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HomeMy WebLinkAboutZurich Herald, 1944-11-30, Page 4\!MATH°"' GAS motorist. Why take chances in A Gas known to every Good Gas at Regularinferior Gas when you can buy Prices. Engineered Lubrication „sin 7 kind. At K1app's you get Guaranteed Indian Lubrication, S of Grease. We invite how to watch us Lubricate Attendants Grease Care Car arra see Expert Repailrm. g Motor. We use the KING AN ALYSER to properly Tune Up your CLEAR GAS FOR YOUR LAMPS AND STOVES at 25c. Gallon Batteries, Accessories, Goodyear Tires to -date Clean and Tidy Rest Rooms. Zurich's Finest and Most Up Garage and Service Station. . Our Car for Drive in and let us service and' }PeP p Rous the Colder Weather an:' HOWARD KLr; C. Fritz & Son U�•: i KLOPP'S ONE-STOP ii SERVICE section Or 'i riiNGS TO COME i i t.; , t.., a , recent appointee to the CRC Talks and Public ' Affairs t:,•:ratt:e nt, looks overa script for the"Of Things to Come" Neil llorri-o.,. CBC Supereiser of Talks and Public ?,hairs." Mir- ing leeeeneer the topic, ''Canada as a nation " will be discussed, opening with the citizens' forum on "What ' anda,obe hadTuesday, , Deeereber 5, at s.30 p.m. over CBC's <tanetwork. 1�y o formerly lived in Winnipeg, is now making Toronto her headquarter :eh! 't•- in charge of aI l LttrTelllt'11tr for the "Of Things to Come, programs, • or round tt?u'.s succussions on the vital topics of the day a., they affect Canadians. ZURICH HERALD received his training at Lachine, Ru. and Monkton, N,B•, also Trenton, re- ceived his wings at McDonald, Man, and was •5th in his class of 138. Bois in ; Iensall and received his education here. H pp ��++. - £ 1 '1• S W O O L Toronto and Brantford, Me. and Mrs. Fletcher 'and Misses Ella, Rose, 'Tillie and Antionette Zim Hier ,all of Detroit event Thanksgiv- ing with their father, ¥r. Wm. Zim- mer and sister Ida. Sacred Concert Mr, Sproule Currie attended a creamery convention in Toronto Last week. Mr. and Mrs. Wm..,Sehroeder and family of Detroit and Mr. land Mrs. Clayton Wildfong of London, were week -end visitors with their mother, Mrs, Hamacher. James •Taylor who is with the Bell Telephone Co., of London, spent the week -end at his home here. Pte. Russell Tiernan of Camp Borden spent the week -end with his parents. Mr. Ed. Nadiger was on the sick 'list last week. Mr. and Mrs. R, A. Spicer receiv- ed eceiveed word that their third son, Lorne, overseas, received promotion from Pilot Officer to Flying Officer in Sep- tember. Mrs. Fred Willert left last week for Birmingham, Mich., where she will spend the winter with her dau- ghters. Miss Zeta Nadiger R.N. of Howell Mich., spent a few days witch her parents, Mr. and Ales. Wm. Nadiger last week. Miss Dorothy Wein, nurse in train- I ing in Victoria Hospital, London. spent the week -end with her parents. Mr. and Mrs. E. Bartcliife of Clin- ton were Sunday visitors with Mr. and Mrs. Addison Tiernan. A memorial service will be 'held in Zion Lutheran church on 'Sunday ev- ening for the late Harold Maier who .was killed in Italy. Mr. and Mrs. Jack Reschke and family and Mr. and Mrs. Carl Bosch of Detroit, spent •the week -end with relatives here. Mrs. Merner return- ing to Detroit with them and will visit there for some time. - Mr. and Mrs. •Gordon Hewlett and Miss Reva Jermyn of London, spent the week -end with Mr. and Mrs. T. Harry Hoffman. 1VIrs. Bertha Hayter has returned after a visit with her daugnter in A sacred prop= will be held in the Bvn'gelieal church, Dashwood, on Sunday December 19th at 8.30 pan. following the usual evening services. Music will be furnished .by the Luth- eran uth- aan, and the Hendrick oem Memor- ial Band, The' chairmanfrhe Thursday November 30th; 1944 evening will be Dr. R,H. Taylor e,n' the guest speaker will be Flt. Lieut„ Martin, Padre of Centrailfla Airport. he oWar rTimeill be taken in Service Fund tod ha used for gifts for the boys 'oversea+,. Everybody is cordially invited. • BANK OF O Founded in 1817 eA presentation, in easily understandable form, p of the Bank's ANNUAL STATEMENT 3lst October, 1944 STANLEY i OW NSHIt' A. large assembby awaited on Mr. and lIrs. Yoernarl Aldwinckle, newly- wed', on Friday night last in the hall, at Varna. A pleasant time was spent and during the course of the evening the young couple were presented with a chesterfieisf, and the best wis- hes of their Mende. • Had Miscellaneous Shower y•w:a rrr�' A very pleasant social e en „ spent at the horns. of Mr. and Mrs. onia Hospital, London, suffering with Warren Schilbe on Nov. 15th, when polio. r,t.i,_hbor and friends met to holtor ; Mr. and Mrs. A. G. Smilie and Miss chair slaughter, Jean, a brfdeelect of I Jean Murray, who have been spend - last Saturday. During the e:s�•enirtg, . Miss Beatrice Cooper and Dlrs. Robt. ; ing the summer months at their home m Hensall, have left for Toronto. McGi egur carried in a prettily decor-; Me. Mrs. DIorley Sanders, and at -d ,casket laden with many b Cali -1 sons visited recently with Mr. and Dal and useful gift.. Mrs. Harry Mrs. T. Harry Hoffman and little well Feria a suitable address• j daughter at Dashwood. Memorial Servicei Rev. J E Taylor, minister of Car - A very impressive memorial e'en -lee` mel Presbyterian 'Church, who has v:• held in honor of Pte Harryaccepted a call to Shakespeare, North Paleons, ,on of lir. A. Parsons .and •Easthope and Central Easthope char- grandsonof Mr. H. Coultice at as''- g,es: reached his farewell sermon on na, Several member: of the Legion .Sunday, Nov 2(ith. They have left for wee in attendance and took part, their 'new :change. with t ev. Mair, of Thames Road Lal- BLOIOD DONORS are needed. !tee Chin ch and Rev. Reba Hern in Healthy people should volunteer now the pulpit. Mr. and Mrs. A. Parsons {Your time means nothing to a life, eeei tamely, of Mitchell and other Call Middleton's Drug Store, Hen- tr:aticr-s from a distance. The church' sail for information. wee iiiled to it: utmost capacity. A memorial service for Pte. Syd- Mrs. Thomas Consitt Passes I Heti Taylor who was 'killed while on Mrs. Thoma.= Con itt, highly este- a active service in Beigiaum October t areal and widely known resident of `r tatsley Township died at the home ed 1944 will be held 'in Gliiselhurst Unit of her daughter, Mrs. Clarence Parke Church, Sundae-, December •&rd at Exetereliof the Goshen lint.. Stanley, where i C nadian Legionewi111b 1arres pnCh of resent in had gone to paya visit, when she 1 a body. • -triekr•n with a 'every troks ha Late Thomas Hillis, . wave• days ago. In her h tri year, d i -Mr. Thomas Harris, highly esteem; wee, born in Tucks r:n'lth but resided for marry y' -ars 1.':tn her husband in ed reeiden•t' of Chiseihur t in the Hen - is H. 'fr,N . 9il. 55?" 4'.'e "..h': Torn"fcr ,,ll district died at his home in hi: J;eee, Freeeithe. ares wee a re �d.,nt ;,1.:t year, following a nix week's 111.e yr Il .."a., ,/r: -:o r 1,, 4ir `` `r" i. Dnpren,.-s. He -was born in Exeter, but •, • ''.. r , ,A .Ia .. -c'!.(11.:.(:e for many years farmed in the Sensall •+ I•'% r r ,", :t5 t, t. -r, rir:r: 4.1 erict. A member of Chb elhurst Un t.,+'r... , �,-. f,xt.", .!J tt; •:1"; t ''' ,nasal church was superintendent- for . t erAi`:oier, B. 1• !el, Fer r'ee vein of the Sunday eicnool( e , K..:!'is," `:. '"'11.1"4:. vv,,- 'n. the board of Steward:, and c..K 1 e,,,-).•.„,,,,•,., ; r _ 1 active sr+ church work. Surviving are 1• • 1 e,..., 'see ',1:•',,i re', yti "'1• l,ie widow the former Mary Ten,- nee ekes et ,,'re 4 r reeV. i Orp therhutnt: pyr ,14.,.. two :otir' awl two ,laughter,, til Mr. Mr l'tr,,, ,•;Ms» ,r''. .•, br',t.n r Cherie out Wet. The fu.n- r t 1. Grant. 043,r •duce}!. i.i,• g;ns'' was held on Dlonday, with em-v- nre ,t 4w :rs: r, !.,;° twee ir, l�t,,v c: '':'•' dr• sir the r'}li.•el}fur:* shtt4•r~h :Ina in- t= ani ? t ,r rrrrr•nt fuliowr;d in the Isxi *rr r•�ni- er.•. • Hl NSAbL a•tery. Rev. It. A. Brook efnoi,ttt.rl. "I la,. reeulte o1 the reeve teintenat Arrived from Overseas ion ,of Heeeeill Zillage peovl..e to be Mrs. Jan'w Sangster ref 'neer: r.F- an. ,.ir crtiori 'or Reeve .v': ee ;?. E. e ived wird that her son F'.( George ' Shaddick an -4 ''` W. '4tr+al;exembe. Saxtgeter, had arrived in ('ateeda from Council •-- 1 I•it,i• 14. If pre, A. overseas, Nov. 23rd, for a eionth'4 Kerslake and 'L Moir (avis.) !leave et his home, having !seen a veer Scilo.o) Trustees • I. Flynn, G. and a half of service overseas. 21. years s of age, he has been awarded It Hess, B. Nicker., (acL;l P LLC — Chani. Moore' (eel') the D.F.C. the ilrst D.F.C. to be' Won Miss Norma Cook of Wr• terra 'Vn-' by anyone in lienculi, 'and ha.. 40 ivcrsity, .Spent the • week -end with her eperation,al flights to his credit. He parents, Mr. and Mrs. N. 1. Cook. also received the decoration for ser - Alae, ad, Merry o.f Wiads(rr Vas a vias over Berlin, enl.iotod 'at London. visitor with his mother, Mra. Ann Berry. Mr. J. W. Ortwein has 'been few ed to his room during ,the past weeks 'owing to .illness. Gordon Campbell has returned to his home following an operation in St. . oseph's Hospital, London, and is improving nicely. Ray .Ingram, .9 -yr: old son of Mr. and Mrs. John Ingrain of Hay, is a atient in the isolation ward of Viet• - RESOURCES Cash in its Vaults and Money on Deposit with a Bank of Canada Notes of and Cheques on Other Banks . .. a Payable in cash on presentation, Money on Deposit with Other Banks it a 14 Available on demand or at short notice. Government and Other Bonds and Debeurscmtrirts of Not exceeding market value. The greater portion Dominion nuhover naturand e at early high-grade sProvincial and Municipal secur s Stocks . . « Industrial and o• ther stocks, Not exceeding ma• rket value. Call Loans . .$ 6,632,019.80 In Canada 44,533,800.89 Elsewhere nPaable egotiablpzdenzad and collateral of gre.tevvaine t• cur▪ ed han the kr and other loans. TOTAL OF 4TTICTCLY AVAILABLE RESOURCES BANK OF MONTREAL ASSETS PASS BILLION AND A HALF' MARK Lower Profits Reflect Higher Operat- ing Costs and Lessened Interest Earnings Heightened activity incidental to wartime expansion is reflected in the Bank of Montreal's annual statement issued today, revealing new highs in practicality all departments. R•'ikcttr e - es have passed the billion and a half mark? and standing t $1,526,734,00 exceed last years figures by mare than $200,000,000. Deposits which have increased by $214,937,000 amount to $1,420,8/1,- 000 1,420,511,000 as compared with $1,205,874,000 a year ago. This increase Inas occur- red notwithstanding what must have been siebstantial *withdrawals by 'cus- tomers for investment in the Fifth and Sixth Victory,Loans—the cam- paigns of which took place in the '12 months covered by the statement. Investment in Government Bonds Chief among the banks' resources is its investment portfolio of govern- ment and other bonds and debentures which are close to a billion dollars. These investments, the greater por- tion of which consists of nonunion Government and high-grade provin- ' tial and municipal securities matur- ing at early dates, amount to $955,- 538,000, which is $156,076,000 a- bove the 1943 figure. Other important increases in -the bank's quickly available resources are shown in the amount of cash held in its vaults and money on deposit with the •Bank of Canada at $184,- 473,000, as compared with $122,- 277,000 a year ago and call loans which, at $51,165,000, are up $23,- bilities. Profits Quickly available resources total $.1,279,222,000, which is equal to $8.30% of . all the bank's public lira -- Profits for the year which ended Oct. 31, after deducting of taxes pay- able to the Dom. Government, amo- unted to $3,104,300.19 a figure Tess by $104,534 than in the previous year. The decrease in profits is, no doubt, a reflection of the gexerally lower interest return 'which le tieing received by banks upon loans and in investment account, as well as sub- st'nntially higher operating costs cons 'Tined with an increased total of in- terest payable to depositors upon a snbetantial higher volume of depos- its in the savings department. The profit represents a'return of 4.10 p.c. on the shareholders' equity, whieho compares with 4.30 ,p.c, a year ag and 4.31 p.c. in 1942. Dominion •Gov eminent income and Excess Profits taxes estin aced for the year have. been provided for in an amount of $3,725,00,0, this comparing with an' - adjusted ,amount in the prevtous year, of $5,118,194. From the net profits of the year ended Oct. i41,i last of $3,19:4,800.19, there was divtribnted to 'shareholders in dividends $2,160,000, and a sum of $500,000 is written 'off bank pre- mises, these amounts behag the same as in the previous year, (equal to 88.30% of all Liabilities to the Public) Loans to Provincial and Municipal Governments • 3 including School Districts ' • • • $194,487,531.12 . 8,616,484.00 To malnfaciurer•s, farmers, merchants and others', on conditions consistent with sound banking. Bank Premises • Two properties only :are car▪ ried in the names of ho• lding Com- o wined thetock and bonds and appear on its bookese satpanies are 8l 00 in eachtcasle All other of the Bank's premises, the value of which largely exceeds 812,900,000.00 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 of ▪ 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 2,999,296.88 taxes $975,703,73) • Commercial and Other Loans . In Canada . Elsewhere . $184,473,969.24 56,397,561.85 31,264,469,84 955,538,246.28 382,539.67 51,165,850.69 $1,279,222,637.57 11,576,134.02 203,104,015.12. 12,900,000.00 327,291.46 16,604,876.48 • $1,526,734,251.53 Making Total Resources of a LIABILITIES Due to the Public Deposits . • • In Canada Elsewhere • . Payable on demand or after notice. Notes of the Bank in Circulation a Payable on demand. Acceptances and Letters of Credit Outstanding ..a . Fittuncial responsibilities undertaken on behalf of customers (see off -setting amount in "Resources"). Other Liabilities . . Items not included under th• e 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 Shareholder's interest over which Liabilities to the Public take precedence. Capital . . . . . . $ 36,000,000.00 R v Fund Profit & Loss Account • $1,420,811,136.87 ▪ $1,244,528,982.86 • 176,282,154.01! 8,568,045.00 16,604,876.48 2,784,72 8.47 8 • $1,448,768,786.82 • $1,526,734,251.53 eser e , and Reserves for Dividends 41,965,464.71 PROFIT and LOSS ACCOUNT Profits for the year ended 31st October, 1944, after making appropria- tions to Contingent Reserve Fund, out of which Fund full provision Bad and Doubtful Debts has been made, and after making provision for estimated Income and Excess Profits Taxes amounting to $3,725,000 ('of which $340,000 will be refundable under the pro- visions of the Excess Profits Tax Act) • $2,160,000.00Dividends paid or payable to Shareholders • 50� 0 00 Written off Bank Premises • 77,965,464.71 Balance of Profit and Loss Account, 30th October, 1943 Balance of Profit and Loss carried forward ... $3,194,300.19 2,660,000.00 $ 534,300.19 $1,879,521.13 $2,413,821.32 NOTE REGARDING SPECIAL ADJUSTMENT OF TAXES IN RESPECT OF THE YEAR ENDED 30th OCTOBER, 1943 The Minister of Fine and s from the earnings ressed the ofnion d this at Bank weree smade in in excess 1943 to Contingent Reserve F of the reasonable requirements of the Bank. The management and the auditors of the Bank do not agree with the Minister in this matter but having been advised of the Minister's views and of his purpose to act in accordance therewith, we have estimated that approximately $2,200,000 of such transfers must be added to income of fthat yeartforstax orp it year 194a s a result the Bank will be called -upon to pay of a like amount under the Income & Excess Profits Tax Ads. Provision lhhas been made from Contingent Reserve Fund for this tax liability, of twenty per cent, or $440,000, will be refundable under the provisions of the Excess Profits Tax Act. GEORGE W. SPINNEY, President B. C. GARDNER, General Manager * * * The strength of a y bank is determined by its history, its policy, it resources. Por 7 27 years the • the extent ofits r y . its management and Bank of Montreal has-been in the forefront of Canadian finance.