The following text may have been generated by Optical Character Recognition, with varying degrees of accuracy. Reader beware!

The Waterloo Trust and SavingsCompany Total Volume of Business at End of 1941 Stood at Over $21,000,000.00; Assets Under Administration Show Gratifying. Increase Over Total of ALL DEPARTMENTS SHOW PROGRESS; . 3 COMPANY AND CLIENTS DONG » THEIR SHARE IN FINANCING GROWING NEEDS OF WAR EFFORT The Directors of The Waterloo Trust and Savings Comâ€" pany have pleasure in submittirg herewith to the Shareholders their Twentyâ€"ninth Annual Report, showing the result of the Company‘s operations for the past year, accompanied by the Balance Sheet as of December 31st, 1941. PAGE FOUR After providing for interest on Deposits and other Trust Funds received from the Public, and defraying the expenses of management, the balance available for distribution is as follows : Balance brought forward from 1940..........................._.$ 22,999.17 Net profits £OF ThE YEAF.....â€"1+:.sc00eeervereveromtsrisnieetsrmevscrietsnrecsemnecsensees 1295749.04 This amount has been disposed of as follows: Two halfâ€"yearly dividends, Nos. 55 and 56, (at the rate of During the past year Canaâ€" dian citizens have witnessed an ever increasing mobilization of industrial and financial reâ€" sources to meet the widening scope of Canada‘s war effort. This will continue. It is naturdl, therefore, that our Company, together with institutions of a similar type, should be called upon to share in the urgent requirements of Governmental taxes and Victory Loan borrowâ€" ings. Also it is important to respond to the fullest degree possible to requests on behalf of the various war services. This we have endeavoured to do. With respect to military service, several officers from the Company‘s staff are now overseas, and others now in uniform may follow. CGOVEPNIMMENL ‘PANEB «1+0â€"0â€"semeeceeennenncenereernrsevepvepnenscprensens Set aside for Contingencies and Special Reserves: Written off OfICG FIXULFES.............csccsccscesreneeresscerreveues Balance Carried fOTWABTG.......................cocsssemenmemeeces. It is a satisfaction to be able to state that throughout such disturbed conditions the Comâ€" pany remains in a very strong position. Notwithstanding the fact that many hundreds of clients became investors in the last Victory Loan, our Guaranâ€" teed Funds, represented by Deposits and Investment Certiâ€" ficates, show an increase of $321,835.18, making a grand total at the end of December of $11,357,789.63. Our Trusts and Estates Department, after final distribution of a considerable number of estates, shows agâ€" gregate figures for December S1st of $8,264,446.48. This reâ€" presents a net increase for the year of $273,079.14. Throughâ€" out the year the Company was advised of a considerable numâ€" ber of wills having been drawn in this section of the Province, in which it had been named Executor and Trustee. The Company‘s total business stands at a figure of $21,148.â€" 156.41. Investments during the year have been confined almost entirely to first mortgages and the better Government and Municipal securities. The books and vouchers of the different offices have been audited â€" monthly, and. the Auditors‘ Certificate is attached herewith. All of which is respectfully submitted. Waterloo, Ontario, January 23rd, 1942. . Ford 8. Kumpf, President, Refers to Exceptionally Strong Liquid Reserve of Company; Presents Annual Directors‘® Report and Statement Showing Sound Progress In AU Departments of the Company‘s Business. â€" Mr. J. W. Scott, Assistant General Manager, Acts as Secretary of the Meeting. TWENTYâ€"NINTH ANNUAL REPORT GEORCE A. DOBBIE. Galt W. L. HILLIARD, M.D., Waterloo ALLAN HOLMES. Galt J. E. F. SEAGRAM, Waterloo W M ROMERVILLE. Waterloo THE WATERLOO TRUST AND SAVINGS COMPANY DIRECTORS‘ REPORT Ford S. Kumpf, President. Offices: Waterloo â€" Kitchener â€" Galt â€" Preston LOUIS L. LANG Galt Since our last Anmual Meetin?. trog;on of the funds lef another vear ef ruthless war has investment. I am rathe been added to history. During the i;« Company‘s investt nast vear war has come nearer to shall read the“!t glviny our shores. and nearer to Our ©~"~â€"/znq the percentage Oof t cinusness. We all realize, more than cach case we did a year ago that we have no & alternative, but to firish this World| CAP"TAT. ANN GHAFR War and to finish it so that we who INVESTMENT ANA are fighting for liberty can be asâ€"|Cash on hand and in © sured nf the freedom we are nowW | banks ............._____.$ enjoying. As in the past gvo years, | Government Bonds we shall no doubt have thany setâ€"| (Direct and barks and davs of darkness before| Guaranteed) ... our victory is won. But we are now Canadian Municipal able to see much clearer â€"than a| Bonds ... vyear ago, the tremendous task|Corporation Bonds ...... which lies before us. We are comâ€"|Storks ... ing to realize more and more each Collateral Loans secured day the sacrifices we must make if| by Bonds and other we are to win through. When the| approved securities.. Allies were forced into this war, First mortgages on the common foe had the advantage| town and city of ten years of intensive preparaâ€"| properties ... | tion for total war. I believe we are Farm mortgages ... overcoming this handican with hish OfficePremises. Deposit speed. When our materials of v{arl Vault, etc., Kitchener, overtake and exceed in quantity! Waterloo, Galt and / those of our enemies, the setbacks| Preston ... and days of darkness wi‘l be on the|Other Real Estate........ other side. Our victory will not be| Advances to Estates long delayed. and other Assets...... GENTLEMEN: HOn IOP IO‘Al Wat. 1 DEDVETC TV 91 Farm morigages ... _ 400,061,00 i past year we accepted overcoming this handican with higsh OfficePremises. Deposit neezu:rllggt ;l;eg mta::!g) Yhe amgunt rertake, and sreced m ons v{ar‘ o attfos ein aha ‘of $614,000, but due to requirements overtake and excged in quantity! Waterloo, Galt and ‘ > e certilin m etotes and frusts under those of our enemies, the setbacks| Preston ...~ 19540839 Ontinistration, and the yearly reâ€" and days of darkness wi‘l be on the |Other Real Estate........ 263,400.78|myme ts of principal on existing o ts t firiuy will not be l Advances 10 MeuSe: ‘loans, the net increase for the Comâ€" long delayed. and other Assets..... _ 11816317 0My‘s ‘CGapital and Guaranteed It has been my privilege for c Punds AIRNOUNIS 10 onlyuul‘bout cuite a number of yvears to move $12,883,709.93 $35,500. . The _ feeling _ p ils the adoption of the Annual Reoert| We must all agree that this is amongst investing institutions that of this Company, or to second its a wellâ€"selected, wellâ€"balanced and the mortgage field for 1942 will be adoption. I have come to realize diversified investment portfoli®. _ |more restricted. With the increasâ€" that during these years, there has' Reserves to take care of any POSâ€" ing difficulties of procuring certain been a certain sameness to my reâ€"‘sible losses have been set up, O supplies, and possible restraints on marks when I refer to the finan"‘al|the security has been written down construction, the new loans offerâ€" statement of the Company. The to a point where a loss is not at all ing may be greatly reduced in headines for my remarks have alâ€"|likely to occur. inumbers. While during 1941 in ways been a repetition of an UNâ€"| your Company is in a strong certain _ communities _ including broken recerd of nrosress. 3$ ©"Mâ€"|gnancial position. It was started those of this county, considerable pared with the years that went beâ€"|99 years ago in a field excellently new building took place, there has fore. These headings were: "AsSetS/suited to such an enterprise, and developed in recent weeks a noticeâ€" at a New Higsh Level." "Savin?s|peing surrounded by other financial able lessening in new construction, Accounts and Guaranteed TTUSt|inctitutions which are credited except in certain communities Receints Purchased â€"Ficher th3" |throughout the Dominion of Canada where increasing wartime producâ€" ever!" "Estate Under Management|today as outstanding financial sueâ€"| â€"â€"â€"â€"â€"â€"â€"â€"â€"â€"â€"â€"â€"â€"â€"â€"â€"â€"â€"â€"â€"â€"â€"â€"â€"â€" â€"Greater than ever before." ces Wour Prommaone Wncs had thai_ _ _ e President Ford S. Kumpf Moves Adoption of Report Points to Sound Diversification and Liquidity of Investments; Emphsizes Company‘s Improved Position Despite Demands and Requirements of â€" War Effort. Centlemen, those captions fit the statement presented to you today, which must therefore be very satisâ€" factory to shareholders, depositors and clients of the Company who take advantage of the many adâ€" ministrative and financial services it has to offer. Another remark that I usually make at this time I also make again today. It is this: The financial statement and report issued by the Directors is so clear and complete, and the Managing Director‘s comâ€" ments are so full and comprehenâ€" sive, that it leaves little for me to discuss. I feel, however, that a most T. W. SEAGRAM, Waterloo SEN. W. D. EULER, Kitchener FRED HALSTEAD, Waterloo W. J. MOTZ. Kitchener FORD S. KUMPF Waterloo Managing Director P. V. WILSON Viceâ€"Presidents COMMENDS STAFF AND OFFICERS DIRECTORS President ..$ 50,000.00 .. 40,516.43 31.388.03 .. 3,000.00 ; . 25,920.30 | HENRY KNELL $150,742.81 $150,742.81 Kitchener teteritly w fel. DJ f C o n ~prmg on e a > + wl m P. R. HILBORN, Preston WM. HENDERSON, Sr.. Waterloo R. 0. MeCULLOCH, Galt H. J. SIMS, K.C., Kitchener important feature of any Trust and 'Savinzs Company is the adminisâ€" tration of the funds left to it for investment. I am rather proud of this Company‘s investments and shall read the list giving the amount ‘and the percentage of the total in each case. & | CarTar, AnNn GTHARANTEED INVESTMENT ANALYSIS Your Company is in a strong certain _ communities â€" including financial position. It was started those of this county, considerable 29 vears ago in a field excellently new building took place, there has suited to such an enterprise, and developed in recent weeks a noticeâ€" being surrounded by other financial able lessening in new construction, institutions which are credited except in certain communities throughout the Dominion of Canada where increasing wartime producâ€" today as outstanding financial #uGâ€"| â€"â€"â€"â€"â€"â€"â€"â€"â€"â€"â€"â€"â€"â€"â€"â€"â€"â€"â€"â€"â€"â€"â€"+ cesses. Your Company has had the1 ® guidance of those connected with M L L I‘a these other Waterloo County ir\sti-1 r. ouls llg tutions as well asdof Tl;\’xst gfli\;ersw * who are recognized in their field as S d Ad eminently efficient for the various econ S 0pll“g poiitions tl}ey !lol_d. s c o a 1 I'll a the security has been written down to a point where a loss is not at all _ The work of the staffs has conâ€" tributed much to a high standing of the company. Their aftitude and efficiency are responsible to a great extent for the res%ect in which the Company is held by the Public. _ I know I express the feelings of the other Directors when I say that the 1oyaltÂ¥. and effectiveness of our staffs, both in Head Office and in the Branches is much appreciated. MKR. FORD S. KUMPF President wl _ 408,321.99 THE WATERLOO (Ontario) CHRONTCLE $ 875,775.71 6,509.044.94 2,493,179.53 1,011,503.71 595.254.47 229,544.16 184,813.18 Managing Director _ Points Out Financial | Investment Receipts \ _ Our Company for some years has undertaken a very active deposit business, and we were able to show an increase cf $323,393.00 over the figures for 1941, making in all a rrand total of deposits of $7,243,â€" 994.44, covering 28,980 open savings accounts as at the end of December Our Investment Receipts were reâ€" duced by a few thousand dollars. but showed a total of $4,049,410.18 at December 3ist, 1941. This was accomplished, notwithstandin@ very beavy withdrawals for Victory Loan subscriptions on the part of hundreds of clients, as well as inâ€" creased subscriptions to War Savâ€" ings Certificates. Both these t{pes |of war financing are essential to |Canada‘s war effort, and~so+we |recognize the responsibility of our ‘clients responding to the edgreatest‘ ,degtee.pos:ihle to the.need of the country for Victory Loan and War |Savings financing. _ _ 22 In presenting the report a yeay uoxgwunatedthatduatotheunx‘ certainties and increasing demands of warfare, no forecast of business conditions as they might affect out Company during the months to folâ€" low, could be made with assurance. The impact of Victory Loan camâ€" paigns and other demands might easily disrupt caiculations baseqa or the normal trend of our Comnranv‘s business. But it was pointed out that while certain departments of *+= hbusiness might be adversely affected, others might experience i moderate increase in business so at to permit a satisfactory statement to be submitted in relation to the Company‘s affairs as a whole. Thi: we believe has been accomplished. and the twentyâ€"ninth Annual Reâ€" The profits shown of $127,743.6 represent a small increase over those of the previous year. The total assets under administration, covering Capital, Guaranteed ami Estates and Trusts funds amount tc $21,148,156.41, or an increase o‘ $612,835.45 over the year ending December 31st, 1940. Dealing speciâ€" fically with the several departâ€" ments, and referring brieflly to some of the important functions of the Company, and items of a more general character affecting Trust Companies throughout Canâ€" ada, we might point out the folâ€" lowing:â€" .A feature of our business which has become increasingly popular is the Christmas Savings Department, under which we issued in Decemâ€" ber last 10.243 cheques for a total of $359,409.66. The distribution of these funds seemed to act as a local stimulus to business during the Christmas season, and has met with much favor. 2 For the year 1942 we look for rather heavy withdrawals for Govâ€" ernment Loan recuirements, but the Company‘s strong financial position shou‘d quite easily faciliâ€" tate such withdrawals, and at the same time permit a substantial inâ€" vestment in such bonds on the part of the Company itself. In sevanding your motion, Mr. Chairman, adopting the report, I look forward to the coming year with confidence, believing the Fater usefulness of the Waterloo rust lies ahead. The last Great War, the depresâ€" sion that followed and another World War has prompted me to make a comparison of the financial staterment of the year ending Deâ€" cember 1916, with the statement before you today. In 1916 this comâ€" pany had a paidâ€"un capital of £$3°3,779.93 and in December 31, 1941, this capital has increased to $1,000,000.04 compared with total assets today, including estates, of $21,148,156.41. Durin& the twentyâ€" five year period the Waterloo Trust and Savings Company gaid their shareholders in dividends $1,241,â€" 808.00. These figures show steady proâ€" {ress and, I believe, will compare avourably with other trust comâ€" panies in Canada. l 8 Mr. Louis L. Lang Seconds Adopting of Annual Report GENTLEMEN: It has been customary for some years to utilize the opportunity afforded by the Annual Meeting to review the economic history over a period of years. __ c Guaranteed Funds â€" Devposits and ort which is before you reflects 2 air degree of progress for the year. Comparison of Company‘s Position In 1916 And the Present. Draws Interesting and Gratifying Gratifying Increase of Business And W Position of the Company Reflected by of Financial Statement. TRIBUTE TO STAFPO > War Responsibilities past few years have witnessed in mfi commupities the conversion olt le- apmttyi:e.bmhlo: x or e::\e about as the result of greal shrinkage in selling values of suck older and less modern dwellings. ind the desire to remodel them intc more comfortable and revenue proâ€" m units than previously %eur; i to such old structures. i trend has been characteristic of many places, and has been linkec ip with the demands of the modern housewife seeking greater conveniâ€" nce and utility in the home. dispose of a number of propertie: which had for some time geen held in Sundry Real Estate account. With restraints on prices and wages, we may escape, in the later perioc of this war and postâ€"war period, the marked elevation in prices which Due to slightly increased conâ€" itruction costs, property values for ‘he newer type have shown some ‘mprovement in the past year or two, and our Company was able to resulted from the last Great War. but if such is the case, there wil‘ > ~ heaithier condition than that|â€"ange of territorv than the immeâ€"|â€"ession Duty has been established. existing where an unreasonable rise diate environs of this country or|This latter, together with the reâ€" a prices is followed by a recession/nearby areas. . maining Provincial levies, will imâ€" »f values bringing less security to| As the tethpo of war increases,| pose a heavy burden on many he mortgage field. Our Company‘s|greater demands upon the public‘estates. In principle, however, mortgages and Sundry hea: «>â€"â€".<\must be made through the offering| many authorities feel that they accounts are in quite good shape,|of Victory Bonds and War Savings| chould remain under continuous apart from those few in the West|Certificates. Our Company must Dominion control, as they repreâ€" subject to gradual liquidation, and|therefore unite with others in the sent what might be very destrucâ€" igainst which we have substantial\general effort to g’ ide such|tive prerogatives in Provincial ~eserves. Our loans during the past funds. In the last Victory Loan hands at any period in which Canâ€" number of years have been confined Camuvaign many hundreds of clients ada as a nation should be engaged almost entirely to Ontario, a fair withdrew funds for investment, and in strengthening her own internal Yroportion of the same being cenâ€" in addition we subscribed as a Comâ€"|economy with a view to enlarged tred in Waterloo County, from pany to $5$00,000 of the loan. In population and uniform stability of ~heonce we derive most of Our the forthcoming Second Victory financial control through all secâ€" funds. Loan we will be e:recfied to coâ€"|tions of the Dominion. Estates and Trusts operation in the lest measure Officers and Staff This Nenartment afâ€" the (‘nm-‘mlble’ It ha«s freqmentlv heen «tated in This Devartment of the Comâ€"|*U"°""~ It has frequently been stated in pany‘s business which vearly m‘"s! Government Control Beneficial |;pe past, and is equally appropriate in stature and importance, was callâ€"‘ As the war of 1914â€"18 progressed,|today, that a fine spirit of coâ€" ed upon to administer a considerâ€" and during the immediate post-war'ooeratxon exists between the ofâ€" able number of new estates and period variations of a marked ficers and staff of the Company. To trusts during the year. While a character took place which authorl-lthe Managers, Officers and staff number of important estates were ties aim to prevent during the members attached to the several finally wound up and distributed present. Higher prices for comâ€" branches and special departments, durine the rneriod. the figures modities and real estate, increased thanks should be due for loyal and nevertheless at December 31ist were costs of every type, including a high 'efllcnent service duticr.? the year, $273,079 greater than those for the level of interest rates, produced!and the happy spirit of willingness previous year. The total of estates problems which ?read' their ill and service at all times displayed. assets under the Company‘s adâ€"|effects in the years ollowing, andso|Also staff members appreciate the ministration at the end of the year now nearly a quarter century later|support and confidence of the Presiâ€" was $8.254.446.00. Reference has it is the hope amon@st individva‘s|dent and Viceâ€"Presidents of the frequently been made in the past to |as well as institutions, that the Company, together with other the growing tendency to appoint reins of control now established| members of the Board. We want the Trust Company as Executor, will operate so as to sustain pricelzflso to remember that several of not only on the part of men ofllevels. Government interest rates{the Company‘s officers and staff large affairs, but those of more |and other items measured in terms| members are now overseas, or atâ€" humble means. So many problems of money, on a basis sound and|tached to Canadian units subject to of an onerous and even perplexing‘equable, so as to avoid the danâ€"|call at any time. Our trust should character are now linked up with gerous peaks which have chararâ€"\be that they will be spared to reâ€" estate administration. that &e exâ€"iterized former great wars, and sume in <due course the duties perience of a Trust Company is of which have been followed by|which they have faithfully underâ€" invaluable aid in the handling of periods of dislocated business and taken. THE WATERLOO TRUST AND SAVINGS COMPANY CAPITAL ACCOUNT Office Premises, Waterloo and Kitchener, including Safe Deâ€" posit Vault, etc., and fixtures, FORD 8. KUMPF, President GUARANTEED TRUST ACCOUNT ESTATES, TRUST AND AGENCY ACCOUNT Other Real ESLALE..â€":â€"â€"â€"crcmrenee.> Mortgages ......................$305,890.97 Interest due and accrued 8,343.24 Loans on securities including $36,042.63 against Company‘s OWIN SLOCI .â€"...ceâ€"seecrerrsccoimrrinenn Dominion and Provincial Gov‘t Bonds .............. 300,249 Canadian Municipal Bonds ... 11,312 Other Bonds and MOTH&ARO8 ...............ss20 BONGS \...........sllssese Sundry Trust Investments...... Inventory value of unrealized Estate ASSELG ................co.so Cash on hand and in banks...... Debentures ... OLBer ARBELS «c.s.csscelscarcarccncess Advances to Estates under Mortgages (including agreements for sale $204,347.00 covering mortgaged properâ€" ties sold) .................. Interest due and acâ€" crued ...........2.u2ll2l2. cial Gov‘t Gtd. Bonds 214,254.73 Canadian Municipal Fonds ..................... 1,000,191.47 Other Bonds and Debentures .............. 474,181.90 Stocks and Accrued Dividends...... Demand Loans against Securities Cash on hand and in banks............ Administration .................. Cash on hand and in banks Dominion and Provinâ€" _ cial Gov‘t Bonds .... 1,927,883.04 Dominion and Provinâ€" Galt and Preston ..........................$ Twentyâ€"Ninth Annual Report ASSETS ..... 300,249.13 ... 11,312.24 ... 121,072.57 ..... 18,405.63 6,485,011.81 117,720.81 affairs of each estate, negotiating with â€" Government _ Department: lnct:bo‘hm.andothunauz ments, supervising investmen income to widows and other bene dciaries, and in general spreading : mantle of protection over the affair: # each estate or trust, which can not ordinarily pertain in the same mdamnneeintheimtanaf 7# private executors. No matte how highly qualified and expert the ‘ndividual may be, there always reâ€" mains a chance of death or acciden‘ or other occurrence intruding itself upon the work to be undertaken Nuring. the past twenty years our Company has administered a grea! many estates, large and small, and it has been generally admitted thâ€"‘ its duties have been undertaken in i manner acceptable to those conâ€" cerned. The fact that so man: weople, having been beneficiaries ‘hemselves of certain estates under idministration, in turn lmthf Trust Compary as their> tor. is indicative of their approval of he efficiency of such estate adâ€" ministration, and the moderate fees vany are for the most part conâ€" ined to this section of the Province. sarticularly as regards the deposit business and administration of ‘states, yet all companies nowaâ€" jays are forced, and _ more varticularly during a time of war to widen their sphere of business relations, and to take part in the ~ountry‘s financing to a degree ommensurate with their size and financial ability. Problems of taxaâ€" ion, interest rates and others of an important character, affect each type of institution and business. So under these circumstances one can e excused for touching lightly on conditions which cover a wider â€"ange of territorv than the immeâ€" diate environs of this country or nearby areas. As the terhpo of war increases, greater demands upon the public ooer_al:lion in the fullest measure Officers and Staff possible. It has frequently been stated in Government Control Beneficial |;pe past, and is equally appropriate As the war of 1914â€"18 progressed,|today, that a fine spirit of coâ€" and during the immediate post-war'ooeration exists between the ofâ€" period variations of a marked ficers and staff of the Company. To character took place which authon-lthe Managers, Officers and staff ties aim to prevent during the members attached to the several present. Higher prices for comâ€" branches and special departments, modities and real estate, increased thanks should be due for loyal and illowed by the Courts. While the operations of our Comâ€" $ 8,264,446.48 $21,148,156.41 $11,357,789.63 $ _ 729,734.85 2,445,116.50 209,321.46 4,542,198.47 338,075.20 $ 1,525,920.30 6.602,732.62 3,616,511.14 211,138.53 51,631.63 875,775.11 DECEMBER 31st, 1941 195,108.39 263,400.78 314,234.21 451,039.57 78,474.64 39,688.53 50,792.63 133,181.55 Present Their CAPITAL ACCOUNT P. V. WILSON, Managing Director GUARANTEED TRUST ACCOUNT $11,357,789.63 ESTATES, TRUST AND AGENCY ACCOUNT Capital (PRIGâ€"UP) +â€"~â€"srcrmmeemiticriine General Reserve ............................. Investment Reserve ...................... Dividend Declared (Paid Jan. 2, General Guaranteed Investment ReCBIDE® ...........0cccammennnl.l.....$ 4,113,795.19 Trust Deposits ................................. 7,243,094.44 Trust funds for investment.... Advances from Capital Funds Inventory value of unrealized Eslate ASSEI® ..:......s.scssisss Provision for Gov‘t Taxes and Contingencies Profit and Loss. Duty jepression. So far, Canada has been successful in raising an increasing supply of war funds at low interest fjuring a period of peace and genâ€" ral bwmnda pmpunm‘ ity, thcr:‘an e two si to P inâ€" terest. Government m be.'l:s mnh'o‘l a capital tyF:. and requ o4 in e measure for a nonâ€"revenue mwn?mw hould probably always be underâ€" taken at low rates But when the zeneral productive level of indusâ€" ‘ry is on a profitable basis with ~omparable levels for farm proâ€" ducts, wages, rents and other items, it is reasonable to nuigu( that the sost of money for such purposes, or ‘nterest, should be at rates sufâ€" Frient to safeguard certain classes ~f beneficiaries and others dependâ€" e e a mam ~of wame sistence. Any consideration of this at the moment can only be of acaâ€" Alemic interest, as everything is subâ€" servient to war needs. But instiâ€" tutions of our type, trust companies having to do with the affairs of those who have passed on, recogâ€" nize an increasing difficulty in proâ€" uring sound investment ‘ncome at a rate sufficent to provide the comâ€" fort and financial independence to bereaved families which had been the original intent. It is a problem which may bring future correction, but one nevertheless of increasing concern. ~nt on income for their daily subâ€" You will notice in the statement an increasing allowance for Govâ€" ernment taxes. This is no time to ~bject, so long as they are fairly levied. An item of recent interest to Trust Companies as well as other institutions and individuals has been the transfer to the Dominion Department for the duration of the war, the levies for corporation and ‘ncome taxes previously made by the Bgovince:; ‘also a new levy by the Dominion Government for Sucâ€" ~ession Duty has been established. This latter, together with the reâ€" maining Provincial levies, will imâ€" pose a heavy burden on many estates. In principle, however, many authorities feel that they should remain under continuous Dominion control, as they repreâ€" sent what might be very destrucâ€" tive prerogatives in Provincial efficient service duti(ry the year, and the happy spirit of willingness and service at all times displayed. Also staff miembers appreciate the support and conflidence of the Presiâ€" dent and Viceâ€"Presidents of the Company, : together with other members of the Board. We want also to remember that several of the Company‘s officers and staff members are now overseas, or atâ€" tarhed to Canadian units subject to call at any time. Our trust should be that they will be spared to reâ€" . _ $ 8,264,446.48 ...$ 1,000,000.00 ... _ ‘200,000.00 ... 200,000.00 L. 0 25,000.00 2l 175,000.00 [ 25:920.30 $ 1,525,920.30 $ 3,682,559.48 39,688.53 $21,148,156.41 4,542,198.47 *