The Huron Expositor, 1933-12-01, Page 6zer
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•
eek in Ottawa
High coMreversy has been engen-i
deresl over the report of Canadian
banking and monetary matters by
the related publication of the report
a the commission headed iloy Lord
MaclVlillan. There are but two con.;
erete recornmendatiens in it and only
one is definite. This is for the crea-
tion of a central bank, a sort of fed-
eral reserve bank to regulate and con-
trol Canadian credit. The • other—
which is simply a stand-off—favors
further enquiry into the creation of
a system of short term farm: credits
As this question was one of the things
the commission itself was supposed
to deal with, the suggestion of fur-
ther . investigation is not especially
impressive. But the central bank
idea is a live issue and made more so
by the vigorous dissent to the pro-
posal of two of the Canadian mem-
bers of the commission—Sir Thomas
Wlhite and Beaudry Leman. They
agree with the Canadian bankers
that the present system, Perhaee
somewhat amplified, is sufficing. The
majority find, in effect, that it is far
from that; that the volume of credit
which is supplied is inadequate and
that, in any event, there is need of a
eenhlat directing, regulating, con -
'trolling, factor in Canadian banking.
General Structure Outlined
The proposed bank will take over
all the reserves including those of
the chartered banks; it will be the
government's banker; it will be the
great me-dium of external exchange;
it will issue all the 'bank notes and
generally exercise the function's of a
federal reserve institution. The cap-
ital will be subscribed by the public
hut, over a modest dividend, the pro -
lite will go to the government. For
the bank, there will be a governor
and a board of directors. One of the
objections to the scheme as present-
ed—another point of division — is
private ownership. Two of the com-
mission hold the bank should be own-
ed by the government. The view of
the..others is that the detachment
from polities should be complete. Ad-
vocates of radical reform and various
"isms" are disappointed becausethe
• THE HURON EXPOSITOR ••
YOUR LIVER'S MAKING
YOU FEEL OUT OF SORTS
Wake up your Liver Bile
—No Calomel needed
When you feel blue, depressed, sour on the
world, that'your liver which isn't pouring its
daily two pounds of liquid bile into your bowels.
Digeation and elimination are being slowed
up, food is accumulating and decaying inside
you and malting you feel wretched.,
Mere bowel-movere like tialte, oil, mineral
water, laxative candy or chewing gum, or
roughage, don't go far enough.
You need a liver stimulant. Carter's Little
Liver Pills is the best one. Safe. Purely vege-
table. Sure, Ask for them by name. Refuels
substitutes. Mo. at all dratitata-
•
coma-nission brushes them all aside,
taking, not improperly, the position
that they are asked to suggest im-
provements in the banking system, as
it is, rather than to evolve a new
one. Generally. there are the mak-
ings and also the prospect' of much
argument in parlianeent over the re-
port, assuming that the government
will carry it out. The chartered
banks, heretofore an 'unchallenged
meeepoly, are shorn of much of 'their
•eower, and they will protest vigor-
ously, while those who do not share
their views generally, obiect to the
,proposed private ownership. What
new prove an unfavorable factor is
Lord MadMillan's idea that the cen-
BANK OF MONTREAL,
Established 1817
QA presentation, in easily understandable form,
of the 'Banes
ANNUAL STATEMENT
31st October, 1933
LIABILITIES
LIABILITIES TO THE PUBLIC
Deposits . . , . ; $641,346,7 10.1 2
Payable otrdemand and after notice.
Notes of the Bank in Circulation 3 3,8 19,807.50
Pable on dernand,
Bills Payable . . . ; ; 258,578.04
Time drafts issued and outstanding.
Letters of' Credit Outstanding . 6,151,2 86.54
Financial responsibilities undertaken on behalf of customers
(see off -setting amount [x] in "Resources").
Other Liabilities . . . . . . • 1 0,642,44 2.2 5
Items which do not come under the foregoing headings, in-
cluding $9,000,000 advances from the Dominion Government
4,..thr The Finance Act
Total Liabilities to the Public • •
LIABILITIES TO THE SHAREHOLDERS
Capital, Surplus and Undivided Profits
and Reserves for Dividends . • . .
This amount represents the shareholders' interest in :hr Bank,
, or er which liabilities to the public take precedence.
Total Liabilities
6e2,218,8 1.3.45
76,317,090.20
▪ $768,535,908.65
. RESOURCES
To meet the foregoing Liabilities the Bank has
-,—
Cash in its Vaults and in the Central G.old Reserves
Notes of and,Cheques on Other Banks
Poyable,,in cash on presentation.
Money on Deposit with Other Banks
Azanable on demand or at short notice.
Government and Other Bonds and Debentures.
exceeding market talue. The greater ,Portion consists
of gilt.cdge securities which mature at early dates.
Stocks . . • . •
Ranuay and Indust▪ rial a▪ nd other stocks.
Call Loans outside of Canada .
Sewed by b2nds, !techs and other negotiable securities of
greater za.ue than the loans and representing,moneys quickly
atanabie uith no disturbing effect on conditions In Canada.
Call Loans in Canada . .
Payable ,on ,demand •and secured by bonds and stocks of
greater value than the loans.
Bankers' Acceptances .
Prime drafts accepted by other bun▪ ks.
TOTAL OF QUICKLY AVAILABLE RESOURCES
(equal to 71.15% of all Liabilities to the Public)
Other Loans .
To manufacturers, farmers, merchan▪ ts and o▪ ther▪ s, on condi-
tions consistent with sound banking.
Bank Premises
Three properties only are car• ried in the ▪ names of ▪ holding
companies; the stock and bonds of these companies are en-
tirely owned by the Bank and appear on the books at S1.00
in each case. All other of the Bank's premises, the value 'of
which largely exceeds $14,5011,000, appear under this heading.
Real Estate and Mortgages on Real Estate
Acquired in the course of the Bank's bu.s.iness and in pr▪ ocess
ofbeing realized upon.
x Customers' Liability under Letters of Credit
Representt liabilities of customers on account of Letters of
Credit issued by the Bank fur their account.
Other Assets not included in the Foregoing
Making Total Assets of . . •
to pidt payment of Liabilities to the Public of
leaving an excess of Assets over Liabilities to the Public of
78,683,217.83
26,953,876.82
25,334,859.87
316,967,375.69
514,911.33
36,354,280.98
- 7,607,169.32
1 1 1,293.01
49 2,5 26,98 4.90
2 51,88 5,2 62.61
14,500,000.00
1,7 3 2,7 5 0.7 7
6,1 51,280.54
1,739,629.83
768,535,908.65
692,218,818.45
$ 76,317,090.20
PROFIT and LOSS ACCOUNT
Profits for the year ending 31st October, 1933 . . . • $ 4,005,153.59
Dividends paid or payableeto Shareholders $3,060,000 00
Provision for Taxes, Dominion Government . 508,558.81
Reservation for Bank Premises --- 100000.00 , 3,668,558.8i.
,
336,594.78
Balance of Profit and Loss Account, 3ist Octobet, 1932 er,
1,248,836.50
Balance of Profit and Loss carried forward • . $ 1,5e5,451.28
CHARLES B. GORDON,-
President
W. A. BOG,
JACKSON DODDS,
Joint General Manager:
* * *
{The strength of a bank is determined by its history, its policy, its management
[
1,1
and the extent of its resources. For 6 years the Bank of Montreal has
been in the forefront of Canadian finance.
tral bank 'should be, in co-operation
with other empire central banks, a
medium of imperial trade and finance.
In one part of Canada "imperialism:"
is something of a nightmare. So, on
top of the other criticisms of the re-
port, may eome an infusion of panty
politiqagainst any new imperial
scheme.
Liberal Challenge Likely
A general election in Canada may
not be held next year •because really
it cleesret have to be held till 1335,
but all round the politicians are be -
miming "pepped up." When Parlia-
ment gathers here early in the New
Year it is reasonably certain that the
Liberals, flushed by repeated success-
es, will move a vote of "non confi-
dence" in the government and also
accompany it with a challenge to
bring on an election and face the
country. These "no confidence" man-
euvers are common in 'Parliament and
they can easily be voted down by the
majority party but, if dared to bring
on an election next year—the nor-
mal time—the government will be
embarrassed to invoke any alibi or
circumstance why it should be' done.
In any event some .significance.
tends the recent speech here of the
Canadian premier, urging his party
to close its ranks and organize and
fight. It is true that Mr. Bennett
primarily was putting in a good
word for the Ontario premiee, Mr.
Henry, who inevitably must have an
election next year, but his remarks
applied to his own people as well.
He told of the intention to no longer
hide his light under the bushel but
to let the public know what his gov-
ernment is doing and intend e to do.
Evidently, they are going to get.
ready- -for the general election,
though the coming year is not re-
garded as the propitious time.
Whether any conditions which may
arise, or developments in the session,
will change their minds cannot be
foreseen but, at least, the policy of
silence and 'the lack of preparation
are to be ended.
Title Discussion Coming
;Some years ago, a resolution of
the Canadian House of Commons ask-
ed 'the king not to eonfer any more
knighthoods, or other titular distinc-
tions, upon any Canadian citizens.
That was in the war time. The dem-
ocracy was predominant. Moreover,
there had been abuses. It was com-
ing to a point where holders of%cer-
tain high positions, not only in pub-
lic but common life—the president of
a bank, for example—were almost
certain to be f:Incorated and become
a "sir." Not a few people, were sus-
pected Of receiving such titles be-
cause of generous subscription to
party funds. Attempts to raise the
ban have (been abontive, but last
spring in Parliament Premier Ben-
nett declared that this house is not
bound at all by a resolution of the
one, in 1918. In Other. words, titles
could be restored. If this is the case,
Humphrey Mitchell, Laborite member
for East Hamilton, wants to rectify
it. • IHie is going to ask the present
house to practically affirm the reso-
lution of 1918, though making an ex-
ception of judges and naval and mili-
tary 'officers. The whole subject will
be re -opened with interesting possi-
bilities. If left to • itself, not the
slightest doubt exists that the per-
liamentary 'majority would adhere
strongly to the present condition and
reject any reversion to titles. There
is just the possibility, however, that.
with., the present prime minister be-
ing in favor of such distinctions, he
may seek to order his followers to
vote that way. making a party ques-
tion out of a subject which naturally
is not one. Mr. Bennett. however,
will 'be advised to be cautious and do
nothing without advance consultation.
If that is held, the rank and file' are
more likely to insist upon freedom
to vote as they please. If not there
will be 'trouble.
Whisky Outlet Sought
Voting out of the U. S. Constitu-
tion of the Eighteenth Amendment
will haive certain effects in Canada.
The moment that the United States
officially moves into the wet column,
the existing Canadian law, against
the export of liquor will cease to
function. In government bonded
warehouses, there are now 40,000,000
gallons of good old, mellow Canadian
whisky—rye and bourbon --for which
an outlet is sought in 'the states. This
can, be exported but, on the other side
an obstacle still exists. The 'United
States has an unrepealed customs
duty of $5 a gallon on importer'
Whisky. Efforts to have this modi-
fied are being made, with the two-
fold idea of finding a more ready
market for the Canadian surplus
stocks, and ensuring that, by 'blend-
ing old Canadian spirits, with the
new American still, maturity will be
'expedited with the American drink-
ing public saved from the ill effects
of "raw" whisky.
Preparing Perennial
Borders For Winter
IA very good thing to remember
when mulching plants for winter is
that the ideal protection keeps the
plants cold, which means that the
mulch should 'be applied when the
ground is frozen hard for the first
time that season.
'Corn fodder or strawy manure, he -
sides being easily obtainable, are to
be preferred to leaves as the latter
forms an almost air -tight niat and
very often results in trouble by caus-
ing premature growth of the plants.
Storing Soybeans
By this time, no. doubt, all soy -
beetle have been threshed anti some
attention should be paid to the star
-
age of this seed. If the beans have
been threshed in good condition, that
is with a reasonably low content of
moisture, storage will not be difficult.
On the other hand, A high moisture
content adds to the danger a spoil-
age when stored. It has been recom-
mended that ' storage in bags, which
may be moved occasionally, will
largely pre/vett the danger of heat-
ing Whichis prevalent in large piles
and will facilitate the Marketing of
the beans in good condition,
Rhodes, The
Col t ssus
(Condensed from "Cecil Rhodes" in
Reader's Digest).
A friend once asked iCecil Rhodes
how long he expected to be remerre
bered. "I give myself 4000 .years,"
he replied as ,siniply and imperson-
ally as if he were stating a fact in
history.Cecil Rhodes rests in a
grave cut into the rock, high on a
hill of granite overlooking his world.
Boldly he decrees brase for his name:
"Here lie the remains of Cecil John
Rhodes"—no dat of birth or death, no
name of country or begetter . . .
Rightly or wrongly but superbly he
declares himself, like the greatest of
the Caesars, an immortal.
"Men," said Lord 'Milner, "are rul-
ed by their foibles, and Rhodes' foible
was size." Certainly Rhodes' foible
was size; but it was also his prin-
ciple and his wisdom. "There is no
use in two dozen of anything. You
should count in hundreds and thou-
sands, not dozens. That is the only
way to produce any effect, or make
any profit." So he had to possess a
country three-quarters of a million
square mileselarge; to give his name
to that country; to dream in contin-
ents and nations; to control all the
diamonds in Africa, and pay for that
control with the biggest check yet
written: to own and bequeath mil-
lions of money; to see two oceans
from his garden; to rest in death on
a View *or the World. Even in the
immediate, 'homelike things his farm
in Rhodesia had to be of 100,000 ac-
res, his fruit trees to be planted in
batches of 150,000, the reservoir of
his dam in the eVlatoppos to hold 50,-
000,000 gallons of water. He had to
surround his town house with 1500
acres and to have a mountain in his
garden.
It was his ruthlessness, his imag-
ination, boundless but constant, his
brains, his capacity for utter absorp-
tion in arridea, which was his gen-
ius and which made hian Rhodes the
Colossus, the Empire Builder. With
all modesty, he could not help ad-
mitting that it was the English-
speaking,people that God had brought
to flowerthey followcd the highest
ideal Of Justice, Liberty and Peace
—the people of Great Britain, her
dominions and America.•If then
Rhodes was to please God he had to.
promote the unity and extend the in-
fluence of the English speaking race,
To himself he. allotted Africa.
Mtn like hirn are independent of
their begetting. Born in an English
vicarage on July 5, 1853, he was the
descendant of cewkeepers, brickmak-
ers, landowners; hie father; the vicar,
wanted all nine of his sons to be par-
sons. But these big -boned, questing
men were captured by adventure:
wanderers, soldiers, emigrants, they
'could not settle quietly at home. At
16 Rhodes left school, was declared
tubercular, and went out to his bro-
ther Herbert, A' cotton -planter in Nat-
al. For a year the young immigrant
struggled on his 50 acres against cat-
erpillar, boreworm and inexperience
and invested his money in a local
railway. At 18 he followed his bro-
ther to the newly discovered Diam-
ond Fields in Kimberley, arriving,
appropriately enough, just in the
month of England's proclamation to
the world that Kimberley was Brit-
ish territory.
The tall, fair-haired, blue-eyed
youth brought to the Diamond Fields
his digger's tools, some volumes of
the classics, and a Greek lexicon.
Among strangers from all over the
world tire iient, tubercular boy
maintained himself; soon he averaged
1100 a week from his claims. Then
he bad the first of the heart attacks
that were to be his undoing, arrang-
ed to have his Kimiberley affairs
evatehed, and sailed for England to
enter Oxford. All his life his dream
was Oxford—his first love and his
last. An English gentleman, an
Oxonian, was England's finest pro-
duct. Yet Rhodes himself was noth-
ing like his ideal Englishman, whose
characteristics he was later to re-
quire in his II:Modes Scholars. No
one would ever have chosen him to be
a Rhddes 'Scholar; he was nothing of
a student, nothing of a sportsman.
[Hie barely got admitted.
A farmer at 17,' a diamond -digger
at 18, a man of means at 19, Rhodes
PERSONAL
"I will not be responsible for
any member of my family
who takes etomaoh tonics, in.
digestion remedies, soda, calo-
mel, salts, laxative pills, eta
to try to got rid of indiges-
tion, constipation, bloating,
sour stomach, bad breath or
headaches. / have told them
all to use Sargon Soft Moss
the new liver medicine
which makes the liver get
busy and furnish enough bile
to digest their food and stop
eimeeemee. evsesboer mem
to take Sargon Soft Mass
Pills two or three time *
month it they want to feel
good. all good druggists
lave theta."
was an undergraduate at 20. He now
conducted his life simultaneously on
two continents. In the dust of Kim-
berley he read his classics, and be-
neath the poetized spires of Oxford,
he negotiated for his pumiping plants.
Here, too, his Idea first took form.
die made it his aim in life to work
"far the furtherance of the British
Empire, for bringing the whole world
under British rule, for the recovery
of the United States, for one Empire
of the Anglo-Saxon race, so as to
render wars impossible and promote
the best interests of humanity. What
a 'dream! Yet it is possible!" Ac-
cording he drew up a will bequeath-
ing a fortune of 40,000,000 to this
purpose. Ilutagine a Man of 24 donat-
ing a fortune not yet made to the,
end of Britain's absorption of th4
globe!
When he had his degree Rhodes
was rich; he entered the Cape Par-
liament to establish friendly relations
with the Dutch, and make Africa
British. Ruthless, unscrupulous, he
knew what he wanted and felt it his
duty to the world to get it. In three
'?ears he amalgamated and gained
control of the Diamond Fields, took
Mashonaland from the natives, and
became Prime Minister of the Cape.
As a crowning triumph he sent.pio-
neers to plant the British flag on the
land that was to be Rhodesia. Eng-
land, when he returned for Imperial
sanction for further territories, gave
him an ecstatic reception. He was a
business wizard, a social lion. When
Queen Victoria had him to dinner,
and asked, "What are you engaged
on now, Mr. Rhodes?" he returned,
"I am doing my best to enlarge Your
Majesty's dornitions."
For twenty years it never occurred
to Rhodes that he ought to have a
home: He lived in one tiny room,
sleeping on a truckle -bed 'hardly
large enough to hold his big body.
He had no personal possessions; at
his death he had not even a watch,
nothing but a pair of plain gold studs.
Bee deciding that a man of his posi-
tion had a social duty te the world,
he 'bought a famous old Dutch house,
Groote .Schur, And restored it. This
was one of Rhodes' truest benefits to
South Africa—he brought back taste
to the land at a time when the clear
lines of the old Cape architecture and
furniture were being supplanted by
the shoddiest of Victorian desigms
Rhodes had the imaginationethelove
beauty for its own 'sake; he had that
poignant„ sense of the appropriate
which is taste, and through him the
beauty of the old Dutch furnishings
was restored to use and favor.
His heart was great not only with
exultation but with disease; so ve-
hemently he lived, one fails to re -
ember that his daily companion was
death. He had gone out to South
Africa because death was before him
—he had fled back to :South Africa
from Oxford because its breath was
in his face. ",You the same Rhodes,
sir?" said the doctor who had writ-
ten him down as tubercular beyond
recovery. "Impossible! According to
my books you have been a corpse
these ten years!" At 34 he was a
man escaped from death, at 45 death's
manacled prisoner. He worked know-
ing that Ms time was short and he
'must hurry.
1He helped the farmer as na one
else ever had; he established a Min
istry M Agriculture; was himself a
practical farmer; experimented with
fruit 'and animals; brought fruit ex-
perts from California; imported Arab
'stallions and Angora goats; discover-
ed new cattee grass; and put through
irrigation and cold storage.
Groote Schur he bequeathed to the
Prime Ministers of a United South
Africa as an official abode eight years
before there was a Union, While Bri-
tons -were, still fighting Boers. He
built a home where artists might
dream; Kipling used to come there
during the English winter. He made
a railway to the Matoppos Hills, "so
the people of Bulawayo may enjoy
the glory of these hills from Satur-
day .to 'Monday." .On his Cape to
Cairo line the train is..to cross the
Zamebesi Bridge; will spray from Vic-
toria Falls splash it, he asks the en
gineer? "If the wind were blowing
the right way." Rhodes will never
see this spray, but the thought en-
chants him. He built an agricul-
tural college, a sanatorium for dis
abled-yorkmen and planned a three-
mile avenue to Government House.
"You say I shall not live to see those
trees grow? I tell you that in im-
agination I already see people pass-
ing under their shade." And on his
deathbed—"Get that avenue through
We must keep' our promise to give
the nursemaids shade in the after-
noons."
What of his dreams beyond Afri-
ca? o'It is ridiculous," he said, "to
lose one's ideas' by death." His early
vision !never left him—rMy great
idea is my pleasantest companion;
when I any bored or alone I think of
it." Five successive wills followed
the first; the sixth brought the vi-
sion down to earth. In the end all
that Rhodes can do to extend Brit-
ish rule throughout the world, re-
store Anglo-ISaxon unity and found
a guardian power for humanity is to
eniWw hie Scholarship Foundation: to
arrange for a number cif young men
from the United States, the British
colonies and Germany to go to Ox-
ford. The proportion is not to -day
as he planned. When he assigned
them, so many for each state and
colony and a complimentary few fgt..
Germany (after the Kaiser promised
him/ a telegraph through Germlan
East Africa), he believed there were
still only -the original 13 states in
America.
From Cape Town to the Zamibesi,
when one asks who built that, cre-
ated this industry, made this, the
enswer is Rhodes. It was not en-
ough. This "old Roman emperor
born with the single ambition to an-
nex and administer the world" need-
ed time, more time, for his purpose;
and time was flying from him ; he
etheded air, and could not breathe.
Gasping in the heat of an African
summer, IRhodes waited for death,
with heavy straining eyes,. Be epoke
of the things to be done; he wanted
another 10 years for his Idea — the
Empire, the Union, Rhodesia — and
far beyond Africa's limits, that
world-wide union of blond men, fos-
tered by the land which was for all
the world a center of learning and
art. Dying, this Colossus who had
soened tip a continent measured his
Trhiovernent by his purpose and cried,
'So much „to do—so little done!"
Ter
DECEMBER 1, 1933:
Usual Strong Statement
Issued to Shareholders
by the Bank of Montreal
Of Total Assets of 8768,535,908 Liq-
uid Assets Amount to as Much as
$492,526,984,, Equal to 71.15 Per
Cent. of all Liabilities to the Pub-
lic. -
The Bank of 'Montreal is again for-
warding to shareholders its usual
strong statement. Total assets at
$768;585,908 are praetically 'unchang-
ed from the previous year, but liquid
assets, represented mainly by invest-
ments in the highest grade securities„
are as high as 492,526,984, equinna-
lent to 71,15 per cent. of total liabili-
ties to the pulblic. At this level they
show an increase of over $50,000,000
as compared with a year ago. At
the same time, the lessened require-
ments oe the customers of the Bank
for•accommodation has resulted in a
decrease of a corresponding amount
in current loans and this situation
nrobablv accounts. far the unusually
large increase in holdings of gilt-
edged securities.
Following the practice of 'giving
the fullest information, the Bank's
statement appears in easily under-
standable form, in order that the lay-
man may he able to readily under-
stand the underlying strength of the
'Bank's position and its ability to be
of the greatest passible help in al-
amosset. any development that might
ri
Exceptional Liquid Position
The complete -statement, which ap-
pears elsewhere in this issue, is re-
plete with interesting features that
should be carefully studied by every
Canadian desirous of being fully ac-
quainted with the reassuring condi-
tion of the Bank's assets.
The statement, which covers the
fiscal year to 31st of October, shows
total assets of $768,535,906, as com-
pared with $769,166,2'72 a year ago.
Of this amount the total of quickly
available resources amounts to $492,-
526,984, equal to 71.15 per cent. of all
liabilities to the public. They com-
pare with $439,768.506 a year ago,
which was equivalent to 63.46 per
cent. of public liabilities. Included in
liquid assets are total cash holdings
of $78,683,217, equal to 11.36 per cent.
of liabilities to the puiblic.
. As, was to be expected, the largest
proportion of liquid assets are in gov-
ernment and other bonds and deben-
tures, the total of them being $316,-
967,3751' The.greater Portion of these
securities mature at early dates. These
holding's are up from $266,729,664
at the end of the previous year.
Profit and Loss Account
The profit and loss 'account shows
earnings for the year substantially
lower than in the previous year. Oa
the other hand, the distribution to
shareholders was at a lower rate of
dividend, with the result that after
all deductions, an addition of $3$6,-
594 was made to profit and loss ac-
count put of the 'year's operations.
Total profits were $4,005,153,
equivalent to 5.32 per cent. on the
combined capital, rest and undivided
profits. They are down from $4,-
663,100 a year ago, a decline of ap-
proximately' $650,000. Out of the
profits there was set aside for divi-
dends to ehereholders $3,060,000 as
compared with $3,960,000; provision
for!taxes-Dominion government $508,-
55.8, and reservation for bank prem-
ises $100,000. As the balance brought
forward at the end of last year was
$1,248,856, the addition of 3336,594
out of this year's earnings brought
the total of profit and hiss account up
to 31,585,451.
The statement shows that at the
end of the year the Bank had total
assets of 3768,535.908 with which to... ..........
'meet payment of liabilities to the
public of 36e2,218,818, which left an
excess of assets over pqblic liabili-
ties representing shareholders' equity
of 376.317,090.
;The report will be submitted to
shareholders at the annual meeting,
which takes place on the first Mon-
day of December.
Taking More Prominent Part in Ex-
pert to Great Britain
Since September, Canada has core-
rnenced to take a place among the
more important supplieds of eggs to
the British markets. Some 128,000
dozen of eggs were exported during
that /month. Prices to Canadian pro-
ducers have recently improved stead-
ily. Fresh receipts of eggs are
somewhat scarce and continued firm-
ness in price is probable. Those pro-
ducers who wisely hatched or pur-
chased early chicks, are in a' posi-
tion to at' least make some profit as
a result of adopting firm business
methods. Canadian eggs continue to
be exported in fair 'volume. The To-
ronto and Montreal markets con-
tinue very firm.
The results of recent studies of
pullorum disease in fowl indicate that
adult bird carriers of this disease
when confined with adult negative
birds are a menace to the well-being
of the negative bieds.
111,..111
Seedless grapes 'have been, evolved,
certain of the new varieties approach-
ing Concord in berry size and rang-
ing its colour from green, amber, red,
mottled red and shades of black.
During the July to September per-
iod, Canada regained her customary
position as leading purveyor of wheat
to Switzerland, with the Argentine in
the second place and Hungary third.
. .
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