canadian Northern' railway haU ad- hered to the cortstruction" of feeding lines to their' transcontinental line on the prairie, :oarried th grain down to the head of the lake gain next year, and the year after hat asking for more. Why 'not' deal with this proposition no'w -by getting ontrol of it? That is my view, and believe it to be the view of those tiiom I represent in this House. T am in accord, with the position aken .by the hon. -member for Cal- ary (Mr. and by -other entlemeh who have participated in lis debate, that 'a commission should nvestlsate of. the Canad- an Northern 'the men are in control of It; TSe people this country want to know exactly Jiore .we .stand 'jn our dealingB with the .Canadian Northern aiid exactly where the Canadian Northern 'stand, and whether the men behind that road have made fortunes out of Hi con- struction or not. Some people have talked about the benevolence and generosity of Mackenzie and of how they .have made practically noth- ing- out of the construction ot jhis road; that their fortunes have b'een made In other enterprises. I believe that their fortunes did not commence to develop until they went into rail- road building, a-nd after they went into that they 'were able to make in- vestments in other enterprises' ami so increase their fortunes. A great many people in this country stifl cling to the idea, no matter how much It may be denied, that much of the assistance which lias been given Can-' adian Northern by the governments of this and Provin- cial, has gone Into other with which the Canadian Northern as a road was not related. We ha'je had denials of that fact, but in nto the. finances of the road and the financial condition of the men behind t, would establish whether that i .rue or not; whether ail the as you will zee from the statement placed before you. Durlns the past year we have opened branches at the following In Quebec: Ohateausuay Huntingdon. Maisonneuye, Montreal, S Denis Street, Ormstown and Vaudreuil. In Ontario: Bronte, Clarkson.'Hamll ton East End, Sarnia and St. Catharines. In Alberta: Edmonton. Hay mond and Rimbey. In Saskatchewan: Eaatend, Forres, Humboldt, Kelvin hurst, Limerick and Shaunavon. In British Harbour, Oafe Bay'and -Victoria North End. In and 'in Nova Scotia New Glasgow. we have closed the following New Norway Pincher Station and Walsh, and in Ontario, Sandwich; All the branches of the Bank have been Inspected during the year. I have now to.bring a very Important matter.before you, involving new departure for .the, better handling of our Bank Premises Account, and for the rendering available of a substantial proportion of the aum represented. To that, end, we are arranging for the establishment of a Holding Company entirely owned and controlled by the our premises at various th- ComPany at the appraised valuation of the property the Company handing back to the Bank fifty to sixty per cant of the value miii K first mortgage bonda, the proueefls of the sale of which will be availed of in the Bank's business as the Board may direct, the amaun1 the bonds to he represented by stock in the Company in the ma and held on the books at a nominal value. The rentals charged i ti- th? interfist on'the bondB and in addition provide a Sink- ingr Funa for Oeir redemption in fifteen or twenty years, as the Board may in.u, )n dufi courj a Wn.JtB premlaeit UBBncum! Bank the offlc bered througnv ownership of the common stock of the Company, ail It will be tha holdm- of. The la substantially In accord the policy being followed by some ot the other large.tanks In Canaa. n appraisal of our proportiss Is at present being undertaken, with a view to our carrying out the plan at an oarly date. 'The Board wJH today ask the Bharehojaen to appoint Auditors for the c coming, year, in. accordance with the Bank Act. The requlremenlE under tho new Bank Act, covering the preparation of toge'h8r, wltn. the of the Bank, make it desirable that moi-e time be given for. this work. We flnd It. therefore. necessary that the'date of the Annual Meeting he put forward ewi- Thettird Wednesday in .May, following ,o nearly Mtt April, doss nor allow suftleient time. The Board asks you to sanction a change of dote to tho first ednesday In June, which will meat which I, respectfully submitted. H. MONTAOU AliLAN, President. THE FINANCIAL STATEMENT the ending The'Net Profits of the year, after payment of rebate 1 on discount, Interest on deposita, and'making full provl- Bion for bad and doubtful debts, have amounted to Premium on New Stock The jbalance, brought forwgrd from 30th April, wai! Making a totn! of This has been disposed of aa Dividend No. 104, at the rat. of 10% per annum ES 1C9.907.00 401.UL4.J1 10E, 107, Transferred to Hessir've Fund from Profit ana Loss Account. Transferred to Reserve Fund from Premiums on New Stock.. Contribution to Officers' Pension Fund Written ofE Bank Promises Account vTritton off for depreciation In Bond and Investments........! Balance carried forward .RESERVE FUND ACCOUNT Balance, SOth April, isu Transferred from Front ana LOIR Account Premium of New 5Sg6.574.o: In.reply tojnqulry by Mr. John Patteraon, It was stated al uld be iflnn an opportunity of taking .up bonds of ihe holdfni 26 ?1nk to da 10, Replying to an .inquiry, from C. NeUes, it made clear that! Average Paid-up Capital B. F. HBBDBN. General Manager. the' year, H. MONTAGU ALLAN, President year I had occasion to see the head of-tho Canadian Northern railway and speak of the construction of a branch lino which had been promised for the pvesent.'they would have baen serving the of the peopl of Western Canada. AQ tiie member for Kingston (Mr. Niokle declnrad in liis speech, the Canadlai Northern railway commenced, as a colonization road and If It had adher ed to that purppse It would have been of greater benefit to pepifle o( Westerh' Canada than by devoting ali Its energies lii recent years to the completion of a traniconUhental line to meet the ambitions ot the promot ors of that particular''railroad. 1 'would like to before'.'-.the gov- ernment the request: (hat there should be some guafaiitee'Offcred -lieforo tills debate conclnjlev.'tli'at A portion of this money will bo deyotert Immediate- ly to the completion lines now under and to the construction of; branch' lines that arc absolutely nee_ded i.o'well-settlea por- tions of Western Canada., If they tail to do that It will; ie double evidence that all of this jrionW' will. He required for the transcontinental railroad, and they will ho delayed in .the bulMlhg of branch in the .develop- ment of Western Canada.' In. this 'way tho dlHContent'vwhteh. exlat" Miwe- ft! for a aartsin luimher of years Into njtlie present time will be deveiopeil to coimtry whore.people liad baen living and trying to develop land fifty and sixty and .seventy miles away from a railway. I went to; him uud ursed lint something should dono to c lifuct pgrllojiliir Ills nj a very large extent there is nnthlnj that prOTOkoe .discontent among the sottlera of "wcjlorn country to such ait extent ns lack of (rnnnrorlnttan fncllillijs. There is I- thai jooplo out oi money that has been voted by the governments of this country, ion and Provincial, had gone Into 'the construction of its transcontinental and branch lines. HEAVIEST LOSS LLOYD'S' SUSTAINED SINCE THE TITANIC London, May since the foundering of the Titanic have underwriters'.sustained such a loss. The Empress of Ireland was in- sured In the city'for In ad- ditiou -to which must be her 'cargo, which IB variously estimat- ed around At first it was considered extremely unlikely that the fine steamer: only built in 1906, should founder iii four- teen minutes. Reinsurance business was done at Unit time to two'guineas ier cent., which11 shows how "wholly Lloyd's disbelieved the report.' As it >ecame certain that the news was .rue, the rate for re-insurance rose to lity guineas per cent., and then as the 'inal confirmation, arrived, the ship )ecam'e mensurable. The cloulng irlce for reinsurance on; Btorsta'l was sixty guineas per cent Relnsur- anco on this vessel also became im- losslblo eaily in ihft afternoon. Statement of and Awete 30th April, 1914. LIABILITIES 1. To Cap Uat stock paid In Real or Reserve Fund Dividends declared and unpaid Balance of Profits .as per Profit and Loss Account 2. To tho Public. of the Bank In Circulation............................. Deposits not bearinK interest Peposlts bearing jntereati Including Interest accrued to date of Balances due to other Banks In Canada Balances due to Banjcs and banking In the United Kingdom and foreign countries 15111s payable Acceptances under letters of oredlt Liabilities not Included in tne torigolnt.......................- is.tn.n4.ts Tonight Staiiand MUTUAL GIRL ASSETS Current Coin held............................................ Dominion Notes held Notns of other Banks................... v..................... Cheques on other due by other JJanks fn Balances duo by banking clBtwhere -''than In Canada Dominion and Provincial Government securities, not market value Canadian Municipal securities, arid BrUjah, Foreign and Colonial public securities, other than Canadian, not exceod- InR market Railway and other Bpnda, Dcbftntqrei and Stocks, not exceed- ing market Call Loans In Canada, on BoncU, Debentures and Stocks...... Call Loans elsewhere than In Canada......................... 3, (88. OS 18i.016.4i 76.033.0C pf.hcr Current Loans and Discounts In Canada, (lean Rebate oC 673 "i Other Current Loans and Discount! clsewhoro than in Canada (legs nqbiUe of-Intorest) or customers under letters of credit aa per contra ZUa! Estate other Uian bank uremlsss Overdue Debts, loss provided for PrErr.'.sss, at niui-o than1 cost, less amounts (If any) written off DepoEit with the Minister for the purpom of the Circulation "iuiii Deposit in the Central Gold Reserve Other Assets not Included In tllf. foregolnff..............___i, THE MANAGER'S ADDRESS Tile General Mr. B. F.. Hebden. than made his annual as loiioivs: There }s very little -to be said this year beyond that 'the country has come, throuffh a more than usual irylnjf time the past twelve months Tlifi tranaklon was almost, kaleidoscopic from a period of pletliora, and easy mouer, with deposits In upon us tu ml me with hope, conviction that the country had a very grsac rutura. You have ha'd thla assurance before, but impresilon atronfrl" prevails with me that Western Canada Is more than likely to be Greater Canada in the 'years to come, for the opportunity is there, and the stepa of the younger generation ot many countries will surely be directed thither, certain succesp is awaitine them. You do not want voluminous statistics from blue hooks i-eafl to you, to prove that this country is a gTaim one, -particularly for the Industrious and frugal. Your business Is prosperous. Ths heart of the country la sdunrl tne very core, throughout its and breadth. Extravagance -aiul waste may yet need theh< lessons that spending I3 not IKMnir, but only tha sure forerunner of evil.days. I not desire to moralize or preach, but sanity in expenditure in public and private life la the only sure and certain, road to and.. I believe errors .In the past will be "re- trieved, few who- are .not convinced that the pace that killa muBt be permanently abandoned before the" brighter era dawne. Those brighter days, I eyen now. knocking: at our door. It will be opened sooner if (borrowers of all kinds are moderate in their'demands In borrowing will be the one potent" factor in keeping things they are and deferring the 'day ,oC easier money and generally conditions. I have to thank the Board and the shareholders again in the nama ofl :he staff for yet another handsome addition to the Pension Fund.. hope n a year or .two to'.place the funfl upon such a sound actuarial basis tti.ie no further subventions will lie needed. You will observe In the Balance Sheet'a considerable Increase in Bank; Premises account. I need not remind you that a Bank be advaTitageouily Bltuated as to location, especially In the latsep cities, and prfJy as opportunity ocours can suitable sites be bad, tor pro- perties so sUuatedln dp not often change hands The ykst we have seourefl sites ih Montrsai, Hamilton, Windsor, Gait and) St. Catharines, where ..ye'hive acquired what we I feel that ono or two have'been laboring under In the past, by not tofclriff, 'ery'well eltuated, have now been permanently and satisfactorily dealt wiifaj 'emporarilyl these Jnvestrhettts will not be productive, but later on ahallj vithout doubt, receive'substantial benefit therefrom. It muct be'borne, lii Qind that we are endeavoring; to iuilfl up the future, ana that this era itif lanking in Canada is. If'anythlhgi, constructive. Tou are getting, meanwhtlew fair return upon your have also acquired during tha year froodi antage points in many smaller'places, and have erected Bank hereon, many instances .quarters 'upstairs for tho staff, the Board! avlng considerately .provided officers of particularly at! ut-of-the-way places, reasonably comfortably houMd With tna BtabUshment the Holding .Company, referred, to by the President, fho- um representing Bank -Premises In the Balance Sheet will be substantially] est. Tile of the sold will all applied thereon. Bank] remises account, however, remain there. It will proljablyj ncrease again, for this IR a new and growing country and we must, eep aoreast of the: May I now express'the hope that the coming buemess may In every] ay reach our reasonable Inquiry was.nt8.de as to the purchase o! additional property in connec-l on with the-Head Office .building, .and the shareholders .were Inforiipcdi mt property had been ihbught In of the present building to ffhtlng of present office of enlargement ivhen.required.; The motion, of Messrs. Robertson and'G. to Cnangftj he 'date of tho Annual meeting to the first "Wednesday in June, was unanimously; dopted. 1 On motion Patterson anfl A. Piddlnetoa, Messrs. Vtvlaru of Plendar, Griffiths Co., and- James Reid Hyde, fl'l lacintosb and Hyde, appointed auditors of the bank, to hold QlTiCft! ntil the next their remuneration not to be in all. :On motion of Messrs. Alex. D.vFraser and A.. Half Sirtif, Messrs. 3. and for the of ireotors.- Mr. A. Hs-ig inoyea, Beconded by Mr. 0. Kinghoru, that the Scrutineers ast one ballot in favor of the following1 Directors: Blr H. Montaffu Allan] tnd Btockwell, -Th'dmps'Long, Alex. Banwt. Orr Andrew Allan, C. C. Ballaatyne, A, J.1 F, Howard Wilson, Farimhar KobwtMii, o. L.. arid Alfred The motion waa unanimously1 carried, and these directors dectttaj Sir H- Montagu Allan: On-behalf of old Board. I bag to tender you ir thanks for the in our worfc by us Mr. A. Hals Bimii; aeconded-by Mr. 'Arthur Browhlnf. moved a Tote o( auKfl to the President and Directors, for their services during pant id also to the General Manager and .the staff. The PrcsldenLeirpreised thsjiki ;for lilmaelf and Board of Directors, id the General and the for the exprtcslon of tho appracUtlon of the year's, work. Mr. Qeo. Hague, former Gent-raj Manager of the Bank, in a. Bpeechi ngratulated the Board'upon' excellent reault for the year, also in closing rtaln branches, aasurahce that Che condition of tltei slness at the various branches'was having the close i The President said .that all shareholders were glad to see their veteran, r. Hague, with and lie would be able to attend many subsequent] This'concluded the business if the which then adjourned. At of mbieauent special meatlnr of the Directors, Sir H. Montagu Allan tleoted as Preiident, Mr. K; W; Ehtckwell as Vlce-PrMldtat. _____J H. R. H. DURESS OF CONNAUGHT AT TORONTO StviANpREW'S COLLEGE GAMES The First Sltetch of the Duchess Since Her Recent Illness E. F, HKBDKN, II. MONTAGU ALLAN, A WARNING The following wire tieen reeelv- d hy thft Herald from the 0 P R at algary "Oil company' hm been reglntered at Cslgary under the .Oil President, and Its advertlaliff might the impreii.Qn that ihU com- pany had comwotloa with It Pe- to Inform you that the Canadian Pacific Railway haf no connection wnatever, direct or Indjnct, with any oil company, and we ore takliff steju to prevent the of the o( the, railway without D, C. Coleman, general ont."