i
IANUW’ 23» ‘9°3 THE oHARLo'r'rE'rovi»N GUARDIAN - vias mass
w --<3
 ` THE
Canadian Bairlr of Commerce
Report of the Proceedings - if
The Annual Meetiné of Shareholdersl
TUESDAY. I4-th
1.' 
JAN UARY, |908
 _l__
1"uiul (annual contribu-
tion) .. .. .. .. .. .. 30,000.00
ulanee carried forwerd .. ti75rlll2-lll
$185501-2.10
.-\ll the assets of the Bank have been,
'1'lie Prcsideiit, Mr. B. E. \\`alker, hav- as usunl, carefully revulued, and all bud
       L-  
‘ms umwint.cd .to ML-ns Suclletulyf and l'¢'bortiil£' the most siitisfactolry eu1`.niii‘.!s
MCGSYB- C- 5- Gmwskl “ml _A' J' Gllize' in the history of the Bunk, amounting
brook \vere appointed scrutinecrs. to $l,752,3i4!J.tl7. After' providing fur
The 1'residcnt called upon t-he Sccre-  ‘l‘[‘::_<l§"::l5ur*gl HT; ;'(*)‘:9u‘l)g
lu'-V t” "md the Annual Report of the iiiihiinlieontribiitiirn to the Pension Fund,
DiI'0Ul0l'='r 116 follows; we have been nblc to write $350,000 off
t liank Prcriiises Account, and have car-
RLPORT' ricd forward ut the credit of Profit and
The forty-first Annual Meeting of the
Shareholders of The Canadian Bank of
Conini'erce was held in the banking house B
on 'l'ucsduy, 14th January, 1008, at 12
olclock. ,
business conirnuiiity, have really done all ui
tl t I `- ~
'l`he Directors beg to present to the
l5hiii'eli:\ldci's the t`orty-first _-\nnuiil Re-
port, i-overiiig the year ending 30th,
_\'oveiiibei', 11107, togeilier wltli the usual
Sfntcnieiit of Assets and Liabilities:
'1'he hiiliincc at credit of i
l’rnfit und Loss .\ccount
brought i'or\viird froin
Inst year was .. .. .. ..$ 103,.'rti2.lIi
Net profits for the year
curling 30th Novi-nihcr,
after proridiiig for ull
bird and doubtful debts,
ninounled Lo .. .. .. .. 1,75‘2,3~li).ti7
s1,sss,si12 . 10
\\'hii~h has been appropi'iated as fol-
lo\vs'_:
Ilivirlciiils Nos. 80, 81, 82
and till, at l'll,i_.{lil. per cent.
per aiiiiiiiir.. .. .. .. ..$ 800,000.00
\\'ritten oil' Bank l’1'i-iiiisi-s 350,000.00
Loss Account the sum of $075,012.10.
Diiring the year the Bank luis opened
ni-\v ln'niii-lies at the folloiving points:
ln liritish Coliiinbiu, at Creston, Mis-
sion (fily und Prince Rupert; in Alberta,
at llardisty; in Saskulclicivari, at Drink-
waler, laiiiigriii and .\'okoniis; in Mani-
toba, at Durban and 1{enville. '.l`he
hrriiieli at .-\tiiii, 1i.C., has been closed.
In aoeoriliiiice with our ciistoiniiry
pint-tiec. the brain-lies and agencies oi
tho iinnk in (‘:iuuda, the Uiiited States
and (treat lirituln, and ilie various de»
piiriinents of the llcuil Office, have all
been tliorouglily inspected during the
year.
Tire Directors have again pleasure in
rer-orrliiig their appreciation of the effi-
eieircy and zeal \vitli which the officers
of the liunk have pcrfurincd their res~
pet-tive duties.
Ll. E. WALKER,
President.
'l`ru usr`erred to Pension
1 Toronto, 14th Jzinuiiry, 1008.
GENERAL' STATEMENT
30th Novenib._t,-, 19o7_
x.i.\uii.i-|-
Notes of the Bunk in i~li'i-uliitlori 
li.-posits not bi-ii|'ini.; interest 
in-posits iieuriiig Interest, including- in,
to date . . . .
._  . . . .

iialiinees due to other Banks in Cniiiuiii
ii.r|.rnees duo to other Hunks iii 1‘oi'ei,;;i,' ',f0'u,;i,~ji»'e 
lil `l<iils unpiiil _,_  _,,, 
\~r,»r_ r  
liiviiieiiri No. S:1_ payable lst l.>cci»iiiire,-
1`;rpiinl paid up  ~- -- 
ll'l§l
 .......... . . . . . .
..$ 9,235,'lG9.tiX
 .. .....».$20,5l5l_Z.‘7l.35
erest accrued
. . . .
... ..  6G,0SH,'i'llli.1B
»-_--- s1,o4i,051.r0
155,499.78
1,ai:i,1o1.i2
i,s0s.4i
..  .. ..  200,000.00
 .. ........$l0,000,ll0l\.00
   lr,000,0U0.00
linliiircs of Profit and Loss Account cu,-r-ind for-rvnru 675,912.10
----_- is,u1s,9iz.10
51i3,uirs,s:is.s2
A9-‘I7.'P§i
(fain and Bullion     _, __; n_5q:i_0i7_43
liriinlniuii Notes  .. . . . .
 . . . .
.. .'-,.190,:i72.‘.‘5
in-posit with Dominion fiovernincnt for
--~-----$i1,0n3,4is.7:i
security of Note circula-
lltlli » - - < - - - - » »
    450,000.00
Nirics ot und Cheque-s on otiier liiiiilt.~i..,..     3,730,479.42
iiniiiiicos due iry rrtiier Banks in t.`iiiia.i;r.,.,.     9,382.52
iinliiiii-os ilue by Aiqeiits of the ilurik in run United Kingdom  lr1_i21.s1l
ilnliiiiees duo by Agents of tho Lliinit and mlwr- 1;,rr|k§ in foreign
1-rriiniries .. .,  . , . , . . . . . . .
    2,57S.S20~77
iiovi-i-iiiru-rrt Roiida, .\lnniclpiil and oth,.,- _gL.,_-,,,~m,\g  __  4_s74,cs1.afi
Ciiii aiii1Siiorl Loiins . , . . . . . . . . . . . .
  .. . .  12.*l‘Ji.557-30.
$35.7-lCl,»l~I3.~l¥
|\1iir-r f'iiri-eiit Loiins :intl lliseounts  .   . .  7\i.‘l73»1l7l-9°
five-riiiie livhts (loss fully provlilcii for)    . .. 100,867.32
licul illsliite (other tlrari lliinlc l‘rcirilSoa)  .  . . . Gt,082.5il
_\|oi'1»,'iig'i~s . . . . .
.. ..   .. .. ... il4_2iS.ir>i
li.ink Preinlses ..    .. 1,t1§.95l5~§"
Oilror Assets  . .. . .   2irr.‘iB9-°°
‘1\=f-c.='_-cue
ALEX. LAIRD.
’ General Manager.
'liiro (ienerni Manager tiien spoke as of ir teiniorarv einiraoler, and \\'c deem
.K H
lliowevcr, iinporting far in excess of our ‘have been quite satisfactory. The un-
lcxports, and, generally, we were _inorl- usually severe winter which was general
iguging our future, not, as n rulc, in the throughout Canada was followed in these
icase of each inilividual, niuiiicipality, in- Proviiiees by ia backward spriiig and ri
dustrial conrpariy_ or _railivay,_ beyond riiore or less wet. and unsettled sirininer;
\\'l\‘¢\t could be plainly _instilled if money but although in New Brunswick and
were easy, but beyond what _was wise, some few localities in Nova Scotia this
li_a\'iiig regard to thc world-wide eoridi- wa ~ I .
lion of the inoiisy market which has been _\'o\-ir 5,-ggin and p,~i,,w E,i“,,mi 1S|,,ii_i
io rnnrked in recent years. _Now that gener\lly, and owing to the prevailing
0
ilie irigh credit Canada enjoys in Great W
from blame than other iueinbers of the 1),,
ia coil d friiily be demanded. ,ii
inore. The first three months following i
n_ t_hir.i trniis-eoritiiiental railroad in ii`d- t
ilitioii to providing for thc large growth I
ol older railroad systems; we cannot ri
take care of :iii i-norinoiis and un rece
inariy men ivitli capital who come, rnnln- ti
iy froni the Uiiited States, to establish .=
iiuliistrles or to become niercliunts or 5
iinportiuit fariiiei'.-1, the total of wliicli I
niust be very large indeed, the grenti-r
. l I
this excess of imports niust be obtained t
froni the sulo of our securitie.-i ubrniid. rr
ex n-iiditiire but our towns and cities
readily that they have not liesitiited to ,,
spend money in 'very large snnis on ini-
:is n rule be legally is-siicil until the work ,,
niirriey and di-peuiling on forcigii iiiiirkets ,i
course ivould not seriously iiiconvenieiice _Q
wlren the balance iifaliist us was so
the nioiiey iiinrki~ts of the vvoi‘ld in the ,.,
lug eouiitries, it would hare been strange
if we had not experienced coiisiilernlrle ,,
. . t .V i _
lulo ourselves on the soundiiess of our 1
biisines.~i r-oiiditions, apart froni the lack i
enterprises to obtain money in Eiiropcan i
plain. ln ull cases \\'liere iiiiportunt ex- li
Qeinlitiire for public or private works is i
the work, uiui this doubtless ineans flint i
we must go more slowly for u fe\v
or not, the results will certainly bi- i
The sciireitv of inonev urisi-~i from ,
one inun wislres to borrow, nnot-her man i
Sw °l‘L`i-li "P0" Ol" 9xP“"5“"|» “lllfll high prices the farmer has had un unus-
i 0 ‘YOU "Ot lllaka of 011|' Own 111-00rd uully good year. 'I he rcsult of enquiries
‘ins ip  iiieiiiiilre been iitireeddupon us, fr
'B sin on ess ral a 'ust our 1 1 ti k' . _ .
iilfuirs to_ll:1e iifciv coiidililorili, null Ishiill ligws mt' tu mg 100 M u'L_ memgc
B ‘“"`l'l`l5" l “"1 110 110'- e\.`l’l\l\U\ .Y eats t\vo kinds of root i idl 'a dr -
porieluile that as a borrowing country we pics-Z the yield for ,UT i|,l,,, ii:,`)y’"ii.i,il.i,
0\$}n‘\_»~i1'=ilii>)<-¢1_ this more seri0}isdtrvai»Ies gif was oo, rarrgoa fr-sin as to 110. 'rits re-
-fs “lei HHH H01- fl=\l0 l-0 =\lS'-alll suits from the dairy have been scme~
ii~'i ' ' .. . . » .~ . - _
ii:&t“'5le“'i)‘f‘ iileellilitife _till l-Ul‘lI'¢‘r  for the previous year, and the sales .rf
ll er LN" l H0 lll0l`0 IP” eggs, of cattle rind other nniniala exceed
rples, one of the inost iiriportniit crops
tlhilc Canadians hi\\'e taken u natural but there has been such ii shortage of
pride in the great growth of their foreign car supply that \vnrclioii.~;es are full,
trtrdi-, \vliieli has increased from uni b ' ~‘ ‘ ~ ---
$252,168,000 in 1:5517 to $017,044,000 in ir,
1007, some reninrk has scorned. necessary '|`hc total crop for this province is esti-
cach _vcur upon the large excess in nur niutcd ut 800,000 biirrcls, valued at $2,-
iniports. 1-‘or the yenr ending iniilsnni- 000.000.
mer 11100 the two_li;id so upproxiinated The year has been profitalile to the
that tlie_cxcess of_1nipoi‘ts was only $37,- iislierineii, the catch including lobsters
llboiooo m ll l0l`0lt{ll ¢\'|\<10 Of $550,B54,- being about 25 per cent. higher than last
000, but for tihe ycar ending inidsuin- _ver 5 _~ to
lllL‘l'._ l!l0i_, we have un excess in iiriiports .\'ovii Scotia $7,000,000 or inore. Lobsters
‘il <`f'l0l.l'Ul,U00, our exports being but are not as plentiful or ns large us for-
littih-e larger than for the previous _ve:ir, ircrly, and nmirkgrpl nm |053 ,,\|mg,-Dug
i
wlrihi our imports ure about $li:'r.000,0(i(l th
-i
_ _ _ B ‘l - Q
iriiil-siiiiiniei, 1001, slioweil no tendeiicy illei1_iiiri1 sold fresh iiiiiler steadily ini-
iouards iiiipro\'eirienl.. \\e cannot build proving conditions. As u whole the fish
cannot luiild up_ricw towns iuiri eitiesiirv 2~`i-otia, altlioiigh it is in _\`i-w ]iruns\vick,
the liiiiidrcd, without largely iiiereusiiig had ii favorable season for inriiiiifncfiir-
our piii'i-liascs as coiiipared with wiinf we ing hilt as sales depend iniiinly on con-
n.i\i~ to_-ell Ihia is wlirtt uc nie.iii \ ilitions in other coiiiitiies it is not sur-
rno1fgiig|n"_ our future. After we make rrising to learn that the iiiurkcts in
iillowuiii-o for the wealth brought in by (ireut llritiiin for ileiils niiil in the Uiiited
. ‘ ' ' P -. '
dvulrii irillo\v of irnrnigriiiits; rind we of the most important iiiiiiislries in .\`ovii
s i '
the iriiinigruiits tlicinselves and by the Stirtng fm- |,,.,,,|.,,_.k ,i¢c]i,,,.,i iw,-,,“5(, of
(’(
_ _ i xriilioul. profit _There is quite ii large
part of the sum reiuireii Lo luuiilate supply of last 'yeiir's logs iiii.~ia\\'ii, rind
llhe_ raiilroad corporations provide their' last year. As the .\'or\\'egiiin and Rus~
=11I\\l. and generally in advance of its sian ents nre also being lessened, the
r ir
have of late years sold their bonds S0 tions very soon; indeed, some improve-
l . '.
proreineiits, the bonds for \vliicli can not [hc ,,,,|_i,ui_ of ani for the 50052,", img
is eoiripli-ted. .-\t_ the suino tiine riiiiri_\' ing ,,,,,,¢,~,.' io siiortiii. Working iioim,
iiuliistrial coinpanics hiivi- been speriilin,i_» ii,
_ . . . .1
ioi the sale of_.sccurities wiih which to ,,,,~ tim i,,-L.\»i,,,,,5 yen,-` i,,_st,.,,,i of Simi,-.
"*`lll"_"° "lm "“l)ll"l f°<illll'°<l_ l0l` =‘ll\fl\ "N ing the iisiuil increnseof i0to l5perccnl.
pciiditiires. In ordiiniry tiines such :r '[~i,,,,.e is “iw ,i iiiigi, gii,,i.i,ige in the
L`uiiailiiiri finances, but coiniiig in a year ,,i,,,,,i,,,_, of ii,ii.iguii,,iii ri-i,,,i.,, “-3,
it » < `~ » .i
large, our crops below thc iiorinzil, unil ,.x,.,.i,¢ “.i,,.i.,, ,,,i,,,.S ,im w,,,-ping 0,, op]
uorst possible condition for all borrow- ,,],,,,,|,i 1,0 ,iiiiw Siiiisfiiciori.
<l|»°f0ll\f‘ll`l» W0 Hill. llU“'l\'f‘f. <"’ll»_l'“ ll poitiiiice, have been busily employed iinil
of capital,iind this liuseniibleil (firnailiiiii ,.,,,,,i,,i,iiEs iiiwe inid im pxceiicnt yeah
iriiirlicin un easier' terius lllllu "Hill," r-oinpnriy there luis been an iiiiproveiiiciif
other i-oiiniriesl. The coiirsr- we should ,,\.(,i. the h.,iiidfii,,t,,i._i. i,i.,,\.i,,ii,, yciii. i,i‘
follow in the iiiuneilinte future sei-ins ,,iii,ut iii ,,.,,,`,i.ii,,,i io ,hint in ,mil
"Wil-\`]’ll’ll\lL‘d “`°’_l""*i P0 “>"'"""l “"l_l" coal. 'l`lrc eoinpunies have orders -.ihcud
""“‘"l"il-5 ill” "“l"l”l l’°l"l" “"‘ll`ll"l‘l'li~’ sufficient to warrant the hope that they
` ' . - . . . ‘P
years. \\hethcr \\'e like the discipline ,.i. iiicir i,i-i,.,.,, ,,,,\t,.,»i,,iii,_ it ig in bc
lood mr (“"“‘l“ l" "ln"-V “'“y§° ooiirees in Caiiiiilri froni wliicli nn rule-
various causes. Roughly Spellkllig. ll the ordiirrii'_v iniuiufaeturer who works
--_= *' _£ -. H . .
s hurtful, tlie tro is were excellent in
ni 140 wrrespondeiits in Nova Scotia
p and considering four kinds of eer-
liat larger and with better prices than
rse of rceent years. The price for
.\`ova Scotia, is higher than last year,
1 ii; ers are not \\illiii;( to p.iy cash
f:irinei's undcr such ciri-iiiri.~taiiees.
ir, iiiiil the total inone' result
nn lust year, but iiisliore eori have been
iught in lurver unntities and rirc li.iii-
l'=\<l1'. so iniportnnt to the .\luriti|nc
’rp\'ini~e.~r, is in ii healthy eoriiiitioii, with
good outlook for the future.
i`hc lumber business. whii-li is not one
-reuse in building op:-riitioiu-r nrul large
tor-ks on liund, so that some borne
locks are held over, \v1iile runny sales
ave been iiindc at it loss, or at least
he ent for the present winter will he
ot more than 50 per cent. of that of
uirket should return to normal condi-
ieiit is already evident.
lt is too earl to obtain the fivures rr'
wing to u prolonged strike at one niin-
soine rriines and to other causes, thc
uiintit ' ruined was soinc\vluit'lcss tlinii
t. l.:i\vr'ciiee shipincnts owing to the inte
ii i-xccllciit dcuiand at good prices, rind
rntriiets niaile at low rutcs, profits
The vurioiis niunufaotiiriiig establish-
ients, especially those of niitioniil ini-
iave in inany cases exceeded the high
-i-cord of the previous year. The steel
ii the case of tho yiiuiigci' uiul larger
I l l l r l ‘
ty rind in profits, not having regard lo
he oiilstniidiiig dispiitc over_thi~ price ol'
vill not in the ncar future full oil seri
usly in pi-oduetioii or lie forced to iow~
iorue in riiinil tlnit there nrc as yet no
uute supply of pig-iron, for the use of
n iron, can be obt:iiiu~d. although new
tures of irioiieyfeoiild not readily he
carried out; iriuiiey beeainc perecplibly
deurcr for long loans, und ordiiiury
building operations were soinewliat
checked. Saber tiuiuieial joiiriials sug-
gested that we were approaching a crisis,
but during the suinincr much was for-
gotten. liowsver, during the week be
giiining 21st October, ii decidedly critical
situation arose in New York, duc largely
to the acts of some of the larger trust
coiiipiinics, which had apparently fur-
gotteu the principles on which such iii-
stitutions should be based. The failure ,i
ui' one of the largest of these eornpan-
ies, and runs upon several others, created
prinieky conditions in New York, and
this state of feeling rapidly spread
tliroughout the country, causing timid
iiidividunl depositors to \\'itluli'aw inoney
und lock it up, und, ii stiil more serious
inatter, causing country banks to at-
lenipt to huilil up reserves, in sonic p
ease.-i needlessly large, by driiwiiig their
_i J Mlnazer: and in Sourls.'Percy
for trcntiucni. H-i uziderweiii. avi opt r-
iiilon Tuesfluy and the telegram ssysiie
is doing wcll.
THE KING’S C0l."NTY GUARDIAN.
Offices in Montague. Capt- W. A. Johnstone
G. Seaman. llanszer. 
...Band in the Montague Rink to- ‘-
1~23d1i.
 H. Douglas oi’ Murray llsrlrcrili-
nfl proi'ee'J_uIl to the Bootblry llospitallA
._The carnival- in the Montague
night.. An excellent sheet ol' ice. Sliullnlt Rink Wlll UWB P1566 FUD.
7. 1»23dr2i.
_.Salesman wanted to travel in
rrivsrl in Boston on Saturday eveninqimlfl§'S Hall QUEENS C0\ll'll-l€H- Libe-
lsuiirry on commission. Address
B.. Montague. 1-23dr1w.
i_€________
IANY DOWN \Vl'I’H PLEURISY.
Guardian Branch at. Souris, having I
actors say the :iount.ry is full of lt.
resigned owing to other duties, np- _'
write "The Guardian Business Office, 1,.;
Charlottetown." 1-Zldrtl. eu
it
...P. G. Seaman manager of The D
t
liconts for the position shouidfd
ne influinuiutlorr nrows-you osnr
rsi. comes A chill, then cold rievelo|is
8 . .
w a lon branlh-lungs and sides let
re, and plieurisy sera in. A good home-
re cons sts in taking twenty drops nf
io|lo»\\s:-
General Manager's Address-
\\'e lii\\'c eouie to t-he elo-se of a }'<‘.\T
i.iipi-i-1-cileiite'il in the liisrtory of Ilriiiiieiiil
.~1iiiii_;i»iiey, rind as it was worlil-wide in
i~il.~.,-,|_ wr- in tiiiiiudn have not vseiipc-l
ll--in the i'\-siilts of our own gi'oii.t "X-
p.=iir~i<ni in trade, and the iiievitablc cori-
ir.u-lioii ot' <~redi‘. which cornea IIS 1\
rlzeek in the midst of iri\».~'-p\‘l'll.\' ll‘l`*’“il"'
ini. the eoiintry. I\'ot\vl-llistaiuliiig lhf
i||i1n\'oi'iilile evciilo ot' the )‘L'i\l`r lll'~`
.-i.ii4-ineiils of the liiink w»iiieli we have
p1i.r~iiic in :oiiliiiiilfrliig ure the lwot. in
ii |,i,.i..,~_\~_ li it r|r»r-illrsrs to say tb-_if
\-.iiir ilu- pr-est-iit outlook we iiius-l. ugiiin
r.-pe.i.t the wririi-iiig to you not to exiu‘<'-
ii repi-litioii of such large profits. llic
i-in-ck upon the voluine of li\isiiicss_li.is
li'-eu latter in coining Lliuii sonic ol no
\’\|»e.-ti-il, but it luis now iictuiilly coni0»
and \viili ii dis\por~ritior\ on the part of t'\'!
piilrlie towarilo ilic liiiuiilutioii rittlicr
lluin the creation of debt. UW "°l"’"" ‘Ii
bairking luis-iiiesas iuust decline and pi'->-
fiir. be i-oiwspoiisliiigly 1\ll`ccled.
'l`he net profits for the year iiinoiiut
to over ii' l-2 per cent. on the i~uplt=\l
U` the liuiik uiid exceed those of last
.iw-rr.~ ny aii,2zi. we irrwe .ini-iris: ll\°
yeur puid four quurterl_v ilivideiiils of
2 pei' cent., or at the rate of 8 ll" """l'
per aniuiiii, and after devotiiig thc larfsy
Ruin of $350,000 to expenditures on lla.:_»c
l’reiiii~es, and making the usual prov:~
siun for the Pension I<`uiul, we bade ear-
ricd foi'wnrd ii balance of $07-’i»lll`3-l0_ “l
err-ilit oi' Profit and Loss Aoeouiit. .\ow
that the Rest of the llnnk equnls_ thf’
ruin ot” fifty per cent. of fire pa.id-up
enpitnl, our reconiinendution will be that
lr.iiisl`e|\s to that account he iiiirile ii'
eien millions and that in the inei\lIt\ll\0
the iiiiiiirpropriirtsil proll-is sliould li-Y
ear-ried forward nt the credit of Profit
ana boss Aceoiin-t. O
tlur rlepoiiita during the your iihow -1
ionaii decrease. namely, 8111.000- ll‘°
ileeivase is altogether in deposit! Hill
lvviiriiig interest. wliicli are coinposerl of
fire iliu-iiiatlng lvnlnnees of \':\rlolis lulfl'
ni-.ws 4-niuinuiiltles nnil are llierefore Ill
the nritnrn of things Anlrjoct to rul‘l‘l
it properllo say that ot the close of this
year also n considerable amount cninc
runier this eirti-gory. In comrmon wiali
other haiikirig iiistit/ution~s, a real shrink-
age of ileposit.~i will proilrnbly result
tl:i‘ou_glr willulriiiviils of iuoney wliicli but
for the pi-erieiiit earicrgcnc-ies of trade
would i\‘iniiin with us. Ou the other
bauil our deposits bearing interest, being
ilioae ol' ii inore stable cluirnoler, have
»ii.eii-used during the year $1,504,000.
'|`he ziiliiriiiisiriitloii of the nil`i\irs of
tl.e llunk during the past your was
.iraiigzlit with uiiiisuul flilfiiciilties, but
we look 1`o|'\vai'il willr llic eoiifident ex-
-ircetiitiloii that with our orgiiiiiiziition .ve
~liali in-, uhh- to 1-uiisr-i'\'o and iiiiiiiitiiin u
liigh atarularil of efficiency in the man-
rigenierit of the great intereista coni-
rinitieil to our <-ure.
ln inoving thc adoption of the reporlir
the 1’|‘c.~iili-nl said iii part:
Piesident’s Address. Q
At the end of ii very eventful year
in the iiniiiicial world, it, cannot be
truthfully sairl that any business nin.n
in Ciiiiiirlii was without warning, even if
he found hiinseif iiuite unprepared for
thn new coiiditions he was called upon
to face. Nur i-un it be truilifully said
that thc banks as ii wiiulc have failed
to do as niurh for the liorrovving public
ns the latter had it right to expect. In-
rleed, when we consider the rash and
ignorant criticism of the banks heard in
ciriniiiiiuities where the stringency ln
money luis been inost keenly fcltr ll
seeins almost ns if it were useless to
.,|\'r-r n signal ,of danger to the btizrovivti
iug»publie so ong as pi'osp_0l`l y _
i-,iii f,,,,.,._ A year ago tins_ bnnkv iiiii
its part in offering n warning uhei
eu-rits have shown to lie _|ustlll0ll» but
||,i_., \\-nrrriug was aetunlly regarded M
an eviileiiee uf total iinibility to_ under-
qmnri tho true luislin-ss conditions ln
the West. Cuiuuln ivns doing more busi-
ness than was justified by the money
.ii imr eoniiiianrl ut ironie. or that coiiid
'iw ,,,.,.,,,.,.,| ,rlri-ond by the sale of the
.,,.,.,,,.iii,.s the eoniifiy was creating, iii-
linunzli it was not i‘f"‘l""l“Fl """"" 'mm'
cient iiiereliiiiniise tu nieet the demand
i,|i,,i to .iii\ degree in udvlllll-10
must have saved in a shape ready for
iiivesl.iiient_ If the \\'orld is in a debt-
ilying, rind, iliereforc, also ri saving:
niood, it will set aside annually niorc
savings than are ncedeil; and if the
world’s trade is expanding and profit-
able, and extrnvagnnce is i,liei'et`orc gen-
eral, the reverse will he thc ease. (ine
great Freiicli ecouoniist has ciiileavored
to state the eoiiilitions of the world as
they existed in 1000. Ile estiiniites the
l .
inifineiits as $li.‘.!50,titl0_00O. and the
wurld’s sii\‘iii;.f,- nvriiluhlc for investment
ut iiiil more tliiili $2,-ltl(l.l)0ll,tl00 to $2.8tl0,~
nioiis iii-|li~ioney_ nnii lioivr-ver' ueur this
iniiy be to the rietual facts, it illii.-ilrrites
in n forcible wu_v wliut the world is try-
ing to do, and why interest rates have
risen and thc priees of all seeiiritirs. no
iiiatter how excellent, have fnllcn. \\`lien
wo look nt niwliiiary eoniinercinl lninkiiig
operiitioiis connected with the prodiic-
tion nurl niovi-irieut of eoiiiiiiodities, we
inust ri-iilize that as against an increased
gold supply und the inert-used credit
made possilrlc thereby, there have been
two far-tors tending- to increase the loud
,,f ,ti-,.,|i¢ to be carried. First, ii great
iiierr-use in the qiiaiifity or number of
articles nf inereliaiulise to be carried, null,
sceoiiil, n great increase in the price of
rilino.-.t ull iiriieles. tilourly the world
has gone too far in thc one direction.
and now we must look for ii mooil of
ecunoiny. in consequence of wliicli per-
sonal extriiviignncc will deeline rind suv-
ings lncreiisn, and the pilee of the \vorld's
lniililiiigs operations and trrule inove-
ment will sornewliiit lessen. This will
proiuilrly bc aeeonipniiicil by it full in
iviiges, liowcver regrettable, rind by n
full in prices generally, although the
steady iiierense in the gold output. of
llic worlil and the power of eerlnin great
lnilustrinl iirgiiiiizaiiuns inny be oppos-
ing fneturs to any large and piirnninent
decline.
Tire Maritime Provinces.
These provinces have had another your
if the quiet hilt steady-going prosperity
wliicli eliiirrielerizes this part of Cnnildn,
inii but lor the effort on their lumber
market of flu- elieek to building opera-
tions in tivent llritnin ami the United
eii.riigos0.l\ year ago we poiiileil wil
taliat some of the deposits then held were
- I l ‘ .'
 iiiiniciiiiiie re<|uircrrienis.f We were.
Suites the results of the year would
ea iital needcil iliiii. vour for ne\\' com- “»,. iiiii,,,,-i,.,i ii, ppp; _~i;7_;;,',_~;_|i|)(;_ ,,,,,| in
000.000. 'l`hi‘re was. therefore, nn enor- ,.,|
"l`he total of the nliove-ineiitiorieii iui-
works have been establislied at Por!
.\rthur in t)i\iui'io, which should inritcri~
ully increase the supply.
Tinic will, of course, remedy this, bill
it inny be well to eonsiiler \vliiit \ve rnii_\‘
hope to uceouiplisli in the not very dis-~
tant future. in steel iinil iron in shape
to he rnoro or less the rriw iiiaterinl ol
articles to he iiiuiiiilnctiireil in (‘iinri.da.
sueli as pig-iron, sci'np-iruii, steel iugols.
bars, ski-lp and also .~lieet-iroii und wire.
|007 -*l'ii2.Si‘Z(i.000. \\'c should siiri-l_\' liopc
to niake ull or ulniost all of this ina-
terinl in (`anaila vi-r_\~ soon. \\'c i|iipori~
in airiu-tiii'al sir-cl rind in rails in
ltlflti $.`l.4i'il,()llll, illul ill lllllf $7.Sll2.ll0'l.
and this we sliould soon inaki- inaiiil_v
or iillogotlicr nt lioine. In iiiiielriiier_v
uiiil otlu-r iii:iiiiifiii~liires of steel and iron
\vc iinported in 1006 $10,710,000, in 1007
:ii2i,|lT-'i,000, Sorrie rrf these nrlii-les we
niiiy niukc before long. but it is not so
iriiieli in eoiiiplieuted iiiniilifiii-tiii'es that
we need to succeed early as in staple
inutcriiils wliicli enter largely into the
goods \ve are nlrcuily nlile to innke, or
iniglit; nnt.ui‘ally hope to niuke. at borne.
ports of steel und iron in various forius
is rather striking: in 1000 $211,547,000.
in 1907, $41,sii:i,ooo.
United States
In dealing with the general situation
in the Unitcd‘St:ites the President
said:
Taking the United States ns it whole,
another great erop of cotton has been
raised, rind is being sold at good prices,
and while the grain crops of 1907 Wert*
slightly less than those of either 11105
or 1000, the result with_tho higher price
is cnnsideraiiiy greater to the farmer,
so that the agricultural basis of the
country has been well sustained. Diir-
ing the winter of lil06»7 the money mar-
kets of the Unlterl States hnii, however.
repeatedly reflected the fact that the
expansion in bniiiliiig, in trade volume
and in prices, enminnn to so many dif-
ferent eountries, had uutrun the worid’s\
sunniy of money, rind in March a short
stock exchange pnnin gave spec-ini eni~
hnsis to this condition lt beenme evi-
baliiiiees frorn the reserve cities. Linder
the banking system of the L`nitc.l
510105, because of air inelastic eiirreiu-_\',
but iiuite as much because of thc laws
regnriliiig reserves, and the pci-uliar s_vs»
tern iindci' which they can only be used
for the very purpose for which they :ire
lield, ut the expense of bi'cakiiig the
letter of llie law, and thereby creating
a panic, the effect of this hoarding of
currency was to pariilyze biisirreus, and
currency for ii short tinie as hiffh ii
per te t and on thi otici re
creation ot ii teniporary eurreiicy, illegal
but eminently sensible, in order to en
able the business of the muntrv to go ll
ported f`rorii ]<Iuropc to the extent of
over $l0(l.000,000, and wlille t-his was
an exti'ani'i1iiiai'y evidence of ability to
the very fact that it was necessary and
possible to obtain this very large suin |
from Europe iiiiturally a1i\i'iricd the i
money markets there, because it was n i
coin-i'cte exuiuple of the violent nndl
erioi'rnaiis forces which .-tnieriean !
trailc and finance can exercise upon
Europe when the peiululuiii has been
iillowed to swing too far in one direction.
:l`be situation is now steadily improv- 1
ing, thc gold iinportiitions uiul thai
preniiurn on ciirrciicy have stopped, and ,
the reserves of banks iirc lrcing_hroiiglit 5
hack to the legal reipiireinents. lluw l
fur the enorinous full in the price of cop-
PUI5 and the iiiore inudcratc fall in
01'-l\0l' lactals aiul in luniber, will he fol-
lowed by ii general fall iii the price of `
ull coiiiniodities, it is too early to esti-
rruite. But as the wages of labor are
being rediieed, und large iiuinbcrs have ,
been thrown out of eiiiployrnent, we
must expect a moderate reiidjustriierit of
prices. Food stuffs do not, howc\'i~r', he-
cuuse of another series of factors, show I
any tendency to decline in price.
The hope luis been coilliilciitly
pressed on iriiiriy occiisioiis since 1803
that the United States would bring f
about reforins in its currency und bank-
ing systeins. Partly because thc situa-
tion is i`iill of difficulties not present in
inost countries nothing of ii dceisivc ira-
lurc has yet been ucconiplislicil, but the
iicinand for reform froni the public
tliroughoirt the L`nitcd States is more i
persistent than ever' before, arui we can- 1
notiloibttl t "tl tl " t .' 
rs
ae
1 Ill \\l \ l(illt'0ll l'\iltlll!lll'€
~hiirp1y in iniriil steps will new actually
he taken to rernedy the defects referred
to. It is well for all of us residing out-
side the United States noi. to forget that
\\'liilc stringency in inuney was inevit-
able owiiig to expansion, the extraordin-
ary features which differeiitintc the
iiioiieti'iry troubles of the United States 1
from those of other countries are due al-
uiost entirely io their peculiar banking
.ind treasury systeins. In (fuirada \ve
have nn eiiforeed i'cvisinii of the liaiik
Act every ten ycrirs, and it is wcll to
bear in inind that \vc i1i'eappronchlng the
time when the iiiseussioii connected
tlierewitli usually takes place.
The situation hours little relation io
that following the troubles of 1Sil1i, I
either us to currency conditions and
stiiiulurds, crop conditioiis, or volunie of
inuiuifaetnred ,goods re-Iiiti\'el_v to the dc-
niand, rind, provided the usual eropg are
harvested next year, a vcr_v full nieiisure I
of iiulustriul uelivity should prevail '
tliroiigliont Nortli .-\incrlc|i. 'l`ln» innrket-
ing of thc actual pruiliiefs of the ilclil, ,
~ .___ .\`crvillne every four hours. Supuleinent
in
iis by viizorously rubbing the siiies and
~-~E‘lf"ll"l “ml Ml`°"L'm° ‘lf limsllle chi-nt with Ncrvlllue, and when was-ruth
AV"\\l'~‘» 0dlil‘\“~lr Cillll'-. Mid DHUVQH Ofiiind olreulniion are established, put a
this Province, will celebrate tlieirgolderi Nl¢l'Vllll\% PUFUUH Plllitvl' 0V'“l‘ U10 Mlllnls'
wedulnk in Oakland tomorrow. They gsm' Nervmn” Tm`"'m"m IB "IWW"
ceesslul ln colds neurolgia, and
were married in Holliston. Mass., Jan. li,icu,.i_.y_ Try it youriieip
0. 1858. Tioy resided lu Massachusetts
four years, and then returned to Prince
Eriward’Isian1i,'w1isi‘e I\lr.`Lnne went. `
into business at New Perth, Kinp's
ounty.
MONTAGUE MARK ETS.
SHE WEARS l¢AR1lE ll00T5~ ,Corrcc'Lcil for every \\’ednesdsy and
cause, on the one hand, ii prciiiiiiiri on C
. U H
J I-2 ‘ ii ., e l ' tl
on. .-\t the suirie tiinc gold was ini- 
.-__-:_
Has to on ac-criuiit of corns-- but they can
e curci in twenty-four hours with
Y _Y_,_‘_, _ _ _ _,__- __. O..
r
Boys’ oil tanned rrioccusins at 
apply heroic reineilics to the sitiiiitirrn, Alley & Q0's_ Price $1_40, 1»2.idli. E
R
"’='“:;'“"` ' ' 7' "`: ixuzw On
/i lla
Bu
Saturday issue.
utnuur'a Palnii-is Corn l~IxLrii.eLor. Use UIITIDRDGF blll ~ ~---~~--~ 0010 $“00
o other but 1’utnuar's Cod, perquintai ,, , ,, $4 00 to 5110
taper bus........ .. .  40
tntoesperl5ua............  25
rnlpsperbus..... ..  . . lti
zzs, per doz....... . .. 22
t.mealpercwt........ $325
ttei.‘perlli(dalry)......  ._ 18
tterpsrlb(creamery).......... 24
ilriy pressed. ......  $1o00 to 1000
ickens per ib.....  ...
Ch
 Hides P0rlb...... ... .  -I
Burley per nus.... .... . .. 00
Hayperton, loose.... .. 
- Beef perlh (carnaSs).... .. .
~l
' Pork perlir(cnr..ass)..... . . .. (15 tor
Q   Lambpa lb(carcnss\.... ...,... ti to 7
A
W°°lncrih.......... ._  .. was
Ciilr.~.lrlns,por 1b....   5
D
Dl9SlJerbus,..   50
()r  Cabbageper rloz.....  .. 50
Booispsrhus..................... 40
minute when we sity to
drink the best Tea or
none that it is the most
expensive. Not neces-
sarily. Our I‘l§l{I"I;C-
TION llLF..\'l) Tea isuii-
cquiilled yet our price is
the srime :is you woulil
r pay for the ordiniiry kind
ufinllirior quiiliiy. There
is soinetliirig :ibout its
flavor thiit goes ilircct io
the right spot. lt seems
tu satisfy. 'I`li:it`s why
we are liullcling up .such ri
splendid '1`czi trade. All
of our best custnriici s :irc
u si ri g PI-Il{FlZC'I`lON
BLEND and 'ou will :tl-
ways use it rri)ter the first
sip. Wciirc selling this
Tea :rl 25 cents perpoiinil.
“lc also lirive it put up in
3 pound tins at 75c :ind 5
pound llns at $1.23.
W. A. Johnstone
Montague.
dttsrft
Carrorsper  40
Flour, Roller Process ner 100| lbs.. $5.0()
'I’rirki-yuerlb . . . . . . . ,
 ..._|219 14
Do not suppose for it Geese DEI' ib.... . . . . . . . . . . . . .
.  ..il to 10
. EVERYBODY
WAN 'l`S
The most satisfac-
tory sleigh obtainable.
\Ve iiiaiiufactiire those
we sell and put the
strength just where it
is required. Our run-
ners have zi spe cial
bend thus making
each of ours
The Lightest
Running Sleigh
on the market today.
Only the best stock
used.
Also Good Harness and
Robes.
Maiutv niios.
Moiiufncturers,Souris a
il-30 din'
l'o|'est and mine of itself i‘i~iiiiiri-s thiit
large adilitioiis sliould be ini~..le to rail-
:'oiiil eiiuipnieiit, and tluit other building
-»pci'iitioiis sliould hc ciirrieri out, :ind'if
the worhl generally can be induced on
the one liiinil to exercise its power of
-'aviiig to it greater degree, and on the
other to iiiorli-into sornewliiit the piiee of
its iiuliislrinl cxpirnsioii, especially ns rr- l
giirda the fixing of capital in bi-tiei'nii>nis
of all kinds, we ni-eil not leur for the
pi'usiici‘it_v oi' the fariuor tlrrouglioiit
North _\|iic|'ii-ii, or that our workslurps
will he idle io an extent wi\ii'li should
ii|ierfei'ii with ri sound :ind reasonable r
prospcril_\'.
'l`he iuotion for the adoption of the re-
port wus then piltaiiii currieil.
.\ by-law iiicrcasiiig the authorized
capital stock of the Iiiiiik froui ten niil-
then piisseil, and the usual resolu-
tions expi'essiiig` the thanks of the
slinr-elioidei's to the llrcsldeiit, \`ice-
l’resiilenf and Directors, nnd also to
the (iencral Miiiiager, Supcrlnteiidenl. of
G
We Have the Sleighs
lion dollars in fifteen iriiliiiiu dollar-si was J
OOD SLEIGHING IS HERE
and ifyou hsven't a ii'ce sleigh you will miss a good drive.
that combine comfort and s'yie wilii iight running, and a large riingo is
here for your selection, from ,$12 oo up. To make the outfit complete we
also krep the mn:-it
Fashionable Robes
in all the l ading colors which we are
see them.
retailing from $7 50 up. Call and
Zi-IN  cl! 335|
dstutf Montague
llrnnehes, und other oll`ici-rs of the bunk,
were unniiiinously enrried. Upon motion
the meeting procecileil to elect directors
for the coinlug year.
Tire iricetiiig then adjourned.
Tire scrutlnecrs sulrseipiently reported
the following gentlemen tn be elected as
Directors for the ensuing year;
ll. E. \\'rilker. -
Robert Kilgour.
Hon. (len, A. Cox.
Al. Loggnt.
Jnmes Criithern.
John lloskin, l{.C., Ll..D.
J. \\`. Flnwlle.
A. Kingman.
lion. l.. .\ii-lvin Jones.
Freilcrie Nicholls. V
Il. D. Wiirren. J
lion. W. C. Edwards.
Z. A. lrnsh, KIT.
ll. R. \\'nrnl.
Af. ii nieeliug of the newly elected
Board of lilreetors held siiir-ieiuentlv
ilent that the piiins of great railroad
systems, involving very large expendi-
I _ i
Mr. ll. E. Walker was eleeterl Preiiiilr-nt,
and .\lr. Robert Kilgniir, \`iee~I‘i'csldenl.
f , in ~'€'l I m_
= .= .P -fi
llll INSlllllllll}E.
1"- I Fil'
ll' lllfllii-‘ig f‘%'h|"N='¢rq”oiirlM‘if\'n1i"whilldlnlg
<jinrr.|..,,., q,,'|'f,_ 30|, , |b,,.|.a._ iriraoss
l' '\ lvrlw. Writ;-r Ib1éi|nL§°tnrsn.e\€.Hnmi' 1°
}_ I r
Bidwsrwtl( D B L Plwahluiottltiwu-
li l. MURPHY 8: lj() LTD.
WARBURTON & $l'lA\i’ ' ‘ WDNFV N_S
F C  cop ""m“"TER"pU|iff»'{§’l};§'°"“' N“""‘“ General `Comml'sslon Merchants
’ ' Dasunu.. Olilceln Cameron .f3locb, Charlotte- lull Pr0d\Iv¢ l\ll1fll‘“l°'= °'-*mmlc
’ A
. to n. P. li. Island 1011-,
P nllmvera A. R. Wsxniriovi, Ii. A. D. L. l"°ml’° '°““'"° m°d°
£lectrotvp¢fS» ri. sam sn" °‘"Yf- '_ r ‘
St. John N ll
drl6m
.`. _ ,
H0l`El. BRIINSWI CK
MCNCTON, N. B.
The Largest and Best located Hotel
li' ihigiiciuytlf i.is|=.f:iin.\islii\§»:°li\n§:1i"fl
» ins n e-can I0 n
2_i!:,;'!‘p§i',”;i.'!f.2ll!‘r3}».f.‘r2»'?-“rri'il.'£‘25.l.¥
G80. l¢SWEENB\',Pro ‘
-_ 1s...-.-........__...,___. __ . _._  ___.-,_ __ ___ __,_._ _._ _.._.A=su... _ an
t
l
Winter is Here
'SU N B 19 A M flour
glv<.~; satisfaction ln
cold weather when it ls
difficult to make good
bread. Other brands may
a doin summer but you can
not ifford to exoerlmeni in
he winter. Use the rid re-
isblc Suubesin.
Years go by. and each
year SUNBEAM receives
new friends because once
used always used.
It makes good bread,
light biscuits and the most deilclnns cilze and pastry, It is
the iw.-sl. Ask voor grocer for SUNBEAM.
Made by
5/Se John qCii~iln»pbii)ll Co., Ltd..
.` .....‘.... ~. - “‘°" 1 f
` i _M I Ii E _ .A ' i~~---W--gil ~ “‘ P ‘i ;f\.'L "{”""* " _"'_“_;"°’°"°"*'»“"‘ ""”""“"‘°"”""` "f“"i
 ,.
1,
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