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

THE. OSHAWA DAILY TIMES, THURSDAY, DECEM BER 12, 1940 PAGE FIVE THUNDER STANDS By VINCENT RICHARDS FROM (HE) CHAPTER X Synopsis Len Rollins, teenis ace, dreamed of helping win the Davis Cup for America. He fell in love with Grace Worthington who would only marry him if he 'gave up tennis. He did-- partly because of his love for Grace, partly because of a badly injured ankle. His ankle healed unexpect- edly and he joined the Davis team. Grace threatens to leave him. On the eve of his sailing she is injured in an automcbile accident, but he salls--knowing that the accident is not serious. In the tournament he cannot keep his mind on the gama. He has heard that Grace is secking a divorce to remarry. From below where he paused mo- mentarily to bite into a piece of lemon, Len raised his head toward the umpire and laughed. Slapping the racquet challengingly against his flannel-trousered leg, he weat out on the court. So she wanted him to be a great palyer, did she? Well, she'd read in the papers about him tomorrow! Lefevre seemed to sense a change in his opponent. The wry, almost pitying smile disappeared. He knew as did Len, that many a Davis Cup match had been won by the man with two sets against him. Hadn'l Cochet triumphed over Big Bill Til- den in just such a manner not so many years ago? And as quickly and correctly as Lefevre sensed the change in Len, Len also sensed the change in his opponent. The Frenchman had tighened up, was pressing, trying too hard. There was no stopping Len. He swept through Lefevre in that third set with relentless and devastating accuracy. There was acclaim from the boxes as the referee made the announcement: "Monsieur Rollins wins the third set 6--J3. Score in sets now is two to one in.favor of Monsieur Lefevre." He 'caught a faint ray of hope shining in Swan- strom's eyes when their glances met over the sunbaked marquee as he and Lefevre left the court. When he returned to the court following the rest period Len sensed the change in the spectators, the ball boys, the linesmen, even the referee. There was a lack of con- fidence in their god Lefevre. At first the change was slight, then marked and complete. An easy one-sided victory was turning info a brilliant and sensational uphill struggle. "Monsieur Rollins' game; Mon- sieur Rollins leads in he fourth set, two-love." ! The flicker of a frown creased "Lefevre's forehead. | The French Davis Cup star broke Len's service for two successive pbints, but un- daunted Len smashes way to a lead of three games with bullet-like aces and phenomenal net play. © "And now Lefevre was plainly worried. He fretted about a pebble that had become unrooted on the court. It was necessary for him to tighten the laces of his shoes. And once he glared at a linesman who called in favor of the American a shot which nicked the side-line. Len was making splendid use of his height now by the net at a time when Lefevre's stroking had weak- ened in strength and accuracy. Kill followed kill for telling points. Lefevre then tried to drive him back into the deep ccurt with long, float- ing lobs and passing shots, but his efforts were futuile. Len Rpllins was not to be stopped. Len noticed, and it was the first genuine thrill he had experienced since he began the all-important match, Clark's hand digging into Wheatley's shoulder, yet Wheatley did not seem to notice. And Swan- strom and Hughes sat forward, staring, breathing unevenly as if they themselvés were playing. Len was serving again, and if he won this game it 'would square the match. If he could take this game and set, it might crush Lefevre's spirit. ; Zing--zing-- Cunching of over clay. S legs dared her "Out!" "Good!" French from 'the linesmen and referee. The d quiet of the Rollins wins the e match stands chair: "Monsie fourth set 6--2. squared at two : + The sun had sky and it was a little cooler when the players returned to the court. But it was a resolute Lefevre Len faced now. Not the unsettled one of the last two. Rather a man who realized his danger. His face was grim with determination. But Len did not fear him. The Frenchman won the first game and they changed courts. Len noticed the set expression on the faces of his teammates, He himself felt no strain. He would win be- cause he had to win. Knowing that gave him strength, The fourth game and the fifth were over; they changed again. Racquets flashed, feet scurried over clay; there were cries from the linesmen, bursts of applause from the crowded stands. "Monsieur Rollins' game; are three all in the fifth set..." 'Len smiled and winked at a lines. man as he went bys Another game. Léfevre was play- ing as if inspired, but the French- man's inspiration spr from no such deep and demanding wells as did Len's. Rt "Monsieur Lefevre's game; are four three in favor of Monsieur Lefevre." Back into the referee's voice crept some o fthe enthusiasm that had been there previous to Len's stupendous rally. But Len merely took a tighter grip upon the handle of his racquet. A sizzling passing shot which Lefevre courage- ously but vainly attempted to reach. The match was squared. Four games each . . . Their world now was the tennis court. The spectators might have been on some distant planet. Lefevre knew only that the man on the other side of the net wust not be allowed to win; and Len just as driven to defeat. Len stalked Lefevre now as & beast of the jungle stalks its prey. Not a move did the other make that did not mirror itself immediately in Len's mind. He was close on the trail now, waiting for his quarry to falter. And when he did--swift and sure would be his death. But Lefevre throughout the ninth game, though it was deuced seven times, did not falter. It was Len instead who finally left an opening. And the Frenchman took quick ad- vantage "Monsieur Lefevre leads five games to four. Change please." The crescendo of - the referee's voice was startling. One game, the mere matter of ten points at the most, remained between the squaring of the match and defeat. But Len would not fail; he would win. He had to win. Lefevre was serving. Back and forth went the ball; back and forth. Doggedly Len pursued. Bventually one of them would crack. And this time it would be the Frenchman. With a scorching drive Ler made the score thirty-forty. And on the next return throwing caution to the winds he rushed to the net. Jump- ing high in the air he killed Le- fevre's lob with an overhead smash which evened the match. The an- nouncement came again, concern once more evident in the French ac. cent: "Games are five all ia the fifth and deciding set . . ." Clark and Wheatley were hug- ging each other; Hughes and Swan- strom were standing. From the sideline, he could not reach. "Fifteen-thirty!" How quiet it was! Lefevre's ser- vice came again, a twisting, trea- cherous ball this time that bounced high. But Len returned it safely. The Frensh ace took it prettily on Lefevre's return just 'inside the | his backhand, sending the ball to the deep corner. But Len was there and angled the ball to the other corner. Lefevre got off a blistering drive which nicked the line. Len just managed to reach it; his return was weak. Lefevre, eyes gleaming, came quickly forward with panther- | like grace. He swung from above, his racquet a mere flash in the sun- shine. The ball had all but passed Len before he had an opportunity to gauge or time its flight. Instinctively he thrust out his racquet, wrist stiff He felt the vibration of the ball squarely stricking his racquet; it made a singing noise as it 1.ft the gut and dropped inches within the base line. Sudden thunder from the stands. There was no favorite now. Here was drama tenis history in the making! One point. One point more. One little point between him and the Davis Cup -- "I wish you great things, Len, in your chosen field"-- Suppose, just suppose Grace should suddenly step out upon the court frem the packed stands and ask him to lay aside his racquet? Would he... But here it wast The servi which might bring victory and al that such a victory would mean. Hj was confident. His legs did not tired, even after these five, torrid sets. His arms felt strong, his eye clear, his wrist sure. (To Be Concluded) {8 TY x keenly knew that®Lefevre must be |. stands came long and tumultuous applause. The partis=:: French spec- tators now cheered wildly the blond young American Wwagnificent up- | hill struggle. And now Len had the advantage. He was serving. Not once during the afternoon had his terrific "screw" ball deserted him. And it did not desert him now. His first shot was a brilliant ace. The frown that creased Lefevre's forehead deepened. The expectant hush that settled over the gallery after the spontaneous tumvit was balm to Len's ears. The next service, though, Lefevre returned expertly along the sideline. It was, Len knew as he started for it, practically ungetable. But he must not fail. Somehow he reached side court just as the ball was bounding past, threw his racquet at it viciously from the backhand, and knew happy amazement as it hurtl- ed back safely into the Frenchman's court. He had been i out of position by the seemingly impossible recov ery. And now the area left open in which Lefevre would put the ball away yawned terrifyingly as he wheeled. There was no alternative. This was the time for daring and not finesse. He bounded toward the net. The bravado of the maneuver momentarily unsettled Lefevre, The lob, which floated over the Ameri- can's head, missed the base line by a foot. The shill sing-song above . . ."Thirty-love." Len stood, panting hard, behind his own base line. He took a long, resuscitating breath, a fresh grip on the racquet. Then like a spring, his body coiled and released, swiftly uncoiled. The ball went wide. The | second ball found the box. The in- vincible Frenchman made it good, however, and after a spirited volley won the point. "Thirty-fifteen." Again up on toe--and that terri- fic spinning service nicking the white line 50 the chalk flew high in the air. Lefevre bit his lip as the ball bounded off the retaining wall and rolled away . . ." "Porty-fifteen" and after a long volley--"Forty-thirty." A daring cut of a trap-shot. Len watched, almost amused, as the French star heartbreakingly tried for it--and missed . . . The drone of the referee: "Mon- sieur Rollins leads in the fifth set, six games to five . . ." Lefevre must fight now with his back to the wall, True, the French- man was serving. But Len preferred it 80. The psychology was all in Len's favor. The man in the hole was serving. Splendid! Lefevre had to make his services good, or . . . The {first ball came and Len drove it off his forehand to the far base line. He laughed confidently to him- self as he rushed in, picked up the return at his feet on the half-volley, sent it spinning along the sideline Took 1t again on'the short volley, this time off his backhand, slashed the ball at the Frenchman's feet. The return came back too high, per- fectly angled for a kill. "Love-fifteen , , ." : Four more points. Four litle points. Please God! His body trem- bled, but his hand was firm and sure on the handle. of the racquet. A double fault! Lefeyre saw him smile. The next ball came at him voice from «For a Period of More Than Fifty Years, the Result of the Operations of Canadian Banks Has Been Commendable" 70th Annual Meeting of Shareholders THE DOMINION BANK Bank Well Equipped for War Requirements Canada is setting about to Measure Up to her Responsibilities Says President, C. H. Carlisle. Profit and Loss Account is Increased; Bank in Sound Liquid Position, Reports Mr. Robert Rae, General Manager. o At the 70th Annual Meeting of The Dominion Bank, held in Toronto on Wednesday, December 11th instant, shareholders were addressed by the President, Mr. C. H. Carlisle, and the General Manager, Mr. Robert Rae. ROBERT RAE, GENERAL MANAGER, REVIEWS BANK'S YEAR Analyzing the Balance Sheet and the Profit and Loss Account, Mr. Rae pointed out that the Profit and Loss Account now stood at $861,188, an increase of $23,788. over the amount carried forward at the end of 1939. Commercial Loans showed a substantial increase of $15,761,974, and now stand at $74,157,387, said Mr. Rae. This was largely due to the greater amount of money required towards the end of the year to finance the grain crop and the many Govern- ment war contracts undertaken. by the Bank's cus- tomers at numerous points throughout the Dominion. Deposits by the Public Deposits by the Public, he noted, totaled $121,608,- 160. showing a relatively small decrease of $1,616,453. from a year ago when it was considered that during the past twelve months approximately $22,000,000. had n withdrawn by customers for subscriptions to the First and Second Dominion War ing Non-interest-bearing deposits totaled $41,075,839, an increase of $3,097,156, and interest-bearing deposits totaled $80,622,320., a decrease of $4,713,610. Rr. » pointed out the strong liquid position of the Bank. 'Cash assets of $28,955,390, were equivalent to 20.829, of public liabilities, while readily realizable assets, including Government, Municipal and other bonds as well as Call and Short Loans, totaled $71,524,716., or 51.43% of public liabilities. The Bank's Investments Reganding the Bank's investments, Mr. Rae said: "The Bank's total investments amount to $38, - 480,761., compared with $60,649,317. on the 3lst October, 1939, and are entered on our Statement at less than market prices. Our holdings decreased $22,159,556. during the 'year through our disposing of securities to meet the increased demand for loans. The portfolio consists largely of Dominion and Provincial Government issues, of which $21,217,931. mature within the next two years." Call and Short Loans in Canada totaled $2,269,722, a decrease of $1,090,707, those elsewhere than in Canada $1,547,893, as compared with $2,398,947 a year ago. Both are adequately covered by readily marketable securities. Commercial Loans, showed a substantial increase of $15,761,974, standing at $74,157,387. Loans to Cities, Municipalities, etec., stood at $1,247,842, showing an unimportant decrease. Equipped for War Mr. Rae stated that $150,000 had been written off Bank Premises. No new buildings were erected nor was any land purchased during the year, but altera- tidns had been made to oe offices, and premises had been leased for a new main office in Hamilton. One new office was opened, and one old one closed. Tribute to the loyal co-operation of the Bank's staff * was paid by Mr. Rae. "While the Empire is engaged in a devastating war," remarked Mr. Rae, 'it 1s a satisfaction to be able to again assure you that your Bank continues in a sound position and is well equipped to provide the industrial, commercial and farming interests of this Country with banking facilities of every nature required for the successful prosecution of the War, which must be the primary objective of each and every one of us." PRESIDENT C. H. CARLISLE DISCUSSES CANADA'S ECONOMIC POSITION In opening his presidential address, in which he touched at % th on Canada's war and post-war problems, Mr. é H. Carlisle referred to the excellent service given by the Canadian Banks during more than fifty years, and to the improvement of The Dominion Bank's position due to reduction of its investment portfolio and increase of its loans. "There has been a revision in the Bank's system of operations which has materially simplified the work, made it more current and more efficient, and has also given a greater freedom of action and placed a greater responsibility on our branch and department mana- gers. This is as it should be." In spite of the great toll exacted of Canada by the War, this country had an abundance of those things, material and human, which are essential to a sound and prosperous nation, and was therefore a field for safe investments, said Mr. Carlisle. Canada a Sound Investment "Investors may hesitate, and some have hesitated, in making investments in Canada due to our being at war. They are cognizant of the great toll exacted of us in resources, money and men. But there is another picture of Canada. Her crops are abundant; her gianaries are full to overflowing; her mines are pro- ucing large quantities of various metals; her fac- tories are at maximum production and many more factories are in process of construction; her forest products are at a high peak of production; her banks are sound and are providing for the requirements. of expanding business; her per capita natural wealth is likely greater than that of any other country; her laws are equitable; her courts are of high standing; her laws are enforced; her people are of a. creditable level of intelligence, law abiding, resourceful, and meet with courage from day to day the problems that confront them. All of these things are essential to a sound and prosperous nation, where safe investménts may be made. War Brings Debt "Thinking people throughout the world are appalled at the rere Ln of this war. What we I mulated for ourselves and our families and others who are dependent, upon us is now being liquidated. Several generations following us will labor under the burden of debt now being accumulated. Art, build-+ ings centuries old and many other things we hold dear have been and are being destroyed in pitiless succession. _ But while Canada had achieved remarkable progress in most things attempted, she could not boast of a high degree of efficiency in her political and govern- mental administration, Mr. Carlisle believed. Must Cut Government Cost "With all of her opportunities she found herself, prior to the outbreak of the present war, with a municipal, provincial and national debt of slightly less than eight billions of dollars. Some of the causes contributing to our utterly unnecessary debt are: the establishment of ten separate governments to govern eleven millions of quite intelligent and law abiding people; the constructing of luxurious and expensive ublic buildings and the maintenance of same to ouse an unwarranted number of officials and a retinue of staff; the payment of large sums of money for projects that were not essential to the people's .nterest although, no doubt, of political value. We trust that these practices are in the past. From coast to coast our people must have taken on a new courage when Prime Minister Mackenzie King issued an invitation to all the Provincial Premiers to meet him in Ottawa to assist in creating a new order, a better condition. It must be kept in mind though, that the remedy does not consist merely in the shifting of debt from one geographical area to another, but in the elimination of A and waste. In such saving no province should fear discrimination or loss, as every province has in our governmental institutions a representation proportionate to its population. As citizens and regardless of political affiliation we should lend every aid to both the Dominion and the Provincial Governments to revise the B.N.A. Act, to bring it in keeping with our current requirements, to simplify to the nth degree the operations of government, to reduce costs not only within our ability to sustain but within our ability to liquidate." 3 Unsound Economics and War "Canada is 'setting about to measure up to her responsibilities. The cost is tremendous. She will carry on as long as her manpower and her resources permit," said Mr. Carlisle, paying a tribute to the "heroic endurance' shown by the British people in the Battle of Britain, and the "high intelligence, penetrating analysis of the things to be done, courage undaunted, decisiveness of action, and just and kindly consideration for all" of Prime Minister Churchill in his leadership of a people seeking to free itself from Hitler and Mustohni and their "inordinate and brutal demands." "The world has not forgotten, nor could it forget, the devastation of the last war. It brought no per- manent peace--it solved no problems national or international. Should not these warg and the history of othgr wars be sufficient for us to ascertain the causes that produeed them, and then deal with those eauses? The astonishing progress made in medicine and surgery lies largely in the discovery of the cause of the disease and in destroying'it rather than treating its effects. Unsound economics, inadequate dis- tribution, inequality of trade---wherever they exist cause unrest and discontent among:the people, and thereby create fertile ground wherein the shrewd, heartless and ambitious agitator gains destructive power and domination. If there be a major cause of war, this seems to be the cause. Democracies Have Changed "The world not so long ago was very large. We then knew but little and cared bus little about such countries as China, Japan, Augtralia, or even the South American States. Communications and rapid transportation now make all these our" next door peigh hors. They know avhat we have aj how we ive. "Our manner of living makes it difficult for us to evaluate these changed conditions. We ifive been raised under the aegis of democracy. We ye it. We idealized it--but truly a different aed exists today. Democracies have changed from a&govern- ment of the people, by the people and for the'people, to a government by a al party Yor the Pe of a political party. They are entangled in a pro- cedure that makes them inefficiept and uneconomic." When war ended, continued Mr. Catlisle, a great task would confront us. Eliminate Waste ; . "We cannot enter this period unprepared and achieve success," he declared. "It is equally the responsibility of the individual and of governments to join in a common effort to see, insofar as we can at this time and chiefly by the resolute elimination of waste, that all our essential activities meet post-war conditions well equipped and adequately financed. The individual must not be crushed by the burden of taxes, the absence of profit, unemployment and the embarrassment, of the dole until all hope is gone. This can be averted if taken in time. The remedy, as I have said, lies largely in a drastic economy--both individual and national--a greater production, a greater foreign trade. Must Develop Trades "We can no longer enshroud ourselves in the cloak of nationalism. Our hope lies in internationalism. We can no longer wait for trade to come to us. We must develop it. Much of the wealth of the world is contained on this continent--a great part of it undeveloped. This is especially true of Latin America. What has Canada done to share in the trade or the development of new trade in these countries? Prac- tically nothing. South America produces much that we can use and should purchase. She is capable of developing a much greater variety of goods than she now produces. If this continent is to be unified under the Monroe Doctrine, and avail itself of its own climatic and geographical advantages, we must do a better job than we have done in the past. We must get acquainted." An Opportunity in Latin-America "At this time Brazil has on hand certain com- modities in larger quantities than the market will absorb--for instance, coffee and corn. That country is burning corn for fuel and out of this year's crop has already burnt ten million bags of coffee and in addition has a surplus of about ten million bags. We likely could take more of this coffee and more of this corn, and Brazil could direct her labor into other roductive channels and grow less corn and coffee. er valuable timber areas could be developed. Her rare hardwoods should find a market in United States and Canada. "Brazil is the home of the Heva or rubber tree. Rubber growing could have been a real industry there, even if it required the importation for a time of some skilled Dutch East Indian labor. Had this been done, Canada and the {Ipited States would be now buying from her annually one and one-half billion pounds of rubber at a resent, value of three hundred and thirty millions o dollars, and these amounts would be ever increasing, (yr supply would then be dependable--our trade relations would be better. the great rubber plantations of the Far East owe their origin to Brazil. Multi.mjllions of Western money have been and are investeq in Far East plantations. savagely. 'He drove it back and. Gs as Coad This investment is now in jeopardy and our supply of rubber requirements is in doubt. Without going further into this matter, Latin-America affords a Feat opportunity to the United States and Canada or trade and mutual industrial helpfulness. We have neglected this opportunity. Some European coun- tries have not." Make Democracy Work "Perhaps Great Britain, and certainly Canada, France and the United States of America failed to understand the new and adverse forces that were rising throughout the world, and failed to co-operate to prevent them from attacking the democratic system of economic, social and political freedom," continued Mr. Carlisle. "Democracies became less efficient, less economic, more harmfully dominated by political parties. They adopted methods and misconstrued principles, to the undermining of the entire system. Totalitarian states are, at least visibly, efficient and efficiency appeals to most people. We do not want totalitarianism. Can democracies continue to exist on their recent past or their present performances? We think not. Can they be so operated to give a greater freedom, a greater efficiency, a greater effectiveness in world affairs? We think they can. How can we bring about this better state of - affairs? --by liberating our statesmen from the shackles of party bondage, so they may unrestrictedly serve the people best; by reducing the number of governments and lightening the awful load of govern- ment machinery; by re-organizing the franchise so the unfit and unworthy do not have equal rights with those who work and produce and pay. In this respect Australia has made at least a commencement." Liberty Not License "We believe in the liberty of press, of speech, of thought, but there is a line between liberty and license," concluded Mr. Carlisle. "If liberty is to continue, license in speech and license to agitate cannot be permitted to destroy liberty itself. It is hoped these distressing and perilous times will make all conscious of the necessity of change, so that the fundamental institutions of democracy may still be our inheritance." after deducting Dominion and Province of $370,165.53 amounted to Contribution to Officers' Pension Fund Written off Bank Premises................ GENERAL Capital paid up Reserve Fund Dividend No. 232, payable 1st November, 1940 Former Dividends unclaimed . : Total Liabilities to the Shareholders Notes of the Bank in circulation men ments Deposits by the public not bearing interest interest accrued to date of statement ......... Sudsidiary coin held in Canada Subsidiary coin held elsewhere ..... Notes of Bank of Canada se Deposits with Bank of Canada. ...... Notes of other Chartered Banks €heques on other Banks Canada Securities, not exceeding market value Public Securities other than Ca marketable value to cover a sufficient marketable value to cover circulation estimated loss provided for wise included, estimated loss provided for Non-current Loans, estimated loss provided for Real Estate other than Bank Premises . .......... Mortgages on Real Estate sold by the Bank... a8 per contra THE DOMINION BANK Seventieth Annual Statement Balance of Profit and Loss Account, 31st October, 1939........ oe $ The Profits for the year ended 31st October, 1940, after making appropriations to contingency accounts, out of which accounts full provision for bad and doubtful debts has been made, and ial Government Taxes Dividends (quarterly) at ten per cent. per annum Balance of Profit and Loss Account carried forward ........ rein $ STATEMENT 31st October, 1940 LIABILITIES Balance of profits as per Profit and Loss Aceount Deposits by and balances due to Dominion Govern: t Deposits by and balances due to Provincial Govern. Deposits by the public bearing interest, including Deposits by and balances due to other Chartered Banks in Canada Deposits by and balances due to Banks and Banking Correspon- ; dents in the United Kingdom and foreign countries Liabilities to the public not included under the foregoing heads Acceptances and Letters of Credit outstanding... ASSETS wad 327.005 33 Government and Bank notes other than Canadian Due by Banks and Banking Correspondents elsewhere than in Dominion and Provincial Government direct and guaranteed Secur- ities, maturing within two years, not exceeding market value Other Dominion and Provincial Government direct and guaranteed Canadian Municipal Securities, not exceeding market value... ... dian, not exceeding market value Other Bonds, Debentures and Stocks, not exceeding market value Call and Short (not exceeding thirty days) Loans in Canada on Stocks, Debentures, Bonds and other Securities, of a sufficient Call and Short (not exceeding thirty days) Loaus elsewhere than in Canada on Stocks, Debentures, Bonds and other Securities, of Deposit with the Minister of Finance for the security of note Current Loans and Discounts in Canada, not otherwise included, Loans to Cities, Towns, Municipalities and School Districts. ..... Current Loans and Discounts elsewhere than in Canada, not others Bank Premises, at not more than cost, less amounts written off... Other Assets not included under the foregoing heads. Liabilities of Customers under Acceptances and Letters of Credit, 837,400 71 958,788 05 $1,796,188 76 700,000 00 85,000 00 150,000 00 935,000 00 861.188 76 $ 7,000,000 00 7,000,000 00 861,188 76 175.000 00 1,551 37 8,037,740 13 15,037,740 13 $ 4,761,084 00 $ 7.082.305 1,631,051 ! 41,075,839 : 80,622,320 ---- 130,411,517 41 1,510,560 16 1,759,982 28 638,121 12 -------- 139,081,264 97 4,333,305 11 $158,452,310 21 BE } 383 41 ---- $ $ 3,156,988 75 11,478,788 67 327,478 74 14,635,777 42 238,865 00 107,824 80 8,780,207 77 4.865,236 62 $ 28,955,390 35 21,217,931 13 12,760,624 12 2,256,805 07 222.265 34 2,032,134 64 2,269,722 47 1,547,893 52 261,950 00 ~§ 71,524,716 64 1,212,814 93 180,948 40 5,487.572 54 29,175 88 48,802 49 . 199713 98 -- 82,594,288 46 C. H. CARLISLE, President. That we have examined the « books at Head Ofce and with the c securities representing the Bank!s inv of the Bank, of the Bank, TORONTO, 19th NOVEMBER, 1940. AUDITORS' REPORT TO SHAREHOLDERS We Report to the Shareholders of The Dominion Bank :-- Balance Sheet as at 81st October, 1940, and 81s AL com d feline from Hie branches, We have examined Bend de pt 1 8 nts, held at the Head Office and certain of a i: Ast October, 1940, and in addition vw. examined the cash and the securities Tele Bt Audigy branches during the year. We have obtained all the information and explanations that we have To nired in our opinion the transactions of the Bank which have come under our notice have been Within the po! In our opinion the Balance Sheet discloses the true condition of the Bank and is as shown by the b 4,333,305 11 $i58.452.310 21 ROBERT RAF, General Mahager. A. B. SHEPHERD, F.CLA., of Peat, Marwick, Mitchell & Co. W. D. GLENDINNING, F.0.A., ¥ of Glendinning, Gray & Roberts,