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W Igiis',,',fc,' Forman, teacher. 'l,li,f,'r:r_", Honor Roll Ilii,,_,,t',l;ar1 Marsh, Ger- Ili?,),)",'),-"-",,', Harold Shultz, Illl'fui)tz, Bruce Ross, 'lst.,,-.,'),':'::; Myrtle Flock Illlll,liiii' an, Maude Bal- 'l,,?,"'.))')') Dorety, John Ilii),_i,i, Gra,isley, Harold . Illi'_'i,!",,ieth Walker, Helen Blh'iiimil convemion of salesmen, The General 't8i'ihisiic- _ . Statement Oi » 'lwrgnagers and executive ow. 'r','c,eir 31st Dec: IEFil,'?il' s . . r he net profits f _ IllEfit, becominga habit among for bad and t illlilt'j'/zlrprogress1ve of our big B Iamounéted Sit It8th's-/ . aance a are Il1ltt?,ltlitrsiness houses.- One of ;‘,,;1f.frake up the idea was the Appropriate d want“ Brandram-Henderson, Dividend No. 56, Bt'ii'it . . Dividend No. 57, Illlri,!,)',rnd, they are amohg Its Div_idend No. 58, dastlc advocates. Dividend No. 59, l _ Bllb'i'irtc, . Transferred to I ltr,,' iepnvenhon, lasting three gym”? fif, Emilia "E,' . .. rams erre o q Ilitle, m Montreal Just before Transferred to Of V 'Ii‘he salesmen gathered Balance at credit l l :Z1"Winnipeg on the West, . mtEast and the British GENE . I tii)'))')' the South, to discuss 1’,.f;;i‘e, business with the Gold and silver Ct . a?“ Dominion Govern IlitEfre other Head Office Notes . . . . . . Ee(iit WFFfi Ar...-. A! ant! “hank! Ill!,),','?)?:' Petti't,'.Margar Iliis,9r,averna Ockenden IB',',it'tr, Edgar Fisher, Ililllli,i,rj.r) , Ohm Roll lllllli'iis Marsh, Doris llr)_'",_i,i; Durham, Harry Illtiiiir,th Coulson, Gar Illtfiit,iitarl Cornwall, ‘ ig’étV'iolet Coulgon, ' lllll:ift:' ' 31g: llllli,liis1 Bonham, Elea 1lll'i'sri_,ir1',ace Fisher Janet Ilililtj,,ft Bartlett, Willie E! "tlt,; " PUBLIC SCHOOL ri'si,io_,"i_',i_,_,/to merit-Esther lggihifred Scott, Harry Illit'rji'_ Maddox, Ruby lltt"ih,',it,ie Stubbs. WE?! ‘ ng1szts, price 75 Il!i.ti00amily Pills P»: r, Bt,'; ri, A"'. '-'""t--' . . _ g __ Patterson , recitation Miss Krick. The twenty-sixth Annual Meeting was held at noon on Tuesday, -W:;’-"’5 llllli'ij'iiii: debate, resolved that franchise of January, 1911. _,', _,/_i'i,li)l,r"ri,rr" BW/sir' . . n n ' '-- "rl-, _r'iRvfrv"f. Birttiuld be extended to women. The The following Directors and others were prose t, amely T _::, i :i, 'lit),'..?,,,':)' . Th e O ener was A. H. Brown, Wm. Stewart, E. Galley, Edwin J. Thorpe, Jag. Linton- Bri'.)"'.)"""' won. e ey P . . Rev. Wm. Cooper, N. E. Soule, Andrew Semple, Goo. Le Richo. 1ur'j')1r'r'r':jfi" 'Brtttp, read by Mr. Bertram, Recitation Williamson, S. Dillon Mills, Jas. Burnside, jun., H. L. Lovering. M.’ 99111-71351 lllrri'trortm"an, instrumental solo Miss J. K. Niven, Jas. Anthony, A. M. Scott, Dr. Carrique, E. Dickinson, jun.,1.1;:11“5 ItlEi) ,r". 4 A. Halbhaus L. Bauer H. L. Playtner It. L. McIntyre. T. J. S. Skinnera. I 1‘” 3- .u er s eech Mr. . Corman. , ' ' wk i .ft 'ii.i_)rin_? ." ' p . J . d G. Horton, G. Tice Bastedo, Dr. Jas. Wallace, Geo. Watson, C. D. oaeLaiii1iirfi5r IB?,,)":-,) meeting closed by smgmg Go J. F'. Overholt, Jos. E. Baillie, Gideon Gmnt, P. d. Vale, If. J. Wintirf.-1;Aég{,‘3r flythe King, Knowles, E. C. Jackson, E. E. Newman, A. B. Ord, It. H. Harvey, ir. _tii'i,ltt.,dri - L - - - - .. _ 1.- . 1m ru- n..:.. " a .ernth. th D. (;ri'.iar.t'i'ii'iiti _,t'i'_'ttandranr-HendH.tyon's ',__sj,' _ ohvention and Ban- IIC/ quet . 1llgjiiiljfr. Watt, song, by ta. oturcu, llllt,i)'ifiiion by Miss E. Sann, speeches Ilr'i"li",iii, Carpenter, Mr. Glover and . Ei"',,?,)')-,- recitation Miss Krick. ' Qaf'bate, resolved that franchise Wile extended to women. The 'tiii','.:))., won. The eye opener was/ I Inst EiiThe Literary at Pine pres: 1a ct't"tiestiay night was well attended. yr, The programme consisted of a iriigtrumental by Miss Jones, readin Pine Crest Literary Society by smgmg “Cd J. F'. Overholt, Jos. E. Baillie, Gideon Gpnt, P. A. Vale, r. a. 1v1il't" "e w Knowles, E. C. Jackson, E. E. Newman, A. B. Ord, R. H. Harvey. J. Lisltd, W. G. G. Turnbull, Geo. Mair, E. W. Bain, H. s. Strafth. C. D. Warren._HQn~ J. It. Stratton, E. F. B. Johnston, ICC., c. Kloepfer, W. J. Sheppard. M15899 1derson's E. and L. Hedges, George F. Hedges, Mrs. G. F. Hedges. _ I,,):,," The President, Mr. c. D. Warren, took the chair, and appointed the ad Ban- General Manager to act as Secretary of the meeting. 'r,'.'.' On motion Messrs. George Le Riche and Edward Galley were appoints)? . scrutineers. V , ' Ii:" n of salesmen, The General Manager then read the following Statement: /r,_s . Statement of the result of the business of the Bank for the twelve mont?? executive off- ending 31st December, 1910: I 'C, habit amon r The net profits for the twelve months, after making provision F _ y' for bad and doubtful debts, and reserving accrued interest, of our big amounted to.... Ir."'."."".'.".".".".-.".'."".-.'.".".)....---" 52493513”- A - Balance at credit of Profit and Loss last year.......---uu-- f 102,443 40 ine Crest last DI is ed of an o _ . 6:, reading/ Proceedings of the I. I, H'miffffj Twenty-Sixth Annual General Meeting" Naposits ing Deposits Balance due Balance due Wilson. According to merit-Ruth Walker, Mildred Hughes, Mabel Sutherland, John Gray. Cameron Sutherland, Gordon Lipsit, Ed... ward House, Stanley Ockenden, Harold Swayzie, Winnifred Seaman, Myrtle Schwab, Floyd McNinch, George Griffin, Eugene LaPage, Percy Sharp, Rhea Muir, Wray Fisher, Lena Went worth, Arthur Lee. Miss L. Simpson, teacher. Form III Sr. 2, honors-Helen Smith, Merle Monsin-ger, Clarence Far- row, Francis Liddle. General Manager's Address. After reading the above Report, the General Manager reviewed it as fol- lows: The statement just read, ex- hibiting the condition of the affairs of the Bank. will, I am sure, meet with your approval, as it shows a steady growth in, all departments. You will see by it our deposits now aggregate over $36,000,000 which, by comparison with the deposits of a year ago, show an increase ot $6,- 200,000, an amount almost equal to the total deposits of the Bank ten years ago. You will see that we have employed these additional funds to the extent ot $5,500,000 in commer- cial credits. Naturally the earning powers of the Bank have increased, and this is reflected in the net pro- tits, which amount to $524,351, as against $457,082 last year. During the year we have opened eleven new ottiees, the expenses in connection with which have been taken out of this year's profits. The points are: Beiseker, Alberta; Er- skine, Alberta; Haileybury. Ontario; Matheson, Ontario; Munson, Alberta; Porcupine, Ontario; Rosetown, Sas- kntchewan: South Fort George, §.g.; Rest Account . . .. .........."."' Dividend No. 59, payable 3rd Janual Former Dividends unpaid. . . . . . . . . . nterest accrued on deposit receipts. Balance carried forward . . . Pass-George Shannon, Fred Schwab, Harold Staniland, Char lotte Burning, Helen Bonham, Alma Carpenter, Bert Haist, Roy Farrell. Jr. 2, htynors-Marion Walker, Fldrence Morton, Sadie Griffin. Pass-Harry Chambers, Elea- ( Bills discounted current. . .. ..........*o.oo'. Notes discounted overdue (estimated loss pro- vided for) . . .. ......................... poems to other Banks, secured. . . . . . . . . . . . . . . . Deposit with Dominion Government for security of general Bank Note circulation. . . . . . . . . . Real Estate, the property of the Bank (other than the Bank premises)... ......'. ....... Mortgages on Real Estate sold by the Bank. . . .. Bank Premises . . . . ......................... Bank furniture, safes, etc......--- ASSSETS. Gold and silver coin current. . . . " 487,750 " Dominion Government Demand V Notes. . .. a...............'. 3,843,353 oo, Appropriated as follows, viz. c-- Dividend No. 56, quarterly, at the rate of Dividend No. 57, quarterly, at the rate of Dividend No. 58, quarterly, at the rate of Dividend No. 59, Quarterly, at the rate of Transferred to Rest Account. . . . . . . . . . ' Written off Bank furniture and safes.. . .. Transferred to (Atficers' Guarantee Fund.. Transferred to Officers' Pension Fund. ... _ I J. F. Overholt, Jos. E. Knowles, E. C. Jackson W. G. G. Turnbull, Geo, J. It. Stratton, E. F. B. B. and L. Hedges, Geor t--ul)daiggie Davis, Retalnor Cousson, Greta Farrell, Fri4 - lrence Miller, Harold Gowlaiii carried forward......--u---I the Bank in circulation. bearing interest, includ- . . . . . . . . . . ' . nterest accrued to date. .$29,077,697 41 not bearing interest. . . . . 7,000,137 18 /THE TRADERS 32311 to to other Banks in Canada. 2 Foreign Agents. . . . . . . . .. GENERAL STATERfENTe of Profit and Loss, new account $47,152,736 8-9 STUART STRATHY, General Manager. l $153,434.79 carried forward to the I credit of Profit and Loss new account, Referring to circulation account; this now stands at $3,790,000, as against $3,060,000 last year. Indeed, in all departments of the Bank. the 'general growth of the country has been satisfactorily reflected. To show this we will make a comparison with the figures of the Bank ten years ago: Capital paid up. $1 Rest Account . Deposits .. . . . 6 Circulation . . .. Total Assets . . 9 Miss H. Bonham, teacher:i: Form II _,:_'sii,,i, Class 2, honors-Frank Watii/ ner, Doris Bromley, Lyaureeitf Terryberry, Helen Pettit, Frat.ttii: cis Wo-olverton, Willie Hewtptric, Katie House, Gordon Hill, Doll:' othy Ross, Gertrude Walker; Edith Kerman, Alvin Meri' Cutcheon, Arthur Grout, Wray' Ryckman. T 1 i Referring to Bank Premises tui/i': count, we now own 32 properties in; eluding Toronto otrite.e, all standing 'ii') the name of the Bank, the value a}: which is shown in the statement beg tore you. a; Our Shareholders are constantly 1mg. creasing, and now number 1,813. (il.' It is not needful for me to refer ti the wonderful progress the country 3% large is making. This prosperity 1g manifest to all. Sutfltee it 19015335 011;: Cecil Mishvard, Edward LePagii, Lila Kidd. i.1. iiraarhes extend fairly well throutr1fjr out the Dominion, and we are in ait excellent position tp take advantagg}; of the growth of the country, and}; confidently look forward to a steady; increase in the earnings of the Banii' We have paid a conservative rate ot; interest to our. Shareholders sintfif 1885, and In the meantime have built up areserve,to protect your capita)') to the extent of $2,300,000. Our fouriii datlons are well and truly laid, anili with the natural growth and prospect; Pass-Carl Millward, Jomf Cope, Hazel Wilson, Georg? Wilson , Harry Game, E113: Dorety, Earl Phipps. 'l' Class I, honors-r-Myrtle Kon"); kle. i', Pass--Blanche Ookenden, Pri, Chambers. I 'ri','-' Miss G. Monsinger, tt Primary Honor Roll Class 4--Frederic Davis, 3181‘ DECEMBER, 1910. ' 3,790,080 00 ' 4,354,500 2,300,000 87,090 602 36,077,834 59 20,786 " 364,057 00 $32,810,351 3,509 24,500 2,093,332 240,439 1,445,605 291,070 1,154,912 35,43 4,331,103 2,020,936 167,374 200,000 561,569 726,172 74,608 7,250 ,6 1900 ,000,000 150,000 ,528,190 987,000 noon on Tuesday, the 24th 00 00 00 05 00 22 41 " " " 82 00 " " " 56 70 " 48 $47,152,736 89 85 41 $11,731,370 " l 35,421,366 " 6,899,979 a 626,794 36 47 87,090 87,090 87,090 87,090 100,000 15,000 5,000 5,000 153,434 John George Erla. teachef 626 354,500 300,000 077,834 790,000 152,736 1910 Kerr, 794 16 " 00 00 00 00 00 00 00 00 79 79l .1 Jspeculative character have been‘ . Olaed. As a result, we believe that . " present record will appeal to the . reholders in a convincing manner, l, Ha afford them good ground for the 'al, rrnfidence, they have in the manage- ‘rlgent. It should be remembered that this bank has only been in existence about half the lifetime of others of _i,,,ifsfPt the same volume of business. As g reward to the management and all concerned in the welfare of! the Trad- ')7'8 Bank, it is pleasing to note that hur deposits have increased over last 7: r by six millions. a. condition which *rulp not have been created except; RY thoroughly good management on BMS part of the Bank officials and the Fnfidenee which such management Ways brings about. gThere have been eleven new braueh- . opened during the year. This was 'ndered necessary by reason of the [pension of the Bank. as well as of ' Itt, business requirement of the coun- I t at large, For a short time. several . these branches cannot be expected , pay, except indirectly, but our ex- Ttirience is that if branches are opened , ' proper localities they soon begin to I ., ,el-d a. profitable return on their own) I count. and increase the earning; ’ bwer of the bank as a whole by af- ' rding commercial connection. and ding to our facilities to do business. lJ;ur premises still continue to give ' a good return for the investment. try or instance. the Head Office build- ' gave 5 % per cent. net for the year. 'ery room is occupied by desirable ants. Owing to the increase in the fune'ss, it has been found necessary t)uttlize the large room at the en- hoe on the ground floor for Sav- 'ttt Department purposes. Already {convenience of this to depositors afielt. and we are beginning to reap FJ advantages accordingly. You will erve that your Directors have not its year written off any sum on Wrnises account. The reason is very . pie. The property is worth much 3 e than it was a couple of years a owing to the large increase in the ' f le of real estate in a central loca- ttt like this. The frontage is about "r).' eat. The land alone has, on a very rerate estimate. increased in value 'aoo per foot over what was paid for _ E few years ago. so that thet pro- , lt ' is really worth $225,000 more ' rkrr it stands on the books to-day. (write oft any amount under these ch Walker. El'li)is 3--Lottie Hiles, Mar... ‘ 'trite, Ross, Theo Priest, l f71in Strong, Irene Sharp. t Illiirts 2---Helen Liddle, Dor- §-'?N"0rton, Dorothy LaPatour t fylessie Lee, Vera McNinch, I Bit Farewell. I 'lit/TI-H OF JOHN SPRING- , 51EAD OF SALTFLEET I ,5}-Toiwnship of Saltileet lost I k'jj'tif its old and respected resi- l), t')i,) in the death of John Spring _'i,), t','ir1) which ocurred at the resi :Ei‘of his nephew, J E Monro, 'sil,iginaw, Much. Deceased was , ,gars of age, and two months f igfgggwent to visit his nephew. , 'iiliii'ir'i),:,iad suffered two paralytic 8 figs, and shortly after reach a “'gsaginaw was taken seriously T ’ZDESpite the best of medical g or in meeting the increased demands made upon capital and credit for aid 0 in the inauguration of substantial in- 0 dustries and the enlargement of gen- eral business. The result is that our 3 banking institutions have become in.a material sense the moving power 1n , all national works as well as the ne- , cessary adjunct of private enterprise. , A wide field is thus opened up with , satisfactory results. Securities are ' improving in character and value. .. Investments are found to be amply t protected. Payments are being more promptly met than formerly. Every- thing of a th1ancial and commercial character is becoming more suhstan-: tial. Money is now utilized in larger; and more profitable enterprises than at any time in the history of banking. The outlook for the future is most favorable. Add to these facts the rapid strides which our rich north and western Canada is making and the prosperous condition of the older Provinces. and it is reasonably Safe to say that with careful manage- ment and prudent investments, banks occupy a stronger position to-day than they have ever done. The fact that the failure of one or two smaller banks has not affected the standing of the existing institu- tions shows that our banks are on a solid basis. With anything like careful and conservative management, failure cannot happen. It the interests of the shareholders and depositors are safe- guarded by watchfulnes's and business methods on the part of the manage- ment and directors, the assets of a bank must always be greater than its liabilities, and whilst this is the state of affairs, the public are safe. Your Directors have always adhered to this principle, and have spared neither time nor consideration in watching all me outgoings of your money. The se- ( rarities have been closely scrutinized. l nvestments in the slightest degree of Ili'iiiii'isii,"r"1s-,---/th Martin, Shirley "'tiiifiers, Ida Brown. L01" L116 yea; aa‘v. Much of the general prosperity of our Canadian Banks is doubtless due to the great advancement this country has made within the past few years. A large increase in our population and the continued development of the Northwest have added very materi- ally to the wealth of Canada. The eye tensions of our great railway systems and our rapidly growing trade with other countries have placed this 19o- minion on a very high level ot com- mercial importance. Banks are becom- .ng every day a. more important fact- All of the Branches of the banks, including the Head Office, have been Inspected during the year. I am con- scious that the result of the Bank's operations tor the past year,a.s shown to you by the statement now before you, could not have been aeeomplished except for the loyalty and efficiency ot the staff of the Bank. It affords me greatest pleasure to bear testi- mony to their devotion to the inter ests of your institution. Pmxudent's Address. Of this country. perhaps the can“ of Which doea not elsewhere exist, we have every reason to look forward to the future with the greatest oontl- dence, feeling that the property com- mitted to our care will continuf to Gentlemeen,--l have 1 n moving the adoption 'or the year 1910. make a re holders. 7 Miss sonable return have much pleasure option ot the report Marsh, teacher OF CANADA to its Share- the Bank, of on. J. R. Stratton, the Vice-Presi- deInIt, in secon-ding the motion for the adoption of the report. said C-- ‘In seconding the motion I feel that no very extended remarks are called for. the President has covered the ground so completely that little that has not been said is left for me to say in commendation of the statement, whose favorable features so amply justify the motion. I may say that I fully and freely endorse what has been said. It is very gratifying to me, as it must be to all concerned, that the Traders Bank signalizes the first year of its entrance upon the second guar- ter century of its existence with a statement so eminently satisfactory, and under auspices which promise a continuous growth and advance. The commercial, industrial and prospec- tively continuous development of our great and widely distributed and di- versifled resources will tend to create an active demand and profitable em- ployment of capital. In this regard the Traders Bank is well equipped to have its share; its assets, very con- siderably increased during the past year, are strong, while a very import- ant increase of deposits evidences the growing confidence and favor of the public-two of the prime elements in justifying anticipation of a pro-gres_ sively improving and profitable busi- ness. We can, I feel sure, regard the future with confidence. If the next GPORGP shows the splendid ratio of ad- vance of the past ten years, with their live-told Increase in assets, their six- fold growth in deposits, and their thirty-three-gold increase in reserve. we who may live to see 1921 will be very agreeably astonished. The gen- erally satisfactory character of the statement is gratifying, not only on account of the creditable accomp- lishment shown, but it is further to be regarded as the result of shrewd, careful and aggressive management, a circumstance not only of importance' " the Shareholders. but to the public as well, as additionally conducing to that confidence both in skill and ef- ficiency of administration, and in stability, which is the foundation of financial success. If there is an indi- cation of necessity in these regards in respect of the banking business gener- ally, for an improvement in assurance in the returns suggestive of amend- ment of the Banking Act, there will be little ground to objection. As far as the Bank is concerned, there is no ob- jection to the closest scrutiny of its securities, investments. and methods. Vice-President’s Address. I do not intend to deal with the con- dition or prospects of business in any detail. The annual statement and re- turns of our various banks show the progressive Strides Canada is making far more than mere words could do. Our own share in the forward move- ment is very gratifying. Without fur- ther comment, therefore, I move the adoption of this report presented for your consideration. attention death followed. One brother, William, survives. The late Mr. Springstead was well known and esteemed and his death will occasion much regretl The remains arrived home_Sa- turday and the interment took place in Stoney Creek cemetery. justice done to those who may depend too much on his results. We shall be glad to see a searching and practical system of bank auditing adopted in this country, and hope that some measure having this object in view may become law at the earliest mo- ment. DEATH OF WM. GARSON, FORMERLY M. P. P. 'The death reported from Cal- gary of Mr. Wm. Garson, ex- City Controller of Winnipeg-, who died in the general hospi- tal at Calgary from pneumonia. The late Mr. Garson represent- ed Lincoln at the Ontario Legis lature, being elected in 1886 against Mr. W. B. Towers, and was therefore, well known and popular in the county. He was born in the Orkney Islands and came to this country with his parents when quite a Young man settling at Port Dalhousie, and The ott1ce of auditor to the board has been found to be of the greatest value. By means of the industry and care of this otr1cial, we are continually kept in close touch with all that con- cerns the welfare of the bank. Details and complicated matters with which directors could not ordinarily be thor- oughly conversant are placed before the board from week to week, and the board is thereby enabled to judge in- telligently of all that goes on from the head ottiee down to the smallest branch. The auditor. as I explained on ‘a former occasion. is an entirely inde- pendent 6tticer, not in any way under the control of the head ottice manage- ment, but appointed and subject to dis- missal only by your Directors, who tix his remuneration and define his duties. Our experience is such that not only in our own personal interest, but in the interest of all banks a thorough and etr1cient audit by an independent otti- cer is of the greatest value. and we heartily concur in the suggestion of the appointment of such auditors. I need only add that the Directors feel convinced that a competent and con- scientious auditor performing his work thoroughly would be of Im- mense advantage to banks and the public, but his work must be ef- ticiently done, otherwise false Conti- dence may be created and grave in- “I. VLU‘UAv-v--- - _ mind that these objects have been ac- complished notwithstanding the fact that we paid an increased divi- dend, now amounting to 8 per cent. and involving an extra yearly pay- ment out of profits of about $44,000. The ottice of auditor to the board has (been found to be of the greatest _-T.., T9xrrvae,EarTcs of Hm industry and Iylng. 111.ch you-nu..- -- ---_ obligations and providing for bad and doubtful debts and contingencies, we are able to place $100,000 to Rest ae- count and we have increased our pro- tit and loss aceount by $50,991.39 over last Year, this account now standing at $153,434.79. And vou will bear in mind that these objects have been ac- -.» . "s-, An“ can;- 'oonditiom would not be Justifiable, when the sole object. in to present a true account of the Bank’s affairs to its shareholders. The policy of the management looks to the making of valuable connection in various parts of Canada, as shown by the character and extent of our new branches. and'also to do every- thing reasonably possible towards making our Reserves and Best strong and, substantial. The amount carried to Best account this year is very grati- tying. After payment of all necessary - 1.13....cA... had and In this connection, I agree with ens remarks of the President, in regard to any inspection that may be considered desirable to verify the several essen- tial items of the annual statement and monthly returns of Canadian banks The one now before us would not be affected either as to its correctness, or favorable showing, by the! rigorous scrutiny of securities and the most thorough independent audit; it must be trtrtisrfactory---as it is a credit-to the management, to the Shareholders, to the Bank’s clientele, and I have great pleasure in seconding the mo- tion for the adoption of the Report. The motion for the adoption of the report was carried unanimously. It was moved by E. F. B. Johnston. K.C., Director, seconded by Rev. J. S. Williamson, Shareholder, and resolv- ed: That the Shareholders and Directors of the Traders Bank of Canada. place on record their hearty approval of any legislation of the Dominion Par- liament whereby an independent ex- amination and audit under the direc- tion of the Government of all Can- adian banks shall be made from time to time; Resolved also, that whilst the sys- tem of auditing should be determin- ed by the Government, it is hoped that in'the public interest the method to be devised will be thorough and efficient, and of a practical character, as the result of a defective system would create injustice and tend to in- jure those who might be induced to rely on reports having the sanction of a Government or other orticial efficient, anf of as the result, would create in. jure those who agfment. Under the proposed legis- 1a ion the duties of Directors are found to be much more onerous than heretofore, and the penalties attached to want of care or lack of thorough- ness will be severe. It is, therefore. most important that the Directors, who are endeavoring to be honest and watchful in their management. auu 'VubVAAA-ul .A- .__.7_ should ,be protected, as well as the public, 'by some practical method of auditing. He emphasized the tact that whatever system may be adopted would have to be etticient, otherwise there might be a tendency to do more harm than good. The greatest care will have to be taken in devis- ing a scheme which will ensure safety to the public, on the one hand, and avoid danger, on the other hand, from too much reliance upon the results obtained from any ottieial examining the affairs of a bank. He read the resolution appointing the: present Auditor to the Board. and showed how very wide and comprehensive are his duties, as defined by the resolu- tion, and how satisfactorily they are carried into actual practice. This ottieial is outside the general man- agement, and responsible to the Boa,“ only. His duties involve continuous work, and there is perhaps no ottieer who works harder than he does. A more extended and comprehensive system, applicable to all Banks, would protect Shareholders and Directors alike, and would be of the greatest value to the public._ w ___ -- amaromf'hr, 11nd on- That a copy of this resolution be forwarded to the Honorable the Min- ister of Finance. In speaking to the motion, Mr. E- F. B. Johnston, ICC., strongly advo- cated the principle of independent in- spection and audit. He pointed out the great benefit which the Directors receive from our present system of auditing in this Bank. and, although not claiming it to be perfect, he pointed out that it was a long step in the right direction. The Traders Bank is undoubtedly the pioneer in seeking to work out some method whereby the Directors and Sharehold- .uwnu, WV tau-n," -"'" . - ers may recelve information and de. tails apart from Athe general man- Bank during the past year. Carried. It was moved by J. Parker, seconded. by Mr. Skinner, that a sum not ex- ceeding $20,000 be set apart each year out of the earnings of the Bank for the purpose of paying tor all the ser- vices, fees, and expenses of the Presl- dent Vice-President, and such Direc- tors'as now receive remuneration; said sum, or such portion thereof " may be required, to be apportioned as the Board may think proper. Cara ried Jiouriinif1 three o’clock, unless tive minutes elapse without a vote being cast, when it shall b? cloged, and un- It was moved by Mr. Joe. E. Baillie and seconded by Mr. Gideon Grant that the ballot be now open for the election of Directors, and to be kept Open until three o’clock, unless tive minutes elapse without a vote being W", H __: - that purpose . hat time, and for . - (21311;, this meeting be continued. Car ried. lowing gentlemen duly elected to act as Directors for the ensuing year, viz., C. D. Warren, Hon. J. R. Strat- ton, C. Kloepfer (Guelph), W. J. Sheppard (wa11baushene). C. s. Wil- cox (Hamilton), E. F. B. Johnston, ICC., II. S. Strathy. The meeting then adjourned. At a subsequent meeting of the newly-elected Directors, Mr. C. D. Warren was re-elected President, and Hon. J. R. Stratton, Vice-President. by auditor That STUART STRATHY, General Manager. The Traders Bank of Canada. To- ronto, 24th January, 1911. then he came to St. Catharines, where he made his home until aiew years ago, when he went to Winnipeg to locate. He was a Liberal candidate here, a fluent speaker, and a friend of the labor cause. In business Mr Garson was a contractor in the building line and was in partner ship with Mr. Geo. A. Begy tltr- der the firm name of Garson, Percer & Co., which had many large contracts, including the Brockville Insane Asylum, also in Mimico, Orillia, and' other places. In addition to this the firm had contracts for several railways, waterworks and other works-St. Catharines Journai., A reliable French regulator; never fails. These pills are exceedingly [fit";',','",',)',', in regulating the generative portion of t e female system. Refuse all cheap imitations. Dr. do Van?! are sold at " a box, or three for $10. Mailed to "“v address. The Scobell Drug 00., Be, 03th:. rues. Ont. Dr. de Van's Female Pills The scrutineers_ryror.te1 the fol- Or at Stenart's Drug Store. unanimous vote. Lmson. in seconding, en- _ with these remarks. ved by Mr. Geo. Watson d by Mr. C. D. McLeod mks of the Shareholders are hereby tendered to rt, Vice-President, and the Bank for their attens nforngfu nf fhn Bank due C