Zurich Herald, 1943-12-02, Page 4•
7,41,1r14, ONTAitIO
ANNUAL FINANCIAL REPORT
Demonstrating the •importainee ex-
tent to \which it. is participating in
the financing of the war, .the Bank
of Montreal today publishes its 126th
annual financial statement, showing
substantial increases in its main fea-
tures, with resources at the highest
figure in its history, The statement,
Which is in its customary "easy un-
derstandable" form, shows assets of
$1,313,000,000 which is $138,000,-
000 above the previous record figure
of a year ago, Profits at $3,302,834,
show a slight increase over the figure
for 1942 when the bank reported
earnings of $3,283,018, and repres-
ents 4.30 per cent of the capital, re-
• serve and undivided profits, compar-
ed with 4.31 per cent last year. With
the heightened business activity in-
cident to the war, this figure might
have been expected to be higher, but
inereased taxes have practically off-
set the effect of enlarged gross ear-
ning:. At a figure nearly $375,000
higher than in 1942, the bank's Do-
minion Government tax bill for the
current year amounted to $2,913,..
000. Of this amount `4165,000 is re-
fundable unuder the provisions of the
.rice& Profits Tax Act.
Deposita — the largest item in the
balance "sheet and one whish best
shows public confidence in the in-
ttitution--have shown. a marked ad-
vance in the 12 month period, not-
withstanding the heavy inroads made
into surplus funds by subscribers to
Victory Loans. Under the deposit
heading the bank shows an amount
of $1,205,874,000 which is $140,-
000 above the figure for 1942, which
constituted a record at that time.
Commercial and other loans at $226,-
399,000 are only slightly higher.
This is in line of trend with other
years, in which the need for bank-
ing accoznodation has been substan-
tially decreased. There is the fact
also that many firms engaged in
peace -time pursuits, with much re-
duced production, are not now re-
quiring the financial assistance need-
ed in former years.. The report,
is a very inspiring one, indeed.
H LLSGsREEN
George Kennard Passes
George Kennard died on Thursday,
at his home in Hensall following a
lengthy illness, during which he un-
derwent an operation at St. Joseph's
Hospital, London. He cane to Hen -
Fall some months ago from Victoria,
E.C., where he was a well known
contractor. He was born at Hills-
green where his early -life was spent
Hi' widow is the former Miss Isab-
ella McBeth of the Kippen district.
'DRYSDALE
Mr. and Mrs. Charles Laporte, af-
ter spending a couple of weeks in
Detroit with their children, have re-
turned hone,
Mr. and Mrs. Marcil Laporte and
son Robert .and daughter Jenene of
Deroit, were week -end visitors With
friends and relatives,
Miss Rose Oorriveau and Selina
Meiding+er,' after spending a few we-
eks in Detroit with friends, returned
home.
Mr. John Mousseau of Grand Bend
spent Sunday at his brother's and
sister's home here.
Mr. John Denomane, local merch-
ant, has been on the •sick list for' a
few days.
Mr. and Mrs. Louis Montague and
children spent Sunday at the home of
Mr. Garfield Denornme at Blake.
BAYFIELD
Miss Donna Toms of Goderieh Col-
legiate was a recent visitor et her
home here.
The W. A. of St. Andrew's United
Church held a very successful sale of
home made baking of the church, re-
alizing $25.
Miss Maud Stirling is visiting
friends in Port Elgin and Toronto.
The other evening friends from
Bayfield and the surrou»ding coun-
try gathered at the Town Hall. Pte.
Oliver Hopson, who was home on
leave, was the guest of honor and
was presented With a pen and pencil
set, sweater 'and sox. Mr. Hopson
thanked all his friends and all joined
in community singing and dancing.
Mr. and :Mrs. I, Coldwell of Owen
Sound spent a few days with Rev. A
Coldwell and family before Ieaving
fox Florida where they expect to
spend the 'winter.
Geo. tittle, Walter Westlake and
Jack Roward, have been up north
on a hunting trip and arrived hone
with two deer and a black bear.
Mr. A. E. Erwin received word of
his 'Sister-in-law, Mrs. Topping was
very i11 in Toronto and left for that
city the same day,
Sorry that Mr. A. McGregor is not
gaining -as well as his many friends
would like to see.
Mrs. Boyd of Gravenhurst visited
with her sister Mrs. J. Howard and
attended the funeral of her aunt,the
late Mrs. F. ,W. Neelin.
STANLEY TOWNSHIP
Mr, and iVlrs. Edwin Hobson and
family, also Mrs. F. Hobson all of
St. Thomas were recent visitors with
relatives in Stanley and Bayfield.
Miss Anna Scotchmer of the Bron-
son line spent a few days with her
sister, Mrs. Jos Wild of Clinton.
Pte. Harold Peck of the RCAF ,
was a visitor at his home on the Bab-
ylon line.
Pte. Elliott Chuter of Ipperwaish
Camp, was a visitor at his home near
Varna.
Miss Vera Wild is spending .a week;
with her mother who is ill, and all
DON'T
MIME ON THE Mt
hill S INTO WARMER CLOTHES
COAL IS SCARCE!—tasting fuel by overheating
your home is unpatriotic. 'It 'has long been recognized
that moderate :temperatures are better for the health.
To ensure comfort, get into •warmer clothes rather 'than
pile on more fuel.
Tests show that for every degree over 68° coal
consumption is increased 8'%. Keeping your home at
68° instead of 76° may save almost a quarter of your fuel.
Ask your local fael dealer for, your free copy of the book-
let "33 tiYAYS TO SAVE :CONE TON IN FIVE" today.
Save one Ion in five
tw1EN1f OF_ MUNITIONS AND SUPP .Y
HON C D` HOW,E; Minister
ZURICH HERALD
wish for a speedy recovery.
Mrs, Margaret Erratt of Toronto
was a recent visitor with her sister,
Mtn. Henry Erratt and other relati-
ves in Stanley,
A.C1 Floyd McAsh of the BCA
orf St. Eugene, Ont., was a visitor at
his home Varna.
Gertie Smith of the WDs., RCAF.,
from Patricia Bay, B.C,, visited • her
parents Mr, and Mrs. John Smith, et
Varna.
Mr. and Mrs. Edwin ChuterWalter ire
company with Mr. and Mrs
McBride and children of Blake, we-
re recent visitors 'with friends la
Harriston
HENSALL
Little Betty Parker, 3 -yr. -old . da-
ughter of Mr. and Mrs. Wm. Parker
was taken to Seaforth Hospital for
treatment.
ACs'. Bob Sangster, of the RCAF.,
Toronto, was a visitor with his mo-
ther, Mrs. Minnie Sangster.
Mr. and Mrs, Elam Shantz moved
into the apartment in the Petty 'blk.
recently vacated by Mr. and Mrs.
Reid.
Mr. Wilson Allenis laid up at his
home suffering from a severe attack
of rheumatism.
H. 0. Dayman and Ezra Willard
were among the lucky ones hunting
deer in the Bruce district, having re-
turned home with an abundande of
venison.
Rev. Joseph Taylor, newly induct-
ed minister at Carmel Presbyterian
church has resumed full change of
his duties of the congregation.
Mr, and Mrs. Allen Davidson of
London spent a week -end at the par-
ental homes here with Mr. and Mrs.
W. R. Davidson and Mr. and Mrs.
Orville Twitchell.
Mr. and Mrs. Harry Cook and
babe of Windsor were visitors with
the former',. parents, Mr. and Mrs.C.
Cook,
Mr. and Mrs. A. T. Douglas and
41r. and Mrs. Gordon Arrand,. of
Hyde Park, were visitors with Mrs.
J. Johnston.
Dr. and Mrs. D. G. Steer were
recent visitors with friends in De-
troit.
Mrs. L. ;Simpson has returned af-
ter a pleasant six weeks' with mem-
bers of her 'family in Detroit
Mr. Edward Berry of Windsor,
was a recent visitor with his another
Mrs. Anna Berry: He was was - ac-
companied by several men from that
city who were accompanied by -Stan.
Tudor and Reeve. Shaddick of Hen-
sel' to a hunting trip in Bruce ' Co-
unty. The first day out Mr.' Berry
Nes successful in bagging a fine deer!
Frolic Held at S.S. No. 10, Hay
The Red Cross branch of S.8..No.
10, Hay held a most successful -euchre
and dance, there were 15 tables pray
ing and the ladies' first prize was
won by Mrs. Basil Edwards, gents'
by Wzn. Hyde. Refreshments were
served and dancing followed with
music by Wm, Hyde and Thos. Laing
accompanied by Mesdames . Munn,
Bell and Faber. !Proceeds from the
event amounted to $30.
Bride and Groom Honored
About 200 relatives and friends
gathered in the town hall in honor of
Mr. and Mrs. Harold Willard, who
were recently married. During the
evening they were presented with a
handsome dinette suit. An actdress
was read by Peter McNaughton. Re-
freshments were 'served and dancing
enjoyed to the music of Murdock's
orchestra.
COUNTY NEWS
The Perth -Huron Shorthorn CIub
will hold its annual meeting' at Clin-
ton on Monday, December 6th:
Ernie Clark, of Seaforth, has been
elected by acclamation as member of
the Ontario Older Boys' Parliament
for the riding of South Huron. The
Parliament meets this year at Kit-
chener, Dec. 27th to 31st.
Mrs. 'Phos, Kestle of Exeter passed
away in her 90th year. She was born
in Stephen Township and her early
years were spent in pioneer surround
yr
Only Two of Every Five Canadians Are Properly Nourished. f
*X.
4001 ADEQUATELY
0 NOURISHED
®O ON 00AOERtitiM
/► MALNU I!1Tlflrt
Here's How To Make Sure Your Family
Gets the Right Foods.!
According to Government surveys, only, 40 percent
of Canadians know and regularly eat the right
foods: Forty percent are on the borderline of mal-
nutrition, and apt hi wartire,to fall into the under-
nourished class. Twenty percent are definitely
underfed.
To help you feed your family well, we offer you
•"Eat -to -Work - to- Win "*, FREE new booklet that takes
atl the guesswork out of nutrition. Twenty-one days
Of nutritionally -sound tnenus, plus facts about foods
thacbuild energy ... stamina .. , morale.
Learn the easy way to meals that are
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•
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Let thl>r oriainal new
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*Thr nutritional statements in "Eat-to-lrork.to.
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-NUTRITION FOR. VICTORY",
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Name
Address t
Prov.
°„° :pit,
�e'eti n. en BinswsX
Tursday, December 2nd, •1943
Founded in 1817
c...1 in easily understandable form,
of the Bank's
ANNUAL STATEMENT
30th October, 1943
• RESOURCES
Cash in its Vaults and Money on Deposit with
Bank of Canada .
Notes of and Cheques on Other Banks .
Payable in cath oil presentation,
Money on Deposit with Other Banks
Available on demand or at short notice.
Government and Other Bonds and Debentures .
Not exceeding market value. The greater portio;: coetsisb of
Dominion Government and high-grade Provincial and Municipal
securities which mature at early dates.
Stocks
s a $122,277,005.70
• 50,369,612.03
• 41,078,651.11
Industrial and other stocks. Not exceeding market vette.
Call Loans .
In Canada . . . ,i$ 3,350,701-53
Elsewhere 18,636,280.466
Payable on demand and secured by bonds, stocks and other
negotiable collateral of greater value than the loans.
799,462,639.56
385,280.79
22,036,981.99
TOTAL OF QUICKLY AVAILABLE RESOURCES • $1,035,610,171.18
(equal to 83.81%% of all Liabilities to the Public)
Loans to Provincial and Municipal Governments
including School Districts ▪ . • . . 17,544,577.50
Commercial and Other Loans . 226,399,651.32
In Canada . . . . $$215,445,397.05
Elsewhere : 10,954,.254.27
To manufacturers, farmers, merchants and others..an conditions
consistent with sound b enking.
Bank Premises 13,400,000.00
Two properties only are carried in the names o' /folding 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.
All other of the Bank's preinises,• the value of which largely
exceeds $13,400,000.00 are included under this heading,
Real Estate and Mortgages on Real Estate Sold by
the Bank .. - 553,727.65
Acgnired in the course of the Bank's business and' in process
of being realized upon.
Customers' Liability under Acceptances and
Letters of Credit 17,068,844.05
Represents liabilities of customers on account of Letters of Crept
issued and Drafts accepted by the Bank for their accarurt.
Other Assets not included in the Foregoing (but includ-
ing
ncluding refundable portion. of Dominion. Government
taxes $195,472.75) . . lb 4. 0 2,487,682.99
Making Total Resources of Si $1,313,064,654.69.
Due to the Public
Deposits
In Canada
Elsewhere .
LIABILITIES
$1,046,857,927.64
159,016,863.82
Payable on demand or after notice.
Notes of the Bank in Circulation . • ,
Payable on demand.
Acceptances and Letters of Credit Outstanding -
Financial responsibilities undertaken on behalf of customers
(see off -setting amount in "Resources").
Other Liabilities . • .
Items not included under the foregoing ▪ headings.
Total Liabilities to the Public
•
To meet which the'.Bjnk has resources as
indicated above amounting to .
$1,205,874,791.46
y 9,790,640.00
17,068,844.05
2,897,045.82
8• ,1,235,631,321.33
. $1,313,064,654.69
Leaving an excess of Resources over Liabilities, which
represents the' Shareholders' interest o ver which
Liabilities to the,Pablic take precedence.
Capital . ._ . . $36,000,000.00
Reserve Fund, Profit & LOSS Account
and Reserves for Dividends . . 41,433,333.36
$ 7;433,333.36
PROFIT and LOSS ACCOUNT
-Profits for the year ended 30th October, 1943, after making appropria-
tions to Contingent Reserve Fund, out of which Fund full provision for
Bad and Doubtful Debts has been made, and after deducting Dominion
Government Taxes amounting to $2,913,194.04 (of which $165,585.92
is refundable under the provisions of The Excess Profits Tax Act) .
Dividends paid or payable to Shareholders . . . $"2,160,000.00
Written off Bank Premises 500,000.00 2,660,000.00
$ 642,834.19
Balance of Profit and Loss Account, 31st October, 1942 . • $1,236,686.94
Balance of Profit and Loss carried forward . . . . . . . $1,879,521.13
$3,302,834.19
GEORGE W. SPINNEY,
President •
* *
A, C. GARDNER,
General Manager;
The strength of e bank is, determined by its history, its policy,
its management and the extent of its resources, For 126 years the.
Bank of Montreal has been in the forefront of Canadian finance.
ings. Her husband predeceased her
in 1939.
Mrs. Lottie Bristow Frost, wife of
Reuben' Frost, Seaforth, died at the
;age of 69 years. She had lived in
Seaforth for 00 years. Besides the
▪ husband, one .son and three daugh-
ters survive.
Three Horese ie Runawa'y
A runaway on Exeter's Main Street
is rare in comparison with that of
years gone by, before autos were the
means foil' transportation. But the.
other day they had not only one but
three runaways all at the same time.
Gala Stolen—Tank Punctured
Jos. L. Ryan, MVMCl(ilicp Twp, left
his' auto standing outside his house
vecently and in the morning discov-
aced that, sone miscreant .had bored
a hole in the bottom of the gas tank publisher of the Clinton New. EriA
and was succeeded by her brother,
the late Robert Holmes, ex-MPZ ltilir.
Chant, who was superintendent, pit;'
the Clinton Hydro plant fo,a maw
years, died .in 1929. Surviving are
a son and two daughters.,
and got away with six gallons of
the prescious gasoline. It required
several hours for a serviceman to re-
pair the damage to the car.
Two Tons Salvage
In spite .of the inclemency of the
weather, the Blyth. Fire Departmet&t McLaren -,Mussel:
is satisfied with the results of the
salvage eollertion. Pt was conducted Seaforth - The marriage of Miss
during a very heavy snow storm,and Mary Ignatia Hussey, elder daughter
several boys around town aided in of Mr: and Mrs: John Hussey, and
the work. It is estimated that around Wm. Earl Maclaren, of G.odnedit ,.
two tone of scraps were eolleeted. son of the late Mr. and 1Glra. Andrevtr
MaoLaren, of Wial to)1, took piaec iu
Searfoi t'h. Rev. T. P. Hussey, uncle
The death occurred at Clinton of of the bride, oflloiated, The bride anti.
Mrs. Charlotte Holmes Chant, widow groom were unattended and left inn"
of 11, B, Chant, in laer. 82nd year, ' rnedlately after their marriage on S.
Her father, Edmund 'Holmes, was ti„AGA honeymoon,
Died at Clinton