iiliiendqusrters. , , . ,, . . .

i take the chair.

_ ‘lflir Lonier (louln. K.t‘.5i.(i.,

.41}. w. ‘ti; hililer ‘m; 3a,, u lie appointed to act tisrcru-

nu-Lthat .\ir. t‘. ll. (‘vonyn he

‘r tary of this aieoting, This I,” edfunatliiaoltnly.

nth PRESIDENTH‘! .\ DDIIENS-

vomit‘: Meredith, Ilart., Presi- in‘ addressing the stunt-holders‘.

are nulvitlg the adoption lof the rt, it is etbltoniltryt for ate to tunka remarks.

inns ni‘ your Bani: liltritlg the past r lllts shown ti satisfactory and lthr expansion. and, in conscqitersi-c, result or our operations has tigain uastratcd that tltedlaniCs earning er u-slvilhsttlalliug the el.~onomic ,|,,,,p.g of the past few yetirs is lupulrl-d. .\ioae_\'. at home and ltbroud been in better demand. and while rates llil\l' not materially‘ nlivaneetl, larger turnover has resulted i|\ bet-

cllrui't_s.‘

broad survey_ of trallt,‘ colulitiolts tha ycar iuulpi‘ review duds much Marten and little‘ to lllflfllufillft‘. In ost every tlepartnieiit of commerce ,»1t_ is greater and. despite keen prliiillil, prolits are larger. t‘onil- we lladu practical demonstration iu

reused capital investment in develop- excess is only $1

ti llf natural resources and, in a les- exit-tit. expansion oi’ manufacturing

us. tltastuuditig iuthis respact- is er hand, ‘Xllilil we are not shipping a of the pulp and pupor iii- aboard the same voiann- oi‘ dairy pro- ry. the. exploitation of mineral lle- duets as inst year. we still have a dn- ts an i the harnt-ssittg oi’ water rainnting lrallo in cereal exports to eoun

ers, eiossiy allied‘ industries indig- I910 Canada and in respect cf

-h she taayltcsaitl o. stand uarle- States for newsprint and pulp, so that l. The growth o! the pulp and pap- the diminishing tendency in our giver. ,,|,,,,,,-y h, ,.,.,,,,,,-k,-,b|@ m,“ hna'pffli tthlo trad: balance not-d not give ilii- ,, 1M," ,,,-,,,|L,,_ 1,, u.“ you", ,1“,- nieliiateeviltcorti, though its significance rts of woody wood products ‘and Pllllilflllll! liinflftlll-

have iiicresiscrfrom‘ $13,000,000 to lssloolt. The‘ ilrlltctl States‘ con~ ptlon of newsprint is over 3,000,000 I a your, of which (‘anada supplies

|er mnro than one-halt‘. Within the ° t twelve months (‘lmadian tnlils now l

I‘l' construction will be. adding about i

‘ of this increase no less than $2 consisted of iron and its products. Also, wisp“; hn-l-olklvill. and nppi test the llellul-ttou is very satisfactnigv. iiutit trl lspnvtatlott lines ilave, durinl.’

‘M0 tons a ycar ta their present out.- aall. nnilns tho prescnt rate of l-on~

ptloti expands, there is the posslhiid. l _ _ _ A. u mum“. o‘ mwanrin, ponm,“ m, of iarelgit capital coining into t‘ana.lli for lnvettiul-ut is an offset. While. it would he preferable to have Canadian capital available for (‘attadlltti tlevelup- . ".\' ilil‘ Allllllllllll" i-"lllliiil"? °l meat, it. is impossible for a young Illa" l" "Ill llllglvclllllklllil "lllllllllll/llxlll country tn surlply the needed itionoy ‘

|ll1‘l‘\"l - l9" °°mlll“‘i- '3 for this nu‘ one. and infinitely better l‘ ll ill‘"‘-'l'll‘ "l" ll mull "i "llllllt is it to illavleptitls development iirouga: “"0 H r‘ ‘mm-Ll’ 50 U” mm‘ m"? llltlliil hi’ ftilvlii" “iliililll. i" lllt‘ lirllll‘ ed prndtlt-tlott to cxptinsioti of trade

market. at tln distant date.

n- Powcr- development on the Sal:-

DEiiliiifBBlR-Plwllllfi ,.¢*""*‘_

~tute or iiiliiiiliiii r a

cember,‘_l_926. . .

_‘ offiir Ciltlrlfiti Gordon, o, Vincent hleredlth. Bart. was

_alled by .\ir. Jlttaes ‘Noll; ‘method has merit. It unquestionably

s the balance sheet. lmllcates. the. is oi‘ keen interest tn bankers, who deal

a valuo nl the seven months to Octob-

sion of instalment sales has not halted tho acl-‘dtn-listloa of savings deposits in the samurai , nor reduced pill-chases 0! llfadtmuratiee. ‘fhcvssllsr who etn~ ploys thin ‘method undoubted y incurs risk uitlsss-ho has taken adeq lite safe- guard and iprecaation against loss. null this in tho crux of the whole llltestioo!

(‘ottduuted yvithirt prudent lines on the pnrtjsl; in“ buyers and sellers. tho

aids business. bringing to the mcrciulnt custolneis otherwise unavatiltitlr.

Nor ,is tile principle new. .\iost houses are built or itoaght on the italtltlmetlt lilnnhtitltt. is to say. tipoa mortgage. atill credit. is as old an the hills. The danger lies in excess. lllxrlericnco in the anbonfoiliio tradn has shown that the porcentagu of ears returned to the deal- er diminishes as the initial payment vis~ es. a lesson not to he lost by those. who sullen the instnltiilait plan. The sitbjeet

in credit. and my enneittsioa is lthat the method should not Ila condemned Where. cniltiottsly’ conducted. which moans. when the. standing oi’ the buyer is curefltlly considered. an illllplt‘ down liihyminviit is exacted and the ilaiattl-le spread aver a lllniteli period,

' The aggregate of t"attada’s foreign trade still expands. lniving itnd ti value til‘ $l.‘.'i)tl,.'.0t<,0ti(i la the seven tuomhs l'|l'l int: (ietoile; liitll, at $»i2,litltl,tltiti tnorl- than lli the l-nrrel-lpotltiitig period last year. The character oi‘ the trade, how~ ever, is t-Ziatigiitg. imparts having in-_ creased, as a l-ltitsequencl- at‘ which tho favorable balance has lliutlnlslteti. Tak- itli: the seven uiontlis‘ rterioll, tin-re was lust yeui . n excess nf Mkijliithiltitl of cx- ports over imports. while this year the .-tit|,ittlti, and it is pos» tiiblo that ‘his margin tnay lit‘ further reduced iii the llt'tli' future. tln the nth-

terbltiattce rising imports. with a stead- ily lutlargitig market. in the ifnited

r 31st. oi $507,331,000, being greater han in 10A by $03,795,000, and larger han lti . ty likc period since i020; and

n tvl-oltsltlerabll- tnetisuve, the stream

$1.00" thotu. .\t-t u-

yea rs

-.=._. ,~..~-. .

considerable advance inads towards morsscttiod conditions itl “ml-st and la partbrttiur in the direction of inn-ic- l-"Y Itsihllili. The re-elttuhiishnidu, n; sold either its u standard or as a basis for currency in ulost of the loam“; countries has been an important footin- hi thli favorable lleveioptttettt. assisted, of course. by loans oi’ u very fflflglder. uhle amount ilnurd pl-hloipaiiy ta git-.\t Britain and America. Tho recent Belg-

‘ian stabilisation loan is u ltotswortlu.

example. indications of upopfl-un“, ilefJWGll tlIQ central blinks uugur wall for the maintenance ot‘ th-e improve-l financial situation. The Qlllléflpp or “l-"lllllllllll; iuter-tiilled indebtedness rc- tards the return to squad ilnsucial eon- liltions. iilult encouraging prugresg M; been inslic towards settlement, hut til-i ratlticstl-ia hy- France of tier debt no. reomanl with tmid Brllillill inla Aineri. ca is hi1 urgent. necessity. efai re.

view ‘of European affairs fvpta \'iil‘if)\li\i

uncles. ht-“evcr, gives ille every r..,,,,. an for 1t more optimistic outlook than til 11"!‘ time situ-e the Artillstit-e. ‘rile imperial (‘enferetiee has tan, h, Lu,“ doti and til-t the least itnportatit sud. joet oi’ dlseiit-utioti is the plan for the ud~ vaneelnetlr 0t‘ British tradc with the it“.

minions overseas. A ltntatlll- develop. meat tiuriug the year has ill-ea tin. creation iii Great Britain of tha I-lmplr-p Biarketltirr Hoard. liltvittl.’ the ltutitority of tho iiritish tiorertltnent tn expend

£l.iitiii.0tlt| per auuant ni‘ pntdte ,,,,,,,..,.

for the purpose of fostl-rittg ll... ,|,.,,,,,,,,,

in (treat liritltia for the |Il‘lil|||l>p "l" tlrerseus lillniitilons. llvltisit trade has suffered u not‘ re set-hack as a result of the long~fotititiued coal rltftpllflgu‘ wliicit lilis for ticarly six itiontlis turned Great Britain from a l-oai exporter l||

*' r. tn thn serious lietritnl-dt u trade balance. 'i’httt lilrt pound. stei-liitg tdiouitl have rentainei ailove the gold export you"; 1,, ,-,,,.,. ,,;~ the diffteltlttes encountered is prnnf n.‘ the tittnttt-itti stveiigtlt ni‘ l;,~,.,,, |;,,_ taitt.

Ill (‘nnalit better itarvests llt:|r| 11mg of this i ur itave iloeu g;|r1,.-,-r.,|_ |,,,, -,,- a whole far tiers have been well rntlnro. pdnsell for illflY labors. The wheat cr lp at itifuilotktlflti bushels tails a little sin-rt

of that oi‘ ‘i125. while iaweviitg of flrnfp caused by prolonged wet woafppp ,-,,,,,,,

POIIIDPIISXCIIIII lit ltighev pried, N, “H. ihc net rltnrtt should not be substat- tiaiiy l't‘tlllt"ti. \'il~ situlies nf l-iiatati~ enuditiotls are iii the way oi‘ natal-p, .i'l-t it can.’ he said tital ilil-tee .'l|‘t‘\lil'iilil‘i'

more frrqaeut nor more exit-euro in (':|*| alla than I t-ewbel- year with . tattle, the t'a|ittl|inti i'lli‘.l- er the i‘li-I|i\'_\' over has little reason t-l t-otnpitiltt. it tnay interest you in lean,

and lli-ti, taking one

that in eleven tunntlis nt' the evop y,.,,,- iil‘2-’i-' attire than nuc-italf the \\‘ll<-d[

shipments from ivnrill expoFtlng con-.- tries eute-

ld front Panalia, which colt~

tributell Jititidilltl out oi‘ a total oi‘ NSJititlJittii bushels. a fuel statupiug 0 Better domestic business accounts gxmmmlmli “fol rmlimi‘ r _l|'rh_'l"plr‘ltf:;ll:_‘;1""? 1'01‘ flii! I-ffowtli oi‘ imports, which iutd M“! m "mu "mull" “I _' l . ', itienuu- ol- r liu- unnte ‘rear, it<l steadily

un tlil- tln-i e.

atiwuwt lull-rd fairly aceuvntl- nt‘ the vnlltntl- of ltasltiess

The

.pnrtl~l| ineri-ltsitig earnings ilh tn mouth. the (‘attudiitn

Pneiiit- ug-lvlenl-lng ant- of the lteat itt its long period tot’ stil-cesstlil‘ operation. tfiid the (‘tlnudlttn National

des towards nvnvl-oniittg tin- tpitul eitarge. which not long ltupn-nll a lierilltis harden upon

Federal tttiattl-trs. It is trite to say that. with rt-tqlet-t to the raliwtuvs, to ca‘ ' -

halt tiltiL Iii‘ liable ti! Yliltlflftl T"? dry and opium“. ,|.|\-,,,,r,,g.. 0|‘ n," |,,-,,. and to reduction ni’ taxation. imnllgra~

dill» Th" "lelllltl" "r lhl" ""“' lll‘ pie, than to have our resources iill_dar~

tinii ls essential and to uiy n-lnd. the most iiupuitittt factor in (‘nnallirs

m “mum “uh n“ mm“! "Hy “f llllllll~ -'\ initlt of lllllittflillltdfl "til lll‘ growth. Altnust no liinit. can be set to

la. wdl add materially to the re» ,,,,,,,.|y ,-\-1_,,,.,| |,, u“. ||;|I:|ll\‘i.‘ oi trade is the large itolllitig nt‘ ilnniinitln se-

curities l-y our own people. I ttunw oi‘ no ntnre striking example of the re-

serve wealth of the. (‘auadilttl peop than their iaveslinettt. in iioiniitiuti (luv-

es -it‘ the Province of Quebec.

cti we llnve our great niiticral re- test ln 1012i (‘liiltltlfbtl mineral pro~ a wits $i~ld.00ti,000. iti NR5, $228,- ), a pain oi‘ 5'! per l-cut. its a pro-

rof gold, the iudleatiotis are that may soon rank second among the

til-s of the world, and there can linlillt as to the vastness of our tiai tnhierltl production ill general.

id nrhlls been the development. oi sotirt s at national wealth in vee- yatlr ,' n limit can reasonably he upon their progression. There is. ill- the frequently discussed question its extent. of our puipwood and tim- lrwttrcca and tho danger of pro- s at excess of current demand.

ilil!“

"it would not: be surprising.

fleet, on the industry.

"M so some a dacgessq

‘ill-till orits been so thin u no

""54! sis tho number o! hands "ll ill recorded. There artt. o

ll lay period out-ins the past

"m a m. rsptsumsi a r

“Elliott, of transactions

debt whlql, spy -,

‘titres-lag sense of tho vital lai-

~ of forest. conservation hids lit sci mt a deterrent to excess. and "l." “the conviction that these main» lIHtVlnltdlan comma-re’ will ions’

l" Wiratitor and footwear trade. “fill! industry depressed ‘ 1M0. "mlfitst has set in. Tho t!‘ 01"" ' ‘l’! iltaenloycd moderate pliblllfif‘ y‘ "Wind steel works have been “l! "ii ltapioyed. Building 0PM?!" '“' lllllitiout. the country have tleen live. but in ‘some cities houleirflfl- rltetton tlonld new to have overtak- tiflllllll] and a slowing down iu t-llifl

"It lumber itlutiness in Eastern Can. ‘ l" not been prosperous. in British lvl-hlllltltl lumber tnanufscturers a501,

I a reasonable o but t o‘ ‘ - . _ n" mo low m Ivszmlfiroul vim (:1 ttoihtnutit of a souudcr and nlole The tlreatcr use of substitutes 1'01‘ W. such as cement, steel. pill?!" l8. ma, cannot hut have an lulur-

Midi-pl with the improvement in . , 969W.- . meat, 'nt. since it“) ilsva a mails i oi’ theldastulttlotlt system, might flmi

.l tol its country t; is‘ in l tntdlil and ta. a t-itlaawl"

l"- Ifiyilunal variations in the lle~ "l Nd labor. but. tho onconrlllnl

"ll that unemployment is now M! ' N

. it ' » ‘this o! modern business ti! ,0?

"i. tutu. which In some sulle- mtshiy‘ automobiles. now shat-scur-

"illhllll differ III to the , J! "h A of the method. si s!- "i lint. salt adptlttstll! ‘time w Iitih to the autumn. 1's "nlirliflllllllflllfl and which ‘he "°"\1l\lltls Mullet-him. wt w mil" hand ho ll. it iionm, com- ttti course sf thrift and. MM‘ "" tumult. it tho sat-mu who.

iwr-rn.

ernnietit. bonds. liefore the will‘, oi’ a i-‘ederal debt, of Siifiitidlfldliqi) much the larger part: was held abroad. but oi‘ the 1 ~|.tt. lleht of about. $2.."i0tt,tl0ti.titifi, no i sthaa $i.l)il<l.00ii.iltlfi, or uctiriy 80 per eenL, is hclddiy‘ (‘anadiitns who receive utid employ ititcrest oti this itnmctise sum. Tin-re need ho no fcar of the lin- aitebti stlttility oi a people who in twelve years have invested tienriy two billion dollars in their own (iovrrlilitcili hottds.

,_

As, no titan, so ito country can live unto itself, and to better business the world over must. be attributed sonic oi‘ litiprovcd conditions in Canada. The United States has enioscli u veer l" aboundito: prosperity, resulting largely frotn the ovl-r-tntiitipiyitig demands for niany commodities hi‘ a fully-employed population. l‘ stressing. as it does. one- twcifth of the \V(lllt|'tl consumers anl

oncihaif of the world's tzolll supply. its owwtcrcitory furnishes an ever-expnitd- lug nttirkot The people are consuming less titan they produce and savings continue to show a surprisingly sub-

LINE prosperity attendant tipou ilil intiux of [lenpio l-otnnu-nstirltie with the aitl snriiitt< tznd tissitniltttitig pl-ivl-r (‘nnud timt has tats year been made and it should an: be n vsin hnpn long the toitslteiatlveffovts ot nient and private ngeticitls tn ltttrtlct. to this l-ottntry’ desirable settlers front abroad ‘will bring grutii_vi|.g results.

2

Snare progress ill this llirce»

tut ere. iiovervt-

in eotmiustott (‘nuada bus emerged front the r1 dtl0\\' oi‘ restricted business tutslttisiilctnry earnings and indifferl-iit balance siteels and iiic irenli of busin- ess ii now distinctly upward in prac- tically a'l lites of lrtidc. l l-ltititot any indlcatioti that this period oi’ pr parity b: Mmil coining to an end. l ht iievc Elli‘ ilil(lt.'i'l_\'lll1.f eonditilltis slttinll tin-l the future can be view --i with confidence.

Tlili GPNICIIAL .\l.»\.\‘ AGICIFS ADDlllli-lSS

.\ir. (‘huirltutti atui (ieutiemcti:-

The hundred and ninth atlnuai hal~ mice shoot. of our lluult, now [tresetit- ed, reflects. in the fuller employment by tho buslttcss interests in Cattada ot‘ our ltvltiilill-r funds and by our ‘compara- tive fr clout front losses. the general iuiprov-tneuftiiat has taken place lli the trad,- at-li commerce of this country

tlurlng til-t rust your.

As a ‘natural consequence of these fnvarald: conditions. l have to report lint. only that our etirniug power has been ytvatet, but ilint. front every staudpoiti‘ we are iii ii more. virlle col--

stalstinl increase. inflationary tendon-u iesjrlv well controlled. The establish- msrtit o bdyealltrtti Reserve system has all the character of the ll\OfiL‘l.ill',\‘ ltnd credit structure of the country lialt there is no reason to fcar the farmer extrctnsuflftuetuations in general busin- cotidftiotis. Another effect has been

wllicdltircall l-conottiic development. lie- strictiott ill a few industries stands out in contrast‘ to the Iflififll and wclil sedtmrod prosperity but there in faint indication of anl! over-ftfotluctlttli 0i columodttiea. Keen competition exists ta ‘may lines ,-.‘lpl.'ff||\ll,_:_lh the motor in~ do,‘ h which dtlthqu tho assistance

at“; i it: marketing the enormous mmém, output. Pllcesp yhiio‘~¢0'tlsrsl* ly. stave. are oti the wholo showing lmilq progress IQWIIIQ-AQPIQI level The rsiiroadlohlivtt lcidom- been ntorlrpros- poroul and ar rendering service of the hilhlstt nee“. Jon. Fundamental eon- d[[,\o|‘|lv\ld|l£i‘l¥|l\K the business sittin- lion cofitinhc sound. There is no ovi- deuce o; a piling, up of raw materials 0,.’ goodlolilllrehnnts, isrtte illill-ttilittll, who learned iu i020 the per-

of danger by hanlbto-tpouth purchases. lfommotil.tl' prices are not unreasonably Ifllh ngtttvshow a tlrvlluiatl‘ tendpnzy, ossptwtm‘ nsintf nrogtwatv- Thwart-- out the country generally among bul-

ll cnnlltlsltw and a sound financial Dwi-

sgqqg nu- huyin: power of the South.

ill of rvoiisn inventories have he?! 0"!

lam men and in the labor ranks their

nrolutti. leaving little ground for pelt!-

atlnn, nithounh the reconi-hrvstkltllf , “m,” cotton crop will probably adversely FM!

Tat-nine to European affairs. there is

o l“ ~g9°llcfl if‘... 21

dltion ti‘ ever before. while we ad

lag ltlw:

I will tout-h.

the close oi‘ our hunk ycar.

Gold altll subsidiary eoia Iieposltu tn Ventral tiold ltescrvc . . . . - .- Dontlaton Notes Notes of‘, and Ch othor Banks . . . . . . . alnnces ill other intuit» (full Loans .. - Iieeuritieq .

Gill.

lit-me: tn _ points, Ln don nnd New in .

have fed lit‘

B’

sltrreltggom" a

the country is better.

qompsm with 2.

ma “Wills: w.‘ - e

trily of th- |l\‘tt|ll~l||l|t‘ value. 'i‘lu~y are brouliettittg the fu ‘ laille to our viii-tits, creating lug that the liztuk is nly l-otleettteli in the puidie l _ weltnrl- and in furthering: the general

here to n r tune-honored policy of bl.‘- lti u strong liquid position.

'i‘he tigures l-ntttuitied in our ilalaiinc sheet tnay not show any remarkable l-itattge an vntnpurl-d with titose oi _a the floating of (‘nnatiltttt pithlie loans liitltlcttces :tl work. tin some ei illvfll‘

in cash attd quick assets we held, at

100 .00

_ pom home in tlreai lirituln Qfifipm welfare nl‘ the l-Ititpirc at ‘heart.

atmloofltiti liiyititldltltl ilstsltthlittti

. Iv i

The total, H2i.5(i0.titl(i.m:i{5l\ll"li _ 1 I H mllllllllfi llnfllmillollclll" 3 P" " ‘ . _ i , ‘ith ilil fposil on in tho bank ng war t '.' o! our total liabilities to tint pntllte, ttrerttlrous peope o m ons n and this is approtltmstciy tile position which wo maintain year in and year

Arrrt from better business conditions isn't: undo. mt have naturally item-titled by sn ins raved tit-maul for money and t rates at our pith-bit‘

To meet tho presto: demands of our conltnerclsil IIMOIIIEII’! iu Lgntladn av" p olir nvcstlnons ly ll ‘ proximately $91,000,000. This sum re- "l"l""‘"°" "“,""'l',,',7°°;g'f_°'n m", n,

. h, m"- “ill! inure to lnlnl. u n “mm hnlll 7r m“ m"‘:"mch mi“, ,,,,,-,. and rapidly rising dividend. Inst, ‘Lllli.

oltlbmtsli failures in Csnllds for Ill

l": Fllk" llmtmotool’. [unpaid

..'....| Jyul, ..,. H‘

THE CHARLOTTETOWN

than a your ago. They are now 8M7»,

Otitlslott. nnd it. bl satisfactory to mods-t:

that our time deposits. which reprcsnntywhctl develqpultilll now under for the most part itilllvifluui savings way are completed Canada will have lu and showing a steady annual trrowthdtlttv 4310M!) horse power, repreuutiul

This plainly indicates both the thrift of our people. and alsl their continued l-onhlllntce in the Bank of Montreal as the custodian of their silvbtgs.

(bur bunk llretnises tlcenllitt has been rl-dtll-ell i-‘l-‘illdititi during this year. nnd we have. as usual. made roll pmvislotl for dnaiutettlttlcle nnd tlitl-rtttilttis.

\\'e have durinz the ycar opened 12 new branches attll ugeill-il-s. and cloned tilt? shine tiuinilttr, leaving the total utt- citttngad at, 01d,

We do not look for a very rapid re. turn from new branches as a rule, and ltroceed with due caution in establish- iliit them, yet we maintain our policy that the Bani: shall be represented u rever there is settlement. and activ- ity itt Canada,» thus ensuring tor tall; public all reasonable banking fa- (' I H.

.-\s liiastratitlg the Banirs settled de» termination to keep itt the van of bank- "it: hrokresst let me iliPiiIl0li some eon-o litlrativeiy new special services we now render ta our clients tlnd the public at large,

.\t the ilead Oiiiee of tile ilunk sev- "_l'lll lllieeial departments are in opera- tlnns. each ot‘ them tiiannl-d by speelai- ists in their respeetirl- lines.