Lethbridge Daily Herald, The (Newspaper) - June 3, 1911, Lethbridge, Alberta
Saturday, 'Tune THE LETHBRIDGE DAILY HERALD Page. 13. ANNUAL STATEMENT OF THE IMPERIAL BANK OF CANADA Proceedings of the Annual General Meeting the Shareholders Held at the Banking-House of the Institution In onto on Thursday, the 25th May, 1911 ANNUAL STATEMENT The profits of the year have been at the rate of 15.184 per cent., as com- pared with 14.00 in the previous year. This increase justified your Directors in declaring a. higher dividend for the last quarter. By a comparison of the balance sheet with the same return for 30th April. 1910. you will note that the circulation of our bills line increased by about SWo.ono, and that deposits have increased (abo.utj The total gain in deposits and circulation has been from to On the other .side of the account, liquid assets are as against and current loans arc as aafjaiiist condition of affairs whivh is-l shoujd satisfactory to aii conceded. NEW CAPITAL The additional capital referred vo in our last annual ivpurt has been taken up most satisfactorily; out of a total allotment of hav- ing been already paid up. The additional capital has enabled us ta take ost tiou since the discovery of the mines is valued at more than! x 50 per cent, perlijijm 60 per cent... of which has been paid out in dividends to shareholders. Cobalt produces l.'J per cent of the total silver produc- tion of the world, ar.d apparently there are better things to come .as the industry'is now being by the introduction of electric and compressed air power. Fortunately, also, the market price of silver is advancing. ..For- The thirty-sixth Annual General Meeting of the Imperial Bank of Can- ada was held in pursuance of the terms of the charter at the Banking Ho.use of. the institution., 25th May, 1911.. THE REPORT The Directors have much pleasure in submitting to the Shareholders 'their thirty-sixth Annual report and Balance Sheet of the affairs of the Bank, as on 30th April, 1911 together with Profit and Loss .Account show- ing result of the operations of the Bank for the year, which ended on thac day. The net profits of the Bank, after making full provision for all bad and doubtful debts and for interest on unmatured bills under discount, amount- ed to has 'been applied as follows. (a) Dividends have been paid at the rate of 11% per annum for the first nine months of the year, and at the rate of 1.2% per annum for the last three months of the year, amounting to........ Employees' Pension and Guarantee Funds have (b) (c) has been been credited with Bank Premises and Furniture Account credited with (d) Profit and Loss Account has been increased by In addition to these results, Reserve Fund Account, has been increased business and the additional dividend charges have been c sated for by a very substantial increase during the year in deposits ami cir- culation. SHAREHOLDERS Our shareholders now as compared with in STAFF The staff has increased hi number from 665 in 1U10 to in rjjl. DIVIDEND The advance in the rate of dividend to twelve per annum is I am sure, from expressions of. opinion .which I have heard be re on more than one occasion, in line with your'own views. Anyone occupying my respon- sible position would naturally hesitate before recommending an advance in the usual rate of dividend, unless he is fairly-confident thus if. can be main- cupine is somewhat of an tinkonwn quantity, but there is great promise of enormous yields of free milling gold ore. it is gratifying to know that tlu: great belts of ferule land which are even further north than Cobalt and Por-1 cupine are beiiiR taken up by ;i desirable class of settlers. In one district i alone not many miles from Cobo.li there are over farmers who are ap- arently satisifed. with their conditions, and who" will have a home market the best marke.L, for everything they produce1. But what (he north country needs very badly 'arc good wagon roads. These are of almost greater im- to the agriculturist than additional railway facilities and can be furnished much nunx- economically. j i COMMERCE j The -total exports of merchandise and agricultural products during 1910 amounted t-0 aw against iota! imports of There j is no difficulty isi finding out where the came from. j Our .loans weir considerably mure than Our ex-i ports of-agricultural ant! forest products fell off during the year in value by 310.000.000, but our exports of the mine increased from to 000.000. and of laamifucr.urcd goods from to Our I imports of merchandise i'or exceeded those of 1909 by The success and wealth which have followed upon the expenditure of j immense sums of borrowed money, of money made in honest toil and real; estate, has introduced a period of extravagance by way of personal j diture that is unparalleled in the history of the country, and may yet occasion i See Our Window R. A. Wright FOR ONE WEEK ONLY. SELLING OUT. FORMING NEW PART- NERSHIP REMOVING TO NEW STORE. ONLY FIXTURES TO BE REMOVED. THE ENTIRE STOCK MUST BE SOLD LAYMEN'S MOVEMENT CONVENTION Toronto, June plans for the to many. It is true, however, that business failures-are Lux-j-Ucn fe -Missionary convention to be tained; if not maintained, disappointment is the result; but ,unless conditions urics of ever} uyscriytiuii, motor cars and foreign travel are cow indulged i held in each of the provinces have throughout the Dominion change substantially for the worse, or unless we in thousands .-who were satisfied a few years ago wii.h short trips-by land j been arranged by commits suffer some unlocked 1'cr reverse. 1 do not at- the moment see why our i or water to local points ol' interest. established business and ever growing'-reserves and resources r.he present dividend should not be earned from year to year. NEW BRANCHES We are still expanding, and, 1 think, are doing our full share in provid- ing the country with necessary banking 'facilities. We have opened up seven new branches during the year, and have "ten others under way. The first cost of opening these branches is considerable; outside of expenditures upon structures, which may be looked ,upon" as. a permanent character, the whole expense has to be provided for out of the profits of the year. it is not to be expected that such development will receive an immediate return. We are, as, I think, other banks are 'doing, carrying a number of branches which form ptvotal or strategical positions and which, although not yielding a. profit today, are not only protecting more iniporuiut points 1 beg to move the adoption of the report. The customary motions were made and carried unanimously. appointed throughout the eoun- try to look after each convention. The The Scrutineers appointed at the meeting reported the following Icialc for Uie conventions in the west Shareholders duly elected Directors for the ensuing year: ;.lcssrs. D. R. Wil- as follows: Vancouver, Oct 1S-20: kie, Hon. Robert .laffray, Ramsay, of Borland. Stow. Scotland, Klias j t'algary. Get. Regina. Oct. 25- Rogers, J. Ken- Osb-jrnc. i-'clcg l-lowland. Win. (Winnipeg) Cawtbra U7: Winnipeg. Oct. 30 Nov. 1. .Mulock, Hem. Richard Turner, i Quebec) Wm. Hamilton MerrrtT., D., St.' Cathrines, W. J. Gage. At a subsequent meeting of the Directors Mr. D. R. "vVilkie-wae re-elected j President, and tnc Hon. Robert Jatfruy. Vice President i or the ensuing year, i e expended d.urmg the year .m connection with new bank premises by the application thereto of the premium received upon the! from the attack of. competitors; but will themselves, in proper time, become amount paid up upon subscriptions to the recent issue of new'Capital Stock, j directly profitable.. We now have, including sub-branches, OIK- hundred and Branches have been established during the year at "Sault Ste. Marie j seven offices. (West at Porcupine and'South Porcupine, and at Dayisville, all in the) BANK PREMISES Province oi Ontario, at Wynyard, Sask., at Redcliff, Alta., and at Wilmer, The "business'of the Bank continues to develop most satisfactorily. buildings The Head Office and Branches have been carefully inspected during j the year, Directors take pleasure in expressing their satisfaction Qur e.g from this account a sufficient amount to bring the book the premises well within what are satisfied -is their realizable value. IRO ACQUITTED TWO HUNDRED THOUSAND CHINESE ARE STARVING The whole respectfully submtted. 30th April, 1911 PROFIT AND LOSS ACCOUNT D. R. President. Dmdf-nds Nos. 81, 82 and 83, paid quai-ter- ly for nine months at the rate of 31% per annum, and for three months at the rate of 12% -per an- Annual contribution to'Em-' mployees' Pension and Guarantee Funds Transferred to Reserve Fund .........___.___ Written off Bank Premises and Furniture Account Balance .of .Account Car- ried forward ___......... RENEWAL OF BANK CHARTERS The decennial revision and renewal of ..bank charters has again been postponed by the Dominion Legislature in deference to what was consider- ed to be more important legislation. In the .meantime the charters of all banks have been renewed until July 1912; the .policy of the Govern-j'Hied 108 typewritten pages, Judge inent and any new provisions in the Act will, it is promised, be announced Winchester expressed the opinion that i Toronto, June a letter to i t friends in Toronto.. Wm. G. White, j Anglican bishop, Hoaan, China, re- i i ports that Chinese in the dis-'i Toronto, -.June 2.-Jutlgc tt inches- trha of Yung b dicd Qf gtar j ler acquit Led Mut.ru, president valion since the famine coinmenced. pi" ihu dt'fiuici Farmers' Bank. On Uie ;ind lbiil mrn woraen fronj i charge oi' and wi'.i'ulh mak fen arc advantage of the ing false anil deceptive sUitcincnts in tress to buy slaves and oilic, the returns of assets and liabilities purposes. of made to Uie Dominion _____________________, '_'___ Government. In his judgment, which Queen's Uniwrsiiy. Kingston, Ontario. 'ARTS. EDUCAYION. THEOLOGY. MEDICINE, SCIENCE Inducting ENGiN2ER1N.G. The Arts course ;nay taken by students deslnns1 to iite KIUSL altind one session. ARTS SUMMER SESSION July 3rd to us; 11th, tl-.e Re? 7. jr'or Calendars write G. V. CKO'vVX. Kiussron. Ont. Balance.'at -credit- of ac- count- 30th April, 1910, during the Autumn session of Parliament.___ _ The Government has been reticent so far as regards policy, but; we have no reason to doubt that is best in the interests of the co.untry Col. Mtniro has been deceived by Travers. vvhom lie which are your will be decided upon. As, regards the policy of j trusted, and had he wish- are c'.uite willing to submit to .any reasonable form of inspec- cd .10 investigate tlic bank affairs School of Mining A OF'.lPt'I.IEJJ SCIENCE (Ion. At the same time we have no faith whatever, any more than the Fin- ance Department itself has faith, in Government inspection. Effective Govern- ment inspection is impracticable and inspection would be misleading and dangerous. "Outside'' inspection has its advan- tages, and if it hal not been tnat the wh-ole subject will be thrashed out in a few months in Parliament, we should have -had some suggestions of our own to submit to you for your approval. NATIONAL DEVELOPMENT In comparing the returns furnished the Government by the banks 01: 30th April, 1911, with the returns far the same clay in UMO. i find that Travers him. have deceived KINGSTON. ONT. OalcniJai of'ihe Schooling -further in- "j ly to the School vf und J IJ Civfl Prreiupincnt LOOKING FOR HOMES j The Department of Neglected Child- j J H E CANADIAN BANK ren is looking for homes for a mini- bar oi children of very tender years: i lour male infants under the age ol" i I sets, loans in foreign countries have come down from in 1910 to in 1911. Bear in this last item that it is an i error to suppose that, these loans'are placed abroad for the purpose oi' e-irn- j a higher rate of interest than-can.-'be. obtained at. home. As a matter of i fact, they earn less, but they form, a part- of the cash reserves of the banks, are loaned on readily "marketable securities on call at lowjwou'ld. be willin sutne the responsibility of parenthood CAPII AL, 4) paid-up capital of all the banks has grown during the year from 597.000.000'one year, at the present time in the j brought forward j to reserve from to' circulation from I Uals'ary Shelter waiting t.u be claimed Profits for. the twelve.'man- to SS3.000.000; public TO Tata I bv sotiie wiilinz parties who would as-' 'tlisen.ded.30th April 1911 (liabilities have grown from to Amongst the as- after deducting charges management and interest due depositors, and'after full provision for all bad and doubtful-debts and for rebate on. bills OF COMMERCE SIR EDMUND LL.D., D.C.L., PRESIDENT ALEXANDiln .LAIRD, under discount rates of interest, and are quickly realizable. The total of these reserves Premium" received on new Capital Stock RESERVE Balance at Credit of Account, 30tb April, Precoium received on new Capital Stock FUND 19.in -f is not excessive -when total liabilities of the greater part of i toward these little strays. j The children are ail normal, healthy iisppy babies, and should L'ind their; way to the hearts of any women'who j to adopt an infant, i l.o itei her REST, FOREIGN COUNTRIES r.vcrv branch oi The Canadian Bank of is equipped to issue draft'i'pa. V ilO the principal cities in the countries without delay Africa, Crete Cuba. Repiibli'c Denmark went of mother love returned a hun- dred fold. Artnur, aged eleven husky Thirty sixth Annual Balance Sheet 30th April, 1911 LIABILITIES Notes of the Bank in S Deposits not. bearing interest S Deposits bearing' interest, (including interest accrued to which is payable on -demand, are taken- into account. .Moreover such include the investment of foreign deposits held by the banks having -agencies outside of this country, amounting to nd less than so that the net" loans of Canadian funds by Canadian banks elsewhere than in Canada do not! young Presbyterian, large, blue amount in all to more than j eyes, and a happy most un- The Bank Premises ;all "the banks has grown from 322.400.000 j for a good home, to This is not a large'amount when it is be.urne in mind that the total number of branches over Canada has grown from 2.27G in 1910 to Australia AustnVIIuns Belgium Ho Poroc Idbind? Ire'ana Finland Italy l-'ntnce Fi-Vh Cciriir. China Milia. M.xiicnuria UntXin JSTc-vico Prrsia Vcr-.i Pmirepir.e Islands Portugal Siberia. Scudan South Africa" Spain Straits Settlennnti Sweden Switzerland Turkey t-'m'tcd Uruguay Ir.cien, etc. in 19.11. The total assets -of all'the'thanks have grown from 000 in 1910 to in 1911. Current loans which represent mauuiact- Clarencc. aged fifteen big and fair, ro- bust and happy, should be a favorite The amount of these drafts is stilted in the money of the cor.ntry where they are pay- able that i-; thev arc drawn in sterling, niiirks. lire, kronen, Sorins, yen! etc., as the case r.iny be. Thi? ensures that the payee abroad, will receive the aclunl amount" intended. "233 in auy liouie fortunate enough to agricultural, lumbering, mining and all mercantile -business have grown opr, him. Harold, aged eleven weeks. from to so that setting aside an amount j the pride of the shelter in Calgary. by -way of cash reserves against deposits and circulation, it may truthfully janci the matron's report be said that the whole amount owing -by the banks of Canada to the public f jLethbridge Branch- C. GrL-Noursc.- Deposits by other Banks in Canada Total liabilities to the public Capital Stock (paid Reserve Fund Dividend No. S3 (payable Isr, May .1911) for three months at the rate of 12% per annum Hebate on Bilis Discounted................. Balance of Prpfit and Loss carried SO. 54 J13.-14S.25 of Canada is loaned back again to the public of Canada by the banks of I ,ta.tes that he is the liar.flsoaiesi -buby Canada. CROP RESULTS AND PROSPECTS As regards the crops, my latest information is to the effect that the acreage under crop in the three Prairie provinces is acres, as against acres in 1910. The total yield of agricultural products in these tbrse that has ever been in the shelter since j she has been in charge. These- young. Albertans ire all ready for adoption. Those who would bo willing to adopt a child are requested ASSETS Provinces in_.l9lO was valued at a falling off from 1909 of no i to communicate with the Superintend-I less than result'., of .drought and heat, although the acreage j ent Ol- xeglected Children at. Edraon-! tad increased by acres. The total area of field crops grown in all L M 1.1 Canada in 1910 was acres, and the value as compared !toll: and !l Llie" j with acres and in 190P. We arc glad to know that iihoulc1 he Possible to ths condition of the crops at the present moment is in every respect first-1 naake not only a child, but some home (class. There has been an' abundance :of moisture and rhere is a sound of i very happy for a life lime. gladness throughout the land. The average yield of wheat per acre in the j---------------------------- Western Provinces over the past ten years has been 11J bushels, bui. .in 1910 it was only 15 b.ushels. Our reports regarding manufacturing interests are uniformly satisfac- tory. We have reports from a hundred different Coin's and in not one in- OF CANADA Capiiai. Rest ana Undivided Profits, Assets Over Gold and Silver coin Dominion Government Notes Deposit with the Dominion Government for security of note cir- culation Notes' of and Cheques on other -Banks........................ Loans to other Banks in Canada secured, including bills re- discounted Balance from other Banks in Canada Balance due from Agents in the United Kingdom Balance due from Agents in Foreign Countries 2.0S0.107. 78 stance is there a complaint. URAND BALL AT ALBION RIDGE Albion 'Ridgo, Muo of the I social evpnls of the J place al Mr. Hotsscr's May i 2titli, when abpiit one iHitidrud of tin1 i youna; proplc of Uic dislrict tripped; tlio lislit fantastic slfj) of tin- Tors-1 Dominion and Provincial Government Securities SJ.3S1.920.02' Loans to Provincial Governments......'......... Canadian -Municipal Securities and British or'For- l- eign or Colonial Public Securities otiier than 1 Canadian Railway and other Bonds. Debentures and Stocks..............................-. Eveiywhere prosperity reigns. POPULATION There has been a steady emigration to Canada for several .years past, and I am informed th.'it the'yreseaf-year'is fo several hundreds of. thousands of Uie most desirable settlers to our population. For the year i ending ol st March there were vino'-less than new arrivals, co in oa reel n ,1, with 2GS..794 up to r.he same "dale, in The rharacter and desirable-1 I no. tluil Cuul I ness of the new citizens is guaranteed by the fact, that all have .undergone br dosivci.. wlucii lehscncd tfio iitu-.ml- inspection and have compiletl with emigration laws. No Jess than j anw to a extent. 2Q of new 'arrivals came from the British Isles and from the Uni- j The music vas I'uniislicd by three ted States. British Columbia liao benefited from these new arrivals to the extent "of G4.62G, Alberta by 44.7S2. Saskatchewan by 40.763 and Manitoba by The total population of Manitoba is now 540.000; Saskatchewan and Alberta have S60.000. "fise TeiRptatioE lo Speed money is earning Interest in this Bauk is far less than the temptation to spend from the roll in your pocket. If you make a practice of depositing: your spare cash regularly you xviil be much better off at the end of the year. One Dollar will open an account. not start one no-iv in our Savings Department Main Office ScdpEth Sts.G. R. TINNING, Stirling H. Roach, Acting Manager. Grassy'" W. Luckhardt, Manager. Although we look upon have right to rhink pieces of i.hr: Albion orchcKtra ami as M. At ono o'clock' an excelictit. repast of our Prairie Provinces as an integral part of ourselves, we must bear in j was provided "by Mrs. I'ouscr, assist- mind that it will nor. be long before, their interests and ambitions may lead j.y Mrs. Walsh, them to look somewhat askan-ce al the present dominating influence of the! of dav titc "-iii-sts liepartcd Eastern Provinces. In the meantime the older Provinces are contributine! i tiicir hdin'cs satisfied with Call and Short Loans on Stocks and Bonds in Canada Call Loans on Stocks and Bonds elsewhere than in Canada of the older provinces is at a standstill: none are increasing in the same i !li I proportion as the Western Provinces. The tendency is westward. Of I branches in all Canada of the nine leading banks doing business in the West filfi are ju West, as against 653 in the PJast. Other Current Loans, Discounts and Advances Overdue Debts (loss provided for) Ivr-al Estate, (other than Bank Premises) Mortgages on Real Estate sold by the Bank Bank Premises, including Safes. Vaults and Office Furniture at Head Offce a.nd Branches ........................___ Other included under foregoing heads D. R. WILKIE. General Manager, K. W. HAY Assistant General MOKKAT Chief Inspector THE PRESIDENT: Gentlemen, move tiie adoption of r.he report. I have much pleasure in rising 10 i KAILWAY COMMISSION AFTER G. j T, P. FOR OPERATING LINE RAILWAY CONSTRUCTION WITHOUT PERMISSION It must, be bourne in mind that the prosperity of the country at the r.io- j Ottawa, May ease 01' ment is largely due to the enormous -expenditures of money borrowed-from i a operating nan of a line with- out, nermission. win corr.e no at the abroad for railway construction. At the present moment, ihere are no less than 1.681 miles of railway actually .under construction, and no less than j 10.000 men employed in tho work, in addition to which a further I local ?ittinS the railway comrais- of about will shortly be under way. The work entails enormous ex- j on G. It concerns the G. T. j penditures in the purchase of the natural producls of the country. lies, I'., wiiich is alleged to have been op- j lumber, oats, butter, hay, neef, pork, etc.. besides pivinj-; help to many new a. hrjinHi on the wesiern por-i settlers, who. by ohlaininR temporary employment, on the works r.mler eon-1 rion ils wi. arc enanlod ro onrn sutficient cash to curry fheiii over Hie farly j months of senlerm-ni. ro mnke a fair st.-srr new and untried I 'J was surroundings. a fiiv of Sl.'.i) MINING arc told Cobalt aiiihoriUes tliHt ilu- diirinu If'l't (as aguini Vukou o; lor the otiinc yjrioilj si Ivor -.d'oduotion ilia', t a total output in the day for every day of operation of the branch, SL'o for aii Jiig'mviiy crossings, was imposed, and simiifir THE MOLSONS BANK INCORPORATED, TS55. Capital Paid Up Keserve Fund ___ so IN BRANCHES IN ALL PARTS HEAD OFFICE, MONTREAL, CANADA AND- AGENTS OF THE DOMINION AGENTS and CORRESPONDENTS in all the Principal Cities of th? UNITED STATES and GREAT BRITAIN, and in all parts of tht World. LETTERS OF CREDIT in GREAT BRITAIN and all EUROPEAN COUNTRIES. If you are going to THE ON you will need one. Promptly SAVINGS BANK DEPARTMENT and upwards received and interest allowed from Deposits of S! This "bank endeovmv. to .cive prnnipi ill and invites votir Aoronnt. nnd iiiteUigont. attention to ge Braisrh- DIAMOND CITY BRANCH D. C. MORRISON, MANAGER and t.iiat ihe towtl produo action nuiy (in? time.