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THE CLINTON
NEWS -RECORD
THURS., DEC:3;` 1942
BAK MONTREAL
Established 1817 •
t,
presentation, in easily. understcandcable form,
of the Bank's
ANNUAL— STATEMENT
3lst October, 1942
RESOURCES
Cash in its Vaults. and Money on Deposit with
Bar-. of Canada . •
Notes of and Cheques on Other Banks .
Payable in cash ori presentation.
Money on Deposit with Other Banks .
Aviailable on demand ,or at short notice.
Government, and Other Bonds and Debentures -
Not exceeding market value. The greater Portion consists of
Dominion Government and high-grade Provincial and Municipal
securities which mature art early dates.
Stocks
Industrial and outer stocks. Not exceeding market value.
Ca11 Loans
In Canada • $ 1,920,538.28
Elsewhere . . . . 14,289,715.53
' Payable an demand and severed by bonds, stocks and other
negotiable collateral of greater value than the loans.
TOTAL OF QUICKLY AVAILABLE RESOURCES
(equal to 81.65% of all Liabilities to the Public)
Loans to Provincial and Municipal Governments
including School' Districts . •
Commercial and Other Loans . •
In Canada $205,232,367.17
Elsewhere . 16,121,869.59
7'o marutfacturers, farmers, merchants and others, on conditions
consistent with sound banking.,
Bank Premises
Two properties only are carried in the names of holding com-
panies; the stock and bonds of these companies are entirely
owned by the Bank and appear on its books at $1.00 in each case.
Al! other of the Bank's premises, the value of which largely
exceeds $13,900,000.00 are included under this heading.
Real Estate, and Mortgages on Real Estate Sold by
the Bank
Acquired in the course of the Bank's business and in process
of being realized upon.
Customers' Liability under Acceptances and
Letters of Credit
Represents liabilities of customers on account of Letters o} Credit
issued and Drafts accepted by the Bank for their account,
Other Assets not included in the Foregoing (but includ-
ing refundable portion of Dominion Government
taxes) .
Making Total Resources of •
LIABILITIES
Due to the Public
Deposits
In Canada
Elsewhere . . 133,649,022.18
Payable on demand or after notice.
Notes of the Bank in Circulation .
Payable on demand:
Acceptances and Letters of Credit Outstanding .. •
Mortal uncial responsibilities undertaken on behalf of customers
(see offsetting amount in "Resources").
Other Liabilities. . •
Items not included under the foregoing headings.
Total Liabilities to the Public •
To meet which the'Bank has resources as
indicated above amounting to .
Leaving an excess of Resources over Liabilities, which
represents the Shareholders' interest over which
Liabilities to the Public take precedence.
Capital $36,000,000.00
Reserve Fund, Profit & Loss Account
and Reserves for Dividends . 40,793,014,20 $ 76,793,014.20
$112,710,235.61,
45,053,234.05
38,814,805.11
683,835,390.58
311,309.43
16,210,253.81
$896,935,228.59
23,569,69445
221,354,236.76
13,900,000.00
808,330.38
16,184,995.02
2,566,745.60
1,175,319,231.00
• • $930,996,417.53
$1,064,645,439.71
15,354,907.00
16,184,995.02
2,340,875.07
$1,098,526,216.80
$1,175,319,231.00
PROFIT and LOSS ACCOUNT
`n appropriations
Profits far the year ended 31st October, 1942, after making
to Contingent Reserve
Fund,
out of which Fund full
provision for Bad
and Doubtful Debts has been made, and after deducting Dominion
(of
which$72,360.97
GovernmentudablTaxes amounting to $2,539,874.12
is refundable under the provisions of The Excess Profits Tax Act) $3,263.018.19
Dividends paid or payable to Shareholders . . $2,700,000,00
.Appropriation for Bank Premises 500,000,00 3,200,000,00
$ 83,018.19
Balance of Profit and Loss Account, 31st October, 1941 . . $1,153,668,75'
$1,236;686.94
Balance of Profit and Loss carried forward .
1 IJNTLY'R. DRUMMOND, G. W. SPINNEY,
President. . General Manager
he r retz'th of a bank is determined by, its history, its policy,
.l( it's n.a;,agement and:the extent of its resources. Por 125 years the
(r •3en/e of Montreal has been in the forefront of Canadian finance.
THE BOMBER, PRESS IN GREAT ors had come back one more succeed -
BRITAIN
(continued htim pn et1
cheerfully responding to the appeals.
And remember, that in all probability,
' the women who take the work, will do
it in addition to working at their reg-
ular occupation every day.
The first great fire of London was
in 1666, the second' one was 1940.
Every able bodied man available
and every' piece of fire .fighting equip-
pment which could be brought to
London was engaged' in trying to
overcome the flames. I am told by
people who were there that men work-
ed until they dropped from exhaust-
ion, and that engineers ran until their
bearings were burnt out. I have•even
heard it said that if the German Raid-
ing night, the whole city would have
'gone as the men and equipment could
not have carried on any longer.
RAIDS NOT OVER
The people ,of Englund now seem
o think that the worst is over, that
such raids cannot happen again. They
,re nicouraged, in this. • belief by the
fact that the , defences are sb much
better than they were, that there are
more and better planes for defence,
that there are more ballon, 'that the
ack-ack is stronger and better, that
the A. R. P. is' much better organized
and more effective. The Hon. Mr.
Morrison told us that there are now
1450 fire companies merged into the
National Fire Service,
Authorities however, hold a dif
.'ferent view. They are warning the
•
I
i]?
Ib
Bank of Montreal Issues Strong Report
With Record Assets and Public Deposits
Resources at $1,175,000,000 — Depos- employed extensively in meeting the
its, $1,064,000,000, Surpass Bil.' i war time needs of the federal gov-
lion Mark for First Time —ernment is indicated in the fact that.
High ,Liquid Position I holdings of government and other
bonds' increased by $185,094,854 —,
PROFITS DOWN SLIGHTLY —EQ. from $498,740,536 to $683,835,390. At
UAL 4.31% OF SHAREHOLDERS the san/ie time commercial and other
EQUITY !loans in Canada were reduced from
$254,427,218 to $205,282,857 and loans
outside Canada from '$21,271,754 to
With deposits- passing the billion $16,121,869. The reduction of com-
dollar mark for the first ,time in its mereial loans may be taken as an in-
history of a century and a quarter, dieation •of the curtailmentoffinan-
and with assets at an all-time high, tial requirements of industry engaged
the Bank of Montreal in its annual
Ito a large extent in war production
report, presents an impressive war- . and now being financed by the gov-
time record. Increased holdings of ernment. The small current public ing
government and other bonds are a di- iterest in stock trading is seen in a
rest reflection of partioipation in the further decline in call loans in Gana -
government's financing of the nation - 'da• to $1,920,538 from' $4,472,437. Call
al effort, while loans to business and loans elsewhere were reduced to $14-
289,715 from $15,569,284.
Profits and Taxation
•
Profits for the year after deduc-
tion of Dominion Government taxes,
at $8,288,018 showed a reduction of
$154,008 and compared, with $3,437,-
026
3,437;026 of the preceding year. The figur_
es are after making appropriations to
contingent reserve, and after making
full provision for bad and doubtful
debts. The federal taxes increased to
which at $1,046;551,479 was itself a $2,639,874 (of which $72,360 is' 'Titan_
record up to that time. Liabilities to dable under the provisions of the 42,-
the public totalled $1,098,526,216 the I cess Profits Tax Act) from $2,242,-
excess of assets being $76,793,015,
905in the previous year, this increase
being substantially greater than the
industry have been reduced. The ra-
tio of quickly available assets substan-
tially. increased, as the bank's strong
position was' well maintained. Extend-
ed banking operations resulted in a
moderate expansion of ,earnings, but
higher taxes paid into the federal
treasury brought about a sizeable re-
duction in net profits.
The total of assets as at the end
of the fiscal year October 31st was
$1,175.319,231 showing an increase of
$128,767,752 over the preceding year,
which represents the shareholders'
equity. The bank's strong position
was further shown in the total of
quickly available assets, which at
$896,935,228, equal 81.65 per cent of
all liabilities to the public.
The bank's record deposits at $1,-
064,645,439, showed an increase, com-
pared with the preceding year, of ing upon reduced profits, the outcome
decline in profits shown. The profits
represent 4.31 per cent. on the share-
holders' equity as compared with 4.51
per cent, shown a year ago.
Dividend payments of $2,700,000
were less by $180,00 than in the pre-
vious year, this being the result of a
reduction in .the rate paid follow -
$136,257,550. The bulk of this in-
crease was in Canada, the high gener-
al level of employment and increased
farm income being reflected in a
total of $930,996,417, which was lar-
ger by. $121,885,542 than a year be_
fore; deposits outside Canada in_
creased from $119,277,013 to $133,-
649,022.
Government Financing Aided
That the large available funds were
U.S.S.R. O'FFICIAL PHOTOGRAPH
DRSTRIBUTED. BY THE MINISTRY
OF INFORMATION. —SOVIET' SNI-
PERS SHOOT 114 ENEMY TROOPS
IN 2 MONTHS — Picture Shows: —
of higher taxation. After the usual
appropriation for bank premises the
balance to be carried forward was
$83,018 which increased the surplus
of profit and loss to $1,236,686.
The statement, as it appears else-
where in this issue is in its usual "eas_
ly understandable" form, with explan-
atory notations accompanying the
various items, the most important of
which are given in the following com-
parative summary:
Total Resources
Liquid Resources
Deposits in Canada
Deposits Elsewhere
Government and Other Bonds
Commercial'" Loans in Canada
Commercial Loans Elsewhere .,.
Provincial and Municipal Loans
Call Loans — in Canada
Call Loans — Elsewhere
Capital, Surplus, Undivided Profits
and Reserves for Dividends
Profits
1942 1941
4,175,319,231 $1,046,551,479
896,935,228 705,662,010
930,996,417 809,110,875
133,649.022 119 277.n19
683,835,390 498,740,536
205,232,367 254,527,218
16,121,869 ' 21,271,754
23,569,694 28,964,546
1,920,538 4,472,437
14,289,715 15,569,284
76,793,014 76,905,870
3,283,018 3,437,026
Two Soviet snipers who have cost
the inSading armies 114 men in two
months by their superb markmanship,
looking for further victims in the
Soviet battle area.
THIS WAY TO EUROPE till we could see the outlines of the.
buildings ashore and the automobile
(By a Naval Correspondent) lights. Now the engines were just
ticking over, but they were ready to
leap full ahead in an emergency.
As the ship turned for home, the
twinkling light ashore died and did.,
not come on again. A star shell burst
from the shore batteries. Something
had alarmed -the shore watchers. For-
tunately the star shells were all be-
tween the ship and the shore. That
meant we would not be silhouetted
for their guns. More and more star -
shells screamed high into the sky.
Searchlights sent long white fingers
skimming in vain over the surface of
the waves as we switched to "half.,
speed ahead" and zig-zagged away.
Now we were clear and opened up
our engines. Abid so home with the
first gray streaks of dawn.
• "This way for steamers to the Con-
tinent," announces a tattered peace-
time poster at a British port. It is not
so out of dateas you might think.
Only the other evening S boarded a
ship there which took me to the Con-
tinent. But instead of a happy -vaca-
tion steamer, the ship was a speedy
motor launch—a unit of Coastal For-
ces, flying the White Ensign of the
Royal Navy. She was engaged on a
hazardous operation which took up to
within two miles of a German-occu-
pied town.
It was a town which 1 had last
seen on vacation. Then it was ablaze
with lights from a thousand door-
ways—from cafes, cinemas, falshing
advertisement signs and the uncur-
tained windows of homes. Now there
would be nothing to see except the
faint outlines of building tops against
the slightly lighter background of the
sky, and an occasional wandering light
from the masked headlamp of an auto
or truck driven by the enemy.
Details of the operation were known
only to the ship's captain when the
motor launch cast off from her Brti-
eitr;AiV1Jf1'Y^ 1sU'1"ri:g
NEW REGULATION
An order has been issued by the
Wartime Frites and Trade Board with
respect to creamery butter. No per-
son shall, 'without the written author_
ity of the Food Administrator, own
or hold for his own account in Cana_
ca on the 30th day of7 November,
1942 and thereafter a quantity of
creamery butter greater than 75 per
cent of the quantity of such butter
which he owned
or held for his own
'h
account in Canada on the 30th day
November, 1941.
of Nov r ,
Any person who owns or hold any
the people that increased heavier
raids are not .only possible but are
probable. Some authorities 'say that
the, recent months have only been a
lull in which Germany 'has been tool-
ing up in order; to unlease heavier
bombs on England more after the
block busting type.
At the same time it is believed
that before' long Canada will have
German bombs dropping on her, that
at the same time that Germany is
tooling up for heavier raids on Eng-
land that she is making preparations
to Blend planes capable of longer
cruising range that will enable her to
bomb America:
Thereforg.we should take steps to
prepare for such eventualities, we
should take a lesson from England's
experiences and organize a most ef-
ficient C. P. 0.
quantity of creamery butter on the
30th of November, 1942 in excess of
5,000 pounds must forthwith report
ltothe Food Administrator the quant-
ity of creamery butter owned or, held
anti owned or
u t
h and the o
on that day Y
held on 80th November, 1941.
Every person who at the close of
business on the last day of any month
subsequent to November 1942, owns
or holds for his own account in Can-
ada any quantity of creamery butter
pounds must make
'5,000
in excess of
Food Administra-
tor
reports to the Fo d
Administrator mayrequire
tor as the
y from time to time.
V
EGG PRICES ARE 'GRADED
Eggs must be priced with due re.,.
gard for grade, according to an order
just issued by the Wartime Prices
and Trade Board. Maximum whole.
sale price for Grade "A" large eggs
was recently set at 49 1-2 cents at
Toronto, which is the price for the
ish base. (Western Ontario Region.
"Tell the guns' crews to keep their
eyes peeled," the captain said."It may
be lively tonight."
In the wheelhouse the navigator un-
folded his charts and started work„
FAMOUS CANADIAN CAVALRY
REGIMENT, TRAINING IN ENG-
LAND FOR "THE DAY"—The 8th
Prineess Louise (New Brunswick)
Hussars, a famous Canadian cavalry
regiment, now fully mechanised' and
' equipped with the most up-to-date
implements of modern • warfare, is
Decreases range from two cents 00.
grade "A" medium to 10c on Grade
"C" eggs below the Grade "A" large
level. Grade "A" pullets sell at not
stopping occasionally to give the or- less than five cants less than Grade
der for a .change of course into the
voice pipe by his side. On this one
man, probably more than on any oth-
er in the ship, depended the success
or failure of the operation. And he
was twenty-four years old, a bank
clerk in New Znaln.nd L cc +h,gn +hree
years ago.
Without the help of the navigation-
al lights of peacetime he had to plot
' ed
course redetexmm
the shins cot se to a p
point two miles off the enemy's s cawst-
line, across many miles of sea.
through mine strewn waters. Working
with stop watch and tables in his
blackedout chart room, the young
navigator kept the ship on a sure
course for her destination.
A little way out an old wreck on
the port quarter gave the guns' crews
the chance of a little practice and
brought the captain scrambling up on
deck. From that moment till the fin-
ish of the operation, many hours later
he never left the bridge except for a
nuick visit to the chart room to con-
fer with the navigator.
Twilight had given way to full night
when brilliant flashes astern illumin-
ated the horizon. An air attack on one
of our convoys'' or on a coast town,"
said the captain.
The, three look -out men on the bri-
dge were on the alert, • for the ship
was now in the danger zone, the home
water of E -boats. The guns' crews
were ready for instant action. Ahead
the ship's bow cut a phosphorescent
wedge in the dark water. Fire -tipped
waves, caught up in the luminous
wake, sent green shadows racing over
the ship's upper works.
"We're too good a target for Fiir
craft," said the captain. "Half speed
ahead!"
That reduced the phosphorescent
Aare as we neared the enemy coast-
line.
Ashore a 'twinkling light stabbed the
darkness every few seconds, a signal
by the ;Germans for their coastwise
convoys. That meant our presence waq
still undetected or the light would.
surely have been extinguished.
We sailed 'farther' and farther in
"A"
large; Grade "B"
eggs at not less,
than 8c.
To his wholesale price a retailer,
may add the markup he used in the
basic period, but this must not ex-
ceed 20 per cent of his selling price
or eight cents per dozen, whichever
is the lower.
training in England for "the day".
They are using U.S. General Lee and
General,StevSart Tanks.
Picture shows:—Men of the 8th Prin-
cess Louise Hussars in a mobile work-
shop learning to carry,, out the rapid
repairs so vital to successful tank
warfare. Fitting new tracks on a Gen-
eral Lee tank at top speed.
V
CHURCHDIRECTORY
E T Y'
C
X
THE BAPTIST CHURCH
Rev, A E. Silver, Pastor
11.00 a.m.—Sunday School'
'7.00 pan,—Evening Worship
The Young People meet each Mon-
day evening at 8 p.nt,.
ST. PAUL'S CHURCH
Rev. G. W. Moore, Lth.
11.00 a.m.—Morning• Prayer.
2.30 p.m. ;Sunday School.
7.00 p.m.—Evening Prayer.
THE SALVATION ARMY.
Capt. S. Curtis
11.00 a.m.—Holiness Service
2.30 p.m.—Sunday School.
7.00 pan.—Salvation Meeting.
ONTARIO STREET UNITED
Rev. G. G. Burton, M.A,., B.D.
11.00 a.m.=Divine Worship.
Near Noon -Sunday School.
2.30 p.m.—Turner's Church .Service. -
and Sunday School. •
7.00 pm.. -Evening Worship.
WESLEY-WILLIS UNITED
Rev. Andrew Lane, B.A., B.D.
11.00 a.m.—Divine Worship
7.00 p.m. -Evening Worship.
Sunday School at conclusion of
morning service.
PRESBYTERIAN CHURCH
Rev. D. 3'. Lane
10.00 a.m.—Sunday School.
11.00 a.m.-Worship Service.
2.00 pan.—Sunday School, Bayfield;
• 3.00 p.m.—Worship Service at Bay-..
field.
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