_ U , _

.a-»»1.r.`< ig i

0|’ SllAR£ll0l.DEfl§'

190

i.»»»r»msmi_I@»r' t' °‘i "`""-"”’=`-`i

Sr. PAUL. Nurs., Jan. ld.-D.,p¢|poa Th run asyaraiaa ua¢iia°r_aoi.- go.

» _ .tif Masai.

temperature has fallen m--ny rle|g:o` _Share lt was at lhcG-uv. I-irftiaii ' °’

¢en¢rh1i|fao\h|s'therin:iiiietcr r gtatgrar :ga 5*; below i*-ro today at Xlrrwniq' (lynn)

_ ind

ia of the &\¢§k} 'ith

A ri N ut uiuu OUTZ- II ' I ` me can _,_. .s naar ' _i$:_»___aiIaiiii¢r 0

E.-i

hw" '“ru“r.I`III*Ia III" "I"*I 1 TII1I'Iroi\t and L0!! Account Purchase.

paint betwepn 01-enl Forks nad g_§|

wiiii~siiiateiap.tiii-A it iiighq-_`__tii;| si ' Net

degrees belo 4'. The ii iow is so ,slry,_,ani

light that al am.: as tha drlf s is, cl”m away tha! Ira lilosrn back |\i:a.lii,.*1|A_'|n piling t.h».ai't.o a height of Si _an _L`,‘N_¢_!u\

Wlllllill Yillili

r lI0lillilllUS

~_ _'__ _ - _ -ar

.1 ~'J \1>°

view

fiosras. Jan. 18.-In order: to prevent 9;,

"‘r' _ _

rllt

'iliuliinulnsls

Bill in Massachusetts Provides fi., nmlumossuuae T

Reported 25;

_ 8.

brought forward from Il .dduhn to the oml, _ i _. ._ __ _ _ ~ . _°°*'“¢a°=i\i a",,),;i§; YS: nu year* In "I In ...tip bank has opened during the year ne :ling 30th November. - _ _ bljnncliel at the following points: in

e

II deIIanIi1IIIIci¢IJIIiiIiiIt§ulmfiIebiiI » " »l>°l'l-l_» at Bawlf, Pro=sfield,_ Glcich

ll I’ bl

»

*___*

ll!

o' . "" »- ` ~' H » _» _ riarrnia on ony' " ati.

` _ _ _ . i \ ‘ 'iairiag takenezha cIlIiI:Itr, KILI `- I ll a I:i»Intrib'iiytlan to

I if( --~'_ _\_»_.___. _.’ __ *f i inettlzras ap h_m _ _ 3 hand. _ - i &-»- ours. . -i. Is uaosiasos with in agreement made

tors,aa _(ali t Edward Island, nhicii 'vo us

' ° U at Charlctt.eto\.ii§:l.ummer

Th Di - ‘ to _ ¢ to um _ ‘ n Montague and ris, all °,,,,,,,,,’,,'°'_ "$7, I§§§,,,,,__"'u,_u""',,_,,_,,,,,_ » reward island. ia. amen

1m$__¢wm__w“_ f 1” ‘Sul -.h“_ M with o_ur oivn branch there.

. ~ - - ,_ _ alx months’ experience which we

IIIIIIII uv" .II_d'II.bIII‘I`”I I lilm had with our new business gives baimc, `¢ `°,.,,¢|¢ of urevery reason to be satisfied with th

“Q _ Bu* LW.” that Bank had at Sydnsy was.

ai-iiouataa ic ._ ._ _. ..r1.m,;xii.ao' ‘lenvlnsli Shvvly. Stony Pliiiiv. Strn

' ` ‘ coma and Wietaskiwin; in Ssskatchsw

U-"°i”"-1° at cram- Humboldt, Kiininck in

-'-_i_..` lm, Lashburn, Radiiisoii, VondIa,

li.1ag,9s'1 is

_ Lunenburg, N. S., have been cl

_ *_-Q--~ the close of thc hank‘s _venr

'ras more assets of ti.. nina airs “"2 be°.“'°i>°“°d iii T” I-"im usual been carefully revalued, and “"4 ¥"“I‘.f'I¢°' AIM' le provision has been made for ull It ‘H "nh dec? "°g'I°t “mt _*I and doubtful debts 0 _tprs rocnrd the death of ilici

` _ ieague, Mr. \\'. B. linmiltnn

"I'_l¥e:II we were :Me to _,hog ear." neariv twcnty-two years li “ "C ‘vm "‘°,"'_3°*"" ’" _‘e "§` airrotor or the lainie Viitii of the Ba.nk' nl” -VN" “B h‘“° licgan in fail Mr. Hzimilton

in made satisfactory progress, r act “Mont fmm the _m,_,¢i“_,_,_ 0 “mp “’“°““tl”S to ‘$134-\i12$0» °" wlicrc his long cxpcriciice nt`$370,000 more than last yea . In mnde him at an limo, ,_ “_

llie_§p1_;e_r_i_d__oi’_ t.ii_b=rcu1osle_and_ to, check' io increase the annual distribution to tho vt-m1g_ of m,¢k|,md_

the rrlIvnI|re's ol tlisdisease, abvffl was Iii-I `I"'

' l - --nu

_-\r_°il~t'4_°'¢fl.\v_i)°-licirnvbiday-ii: Rcbrelev- .__

'_*"'*e' a

L. llavl|,lth`e objeotot which la to place, *H5*

Jill

ldsrs: aid, in addition to the An amendment to the bydruva will be _ Bl-lc

val, increasing _W0

from _tivelvc to ily.

lf'\U\'°_lEl\\'lH'd W. Leonard and Tlmliin.. io ufpdf one per cent., rririlifng a total f0\l¥'a¢fl- `

'\

.*.‘_0€'.v.'l0‘i3.~.l!-=-."=9 _-mr °".fK°" "“‘° ...~ other clwntasglous dlseassaand to bring W, lt irvlar the control of the stats board rf 'mv

sed distribution and fuiqthe iinnpal _ B-5' . ' nd H

h nm, flank Promises, and to add $500,000 to (In. IDIIPQC e IIII_'g

a1_ii9_i>iil`iii-arises :hindi rigisur or an _,Eg

¢aiia.i'or_.siib¢ro<iiotiirs1iiiili§ npr in iii tai. _ . P oii.ies.snd.t»o\\-na; that rcorniosuplofi ly In APN lutfa terrible calami\'¥~°Y.°$' ~»rpeeti'i'ai dotieb.

coorungeiroasiiiii bs aisi9§_¢ct.di,ana ii _fff

i-emo _ru-.i..iai»u°¢i0a»i' _piiaiiiiaiir-pt _ _

_-qu- -_ _ ._ - _

'finely baihf. ___»,i'ii_1ic. _ IA ohyslolanjnillna Li ripori ii -i c, ul tuberculosis shall be punished ii, _ ii i.- not lou than $50 nrr

more than |101 tor each otfeiv.-c. 'gg

I FRENCH lilllli

i 's ’

' _ »__ C

_ _ ~ ~ V u

G_fs\t.Eircltemsnt _Felt Regard- . __ 'i1_lg_S_u§pgcted'Actl0n by __ _ _E Gtivernment L 3

_ ,.._.. _ __. _ -_ __ _

_'P:|1|3__/_§§?I,‘_1$-_lTb¢§_§“_'ll|Bhlr 0f'I‘iib-_ gortgagea .... .. .- llc-Iii`st'ra_otioa,_M_ `IJrlaii‘rl. has .iiiat'_ opiar Assets

n°ti_iua,_ui¢ Bishop or Tartan, Mgr. Soh~os|ler,nnder whois jurisdiction the fiiinoas sanctuary of Lourdes is planed, that the government ls going seine i-l¢.Grat.to lad a`l-‘the pmiirrty 'adn-

nrcted wltli lt. Tho Minister dealarea t

tliritfths property was placed under the nishaolt Linrlted Liability Cmpasy

todv/silo-thsnewl w I ae ai-ati ii I'

l»Hf_l,t4a_I1tha daty of the government tfffvbhealltawarl the sanctuary- at I»°_i1rdaa in tha salia way as it - has

toieani atliaeaoanselea.-» ~ ' i Il 1 ' ‘ '- ii rump-. iiecdlw lc ily IKM” *W ”

fl

Llatbaqhiailnphba tiara that ay C

attembt 0( tha French Qavemmqnt to °l0illjtild`0i'i5llIt,ii'lltiiIa will caan la- tsi°u__al|0n.sl oiibhoadomh the Duke of Nllelk. who ir rua means Oquioiir lailllah in lag] ind, has naI*aIIlt' 'hauoaaplai-nano said so no

'¥i¥‘*.‘°'\ pl- the

e ofthe:

lbll

The directors hsie

, or 50 per cent. of the Paid-up Capi- ciencv and zeal with

I of the banlc bane

k. the city of San Francisco, where Gag,” A_

°‘ tl'°_°° h*“d9°'“¢ _I“'°m~5i YOU* dent. counsellor. To till the

actors decided that thc time had come direpgor, ¢-1,-cfm] 11,0 Him

sl dividend H the rata of seven per _suhniitted for your appm *L_ ci- aqp|;_|P_ Hwy _imp qgqlugq ii, the number of directors

nbution oi eight per cont? for the __ Fa ncc<_>_{danc:_ wi_th g _ | -~, sepraice,'ie. ra

year After prov ding for this in pie- ___ (________d__ _he Un tribution to thc Pension I-`und,_ we "I" 'I 'm' " _ ‘° c been able to writc $341,434.73 qi! ants. of th: 2621 gmc”

Rest. which now stands at $5,000,- recnrdhg their -ppnci

Wlalch l;e1_ been lvnron- denn, Watson and Weyburn; in Ilia

Dlvlzienglla l‘I4og.wi§T;nd '10, ' ba, at Norwood. and nt Alexander

ay, .even per ¢6m_ pu- nue, at Blake street and ot Fort R annum __ ._ ._ .. ..8- 700.000-0° Winnipeg; in Ontario, at Fort _\Vil :""°n°‘°l.?n'}3-liek' 10°'-°°°'°° Kingston, Latcliford, Linrisay, 0

iacs__....__ _.___ _.___ ._._. 841,434.13 (Brink street). Parry Sound and "S “"6 0 "ll 0" . hui, and at Parkdalc, and at 197 Irxgf 3°_"o_°° street. in the city of Toronto; i _script_|__o_i_ in gandifran- ”___'__o oo bca, nt West End, Montreal, and '°° 9 ¢ “U - - -~ ° city of Quebec; in tho United Sta. \iIoIIii'riirII.°.II,m.__!.I°°.¢...`I_Iif 500,000.00 “"5 ¢‘°"\¢l' °f VB" NPS' “W1 ance carried forward. 103,582.43 streets. Son Francisco. The

at Sackvillc_ N. B.. and (`rin

our lonpestsb- -the nchcs and agen- The lied Statcs nnd bali various depart- " arc of the bank han: tce the yeur. _ of t again pleasure in pur ation of the efii- pan _which thc officers ly crfprmed their re. 0

- _ Pro ctr, President. uit

have s large and important business. _ Toronto, Bthkianuaryi 1907.

Yonge ii Quc~ in tho tcs, at

branches iiihg nnd osed. Since

branches icr, Que.,

our rlircc- _ PFS r late col- ;_ I' _ who for ‘ ,Un ad been ri,it0 ll his health ed was rarcJ_v ‘Wm f the board, Dani in business Lim iso :ind pru- _Slim vacancy ibn l Vidc \V. C, Ed-_ ¢‘0<t

- t

_- ii -T~- _' _ _ §

_ GENIRAL STATEMEIT..

$011.( Novmxiuann. 1900.

Liabilities. '

viaainsunpa ._ . _ . .__ ._ ._ vldond No. 79. payable lst December.. ._ ._

Bo

_ nus of One Der cent.. Payable lst December __ __ ..._

capital vaio up __ ._ ..¢io,oo0_000_00

__ i\¢a¢__._..... . _ . . . _ _ ._ ._ ._ s,o00,o0o.o0

» Balance ol Profit and Loss Account carried for-

ward .... ..._ .... ...- .-.. .. _.. .. 103,562.43

_ .

Assets.

In Ind Bullion .`.. .-sv 1... .. .» -.3 4.0i1,4.'iG.T6

onilnion Nates.. .... .... .... .. ._ .. .. ._ 5035.008 .

0 ._ _ . ."5

---4-8

eposlt with Dominion Government for security of Note cir-

culation .. ..

otcs of and Chetuies on other Banks.. _

alnnces due by ot er Banks ln Canada. _

alnncoa due by Annu of the B nl: and IoIthIeIr IliarIiisIsIIlInI Iioi-

clgn countries . . _ .__ .. __

ovornnisnt Bonds. Municipal and other Securities ..

all and Short Losnl ¢~~__ ..-.. ...... .. .. ........,.....

ther Current Loans and Discounts .. .. vordue Debts (loss fully provided for). .. .. a-:il Estate (other than Bank Premises). .. ..

:ink Premises .... .~.. .. .. ~~

B. E. VVALKEH.

tu ottheBankln clrculation;~...._.... -... . posits not bearing interest .. __ ._ .. _ _ _ . ..$22.626,899.72

Deposits bearing interest, including liirorelt ac-

‘ ,, crued to dato .... .. .. .. 64,525.G3710

- - - . » .mn , -, _ Balances zlue to other Bsnksln Canada.. .. .. ` iislances flue to Agcnts in Great Urltalri .. ._

stances duo to_;\lior Banks in forelgncuuntrlox. . .. ,__ ._ ,.

iii

Di .IINI

His

xiii..

¢ no

H QF a aaa aoazeoa v weve# __».»~¢ -=uH_~- @¢au.= m=s__» l4°5¢b@`

_ .-‘._-- u1a,sis_0s0_o1

General M

.S 9,199,204 _

sr,i.'.z_s3n.

117.623. 308,781.

1,0s3.7h0.

500;

n50_000_ 100.000.

15,103,562.43

_5 , _

9.976.465

._ ..- ae... .~.-_-1 Wlwbé ms.. ...N

i'.$60,fiSf\ 6.201.450 9,001,393

o

0_1

___*°°“ own inclination by retiring dui-ini: ilia-

anngeh next fciv months from a nu ber of

45 980 91

moo one

2,l\l

hc President said:

vo becn laid before yvll lY_\’. “S Y°“

" ° ° °“‘ ‘“ will mine, the lien iii to iiirmiy. A

yaar ago we exprelled the fear that thc ,profit o _ p ‘

l might not be repeated. but W! 'WW

0070 _

nz 5 pmm of 17 4-10 per cept. lttgli

fits bsis been nil that nc must

if

slightly more than a (!1'(‘i\.'l0~

In moiiing the adoption of the Report,

Presldent'| Addie!!-

riis izrtemeatr or the saiiir which the uiieniviir °f MW li'

we have incrcailcd briinclies from 130 t0

th I f about 14 er oeat, on s cal* _"__ __ _Mt ____ ._z5_m0 _

g_ befor; you with a- statement show-

rcnmstaacea under whlc these that wo have .puseda

in ncaa in that city.

have rip

the Bank, and as ill years since the licgl ent administration,

rate 'ver rin- "ring tha position

IM Fifa’ tho present year, m

T t tti tb

M" ""

I

"'::'.°.':.a:"::: ¢-;»-»»» _

I *_* hun". n 887 were IMO. 15 ° ,,,,,,,,, tw-ii.m for ras.. '

,Amd mlatioo have Him

bn. `f*»»\ "

By the purchase of

Bank of Prince Ellwiir _ _ "___o__s a

- i _ _

2:( ;_‘:_IutIIC_m.da_ thc several positions which I propose tn

li _ H _ b , of vacate ln the different corporations with 1_5 IIIIIII e ii liicli l liiivc been idnntitled for eo many

~ . v

L uc are report

towns and citics thr

U

You will ohacrve tha ~

o thc sufferers in _ _ 0nnd(.,,¢_ th", we prcsidcncy of the Canadian Bank nf -rm ,~_,,,, mmm-. Commerce, and in announcing to you my

i' 1 1 ii oii I as

||,:,,:;ILIh mi, gap with which I have been so lon -honored any loss what- ank‘s large pull-

San Francisco. I am c may snfcly coiint_ up renee in this. especially

rim.. .limiter iilii-mir.” ever arising from them

'"1 """‘ ooo.o0o=w»¢ amor ina

eu Him

“alll 86,040 1:03#

ir..-£2*

corresponding ia- x

t

the Merchants il Island. anli'liy"I

As this is the 40th *nnilai meeting nf

ii ctically 20 __ rin, f its pres-‘_ ew [Ill som-‘ ~ a th* annual

rim to inalqtaln rate of -...ting in June. 1887 'mit t_ lda_ of

I

v ‘h

1. aa a |10, tliom

Pl

lla slr- Jll to

_ U

“N997

No, our

I t pn", After so

ticstion

9**

‘I wl to the

a

nroilld not

100, ?

Parhps

the Gltel-10_n to than places of the ‘ mlde policy of owneiehip of buildings. At dint. very few of the smaller towns is good him”

obtain in rentcd premises. A consider-

years, and :is nciv branches are opened \\' we' are endcavbring to acquire sites and the are, proceeding to build. Our pollcv in

treatment uf Ute stall, and it has con- In iriliufell in_ an important degree to PNC strengthen the spirit of contentment ° and loysllty whicli prevails so generally bl; MID .-bu_i‘_ofl'lccrs. - In this way tho dime Bank, il. W" tl'i“|\'. amply compensatcd mm for"the ettpcnditure. er, The annual outlay' necessitated in Puri;

"N59 bllilillllf-! 0l’€i'ntions is larger than iam- /vrs could ronsonnblv ask the shareholfl il

Sa

Do

party in Montreal on which it is in- fcndcrl tri coniiiience the erection of :t liuillling in 1907. The colt of this build- ing and of one already commenced nt \'iiii<-ou\'cr_ will necessitate a further in- crease in the amount ect against Bank l‘rcnii_1c1 in the balance sheet. _

Anil now, with _vnur kind permission,

I desire to make 0. few personal T1-inark4_ During flic past five years I have, from time totiine. intimated to my cnlleagliss on this and ntlicr boards, nnd have bcen proniising the nicmliers of my fniiiily :ind my friends that I would to s largc extent riiscoiitinue what has been pcr- haps the trio strenuous life 1 have been living for a gkrnil many years past; :sud having now completed my llft_\-_(int _\-i.,,f of activo business, I think tha time has

but urilcsii we liicnrl iiur w=\_"‘ “"` “re ""'

out these promises and to consult my

. .' ‘ _ m

positions ivhii-li 1 feel can now bo_li»-t-

r filled hy younger and more i-ncr'g<-tic

m_v family and myself, liut. also in

ustice to those who are so much cnfitlcil nd so Weil qualified to succeed me in

erirs. First in Importance among these is the

nisntion of retirl from this oflicc.

by your directors. you will alla me to recall that it. is now twenty-ons years Q

bank. At that timar the total assets' ivera nht_vsry‘ rllch more than the iii- crbasb i_n'oui1 assets at reported for the year ialtlcloselj In the cnnriieof these to neciipy the vice- 'aaldm 1 chair for

seventeen yes`rp__ ’Ifh|-Qupli-\_ut that per-

Q

_ 1 i..__ s. sorts

__ _ ._,.

fniaiil suqju °‘;§c._.°‘_f¢'f _ _illi-

ac wif tlr if :_~u,i.:-.'.'-- _

¢_§P‘“~ , _ J -,r ~.-.0

'wi

l

satisfaction been practically blerilnil’ “lt the

likclv to csrnpo it siniillir oi' still worer l"""f‘ ‘WI l""'dU"[~ “*'°““m." I" "mtv l"`l""“ coiiilition ncxt autuiiui wliicli may wrcck l'l'hll1l‘*|~ find ""|'\f_K°'"“|l'~ Uf ‘*“’~l‘\"- -""‘l I “"'*` our fair pr.is|icrit}'. liurnpe is bearing llllirheli _N ll’ “_1\l~{“fi“'i0"J' Vi* ‘V9 ""‘_‘l‘l ' "r thc <'|lririiimif4 rust of (vvri grcnt, wars. wish. 'lhe collrcrlea hnierill largely iii- 1'* lmili iii thc loss of capital actually _dr_'- rrcinicd tlicir output, nnd nltiioligh tlicrc _~ "W sirovoil and also in thc loss to iiufivi- liiis ber-n considerable difficulty in ob- | lf'

nliouhl iiavr to face world wide atr_in£ mp-p,_ u i-my in mfirie_v. Has_hr- naaels wh i- Am|°“¢m__"” I, u r¢“d_n' “RW t

_ib¢'e, in YIM, I heciillie a direcbr of tho _r°'Il_‘:""”'f‘_` f°‘;vd”_l_I;__:_"";'h"r_‘:_':"'_: cultiirt are' l0i!\ell3t“t'_0)l‘tl\g. rho im- I

‘ " ' “ ” ‘Im - 9 prllsloh M il-8_1 IN 'Ill'lilI‘r. la li Tho ltlr -fi? ' il; '\ ~il'.»i1r't wi.

shining? If he is happily in cnay col- _ _ _iiiayr is to debt. i»s~win_ ir ia _ia wus, ¥°“"“~‘ '~*"”*f"f'_°l"*‘- ““‘"‘

_ _ wir a umm mf-iii ir i.‘i`l"iIif5.iff'§i.iii.°f'iI»iii‘1°iT...'i.T.ii"‘fi»i»'i -“vile e is A Wi" I'IIIi'="i'- »- "I-1 l

twcnt oaa rears I- have had the honor _m_"_a_1 D( hmndn "q“‘dMi°n_ M mr of xiii-ep r:»isin_§`tho__r:_ andh-,, nomo part-

_ ' h _ of .Iam Scot ld in ap ice.

two years, aM.t}¢-gglellits Chair for ,Imnirs pntntries and ba; ali linportant e\!Iop._ _

', -1 at ‘-'_ hnabceulesat 'aa.avq\¢a,li¢ti

lod it has boon my |bo_d_ftl-tuna to have :Kham :liii-,li”I<.>Ill:t\TsIIiIieI.¢IIacI.iII;i'iiiIiiIIriIi prices have somewhat helped nilIt iii: |- brsii "°°°l~°°<| 'W' eymclt- ‘Uv "id iamii win rin my ¢<»ri_ ia,-ali. iaaegi no pri.-a rm .rims 1- 13 of dl rl, all a Htl" \\'¢ have had during the _vclr an event evrrvihing rnisedliy the farmer has heiizi ‘ 0 cl 01 'Yl\°“- *ra llitelrifi fortiinstclv rather rare. the failure nf a an high that the total result is fairly:

nl ovdrha rirlhaln mime bank i is ,.¢-iaiiiiihfa nniiieiii ia.-ritiimii, tire .sittin-airy.

N. ln ll\r»¢\H° 1° swell too hlrlily. oiurloliaanir. Aiiimiigii oi. iiinirmi- uma the mimiicr or mniirr.-iiiriiie 'ld if ‘MY N' ff\*”|f'\l0 `|f|.\¢\l\¢ Yi" tion as to its ci-itlciil position reached na, establishments in the three provinces i.- .\

_ fi tltqtioa has ever been \iatt§-lerv_ed-.4 in-~mmliovs with moat of the Trirmitri not large, many of them. iriiiivlrligallv. fl H* am lure you will al apprechh with banks, only on the day on which it had are of national Importance. Alma.-tl cl

in-_

‘mo-wb vnu wk' nriamn nr. rmi..

'HE

'r ,i _ .

bank ruust suspend the len* it

was still possible initia- tive of tiia Toronto s' so ag alma! in tha (ew hours' #lei nnahal an ar- rangement iiador with ao dday or loss

no 'ui our inter." to yor.. :mr ia aa- it iam. to iii. cr mis: or rrriiimn ian “

hai'

viewi-

sad intimate an identi» could be experienced by tha 'auditors of soma the bank 1 feel that it the bank. Various banks gave to the natural for nic to ~e\~rr Bank of Montreal a guarantee which ia

suns iiliolly in eQlecU0n with it.-i affairs. the arent of the afaira of the 0!!-lrio

’ While ret ring, therefore, from the more Bank being liquidated by the Bank of

il mt onerous and more roaponsililc position Montreal with open doors and in ac¢ord~

tu' h of prelidant, it will give me much ph-aa- I lloo Will! llll_ll1`$ll¢|8Q§§.¥0I|li~|lf0'

' “ 9*” ure. should the shareholders so deciil»~,| lfet that balk against tlalohi

0 prosperity ta retain ray seat on the board ol direc- lwrll. lleliutlng the libiiity, a

lhly wel :Mm -ng "nr uhsnist ;__,, wmv ,m.,,.,,,_. Shmild lproieh i`iisui!icient't;‘.“meet. thc fav/_

ii seen or Q U, ||,, ,°,,,;,,u_.,| e s. ‘art e irposes o arran e- “ml

dn” IUKNY °“ F"-" l»!"“W¢|| lnlgl Pflilpcrily ivliich air.-lit it, '"l‘"l~ U16 nltli._I;I£‘\\|QlU»l'1l‘ lil?" ii if

on blk H'emises and which 1 rcnturs to predict will lic “I ill" gulrlltiolil. Aly liability under

than lo

our reports.

and towa

basl

has-ebael

better years, generally of Ontario and Qurbre, tha

er said:

Ontario and Quebec we have to

ii of s »_,,_,_,

a* statement of oar policy- itreaoer-In lliiuiiexit tan yea” than ii, lu, the msarntie vailhba bans in proportion I

. r V

it wil afhmi ,M mud, |,|,.,,,,,,,,. iioiik of Montreal recently said it is not I ng.

_ _ . _ ' -_ . ' heir

to read the agilspl rt of t-haqbulhasa of the Merchants. Bank of- lI_t3.fol owning °q|»__b|“|,1mg, u "wh l with the ver_v_cordiai and kind mn,-,,,_ like-l_v that any call will have to be inadc i . _ -

,Q0 _ _gm he rad", ‘pPn,ci.tBd_ But ronca_of nur__1iigli|y reapu-ged ,.;__(._Prm_ on the guarantors. The failure is ac- th; '"“""I ‘II Wm” “IIKIII II" Mmm’

. rmimbh, om” ii uw. man" of im_ dent, Illr. Ixilgoiir. tn pmporc ,H "_, conipanied by circumstaiires which are 5°

portant. at ‘country 'pdinm _md 8 p'_°_ suoosssor in the presidcncv our esti-ciiirll “\iI`f’liicl_\' disgraceful, and, although it “mp”

em lo cd in the absence of suilicicntl I0

II do “dt need I° femind )'0\-l illllt *kiiIl%<lI lllfll. In addition to tliis, ui IIIIZII year which has just closed was even lia\c_liad several important strikes. cans- 0; dmiry __|._Klm.|5 in 1€ii'i.'i_ for liiiili

thi! lnlltcl’ has resulted in a Kenerous m°l'€ remarkable for volume of bulincss '"3' I°.‘l‘e use °i mpg" "I°§"“°°t°‘1 “"'_l‘ lioms and forcigii consuiiiiiiiii. iii.i.;r~4

_ 4 gene," p,.°,p£,,.n__, than the \_______, foal iiiining, a most distressing p.1ral_i~_~i~ ,ho

pdmg “_ on |,,dH,d_ hm" any hm, uf business and of donit-_-iiic uoiiifort lie- _,mp hm "M |__,_," "__ “W4 ___ in |_._,_,,;_

ur lii_story_ It is iiiifurtiiriiitc Itlint of me °°"5°‘l“°“" °h°’I" “"l‘l’l." ‘lf year.-i, lnii |irii~c» iinvi- in-"ii s.itiai‘ii<-for-yi cannu es iniatc our intm' l t l-, _' 'l`l .~li iiml f ii »|i|c.~ fr~ iii _\l<ii\ii'.‘;i we hm-g been awe to men?" eI;IIe(_:, 'llic amount of building going on iii.i,\' aliiiiv nI Iiiitui lIiIfIiiiil_\I ~i0`i'.T!I-: 1»:xri<-l-_ llic tion a pressure to im-ct the de_I- 1”' JI“‘lSl`*1 l~'_\' ill” ligl|l‘<"4 for .\iUI1ll'l‘1‘l. lirgcst tot_il of ri-ccnt yours b"iu'g TflZ.~ d for goods pill. upon nianufuctiir. ‘ 'l`uront,o, Vancouver and \\`iniiipi-g coin- tlii lin rri-l~i fur 1!|0fl,_iinil \h-.- iiri~i‘i,;i- ‘ii niercliants and h-,,uspor¢_Mi_,n mn, liini-il. The niiiiib:-r ot' periiiits i-sur-ll lim but sevcn yeziis bi-ing il2i,l‘$> liar-

. es, such as ive have never e.\p¢~r» WH 10.273 against 8,1125 for 1005, uliilc FP!-‘~ _

ed before, \vhile the shortzigc in cars the value of buildings erected was $37,- The l"'“l"" l‘“"I""” I” "he ‘I“‘I'_""

' . -' - '~ -_ -_ ~ _- l‘t‘»t_`lb l0l‘ .s ta pII°v'd(I II“'II‘vh°“-V Cui of P|'P59'\¢ iIlIliparaIlIlI;iIrI=l1e IiIrIi<Iii'iI=rIs IIIIIII i’IIII`I.IIiiIIIIi IIII5IIIIIII IIDIIIIBI $28’IIIII'IIII0I - i\irIl\iIiiI \Ii'itIriIcasIeI¢Iie iIInIi‘I|'c;i*1cIIi:III|IiricIeIii,

l`0mS-- and with ii view to lessen the stock has seriouslI_IyI IIIIin¢<°1Ii'i‘r<‘lru\\'IiItIlIiI J in I\II£III¢Ii'IIII1Q;IIIIIIeII' II-IIIIIIIX IIIIiI 'qt' nud in sunie griiilcs ii vt-rv lar-ro iiicrc.1-ic, mediate chm_R______s wen____i__mide___t____v ___ i _ i _ . riin-»:\ is aa port iii s vcry |___\__ ' "

ave our building operation. conduct-_ ____:_ _§gI:’_l3__bu‘;'_‘£_‘__°":_f__“¢me;_\(I;_l%_____t_:_*: iii_arkal1le tlcgfve-there has linen rin _iu- pri und" an efficient o_,g`ni_uti°n_=__ f____ci __ d _ _ _ _~_ _ i-lense of a_ll business c_uniicr.tcd \v_itli hm

i gn ra e ins again incrcar-ici :urge tr r t t 1 th - » - ' _ _

any has been formed U l U, | ”" Pm’ \" "‘“~ ‘VW P1' In "\P°fl“- 1"' iliicti»n also coniiiiiies to incmnac rapid-

mer 0 \ the total for tha fiscal icir bciiig PWM or m "mm hon In m__U,_| _ '

e of the Dominion Realt Com n . .I" ' " " ' I. _ _ 8|* - ` 1 ` _\', :_ted, which constriicts anil owngnoiivr I;II(iItiIIII2;:l=I;IilIIItli¢iIIeIxpI;Ii£III¢ii` IIIISPIIIIIS the `IoIIIme was me Inrgut UII II" cr buildings. this company pro- liv $37,080,000. In the pre-vious vear "I°°IId` '”"I -i it certain percentage of the totzil uiith ii totai foreign trade of $47UIl5l-Y Denllntl with the M‘"ltl"“‘ Pf0Vl"<'*’-‘-i ‘Il

_of the land and buildings whicli it 000, our excess of imports was $03;517I- U‘° Gcnfnl M"|*‘8"l` "ld: as I

acquires and lenses to the Bank, hv is- 000. owing somewliat to lighter crops iii Throughout the three Proiinces in all “pc

s of bonds ivliich are rcadilv saleable 1004. \\`e have also improved upon thc Ui Which W0 ilrc nuw largely iiitt-Ii':‘»'ti-tl i IUII

outside investors i itliout an i '- _ _ I ' ' » '. I _ ~ _ I I

direct or iiidircct.IIon the part ¢IifIIIiIIiiIc ;IiifIli;fiI0_fI)I(iI0.I'II'II`IiIiIrI\.IIIlIi;iiiIi< cI‘iIt~IiiIIrIinii_~iIIiiiI IIIIIIIE III" IIIIIEII IIIIImIg IIIII IIIIIII IIIIIII II 'IIIII ~ ~ -

-'Blink otlwr than for the pnvment of adn almiv ns frilioivv For 1003 eleven IIIIII§°ImbIe ImIa§I"I° of l"I‘I5|I°m-l" A IIIIIIIIIIIIII IIIIUIIIIIIIIIIIIIIIIIIIII III"I'III IIIIIIy

rentalleallcd for by the lenses. i-in-iii'in;__v liriu.=cs, $Ii.7ifl0_002,i70I; Ifhr 1fl0">, I>"’°‘-I denmndf g*"“`"‘u)' “L high l“l""‘» I`II_II 8° rentals. while uri it roiiwriibi. iiiirteen t-rearing iioiim, si_oi4os4:.is_ hi" eximil for ¢li= \'Mivu= i»i'-~1\1<'i= U1 _"H S IIS regards cacli individual bi-,m¢]|_ While ‘W are mjoying nn f.__`¢|-nm-. this part of Ciinailii, lubui' has been ivcll `IIII

sufficient to retire the bonds in df- dinziry prosperitv. there are signs about paid, there has been more iiiuiioy in fir- III," _-H b , - ,_ ‘ A _ ,I rl years. ~ The remainder nf the cost im of li strain Iwliich must bring troii- tuliilioii, further |ii‘ugrcsiii has bi-i-ii iinulii II,III 2 I .I:III`IIf IIIIIIII7cI|I'1'§;I QI Ii\n;|II,I,II_ cl;_elp.r9\l?”l_;_l€! is pro\;i__dedRby the Bank Elo if tlicy are disregarded. We :ire a iii ruiiwuy aridiitliei' road building, and EFI IIIIIIIIII II IIIIII IIIII II I `I II I sin I ares in e enltv n - urriiiviii countrv, rin u' cannot lic ' ._ f - . ' . . _ _ _ _ - 1 <

y. thsgcost of the same being" eiiliiii- i‘<:\\iiii<l¢‘ilII1>f this Iwo oIiten.c As We fi-v |I;i‘oI\IvIthIIIIIeIilItIiisriIiIi;;iiI tIliIf; IItIIoiIiI<IliiiiIii:II~Ii§ iIIII'IiiIIiliiiIiriiiiII(iiiiIiiiIiiiI IiiIIi-I¢I-IIIIiI"|lI'IiIiIIi-ILIIIII \vril__tunlofI as shown liclow. <‘apit:\l in new sti-iii-turcs, piiliiic or pri- Nga,-1|., ,mow \“,r,, not “1,_,g._,t|w\_ I-nI\.UI|._ i:I2I II II ' I. I I I I -III _‘_;|_s’“\if-gtlfllilllt f1l_Gll0Wll ill the Bank \`f\N‘- Y=lil\Vl\)‘9i l>“ll‘llffK5- *Wo "°"“"““° uliic, thc result of the \vinti~r'a work iii lcd Sintra izzaiiufnt-tures arc still bcing __ t?.s_?_?£collni. is nmv, l1,300,tl)i), but must find the capital iu_ excess of \vli:ir_ lumbormg ‘lu A ,urge hupply ur |__gs_ hui

S ls r resentml bY Val” 05 f0ll0W!1 “I” mn our-“"l‘I"5I P"°"'de ‘mt of t_I'°l:il|ilu§t the whole f 'l ici li- s li e iiivii

r r -. . ' . ‘Il

Lands and buildings owned by ""I°“l’I° l""d"'I"‘ "II "".r I‘;I’“T' II" and thc bulk of tIiic liiI;iitirrIIsoltI iIiItIIs.it.~ ‘W

he Bunk* (mrefully _,evn|u_ iiuiiilier of cciiiiitrics willing; ti iuy our _`__._“_w__ _ __ _ _ _ _ _ ‘___

_ _ _ _ . . . . _y puns. In the eail iait. uf _ _ _ _

cd m mo" and nnowanw »~ci\lri_tics has licen Sllfmllly ||'|f`|`9“5""ls"_ (hc Benson n_il,eS wwe m~|| `I|,uIn |_m.\_ tzirio luis lwiii ilu- _~|lvi'r|ii|i1ing::t l`ii-

. , _ l _ _ .

IIIIIIIP for IIIIIIIEIIIIIIIOH of iIiIiiie;IIiiehiiiginIIIlIc_IIiIr:IihiiIIfiiI:1Ilii1ItIImiI,- flicre was xi ililliilg oil oivillggio iicciimii- 'mn' “"1I' H' ”"""‘I“m """"""‘-"l""""“-

buildings _ . _ _.__ " _ ’ 1. _ ~ _ _ __ It fea rinIilI flxliii-as (de I $I’IIIIIIIIIIIII lioivcr to build ilr-pends 'liirgcly on wlie. lated stuchs, and it_lo0l\s as ii__.i_tiicik_ ____

_ _ ' R W. ,,"-,|15 1-n _ I , i | in irca ri rilii iiiii aa.i.a. who ~Wfn»-nm»»- »~ »xuh%haf0.:-tif .4u~ for) _ _ _ _ _ ___ __ __ _ _ itat to iiivc~t_ _1l_v marins ut the cnlilc _ _~ _ ~ _i » a c._, is _ins cxpcii ____

__ 4i82)0 l _ J \

i ' ' tlin trading iiaticns of thi- u-lirltl linif- <l\<\ . _ ulilillvililllillflgg llH“. ilu' llI1\'

IIIIIIIIIIIII RIIIIHY ('omPn"y t ‘ lirou lit ir-rv iieir lfiircllioi' iiiii jiirity of the luiuhcrinen lirivc prc|niri-il 'It IIIIII-IIIIS I'IIPII¢§IIIItIng ` cash \iiiiiIlIe luring hir-ul Imnii-Ia hui; tliu~iIlieeu vu :ln extcn-live scale for thc ii‘f-.~av:it i “III iuvcstment of 500000 ~ 7 _ - _ __ . _| _ itlic _ \"" _;___ avcrtcil, and _thc iidjii-tim-iit. of v.'iiii_er. llie liiuibcr business in _\n\:i hm

l 30,, lu the ivorhls nr-cds has lil-'cu [IIN _\ l~_<~i»li:i nnd .\l-iii' liriinswick; is _stcullily _“___

$ 1 -91800 imprlii-cd. \till for thi' Milne fi’-\“'"\ potting into stronger lirinds, grcritcr i-:irc i mi

The Increase of $300,000 in Bank noi-hi-\vi|le trouble in the iiioncy ru:irLcl_ ,-__ Ming _"kr," to p|.¢‘.mt nrl.`__ and UH. _"___

l'l”“Yl\l<9»'i uf'f'0lIl1t dllrillg the past vent i“°‘"“ll’“‘““ “"i"‘“ Wm' 0 "“'l‘l"“"""’l vital iinportanr-c of the build'-<» to tlicsc UI,I,. ia attributable to a. purclirise of pro- “llifll ii l\l1\T1iF\!_¢" :~:"f*@_"¢ l"“"`;f WIS’ l lirminr-cs is being more full), ,__.l.0gni”,d_ ____n

3"" “Ut "mt" Ing ‘Ir ‘I '°I.g"II'_ LI III I .\ll that has ha rencrl in ‘nunzvtinn \vit.Ii l l i"""I."“ tI'iI°“5'iI‘ ’“"'h “ l"`\_"‘;‘l__l_:'_`fi‘___’:::_‘_‘_` thi-_ large steel IiIiidustriesIin _\‘fI»va Scotia I h“Pl“|V w"I"’m " R°"‘III'I Ir ` ` n-i to improvement in prove.--es, cvccl~ t1~<»

_ i.

>-~~~»¢\»'-~.»~- -_ _ _ - H* -

ma ~ _

_larger cities il is ` t t Before eloa ii in k 1 ¢ with s asi u i f (soo "|*“°"°' 7"' °‘ "'d";"‘d Pm'

_¢ii'¢`I.l°n.air_.i»iii<i_i... .,.i'.'}'§'§f,°§`., mai ir oi. fl.-I ii.f."ifi'.i.°f.Ii_i"i.Il_'.'~I.`. 00°. AiIIo»muIfmiu°°iIia‘:»I§»f of oi. '"1' """"’ °"'Y “Y “" ' °°‘ °' ""

a President called upon tha t@k_om, sa on the lst oi .Inns lan keeping with its standing, and the iiecss- _ "l°°l

’ Alexander were appointed rs. inftha early port of the year. t-IB &k

_gf wharf: 1p»_

Nriag '

prices on tlioia who, because of peculiar railings, do not share iii

ami in the industrial world. Tho

of wheat, oats barlc-_v and Indian were, as A whole, above the aver-

,"_”'l,d for the wmi-on of th ln” Eine al manager, Mr 1! F Wallrei “lin “U poaaibla to afford prompt rntection mm __ some PIM" must -b0w_ _md only

'I . . ._ ' '_ .

- . . _ _ ~ _ _- 9,]

hqa_llrlailb0d onmdditionai reason for ,-zhnitdnxghl:“:I:n{‘;’”;";’_;' :_’_'_:"‘;__I_'I¥?‘ ;I_“_f|»:gI___II|:;_(f:,I`,;Ix|':;.IIIe 'h-Iehonler' “III ing very few localities below. lleportii

' 1: _ - ~ _ 1.

rs, with so much satisfaction to ¢|,.. I-'ruin one end of Canada to the other II" ¢

tors, ami with no "mph ,.,,.,|;L ¢,, there is ai scarcitv of labor. skilled and Wi: ir. I ' ' - ' _ -iii." _ _ ' - ~ ‘iiil P

"Ying ‘°°mm°d"'u°“ 'I‘~‘”di|Y Ubtlihlii-\|0. untiring ciiiartii i|IhItilIIItIh iiIicIII-!.lII.II|II'I II.II.I iiiiiiiii~IfIInceli;IiiuiiiimaiiI¢irihIII‘§oIi.IihhiiIiI? tI""“II~II g‘I“‘!‘

'md' °°“"‘l“°“u3'i fm' YOURS H1011 WEN sistance and ca-o|ier.itirin lo |iulIiiwii and ivoigi-n_onItliIr~ land. hui. IIIII uatiallytorced to livs at _hot-als and to from his immediate ,|,_.u(.i_,¢,_5 in ,hp to fill L-very calling which should bcopcii i i" I lP°\_\d 9 RWM! _many of their evenings 'ln general management. nnd from 1|., ,-,,,.. to labor. A largq niajoritv of house- wr' undesirable surroundings. This fact I0uI\ manager, md 01),... m,.,,,|,,.,, nf UH, ‘ lccepers in the West are either ii-itlioiit li"

|bd_‘t0 nur adopting the practice of pro- “IU 1lilt our shareholllcrs are indrlifcd d“'""5lI° ‘¢r‘““hv M' "Ie i“|d"'l”*“'|y HCIIIII vidmgtbs st:iH with apartments over the for the magnificent growth of our |,,,.;, _~u|iplied, fiirni laborers arc in demand 'I°‘I" Bgnk, and suitable ‘¢¢0mm°d“i°n of ncaa and thc high standing attained by i'\'cry\vherr, an army of uiiskilled labor- II" I thi; kind w"_ M , m|,_ rmpuuibb to the bank during his tcrm of uflice, cvs is ncedcd for railroad and other uork, 2I_fIII

*_ an-l good ivorkmausliip in inrrt trades is _ . _ _ _f

nb), numlmr of handing, ha" been The General Manager thi-n spoke in dI.m‘IuI" W umahl I"I°I“_"f'II “I°'I‘m°" II\iIiiIiI-liIIIiig iilIlIIiiiiI\iI'IIliaII-iIlIiI:I-IlIiIl ItIlIiII-Ii; °f¢C_t_¢d '~i\ll'IHg flie past three or four part as follows; “IIIIUM III.” nccesiary '""""'gI’“‘I? bw" - rd. As irc have said, uc l-_iniiut tib-

he hay crop and the conditions of ure are variable-iii soiiii-_ parts

disappointing, in others excep-

recoril ll

e _rear lins niailc a

and but-

iricr-s of both rliecsc and as to the total value of coinliincil i-liipiiiciils of liicev- al- , 'I-‘he _~hi|iiiicnta from hi1\nt'1'f\‘. ing inaiuly thu dairy liiisiiii--ii 0’ wo Provinces, slioiv .1 tu|.‘l \-llllf 9( t $2t|.5(i0.000. the ahipnieiilt of but- hlving fallen ufi in fuviir uf clit-csv.

accurate figures for our iiitvrnal e. but nn 1-»~timatc of thc v_iluc of

l _

total over $S0,()f)U,l)00. l`lic frlllt

ug rcgnrd to the i=tc:i<lil_v uiiiuiitiiig

ccii ril reccnt years. lhfurtiiniitcly,

quite iinfuriillv. ilic l-ost. iii' prfi-

:‘l\rl llic prciclil uilllcl' [ironiiseii to llic liigli|~~t ili this r¢~s|ir~t‘!. 'Ilia put in ‘wriiiic seclion~i_ notably in the

laivii disliir-I, iv-.is not <|uit:‘ as large

'ii tlrr- pu-vi<iii.~i year. l.ul so flir :ii raiori limi it l-lioicc. the cuts were as c vs coild bc mana tl.

3_1 ._ 1 gc i \\'c r>;v'_- liut repeat llii- _~liir_v of l::~t

r rcgiiiiliiig our |v;:irii\f.1r~i\:i'cs_ .\l.iiu|-

l arc full of iirfl:»i~=. and in iiil\n_\' cs arc i|_'i`il-ing further \'.rirl.; pri:-ci

rust of prlilliictiori are :_-ion liiulicr, fi‘< cfiiiiixiiiv s:\ti~i:ictui'_\'. and plants

rs. imports of pumli which uc :tic iiiiii'

_ and ln':im'li c_=t:~.lilisl\|iil-rits of l_r‘i-

lt.

Perliapi thc most i:if.crc_-ting anti, in mei rcspcl-iii thc iiiiiat iiiipurtiirit llc- npnicnt of thi* li-t tivo _vt-iirs in i)'i-

sociiis quite rlcar that irc hi-vc .s

iiiiig :irvu uf r]u§1o_cxti`iil»i'.Iiri:ii'y rich- ~, out of ivliirli vi-ry iii:in_v iiiillitiiis dollars ivrirtli of silvcr vnu lic iiiizii-il

:in uuu~uall_\' liiiv mist, lndfcll. ii.

lilll iippruir that thus fur tfic ru.-'t of

dc'.'eli|imciit \v.i:'};--iizill iittf" cli- licrri done luis nut liricn mi lfic

rage inrirr- than lcn per will, ui' file ir- if thc .silver oiitaiiii.-il, curl i'i this uliiiiuri thc \'_illiz- tif iill I-:iv grriilc

ri iii' vii [lic tluziip niiil neclliiig con- ixition li'-:...'<~ ~‘l;i;u|ir»:it is ilisrcgzril- A1 to the rlcptli to whicli lzirgc

ns ivill go little is kiioivn na yct, ul- ugli Iiutl fcct has liccii rcaclivd i'i unc

_ r-::~c. rinil ilic \'.ii‘ili\is nliciiipt- to iiicris-

t!~_~ iz:-_illli frviii p.1rli:ul_~_:‘ \cEni_

ir.i;ii the i‘.'in'.;i :ii ri ivholc, scrxii lo i-tit oiily unrt-linlilc but lil»;el_\‘ to di re li_iriu thin gi-oil to iegitimatc min'

_ g 'l`hi-rc urc ii iw slightly cv.-i'

iIu:\lI< from the dccliiie in tl_:c \'f\l\Il‘l_0f taining laIIbor. the results to nll cmiilinn- :;"""‘i." '“'""‘.'~' "“"‘l'"““"“ 3l‘lPl"".'! “""» the imtiniiiii sccurltics nf t r- criiinlrics ;_.,, slmmd make “_ Ven. prnnmblc `|,0“._ rc iiiii~i-cstiitl in the \\':irs. Anil sim-c those i___!_ f|-hp _.m|_\. _.Mull "W," ,|_,,,“. tu." llll

_“`*|""`\ .kf"‘5°"‘ _"'11 “:_‘__’-61_';:`_t’_'_';'__|'I?'___&__'I;I_°;l_II _rfreait indiultrics ill the uuscttlcil |li<pi|tc_ :___ ‘“\'B'0"'°“""‘ .' ‘ ’ ‘ ' lictwr-cn the Dominion lrrn niil Ft:-~l ‘ '|‘iic volume of tra# mil tlic \iiiii=\_i=il (_ _ _ _ _ ,_ _ _ _ nw ninmuit ol building in' iiiainy i-niiiiirici "ml"'“~V “nd I“` D‘"““""‘ (ml ("“' 0_7,

_t|' ' cr- iel Y‘“,"_~“ _ _ it

l'“»V¢ "5 'lie ?”"_*‘_meLv°‘ -.‘___'_;I_ I_I;.|__i_ i llie your in fishing has |iz'iIiil\u-oil snlis- III_ I

i l

hwwmmhwhwswnwnnmwwmm

mme when I own “.15 iivy-_self to ,rm-,_‘. |__'_ ____i__e_____l_W____h____t__n__; wm..l_|_ “hd by iiut rlnnc _nw ivcll as init _vc:\i. but thc ____

_‘_ ________ pm“,,“n¢_¢\|_nd'_“;_|,.,_,,,.,,_| mp _shore fii»h_iiig has been rc_1mn.11i_]y grind. ___ \__n__L‘~i“ the _mn M W.|...,,“_,| ,.xp,u,|i_ _lhe conditions iiurroiiniling this \'r:_\' _‘_ true. It is true that it luis :ilui liecii ‘"'l"“`t"nf f"‘""`° ‘lf “"'7Il‘l\ -*l"'\\lll. "1 \ __(,mm_m“i_,d hy me ",_e,,|(.,,L P,-.rdiir-tion we have iviid br-tore, c<iniin_1rid the ninct ____‘ of :sold and of other r'-oiiiiiioditie~_ but cai'nvst nltenrion of the pmyrls and th.-_ _ _

cn. I do this not only out of i-egiiril libs i-flcct ot' the \'niiiiii_+ iiitliiciicr-it ima i!iiv|'i'nru¢-nfs of the .\ifiritimn i‘m\~in_~i»-_ "“

||_\l||riilly lic-cn io put upuii llic iiimii-_v told storage nnd other e\pr\'iinl~nt~i h.i\'c iii_'iil\r-is n slriiiii uhicli liiis l»u|_v just ~liu\\'ii what cnli ln- done. and l>_v atr~:ii|_v

fiiilcll to ciiu~'c ii gr-rierril break-<_iu\vr. if :iiili intciligciit study of thi- pnssililr- 0 po

credit. ‘To innke ilk- outlook still mfr" prlaliicls of tliesc \viitcr~_ of thu mcilii».l».

1ci'i|.\i'4. the l'nited f\i!'1itcl. ntiil' otlicr \\'lii:'h should iw cniployed. riuil of tl~v,i._.

:ifllliticn-‘ for thc _vc:\i' lir-ing fcu' iii

iiilwr. lt is tu \-c i'c:i1i\r:ilii-i~cd, li<~.\'-

vcr, that l|ii< rcpr\'.cnl_~i ui_1;i_\' izifiic

n t\\‘f~:'_i_v uiiu.'~. Tlic t~f-_il il.i;»- nts of orc thus far l':\vr~ l»v<~:\ .'il>~;t lil) tciis, uvirlli ]~_raih.~il.l_‘_' rvci' $_`i.lii&ti_~

iii iiil :ic_v. \'f'i_\' fi-vi' nf lhr- iiii'i-‘~i

.: ll :ia _\'<~t lic will iii lfiivvi iiiitl- viiiirc than ii l-r';_'iiiriiri':_ `l`l'c ri h:ii~ 1 of thc

c is irilliwl-iil.ililli. :-ii-l it i- eviilriii ut ilwi'<~ is a great deal . it. .\l1.'r-

lli- il ls \.,\-i c li

i.

_ill ' '_ 7 =|v_

ncii' uil _'intl ;y'-~i livlrl hai l:r~v‘ii nfs-

iriwl in hi-iiv, .»iitl iii|ifirl;iiit diiieltili. nt iv.-rk it l. lug: iI~ rr-_

Thr iuiitiiin for thi ;it’.i]i1ii»ii of if.: rc' ri was i!:|ii li-it niiil <'.ii'ric.l. _\n nmr-n_liu'-iit t-i the |i_\' iiw»_ iiii-rr-_ii-\~

_ _ . , _;ll~ all .’l` 1. "i til'

lr-as important cnuiitrien. iniiiiiilinig him- markets for iish_ the prcacirl. rc<ult in ’ (__ _ II II II IIIII II (ITIII III II IIII “I III

min. coiitl-iii|i|xite exp-iiilitiii'-ri .iii li \'_f°i'y money, lnrge as it is, can iliuilitlf-as bc __ lnrpc sr-:ilo for i-;\llw:iv :.n.l other liuilil- mu(-li incrt-insert. 'l`lir flslicriea of \'<ivi I ing. 'i'iiis thcn is n iinic for |~\‘j‘r_v l\I\\~ Sriritln proiliicr-il last _\'c:|r nliniil $S,000_ iI'__ -lent "nm to r\If"\‘_\' f0r“f'\'\_\' 1"* fi"=‘“- . ooo, iiiitl of thi- river $~:.<ioli,tx><i is -lc. I \ " cinl position. lf he has ilcliia lic shiitlhl rivedymm |nbn"`_. Df_'.“’. ‘___ _“___ lit! 4-nnsiilei' liow lie will xi.1__' lli~-in if _lie ,Me “Ima” um 'Mk of the “_m.|_l-5 \Ia

- » it

uirlricn. was thru |v:i.-i-ll. null thc

_-i'_il icrulrttiiins npr* -'ing ilu- tlnirikra

tho \-li_\l~"hrlil/~r- li tl,.'~ l’1'r-_~‘<li~|\ta_ i~ l`:'.‘~i<l 'tl l 7l`:'» ft rs, sri/I :illn in

(lr-ner.-I .\i_;'i‘~;r»r_ \<-ii~f:i:»‘ (lon:-r:il

nngri' rul oil-r~ |»{f`i|~i-vi ii' thc liniih

err- untinimr-ii<l_v rnvrlc-l. l`pfin ino- viv thc iii:-cling yiriir-coil-ii i i <~'_‘vt flircc- ora for thc cnriiingv _vvnr_

Thc =r‘r\iti'i.‘~:'< rt-sf iii:-viii' rcjiuifc-I hc fnllfi\\'in;_' _'ri-'i‘_f»\'iic:\ to li* rlcclcd r\1 I)ir<\/lor; for llzc »'1 _i.'r_g _lr T:

II<m_ (Jon, \_ t' v. illlicrt |{ili!fiur_ ll.

.egiit_ Jas. Vralhciii. .luhl ll ii kin. K.(.7»» |. r1__ .L \\'_ Fiiiciif-_ .\ lvincviisii. lla"-

\ieli'ln _li\iw~_ irevirric .\i'r-holla. II.

`nrrrn_ ll. li. \\'nlLr»r. ll" \\'_ C.

li, \\ ri. Eilvvards, Z. A. irish. K.(Z_, E_ R. Wood. At ri mccting of thc 'newly-ciectcl

};.,,,,».| of [)i"».»r.ira .haul _-iihsquently lr. F. E, \\'illL'¢r wil c'cci¢i‘| Pfrlli- rnt :nj .\fr_ Robert Kilgcur \’lce-1’rcsl- ent.

A_.LEtZli1£.-MdiilJ;V.S. Veterisary Surgel,

V0-¢d=ala;_`N'1_h¢ loyal Galaga ol

U§t..0lQow.ho\l 0.

a -*doa i, Kin 8|. .-

r \ i