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HomeMy WebLinkAboutThe Wingham Times, 1907-01-24, Page 31 e se .er' 1 etto°yob ne.lbteltte)a,leaAeLgtelsavtet THE CANADIAN quarterel itilrine.tlelelleping with its standing; and the ueeeesity for owning our OF CONIVIERCE aPPreciateds But a Creditable, office buildings at buch points wal bo readilY Is also a matter o itneeertance at country points, and a proper regard for the comfort of the stale has fure nished an additional reason for the extension to theae places of the poll,' of ownership of buildings. At very few of the entailer towns is good living acczoeetimnzadtaityour radily obtainable, and eal usually forced to livrautnghorntele:anwdertoe spend a, good many of their evenings in undesirable surroundiags. This fact The fortieth. Annual Meeting of the officer's of the Bank have performed led to our adopting the practice of Shareholders a the Canadian Bank of their respebtive duties. providing the staff With apartments GEORGE A. COX, over the Bank, and suitable accommo- Commerce was held, in the banklag" President, dation of this kind was as a rule irne 'Louse on Tuesday, 8th, January, 1907, Toronto, 8th January, 1907, possible to obtain in rented prenases. A, considerable iiumber of buildings at 12 o'clock, General Statement. have been erected during the past Thr President, Hon, George A. Cox, 30th November, 1906, three or four years, and as new having taken the chair, M.* F. G. Jem- Liabilities, branches are opened we are endeavor- =tett was appointed to act as Secre- big to acquire sites and are proceeding to build, OUr in this matter 'tau, and Messrs, Aemilius Jarvis and has resulted in a generous treatment W. M. Alexander were appointed ecru - of the staff, and it has contributed in tineere. an important degree to strengthen the The President called upon the Sec- spirit of contentment and loyalty Teary to read the Annual Repoet. ofwhjcii reomcers.Ivattitlisd:ovgaeyrietrbaellymanmkonteg, our the Directors, as follows: think, amply compensated for the ex - REPORT. penditure. REPORT OF THE PROCEEDINGS OF THE 'ANNUAL MEETING OF SHARE HOLDERS TUESDAY, IITIT JANUARY, 1907. Notes a the Bank In circulation .. $ 9,199,204 68 Deposits not bearing in- terest . $22,626,399 72 Deposits bear- ing inter- est, includ- ing interest accrued to date ., . 64,525,637 10 87,152,533 82 177,623 57 The Directors beg to present to the , shareholders the fortieth Annual Re- mora covering the year ending 80th November, 1906, together with the 'usual statement of Assets and. Lia- bilities, iThe balance at credit of Profit and Loss Account brought rward from last year 'was $58,871 76 Net profits for the year ending 30th November, after providing for all bad and doubtful debts, amounted to ...., 1,741,125 40 Balances due to other Banks in Canada ... Balances due to Agents in Great Britain .... Balances due to other Banks in foreign countries Dividends unpaid Dividend No. 79, pay- able Ist December Bonus of One per cent., payable 1st December Capital paid up $10,000,000 00 Rest ... . 5,000,000 00 Balance of Profit and $1,739,607 16 Loss Account :Which has been appropriated as fol- carried for - lows: ward . . 103,562 Dividends Nos. 78. and 79, at seven per cent. per annum Bonus of one per cent.- 'Written off Bank Premises Vransferred a to Pension Fund (annual contribu- tion) 30,000 00 Aubscription to San Fran- cisco Relief Fund 25,000 00 1Transferred to Rest Ac- count .. . 500,000 00 33alance carried forwatd103,562 48 $700,000 100,000 341,434 00 00 73 $1,799,997 16 Who entire assets of the Bank have as usual been carefully revalued, and ample provision has been made for an bad and doubtful debts. Last year we were able to show learnings which were the largest in Ithe history of the Bank. This year we !have again made satisfactory pro- gress, our net earnings amounting to 41,741,125.40, or about $370,000 more ithan last year. In view of these hand- some profits, your Directors decided that the time had Qom° to increase Vie annual distribution to the share- lholders, and, in addition to the usual iiiivdend at the rate of seven per cent. 43 398,781 68 1,063,750 89 500 94 350,000 00 100,000 00 15,103,562 43 ;113,645,960 91 Assets. Coin and Bullion $4,041,466 76 Dominion Notes . . 5,935,008 25 $ 9,976,465 01 Deposit with Dominion Government for se- curity of Note circu- lation .. .. 427,450 00 Notes of and Cheques o,n other Banks .. 4,361,228 07 Balances due by other Banks in Canada .... 38,933 50 Balances due by Agents of the Bank and other Banks in foreign countries . 2,460,680 49 Government Bonds, Mu- nicipal and other se- curities.. 6,201,456 95 Call and Short Loans 9,001,395 08 Other Current Loans and Discounts 79,303,228 33 Overdue Debts (loss fully provided for)125,812 19 Real Estate (other than Bank Premises) Mortgages Bank Premises Other Assets The annual outlay neceseitated in these building operations is larger than we could reasonably ask the shareholders to provide for wholly out of present profits, and. with a view to lessen the immediate charge, as well as incidentally to have our building operations conducted under an efficient organization, a company has been formed under the name of the Domin- ion Realty Company, Limited, which constructs and owns our smaller buildings, This company provides a certain percentage of the total cost of the land and buildings, which it ac- quires and leases to the 'sank, by is- sues of, bonds, which are readily sale- able to outside investorwithout any liability, direct or indirect, on the part of the Bank other than for the pay- ment o,f the rentals called for by the leases. These rentals, while on a rea- sonable basis as regards each indivi- dual branch, are sufficient to retire the bonds in fifteen years. The remainder of the cost of the properties is pro- vided by the Bank purchasing shares in the Realty Company, the cost of the same being entirely written off as shown below. Our investment as shown in the Bank Premises account is now $1,- 300,000, but this is represented by va- lue as follows: Lands and buildings owned by the Bank (carefully re- valued in 1906 and allow- ance shade for deprecia- tion of buildings) $1,951,600 Safes and fixtures (depreci- ation liberally allowed for) 478,200 Dominion Realty Company shares, representing a cash • investment of .. 600,000 $3,029,800 $32,467,662 10 The increase. of $300,000 in a Premises account during the pas . r is attributable to a purchase of op - arty in Montreal on which it is intend- ed to commence the erection of a building in 1907. The cost of this 89,472 141building and of one already commenced 37,336 63 at Vancouver will necessitate a further 1,300,000 00 increase in the amount set against 222,449 52 Bank Premises in the balance sheet. And now, with your kind permission 9113,545,960 91 X desire to make a few personal re-' per annum, they have declared a bo- B. E. WALKER, marks. During the past five years I nits of one per cent., making a totalGeneral Manager. have from time to time, Intimated t° 'distribution of eight per cent, for the In moving the adoption of.. the re- my colleagues on this and other boards, vast year. After providing for this port, the President said: and have been promising the mem- , President's Address, bers of my family and my friends that The statements of the Bank which 1whatwohas beenuldtalapiei largeextentthe too clisscoittt.eaua! in have been laid before you are, as youwill realize, the best in its ous life I have been living for a good history. A year ago we expressed the many years past; and having r'. now cfear ent. peated,t but we now come before you thatthebteh ecapitalprofitmo fg. isti,tis about 141)e perre.toitnee p lbeat es business, emsay,on7Ifseieftp-Lioltrasmtbyoesyeceltinatisoeuo a eo euint et hNe.sheeini rIo 1 ifet allirejaci7y; with a statement showing a profit of 17 4-10 per cent. It is perhaps need- own inclination by retiring during the took the City of San Francisco, where less to say again that the cireinra next few monthsfrom a number of we have a large and important busi- stances under which these profits have mess. Having regard to our long con- been made aro exceptional, and that rection with San Francisco through the we must not be disappointed if in sub - Bank of British Columbia, your Direct- sequent years a lower percentage is ors thought it only fitting that we earned. These profits have enabled us p to distribute in addition to the usual hould express in a tangible manner Mir sympathy with the sufferers, and. dividend of 7 per cent., a bonus of 1 e -they accordingly voted 926,000 as a per cent., making the entire dividend which I propose to vacate in thdia contribution to the Relief Fund. at the rate of 8 per cent. per annum, ferent corporations with which I have In accordance With an agreement We hope to maintain the rate of 8 per been identified for so many years. made in the early part of the year, this cent. per annum, and to pay the diva First in importance among these is, Bank took over, as on the tat of 5une dends quarterly. the Presidency of The Canadian tank' last, the business of the Merchantsof Commerce, and in announcing to, During the year our deposits have Bthis! ank of Prince Edward Island, which increased nearly $13,000,000, and while yea my intention of retiring from gave its new branches at Charlotte- some of them aro of a temporary char- °Mae, with which I have been so long town, Summeraide, Alberton, Montague, actor,the growth is very gratifying honored by your directors, you will al - and Souris, all in Prince Edward indee. About $1,000,000 of the In- low mo to recall that it is now twenty- , Island. The branch which that Bank crease consists of deposits taken over one years since, in 1886. I became a' bad at Sydney was amalgamated with cur own branch there. Tho six with the Merchants Bank of prince 1 director of the bank. At that time the. Edward Island. Owing to the activity total assets were not very much more' inonths' experience which we have had with our new business gives us every of business throughout Canada, our than the increase in our assets as re- reasonloans show slightly more than a cor- ' ported for the year just closed. In the; to be satisfied with the pur- chase. responding, increase. corse of these twenty-one years I; In addition to the °Maas thus ac- By the purchase of the Merchants havhe e had thonor to occupy the vicea quired the Bank has opened during the : Bank of Prince' Edward Island, and president's chair for two years, and the! year new branches at the following by the opening of new branches in president's chair for seventeen yeare., points: In Alberta, at Bawif, Cross -Throughout that period it has been various towns and cities throughout field, Gleichen, e. Leavings, Stavely,Canadawe have increased the am- y mgood fortune to have been asso-; ,. reYou will observe that we are report- i Stony Plain, Strathcona, and Wetaska from 130 of branches fro130 to 166. elated with a most able and win; in Saskatchewan, at Canora, influential Board of Directors, and a, staff of officers of whose ability, in - burn, Radisson, Venda, Wadena, Wat- in San Francisco. I am cenfident that! i Humboldt; Kamsack, Langham, Lash- lng, a gift of $25,000 to the sufferers. tegrity and devetipn to ithe interests son, and Weyburn; in Manitoba, at we may safely count upon your cons' -°-f the Bank beitdisttimmpaoyssble tousle. als truthfully at Blake street, and at Fort Rouge, tell you that we have passed through highly, an Norwood. and at Alexander Avenue, currence in this, especially when iltr, i that no institution has ever beea Winnipeg; in Ontario, at Fort William,appreciate v served. Iwabiant surejar eyttoelaw iI131riadiell 0 this terrible disaster without any loss Kingston, Latchford, Lindsay, Ottawa whatever arising from the bank's large- and satisfaction I have watched the. (Bank street), Parry Sound, and business in that city. ; rapid growth of our resources, and the Wingham, and at Parkdale and at 197 As this is the 40th annual meeting i constantly increasing aid which we 'Yong° street, in the City Of Toronto; of the bank, and as it Is practically; have beei1 able to render to the pros - and in the City of Quebec; in the sent administration, a few figures After 80 long and intimate an iden- ;elated States, at the corner of Van in Quebec, at west End, Montreal, 20 years since the beginning Of its Pre -I perity and development of our country. Nco,nparing the position as at the an- tification with the Bank, I feel that it ess and Eddy Streets, San Fran- nual meeting in June, 1887, with the would not be natural for me to sever else°. The branches at Seckville, N. B., and Canning and Lanenburg, N.S., close of the present year, may I inter- wholly my connectioh with its affairs. esting. In that time the paid-up calel- While retiring, therefore, from the the Bank's year, branches, have been to $10000 000* theRest oe tel has been increased from $6,000,000 ieit'ttereenoneroilirsexideartri,ort rweTpiongTvibele Iiitioe- ac- have been closed. Since the cloSe of opened at De Lorimier, Quo., and count from 9500,000 to 95,000,000. The much pleasure, should the eharehold- It is with deep regret that your net profits in 1887 were 9606.715 as , ,,,,,._ eresasro decide, to retain my seat on the le d of Directers, and time to assist Innisfree, Alta. compared with 91,141,125 for 190b. ane Direetors record the death of their latein some measure In securing, for the Oolleague, Mr. W. B. Hamilton, who . notes in circulation have risen from Bank the continued growth and proo- posits front $9,985,040 to , $87 Itie..123; veliture to prediet will be greater in perity which await it, arid which 1 tor nearly twenty-two years had been $2,390,732 to 90,199,204; the total de - a Director 01 the Bank. Until his health began to fail Mr, Hamilton was rarely the current loarut from $15.381,180 to the next ten years than it has been Absent from the meetings of the $86,30-4,623; and the total assets from i12 the last tweritY. Board, 'where his long experience In $19.574.094 to $113.545,040. In 1887 we 1 Before closing my remarks, let me butiness made him at all times &wise had thirty-three brancher; it 0 - e 1 ntario ay that if the present Board should and 'prudent counsellor. To fill the one in Montreal and in New York be re-elected it will afford me inue 1 'Vacancy the Directors elected the Hon, At the close of the present year W c)Ti° . pleasure, with thevery cordial and 'W. C. Edwards of Itodkland. e0 kind eoricurrene of our highly re- , Alt strnendment to the By-laws will have hratchee as foliates: Ontaria 5 ; Quebec, 3; Nova Seetia, 13: New spected Viee-President, Mr, Kilg'Our, to ebe tubmitted- for your approval, in- propose as my successor in the Prest- 'ft-easing the number of Direetore from g' thantentick, 1; Prinee Fidward Tsiand.: did1 dency our teteemed General Manager, -twelve to fourteen. , Alberia. A. Br e o u . . x 1 Menttehe 20: steeketehreven. eel ; ee . D E - .. . - .,, . 1.. D. E. w miter, w to has latter position tit accordance with our long estab- since 1886 with. 'i 1 filled the lished practice, the branch tsS ;sad kora 2; 'Milted States. 6: London, Ewa.' . so mach satisfantion to the Directors. advantage to the Shareholders. wilei agenefee in Canada, the ranted States, raarnaiss it IS not too winch to soY his+ 'and ',Yin so mutt malt to himself. It le„Inet 1: in all, 166. egainst 33 Ir 1 te7,1 and Great Britain, and the Various TV is an exhibition a teretvtli ",Is indeed to his tbie and untirine del:verbs...wag ef the rtma ()flop tif tilfw of brOlgrnitritY with whish the slier.- i efferte and to the valuable riesistee Bank, Terve been InsPected daring the heldets they well feel ea+lefietl. . and eo-operetioe he hat; heel front his year. We have again drawn leraelv en : immeainte associates in the geegrei The Direetere learn eanin njettelieve in proffts fat fittOeridittireti on Perils Pre- , mentittement. entl from the E vtfi,,,,. recording their appreciation of the mitten aceount, and a statement of war trieeetgers and other membere of. the Afficieneee and teal With Which ehe P°11030 in this Metter Will be of. interstaff, that our shareholders are in - increased. distribution and for the an- nual contributiqn to the PensiOn Fund, ewe have been able to write $341,434.73 off Bank Premises and to add $500,000 to the Rest, which now stands at $5,- 000,000, or 50 per cent. of the Paid-up Capital. be April last a terrible calamity over - positions which I feel can now be bet- ter filled by younger and More ener- getic men. I do this not only out of! regard to my family and myself, but, also in justice to those who are so' much entitled and so well qualified to succeed me in the several, positions' debted for the magnificent growtli of our busineee, anti tee nigh entitling attainea by the Battle airline has term of offise. General Maneger'e hddress, a'ho General Manager then spoke la part as We do not Peed to remind you, that the year which has 1.18t eiOsed watt even more ramarliable tor vsaume o« business aria gezteral prosperity that, the year preceding tt, or, indeed, that. any year in our lautorg. It is un- fertunato that we cannot estimate our internal trade, but we have been able to see in every direction a pressure to meet the demand for goods put up- on manufacturers, merchants, and transportation companies, such as we have never experienced before, while the shortage in cars and motive power, notwithstanding =paralleled increases of rolling etock, has zeriously inter- fered with the crop move -tient and the general distribution of merohandise. Our foreign trade has again increased largely, the total for the fiscal year being $550,854,000. The imports of 9294,267,000 exceed the exports of $256,687,000 by 937,680,000. In the pre- vious year with a total foreign trade of $470,151,000 our excess of imports was S63,517,000, owing somewhat to lighter crepe in 1904. We have also improved upon the excess of imports in 1904, which was 945,690,000. The bank clearings in Canada show as follows: for 1905, eleven clearing houses, 83.- 336,602,170; for 1906, thirteen clearing houses, $4,014,564,518. While we are enjoying an extraor- dinary prosperity, there are signs about us of a strain which must bring trouble if they are disregarded. We are a borrowing country, and we can- not be reminded of this too often. As we fix capital in new structures, pub- lic or private, railways, buildings, eto., sortie one must find the capital in ex- cess of what We can ourselves pro- vide out of the saleable products of our labor, The number of countries willing to buy our seourities has been steadily increasing, but we must not be blind, 25 We Soixietlnies seem to be, to the fact that our power to build depends largely on whether thee coun- tries have surplus capital to invest. By means of the cable the trading nations of the world have been brought very near together, and while nations of the world have been averted, and the adjustment of capi- tal to the world's needs has been greatly improved, still for the same, reason world-wide troublo In the! money markets sometimes arises, with a suddenness which is alarming to those at least who' are not watching for the signs. We are passing through such a period just now, happily without a general break- down, but unless we mend our ways we are it likely to escape a similar or still w rse condition next autumn ethic may wreck our fair prosperity. Eur pe is bearing the enormous cost o wo great wars, both In the loss of pital actually destroyed and also in the loss to individuals from the do - cline in, the values of the national se- curities of the countries interested in the wars. And since these wars, losses on an unexampled scale have occurred by earthquakes and fire. The volume of trade and the unusual amount of building in many countries have at the some time vastly increas- ed the amount of capital required. This has been accompanied by a steady rise in preset' throughout the world, and by a most pronounced and widespread advance In the scale of personal expenditure. It is true that 11 bas also been accompanied by the greatest production of gold and of other commodities, but the effect of the various influences has naturally been to put upon the money markets a strain which has only just failed to cause a general breakdown of Credit. To make the outlook still more seri- ous, the United States, and other less important countries, including Can- ada, contemplate expenditures on a very large scale for railway and other building. This, then, is a time for every prudent man to survey care- fully his financial position. /2 he has debts he should consider how ho will pay them if he should have to face world-wide stringency in money. Has ho assets which the world Feeds for daily use, or assets which will sell only when the sun is shining? If he . Is happily in easy conditlone as to debt, he will, if he be wise, consider every circumstance arising in his busi- ness which tends towards debt in. - stead of towards liquidation. As for those who are plunging in real estate at inflated prices and In mining stocks, nothing, we presume, but the inevi- table collapse which follows these seasons of mania will do any good. We have had during the year an event, fortunately rather rare, the fail- ure of a long-established linancial in- stitution, the Ontario Bank. Although the information aO to its critical posi- tion reached us, in common with most of the Toronto banks, only on the day on which it had been practically de- termihed .that the bank must suspend the next morning,* was still possible by the prompt initiative of the Toronto banks to bring aboufin the few hours which remained, an arrangement un- der which no delay or Nes could be experienced by the creditors of the bank. Various banks gave ecothe Bank of Montreal a guarantee which, in the event of the affairs of the Ontario - Bank being liquidated by the Bank of Montreal with open doors and in ac- cordance with the arrangemint, would protect that bank against loss, if the total assets, including the double lia- bility, should prove insufficient to meet the debts. For the purposes of this arrangement the Bank Of Mont- real itself is one of the guarantors. Any liability under the guarantee will be borne in proportion to the capital 02 th t b • maximum in our case of a4 0,000. As an 6 •a the General Manager a the Bank et Montreal recently 'raid, it is not likely that any call will have te be elute on the guarantors. The failure is ao- conipattied by circumstances whioh are extremely disgraceful, and. although it was possible to afford prompt protect - thin to all creditors, the ehareholders will suffer a heavy Ion. From one end Or Canada to the other there is a scarcity of labor, skilled and unskilted. Moro than anything else, this country needs immigration.. Not merely to put men and women ()ti- the land, but to fill every Calling which should be open 40 labor. A. largo majority of housekeeper!! in the West are either without donebst10 servants, or are inadequately supPlied. farm laborers are in demand eery- - where, an army of unekilled laborers N needed for reelected and ether Wet% and good workmanship in most treelee Is difficult to obtain, because workmen without the necessary training bnme been employed irt the elteence of suf. fitiently skilled men. In !WHIM to this, we have had several Important strikes. causing, in the ctiee of those connected with Nail mining, a most distressing paralysiso2 business and of JANITM :4 i 07 domestic comfort, because of the con- 8t4lecie. Z;4.311. blAPP45.' 4 UV 1.1e0.)11,01. 01 baAii.i404 iir')14.4:.; 0" Xit-141:, j.oujlituat:i byLtliclueltvigt4u.,reasutierN.,viLlottlaitt: peg euntihilei.i. iletabor fl peas 1:114t419156,"1"shiv'le.asteleljea731; ug4inst ,Iia erecteti was $37,4e,h7e6, against Sea- ! 70S,010. . at .Siontreal, Quebee, ..lailtax, alai Si.. john --at the lent port in a very re- Mararsbie degree -amt.° has been an increase of all business connected with hn- ports, or hi imeaseatiou, ewe:oral respects the volume was the largest on trreaenwedptt, Wb4ther 211 eXperts, .ertatlO In Ontario -and Quebec we have to record another year of wideepread prosperity, marred only by the 'fee of rising prices on hose v. ho, because of their peculiar calliegs, do not share ;itt the increase of wagee which has be- come general in thelealzetiallaleyt,world, The erops 02 wheat, ,d Indian corn were as a whole. above I the average, ia some pietas much 'above, and only in very few localities below. Reports on the hay erep and the conditions of pasture are variable -le seine parts quite disappoi, in others exceptionally good. Root crops have done well, including sugar beets, but the relations between the farmers and the sugar factories do not appear to be very satisfactory. The results of cattle graging• have again • been unsatisfactory to both farmer, and shipper. The fernier, after pas- turing his cattle all summer, found. little increase in their value, although! this has' not been universally the case. I Reports regarding hogs are, from the farmers' point of view, without ex- ,ception - highly satisfa.ctory. Prices! were at times the bighest ever paid, and the profit to the farmer was ex- cellent. Many districts also report the, number raised as large and increasing, but the' supply from the packers', standpoint was clearly insufficient.: The much more favorable result from hogs than from. cattle will probably: cause an increased Production of the former next year. Horses are in good demand, prices are high, and the character of our animals is improving. While the results of feeding cattle for beef have not been satisfactory, the industries connected with the dairy have shown unusual prosperity. The year has made a re- cord as to prices of both cheese and butter, and as to the total value of the combined shipments of these arti- cles. The shipments from Montreal, covering mainly the dairy business of the two Provinces, show a total value of about $26,500,000, the shipments of butter having fallen off in fever of cheese, This total is a trifle better than that of 1903, which up till new has held' the record. As we have said, we cannot obtain accurate figures for our internal trade, but an estimate of the value of our dairy products in 1905, for both home and foreign consump- tion, makes the total over $80,000,000. The fruit crop has not been as good as in recent years, but prices have been satisfactory. The shipments of apples from Montreal show a total of only 407,798 barrels, the largest total of recent years being 732,044 barrels for 1903, and the average of the last seven years being 413,489 barrels. 3 . there Is no obvious excuse for roads ' Which in the spring' anti W441411:4 101 ninny v.,:'elte telfOtiit:I', are es, ;see little ina. Perhaps the meet interesting, iend, in some respoota the most important development of the last two yeere in Ontario has been the etiver Titillate. at eeteace, 4. 6,,,,'..e.:1 tilAite 4:1!!4V la, i.. .i:; Cobalt. with it5 attendant eireum- leave a mining area of quite extraordira ary ricimees, out of which very Many millions of dollars worth of silver cea be mined at an unusually low eost. In - 11 weal appear that thus far na cost ol the development work -mai little else has been tioneeellas not been on the average more than tea per (ant. i of the value of the silver ol,tainid. ;ma : ln this caloulatiori the value of all lure - grade ore now on the dump and leg concentration beeere shipment in disregarded. As 1 . 111,1 (10! :.I to 1%"!,,i 't large veine will 11'3 latie ii known ae yet, eitheugh 300 Jae; hae been re1ici.:.',1 , in one ease, and tee vat outs atteneae ' to Ineasure the wealt.! fr.un par.i:u11.;r . veins, or erern the Cann) aO a alai ., ' eeent to us not only uareliable, liaely to' do mere harm ha:; gdal leg.tinuete manna. There are neer Sligialy over twenty mining :ear) '0.01 e. slapping ore, the additions for the 7 ste , being few in number. It is to be ..... I membered, however, that this repre• - sents many moSe than ttereley nee.... The total Shipments of oro taus ear have been about 6,50 lona wee h probably over $5,000,000 in oierwy, 1,", ry few of the mines can as yet a^ s l'el to haVe, made mere than a, b;'111111111.r, The richness of the ore is intlieautelea and it is evident that there is a gre tt deal of it. More than this it is unseft t,. say. Unfortunately we have i.di escaped the Inevitable accornpanimerte of the opening of a rich mining camp- - the flotatioa c,i' many properties whieb have little or Dealing to show for th,, capitalizatian, and of many other pro- perties valaabi- doubtle.es, but capital - awl at figures not juatified irr any- thing now Li evidence. Again, some properties not originally over -capital- ized, have been carried to a (twed price in the market which mule. re- quire the mines to produce almost in- credible results. Against produeine properties, existing or in staid, num- berings say, thirty, over two hundred companies have been organized, and the shares of perhaps half of there have been offered to the public. All this is to the last degree unfortunate, and the check this speculation has al- ready received came none too soon. A new oil and gas field has been dis- covered in Kent, and important deve- lopment work is being done. Dealing with conditions in the North- weivete haecesdat t tell you that the three prairie Provinces have had another year of prosperity, and that in sons directions it has been accompanied by speculation and undue expansion. Before the middle of August our Winnipeg Manager made his annual estimate of the grain crops oa the three Provinces, which was published in Great, Britain and elsewhere. A fort- night of most unusual heat and hot winds followed, which caused some widely differing calculations to he made, but the facts, as now known, bearoutm ourfigureseerewsfa:irly well. Our The lumber business in the various districta in Quebec and Ontario has again witnessed an increase in prices, and in some grades a very large in- crease, having regard to the steadily mounting prices of recent years. Un- fortunately, but quite naturally, the cost of production also continues to increase rapidly, and the present win- ter promises to be the highest in this respect. The output in some sections, notably in the Ottawa district, was not quite as large as in the previous year, but so far as operators had a choice,, the opts were as large as could bo managed. Market prices and the cost of production aro now so high that we can hardly feel assured of the continuance of such a good market; however everybody seems to be pre- paring for another large output, and there is more or less confidence in still higher prices. This industry is suf- fering, like so many others, from the extreme difficulty of getting sufficient labor. This and other causes are making the cost of lumber so high as to affect rents, and indeed to make the price of Some grades of lumber, used freely a few years ago, well-nigh prohibitive. It will be strange if this eituation, together with the high price of steel and other building materials, does not soon put a sharp cheek upon building operations generally. While the demand for more houses is widespread, the great cost of building is the reason most frequently -given for the failure' to supply this need. There aro, however, other man- ifest reasons, and, despite this lack of dwelling accommodation. building op- erations were never before so active, so large in volume, or so costly. We can but repeat the story of last year regarding our manufactures. Manufacturing establishments of al- most every kind are full of orderseand in many cases aro refusing further work; prices and cost of production are even higher; profits continue sat- isfactory; and plants are still being enlarged. As a natural consequence of our inability to fill orders, imports of goods which we aro now able to manu- facture in Canada, although in insuf- &tient quantity, are still increasing, and branch establishments of United States manufacturers are still being built. One of the most gratifying fea- tures of the year is the announce- ment of the building of large plants in Ontario by well-known British manta factitrere. It is not eases to realize the many directions in which'we have demonstrated that we •can manufac- ture articles which were altogether imporeed, or nearly so, but tt few' years ago. And this new state of affairs °autos sotto curious temporary con- ditions!. We aro making iron on a considerable *cal°, but we aro Im- porting pig iron to a much larger ex- tent than natal, boca12a4' our iron and steel mills are using their own pig iron for rails, rods, etc., to such a de- gree as not to bo able to supply the demand for pig iron. Time 'will sure- ly cure ehli. We are making railroad engines and all other rolling stock on an unprecedented scale, but the whole railroad world of North America Is abTleradteo etipplies a strain which they seem un - putting upon the makers of railroad the wholesale centers and I/1 the tome throughout Ontario and Quebec has naturally been particular- ly good; farmers have paid their ob- ligations of all kinds knife satisfee- tory; and falluree in business have been very few, indeed. The unfavor- able features are the continued scare- ity of farm -and all other Weds et la- bor, the natural Nee of young fer- niers by emigration to the Western Provinces, and, if olio may say so without offenee, the very bad roads in some parts of Ontario. Our coun- tiesand townships in the older parts of the Province aro. as munNipalities go, almost all comparatively rich, and, B Wheat Oats ey1 • • • • nuss 11, 10. )0 a 870:783545,00(100 D 0 The final estimate, at 15th Septem- ber, of the North-West Grain Dealers' Association fwheat.tieonaccunts for 86,000,000 bushels At the commencement of the move- ment of the past year's crop, prices ruled from eight to ten cents per bushel below those of the previous year, but at this date the difference is only -two to three cents. Trust- worthy and competent persons Esti- mate that the proportion of high grade wheat will be 75 to 80 per cent. of the whole. In addition to this th wheat is regarded as equal, if not superior, to that of 1905 for minims purposes, and the 1905 crop of high grade wheat was looked upon as one of the bast that had ever been pro- duced In the West, The best available information indi- cates that there will be an increase in crop acreage in 1907 of 10 to 15 per cent. The autumn has been ma usually favorable for ploughing and harvesting operations, and the faraar has taken every advantage of it. To- wards the close of the season, how- ever, the land became toe dry for ploughing, and it is predicted by sone; that we are on the verge of 0. series of dry seasons. Land values continua to increase in the more populous parts of the country as well as in the newly settled parts. We stated in our re- port of last year that all the great land-owning corporations had advents,. ed prices, and it is felt by competent authorities that the limit of prise at which the new settler can afford to acquire land for farming purposes has been reached in some districts. The official figures give the number of new settlers entering the Domin- ion during the year ending the 30th June, 1906, as 189,064, and it is esti- mated that 75 per cent. of these have settled in the Western Provinces. The population of Manitoba, Saskatchewan, and Alberta is now estimated as fol- lows; MAS alabsnkeirattotacbhar n. . 236600,000e10) 135,000 S Reliable immigration agents report that Conditions are altogether favor- able for another year of heavy immi- gration from the United States. We regard these settlers as the best com- ing into Canada. They understand Western farming, and climatic condi- thins, and are generally in fairly good financial circumstances. Tho motion for the adoption or the report was then put and carried. Xt was thee moved by Dr. Hoskin an seconded by Mr. F. Nicholls: That the meeting do now proceed to elect directors for the corning year. and that for this purpose the ballet box be opened and remain open wait 3 o'clock this day, the poll to be closed, however, whenever five minutes shalt have elapsed without a vote being tendered, the result of the eleotion to he reported by the scrutineers to the Gen- eral Manager. The meeting then adjourned. The scrutineers subsequently report- ed the following gentlemen to be elect- ed as directors for the eesuing year: lion Geo. A. Cox, Robert Rilgour, M. tenet, jetties Crathern. Sohn Roe - kin, X.C., LLD., S. W. Plavelle. A. Eingtrian, Hen t, Sfetvin-Sones, erie NiehnI03, 14, D. Warren le Walker Frove, W. 0, Edwards, 7.. Lash, ICC., E. B. Wood. leAtra°'nit."1%sitrineegte0rfs thiel'dnf‘417114eP-reenttivel 11, 31. Walker was elected Peesi- raprioistideorndt. Mr, Robert Rilgour ABSOLUTE SECURITY. Genuine arte Little Liver Pills. Must Sear Signature ef See Pac-Sbolle Wrapper Wow.. Yery email and as easy to take as sCAIITEKS nInAum npr., FOR DIZZINESS. FOBILIOUSNEM rnrIE I VER FOR JORPIR LIVER. pjLLS Foo_CONSTIPATION FOCIALLOW SKIN. FOR'TRE COMPLEXION GIINLXZNJS lailstittYg30$Mut. drentilParetevegetabie., CURE SICK HEADACHE, Pallets rarely make good mothers, old hens are the best. All fowls require e variety of food and get excessively tired of using one kind. A SurimilseiiitBiscuits =i Every box of Mooney's Perfection Cream Sodas you open -you will find a new delight in these dainty biscuits, 1 When you want to surprise yoarself, give your appetite a treat with Nooney's 91 Perfection Cream Sodas A wet season is not a good time for sheep. High dry lend yields the most mutton to the acre. MinisIer 7ip1 to, lbpei Itta;thfi;;A5052iSS "rer weal year hare been in vary peeve kaalth. Is t Peli7 w3.33avintl1 by Iter..7. 5, Alien, biurray .1133bor.P.E 1. t3 try 'Oxygenator.' 3 -tot trying it I had re •trith in it, but ,act Otto. For 1 largao its 55t atki ,tt tOsi ho ere uting out jag 1 had treirlAthally improved in my rineral health. Sire 1100 I ,1e05 wiveral Mips, ari s•reault have never epent ouch a hemitly ivintir or Spring at I art tido eut. 'Oxygtnotoe for 'teepee Trouble, L:atxrrn, Purifying the Blood, and for np the System, 1 baliere ia not trizalleti today by any °flier remedy. 9erorai of illy congregation have alto ktit95 it bletzitti multa. 1 take grtAt, inier:ust Oxygoaator,' having git.i. Jugs of it, awny, and ainottiay it le 1. V:44:iffiERPOt, 11111:4 VOL In 557416 to ray opo, (rxyg,itiator. hail done ilium snore trend tiutri ths Oculiete or the treetaums received In the lieepittl »or Ilttraeha. 11 think it poultice, For pains 10 Ste cheat, lungt ar tl6e, indeed znytrintrti, 11 o,tita watuleta^' ItEV. A. P. hieLEOD, tiount Stewart, 1'.R.1 t,r. Gale btt--,' 7147:,,OXVOEN ATOP ..00. Saesearasete Rea Vororsta LOCAL SALESMAN WANTED At once for Vingham and surround- ing districts. High -Class Specialties in Fruit and Ornatne.ttal Stook grown and ?or sale by Canada's Greatest 'Nurseries permanent altnation for the right -party. Liberal inducements. Pay weekly. tiandsome free outfit. Write for terms and catelogue, and Nona 250 In stamp! for our Pocket Magnifjlng Glass, or SOo for our Hand Metal Saw. STONE & WELLINGTON 'Omani Moieties ZAPOyerse 800 m) I /A% OrrailatO.