FEBRUARY 11. 1949

IIOMQ‘. B. McCURDY President Eastern Trust Co.

HALIFAX, rebfio - A further large increase in volume of busi- ness during 1948 was reported to ihe shareholders of The Eastern Frust Company at its annual gen- Pfai meeting held licre today. in addressing the shareholders l-Icn. 1"‘, B. McCurdy, president oi’ the :ompany. pointed out that assets trad mounted to a tolui of $103,- 596085370 at the close of business an December 31, i948, which con- stituted a new high record.

“The not earnings “’ef(1 $196, 038.53." Mr. McCurdy reported. "Of

tContinued from Page i2)

2500 New Cal U000 New Nor: G500 New Pat: 4200 New Rouyn 7800 Nicholson . 200 Nippissing .320 Noranda 2000 New Thur (i500 Novmetal 12300 Noipick . . 6600 Norseman ,. 17575 North lnca . C1500 OBrlen ‘I500 Okalta 1000 Omega 2000 Omnltrans . .5500 Osisko . 3000 Osulake . .5320 Pac Pete lSTOO Pamour ..

W. II. l\l. JONES General Manager Eastern Trust Co.

this amount provision for taxes re- qulred $50,000. 'lI:e par value of the shares of the company was chanced from $100 to s10. and s10 shares were issucd in exchange to the holder of each $10.’) zrurg gm; result has been an increase in the number of shareholders. Dividends of B0 cents were paid on each $10 Share ‘instead of $8 previously paid on each $100 share, and the hi1. ance was carried to the Profit and Loss Account, which now standg at, $1467.03."

.\ir. A. H. Campbell. of Montreal, was elected a director during the yeur. and two members were added

MAJOR ALEX KNOX

ltlanager of tho Charlottetown Eastern Trust Co.

namely Mr. R. S. McPherson, I". C.A., at Toronto, and Mr. S. M. Bartilng at Lunenburg. Mr. A. S. Fraser was elected a vice-president of the company.

Substantial improvements and additions were made to Company buildings. to take care of its ex- panding business. An exceptional- ly fine building located on Kins Street. in the heart of Toronto's financial district, ivas purchased during the year. The Saint JOliII offices were completely remodelled. and a vault, believed to be one oi the finest in the Maritimes. was constructed in the New Glasgow office. Further

improvements with practice."

' C. II. B. LONGWORTH

Director and Chairman of the I‘.

EJ. Addsory Board The Eastern Trust Co.

planned for this year. include a new building and a vault in Lun- enburg.

Appreciation of the loyal and ef- ficient services of the Company's staff was expressed on behalf 0i the directors by Mr. McCurdy.

“with the excellence of the ser- vice rendcred to clients small and forge naturally the volume of tho company's business in its various phases continues to expand.“ Mr. McCurdy said. "The staff has liar? a long experience in dealing with the various problems which arise in business in those days. and their competence continues to improve

l0 Brandi Adiisory Committees, 3500 Pan West 19 2500 Paiymoster .. 4U 290° Pr" Rey . .. . 09 1H i500 Piircadilli- _ ,_ 11 600 Pickle Crow _ _ 220 700 Pioneer _ _ _ 3 22500 Porc Pcn .. , ()6 L2 1000 Powell Gold Vt 75 5200 Preston» . . . .. 151 8800 Que Lab , , _ 51 1700 Que Man _. _ . . . 88 800 Quemont .. . .. 15 1-2 i000 225 300 4000 Roybar . . ll 1-2 ' 2000 Rupununi 08

2456 San Ant 2500 Senator

100 Sheep Cr 14230 Slierrlit 9500 Silanco . 3500 Siscoe . .. . . 5050 Sladcn .. . . . 25 1-2

2500 South Braz 800 Springer 1700 Starratt i300 Steep R0 2000 Sud Cont. 600 Sullivan i725 Sylvanite . . , ‘Z350 Tech liu 26000 Thom Lund . 4500 Torbit . .. . 200 Un Keno . . .. 1900 Upp ‘Can 489 Ventures 8105 \Vnile . 40000 Wiltscy .. 5000 Wlngalt .. 3530 Wright Har . 3300 Ykuife B

CURB

2400 Dalhoua . 600 Foothills . . 700 Pend Ore

Total sales 926,000 ‘

Attention P. E. I. Farmers

We wish to announce to the many formers who hove mode inquiry about NA-CHURS LIQUID FERTILIZER that due to increased output we ore in o position to till s limited number of orders sooner than expected.

ALSO AVAILABLE

m: ‘LITERATURE

On the use of this product in regard to

Vegetables - Potatoes

Lawns, Flowers, ‘Shrubs, Trees, Gardens

For further information writs

BOX 251 CHARLOTTETOWN

NA-CIIIIRS PLANT F000 0-0. (CANADA) LTll.

PHONE 2670

I34 Richmond Street, JIARLOTTETOWN, P. E. l.

OUT OUR WAY

By J. R. Williams

i ' THAT CRANE WAS SHIPPED , IN ‘FORTY-ONE, 3UT I BETTER SAVE THEM NOTE5--THERE MAY BEA KICK-

BACK.’

THE LET-UP

THAT Boss te- WELL, rr GIVES w RENOVATIN’ HI5 Hi5 SUSPENDEIZS PORTABLE ATTICS, A CHANCE TO our I'LL BET 5HOW WHAT HE DOESN'T THEY'RE Pole-re THROW ATHING HE UNLOADS MUCH AWAY our MORE THEYLL. TH’ LiNT.’ CUT ntM IN TWO.’ i i

-___-A~-_-_

son. mun nu onvfci. my. o. n‘

JR WILLIAM; 2-0

Soviet Union Backs lip Yugoslav Demands For Slice 0f Austria

LONDON, Feb. 9 —(AP) —R.us- sia brushed aside her Comlnfoiiiii "family fight" with Premier Joscp Tito today and backed up Yugoslav qenumds (u; l; slice of Austrian territory.

The Smiel. Union renewed its long-standing support of Yugoslav claims at the opening of new big~ four talks by foreign ministers‘ deputies who have tried since 1940 to solve east-west disputes on an Atlstrlan independents treaty‘.

'l‘hc Yugoslav demand for 800 square miles of Southern Austria and $l50.000.000 in reparations was the main stumbling block when talks broke down last spring.

Austrian leaders asked for the ‘new treaty meeting in the hope that Rilssia. would backtrack on her support of Yugoslav claims be- i cause oi the spLit between Tito and ' other Eastern European nations in ithe Russian-led Cominform, the i International Communist Informat- ion Bureau

But American sources reportcd Russian Altibassudor Georgi Zaru- l~'n again endorsed Yugoslav ter- ritorial claims at the opening ses- sic putting the talks back to last springs breakdown point.

One official observer said. how- ever. it is "too early" to determine whether Russia. will relax her stand in the course of the daily meetings of the deputies

i MELLICK W’. I.

The January meeting of Mt. Mel» lick W. l. was held at the home of Mrs. Malcolm hlacllae with an ai- rnclzitice of eight members and Prce visitors. Meeting opened in l“c usunl way. After roll call, min- u'cs oi‘ December meeting werc r-'ul, approved and signed. lVlrs, i". J, filutcli reported that Messrs. |\lill€’l' Bros. lurid delivered organ to the school. It was agreed (hat '1 payment be made on some at the enrliest convenience. it was decid- ed to apply to the allotment com- nnittee for assistance in paying for imusical instruction for pupils.

The sick committee reported three sick treats tnkcn to sick. -\ letter was read from the ‘chairman of the U.E.B. asking that it be re- considered collecting for the fund. and three volunteered to collect the district. The members were plea- sed to welcome l\‘lrs. \\'endeli Jones as a new member.

February meeting will be held at the home of l\'lrs. Edmund Robert- son. Red Cross work handed in to convener consisted of 2 pr. of boys’ p,\'_lamas,1 girl's nightgown. 1 girl's nightciress. 2 toques, 1 child's sweat- er.

Meeting closed with The King.

All present enjoyed the beautiful lunch provided by the hostess.

British production of tractors in 1948 increased 100 per cent over r1947.

Poultry Wanted

We require quantities ol dressed fowl weekly. Will pay on average basis or on graded prices. Our prices are high.

The Royal Packing 80., Ltd.

J. D. Jenkins (Fret)

', 1—

\

This fiftywsntth Annual

_ Report to the shareholders s of $11,6a9,620.87. which is the greatest increase ever records

FIFTY-SIXTH ANNUAL REPORT

eon "m: YEAR 194a

Once again The Eastern Trust Company is able to report s year of continued progress and devolo merit. o

ws an increase in total assets under admin!

aticn

d within a single year by the Company.

After deducting $50,000 to cover anticipated taxation, net earnings were shown at the very satisfactory

amount of $196,933.53. Dividend $51,467.03, is higher by $5,122.67

s were pal

than it was at the end o! 1947.

at the usual rate. The

Profit and Loss Account, which stands st:

While the Authorized Capital of the Company was increased to $3,000,000, no issue of additional capitol WIJ

made during the year.

In order to take care of the increase in its business,

substantial improvements and additions were made to

buildings owned by the Company. In Toronto a, very ﬁne building on King Street, in the heart of the ﬁnin- _ 4 _ the New Glasgow office a new vault was installed which is one of the most: modern in design and construction east of Montreal. Att St. John the Company's premises were ertenslvely

cial district, was purchased. ln

remodeled and modernized.

Further similar expansion is planned during 1949, I. new building and vault in Lunenburg being among

the projects.

It is only through the excellence of our service to to expand. Our staff comprises officials who are sea day contact with every type of problem. We confide

service of any type.

clients both large and small that our business continues soned and experienced in Estate matters, through day to ntly invite the accounts of those requiring Trust Company

FIFTY-SIXTH ANNUAL REPORT

of the BOARD OF DIRECTORS For tho year Ended 31st December, 194B To the Shareholders:

Your Directors submit here- uiilh the Financial Statement of your Company tor year ended 31st December, i948.

The Net Earnings were $186,- 933.53. O! this amount provision for taxes required $50,000. The par value of the shares of the Company was changed from $100 to $10, and ten $10 shares were issued in exchange to the holder of each $100 share. One result has been an increase in the num- ber of shareholders. Dividends of 80 cents were paid on each $10 share instead of S3 previous- ly paid on each $100 share, and the balance was carried to the Profit and Loss Account, which now stands at $51,467.03.

Owing to increased and in- creasing business, the provision of more suitable and adequate Oﬂice Premises was undertaken. At Saint John an extensive re- arrangement of the otTrces in the Company's building was tnade: at New Glasgow modern security vaults have been constructed; at Toronto ground floor premises on King Street in the heart of that City's ﬁnancial district were pur- chased. The construction at Lun- enburg of a new building and vault will be undertaken as soon as the appropriate ground area has been acquired.

The sum of 325369.23 was writ ten off the account Oﬁice Prem- ises, Vaults and Sale Deposit Box . and the Expenditure on Oliicc Fixtures of 523047.56 has been urittci- out in its entirety. An nmtiunt of $3,018.60 was used for writing down various Capital Account Assets.

The Mortgage Investments of the Company increased during the year by over $2,100,000. Par- ticular attention. to this Depart- ment of the Company's business is given by a Committee of Direc- tors appointed for that. purpose.

As a result of the year's Opera- tion, and after the normal dis- tribution of expiring ’I‘rusts; the Total Assets increased by $11,- 659.680.87 during the year to a total of $l03.69ﬁ,08i3.70 which con- stitutes a new high record of business on the books

The Operations and Records of the Company were subjected to the usual Examination by the In- specting Oilicials of the Dominion Government and other Jurisdic- tions and by the Inspection Com- ‘mittee of your Board. All items of the Company's Assets were examined by the Company's ln- spection Staff and the Share- holders‘ Auditors. and the Cer- tiﬁcate of the latter is affixed to the Report.

Mr. A. H. Campbell. o! Mon- treal. was elected a Director during the year, and two mem- bers were added to Branch Ad- visory Committees, namely Mr. H. S. McPherson, F.C.A., at Tor- onto. and Mr. S. l\l. Bartling at Lunenburg. Mr. A. S. Fraser was elected a Wee-President of the Company. As l\!r. J. H. Winfield was no longcr a resident of Can- ada he tendered his resignation as a Director, which was accepted in September.

The Directors express their sorrow at the dcath of Hon. J. l... Ralston, P.C.. KC.. for many years a Director of the Company and to whose interests he brought the beneﬁt of his wise counsel and wide experience.

it the excellence of the service rendered to clients small and large naturally ihe volume of the Company's business in its various phases continues to ex- pand. The Stat? has had long ex- perience in dealing with the various problems which arise in business in these days. and their competence continues to improve with practice.

As forecast Ln last year's Re- port, the Authorized Capital of the Company has been increased to $3,000,000, but no issue of Ad- ditional Capital has yet been made.

Your Directors wish to express their appreciation of the loyal and eﬂicient service which the members of the Staff have con- tinued to render in the discharge of their duties.

Respectfully submitted on be- hnl! of the Board.

F. B. McCURDY, President Hsltfax, Nova Scotia. 31st January, 1949.

PRESIDENT HON. l‘. B. McCURDY, PC-

. . Ki: l-tnuw .1. HAGUE, e o. KC. sAmr Joint.’ s Ann, so J. o. HARRISON, csncyi noon ~ Moivcrou Aovisonr

FISHER use non A

8.6.1..

HO I‘. McNAiVl HON. W. S MONROE

. H. H. LONGWORTH M. L. BRADSHAW, ROBERT ALFRE

HAGUE, use. Aim-run n. CAMPBELL mo.

C. M. P. . . . . RALPH W. HEWSON, ESQ. JOHN L. NEWFOUNDLAND ADVISORY IOAI-D . ARA -— Chll ANDREW . PRINCE EDWARD ISLANDEASDVIUOIY BOARD

PICKARD. ESQ MONTREAL BOARD

ictnltiacudbliyou zsq Atsoihcs 13'?“ zsq A ' .' o. u. McDOUGAl-Jislﬁ. l-ruon MAcxAY. o.

LIABILITIES ASSET! Ca its! Paid Durgilnlmt. Pro- d, . ....... .. $1,000,000.00 ggggpgngmgl, Rue,“ Fund _ 550700050 other Bonds . $ 428,007.18 Resew. t o r Stocks . . . . . . . . 178,988.30 Mortgages .. 71,989.97 Loans o“ shacks Proﬁt and Log and Bonds 84,285.41 A°°°“"i - - 51-457“ Mortgages 555,635.44 P r ° v 1 ' 1 ° “ Accrued interest 5,3511! in" § on Mortgages a: “ m Taxes .. ozsama “d Em“ "7 ' - ~ R lEstate Held Dlfgfedﬂxi Jails’; eiiii- Sale 2,003.50 ary 3rd, i949 20,000.00 Omce Pruning Vaults and Safe Deposit Boxes . . . . . .. 265,000.00 Advanced to Es- tates, Trusts and Agencies 132.3053! Cash in Bani: and on Hand 122,711.24 Refundable Pd!- tion Excess Proﬁts Taxes . 8,520.74 7 u s 1,106,294.96 l 1' ma“ DEPOSIT FOR INVESTMENTX Guaranteed: Dominion, Pro- vincial. Muni- cipal and oth~ er Bonds ....;8,964.,990.7! Mortgages . , . . . 8,140,081.89 Lear; on Stoclu and Bonds .. 1,184,078.10 Accrued Interest on Mortgages and Bonds 44,8139! DEPOSIT roa mvasnrsu-r; Cffjd ‘t; 33g’; 510,190.” Guaranteed ..... .. . . . .. . . . 15.794.101.75 15,1g4,1g1_1g ESTATES, TRUSTS AND AGENCIES; s t o i! k s s r. d Bonds . .75,705,854.5C Mortgages . . . , . 8,245,787.17 SavLogs Bank .. 488.568.-'Il Loans on Stocks and Bonds . . . 8,940.00 Cash Lu Bank and on Hand 1,587,502.38 Resal antd msrarms, rausrs AND AGENCIES: a?“ ﬁlveniii; Estates, Trusts and Agencies Value . .. 5,080,989.54 under Administration $6,115,691.99 86.115.591.99 sloassapssao 8103459011881!!!

RESERVE FUND

19-1.‘! December 3i By Balance I 550,000.00

PROFIT AND LOSS ACCOUNT

To Quarterly Dividends Nos. 188, 18B, 190

190B By Balance December 31st, 134’! $ 45,354.30

. . . . . . . . . . . . .. i 60,000.00 " Quarterly Dividend No. 191. By Net Earnings after deduct- - declared and due January ing charges of Management. 3, 1949 . . . . . . . . . . . . . . . . . .. 20,000.00 Auditors‘ and Directors’ Fees u 0mm Fixture! written on 251M756 and all other expenses 196,833.58 " Office Premises written down . . . . . . . . . . . . . . . . . . . . 25,369.23 " Assets written down ,. 3,018.60 “ Provision for ‘Faxes . .. . 50,000.00 " Transferred to Staﬂ Pen- * sion Fund 8,385.47 ________ " Balance . 51,461.03 843287-89 i- 1945i t $ 243,287.89 Jar: 1 By Balance $ 51,467.03

We certify that the foregoing statement is correct and shows truly and clearly the

ﬁnancial condition of the Company's affairs.

Sgd. Y‘. B. LRCURDY. President Sgd. A. J. Campbell, Vice-President Sgd. F. l-l. l\l. JONES, General Manager.

AUDIIlORS‘ CERTIFICATE

h l' 1° tiﬁighiiesﬁtiafiv" ﬁns-r COMPANY;

Ws have examined th Book:

0

and Accounts of The Eastern Trust Oomplny ll its Bu!

B h t ti C _' ' ill ti exception of Saint John. gmicse‘5.515%:§h‘:'="lv:li-tiilino1;lih? iiifhsd: \‘e<l)'liilggnzlic‘Se1ttllllelts st the Head Otfice and of the Branches audited by us and have accepted the local Auditors‘ Verification Reports in respect to Saint John. N. B, and St. John's, Newfoundland Branches. We have also lcce ted

the Report of the Inspection perty h

of the Board in respect to Mortgages Ind Real o-

old.

llli d with l.i th inf r ti n and explanations we have required. sndﬁlnuokilllivgpiiigilr: tyhznliulince Shag: o! 381st DOQCEIaHlJOGY, 1948, submitted herewith. ll Properly drawn up so as to exhibit n true and correct view of the state of the Company's ltfslrl It 31st December. 194B. according to the best of our information and explanations given to us and u shown by the books of the Company. .

————-——-—————— BOARD OF DIRECTORS

VICE-PRESIDENT! F. P.

A. J. CAMPBELL, ESQ. K. C. IBECTORS

J. c. MscKEEN. sso.' non. r. McNAMARA

h. 5., Amisonr noArm

I P‘ T E '_ilcAl\'rllti"ial-lzso n s. RENAN‘, ES . -. '. Aw“ B Q b L riAcxAv. ESQ w. w. uinvrr:

BOARD

__ LETN,BS.—Chi ' WILL w U APP O Q J B M. BARTLING. ES

iillcDONALD, 15st: JAMES fmlh n iviunaAv. sso

. Chlirmln L. COTTON, ESQ

Yfhlﬂ

U. L ESQ \\' A R. CREAS

LEON J. IVERSEN.‘ ESQ.

WALLACE W. SMITH, ESQ

o. c oonAu: r. CANTL Y. WILLIAM r. GRAHAM. ‘

ESQ.

HEAD OIITCI — HALIFAX. NOVA SCOT!‘

JOHNSON. SMITH 8c CO. ' Chartered Accountants. Auditors

STARR. ESQ A. S. FRASER. 5Q. JOHN .'\i NEIL. ESQ” K.C. iflLLiAlilcT. POWERS, ES

ll. RENNIE, ESQ.

B SlillT . W. STAINS. E Q. TORONTO ADVISORY BOARD G. i-l. RENNIE, ESQ. -- Chairman . . . G. KELLEY, ISO S RYCPHERSON, ESQ. FCA. LUNINHURG ADVISORY BOARD 1AM T. POWERS, ESQ. - Chairman _ Q. HON. J. J. KINLEY ER, ESQ. STANLEY S. RAFUSE. ESQ. WILLOUGHBY R. RITCEY. ESQ NEW GLASGOW ADVISORY IOAID . SING IR, ESQ, KL‘. - Chairman - JYPSRUAIAIOND MICGREGOI,

A J. SEARS. ESQ. THOMAS C. SEDGEW-‘ICIC, ESQ. y

F. H. M. JONES — General Mlhlllt