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The Signal, 1913-1-23, Page 441Tevnimee. leerusaY !ir 1913 THE SIGNAL GODERICH. : ONTA RII, ow er tar es imie • rap OF CO CE BANKFS? REPORT OF THE PROCEEDING. OP, 'MB ANNUAL MEETING OF SHAREHOLDER!' Tuesday, 14th January, 1913. r.r4..e...e..liel Ulu seal= u...11eal..t .deal et .sIMMIsh as lim nee le bash, ee welsh at esseseel fret ateel/fe net les- • Ihetfrg et a.sesen hlt lave tllDsseg' la mulles Ohs siguireaseate r err eslssmma TMs was apparently • sound and lash ter tale .et/vlp, alit the mamma market was kw a tiro eemperrativelly eery, b;rt we bad to look forward In the harvesting or a *me crop and www naturally desirous of doing oar !aL share fe movls( it. The necessity /rr & dose eepervleton of credits was never so obvious, gad His pees, usually one of dull aid Inactive bud- D ess, proved to be a time for the en- emies of gnat cautios. Ws had expected the gradual gore turn of better conditions is the great flnanctal centres which. by permitting the marketing of a largo amount se tint -class securities, would enlarge the supply of available capital, but unto- ward events in Continental Europe sad the uncertainty surrounding an excit- ing Presidential campaign in tbse United States made this impossible. The latter halt of the year was there- fore a time of great stringency and consequent high rates for money and It became Increasingly difficult to astir& legitimate demands, notwithstgndlg the inherent soundness of business generally. With the amalgamation of tit Ear - sea Townships Bank our capital wit increased to $11,000,000. The areret.s spital"erployed during the year was {14,210,437, and the net earnings oa title am..unt were $2,$11,906.42. as la. Crease of $600,397 over last year, berg •t the r.,te of 19.19%. TWa remelt wee ttalned atter snaking the usual pew vision f. - all bad and doubtful debts!" d a thorough revaluation of the en- tire assets of the Rank. We are pleased to report that an examination of the accounts of the Eastern Townships Bank leaves us no reason to doubt the value of our pur- chase, and we record our appreciatlom of the zeal and hearty co-operation of our associates In the difficult task is- ddent to the adjustment of so Im- portant an acquisition. We disbursed in dividends 11,610,- 622.43. being at the rate of 10% pas annum. and an extra bones dividend of 1% for the year. The policy of pay- ing bonus dividends until such time as we are confident of being able to main- tain a higher rate would seem to be a Alae precaution, in view of the ex- traordinary development of our beeri- ness and the desirability of maklag ample provision for any continge.c7 likely to arise. We had expressed the hope that our building program could be me- talled. but the acquisition of the large territory covered by our eastern branches. and the continued growth n the West necesltated the opening of a considerable numebr of branches requiring the building and remode11114 of offices on an extensive scale. We have also a serious problem to face in the changes absolutely *essential ter the proper accommodation of Read Office and Toronto branch. our pre- sent premises having been for several years quite Inadequate. Bank Prehe- ter account has been Increased to 14.121,993.07, which Includes premises 0\S testy -alar Annual Meeting of the 8barsholdere se The Oundlian •mk et Commons wee heel In the banking house en Tuesday, 144h January, 1013, at U o'eiseb. A large number of shareholders a nd others were present. President, 81r Edmund Walker, having taken the char, Mr. A. EL L. • renes was appointed to aft as Secretary, and Memos. W. Istlrra7 Ahanmtee Sad A J. Olasebrook were appointed scrutineers. lbs Preselant called upon Hee Secretary to read the Ananal ROW' air Ile 7>Beetorw, es follows:— REPORT. lie Directors beg to present to the ahareholders the forty-sixth Annual !sport covering the year ending 30th November, 1912, together with Use twat Matement of Asets and Liabilities: aim baste at credit of Profit and Loss Arccount, brouebt forward from bast year, was $ 303,394 9 al. set profits for the year ending 10th November, atter provid- ing for all bed and doubtful dohs, amounted to 1,311,300 42 .fl'ranlerred from Rest Account os Eastern Townships Rank2,400,000 00 *Premium oa New Stock 242,110 00 111.617,331 Bails has been appropriated as follow.: Dividends Noe. 16e, 101. 102, and 103, at ten pee Deet per annum ... ...... . ...... ... ... ... ... .. .. .....$1,411,622 Beaus of one per cent , payable 1st December, 1912 .. , ...... Written off Bank Premises Transferred to Pension Fund (annual coettribotlon) Transferred to Rest Acoount .....12,600,000 00 Transferred to Rest Account, premium on new stock 242,110 00 HWnce carried forward ... ... ....... .•• 31 I as 160,000 001 500,000 00. 75,000 00 2.742,180 00 771,573 36 $6,667,361 31 mitts All the assets of the Bank have been es usual cs_a'M Ry revelssd sad ample provision has been made for alt had and doubtful debts. Ia accordance with an agreement entered into in December, 1911, this Bank took over on 1st March last. the business of the Eastern Townships Bank, wit^ headquarters at Sherbrooke, Que., and ntn.t*-nine branches and sub -agencies chiefly situated In the Eastern Townships District of the Province of Quebec la addition to fifty-two new branches and thirty-two sub -agencies In the Province of Quebec, the Bank thus acquired new offices at Coleman and Taber. Alberta. Gland F'urka. Kererneos, Midway, Naramats. Phoenix, Sumenerland, and Vancouver (two offices), British Columbia; and Winnipeg, lfanktobs. The hugeness of the Ea -tern Townships Bank branches at Lethbridge, Princeton. Quebec, and Vlct , ., was at once transferred to our own ofricis, and later In the ye•r'the bust[.. -s of their principal offices to Montreal and Winnipeg was aro consolidated with out branches In those cities, the change at Winnipeg laking place as soon •iter the opening of our new building as it could be coa- venlenUy erected. The nine menthe experle+nce which we have had with thr Saw business has given us every reason to feel satisfied with our purchase. There were issued to the shareholders of the Eastern Townships Bank in exchange for their stock In that institution 60,000 shares bf new stock of tib bank, having a par value of *3,000,000. This has increased the paid-up capital stock of the (tank to $15.000,000. The by-law passed at the last annual general meeting increasing the authorized capital stock to *25,000,000 received the ap- proval of the Treasury hoard oa 26th February, 1912. In addition W the offices acquired from the Eastern Tewnablps Bank, the i Bank has opened during the year the following branches: in Britleh Columbia—, Rock ('reek, North Vancouver, Powell Street (Vancouver), and Oak Bay Avenue (Victoria); 1n Alberta—Athabasca, Landing. Hanna, TIlley. Vulcan. mad Youngstown: to Saskatchewan—Blalne Lake. Laird- and Lowvan; tit Ontario—Brockville, Cornwall. Ingersoll, Niagara Falb, Port Colborne, Port *Stanley, West Ened (Sault Rte. Marie), Smith's Fella. St. Thomas, Sudbury. E'illsonburg, Danforth and Broadview (Toronto) and Earlscourt (Toronto): In Quebec—FraaervIlle, Mal.onneuve (Montreal), Prince Arthur and Psak. i(Mvntreal), Nlcolet, and Three Riven. In New Brunswick—Fredericton,&nd•In Newfoundland—St. Johns'. The sub -agencies at Keremos, B.C., East AMER Elowlck, 8l. Cbrysestome, Ste Ellxabeta. and Weedon. Quebec, have hese equipped as branches. The branches at Bounty. Bok.. and Stewart, B.C. and the sub -agencies at Midway, B.C. and St. Constant. Qua. have been closed. since the Lille of the year branches have peen opened at Courtenay and Pan- dora, and Cook (Victorla). B.C., Port McNicoll, Ont., Campbellton and Monc- ton, N.B.; the Dunham, Que., sub -agency has been equipped as a branch. and the Upton, Que., tub -agency closed. In accordance with our usual practice the various branches and agencies of tike Bank In Canada, the United States, Great Britain. and Mexico, and the De- partments of the Head Office have been thoroughly Inspected during the year The Directors again desire to record their appreciation of the efficiency and seal with which the officers of the Bank have performed their respective duties. B. 114 WALKER, wresldaoL Q'oronto, 14th January, 1913. GENERAL STATEMENT. 30th November, 1912 LIABILITIES. Wotes of the Rank In circulation .. ... ... ... ....1 16,422.664 68 Deposits not bearing Interest ... ....$ 61,636,311 i6 Deposits bearing Interest. Including Interest ac- crued to date ... ... ... ... ... ... ... ... 139.030.641 46 197,617,442 00 .• 685,514 94 2,342,439 60 Bolan.,•. .Ino to other Ranke in Canada ... ... ... lalancen due to other Banks In foreign countries acquired from the Eastern Townships Bank, and we have written orf $600,- 000. keeping the account at approxi- mately 50 per cent. of the value of oar properties. The increase of the staff, now num- bering 1.000. required the appropriation of 876,000 for the Pension Fund. We have added 12.742,110 to Rest account •r0 carry forward a balance of 1771.- 5711.8s In Profit and Lose The Bank's Circulation account showed Important fluctuations during the year, the miml- mum reached In January being $10.- 403,322 and the maximum In Novei,b- ber $16,160,709. We had occasion to take advantage of the emergency pro- visions of the Bank Act amendment of 1)08 early In October, and we closed our statement with a clreulatlon of $1,422,$14 In excess of fife amount 01 our paid-up capital. If the Bank Aet introduced at tins session of Parliament should be pee - sed In Its present form and a "Central Gold Reserve" established, there will be no apprehension of a scarcity of currency at a time when the emer- gency provisions are not operative; for with the deposit of gold or Do- minion notes In the custody of true - res the banks will have the privilege .0 issuing their own notes to the full ot aunt thus deposited. This will un- 1hubtedly be a very Important step to- wards ensure -Ines that the bus ts. 02 he country should not be embarrassed hrough lack of currency. It 1■ evident ..we.er, that there will be no profit o the banks availing themselves of the morselled privilege, and as we hags cached the time when the need of urren.•y Is beyond the present Mull& t the hanks' power to supply, R ts esirable that In addition to the ad- ..n(ltlous aids to wisely provided la he new (tank Act the Banks should .nticipate an Increasing demand for bank -note currency by the issue of additional capital During the year our deposit• in- creased $51,661.727. There was a con- siderable arceeslon of special &mounts which will be withdrawn In due course, and we received 119,111,113 as a result of the East)rn Townships Bank amalgamatIon. The ordinary deposits show a .try handsome In - repose. (-Crrent Inns and discounts increased 152.753.947 and rail and short loans $2.757,730, compared with art report. Investments In Govern- ment bonds, municipal and other se- curities were locressed by 12.321,014 and cub resources by 11.626,271. Ton will notice frnee the report of he Board of Directors the large In- crease i• the number of our branches We tally realise our reepoeelblllty to undertaking to control se maay mein In • great bank, •sd the haperlease of aremittal fee a eaetp10o •rpelea•• floe of eernpetsat and leysl sesseisfae, with reserapb ul devlalsas welsh tbeetreg/4 emu Ills sell et err aw- esome We elliss.sr se be se par Mlle to dean ears tgMg �iie1►� 4 a Caw- I Kent sed an pees 7) Dividend unpaid U17,768.281 44 0 Dividend No. 103 and bonus, payable 1st December 5, Capital paid up ... $ 15.000,000 00 5-5'0000 00 0 00 . 12,500,000 00 Sala nce of Profit and Loss Account carried for- ward ... ... ... ... ...... ... ... ..... 771.576 81 h ASSETS. Coin and Bullion ... , .. ... ... ... .. Dominion Notes ... ... • - - • • / 11,131,460 25 0 .. ... ... ... ... ..... 16.161,{80 25 d 26 271,578 63 8246,571.269 74 ea.sess— i .7.4:,4.901 G4 meieocea due by Agents In the United Kingdom..1 2,032,530 49 Balances duo by other Ranks In foreign countries 4,713.352 03 Balance due by other Banks In Canada 26.141 40 New and Cheques on other Banks ... ... ..... 10.092.360 90 Call and Short loan. In Canada ..... 16.771,456 47 ... ... ... ... ... 8,779,469 47 Call and Short l.oaas In the United States ... ... .. , ... 0,003,500 37 Government Bends, Municipal- and other Securities . . . 14.312,114 32 'Deposit with the Dominion Government for security ef Note tlrculaLloa .. 707,000 00 Cerium 12 Cerrelease and DisceunU $ 72,729,029 • .. 14 213,763,619 33 Overdue Debts (leas evvfy provided for) ... ... ... ... ... .. 417,736 94 magi Eutaw (ether than Bank Premise) ... ... ... ... ..... 268.379 77 seti•ass 404,096 96 1 mank Pre®Ues (lseeiding the balance unsold of certata prrnl- se seminal tram the meters Tewnsllps Bank ... ..... 4,412.993 07 �r AeMts ... ... ... ... ... ... ... 64.499 41 r Miming the I ,mess 44 Os 111, - seek to Prettttmt 'shah at the /w- eed 111seae! M tSrsus ISO ehe3s. hddera thesls.ed lieshosees hadeas . !s MOe9ai >rlBer ens 1R,IS_ 74 t Al.1aEANDamg figs OOer:t lameper. W. have Mosel tooth, r year with • MINN of ualnterrfptel 1 r'etrmky, sad we 0Nte pleasure V sable tame a report shish nil eukpers 13vr.r, flop wish sew premises i'-- _i le lee aloft 1♦ „„;,Amine gip ►u` i11 1110 +.111161• It tab May Si .00 for a year's subscription to Huron's Brightest Newspaper. e DISTRICT NEWS. AUBURN. TIIIIRIDAT, Jan. Med. Mise Lore Krr•tt is visiting friends in Goderich. . Mise hi Roberton la home for a week's 1folidays. Elwin Anderson and his sister Cora spent Sunday in our village. Miss Lillian Ferguson spent a few day', wltb Mise Margaret King. Mr. aLd MR Hervey hiceiee ars home from the West oo a visit to Mr. McGm's liihtlr, Howson ii Lawson hews their mill running full blast turning out rollers and bobbin wood. The rein lam week cleared the river of ice and raised the river so high that the chopping mill was out of business with back water for a tow days. The t;anadien Order of Foresters and Home (hole Societies are having a union "at home" in the 1'emperasce Hall oo February 21st for the mem• Imre and their families. Some of our citizens are buying padlocks for their stables W save the errands on their oat bine. it is e pity the sneak thief cannot be caught and placed wbete he belong,. KNOX (:NVe4•H AxxlvalwA KY.—An- niversary services will lie held in Knox church, Auburn, on Sunday. February 2nd. when Rev. W. I). Turner, B. A. of Blyth, will preach at 10•.33 a. m. and 7 p. m. On Monday evening there will be a grand entertainment in the church. Tea will be served from 5 to 8 o'clock and afterwards A program will he given including speeches by Rev. R. A. Miller, of Auburn, and Rev. W. D. Turner, and musical end literary selections by city talent. Ad- mission to tib and concert, t0c ; chil- dren under twelve. 20c. PRrae14TATION. About fifty of the members sad adherents of the Auburn Baptist •:hurch and Sunday 'school met at t he home of John Rtitbby on Monday evening and pit -rented Mr. Raithby with a hand- some secretary mid Mn. Raithby with a rocking.chair, with an address. Ihtaa Ma. RasTwsr.- A. Sunday school and friend. we are ha(ght esidou. to expiate to you. in our own Inadequate way,, our Marion apprr- arionordrouree'ort. in our behalf se H/ble ole— teacher. We wish you to know that your effort. to make elear to us the teachings of the Sacred Le. and to create In u• the sure hops of becoming tattakers of the great blew - lata therein cootalned are not unavailing, and we are confident that ties aruranoe wil to some extent cgmpenaat., you for your arW- unoa labor to Hat end. Nor can we let this op. reirtnnity para of.xpre.loing to yo'i the value we attach to having before aa, 001 0017 your verbal tretimaay, but the more effective teat moray of a Bible oboe teacher who la, as far as he may be abls torn so, glv•ng an example of • l'hrlattan'. Ufa, N'r see all •tlmalated to the achieve.oent of ,rester good not only by your teaching but also by that example. A. we pre- •ent tbi..scretwry to you and chair to Mrs. Raithby. we pray that you may long be spared together to direct and a.eist us In (bit gond wore, stat may the Most High prosper our unite d effort.. Mr. Raithbl replied in a few well- chosen words, stating that be had teen completely taken by surprise, as neither he nor bis family bad received eny int Onetime of the present gather- ing. He further said (.bat on account of lair hearing becoming so defective he had come to the conclusion that it would he to the beet interest of the class for him to resign, and that the greatest benefit the class had received had not been from his teaching but in the preparation of the lemon in their homes. After thanking his bearers for tbeir expression of love and appreciatioo he •enured them that whatever part he had taken in the work had been for Christ's sake. The evening was spent in gamee%nd music, followed by a Sumptuous repast furnished by t.be ladies. PORTER'S HILL. Wenlesenar. Jan. '..led. Mee. Little, of Lucknow, is visiting at Mr. Rutledge's. Miss Addie Oox is visiting at her brother's in Colborne. Mrs. Dawson returned to her borne at Spring'ank on Saturday. Mr. and Mrs. John A. Sterling; of Port Stanley. are visiting in the neighborbood. Louis Wild. of Nekoma, N. D., is viaitiog at the home of his brother -in - law, Marry Young. Don't forget the banquet to be held at the home of Mrs. J. H. Elliott on Monday evening next, 27th inst. A fleet -clan dinner will be served and a good program given, and all for a quarter. Don't miss the event of the season. Ample accommodation for horses in the church shed, close by. STANLEY. MONDAY, Jun. 20th. Miss Beatrice Pilgrim, of Goderich, has been visiting her parents at Varna. liay. R. Murray, of Chicago, is the guest of Andrew Reid for a couple of weeks. Miss Ftoxy Palmer, of Goderich, wee the guest of Mrs. Wm. Reid. Parr line, last week. Neil Rosa, of Oereal, Alberta, is spending some weeks among his old ecboolmates bore. John Gilmore. wife and son, of the Moose Jaw district, ere spending a few weeks among old friends in tbia town- •bip. Aikenhead Bros. have purchased the woods belonging to D. McNaughton and are buoy getting tbe Umber cut and hauled to Brucefleid. Albert Denison. son of Mrs. Robert Denison, Varna, is visiting his mother and ntbet friends, hereafter a number of year* spent in the West. 1)r. John Ester, who has been in Alberta for the last thref years, Is spending a few holidays at the home of hie parents, Mr. and Mn. Jas. Emir, Varna. The congregations of Make aid Varna have raided the full essoreat allotted to them by tibby 41t Herne es their share of the mew dollar btbdeet:Lit mimeses efThey &nee she te ingress, the tie by $110. posersr Mermen. 000wcu.—At the= ural merge/ of the towe I for IgN$ 9hs mrtleidpel atOrli were =wee team.: Ol..s. Gas g $1/10 ; treasurer. ee Joys. $l t aeseetdr, Thew sy, 1011 mentors. Geo. Add sad W. ielesene. $ Ilial. irommits THE COLBORNE STORE The Big Sale Closes Saturday of Ths Week but there will be no waiting for business ii r . Early Spring goods are tumbling in on us every few days and me are anxious to begin showing them. Our prices will be right on spring offerings. When we say right prices that covers the whole ground. While the sale is practically closed we have about so dozens of Stockings, mostly small sizes, that we are clearing, some of them three pairs for 25c. They are all big bargains. for 45cA few pieces of Dress Goods, 5oc for 39c, 6oc for 39c, and 65c dive pieces of Black Suitings, some $1.00 and others $1.25. Any one of the lot 75c. You will hear more from us next week about the early Spring offerings in Prints, Ging-hams and Cotton Suitings. J. H. COLBORN'E Both Quick and Permanent Strong -del If you are run down or /'red out, if you take cold easily, have no appetite. are losing flesh or have other evidence of lowered vitality, try our Macteod's System Reno4'ator under ou. guaran- tee to refund the price paid it the remedy fails to give entire satisfaction. It aids digestion, tones up the nervous $system and gives both quick ard per- manent results. One dollar a 1ottle. Manufactured . by MacLeod Medicine Goderich, Ont. For hale by E. R. Wigle. ROBERT WILSON The Maewey-Harris Agent has 5 Cutters to clear out at cost price. 1f you need a cutter come and see what we have. We have the FLEURY PLOWS JOHN DEERE PLOWS VERITY PLOWS MABS EY-HARR18 and MKLi.OTTE CREAM SEP- ARATORS BAIN WAGONS and SLEiGHS GRAY'S, CANADA ('AR- RIAOE and MOUNT FOR- EST BUGGIES OLD HOMESTEAD FERTILIZER. Try a few hundred—it will pay you. I have just received a carload of the famous Frost Fence and Gates and Steel Fence Posts. When you are in town come in and see what we have. The MasseyNarrisSiop Hamilton Street, Goderich, Ont. Whooping Cough RAINBOW c*oi* !//791.0 coma 1631113111111 CATARRH COLDS I A Auld., ere ata eslwnr.v+r var.' ow brow 01.1•11.0011.1.•• arum vases' Gena.a stere the wears= Sfromodls a. . Ta.w Rha=aeseee 'e gil.lae e.rtageteeayer, wag sear knob. ar ...tow oho sloe tarerr• redid ~Waa.e ewer rlopellifessielsareareag oma It laerrase alas.* lona ressr•w••••Ipse ae.ban. ALL S*VaeleTs. Try Cag*OLSRss ART1a*PT,C MOO* T TA BUM numbs brly%e •••• etyl .rlslrrrsla, Of your Vape Cves.hs. Cs. 4e Camas h. B.T. sbait..el~!na 1 EMPRESSES Leash. 870 lea Berei NM /em Wheless•ea41 d 10tde, 0�. /OLa aiorw 1Vld3e 14gse er........,....7aa. es Emma it hellml. M Team owe we min mese, t►se as, e3ssmiSip•oma ee J. Mal area/. .. R te..rasle, t3aa Dominion Express Money Order Service Includes "Courtesy" SSIBLY you've never had occasion to send money by mail. Possibly you have sent money but never by Express Money Order. When you ds have occasion to send stoney through the mail, • tall .t the nearest office of the Dominion Express Company will remit is m eery and pleasant transaction. On your part —a simple repeat and a mention of the asuo41111 to he remitted Th. swat ting bads you your bleary Order, all ready for cncloaae.—..d all Order oa Daly be cashed by the me to whom it is addressed Is it any wonder that mess people are adopeag the Express Order as the sale, simple and mlirs-Yey way' Madam—next tion you have money to send anywise% tam OFFICES eery many tai Ws on Oen *bow "o4ys~ir be of lash W Y atra's every two dial is Imre i Illi{la tee te. arid rides SATES r doe eras - - l a » m 1111-11" • M " IS IS " • R ago OUT OR DATE. Tramp (up a tree)—Nice doggle, petty doggie' The Deg—W-r-r-r-r-' ' Tamp—Well. I guess It's no use -- It's so long since I've been in society I've forgot how to flatter' ' Lady Helper at Christmas Party— "Do you think you oould eat anymore plum pudding, Willer Wle—"l think r could, mum• if you'd let me stand up te, It." Mre. Nee tdoor—"1 supposeyour daughter is happily married r N by Indeed she in. Why, bey husband is actually afraid to open his mouth In her presence." CENTRAL BUSINESS COLLEGE 0TRA T FORD, ONT. Th. beat praeUoal training school dao ()marks Three departments, Comma dao 8beetband and T.Mgrapby. All mares are theeoogb and ptad{o u Teachers are ezpsrissesd sad grad mates are pissed 1s pealtime. We sive Indfvidoal ettestsom and stmlaste tray enter at any time. Writs he war tree cetalog•e at sacs D. A. Mei.ACHLAN, P1i0 1pel WHEN YO(' HAVE An Unipen t e d Visitor you like to have things nese about, the house. Furniture pur ' r chased at this store given your rooms thee aka oorttfort and Asgaan, whteb is always desired. 11 you ars turniahta. your louse or refurnishing s rem we will give you our ae•isteaoe In ad.ottett the right aftiMag. Agent Ger Nordbeiseer Pianos, OEO. HOHMEiER The Square os