NOVEMBER 2a. 1949 lank of Montreal Annual Statement 115M, Nov. I - we- ":32 feature of the Bank of Montreal's l32nd annualreport is lhe fact that. for the first year- ind 1n the bank's history, its to- .ai resources exceed (the two-bil- mn-dollar mark, while deposits 111d commercial loans are at re- 10111 levels. Always a dependable -c-llcc:1o11 of the nation's econo- iiic hvillih. the report of Canada's 11-11111.- fiiiancial institution this .cai~ cllOWS substantial growth in yacuviilly every phase of the 3111115 operations. What the bank's two-billion i.»iI1il' resources represent. and 1011' ills)’ art? Put l0 Work- Pm" _,d. 131m riiiv material for this in- ’ 111.11, humanized annual state- 111 , \\'illCl‘l was originated by 1 ~ l; or M 111 i945 and since then ‘porn considerably developed , 111- to the widespread pub- >h0‘1\‘ll in it. 1i ".\ Special liilexiage to 1:11.1< of the B ofi the re- l... poi; ;1cl11i11\rlcdgcs in striking terms zhu achvc contribution of cook's customers with the "This Year You've Written diwtl-DOUBI‘ Story." It oils to explain how "the _ 1111-1i11li11l‘ resources of 1 .\ Lil-t bank have been put 111 11 ‘11 . . . how these rcsourees 1 u.’ thc deposits of our cus- —- im- helping Canadians -v 11:iik of life to make a ‘uni-c for themselves and thumbnail sketches simple language in the iikdoivn of the figures 1 l! of M's statement easy '111i and of interest to "\(‘I‘_\i'l".(’. Ill-posits Over $2 Billion Loans at Year-end Peak over $140,000,000 high- 1 year, amount to a re- of $2,0l9,000,000 and prove ma‘. Canadians’ saving habit contfnui-s strong. Representing 2hr niun-gv of 1,700,000 customers, izi.= drpost figure clearly demon- s that the great size of the iniiiiily a reflection of the ‘c of citizens everywhere. iii-ho loose, the B of M to safe- guard their money and transact thr‘: business. lncrcascd loans, at the highest roar-cad ficiirc in B of M his- ‘.1. cell-H“. lhc measure of the banks assistance to business and llld.\'l<‘lll3l! across the nation. Dur- ing 1949. the B of M's commercial and o‘l1cr current loans increased by S 000,000 to $487,000,000. At llic swine linic. the bank's holdings o‘ corcrnvnciit and other secur- ities have increased from $1.004.- 000000 to $l.045.000.000. The bank continues to maintain a high pro- pcrfion of its assc-L: in n form read- ll\' convortihlc into cash: in fact, 1r pcr ccnt of all its owes the piiiilic. Earnings and Taxes Both Increase After the payment of Dominion end Provincial Government taxes. the B of M reports net earnings lor ‘hc year amounting lo $5,- lll7.00fl compared with $5,459,000 in i948. This sum is arrived st sf- ‘11’ ti" vflkmerit of staff salaries. bonuses and pension fund contri- ‘ ns has been allovccd for. and sion mado for contingvneics 1:11‘ depreciation of bank Promises. Dominion Income Tax ‘and Pro- vincn‘. Taxes amounted to $3.405.- "00- ~= compared 11-1111 929110.000 in 1945?. dzvds of $3.600 000 have lyn .1»; hi1 rcl diirint! tho year end- 1ri October Ill. This money re- f""‘-="'*.'= n return of 4.23 per cent W‘ “ic shareholders’ funds. "(TY KING'S ERROR is 40o Yrans OLD EnIYODDESDON. Hertfordshlre, Klan". ~ Nov. 2a —fOPl a little bovs snclllnc error has been ex- ilmliicd hv hundreds of visitors to ‘dnhiilon of oocnncnts in the HM 11 pub‘ic library, Th‘ hill‘ has sicllcd "Edvrnd", ililiilll’ 1n n snlall “r" as an L't,¢1-- ‘llllilill’. lie wins better known as sgiord VI. Klnr: of Erlcland. The h" *""P"'1 if? Ruined in 1M7 vhen ,1‘ “"5 l‘) 1s among a collection of 1i 1'l"(‘.li\'(‘5_ mans‘ and otlicr 17.9013 goinq back to the 12th irntliry “QIIIIMUTPS 0f King Char!” Q h Queen Anne are also on view. Does a Bail Bough liauso You Worry‘! not???“ the cheat la aora and your m“ ‘fins! on. you naturally be- w" ‘rgogrlerl. One sufferer who Wm"; u 0d over her condition, “Li? ‘$80k pained. I coughed a ‘ha’ will worried and wondered M my ‘H’! wronl with me. One Nerrlilnerlcnd! advised m‘ to u" ‘M m l; "In on my second bottle do,“ mo-‘hmv mother. Nel-vlllne ll coins me w," much good ae it la yum,“ kn fl have recommended "my!" m“ v0 frlendl; they are re aatlafsctlon also." nfififvgt‘; ll penetrating dnd pow. 1111-1,“ H "V" your cheat and ~ a effect ll Iood. sold la ficjmm" by all deals a DIE GUARDIAN. cnnnlnrrrmwnl THE ED U CA TI ONAL HORIZON i PRESENTING NEWS AND VIEWS OF INTEREST TO TEACHERS AND ALL OTHERS SEEKING IMPROVEMENT [N EDUCATION Environment or intelligence? WHAT SHOULD INTELLIGENCE TESTS AGOOMPIIIT Check One: A. Find out n pupil's chance foi- success in school? I3. Reveal i1 pupil's home en- vironnicnt, family 1ios1tiol1? l‘. Mcusurc true or iiillivc intelli- gencci‘ _ I by Ken W. F. Cooper, Staff Writer I The Saskatchewan Bulletin I 1 A whole new idea of lntelligencc testing is being tried out currently by a group of American educators. It arises from studies of the pre- sent forms of intelligence tests which, asya one professor of edu- cation. are not tests of resl in- telligence at all. He contends they simply measure or prcdlra u pu- pli's chances for success in school, or revenl a pupil's home environ- ment or family position. They may even discriminate against children from families of low-income groups. lie questions whether those tests nro good and offers i1 wcil Sllll- stiintiatcd claim tha: they are nor. What's Wrong with Preagnl Tests When you examine closely 1111-" tests commonly used. you soon dis- cover inadequaclcs which challcricu your common sense, To llllISfHlio, let's apply an intelligence fest to two sixth-grade pupils, Johnny and Billy, , One problem in our test requires the pupils to know flic word "son- ata." The details of’ the tcst 1v:- can skip. The results are that Johnny Refs the right answer and Billy misses it. On this basis tho test might be sold to prove that Johnny is tho brighter nf tho two ‘TOYS. But let's look niorc closolv before we accept this proof of su- perior intelligence. Why did Johnny get the right answer? Johnny comes from a "better" home where well-educated parents listen to and discuss fine music, The word “sonatn" is men- tioned, and some preferences are expressed by members of the fam- ily. Johnny, therefore. comes pro- pnrcd through environment to solve the "sonata" problem cor- rectly. But how about, Billy? comes from n “pool” home xvhvrc classical music plays little or no serious part: in listening hohlts or in family conversations. Billy's r-n- vlronment provides nothing to hr-lp hlm to solve the "sonata" problem. There to the value of tho "sonata" pro- blem as n device for measuring ln- telligence. Tho results of the rest reveal the home environment of the pupils or the family position, hut how valuable are they pg a measure of intelligence lf, ihdccd, they measure intelligence at all’? Billy l-w-‘ments with New Tests It was this kind of research and discovery which encouraged the dcr tho chairmanship of Pr. Alli- son Davis. professor of‘ education at the Llnlvcrslty of Chicago, a continuing study which started fivo vears ago ls being conducted In a broad way. As port of tho study. several experiments hnvo boon cor- rled out with 11 group of 700 school children. Here ls an exnmplo of the pro- vlous typi- of test problem: A symphony ls fo a Composer ns a book is to what? ADDRESS DELIVERED RY DR. J. CONVENTION DINNER 0F A short time ago I visited the Maritime Provinces and there heard a ltory which has stuck in my mind. In n Cape Breton vil- lage, at morning service, the clergyman preached on the Hare- after. He drew s harrowing pic- ture of what was in store for those who have done what thr-y ought not to have done, and have left undone what they ought to have done. So eloquent was he. and such was the sense of guilt ha aroused, that almost every ember of the congregation wns visibly moved. One hardy soul, however, sitting beck by the door. remained calm and even cheerful. The clergyman noticed this recol- citrant auditor and redoubled his efforts. Most of the congregation was now in teal-a, but the obdur- ate one remained unmoved. The clergyman addressed hlm directly: “My frlend, why are you so hard of heart? These other good peo- ple are clearly aware of their guilt and peril; there is good hope of their repentance and salvation. Have you no concern over your plight, at all?" The reply was prompt: "l don't have to he co11- cerned; I don't belong to this por- lsh." It. la not so long ago that Cano- dlsn education was almost. bqually parochial. If we lived in British Columbia, we felt no concern ovrr the shortcomings of cducntlon on the prairies o1- in ll11~ cast. If we lived in central Cnnfldil. the vicissi- tudea of schools on cllhcr coast were of only passing interest to us. is a bnsis for doubt ris_ educators in cxnmino furthcr, lli1-| Faber -_ sculptor — author — musician — 1111111, Of the "upper class" group, 81 Der cent answered correctly, while of the lower group 52 per cent were correct. Then a similar type of problem was presented to the some group: A baker goes with bread the same way that s. carpenter goes with what? , A saw -— a house — a spoon -— a nnli — a man. Fifty per cent of each (higher 11nd lower-income) group answered tlic problem correctly. Dr, Davis‘ research is further than merely studying the composition and results of the nlfire widely used intelligence tests and their revisions. He-ia keenly iiwnri- of the need to reduce and l‘l'I'1lO\‘C all prejudices, He recently ">1" H group of school administra- tors: “One of the big wastes of liu- man rosourccs is our failure to di-vclop fully the potential mental chil1!_v n'.' llic 00 per cent of our Pllhils who (‘time from the lower- invomo groups. \Ve lose this men. t11l ability tic-cause of the failure of iniclliirciicc tests to measure tlic rcril lncntiil ability of the children from lllcsr- groups and the failure oi schools to recognize and train this i1lillit_v." going Problems from Llfa It ls too soon to know the re- sults of tho new tests which Dr. Doris‘ group has conducted. Their (‘Xlwrimcnlnl tcsts are built around problems which are the common r-xpcrience of all children. Strange- ly enough, problems on lifelike ex- periences are more difficult for children of both groups, as shown in a large reduction of percentage of correct answers from higher groups and in an only slightly larger increase in the percentage of correct answers from the lower groups, The results, however, show that when problems built on the common experience of all children are isivcn, the children in the low- cr groups get solutions correct as often as children ln higher in- ("time groups, even though the former may take a longer time to answer. Dr Davis also questions whether the time element in test- ing deserves tho importance given to it in earlier tests. The value of future intelligence tests will depend upon their being free from bins of any kind. The new tests will measure reasoning, incmory, observation, ability to ap- praise values, and creatlvenesa. Freedom from unfairness will be achieved in two ways: (l) by using words and phrases familiar to all groups, avoiding fancy, "literary" terms, and (2) by using problems bascd on lifelike experiences com- mon to all children. The experi- cncvs will be rcnl ones, not based upon situations set out in chil- dren's books. Better Curriculum; Needed There are no predictions as to how the results 0f 1111-. new tests may affect future curriculuml, "All our findings," aaya Dc. Davie. "point to the lame conclusion: The greatest need ls for intensive research to discover the best cur- riculum for developing children's bnslc mental activities. "Let us ask ourselves this simple question: What proportion of sfhc basic mental problems met by ‘children (and by adults, for that mutter) in their daily life can be solvcd by having a large standard fvocabulary, or skill in reading, or skill in arithmetic wocesses? These routine, largely memorized activi- ties are little help in developing i1 child's ability to reason, or to analyze his experiences. or to work creatively." While the results of the new tests are coming in for analysis and evaluation, Dr. Devlea makes some interesting comments on present and future school methods and subjects’. “A democracy is s place where |nhllllv is discovered and recruited 1111 oil groups, and given s fair {chance to go lo the top for the j hcncflt of the nation. "W.- need all the able people we (‘fin find. To find them, we must ,l1nvr- a way to measure their real iiiuclligcnce. no matter how poor their environment has been. They have to be discovered in child- hood, in their first years In school. T11111 lg why new tests of real. nnflvo intelligence are essential." G. ALTROUSE TO THE ANNUAL TlIl-I CANADIAN TEACHERS‘ FEDERATION, AUG. B. I949. But Canadian education la no long such a local affair, We have lellrnfll 111111. what hnvnlnl to lschool children in the most re- 111019 regions of any province la of rcnl concern to the people of 1111, 1110,11 populoua cltlea in every province. Canadian education la far from uniform-how could it be and still serve communities of such widely-varying origins and inter- esfs? But it has attained to a ri-nl unlty.-—s unity not of pro- ccdure and of structure, but of Ideals and objects-and to at least a similarity of methods of aeek- 1111; the" objectives. Factors In Unity Many factor-e have combined to produce this measure of Canadian unity in education. Canada's lrn- portance in the world in peace and in wnr has been immeasurably en- hanced by her wealth of natural products and her proven ability to match agricultural and industrial productivity with the other na- tions. This has led to a eelf- muuclousness that. is the opposite of an inferiority complex. In a lossnr ilcgrro, thori- has been a definitely Canadian contribution to 11111111111111111! culture: Emily Curr 11nd the School of Seven; the wood “w”; and sculptors of Lower (311-111-11. Banting and Best ln medl- c1] rcsflarrh; Zavitz and his fol- 1.1111.~111 ln agriculture; these are ummplcs of pioneers in the realm of thought who arc unmistakably Canadian. Then, too, Canadians are almost nomadic; they move about freely within the stupendous empire we call Canada. The edu- catorl of the Pacific Coast seem to be the wiser wlae men of the East, for moat of them hall from Cape Breton and the Game. There are more natives of Bruce county in Saskatchewan than in that beauti- fu.l Ontario county itselif, and Prince Edward Islanders are as widely-distributed as their pota- toes. No Canadian university is complete without a Bluenose presi- dent. This migratory habit extend- ed during the two wars to people of every calling and station in life, until today the pride of being Canadian la at long last super- sedlng our pride in our local ori- gin. Unity in Canadian education is based upon knowledge as well as upon sentiment. The interchange of information and of ideas ls of the utmost importance, Your own Federation has not neglected this agency; its newsletters and the various teachers‘ journals, which circulate far beyond the provinces of their origin, have helped to break down ignorant prejudice. The ' Canadian Education Associa- tion has made this function one of its chief objectives: its infor- mation service ls assuming the proportions of n major industry. leagues from ivideiy - separated IIIIT TllE I of II MS on deposit with the Bank deposits with other banks . INVESTMENTS: The B of M public securities, which ha 0min ulna, they amount lance to industry for plant ‘All. LOANS: ’l'l1a Bel)! fully protected b1 wield! have been lent to business DTMII ASSITI: These dil their behalf, covering fo transactions . , . ITS OBLIGATIONS . dodged have responded to the ideal un-idgfinfleiy “raw, 1n ,, 1.11M n1- 1... n1... 11mm deflyln! U- N- E- 5- C. 0- 8nd hBVE ‘creasing volume and voloclfv supported every move ment Canada's ‘obligations in 1hl510us ways to a substantial dvflrrv connection. Canadian education has unify 1n Canadian 94111-11110,, not Slllfifed l" FY95"!!! l" ¢°l\!9'il\llls We feel about this a: llonr-c ll-v the brltlclsm that the school information 151111191 Cgnby 1-91-1011; n11- fonlinp o‘ ‘system which I attempt to direct is reinforced by personal servlceqhls generation about cducatlnn "Y111I-.-1_= our town." ho writes, “thc ston- o1 lTliot would indeed be o serious in- being educated was rcsr-nch-hlo 11-1‘ -I’iif'lITlPi’li. T\‘l11.=l 11-1- <11 uteri when it appeared, upon furth- quence. Educators the world over know and i appreciate through the work of Canadians at world seminars and conferences, A generous proportion have been or are now active mem- bers and officers of your Fcderiv, tlon. er needs to be reminded broader lmplicbtlons. with John Donne “We are all in- volved in humanity," "Never seek for whom the hell tolls; it tolls for thee." unity a world of interests far transcend- ing Canada or even North Am- CASH: The Bot M has cash in its vaults and money 1MONIY in the form of note! of, cheques on. ""1 was period. These lnvefunenu are carried at . . loansamountto. . . 1 . - - - for production of every kind-to farmers, fishermen, - Iurnbermeaa and undress-to citizens in all walks of life, and to Provincial and Municipal Government and School Districts. ‘Dam loans, now at the highest year-cod figure in the Bank's history, stand at . IINK IIIILDIHOI! In I-lemleta, villages, towns and large dtiea from meat te ceeet the BofM usvea ' its customers at 541 adieu. The value of the build- ings owned by the Bank, together with furniture and equipment, is shown on its books at . . . . i areas. Make no mistake about it;‘ in these meetings you are bulld- lng Canadian unity. with a growing self-consclouo, ness among Canadian educators, lt_ eral sld. This, I know, is one of your major objectives at the mo- ment. You are conscious, too, of the importance and of the diffi- culty of providing federal aid without infringing upon provincial rights to control education. Du- lpite this difficulty, federal aid for education has been forthcom- ing in a variety of ways—at first for specific types of training of national importance, DPClTlIiZHZI with agriculture and extcndinc ‘n vocational training in gcncrul: later, for training that would loud to physical fitness and for the wholesome use of lcisilre: still own province, for example, is cur- rently building between 520000000 and SBOIHODOO of schools per year, for the benefit of 700.000 pupils. That's a high rate of construction; other provinces are similarly act- ive. Even so, Canada has a huge dcficlt 0f arrears ln school con- structlom-the legacy of two ware and a depression. ls the quality of Canadian education dependent upon these expenditures? Onlv . portly. i Is quality iii education, then, dr-tcrmineri by school courses and loathing methods? Again, Can- ada ls active in these fields. Every- ls inevitable "l!!! the"! Ihmlld 515° imore recently, to the traininzr of where curricula are under revision be a llllifikelllnl lwlfflllefl! 0f C511" ‘newly-arrived immigrants for ("in-o | and classroom procedure is under ada as a nation among nations and of Canadians as a race with world- Again your Federation has its responsibilities. You’ to imple- Here again, Canadian education of these and again Canadian is meaningless apart. from T0 MEET ITS OBLIGATIONS! as 1 J % of Canada amounting to - - a - . - has over e billion dollars invested in high-grade government bonds and other ve a ready market. Listed on the Bank's books at a figure an! (man than their to . . . . . . 1.044.958.8413! The B ofM has other bonds, debenture-s -..s stocks, a substantial part of which represents assis- development in the post- he call loans whidl an saleable securities. These M QUICKLY AVMlAlI-I IISOUICIS: The resources listed above, which can quickly be turned into cash, cover 78% of all that 11¢ Bank my“ to the public. These "quick assets" amount to . lOANS: During the year, many millions of dollars and industrial enterprises .111 efly represent liabilities of customers for commitments made by the Bank on reign and domestic trade TOTAI. RESOURCES WHICH THE BoiM HAS T0 MEET 1nnt well understood " that the state of br-lnn unit-d respectable but not stood? with a general approval of unlrqllnflh a Canfldiflh Edlwfiiiflh no 1004- {in the vague hnpo that it will "~11 could not accept of lls ltnwards more vlgnrniic riqf"\vil\‘c'l" It can snyilt would be too bad if 1-.» 11-.» chance that our philosophy is reduced to this. that there ls one price ion HM- i» jivrone. Whcrmlg pay, even for unitv ‘the sacrifice of oualitv -Canadlan education can h» nttifln-i ed only by watcrln: besLof Canadian education. lot 11c 1|'lll!(‘1’ll doctrine is. I suppose, work- G,l74,6S2.9l 82394.5 50-80 $2, l59.68B,263.44 dlan citizenship. higher education, In the realm rii fiwlcrni iiiiils 'l'l1c.=n ori- snd maintain research. We have, then, nttiilnod iii v Pm l: wcll Wn rciicr rivylim That rir'r*o 1 If unit" i‘ dnvvn "in Knfiwledle thus disseminated, how- erica. by ll means esehciv unity. led out in an atmosphere far re evér. is most effective when re- Jhat determines thi- oualitv ofgnoved from workaday cares and inforced by personal contacts. Federal Ald t public servici- w» rail adiicn- jnnxlctles. But a philosophy which Hence the importance of teacher tlon? ls it iihe provision of 1141-. iwll] ensure a high quality of pub- exchange, of summer session and One further evidence of unity in,qunte buildings and Pqllipmrinv? llc education must he more than workshop, and of such meetings as Canadian education must be men-iCanada is spending mon- ].11-i-11'-,- logical and consistent, It must do this, which bring together col- tloned. It ls the growing wllllnq-lthan ever heforr- on tho prmi-"oi-i more than bring satisfaction to the ness to give (and to receive) fed-iof the physical school plrinf. (l 1r keen and analytiflll mind 0f the writing of it. WliiiT TllE I i 1111a,”. greatly mean that our Must we content 0ll1""‘l"~"< ibascd upon no philosophy, 1 rcvicvi. "fire But again, only partly rcsponsihio for WW8 "PPOYD-lflllilei 5nd Obilflfll/lmli- ‘ have been nvallablc for h11rsr1rio= ,tl11- quality of education. For they "Okand scholarships and ln nncouror! Mn turn, depend for effectiveness iiipon the philosophy which tinder- l Philosophy of Education ficirno time ago, l’ ivas dismayed no philosophy of education My concern was allevi- or enquiry, that our critics did not system is but. philosophy which they The criticism is still serious, but there is at least corrcct and that of our critics is if we had no hllosophy sf. all, we could not ho anything hut wrong, Tlic tcrm philosophy has an acn- dcinlc ring. Much of any philoso- ihEsn factors , PAGE SEVEN trained thinker. It must be C8131 able of being implemented by each teacher and administrator; it, must vindced be worked out afresh by each worker in the educational |fieiri, however humble. Canadian UnlVFfSlilGS and training school! are indeed devoting more time and attention than ever before to tha development of a Canadian phil- osophy of education. This ls all tl the good, but, as I have just said. the philosophy that is s saving grace to schools and their work ll the philosophy which so catchef the enthusiasm and the devotion o1 {educators that they build it evef _anew for themselves as they 11:11 ‘bour. l So we come to the heart of tlu math-r, which is that. the real de iir-rminoni of the quality of educa ifion is the teacher at work witl his class. What he does with flu pupils, what he helps them to d1 for themselves, are the important lihings. \Vl1nt really counts is what the pupils do and what they be- como undcr the teacher's influence. Teachers‘ organizations have been insisting upon this for years. They have cone farther than mere prParhinct they have done much to mnkc tcriclicrs hcttcr able to guide "Wit Pupil: aricht, They have Won livttcr \f‘l.‘l|l‘li_\' for their mem- hers lw-ilcr salarlrs and pensions, mow- ilvllrllflilolr- tenure of office and e clear-or definition of rights. They have built up a feeling of professional pride which shows it- self in dlgnltv and independence and also in adherence to a code 0f orofcssionnl villi/is, whiCh is equal- l,v important They have stimulat- ___,__/_, on Page!) (Continued "'1§.l<.¥1<¥l~'l¢l‘-1‘1€\~“T¢1Q._~ This Department fa eon- ducted by the Prince Edward Island Teachers’ Federation. Contributions are welcomed and should be sddrtnsed It , Mlllar lllacFadycl-l, 8 1-2 I'd- , ling St.. Charlottetown. ~(\\_ ~95: \c\l\c\. A WO-BllLlON-DOLLAR sronv o‘. >\)~'>~17QC\7~7~ zvxx. d Every one of the B of M's 1,700,000 depositors has shared in did Simple and straightforward, it tells how the two-billion-dollar resources of Canada's First Bank have been put to work . . . how these resources- born of the deposits of our customers-are helping Canadians in every,- yvalk of life to make a better future for themselves and for Canada. You can sec these dollars end figure in for 1949 of M IJWES T0 OTHERS! DEPOSITS‘ \\"l1iie many business firms, manufacturers, 229.296.309.15 larger part of ISSJBSJMJI The total of IANK NOTES: nu OTHER LIABILITIES: Miscellaneous items. represent- ing nninlv commitments undertaken by the Bank on lvfildli i! customers in their foreign and domestic trade trinuct nicrrhnzits, farmers and people in every type of busi- ness have substantial deposits with the B of M, the the-savings of well over a million private citizens. "in presentation, amount to 11TH . 1 1 e 1 - e a - the money on deposit with the Bank is sil deposits i: . - 1 ~ - B of M bill< in circulation, which arc tory of the Bank. at work everywhere . 1 . B of M commercial loans are at the highest year- clle his- s2,o19,l42.691".d! 5,621,916.00 51.767.839.18 TOTAL or \\"ll.-\T rllr Boilli owes ITS prrosiroiis 123.917.548.11 AN D OTl ll TO PAY ALI. IT OWE5. THE Roi M RS....-~ - S2.0S4,53Z.4'S2.83 HA5 TOTAL RE- sorizcrs, AS snows on ‘rue Lcrr sips or THIS STATliMTNT, AMOUNTING T0 . . . . l,¥02,090,9l0.0l This figure of “Milli and, to some orient, r.‘ business to broaden the Bank's services 11nd to give added I I I z,1so,os8,2s3.44 . 1 e wiiicii “FANS "run ‘rlir. n of M uns RFSOURCFS. oven 11x0 ABOVE wuAr lT owns, AMOUNTING TO 0.61 la made up of money subscribed by the shareholders profits which have irom time to time been ploughed back into the S $1,155,810.61 protection for the depositors EARNINGS-After paying 111 overhead expenses. lndudlns m! salaries, bonuses and contributions to the Pension Fund, and after making provision for contingencies, and for depreciation of Bonk ($7,352,653.41 premises, fumirurs and equipment, the Bof M reports earnings for the twelve months ended October 31st, i949. 0t - Provision for Dominion lhcome Tax and Provincial Taxes 1 a lflvlfljNflllflllflllda a e a e I I This amount was distributed as follower Dividends to Shareholders . . 1 a a a I Balance to Profit 11nd Loss Account . a a 1 e 17.850.159.21 _ , , 3 9,221,569.97 5,405,000.06 , , , s $516,569.97 , _ , s 5,600,000.00 2.2165699? i! 'I 1: l .\ “.7 _ ___ - '*";.:-..-_"‘ .- .\- l ,,. h.» ~4 u/{e-IFJA-t '