HomeMy WebLinkAboutThe Signal, 1907-6-20, Page 5THE SIGNAL: GODH:MICH, ONTARIO TuUUDAr, Juoe 90, 1901 6
�UVEREI(iN BANK' (desire g he relieved of Ylehe lot
at the end of the Bank's year. At
poesy au of the livatt bete un the let of slay last. Sir resignation ig d accord.
e
ingly acrcrptd. At the euawe mr,)•tiug Mr. I). 'M. Stewart rrbigned from the
Directorate, unit All a?niliuN Jarvis was elected to the Hoard to till the vise
ANN UAL MEETINGcanny thus caused. Mr. Jarvis was rulwetiueutly elected President ill place of
v Ilia. wdunalJ, who conIt
tdm
reain un the )noised, and was alae Vice -
President. Mr, J. H. Dunn, of Loudon, England, who war lieu at the time In
the intertest of the oseveluer Bank, wise+ also electud a Director.
It was represented to Mr. Jarvis that the duties of the Premideuey would
New President, Mr. A:milius Jarvis, Announces take up it considerable portion of hie tithe, and that It would therefore be
necessary to Make his remuneration sufficient, to couipeusatr hue for this. A
Radical Changes in the Policy of the Bank resolution confirulingthis ,arrangement will he submitted for vopr approval.
and gives Reasons Therefor—Steps The new President at ouce found it his duty to tltrengthen the Executive.
and on the 6Lh of May At r. F. G. Jemmett, who had for V yearstbeen fn the
Which Will make for Perma- service of the Canadian Hank of Commerce, and for, ttie last live yearn Secre-
nenc of the Institution. !little
of that Hank, A)eVILhIP Joiht General Alanager, Mr. Stewart Faring at the
rattle Lillie grunted IPaye of absence. Alt•. Jeufurett's firmt duty was to make as
complete fund exact valuation as {xwsible of the assets of the Batik, and the
„ resula results of his valuation are given in his Report to the Board, which ill as fol-
rows:
ol-
lows:
that the 11 r.ifit and LKwr Ntatsment it ar of Aloth of April, with my adjustments l l
male as fin addeoduuf. The Geherrl Hxlance Sheet Ir as utahe asst lit \lay. t
Balance at credit of Ihuat and Lo., Al.count ole:lnh April. 111x( .. .>] I5.t41 77
Xel Prollt« hu QW you ended :l.th April, 104. aft r drductinic pp�baa��sea of turn&re
cocoa. Provincial Goturluuetil null Municipal Taxes. Adv, fig
Bxrton,us null
accrutxl Intereq,4u lbplrlta, &till afWr fashion .owe provialou leu had and
doubtful debt.......*:........... ................. .. ... ...a3,o: dl
t'r,•miuu .a ial% ,click. .. _. ............:. ......... ...... -. Gi.aSo a.
ti
' illi; lUlt :Kf
Which hits been appropriated at, follown
Quarterly dividends at tI per cent, per annutn--
Nu.13;iwid Mph Auru.t. hx..r. .. _.... _.ti M,71711
No, It. stood Inch Novell, herr. surf ........ ............ . 37,431 311
No. Li, ttond Itch Februnra', lar ...... ........... ... .. .%4.7W :11
No. Ie, ttoyable Will May. WIT...... ill,eUl n
+6h,a9i tit 1
Tran.ferrvNl to Iteseree Fund .. .... .... :K.1►Yt In
WHI1e11 off Safu, and 01hoo Furniture.. ........ .. ........... 7xv 71 (flai,nib U
>!
III. ION rl
To this have been added : '' . .
Seasonable
Wares
The Annual Meeting of the Shareholders, of the Soverrigh Bank look) GENERAL MAtiAUER'S REPORT. wuouult tr nhfcr1udiron Resiul�llut .....•••.. ••"' .' 1.Lsi,a9.." Lues)
place yesterday morning (J one 11) in the Ileal Office of the Hank, on King t t xu,uo +.
--;w
I The 1'rraident and Directors, �
Street. In taking the chair for the first thee, the now President, Mr.-iulilius i The Sovereign Hank of Canada. Against the total thus arrived at thefollowing a J
Jarvis made the following introductory remarks amounts have been charged :
Early in May l+amt you'oHered life the position of Joint General Manager of a- a
I Writ tell off
Mal debt ................................ Ili se {71bKffi til
Before asking the Secretary W read the Director's Report It seems advir- � this Hank, and on Llai lith o[ that month 1 entered upon my new duties, which, Writ tell off ler duaruchtti/s, ill reNeuritleu ....... :..... ... 1301/x17 W.
able that I should explain why I ant your Chairman today. Until very re -!,owing to Mr. Stewart's having been granted leave o absence; involved Illy tak- tyrinou off' liank pn+udsem and turultort) ... _ . mite Zi WOODYALT AND
cently I have not been a bharehulder in this Hank, except to a yery small ng at once full charge of the Hank. Resorted forunearnu,l discount ...... ......... Y.o1p o
Y Y poo, n A art from the unseal bu Iervision of I he drily hubiuesa of Lhe Bank, Lha+ Traostermd a (-ontin�l.nt Fonda, a provision for 1tod told -
exLent, and 1 have not In an way been interested in its "Hairs, t' y I p K F douhlhddebt, i.. h.lnldatiuu .. .... riAl'oal let MAXWELL
return frons England in April last the large foreign interests which held first task awaiting ale was the valuation of the asset" placed in my charge, slid Traosferrvdtu SI-Ial l'.u.tuatent Funds. provision for c'er-
\ as th.'re was fill interval ,.f only five weeks letwevn the day un which 1 tlislain atsouot., the uutivult, of which in not yet ambuml tlW,illol W
stock in the )lank represented to file that they were not "ati"lied with the work and the date wet' for tile Annual Meeting of Sh+areholderb; I have ¢ to Iftialicewuried forwanl h. Pruitt and lnlsa Account _.... 14.'1414' Lawn Mowers
way in which it was being managed, and they Intimated that they would devote myself to this valuation to the exclusion, its nealty an possible, of every cal,++;i
like Vile to take the "Live Presidency. It was also stated to me that Mr. thing else. A large range of sizes
4laedonald, your late President, hall expieesed himielf nam anxious to be re- i Iif the very s(tort, time at my disposal it 'would have been i+upossible for GENERAL STATEMENT.
I eyed of office, feeling that special attention at the moment war necessary, tor, W have arrivi-d at a definite conclwtiun without the invalufible assistance of 31.t May, 19-7. and styles.
a d that he had not the technical, knowledge, nor had he. the time W devote I the Chief Inspector: Mr. Robert Oaefselm, whom 1 have known for many years, 1 I vH11 1'I'ti S
and. with whofu I had for Bowe time leen intt,imately a#sOciated in the work of
froin his business, which takes bin) away from Toronto for long periods of, the Head Off1ce lit the (+anadian Hank of Cofumrrce. It a owing to the uh• Notes of the Itnok in circulation f s,uq,liil ix.
Linin, to properly look totter the (tank's affairs. Iwo o-iI, not la adur interest ...................`........ ...f '•.pat.fm W
we+u•ievl and intelligent aid lot Mr. Coitsels and of Aur. Mackenzie, the Inspector, Ito it. bearing iutotost.... ....................... .. ...... I[.,37,YN tit 11.lntxt.i iso
froth of whom entered the service boule little lime earlier thou myself, that I lialan,edue toot tier flanks In.canadia I ................ .... 1114,49, :w Screen Doors
art from the dimsatisfaction with the Management, they stated That Halau,v due to -went to Gr, -at Britain ......... I,alit, N 7I
have leen able W complete n)- valuation by this date.
lialanevivideh duuto other )sank, In ... ..... C' .... ...... .::. .. ........ .... 1,7.lf,at! In
' the Hnok'r methods had caused great irritalioq to the other Canadian Iwuks, - / Lividend. un1Nod .... .• .......... ..... ..... ........... .... ........... ..... 3,frOt .ti. d
who ere in consequence not very friendly towards it, and they felt that Ill the voaltlatiou of assets amounting to $r 1,IM11,1111 it is obvious that there caber Mahout ie ... ..... ......... ...... a 13 .ki an
...............
Iso reran for a wide difference of opinion, but when a distinct elemertt of doubt t a deal paid up - . • • • • .... ................. 3,ixxl,tlpl-In
1 wn�ig ti ,boe able rat `the eCtion with
it um number of brio the about
ller, feeling ' is clearly preaeot fu any partipular &Beet, the only right course fora contservjative uta ance pf I runt and 1.1a„ carried forwant................ _......... ........... fit tv: v.
g { bring g hanker is to take the safe view (If it, and to plAceaa definite value only on that Window S
with the \ether banks. i arlloutlt which can, without reasunahle doubt. Ile, recovered within some reason- ASSFTn.
able Lane. Aur conjectural value which an asset. may have, ally value which I%old alit Silver ('oiu ...... .. .... .... 3 '!1'.ac 141
Ilundnion Notes........ 1,1141,a'JI a,
My Hr duty on taking office was UI tisk the Hoard to appoint 11 r .;est `'entirely on the ability of some {felrooft to do something he hopes he nlup Ikepusil wish Ibtnlnlont:ueeru•neni.fur ..scarily ui Motu cln•ulwtlai::. _. ...... rti;i� lit.
1 mmett, of the C. It. of C., all Joint General Alanager, and Mr. Stewart sun e w IP to do, and whurh, It he has good fortune, it in {1rchaps not unrrasonuble Vote. of cud Chec.pesoil other Kock.. ..... .......:........I............ 1.411.1411,7m
tlo thick he may lie able ti an. should be clearly diaregardad. . The value, Hatanae- due front Other Hank* fit Canada .............. Mo." lei Lawn (lose,
at once givet leave of atNsence. Subsequently Mr. Stewart sent in his re,ig. I therefore, which has been laced on the Bank's &beets is the value which we l:uvenuuetil Itotid.. Muuietitol and other neurite, :.................... 1,xoi,too 14,
p Cullarid short iota,..... ....... ............. ..r1:,, I1lY M
e............ ...... ll,asul,i 7a la. l
nation, which has been accepted, and Mr. .linnet) ham boPt•n xp{x/intr(i feel certain ran bre recovered, not in all cases fit once, but by the rxerclee fora utherc'urrent Slam and Uil(vents...............:..�...................
reaslrmble time of care and patience. Past nue Hill- .Ful:; prop i,ted fon............................................ � 14 443 a.:
(ii -neral Mana r, VI-. Cassels and Mr. Mackenzie hal already (leen becuret I Heal h.tat.• nt1wr than lhwk Pertuise.)•..................................... :..;; n,IrN tx. � Sprayers, etc.
The results of m examination, made on the lines which 1 have indicated, flank Pre,m.o-awt `Infe, aha allure Furniture.......... :..a... p... ....... . 464"=f s, ,
a3 Ina{eclors, snake a quick report of the Hanky affairs, alit from the Y Other A --t. . .. ... ............ ........................... ................... . .. 11.011 fit are ay follows
day on which M Jehlwett assumed his duties he, together with myself and v lar �1
the Inspectors. h a leen contingously engaged in a revaluation of the I have to recommend that there le written off for Bad Debts, 871111,4"1:01t — Hammocks
for Depreciation in Spentities, $1:d1,1J117J1i, unit for Reduction in Bank•Prenusee
Bank's entire &see find not Ills. Cassels and Mr. Mackenzie possessed for
P'WniLutr, $tx,h11.Li. In addition to the foregoing, the num of $�t1,t41; Su Lar rlv the fnhuP elf the look is concerned. 1 bonus no hesitation in say-
wime previous kno ledge of the hank's affairs it would have peen impis- ,r R ing that its IvtispN•e1N a,. of the lent. It will have It fully paid-up capital of
ar'1lllld IN• Net xsit]e in Clon!ingent Fund for accounts which are in liyuit:atiun,
$i,I111,tMeI, whiCh.we eine In- certain isidom4litely intact, while in the Special Sold cheapest at
bible to have accomp 'shed this work in the time allotted to lir, naively, the lir fit which there is a large element of doubt, and w farther Contingent Fund Contiage nt Fowl 'it has, I hope, llte nucleus of a )nest Account, which I �
period between the is D1wy and the present date. I aur glad to bay, how- of $x111,IM1) bhoull (e provided in respect of certain unsatisfactory advances, trust Will, trilloiii rhe Vii fit few )-ears, ligan LlI 11lfN1I111P see{fee3xble pro{wrtiuns.
the onteone tit which in at present by no means clear. To do this it will be Wt. have thlnu
ever, that by constant work Almost night and day we are now able to lav t,hnut Ontario xud in pout of Quebec Ia• large :and valhxble
nrcess.ary to at1goa'Igotiate the whole of the lues[ -Fund, IenvinR the Bank with a business. aur eolnur� blancher have, as x whole, leen well selected -
FN
before yell the true p1UB Inn 11[ the Bank. Ill t]1/Ing mn I WINK in say that I pall) till capital lof tii3011l,n s). After this hits been dohP'there will re)))am Vk,- althnll i ive pilin It At,o• ,,Ther likely that 's some of (hell) will h ave to In
realize to the full the avity of what we have found it necessary to do ��=• 141 to carry factored in the profitanil Ins& account of the current veal. There g' Worsells
B (.loses) --nand .till' ,'(1111111% t„allagel•m uudo116tedly have the confillenee of Lhe
IB run rillextion that thin result will be a great dlsap intrhent to the Board, and
and the ken dirap{x/intm tit You will feel. The facts are that the Manage- farming incl ulrrefullilr rnnuntulity. Our deposits have rhuwn remarkable
it is with much regret that I.find it my duty to advise you to this effect. sty moth, and at the mutuent they 1
went was too anxiour to build up husinebm quickly and you iu•e now to cour•sP. however, tors clean; to take the4actn x14 I found them, whit W inform K' nuxlnnt to nein $1a,111Q11Mi of which over SMI
feel the effects of over -zea and losses which have been incorrect through you am promptly its possible of the real condition of the Bank. per cent. our lo[ x thorotlghly normal nand healthy nature. Their grow hras Wholesale
naturally (leen checked to sortie extent by the recent feeling .of uncertainty,
unauthorized advance". It would at the moment be of little use, tint] would be exti'Pu•ely distastetvl -but now that thimdlxb tarn removed, now that we know our exact Ifosition,
to life, to enter into tel criticism of the revitlum adhainist•Ation, lir to try(o and that nils, assts. lou their orese•nt valuation, era• on as sound And clean x
In the course of toy invest'gation 1 find tont some tit our lar4ert losses I acco,tnt for the large losses which have occurred. The depreciation in securi_ boli Via any bank could palbbildy desire, 1 have no doubt that the It+ulk will hardware
are; in accounts never authorize or never nglorlyd to the Directors, in fMet. I ties 1t Feihaps not more than should lie expected fn a year io whieh values ag:un tlnnke strath Whit continuous )t•elgrrslf, +and that the esteem in which it
in some cases the Directors wer, , kept in total ignorance of their existence, hour shrunk as thep did last year +ant) I should lupe that under favorable don- Is held throughout the couut•y Ilistriet.s will year by year incleflse. The
y Bank half itb own distinct sphere of use•fulnens, and fn working g (Not in the combine.
never having heard of thnl till brought tlo their attention by lir. ditions w cousideralde portion of the amount written off should Ile recovered. K xlon safe,
sound and cons•rvntivl• lines it will do its full shirr in contributing to the
Without further comment, therefore, we will enter on the formal business In the very nature of thing; a new bank without a history to guide it is at. prosperity of the districts in which it it reptesented.
mortcertain in incur losses which an older bank would avoid. These consider-' F. u. JEMAIETT. of the Meeting, And I will call upon the Secretary to read the Directors I `
atonk apply with special force in this particular case. The. Bank has in the General Aixnager.
Report. past be' w too ambitious. It ham piled up its figures at fin extraordinary rapid I Tor(into, Nth June, If1)7. ------ -- - ---
RF.I10RT. rate, and it has pail the natural penalty for attempting to grow too fast, and I The Proper Punishment
for departing from the denten paths of experience which in blinking, more The results of this examination were a most painful surpprise to your
The Direclorb beg to present to the-hareholderif the Fifth Annual Report, *than any other businrss, it is most necessary to follow. But the loosen which I Moan). hot after• the figor•s hal been carefully revised Foy your Premident and Minister (meeting a email boy on
covering the year ending .111th April• 111117j. together with a statement of absetb have been collide air far too heavy to be explained' in this way and 1 ought, per. " rooleresl at the Board, they deemed it necessary to confirm Mr..le•uunrtl'" Sunda atter ( carrying g
and liabilities as on the slat of .Nay 11117, For reasons which will be. apparent hotps, to may, Uutr ill nwnv cases loan" have leen made for which MILL nil banking laconuuendnlioo, Y' p fon carr n a stein of
ab we proceed, the Report this year deals also with events which have (occurred ,principles offer no apparent justification, mind under methods directly contrary A bvIaw will be submitted to )-fill• reducing the capital and authorizing fishl-'•Johnny, Johnny, do these he -
since the closing of the books on 3qh April Inst. o those which will toe followed ly the present management. the nvl.saoary application to Lhe Treasury Bo+atd for the confirmation of your long to you P
xctinn' Johnny -- "Ye -es. sir. You see,
I>urinR the past year it became evident that the affairs of the Bkrldrylr 1f my Hetwrt is adi/ptad, the figures of the YroHt and 1.1)sa Account And of Jlt•. ;Ftte•wart's resignation of his {wsiliun xis General 51anxgrr has Ixx•n that's what they dot for chaining
manded more time than the then President could give, and he exptes his" the General Balance !'sheet of the Bank will he as follows: It will he obxsery ed 14 onl.luded on filial. a.l � worms on a Sutxiay.' -Inquirer.
A CLOTHING SALE
Owing to the late season we are overstocked with specially good -valued
Clothing, which we are willing to sacrifice in order to clear out.
McKims Busy Store
The Square, Goderich
THIS SALE
WILL CONTINUE UNTIL
JULY I, I907
r-
r
• e l �
.4
45 onlyBoys' 3 -piece Suits, for ages q. I;, fi, zoo pairs Men's Trniiwrs to clear.
and 8, regular prices, $9.85 0 �� A *z so Trousert; for ... .. $1.9t;4
3, the lot to clear .. Y a.i o Trouser s for
1.50
• A11 our 3-pleee Suits for Boys up to 15 years, t.5o and ;t 85 Trou�rs for • • t.t
�37 37
were big values at j*.50 and 4L? �O 1.z5 and xt.35 Trousers' for......
;5. to'. J is pairs T routers to clear at. 75( a
AQ other be*peena, is s and 3 -pine Suits, 5(x Overalls for .... •
f
value up to $4.no, to clear at 75c Overalls for .. 55•
$2.50 85c to $t.00 Overalls for..... ... 75c
U•sT-These glwxh an• not it cheap lot, se, arcs) fl,r A •tile, It'll -111 ,nor rewolar &lock, which
Ilan of lou know b (sal value at n• ulAr Ill i.'c. Ilut loot. they must
.a. � 11*M } K � K go, it,, Irntlt(•t' who
to only Men's Pine Worsted Seita, black, navy and fancy. Werth 1412 Sn at .. .........................b... ;9.5o fMn't forget the Ilia Ifemnnstratinn here on Dominion DAy, 1st .Judy, ,old don't furwet Lhc p
Sires � to 4o ; not all sites of any one line.
AwrgAinsatMcKIM'S BUSY STORE.
3o Tweed Suits, mfr twit sellers at $6.00, to clear....... I ................ .. ........................... 4.*5
w
*5 Teed Suits, eposcsal vale• at $6. So and $7.00, to dew .................... •; S.90
4
Allism $to oo Tweed Suits for .... ..................... .................... ..........7.So 1
— - _ ,:lit aa,,a. �:.y--. yeas • � • t, .'.
i