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Maps, plates, charts, etc., may be filmed at different reduction ratios. Those too large to be entirely included in one exposure ere filmed beginning in the upper left hand corner, left to right and top to bottom, as many frames os required. The following diagrams illustrate the method: Les cartas, planches, tableaux, etc., peuvent Atre filmto A des taux da reduction diffArents. Lorsque le document est trop grand pour itre reproduit en un seul ciichA, il est filmA A partir de I'angle supirieur gauche, de gauche A droite. et de haut en bas, en prenant le nombre d'images nAcessaire. Les diagrammes suivants illustrant la mithode. 1 2 3 1 2 3 4 5 6 ind y«n /_ ail 0I .ffatala. OENERAl. STATEMElVT AS ON 9th JUNE, 1869. LIABILITIES To the Pablie. Bank Kotos in circulatioi; . . . Deposita Balances due toother Banks. To the Shareholden. CAPITAli StO<'K — 'G;aj!adu.I{eglbtt>r |i3,l22,G00 Li>ndon Kt'jiirtter 877,400 Dividend N»». (54, l\ percent, p^iynble Ist July, 18H5 ^^ Former Dividends not cl«inie(l Reserve Fund it and Loss Aecount 1^1,013,710 2,415,401 26,817 3,455,928 4,000,000 120,000 8,539 400,000 19,399 $8,003,867 00 08 71 79 00 00 21 00 15 15 ASSETS. Gold, Silver, and Copper Coins in vaults Notes and Cheques of other Banks Balances due by other Banks and Foreign Agents Government Securities Real Estate. — Bank premises at Head Ottice and Branches , Notes and Bills discounted, and all other debts due to the Bank, not included under the foregoing heads 1,301,478 259,870 6,442,518 $8,003,867 47 09 72 00 28 86 02 15 H Commkkciaij'Ban'k of Canada, ( Kingston,' (Ah .luno, 1806. | '".'■■ hi.\t'M iisj.!)- .- C. S. ROSS, Caikier and General Manager. M .--• The Annual General Mooting of the Shareholders of the Commercial Bank of Canada was held at the Bank in Kingston, on Monday, the 2t?th day of Juno, 1865, in conformity with the Act of Incorporation. The Chair having been taken by Ricuabd John Caktwuiout, F^sq., Pref»idenl of the Board of Directors for the past year, the Cashier si'bmitted the usnal General Statement of the affairs of the Bank as at 9th June, and rhereafter read the following !— i,,*: REPORT OF THE DIRKCTOUS OF TUK (;oA..wiiRCIAL BANK OF CANADA TO THE SHAREIlOLDBRe, AT THE ANNUAL GENERAL MEETING, 20th Jl'NK, 18ti5. ' .. ■ : • it *■' ' ' The U8U1U Uenonil 8tatcmuiit of the HRkirs of the BHnk aa at !)th June, 18<>n, w herewith »ubniitted. , Profit aiul Los!j Account for the year, after deduction of ex(>en8eg of miiniigement, Oovi-rnraent tax on circulation, and other _^ charirc.' nhowod a I wlan cn of $269,399 16 ^ "Vf which tht!V lii»«i iH-en'^iilffTlfrlatcd to Dividend No. C3, in .lanuary ln8t, 3 per cent $120,000 Dividend >fi). , Again, from the scarcity of money, there was a reduction of deposits, and in respect of both circulation and deposits, the amoinits in (iem'nil Statement submitted are I'onsiderably ab')ve the average of the year. Then the uncertainly of the re' 'ons between Great Britain ami the I'iuIimI Stiitcs, for a lime, was cimsideivd an imperative reiison for restricting credits and advances genenilly. Trie Directors are satisfied, that whatever may be tlic npinious of individual Shareholders on this siilijcrt, the policy adopted was a la-ecaution, which, in the circumstances, it was their clear duty to tiike. At no time wen' the eugiigcmenis of the Hank exlcmled beyond what, even in times of trouble, a portion of the resources would have met in ordinary course. X» has Is-eu slated, the dimiuislied business caused a falling off in imiount of iirofits, but tiint was of minor importance a. sucli a lime. And htslly, with only the n>sulting profits shown above, it will Ik- evident to the Shareholders, that larger dividends could nut have been declared. S^' 1 • t The Directors consider it right to allude briefly f.o a subject which, of late, has called forth a good deal of discussion in Banking cir<4es, vil., the evils arising from " accommodation paper," and tiif necessity for Ranks declining to make advances upon any such socurities. The Dit^s^ tors, ^ ^ • while concurring generally in the soundness of tlie views taken regarding such bills, yet feel called upon to exf)r(Mstheir^i)iiviction that in carrJlBSf^'' out any such radical change in business as is involved in the total suppression of that class of securities, if sliolila^ the' gradual work of years ; and that undue pressure would result in loscss searce'iy less than the evils which it is sought to cure. v \ The Directors deem this a fitting occasion fo call attention to the grave mischief resulting from the present state of the law as regardV, interest. These restrictions, so far at least as they affect commercial trunsuctions, have been abolislicd, they believe, "in almost every civilized country^ and the experience of the last few years has shown conolusively, that, wholly apart from the interest of the Banks themselves, tlie whole mercantile community have been great sufferers from the unwise attempts to regulate the jjiicc of money by artificial means. The Boai'd are conviiiced, that not only much of the distress, but much of the overtrading, wliich have occurred in this country, are directly traceable to this cause, and that its removal would greatly facilitate a return to a sound and healthy system of trading. Reverting to matters in which tiie Shareholders are more immediately concerned, the Directors have again to express regret at the vexatious delay which has retarded recovery of the debt due by the Great Western Railway Cwnpauy to the Bank. At tlie date of last Report, it was believed the case would be brought before the Judicial Committee of the Privy Council in November last. It was found to be inipracticiible to have it brought on at that time. Then, the Great Western Railway Company, following out the policy adopted from the first, availed thenisrlves of their power to postpone the hearing. The Coimsel of the Bank pressed in every way they could do so, and at last obtained a j)cremptory (TiiiT, under which the Directors are informed the ajipeal was to be heani at the present (.June) sittings of the Court, and probably about 19th inst. The Directors are also advised that judgment will be had in August, and means will l>e taken to communicate the result to the Shareholders at tlic earliest practicable moment. That the decision will be in the Bank's favor, the Directors liave no reason to doubt. The eminent Counsel in England, wiio appear for the Bank, continue to hold the same opinion as that formerly expressed. One of the Bank's Canadian Counsel is now in England, atleiiding to the case, , si that should anything new have arisen during the argument, he might be at hand to supply the requisite information at the moment, from the thorough knowledge of the case which he possesses. In short, nothing has l»eeu left undone to press forward the matter, and to secure a favorable xpsult, .^ f It only remains for the Directors to express theit satisfaction at the accounts of the crops which reach them from all quarters. ' Should these exjjectations of a bountiful harvest, now almost certain, be realized, the Board look forward to a prosperous season for Canada. The past year has been one involving much more than ordinary anxiety to all connected with the management of Banks, and tlie Directors consider it due to the Managers and Agents of the Bank, to state, that tiie Casliier reports the general efficient co-operation wliirii he has received, in carrying out the views and policy rendered necessary by the peculiar circumstances of the times. COMMBRCIAL BaNK OF CANADA, ) Kingston, 22nd June, ISCi. \ ,■;.:<■* ii R. J. CXBTWRfGHT, 4 It was then niovetl h\ Samuki. Mi oki.eston, Ksq., st'coiided by Wm. Feugi son, Es(j., and / Retoheii, — That tiie General Statement of the affairs of the Bank, and Rejwrt of the Directors, now submitted, be received, adopted, and printed for the information of the Shareholders. It was moved by Rohkkt Andkkko.n. Kbcj., seconded by (tE()K(;k IU.xtkk, Esq., and - v.> ,-^ Resolved, — That the thanks of the Shareholders are due and are hereby given to the President, Vice-President, and Directors, for their ttt»*ntion to the )• terests of the Bank during the past year. It was moved by John Paton, Kstj., seconded by Ai-kkko Kinnkmork, Esq., and J *M.iV Regnlved, — That the thanks of the Shareholders be given to the Cashier, Managers, Agents, and other Officers of the Bank, for their attention to the duties of their respective offices. Sami.el Mm ki.eston, Estj., and John M. Maciiau, Esq., having been requested to act as Scrutineers, the Shareholders proceeded to tlie election of Directors, wiien the following gentlemen were duly elected for the ensuing year : — EDWABD BKUUY, Ksy., • ' . RICHAIID ,I0nN (\VKT\VfMfJllT. E.^>^., CHARLES F. GILDEBSl.KKVH, llsi^., MAXWEM- \V. STB.VNGE, Ksv- JAMES HARTY Hon. .rOHN .^. Hon. JAMES P7 E.^4.. .(;no\ M,i>, At a subsequent meeting of the Directors, Ruiiakd tlouN CAKiwuKiirr, Ewj., Wii> unanimously n FVesident, and Edward Berry, Es(t., Vice-President, for the ensuing year. , • e-electod ,11 ■