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m;d_glu.iER19, 1908 _ " 'run nA'rs:s'r News " _ THE g;l,{ARL()T'[‘E'I`(»)\VN GUARDIAN 1-‘ms'ro1- Ani.
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The 'ninety-first annual - gnncrelmesting of the Shareholders of tho
Hank of»`Mmltreai was held in theB0ar4.i Room of the Institution yes-
terdey,_at noon. . _ 1' 5
_ .§ll¢l‘°'_ WGN "Present :-blir_ Georg' Drummond, K.C.M.G., president, Sir
E Ward Qlpuqton, Bart., viQ0sDl20iid_, ent. nd»genersl\_manager; Sir William
'_C-"`M,acd'6`hald-;’8ir"I‘hdrnns’G.8hiDugh nees?,'»'Hon:' »Ro srt Mackay, Messrs.
R. B. Angus,” E1 BQ Gr`6ei1shi"blds`,(>hdr!sy~“ili, fl-lcsmcr, David Mornlce,
"Al?nnd'eiv T. Paterson, 'G.‘i~`_'.»G."Snlltfl; 'Biiuti R. Drummond. Lieut-
oo .- Pravosr, B: A. bode, names -'ras'  w. fn. ',’»hiiisr_ Jsmss Kirby, K.
o,;_ R. w, sn_9pbsra,’§ewsl1_c;.risbsr,x-1ssry~~Msr§u.lwin. stsnwsy, w. B.
_-l§_lg5ln?d'er, Bartlett, eLeangi,l-Ieary Iiodepii 'TL 'defnpbell Neiies, Henry
Dobellanii MI., 8.`Fo‘l_eI‘."' ' '  ' ' ‘_ -‘ f' _ -i
' ` 'Onimbtion 9_1 Mrr."R.“B.' ‘A"nl(i`s`, secjbdiied 'by H6h.jRQ ` t Mackay, Bir
"George--Drnminchu; !freeid¢n1»,' win unanimousl 'v_oilsd~ the chair, after
wh1ch'_it ivasyrssolviis "4‘ll\1at< 'th,efidiiow!1!g<_,,";s'ta ted to act as
scrsnscsise Assisi-s,' on 11°. o. emits hrri_.eez~¢1swililc1.cri- rr, sso use nr.
, »~ 1_1 . .- »  _ _._ 1_3* _
1 "7""mmmms"1&g¢§Tl‘.?E§dl:f??C?; b=bnu:ul?|`n€'di~t:EII%\ r§§`ut‘t"`Iof, the Directerras
` follows :_ “ . r . - '
_ _. .__ _
 I "' ‘friiir binccfrces’ lumber.
I 'I 4' ...J 'J  ' ,__ \i"I_
Th Directors have pleasure in pre seating the Biport showing the result
of t§e Bank's business fior the yearended 31st foctober, 1908.
Balance of' Profit and Loss _`Aceount, 31|-it. October, 1907 .... .. S 699,969.88
Proiits ‘for the year‘en\iing'31s'E. Oct dber,1908',a\UI!l* deducting I
charges of manag'em_dn't,and _making full provisibn for all bad
and doubtful ‘debts .........  .....   .............. .. 1,957,658.”
_ $2,0i7,62¥.5€
Dividend Z paid lst March,1908   S 360,000.00
Dividend 2 paid lst June, 1908   3e0_000,00
Dividend 2 paid lst September, 1908  360,000.00
Dividend 2 c, payable lst December, 1908 360,000.00
|»-IO-is-ev
vPPF
9 <1 5’
$1,440,000.0i}
Amount credited to Rest Account   8.000.000-00 2.440.000.00
Balance of Profit and l-oss carried forward  ....... .. S 217,620.56
Since the 1851 annual mooring Branches have _been opened at Stirl-
ing, ont., Greens, Msn., Grimsby, Ont.. Bt. Hyacmthe. P. Q.. Hosmer.
ii. C., and shcrbi-oo1rc_ P. Q., and Sub-Agencies at Mazrath- Altec
Cardston, Alta., and Peel $u:et (MODi~\'€8l1. The HFFU-11f§¢m¢nfB VND'
tioned in our last Report for opening a Branch at Prince RUPGFC IIBVU “Dt
yet been completed. The Sun- Al-Z€'l1CI”93 at Slmrman Av°`°“°
(Ha.m.ilton) and Queensville, Ont., have been closed.
With deep regret the Directons have to record the death of their esteemed
colleague, Sir Robt. Reid, who hed been a member ofthe BOHTCI f0f
ht .
ulhgllzrivzcifriggon ¥hl;"I3oard has been H1196 by U19 electifm Of MV P' R'
l*)smen` ‘ ' dOfilc have been in-
' in thc omcos of thc Bsnk, mcisainc the Hes 2»
I “pected during the year' A . Isigscul G. A. DRUMMOND.
President
Bank of Montreal, Tth Decem`ner,1908.
Til E GENERAL STATEMENT
The Ceneral Statement of the P05ilI°n °`f the Bank' 31"' Ocwbn'
1908, is as follows :- `
LIABILITIES
_--f , -  ............  s 14,400.‘000.00
¥.?.!.""‘ "‘f’T?“..:.‘.'.'.'.':.‘.':'tfjfiifj.::;";;......,....... . £o,00<»..~»~.~.~»
Balance of Profits carried forward...---» - 211|"-"~5"
$12,217,628.55
Unclrimed Dividends   .....  .... ,_ \'2»'303~01`
Il»II'§m"ly Dmd°"d" p°.yfIIII....1IfI  - 300,000.00 12.500.u1.sf<
_ _ zs,es0,4a1.s1
;12,411,1s2.oo
aa,rss,91s.zs
10s,1s2,ses.s4
.. ' 112,31|i,ss~ _ .
1ss,4ss_r2s.2a
__._..e_-_-.--
u.s3,4e§,fs`0.‘s0'
*F
\
Notes of the Bank in circulation  
Deposits not bearing interest   
Deposits 'ocaring interest ....  
Balanccs due to other banks in Can adn  
_ASSETS
, ' rnent  
§'f,I,ds.§I'.§1s..Iilivszslhnsgfcs   0,542,088-25
Deposits with _DominIoI1 Governp;_eI;I;<;l_:Ir_e_d .
‘n act of Par iamen or securi _ \
bgnk note cii\:Iila_tlon  .......... ._ 600»000~0°
‘l t 's ban a 0 F ,
Dl]x;|l1,l¥sa§;n`(/}:ZaI:t Brlitain ..............  $T,331,26'i'.66 _~ 4 ~ s-1'
' f"' ' k nd ith-
Dgre llidinhigeilrfxlisoigeilgdliokliglirtriéls  l1.fi.i9.5354~00 ""° r
` (‘ : t Brit
0°” “'Id,.°.I`I‘,”,ff m  ________ __ 40,0s9,ebe.0o _
einem -0"’ ‘ """" " _ ___;___.__ 50,9so.s11.0e
. . .- ~ 1 ¢,Securities 956,562.07
g~r°;;=" :v‘..f.:;:.‘ '.s‘s::::.“:::.f;:;".';‘;....  
“ " ' T" "  a,49211a.es
Not” an iielucfi of otlicrl Banks  . ___'_____ "_
s_ s_1ss,sa'.'.aa
a4s,zss.sa'
`  .. _  000 000.00
Bank Premises at Montreal and Bénn ;;\;5a~__a--- ‘ '
Current Loans rind discounts in aan ‘nd other
elsxzgere (rebate interest reserv )____   $94_76Z_020____3
LB ......... ..A . . . . .
... . . . . . . . . . . . . . . . . . . . . . . .
 _ ,   
' Debts secured by m°rtz=zg or ours; -_“___ »
Overdue debts not spscla.\.y HCCUN* 84 43.; 69
vidcdfori  ----------------------------- " ' _` 0s.0z2,ssa.zr
s
' $1B3,46r9,159.80
I E. S. CLOUSTON.
Ban; 0f_M°I‘tr;fIst October 1908 General Manarer.
On rel , ' ' ‘
‘ /
F
Itively recent date. We have further‘
Ifrom the same territory the import
that' an unusually large percentage of
fall ploughing has been done, that the
,land is in the very best condition,and
a very considerable increase in acer-_
ege indicated fhr next season.
The export demand for our surplus
these has alreadyj been marketed. In
`On_tari6 -ind iiQnsbec,' hdwevsr, the
brlllieht" ptospects of spring were
_somewhat clauded over. by _along con-
tinued- iiiid-hummiér droughtf As re-
I gards the special business of this port
Ithe exportfof wheat and oats were in
I excess of last year, being ncspective-
`ly 27,485,094 and 1,268,803 bushels.
Most other grains wene somewhat
short.
I Shiilililli-I--Thei'e is a widespread de-
pression in shipping the extent of
which may be imagined from a report
filom the North _of England that about
a million tons of steamers were al-
lmhdy lllid up, and many more will re-
‘quire to go into the ranks of the un-
employed during the winter. Not-
withstanding this the trade of the
St. Lawrence has fairly well held its
,°Wl\- Some voyages no doubt were
unrsmunerative on account of vacant
SDRCB, but both passengers and
.freight were, upon thc whole, profit-
able, which is another: proof of the
advantages which the St. Lawrence
lloutc possesses. The tendency in all
,new vessels is towands increased size
and carrying capacity, demanding duel
provision in all harbor and channel
I work ol the future.
I The Lumber Trade.~'The exports of
lumbcr and deals for the past year
to both Europe and thc United
States has fallen below those of the'
_year previous b'o'|`.i in volume and vnl-
ue, Pine deals have declined $3 to $4
per 1,000 feet, and spruce $2 per 1,000
Ifeet, from which decline there has ai-
I ready been a partial recovery. This lo
‘ considered a favorable omen, 1.13 a
sign ~that`the depression which has
hung oven the lumber trade for some
time past is about to be dispersed
.and that a more active business in
the future may be looked for.
I The British market shows un im-
- provcment, Liverpool advices being of
a more cheerful tone. Quebec pine
.and spruce deals are being enquired
Ifor, and as stocks are somewhat
iheavy, their realisation would be +1
Igrsat help to the trade. `
The opinion seems to prevail that
I the turning point has been reached,
and that betten times are near at
hand.
I EXP01‘ts-as regards the exportablz
lproducts it may be said .that eggs,
Icheese, ham, bacon and meats, butter
Iand apples, all showed a falling oil,
and wholebal: grocery houses after
having felt the depression in business
in the past year, now speak of a de-
cided improvement, with brightening
prospects for the coming year.
I Exports of produce-The value of
the principal sxporvts of produce from
this port during the past season of
navigation are computed as follows:
Grain and fiouu  $32,949,900
Butter and cheese   19,151,000
Harris and bscorr   2,101,000
I .
'rotsi ...................  $54,206,000
I If to thc above we add the exports
of catt1e,|S4,'I16,76'0, we have a grand
total of $58,922,700.
Dry Goods'-The effects of the panic
of last October were not immediate-
ly felt by the dry goods trade. 'l`he
general trade was so good in 1907
that the full eflect did not appear un-
til January, 190B. For six months
previous to that a certain amount of
taking in of extra canvas had been
going on, as money had been made
very scarce. Arrangements had
been made before October
for a probable decrease
in sales for spring, 1908, but the dc-
crease in turnover was a great deal
more than anticipated, reaching as
thc. Bank of Montreal returns show.) Enizland Fatt), - we certainly had
Generally the pnospects seem distinct- grounds for uneasiness. and S0041 Fw
ly improved, and the outlook decided- son for Putting 011 the hrakei. Hn-
I ly hopeful. g_ ancially, in rather an emergent mam-
Inan and hardware--While some of] ""3 F°rt“““l'°ly Home °f “S had 1"'
our large wholesale firms complain gm’ to d” "0 before the "ms ar'
that business bis isucn on is nic 'i"°‘l- Th* *¥°“"“‘ "‘-WI" °f°“"'hl°
pus, y“,._ everything points to an _disturbance has been beneficial and
increased trade in the future. Manu- ' what I “id lam' yea" 3 that W” “Wm
faccurers of iron and steel report in Wentunuy reach ii hater “nd Smmd'
creasing Nders for future deliv_ , er basis, is coming to pass. largely
ery. and a heavy spring business in I as the rgsnlt U( I harveét ‘I excel);
anticipated_ _fionally high quality, which ..; i~;_!
Leather_B0_'.J business and moms  izin-g excellent prices, Canada to-day
is in a good commercial position,
have been curtailed in the past ycur, I _ 1 k __ _ _ _th _
'owing partly tothe increased costI‘““_ San 10°   _I1tu_r°_’ W' 
oi mass, and the low price of iosth- I:;“f _“"9” _“- '- ”“'_;_°_'i‘°*‘°;‘<  “_
cr hut prospects for the coming __ T' “e_ "Fe __m__“' c°_n I 1°? 'jus af
trade oi boots and shoes show very I t ___ Sent' 5 , _V3 D thsir C n_
similar results for the year I" D E Emma 1 g e O
R__uw__y c0nEuuc'_ion__T'he paStIduct of business., we will emerge
year certainly was, and the present :Stranger and better m every way'
holds out the prospect on being em_ _Reference to the record nf commer-
phatically the cm or railway com cial failures which, during the past
__u___ctiou_ The Grand Trunk Pacmc year, have inceased from $10,000,000,
between Prince liupcrt and Moncton I the average "I recent years to $16'
is _mel to occupy considerable 000,000, brings home the reality 0|
Y il- h - '\ V
time, \vhile it cannot be overlooked t e dangerh whim hmc Hlreatenew
that 'most of the other 1‘ailways»]arge 1igure____ but Considmng the
in the country have been occupied str. d
'th exte 'ons much greater than mn an Stress of the times’ 'th'
W1 DSI . .
_ _ ' _ great expansion in business, and the
ihc public have any idea of. For ex-Ihcav St ck .ed I t
.nm le the Canadian Pacific IiailwnyI y 0 S earn as mltumiuwa
D ~ d _ ___ e had Over _O0 _ may reasonably consider the com-
“I'__th° ii" ° nst___;;_0n in dmcr;___t _ mercial community to have weathered
mi es un er co i ~
our industrial welfare. These are
A ' 7 ' ' 1 ' - . . .
th - Canfldlfin I"°fthem_ “af “I5” “fl their share in carrying thcm through
gaged in increiasmf; its milrngo in __ Season of trou.__lc_
:Quebec and the western provinces.
The vast importance of the iu
During the ycui' we have had three
_ bank failures-The sovereign Bank
T""“'°m°”ts of me agncultmal IH" ‘lf 0011358. La. Bancue d'e St. Jean
ducts of the country must bc an rx- and the Banque de SL Hyacinthei
cusc for introducing a subject occu- It is hardly necessary t gmt th 
0 6 8.
pyim: o great deal Of HU|>Hl-10“- ‘U ‘ in no case have the note holders
other countries as wel`| as here, und S~uHe,.(,d_ and it is Worthy of nom”
010S9lY b0“Y1d UD Wi‘J`J the DTUBPBTIW that since the circulation came more
of the countny and, oil course, of this directly Ulmer the Supervision of tha
_und other# banlring institiitions. “hen _ Canadian Bankers. Associaticm were
\ve reflect that the annual value of the _ has hem no failure of a .Hank which
products of thc soil of Cilllafla has disclosed any tampering with its
must exceed fo\1r hundred millions of ci,-Cu1a¢,I0n_ either by 0vcr_iss"e_
dollars, any percentage of increase in 0tl1@|~wlse_
<l\1Bl1tiiY Di' im'Pl`0V_<§[§§§l_$ _i_\}_<i“H1ify 0f Through the assistance of a number
.our crops becomes of enormouc im- of the banks, the Sovereign Bank is
portance. For example, if hy r:el€c~  being liquidated without loss to its
‘tion of the seed or hy hybridizimr. depositors. This was 5 casa of
Witl: the lisht U1l‘0Wr\ On tlllff S\1Ui@¢f _ ‘modern' banking, where- unusual me
by Mendel‘s discovery, the wheat I (huns were adopted U, an,-act depo.
plant can be- made to incceasc its sisrs, and depositors can hardly 1,,
»yic10 or shorten the nefivd of risen- Iblsmcci iris the futurr-‘they rock
Iing, even by days, it might mlm” I"~1€Iaskancs at any bank whloh adopu
diiierence in the North West- of saving I catchpenny means nf soliciting the
on losing 3 large percentaile of the I savings of the people. They will
crop. I Certaiilly be justified in considering
I In the magnificenfl installation rr Isuch devices sings of weakness on the
;Sir Wm. Macdonald at St. Anne's, ‘part of the institution employing
'which sftcr s11,is only uic costin- them.
nation and culmination of his work The two other banks which 1 men.
in the same direction all over the tionr.d~ were small aiiairs, whose fai-
IDomfinion this question of improve- I lures aiiected only the communities
ment inthe grain plant ami in tbeithey served, but to the oi-odil;
fertilizing of the soil has been a sun- I of those communities be it said that
I ject of careful research and experi- they behaved with admirable self-co-n-
ment, and no doubt will continue to trol, under trying circumstances. In
be g0_ . each case the difficulty was too
Dr. Robertson is sanguine enough  serious to warrant Outside banking
to state that within avg years page assistance. Whilst, however, the fail-
an increase of more than 25 WT 061111. llrc of the St. Jean institution was
has been obtained over largeareas in consequent upon mismanagement, the
Canada, on the average yield per responsibility for which the criminal
‘acre of wheat, barley and oats, by courts have been called upon to fix,
imrprovemcnt in the quality of the that of the Banque de St. Hyacinthe
seed sown It is not 1490 much to shows how had business, contracted
hope that this improvement will con- originally by over-ambitious manage.
tinue as fresh discoveries are made ment, becomes an ever-increasing in-
1and their application extended, and _°culius, which must infallibly prove
that the research and experimental the downfall of a small and localized
,department of the Macdonald and I COHCEFH-
Iother colleges will prove the most lm- j IU Jllly last, a brief Act of Par-
portant institutions in the country. llamellt amended the Bank Act to
1 beg to move: “That the report the extent Of enabling blinks d'U'l'i¥lf»'
of the directors now read he adopted the usual season of moving the crop
I and printed for distribution among the (lst. October to 31st January), to is-
I shareholders.” If any shareholder SUE addilitllal HOLES to the B-mount
has any questions to -ask, we shall Of 15 DCT Cent- Of “Wh 'UMlk'S “Om-
-D, pleased to answer bump hineif capital and reserve.
_ i _ _ Although desirable as 3 precaution
, __ THE VIUF-‘PRESIDl*‘NT» against any sudden _shortage of cur-
! _ _ _ k rc-ncy, such as our neighbors sotnc-
I _'Inns _Vice-President then spo e rin tinlgh _“mer tmm_ very “tue use has
I 0Si(d;]eSl_ last had the leas r of yet “even made of the mivuege` by
O
much'as 20 to 30 Der cent, from 1st _ I D “ E __ the banks. This season, at iea.st,- it
January to lst of June. After that meeting you and gwlng an accmm was not fl necessary ‘dnt
a y, as
of my‘11tewardship we have passed
the improvement began. and for the I ' I Shmm by the rut that' at the C19"
_ , ~ _ lh\'°“gh_ a very momentous HHHUCIBI of October, the balance of notes f
,F I th I ms mod ha, whole little disturbance, and pratti-In" hu month” th_c loss -ot °“s“m"° Iyear. For several months our Ameri- 0
H » ' . ‘
Q PRESIDENTQ REMARKS msstlc exports n e e p , ,was about half this amount, or 15 °h"te"°d mink" “v“““bl° ff?" "I"°“I‘
U0! -of ""`the.directori' report, saidf'-I The daily business of the country.
A vm ago ifusinsss in urs United ss gssgca by -boss ross circulation,
Shih* "".9I"§§.9l`ill¢.l|l\dU_l` 5 “M219” at no time 5h0W°d “ shrmkagc -°x`
°°l|9P¢e__of credit and acute money ceediug ‘5 D0l‘__ CUM-
""l1S0noy,,whils inmugngdi _the brakes in view of the Kftlt °‘°°“ "U Wmch
hw '0~0ii__ ,enriisri Ano' urs sowing imports sod srown 0"" <1°"‘°“'“° °"'
”°"11 crosses use mgiis. ro-any urs ports, smossunc to Upward” 0’ 1°"
eitustionishiush improvedmoniidence million in 1907, the subsequent con-
* _  _ _ __ if I I, been wall main'tained_ ~bsill¢ $391,500.- cally without any Kreat disaster. ,per “mt - i_c3n_! n'e_I§_l_1_l_:or_s’_\£ee1'e  1_>_I~_i;cut_;_all_y_. ,m_,_,n_ __ c__xceeded n9_000_000 this ton
. The President in moving the adop- I0o0 as against $244,300-000 ‘Mt Y°“"- cornnirrcial loans have been reduced Buying has been conducted every- I ,` 0 ' ~ I10'»W\l H ending an unusually hrsvy
' ’ ‘ __ mmhms or u _ -_ - :  ,canada we considered that we c,.np_ which had to be moved in A
I” the "““"“‘ “lx Y ' ° '"‘°” °“"’I’l‘“°'"“"° "I-‘?2'P' “°“. ocrs is rsiriy sossa conditieir 1*' it i ' 0
,,.,,r.is or 10 psi. cont., wuri s con-_ spring season, 1000, whioiii -lust bc- We Wm Wnewhn in the V .P,;Il.o__.._ _ _ _ _ _
traction of less than 5 Del' CGUL il_\ ginning. Orders taken in advance by I tion of lr morn living in o., fire-prebi ox ADM' on is' no, hmm ' t la
fthe volume oi domestic trade as mes- I the travellers are very fair, . ‘ ‘ _ . the lncfailsefl “Um 'ff Of
house with his neighbour s residence 'J
I . - ‘ , - _
Igured by note circulation. 1 The capacity of the Oanadisn cot- ` ,,,\,|M,_ He _I,'¢“,,ycs hymns" sau' hramh banks  th’ "0""
I Immigration heliellen 0|! about 50 :os mins sod csiico pristcrs is iurciyl  ` ' - I "Y "“ "°°"”‘°- "“ "”“°"°`
but is naturally nervous as to the rs
'per cent., but the quality of lute hallto betaxed in many lines to its full I lt_ | d I mt. ‘actor in “swung me cr.°pI
su sal _ in a fairly sound con _ , K'
M011 |005. IBYIMYI lmi firm llbmlr-icapacity, as they have received- large Idy, on fm- ‘though our state was¢` movement' ‘mug un “rm” Hue I
. _ , . _ . » - <1 . "i. »
has be0(_\‘lhx'§ely.re¢torsd, credit is|traction in imD0f¢B mul' In nnrd' IW' Dfedominttitl. jorders which last ysan_wens placed in I "¢_i;|,¢¢,0|- on u h 1 ~ 1;; uyment 'or hu ‘nm an Mu 14',
‘Mia zoos. can money markers o1tmIcr ss s imum °°“‘"*i°n- The up
"wid are ebiofgnauy easy, but tns_ss0we¢e eworti Wi i“P°‘¢' "1" l"
volume ` ore;-aug- has been consider-Istill iurthen contracted with advant-
lblv diminished, Measured- by the age, and it is to be hoped that this
"lin of iniports, urs ehrisirsgs is process will be'¢teadi1y-¢0W'*‘1°‘l~ N”
0\Mde within a year has been ap-Idouht this reform wal enlisted br *-50
F.'°l§m’acoIq._»'|,¢g`s¢|,1;,.n¢o»ly, from repeated recomrnendalrione of economy
962,180,090 ‘gg7,300,000, the ng- Iemamating from all nnanclel il“l\`°°\'*
lifes half'  I3 months ending and it il gratifying to no/ce that the
°.°t0\>cr iss, Mimi me rssposuvs-,iiosicsuos Proms compelled- br
II. _ ; ___  ' monetary conditions hes been accum-
_ Y 0 K 0\` |131 ml IDQ,
Th°'¢f¢l¢ MIN" 01011 y°ll‘ Ml Ililanchester. _Fine and coarse wools th, oountryqs 'grcat prosperity had
been the excellent crops secured by Ihsvc ldvnllwfl in Ellslhlld. and mann- f -
hh' _N°"'h`wI°"_‘ P“,",m9"' “'““°b" If°°t‘"`°" °f "°°I°'! dl”°9H 8°°dS in I for money. We were overtrading
Albeftl. _Sll¥l¢¢|lWl_l!` 'Nl‘i°\l¢lT H- Franny have refused andere, except ' ,
,tlm`at`ed as in wheat IG to 115 mil- at ,U ,demos in pl-l,,`,_
lieu bushels.; cate, 100 ndiiion bush#
e_|!r‘,~n__\iarley_;_:.5éni_Iilonb_0lil_Y,i0ll`_;'JI tions very much, and the flnancielItc»o extravagently. Oanada'e finan-
a oncr__aa_o¢atoes,,_,c.¢¢¢f .'.
r. I I o the retail urndeis quite eat- . cial rssourees were strained to thy
»'1‘l¢ N008! "IIN 0!  ITM!! CND! isfactory. (lomparatively few badIutm0It and when, in addition t-lure
. - , |
cyhlcsése fsriiim win (Wm 125 some have ness made by urs whois. come s. crisis is nic United smiss,Iw1d0 plethora of mfmey- The °<>°-
_ in ion iidliare earned ' a_ tefritorv sale trade during the year. (Thu is and extraordinary condition efse-
0`\ tl" og,” hmd 9,, "lu, of oo. fpllehed in Canada with, upon tho _ practically deserted upjtsa compare- u f gh f
I
The good crops have helped collec-I
the prompt deposit of itsproceads.
Thus circulation is fetumnd ‘I1 tho
banks with uttis dsisy. cnnbunz them
to rs-issue notes and taking them
our, of pockets of the farmers,,I
where, in former years, they became
locked up.
Tho prominent feature of the pre-
sent situation al contrasted with
rim, oi s ner no ii me wcriri-'
hrought about an ann-omni demand '
on inadequate capital- every one from
the Government to, the individual
was spending ton much amd living
traet is rendered greater by the
_.4-'_~ 
  ,   M0 _'l`REAL’S SPLE DID H0 G. T
intensified by senseless hoarding..
not only by individuals, but in
some cases, by banks. Such
hoarding aggravated that want of
confidence by which it was begot-
ten, and rendered the crisis. more
acute.* When, alter the turn " the
Iyear, the normal financial Iberian-
lng took plane, ,the hoarded;-funds
Icame out '. and swelled the liulpply
of available cash. This soon be-
came of unusual volume, owing to
I an enforced general li.,uidatirJ;I and
Ia desire to place business ,on in
basis more commensurate with the
capital employed.
When Europe untied the purse
strings once more, she. facilitated
the liquidaiilon of government and
municipal advances at home by the
_flotation of loans in foreign coun-
'rries. Thus it has come to pass
I that our deposits have increased
.'.tl7,000.000, while our loans, other
Ithsn call, have decreased $10,000,000,
making our present percentage of im-
mediatc-ly available assets 51' per
cent. as against 43 per cent a year
ago. Containing such features the
financial statement laid before you
shows an exceptionally sivrong posi-
tion,~stronger, indeed, than is neces-
sary. Unfortunately, it in not a
money-rrnking position, as the rates
ruling in London and New York
the storm fairly well, and I think it markbu where we “re obugwr t°
ent sections ofthe country, and may be cmimedthat the bamks did. carry a large portion of our re-
serves, are unusually low, and I
am afraid we cannot look forward
to very good profits during the
coming year. But after all, lean
years will come, and, as history
repeats itself, it proves, in its ap-
'pifcation to banking at least, that
conservative methods are the only
ones which can safely be 'em-
ployed alike in times of prosperity
and lennnsss, to build, in fair
weather, a structure which will not
be shaken by the inevitable storm.
I The motion for the adoption of the
directors’ report was then put, and
was carried unanimously. ‘
Mr. B. A. Boas remarked: "Be-
fore moving thc resolution lhold
in my hand, i have afew words
to say, a'nd'Ihave no doubt all
the shareholders will join with, me
,in congratulating our Vice-President
I nn the great honor which haf been
shown him by His Majesty the
King. We all trust he will live
for many years to enjoy the disfulnc-
tion and to be the guiding spirit of
I this Bank. I now move :
“That the thanks of the meeting be
presented to the President, the Vice-
Presidenc and directors for their at-
tention to the inetrest of the Bank.
This was seccnled by Mr, Henry
'Dobsli: and unanimously concurred
in, after which Mr. Charles R.
Hosmer moved, "That the thanks of
the meeting be given to the General
Manager, the Assistant General
Manager, the Inspectors, the Manag-
ers and other officers of the Bank
for their services during the past
year."
This was seconded by Birf'l`homas
Shaughncssy, and was unanimously
agreed to.
The Vice-President, in returning
thanks, said 1 "With reference to Mr.
Boas' kind remarks, I do not look
upon the honor given me by His
Majesty as ` an honor to me person-
ally, bufc because of the position _I
occupy--1" was chief executive omcer of
this Bank sse siso president oi
the Bankers’ Association- it'is ah
honor to the Bank of Montrgi-and
‘to the Canadian Bankers' Associa-
tion." ,
Mr. W. R. Miller moved 1 "That the
ballot now open# for the election of
Pirectors  kept open until 2 o'-
clock, unless fifteen minutes eiapse
without' a vote being cast, when it
shall be closed. and until that time
and for that purpose only this meet-
. ing will bs continued."
I This was seconded by Mr. James
_.` Tanker, and was carried unanimously-
‘ 'run Dmncrons.
The ballot resulted in the election
of the following directors :--
I 11.3. mobs. ' ~'  '
I sm EDWARD CLo_Us'roN, BART.,
HON. sm ononon DRUMMOND.
I-K§"G."M.<}.‘t1:'¢. '6."‘ """""°`.-
n. n. onsnnsnrntns, “_
‘cr-i.m1,s:s R. 1-rosMsn_ ,_,
sm w_11.araif"c. MAGDONALD,
HON. noBs:nr~iu1cx.ev, -
navrn Monarch, -
.iiisxaunsn 'r. PA'rnso-.\',
.mums Ross,
'sm 'monks o. sriadonuassr.
K. C. v.'.o,
'ri-is RIG!-rr HON. Loan s’rRA°rr-i-
cowl- .mn Mouufr Koran, o. C.
M. G., opc. V. 0. ' ‘
Af. a mfeting of the newly elected
directors ofthe Bank,/oi Montreal,
asm on mi im., Lord sueihcoss
wee re-elected non. prqidsdt; Sir
George Drummond, Preeidentpand Sir
Edward Clouston Hart. Viee-l5resi-
o e o e eatures of this panic, as where (witness a 7 per cent. Bank* of fact that the late ttriuzency _ was dent.
i
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