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Les diagrammes suivants illustrent la m^thode. 1 2 3 1 1 2 3 4 5 6 THE CANADIAN BANK OF COMMERCE ESTABLISHED 1867. HEAD OFFICE, - - • TORONTO. Capital (Six Million Dollars) S6,000,000 Rett 1,200,000 DIRECTORS: GEO. A. COX, Esq., Presidknt. JOHN 1. DAVIDSON, Esq., Vici?-Pkesident. JAS. TRATHERN, Esq., ROH'I'. KILC.OUR, Esq. \V. B. HAMILTON, Esq. MAI'I'. LiiGGAT, Esq. JOHN HOSKIN, Esq., Q.C, IJ-.D, B. E. walker, Gener.al Man.\ger. J. H. PLUMMER, Assistant General M.anac.er. ALEX. H. IRELAND, Inspector. G. DeC. O'GRADY, Assist.vnt Inspector. BRANCHES: Ailsa Craig Guelph Paris Waterford Ayr Hamilton Parkhill Waterloo Barrie Jarvis Peter! )nroiigli Windsor Belleville London St. Catherines Winnipeg. Man. Berlin MON TKEAI. : Sarnia Woodstock Blenheim Main Office, 157 St. Sault Ste. Marie TOKONTO : Brantford James Street. Seaforth Head Office, 19-25 King St. W Cayuga City Branches : Simcoe 712 nueen Street Kast. Chatham 19 Chaboillez Sq. Stratford 450 Vonge Street, cor. College CoUingwood 276 St. Lawrence Strathroy 791 Vonge Street Dundas Street Thorold 268 College, cor. Spadina Av Dunnville Toronto Junction 544 ()ueen Street West Gait Orangeville Walkerton 399 Parliament Street Goderich Ottawa Walkerville • 165 King Street East AGENCY IN THE UNITED STATES: NEW YORK, 16 Exchange Place, Alexander Laird and Wm. Gray, Agents. BANKERS & CHIEF CORRESPONDENTS: C.RKAT BRITAIN INDIA, CHINA AND JAPAN FRANCE .... GERMANY BELGIUM SOUTH AFRICA .... AUSTRALIA AND NEW ZEALAND SOUTH AMERICA . - . - WEST INDIES .... ME.XICO BERMUDA BRITISH COLUMBIA NEW YORK CHICAGO SAN FRANCISCO .... The Bank of .Scotland. The Chartered Bank of India, Australia and China. Credit Lyonnais. Lazard Freres & Cie. Deutsche Bank. J. Matthieu iS: Fils, Brussels. Bank of Africa. Standard Bank of .South Africa. The Union Bank of .'Viislralin. London and Brazilian Bank, Ltd. British Bank of .South America, Ltd. Bank of Nova .Scotia, Kingston, Jamaica. Colonial Bank and branches. Banco de Lony N. Surkey CJarland, at the DeparlnienI of Agriculture. Entered according to Act of the ratliament of Canada, in the year one thousand eight hundred and ninety- five, by N. Surrey Garland, at the Department of Agriculture, at Ottawa, Canada. ADVERTISERS' INDEX Baker, Geo. W Opp. Back Cover Bank of Montreal Inside Front Cover Bank of Oltawa . «• Opp. General Index Baniiue 2.353 543.486 56'.95J 569,217 575.796 600,000 722,328 992.578 999,580 1,000,000 1,000,000 1 ,000,000 1,000,000 1,000,000 1,000,000 1,175,220 1.335.410 1,478,910 1,500,000 8, 000 16,000 21,000 20,000 60,000 110,000 160,000 210,000 260,000 310,000 360,000 400,000 425,000 574,468 707,549 843.536 925,000 Deposits. 202,760 276.139 447,608 419,864 407.763 442,418 801,209 1,075,696 1,256,407 ".479.547 1,689,967 2,098,415 2,087,536 2.386,359 3,021,861 3.i45.2'3 3.24^.723 3.839.554 4.100,382 4,805,147 Circulation. Loans. Dividend. Rate. 102,239 149,208 153.670 148.838 131,821 258,992 453.684 596.134 556,782 588,303 593.215 643,706 749.764 880,505 807,684 857.374 1,031,468 1,069,857 1,129,439 1,127,920 566,277 845,721 1,038,191 1,031,214 1,013,981 875.302 >. 459.663 2,092,772 2,339.345 2,747.931 2.809,355 3.456.419 3,461,598 3.863,691 4,550,036 4.873.169 5,098,812 6,147,737 6,451.205 6,286,144 7 7 3^i 3 6 6 6 7 7 7 7 7 8 8 8 8 8 8 Amount. 15,827 86 30,934 69 37.161 37 38,940 36 19,769 S9 17.148 72 35.723 60 37.892 05 51,798 10 69,892 95 69,985 30 70,000 00 70,000 00 70,000 00 80,000 00 80,000 00 80,962 37 99.-- J 4: 110,274 65 "9.175 95 GENERAL INDEX. Paok Part I — Acts, Banking and Currency i II— Financial Directory 201 III — Statistics 379 IV — Appendix Annual Statements 417 Tage Acts of Dominion Parliament: Banks and Hanking 7 Hills of Kxchange Act 1 it Cuirency Act. 60 Dominion Notes Act 68 Insolvent Banks, Ins. Cos., ftc, Act .... 82 Insurance Act 148 Savinijs Banks in Frov. Queliec Act 71 Winding-up .Act .... 82 Acts of Parliament reference Tallies 213 Advice to Voung Men 201 Agents, List of Life and Accident 252 Alabama National Banks 351 Annual .Statements of Banks 417 Arizona National Banks 351 Arkansas National Banks 351 Assets Bank .Statements, Yearly 380 Assistant Receivers (General 215 .Australasian and Foreign Banks 316 Bankers Association of Canada 215 Banks, Annual Statements of 417 Canadian Bank of Commerce, 1891-2-3-4. 460 Imperial Bank, 1894 514 Merchants Bank, 1891-2-3-4 437 Montreal, Bank of, 1891-2-3-4 417 Peuple du 499 Ottawa, Bank of, 1890- 1-2-3-4 478 Quebec Bank, 1891 -2-3-4 4^8 Banking Act condensed 6 Banking and Currency of Canada l Bankini; Systems, other Countries 42 England and Wales 42 Fr.mce 49 Germany 51 Ireland 47 Russia.... 53 Scotland 46 Spain 50 Sweden 50 United States 53 Victoria, .Australia 47 280 7 «9 8 )f. Bank of England, Officer Banks AND Banking, Acr resi'ecting Annual .Statement and Inspection Application of Act Banks, whose Charters are continued by this Act 37 Business and powers of the Bank 26 Capital Stock 13 Commencement of Act and Repeal 37 [dividends 19 Dominion Governmenl Cheques 37 Form of Act of Incorix>ration of Banks. . . 38 Form of Security under Sec. 74 39 39 '5 7 16 7 I'A(;e Banks and Banking, Act respecting : Incorporation and Organization of Banks. 9 Insolvency , . 34 Internal regulations 10 Interpretation 7 Note Issue 20 Oflfenrcs .And Penalties 36 Public Notices 36 Reserves 20 Returns by the Bank 32 Return to Finance Department, Form of (Schedule D) .Shares and Calls Short Title Transfer and Transmission of Shares. . . . Treasury Board Banks, Australasian and Foreign 316 Banks Chartered in Canada (see Chartered Banks) 217 Banks failed before Confederation 385 Banks in Great Britain 281 Banks in Liquidation 385 Banks Managers and .Solicitors 239 Banks Merged into other Banks 385 Banks, National United States 35; Banks, Private 233 Bank Solicitors and Commercial Lawyers .... 239 Bank .Statements 379 Bank Totals, Monthly and Yearly 390 Bank Tol als, Yearly 380 Bills of K.kch ange Act 1 1 1 Acceptance and Payment 130 Bill in a set 132 Hills of Exchange, Form and Interpretat'n 112 Capacity and Authority of Parties 117 Cheques on a Bank 133 Conflict of La ws 1 32 Consideration for a Bill 118 Crossed Cheques 134 Discharge of Bill 129 Enactments repealed 144 Forms to be used in compliance with -Act. 138 General duties of holder 121 Liabilities of parties 128 Lost Instrument 132 Negotiation of Hills 119 Preliminary in Promissory Notes 135 .Supplementary 137 Bills of Exchange and Promissory Notes, (ex- planatory) 109 California National Ranks 351 Canada Banking and Currency i Canadian Bankers Association 215 M Fire Underwriters 242 vi Obneral Index. nani|iie < I'AdK Canadian .Money Orders 208 M I'ar of Slcrlinf; l'!xclmnj;e 202 CiiARiKKRi) Hanks, Hkanciies & Korkuin A(;ents 217 Bank of British Columbia 222 " Brilisli North America 218 " Mninilton 218 " Montreal 219 " New Brunswick 222 " Nova Scotia 221 " Ottawa 218 " Toronto 218 V'arinouth 222 le St. Hyacinthe 221 " lie St. Jean 221 " du I'euple 220 " d'llochelaga 218 " Jacques Cartier 218 " Nationale 220 " Ville Marie 220 Caisse irKcononue de Notre Danie .... 219 Canadian Bank of Coinnierce 217 City and District Savinjjs Hank 219 Commercial Hank of Windsor 222 Dominion Hank . 217 Eastern Townships Bank- 220 Exchange Hank of \'armouth 222 Halifax Banking; (omiiany 221 Im|)erial Bank of Canada 217 Merchants' Bank of l'an.-ida 219 " Halifax 221 " P. K. Island 222 Molsons Bank 219 Ontario Hank 217 People's Bank of I lalifax 221 " New Brunswick 222 (Quebec Bank 220 St. Stephen's Hank. 222 Standard Bank of Canada 217 .Summerside Bank 222 Traders' H.ink of Caniida 218 Unir Wives and ("hililrcn 176 Insurance Legislation, I'ixplanalory 141 Insurance Koceipis, Socurilies, St-c 175 Iowa National Hanks JS5 Issue of Licenses, Acceptance of Deposits. . . , 175 K Kansas National Banks 357 Kentucky National Banks J57 L Land Mortgage Co's Association, Ontario. . . . 232 Legal Decisions, Insurance Co's 176 Accident Insurance 180 Annuity A|)portionnienl 17S Application of Act 1 ^ ' Documents to be tiled iJ>-; Lxpulsion of a Meinlier from Henefil Society 17!^ Fees 182 I'"ire Insurance, conditions of policy and Interim Receipt 178 (juarantee Ins , Notice to ensurer, etc . 179 Infants entitled to insurance luone/s 177 Insurance for benefit of wives and cliildren 176 Interpretation l8l License 181 Payment of Insurance Money into Court. 178 Penalties 183 Record to be kept 182 Service of Process 182 Void Debenture 180 Liabilities, Banks, Table of Totals 386 Licensed Insurance Cos., Ontario 245 Licensees Register of Ontario 247 Life and Accident Agents, List of 252 List of Australasian and Foreign Banks 316 List of Banks in (ireat Britain 281 l^iijuidating and Liquidated Banks 385 Loan Companies, Statistics of 402 Loan, Mortgage and .Safe Deposit Cos 233 Louisiana >iational Banks 358 M Maine National Banks 358 Maryland " 359 Massachusetts " JS9 Michigan " 361 Minnesota " 362 Mississippi " 362 Mi.ssouri " 363 Money Brokers, etc 241 Money Orders, Canada 208 .Money Orders, Foreign 209 .Montana National Banks 363 Montreal Stock (Quotations. ... .... 410 Mortgage Cos. , Loan, etc 233 N National Banks in United States (see United States N. Bks) 351 Nebraska National Banks 363 Nevada " 364 New llam[)shire " 364 New Jersey " 365 New Mexico " 565 New York " 365 Page North Carolina Nat, Banks 368 North Dakota " 368 Notes, Dominion, Distribution of 315 Number of days from any day in one month to same date in another 207 Officers, The Bank of I'.ngland 380 Ohio National Banks 368 Oklahama National Banks 370 Ontario Friendly Societies (see Friendly .Societies) 249 O 1 ario. Land NIortgage .\ssociation of. .... 232 Ontario, Province of, Ins. Cos 24S Oregon National Banks 370 Past Fvcnls, to tind day of week 209 Pennsylvania National Banks 370 Post (Jfiice .Savings Banks .Statistics 409 Precedence, Tables of 214 Precious .Stones 210 Private Banks, etc 233 Promissory Notes and Bills of F'xchange 109 Provincial Licensees, Out 247 R Rapid Conversion of Currency 213 Reference Table to Acts of Parliament 213 Registered Insurance Cos 245 Register of Provincial Licensees 247 Kegulations re accepting Securities Insurance . 175 Repealed Statutes, Kxiracts, .securities olfered. 172 Rhode Island National Banks 373 Safe Deposit Companies Sani.N(;s Banks in Prov. ok (^ukhec Calls Charters continued . . Coninicncement of .Vet Deposits and Loans 'Dividends Oeneral Provisions Internal Regulations Offences and Penalties Schedule of Return Securities, Regulations re accepting Societies, Friendly, Ontario Solicitors and Commercial Lawyers Bank, etc South Carolina National Banks South Dakota National Banks Specie and Dominion Notes Sterling into Dollars and Cents Statistics, Bank Statements .Statistics, Bank .Statistics, Deposits F"ailed Banks Monthly Totals, Savings Banks, Governitient Savings Banks, Po.st Oftire Loan Companies Stock and .Money Brokers .Stock (Quotations, .Montreal Stock (Quotations, Toronto Stones, Precious Synopsis ofBanking Systems (see Bkg. Systems) 235 71 72 71 80 74 73 77 77 79 80 «7S 249 239 223 374 374 21S 202 379 380 398 38s 390 397 4(30 402 241 410 413 210 42 vin Oeneral Index. T PAIiR Tables of I'rcccdcncc 314 Table shewing niimlicr of dnyri, etr 207 Tables of refcrenc-e to Acts ol rarliaincnt ai3 Tables of VVeiuhls ami Measures 311 Tennessee Natioiuil Hanks 374 Texas National Hanks 374 Toronto StiKk Kxchnnge 413 Total Deposits 398 Totals Monthly and Nearly Assets 390 " " Liabilities 394 u Uni 1 K.I) SiAiFs National Banks 351 Alabama 351 Ari7.ona 351 Arkansas 351 California 351 ('olorado 351 C,"onnecticut 352 Deleware 352 District of ("ohmibia 352 Florida 352 (leorgia 353 Idaho 353 Illinois 353 Indiana 354 Indian Territory 355 Iowa 355 Kansas 357 Kentucky 357 Louisiana 358 Maine . 358 M.iryland 359 Massachusetts 359 Michigan 361 Minnesota 362 Mississippi 362 Missouri 363 Montana 363 Nebraska 363 Nevada 364 New Hampshire 364 New Jersey 365 New NIexico 365 New Vork 365 North Carolina * 368 North D.ikota 368 Ohio 368 l'A(]R Uniirii Stairs National Ranks: Oklahama 370 Oregon 370 I'eniisylvania ... 370 Rhode Island 373 South Carolina 374 South Dakota 374 Tennessee 374 Texas . . 374 Utah "376 Vermont 376 Virginia 376 Washington 377 West Virginia 377 Wisconsin 377 Wyoming 378 V Value of Coins in Can.ida 57 Value of Foreign Coins in Canadian currency. 2u6 Vermont Natiimal Hanks 376 Viiginia " 377 w Washington National Banks ...,,...•..... . 377 Weights and Measures, Tables of 211 West Virginia National Hanks 377 WiNDiNc.L'f Act 82 .Appeals 97 Application of Act . . .): 83 Contributories 91 Creditor's Claims 93 Fraudulent Preferences 96 Interpretation 82 Liquidators 87 Offences loi I'rocedure 98 Proceedings after Winding-up Order 86 I'loceedings for " " . . . , 84 Provisions Applicable to Hanks 101 Provisions Applicable to Life Ins. Cos. . . 102 Provisions Applicable to other than Life Cos 105 Short Title 82 Unclaimed I)ividend.s loi Wisconsin National Hanks 377 Wyoming " 378 OPINIONS OF EMINfaNT MdN . (BANKERS AND OTHEKS.) 57 377 Ills Excellency I/)Rn Stam.p.v, (jiiTfrnorCifncrnl of Ciinndn. The Ixvik is one whi;h is certain to prove iiseful. l\i. lion. Sir John A. Macdonai.d, (l. C. B. F'reinier of Canada. ^'ollr IxMik on Banking is a conipencliiim of use- lul knowledge, and a.s such will, I doubt not, become widely known, SiK CHARI.es TUI'PER, High Com. for Can., Lonle, being reliable upon all sub- jects upon which it treats. Geo. E. Kidd, Barrister, Ottawa. It is a complete work, well printed, with a very full index, and must give satisfaction to professional men. MooRF. A. Hn'.r.iNS, Superannuated Officer, Kin. Dep., Ottawa. Calendar Year 1895. ^^tsii. s^s^zjs^ts^ rfz-iJi-rfz-i^. .r^zj^i^tj^ i^<> ^_rf7 .rflJ^ 5^z_s^. FEBRUARY. MARCH. sfa.js*? Fiscal Year 1895=6. V .^-rlS .v.4_ z_ri.V_ •r'.'z.r. .- -i.Z jr'.V^.t :vjri.- ' .^r';^ ^.^.^^ AUGUST. SEPTEMBER. ^ S M T w T F s s M T w T F s^ 33 33 34 63 ''4 65 f.f» 67 68 69^ , , , . I 2 3 I 2 3 4 s 6 7> 15 36 37 38 39 40 41 7" 7' 7' 73 74 75 '% 4 5 6 7 8 9 10 8 9 10 II 12 'I ii 4' 43 ; 44 4'i 46 47 48 77 78 79 80 81 II 12 13 14 IS 16 17 i,S (6 17 iS 19 20 2lEh 49 50 ^I ^2 i3 ^4 SS 34 ss S(, "7 88 8w 9.4 18 19 . 20 21 22 23 24 22 23 24 25 26 27 S'' 57 -,« -g Ao f'j '•'J 1)1 '/J t^ 25 26 ' 27 28 29 30 31 29 30 •■•h DECEMBER. ': NOVEMBER. ^ 1-4 '^5 154 ■55 I5fi '57 158 '59 16,11 I."i '•I? I'a'a 129 '3" I ■3' 2 '3' I 161 2 in2 .^1 .^4 I 6 166 3 4 ,S 6 7 8 9 8 9 10 II 12 13 US' 'U '34 •35 13b '37 ■38 '39 168 109 170 ■7' 172 '73 .74I1 i8,-J> 10 II 12 13 14 IS 16 IS 16 17 18 19 20 140 141 143 '43 •44 '45 146 '75 .76 •77 .78 '79 >8o 17 18 19 20 21 22 23 22 23 24 25 26 27 28^ '47 24 25 lit) 26 27 28 ",0 29 111 30; 183 29 • if; 30 1^4 31 .. , , • r 1 - ■ V FEBRUARY. MARCH. J 2,n 1 '45 246 '47 '43 '44 2Si. '5^ . . 1 ! I 2 3 4 s 6 3,,8K "7 218 219 a«o 22 1 asa "3 1 35a •'53 »54 aS5 35b 357 2 3 4 5 6 7 8 8 9 10 II 12 13 14 't^ aa4 225 236 337 233 239 230 259 260 361 263 363 3fi4 '''5i,l 9 10 II 12 13 •4 15 15 16 17 18 19 20 231 132 3.1 ■^34 '35 236 337 1 266 267 368 369 370 271 16 17 18 19 20 21 22 22 23 24 2S 26 27 28^ J^S iMO .•4.-1 •4' ■4.1 •43 '44 '71 '74 '75 23 24 25 26 27 28 29 29 30 31 t^ MAY. JUNE. ^ IcKi 3..7 1 337 338 339 14'>' 14' 6? . . . . . . , I 2 , . I 2 3 4 5 308 1'X) J 10 3" 3.2 3«3 3'4 143 344 345 346 347 348 i49;l 13 J 3 4 5 6 7 8 9 7 8 9 ID LI 12 I'S (■6 )'7 llS 3'9 320 1" 350 351 35' 353 354 355 10 II 12 13 14 IS 16 14 IS 16 '7 18 19 20 ^> J'.l.^ (22 tsj 334 12 3 32I) 337 138 1 157 358 359 360 36. ,62 17 18 19 20 21 22 23 i 21 22 23 24 2S 26 ^^<; 11" 1 !l li' 1U 114 31= j ,6, lA^ 11V. 24 25 26 27 28 29 30 28 29 30 ••;> lift it. 31 .. • • '{^■^"^ ^- z^s-zjs-^sTj^ ;^ i;.^ T^v/^rz^ ^;, j^s-j^^-z^ zjs-z-^jTifi-T^ z^iT^/;^-;^ ■ iSgfi lieiiiK Leap \'ear Kebriiary has 39 <^ay^. Sw Srogress of this country. (4) Is that of taking the general features of the present system and continuing them, at the same time making certain improvements which should better safe- guard them than they are at present, and which should obviate some of the objections and defects which are generally acknowledged to exist in the present system. Now it will be seen in a moment that the advocates of all these systems had one idea uppermost, which was the security of the note circulation. No -ne of these systems did primarily or even secondarily to any degree, look at any larger and stronger security for the voluntary creditors, all of them aimed at making as absolutely perfect as could be the security for the note circulation. It now may be considered by Parliament whether there is not imder the present system a sufficiently reasonable security for the realization of the note circula- tion if it should become necessary. If there is a sufficiently reasonable circulation it would not be prudent to adopt measures which although having good features in some respects in themselves, would certainly have the effect of unsettling the present system of banking and the present system of trade, which is so intimately connected with it. Now with reference to this we might ask the question : How has our banking system worked so far? I am sure that all of us in looking over the working of the banking system since 1870, when the first principal legislation was had in this Parliament, must come to the conclusion that, take it all in all, looking at the circumstances of this country, and at the development of business over its broad extent of territory, at the peculiar services which the banks here have to fulfil in taking hold of l)usiness ventures to a certain extent, and of helping to develop them, I am sure, taking all these things into consideration, along with the history of the banks, we must come to the cone'.' sion that the system in Canada has worked quite as well as, and probably in a superior manner, to the banking system of any other country at a similar state of its development and its history. With reference to the security of the bank notes I quite admit that it is not a sufficient argument to say that because a system has worked well in the past it must necessarily under different conditions work well, but certainly it is a fair argument to say that if it has worked reasonably well in the past it has claims for a fair and full consideration, at least before it is violently inter- fered with. Then as to the matter of security for the note circulation, let us see what it is to-day. In February, 1890, by the latest bank returns that we have, the assets of the banks amounted to $246,289,764. We have a double liability available of $64,560,395, making a total of $510,850,156, as a security upon which the ])resent note circulation of $30,627,074 has a preferential claim, that is, for every note of the banks at present in cir- Banking and Currency in Canada. '-a ,'3 i g;^ culation, there are about $10 in assets and double liability available for their security and for thuir ultimate redemption. This, it would seem, is a very large and satisfactory secur- ity for the amount of notes in circulation. * * * There are certain defects in the law which have been comi)lained of in this House, and these I propose to remove in the Bill which 1 shall have the honour to introduce. One is that the notes of solvent banks and those of which there was no suspicion, the notes of which no one is in doubt as to their being redeemed if they were presented at the office or agency of the bank which issued them, and that these notes when jiresented out of the section of country in which the bank has its offices, are subject to discount, and citizens of the same country but because of being outside of a certain section and holding a note of a solvent bank, but because of being outside that section could only pass the note at a discount. Now one of the clauses of this Hill deals with this question, and if it becomes law the notes of all solvent banks shall pass at par throughout Canada. Another is : There has been but one exception in Canada since 1870, viz : the Mechanic Hank, to which the notes which were secured, failed to be redeemed at their face value ultimately, but holders in remote parts suffer inconvenience in wniting and are often forced to disiiose of them at a loss. The (lovermrient and the hankers agree that the time has come to remedy this evil. The proposed plan is that a certain percentage of tlie average circulation of the bank shall be paid into a fund to be called 'the banks circulation redemption fund.' The provisions of the clause are these : Sec. 54. Tiie amount (5 per cent, of the maximum circulation) is always to be held in the funds iqion the suspension of a bank and between the time of suspension and redemption, whether it be long or short comparatively speaking, the notes will be kept at i)ar, partly from the knowledge that there is a fund of that amount to redeem them and partly because it is proposed tliat from the time of the suspension of the bank until the day notice is given of tiie liciuidation of the notes, these notes shall bear interest at the rate of 6 |)er centum per annum, which shall prevent the notes falling below par, or will enable the original holder to keep them, feeling he will get a fair investment for his money, ami will enable investors to hold them and will cause the banks to willingly take them. This is, in brief, and as clearly as 1 can put it, the arrangement which is proposed in the clauses which deal with that matter. It is a sort of a co-operation. " It is felt also that greater care should be taken in the formation of new banks, and with the number we have in Canada at present no more are actually needed, and if they do press for a charter, that they shall be prepared to do a safe business, and it is proposed without interfering with the capital stock, that before undertaking business in Canada $250,000 shall be bona fide paid u]) and deposited in the hands of the Minister of Finance and Receiver-Ceneral. That will prevent an increase in the number excejjt wnere the intention is to do business upon a sure foundation. These are in brief the chief features of the Act, and with this introduction I beg leave to move the House into Cotti- mittee on the resolution." The acts and amendments dealing in general terms with banking since Confederation are : — 33 Vic, chap. II, assented to 12th May, 1870 14th April, 1871 " 14th June, 1872 23rd May, 1873 " 7th May, 1880 and by the revision of the Statutes, 18S6, chap. 120, Revised Statutes of Canada, other amendments granting extensions of charters to certain banks have been pas.sed, but none of a general character. The Ministers of Finance during whose administration important banking legislation has been enacted, are as follows : Sir Francis Hincks, K. C M. C., C. B., Sir Leonard Tilley, K.C.M.G., and Hon. Geo. E. Foster, D.C.L., M.P. 34 .s, 3.S (( (( 8, 36 U (t 43. 43 (( (( 22, THE B ANKING ACT . 1890. Important Sections Condensed for Ready Reference. 1^! The Act in its present form became operative on the first (lay of July, 1891, and shall continue subject to Sec. 4 until one tliuus.uid nine hunilred and one. This .\ct ap|)lies to all hanks in schedule A ot Act and to all lianks incorporated after January 1st, 1890. Sec. 10. — The capital stock of a hank must he $500,000 bona fide subscribed, divided into shares of $103. .Sec. II. — Number of provisional directors to he not less than five nor more than ten. Sec. 13.- The paid-up ca))ilal must be $250,000, which shall be paid to the Minister of F'"inance. Sec. 14. -The bank may not issue notes nor con- ey, oflfi- r)f alter- ed," or r stamps e. tisement m notes, or l)oth. in ware- or ; pcn- linj; with V holding .■nieanor ; visions of iness and hly return within the y $50 P" t-mark on send spe- f Finance, Je, penally be proof ; sharehold- 20 days in |lay so neg- atemeni of five years, no transac- Ithereon for cd period), ■ccived. as lo secur- nieanor ; a as well as iss incurred. |r deceptive iiounts to a ,r 5 years. _ |()f " bank, banking [without au- irce in that Act. against this ionment for Ibe given by ly be by ad- Tf the iilace ya Gazelle. , to be char- Jchetpies. Ihis .■\ct, re- Ig and unset- lncom\)liancc Te operative, 53 VICTORIA. H CHAP. 31. An Act respeotinp: Banks and Banking. ., [Aminted to IGth May, J 890.] ER MAJESTY, by uinl with the advice and consent of the Senate and House of Commons of Canachi, enacts as follows: — SHORT TITLE. 1. This Act may be cited as " I'he Bank Act." INTEUPIIETATION. *i. In this Act, unless the context otherwise requires, — (a.) The expression " the bank " means any bank to which this Act applies ; (b.) The expression "Treasury Board" means the board provided for by section nine of chapter twenty-eight of the Revised Statutes of Canada, or any Act in amendment thereof or substitution therefor ; (c.) The expression "goods, wares and merchandi.su " includes, in addition to the things usually understood thereby, timber, deals, boards, staves, saw-logs and other lumber, petroleum, crude oil, and all agricultural produce and other articles of connnerce ; (d.) The expression " warehouse receipt" inoans any receipt given by any person for any goods, wares, or merchand' ":i his actual, visible and continued possession, as bailee thei'eof, good faith, and not as of his own property, and includes receipts given by any person who is the owner or keeper of a harbor, cove, pond, wharf, yard, warehouse, shed, storehouse or other place for the storage of goods, wares or merchandise, for goods wares and merchandise delivered to him as bailee and actually in the place, or in one or more of the ))lace8 owne All the 2)rovisions of this Act, except those contained in. sections three, six to seventeen (both inclusive), nineteen to tv/enty-seven (both inclusive), thirty-three, forty-five, and ei<;lity-nine to ninty-six (l)oth inclusive), apply to La BaiKiue du Peuple : Provided, that where- ever the word " directors " is used in any of the sections which apply to the said bank, it shall be read and construed as meaning the prin- cipal partners or members of the C(jrp()ration of the saitl bank ; and somuchof the Actincorporatinff the said bank, or of any Act amend- ing or continuiiifi^ it, as is inconsistent with any section of this Act applying to the said bank, or which mnkes any provision in any matter provided for by such sections other than such as is hereby made, is hereby repealed ; otherwise the said Acts are continued in force, subject to the proviso contained in section four of this Act. What provi- <;. The provisions contained in sections two, seven, thirty-seven, '*'""^ ^'h"" *^ forty-seven to eighty-eight (both inclusive), and ninety-seven to one Banks of hundred and four (both inclusive), apply to the Bank of British British North North America and the Bank of British Columbia respectively ; and ^'b^"c" '^"'^ ''''^ provisions contained in the other sections of this Act do not apply to the said banks. Chief seat of T^' I*'"*' ^^^® purposes of the several sections of this Act made appli- business of the cttble to the Bank of British North America and the F^ank of British said Banks. Columbia, the chief office of the Bank of British North America The Banking Act of Canada. « shall hi) the offico of tlio Imnk at Montmal, in tho Provinco of Que- ht'c.ainl tlic phict" ollicc of tin- l'>aiil< ol" Hritish Coluiiiltia shall \»', tho olHce of th(! iiank at Victoria, in tlu; I'rovincc; ot" liritish Coluinl>ia. IV H. The provisidiis ol" tliis Act may he cxtciKlfd to the Merchants' IIdw M^r- - .-...•.... .. . . cliiiiils' Hank aiik of I'rincc K Iwar.l Island hy the 'I'rcasury Hoanl, ui)on the ',/','.''',';. ,",",„ application of the directors of the sair"iofAct Schedule B to this Act shall he construed to confer upon the bank "j^^jj" "'!""»• thereby incorporated all the powers, privi!e<;es and imminiiti(is, and to subject it to all the liabilities and provisions set forth in this Act. 10. The capital stock of any bank lu^nvifter incorporated shall 1)6 Ca|)ital stock not less than live hundred thousand dollars, and shall be divided »nJ ^^harcs. into shares of one hundred dollars each. 11. The innnberof provisional directors shall bo not less than five „ • • , 1 1 11 1 11 1 1 1 n' -IT I rovisional nor more than ten, and they shall Jiold ornce .until du'ectors are directors. elected by.tlie subscribers to the stock, as hereinafter provided. Vi. For the purpose of or^aiii/intjf the baid^, the provisional direc- Openini' of tors may cause stock books to Ite opened, after ^ivin^ pulilic notice stock books. thereof— iipon which stock books shall be reeonled the subscriptions of such persons as desire to become shareholders in the baid< ; and such liooks shall be opt.'iied at the place where the chief otKce of the biudv i.s to be situate, and elsewliere, in the discretion of the pro- visit)nal directors, and may be ke[)t open for such t'me as they deem necessary. l!t. So soon its a sum not less than five hundred thousand dollars pi^st meeting of the capital stock of the baidc has been bona fide subscribed, and a of subscribers, stun not less than two hundred and fifty thousand dollars thereof has been paid to the Minister of Finance and Receiver-tJeneral, the pu)vi.«ional direct subscribers to the said stock, to lie •; held in the place named in the Act of incorporation as the chief place , of business of the bank, at such time and at such place therein as set . 10 ICIcction of directors. CiAKLAND's IJaNKINU ANl> FiNANClAI. DllllicnJUY. forth ill thu Hiiiil iKiticc; iit wliicli nit'ctiii^' tlir sultsciilicis kIiuII tlftiifiiiiiu! the (hiy ii|inii wliicli tlic iiiiiuiul ;,'ciii'riil iiicctiti;;' of tho Imiik i,s to Ik) lit'ld, uiul shiill t'li-i-t siicli immlicr of iliivctors, (hily (|iiiililiL'il iiiKlcr this Ai-t, iml less thiui five iioi- uiorc than tfii, iis they think lu'ccssiiry, wlio shall holil olhcc until tho iiniiiial j^i'iicral iiu'i't- iiif; in tho your noxt HUccoodiiij,' tlnar olection ; ami uiMtii tho olootion of directors as aforesaid tho functions of the provisional .dircctorH ahull cease. 4 When certifi- cate may be granted. Condiiioni |-|« 'riie luiiiU shall not issue iiotos iior connncnco the husiness of previoiLs to lianlviiiL' until it has oi)taiiied from th(^ 'rn-asury ])oard a eertiticate commoiicing . p •. . i i r i.- r i lw l i ii i business by peniuttin^ it to do HO, Mild iio apjilicatioii lor such eertiticate shall tin new baiil. No certiHcato shall he f,nven h^' the Treasury Fioanl until it has heon shown to tho satisfaction of the Duard, hy ;itiidavit or other- wise, that all tho re(|uiroiuonts of this Act and of tho special Act of iiic()r])oration of the hank, as to tlu^ payment reijuired to he made; to the Minister of Finance and Receiver-deiieral, the election of direc- tors, deposit for .security for note issue, or otherwise, have heen com- plieil with, and that tlio sum .so ))aid was then held hy the Minister of Finance and Heceiver-( ieiieral ; and no eertiticate as aforesaid shall ho ^dveii oxcejit within one year from the passing' of tho Act of iucorporation of the hank applying' for the said eertiticate. If ceriillc.ito l^»' I'l tile evetit of the hank not ohtainin^f a eertiticate from the is not granieil. Troasuaiy Board within one 3'ear from the time of tlie passiiio' of its Act of incorporation, all the rio;hts, powers and privile^^es conferred on such liiink hy its Act of Ineorporatinii shall thereupon cease and determine and he of no force and efl'ect whatexer. ♦ Disposal of anioinit depo- sited with Minister of Finance. ll. Upon the issue of the eertiticate in manner hereinhofore jiro- videil, the Ministi'r of Finances ami Keeeivcr (leneial shall foithwitli pay to the hank the amount of money so (le[)osited with him as aforesaid, without interest, after deductinir theiefrom the amount recjuired to he depositeil under .section tifty-fVair of this Act; and in case no eertiticate is issued hy the 'I'reasury Hoard within the time limited for the issue thereof, the amount so deposited shall he re- turned to the person depositing the same ; hut in no case shall the Minister of Finance and lieceiver-CJeneral lie under any ohlif^ation to see to the proper application of the same in any way. INTERNAL REOUI.ATIONS. 15y-laws may be made. 18. The shareholders of the tiank (or, in the case of La Ban(|UO du I'euple, the principal partners or niemher.s of the cor|)()ratioii tlier(.'of), may reoidate, hy hy-law, tlu' followintf matters incidi'iit to the uianagomonti and administration of the atl'airs of the hank, that The Bankino Apt of Canada. 11 iiui'H hIuiH in;,' <>r till! tors, duly II, tiH they •ml iiifct- ic t'lcctiiiii .llilTcUjI'H UsillCHS of ciTtiticiite >u .slmll ItH Ts to tlio iHttor, ])ro- 10 isKUo ot' I'iUisactioii lis is lioru- 3 from the nl until it t or otlujr- _'ial Act of e iiiiitlo to I of (lirec- Ir'L'II C'Olll- o Miiiistor iifon-suiil tlio Act of fi'om the s\nif of its coiit'i'rri'd ceatse iind 'lore pvo- I'ortliwitli 'o\i liiiii as .(! aiiiouiit ;t ; and in » the tinio lall 1)0 ro- ,' shall tho ohligatitai is to say: Tho day upon which tho annual f,'onemI mooting of tho sharoholdors for tho oh'ction of diroctors shall \m \w\i\ ; the roconl to 1)0 l of a failure of any election on the day appi)inted for it; tho roinuneratii'ii nf the president, \ico-presidi'nt uml other "lit'octors; and the amount of discounts or loans which may ho made to direct(»r8, cither jnintly or severally, or to any one firm or jierson, or to any shareholder, or to ci)rpni)itions : 2. Tho Nharehnlders may authori/.e the directi)is to estahlish guar- antor and pension funils for the ollicc^rs and employees of the hank and their families, and to contiihute thereto out of tlu^ funds of tho hank : ){. I'ntil it is otherwise! presci'ihed hy hy law under this section, Certain l)y- the hy-laws of the hank on any matter which may ho regulated hy '"»>* continu- hydaw umler this section sludl remain in force, except as to any pro- vision tixiiig the (pialitication of dinetois at an amount loss than that presciihed hy this Act; and no person shall he elected or con- ' ■„•.,; tiiiuo to he a director unless he holds stock ]iaid up to the amount reipiired hy this Act, or such great^'r amount as is re(|uired hy any hydaw in that hohalf : 4. Tilt! foregoing ])rovisions of this section, touching directors, Hanque du shall not apply to La JJanquodu I'euple, which shall in these matters •'«-'"|iIj^^ <-'x- be governed by the provisions of its charter. *^'^'' '^' ' ("iii.iranli't! anil pciision funds. a l)an(|UO irporntion iicidont to )ank, that 10. The .stock, ])roporty, affairs ami concerns of the hank shall he HDard of managed hy a hoard of directors, w'ho shall he elected annually in ••''■ectors. manner hereinafter provided, and sluiU ho oligihlo for re-election : 2. Hach director shall hold oa[)ital stock of tho hank as follows : on^iification When the paid-up capital stock is one million dollars or less, each director shall hold stock on which not less than tliro<' thousand dollars has boon ]>aid up : when the p.-iid-up capital stock is over one million doll.irs and does not exceed three million dollars, each director shall hold stock on which not less than four thousand dollars has boon ])aid up ; and when tho ])aid-up capital stock ex- ceeds three million dollars, o;>ch director shall hold stock on which not less than live thousjind dollars has boon paid up : 3. A majority of the directors .shall he natural-born or natui'alized HHilsh'sub- ''^ subjects of llor Majesty : jects. 4. The directors shall b(! elected by tho shareholders on such day .,, • in each year as is appointed by the charter or by any by-law of the bank, and such election shall take ])lace at tho head office! of the bank at such time of the day as the directors aj)])oint; and public notice thereof shall be given by the directors, by publishing the same for at least four wecdss previous to the time of holding .such election, in a newspaper published at the place where the .said head office is situate ; Notice. n Garland's Banking and Financial Directoiiy. Who shall be directors. Provision in case of equal- ity of votes. Election of president, kc. Vacancies, how filled. 5. The persons, to the number autliorizeil to be electe;!, wlio liave the greatest nun)ber of votes at any election, sliall be tlirectors : (!. It' it haj)pens at any election that two or more ]ier,s()ns have an ecjual numl)er of votes and the election or non-election of one or niore of such persons as a director or directors dejiends on such eipiality, tlien the directors who have a greater number, or the majority of them, shall determine which of the said jtersons .so having an etiual number of votes shall be the director or directors, so as to comjtlete the fidl number, and the said directors, .-us soon as may be, after the said election, shall proceed to elect, by ballot, two of their number to be president and vic('-]ire.sideiit resjicctively : 7. If a vacancy occurs in the boai'd of directors, such vacancy shall be tilled in the manner provided by the by-laws; but the non-tilling of the vacancy shall not vitiate the acts of a quorum of the renuiin- ing directors; and if the vacancy .so created is in the otHce of the president or vice-])resident, the directors shall, from among them- selves, elect a president or •ice-president, who sliall continue in otHce for the remainder of the year. Provision in *'^^^* If 'i" I'h'ctiou of directors is not made on the day ap))ointed case of failure for that purpose, such election of directors may take ])lace on any of election. other day according to the by-laws made by the shareholders in that behalf; and the dirtsctors then in otlice shall remain in oHice until a new election is nuvde. 1 1 Meetings of directors. Casting vote of presiding director. *H, At all meetings of the directors, the president, or in his absence the vice-president, or in the absence of both of them, one of the directors present, cho.sen to act /m) /f')»/7o/Y;, «luUl j)reside ; atid the president, viee-j)resident or president /'/•<> tempore so presiding shall vote as a director, and if there is an e(|ual division on any tjuestion shall also have a casting vote. ' General (xiw- ers of direc- tors. Proviso : as to by-laws in force. 33. The directors may make Ijy-laws and regulations (not repug- nant tt) the provisions of this Act or tlie laws of t^aiiada) toucliino' the management and disposition of the stock, pro[ierty, aM'airs and concerns of the bank, and touciiing the duties and conduct of the otHcers, clerks and .servants employed ther(>in. and all such other matters fis appertain to the business of a bank : Provided always, that all by-laws of the bank heretofoi'e lawfully ntade anil V. on any u's in that ;o until a or in his ni, one. of jsi'le ; and presiiHnfj m on any *44. The directors of tlic hank, or any four of tliem, — or any Special (jener- nuMil'cr not loss than twcnty-tivc di' the shareholders of the hank, ' "-"il'- who are to;^"ether iiropi'ii'toi's of at least one-tenth of the jtaid-up capital stock of the hank, hy theni.selv(is or hy theii- ]»roxies,— may, at any time, call a special i,fenernl nieetinji; of the shareholders, to he held at their usual plac<' of meetint,', upon j,Mvin},f six weeks' previous puhlic notice, specifying- in such notice the ohjoctof such meeting': 2. If the ohject of any such .special j^eneial ineetinfj is to consider Uomiw.ai of the pro|)osed removal of the president or vice-president, or of a pu-sidcnt, director of the hank, for maladministration or <)tlier specified and '''rt-'ci"'. i!^:c. apparently just cause, anil if aniajority of the votes of the share- holders at such meeting' is ifi\en for such removal, a director to re place him shall he elected or appointed in the maimer provided hy the hy-laws of the hank, or if there are no hy-laws providiufj there- for, then hy the .shareholders at such nieetini,': and if it is the |)resiilent or vice-jiresidint who is removed, his otlice shall he tilled l)y the directors in the manner provided in case of a vacancy occur- ring' in the othce of president or vice-|)resident. New election. 'Z!i. Kvery shareholder shall, on all occasions on whicli the votes of the shareholders ai-e taken, have one vote for each share held hy him for at least thirty days hefore the time of meeting; and in all cases when the votes of the shareholders are taken, the votiiiff shall he hy l)allot : 2. All (p.iestions pro))osed for the consideration of the shareholders .shall hi' determined l>y the majority of the votes of the shareholders present in person or representii share- holders of the \m\\k shall he valid h>r that purpose unless it has heen made iir renewed in writiiiji,' within the two years next preceding the time of such meeting: (). No shareholder shall vot(>. either in person of hy proxy, on any ijuestion proposed i'or the eonsider;itioii of the shareholders of the in any ca..se in which has hjink at any meeting of such shareholders, or the votes of the shareholders of the haid< are tal ken, unless lie As to joint holders of shares. Proxies. Koiiewal of proxies. Ill certain cases calls iiiiisl be paid before voting. paid all calls made hy the directors which are then dur and payahh CAPITAL STOCK. •{<», The cajatal stock of the hank imiy he increased from time to increase of time, hy .such percentage or hy .such aiiuanit, as is determined upon capital. hy hy-law pa.s,scd hy the shareholdeis, at the annual general meeting, I Approval of Treasury Board. Coditions of application for approval. How stock shall he allot- ted. 14 GAUL.\Nn's Bankino and Financial DmEOTonv. or at any special ffeneral ineetinpf called for the purpose : Provided always, that no such by-law shall come into oponition, or ho of any force or ettbct, unless and until a certiticato approving? thereof has been issued by the Treasury Board : 2. No such certificate shall be issued by the Treasury Btmrd unless application therefor is made within three months from tlie time of the passinff of such by-ltiw, nor unless it appears to the satisfaction of the Treasury Board that a copy of such by-law, together with notice of inlcntion to fipply for .such certificate, has been published for at least four weeks in the Candda, Gazette, and in one or more newspapers published in the place wdiere the chief office or place of business of the bank is situate ; nothinj,' h capital stock thereof ; and any of such allotted stock which is not taken up by the shareholder to whom such allotment has been nnide, within six months from the time when notice of the allotment was mailed to his .address, or which h(> declines to accept, may be offered for subscription to the public, in such manner and on such terms as the directors prescribe. Capital stock *^S» The capital stock of the bank mtiy be I'educcd by by-law may be reduc- passed by the shareholders at the annual general meeting, or at a special general meeting called for the purpose ; but no .such by-law shall come into ojieration or be of force or effect until a certificate approving thereof has l)een issued by the Treasury Board : 2. No such certificati' shall be issued liy the Treasury Board unless application therefor is made within three months from the time of the ))assing of the by-law, nor uidess it !i])pears tf) the satisfaction of the Board that the shareholders voting for such by-law represent a majority in value of all the shares then issued by the bank, and that ti cojiy of the by-law, together with notice of intiintion to aj^ply to the Treasury Board for the issue of a certifictite apj^roving thereof, has been published for at least four weeks in the iUiriutda (hizi'ttc, and in one or more newspapeis published in the place where the chit'f oflice or jtlace of liusiness of the baid>c is situate : nothing her(>in containeil, however, shall be construed to ])revent the 'I'reasury Board from refusing to issue such certifictite if it thinks best so to ed Certificate of Treasury Board. ilo: .Statements to be submitted. ;}. In ai' ,1 jit sucli ;liidl be so the direc- le on such ind of the .nd any of eholdor to s from the iihU-ess, or ion to the prescribe. Board at the time of the application for the issue of a certiticate approvinff such by-law : 4. The passing,' of such by-law, and any reduction of the capital Re.i,K;ion n-.t stock of tlie bank tlieruunder, shall not, in any way, diminish or to ndeci lia- intcrfero with the liability of the shareholders of th(^ bank to the !.'|^'jjj.^;^"'|,,^.^j. creditors thereof at the time of the issue of tiie certificate approving such by-law : 5. If, in any case, legislation is sought to sanction any reduction If Icgislaiion of the capital stock of any bunk, a copy of the by-law or resolution l,';^^!;!^^",'^^"^. passed by the shareholders in regaril thereto, together with state- diic'iidn. '^ ments similar to those above provitled to be laid before the Treasury Board, shall be filed with the Minister of Finance and Receiver- General, at least one month prior to the introduction into Parliament of the Bill relating to such reduction : 6. The capital shall not be reduced below the amount of two Limit to re- . hundred and fifty thousand dollars of paid up stock. duction. SHARES AND CALL.S. JJO. The shares of the capital stock of the bank shall be personal .Sliares and estate, and shall be assignable and transferable at the chief place of tfan^fcr there- business of the bank, or at such of its liranches, or at .such place or places in the United Kingdom, or in any of the British cohmies or po,sse.ssions, and according to such form, and subject to such lules and regulations, as the directors prescribe; and Ixjoks of sub,scription Books of suli- may be opened, and the dividends accruing on any shares of sucli scription. stock may be made payable at any of the places aforesaid: and the directors may appoint such agents in the United Kingdom, or in any of the British colonies or possessions, for the purposes of this section, as they deem necessary. . IJO. The shares of the capital stock shall be paid in by such instal- I'-iyment of ments and at such times and [jlaces as the directors ujijioint : Pro- ^""'■'■''*' vided always, that the directors ma}' cancel any subscription for any shareuidessasum e(|ual to ten percent.at least on the amount subscrib- ed for is actually paid at the time of, or within thirty days after the time of sub.scribing; but such cancellation shall not relieve the sub- scriber from his liability to creditors in the event of insolvency as hereinafter provided. F'roviso : ten per cent, pay- able on sub- scription. !(l. The directors may make sucli calls of moiu'y from the several Calls on .shareliolders for the time lieing, upon the .shares .subscribed for by shares, them respectively, as they tin Tr p Forfeiture of «*.». It any shareholder refuses or neglects to pay jiny instalment shares for non- upon his shares of the capital stock at the time appointed therefor, 1''Y;'"'-'"' "^ i; 1 ■( ■ j: » 1 !i i 16 Sale in such case. And transfer Proviso. Recovery by suit. What only need be prov- ed. Garland's Banking and Financial Diuectouv. .such shareliolder sluill incur ii penalty to the use of the bank of a sum of luoiioy e([ual to ton per cent, on the amount of such shares ; and if tlio directors declare any shares to be forfeited to the bank they shall, witliin six nujuths tliereaftor, without any previous for- mality other tiiaii tiurty dtiys' puiilic notiee ui tlieir intention so to do, sell at public auction tiie said shares, or so man}' of the .said shares as shall, after deductini,' the reasonable expenses of the sale, yield a sum of money suflicient to pay the unpaid instalments due on the remainder of the said shares and the amount of penalties in- curred up(jn tlie whole; and the president or vice-president, nianaffer or cashier of the bank shall execute the transfer to tiie purchaser of the shares so sold ; and such transfer shall bu as valid and etleetual in law as if it had been executed liy tiie orio;inal hoiderof the .shares therel)}' ti'ansferred ; but the directors, or the shareholders at a jreneral nieetintf, may, notwithstanding- anything' in this section con- tained, remit, either in wiiole or in part, and conditionally or uncon- ditionally, any forfeiture or penalty incurred by the non-payment of instalments as aforesaid, or the bank may enforce the payment of any call or calls by suit, instead of declaring the shares forfeited. !t4. In anj' action brouf^ht to recover any money due on any such call it shall not be necessary' to set forth tlie special matter in the tleclaration or statement of claim, but it shall be sufficient to allege that the defendant is holder of one share or more, as the case may be, in the capital Mock of the bank, and is indebted to the baidc for a call or calls upon such siiare or shares, in the sum to which the call or calls amount, as the case may be, stating the amount and nundter of such calls, whei'eby an action has accrued to the bank to recover the same from such defendant by virtue uf this Act; and it shall not be necessary to prove the appointment of the directors. TRANSFER AND TRANSMI.SSION OK .SHARE.S. Conditions of transfer of shares. Fraction of share not transferable. List of trans- fers to be kept. Transferrer of shares niiist be registered owner. !t5. No assignment or tran.sfer of the 'shares of the capital stock of the baidc sliall b(^ valid unless it is made and registered and ac- cepted by the person to whom the transfer is mad(s in a bocjk or books kept for that pur[)ose, nor unhsss the person making the same has, if required 1)}' the bank, prexiously discharged all his debts or liabilities to the bank which I'xceed in amount the remaining stock, if any, belonging to .such person, valued at the then current rate ; and no fractional [lart uf a share, or less than a whole share, shall be assignable or transferable. !tO. A list of all transfers of shares registered each day in the Ijooks of the baid'C, showing the parties U) such transfers and the immber of shares transferred in each case, shall be made up at the end of each day and kept at the chief place of business of the bank, for the inspection of its shai'oholders. ItT. 7\.ll sales or transfers of shares, and all contracts and agree- ments in respect thereof, hereafter made or pui'iiorting to bo made, shall be mill and void (saving howtncr, as to a purchaser not having l. If the interest in any share in the capital stock becomes trans- mitted in consei|uence of the death, bankruptcy, or insolvency of any shareholder, or in conse(|Uence of the marriage of a female share- holder, or by any other lawful means than by a transfer according to the provisions of this Act, such transmission shall be authenticated by a declaration in writing, as hereinafter mentioned, or in such other manner as the directors of the bank require; and every such declaration shall distinctly state the manner in which and the person to whom such shares have btn-n transmitted, and shall l)e made and signed by such person; iind the person making and signing such declaration sh;dl acknowledge the same before a judge of a court of record, or before the mayor, provost or c'lief magistrate of a city, town, boi'ougli or other place, or before i notary public, where the same is made and signed; and ev.iy declaration so signed and acknowledged sliall be left with tlv cashier, managei' or other officer or agent of the bank, who sliall the'-cupon enter the name of the person entitled under such transmission in the register of share- holders; and until such transmission has been so authenticated, no person clainnng by virtue of any such transmission shall be entitled to partiei|)ate in the profits of the bank, or to vote in respect of any such share of the capital stock : Provided always, that every such declaration ami instrument as, by this and the next following section of this Act, are re(|uired to perfect the transmission of a share in the bank which is made in any country other than Canada, or any other British colony, or the United Kingdom, shall be further authen- ticated iiy the clerk of a court of reeonl and under the seal of such court, or by tlu; British consul or vice-consul, or other accredited representative of the British Govennnent in the country where the Tansmission of shares otherwise than hy trans- fer, how au- thenticated. Proviso : as to declaralion made out of Canada, &c. ■?# I 18 Cauland's Banki>J(j and Financial Diuectouy. Proviso : fur- dechiration is maile, or shall bo inadt' directly before such British may be retiuir- ther evKitnce (;Q,^f,yi „j. vice-coiisul or other accredited representative ; and provided ii: t ed. Transmission by marriage of female sliareliolder. Transmission by decease. also, that the directors, cashier or other otHeer or agent of tlie bank may re(|nire corrolxjrative evidence of any fact alleged in any such declaration. 40. If the transmission of any share of tlie capital stock has taken place by virtue of the uifUTiage of a female shareholder, the declaration shall be accompaided by a copy t)f the register of such marriage, or other particulars of the celebration thereof, and shall declare the identity of the wife with the liolder of such share, and shall be uuide and signed by such female shareholder and her husband; and they may include therein a declaration to the ett'ect that the share transmittetl is the separate proj)erty and under the sole control of the wife, and that she uniy receive and grant receipts for the dividends and {)rofits accruing in respect thereof, and dispose of and transfer the share itself, without re(|uiring the consent or authority of her husband; and such declaration shall be binding ujion the bank and persons making the same, until the saiil persons see tit to revoke it l)y a written notice to that effect to the bank ; but the omission of a statement in any such declaration that the wife making the same is duly authorized by her husband to make the same shall not invalidate the declaration. 4I« If the transmission has taken place by virtue of any testam- entary instrument, or by intestacy, the probate of the will, or the letters of adnunistration, or act of curatorship or tutorship, or an official e.xtract therefrom, shall, together with such declaration, be produced and left with the cashier or other officer or agent of the bank, who shall, thereupon, enter in the register of shareholders the name of the person entitled under such transmission. Furiher pro- '^'*' ^^ ^^^^ transmission of any share of the capital stock has vision in such taken place by virtue of the decea.se of any sharehohler, the pro- case, duction to the diiTctnrs and the deposit witii them of an aiithentic notarial ci)py of the will of the deceased shareholder, if .such will is in notarial form accoriling to the law of the Province of (Quebec, oi- of any antheiiticated copy of the pi-obate of the will ot the deceased shareholder, or of letters of ailnunistration of his estate, or of letters of verification of heirship, or of the act of curatorship or tutorship, granted by any court in Canada having power to gi-ant the saine, or by any e(axrt or authority in Kngland, Wales, Ireland, or any British ct)lony, or of any testament testamentary or testament dative expede in Scotland, or, if tlut deceased shareholder dieil out of Her Majesty's donunions, the pi-oduction to and deposit with the dii'ectors of any authenticated copy of the |»robate of his will or letters of adnunistra- tion of his property, or other document of like import, granted by any court or authority having the reipii.site power in .such matters, shall be sufficient justitication and authdrity to tlie directors for pay- ing any divideiul, or for transferring or authorizing the transfer of any share, in pursuance of and in confornnty to such probate, letters of administration, or other such document as aforesaid. Bank not ^IJ. The bank shall not be Ixamd to see to the execution of any Iwund t-^- sec trust, whi'ther express, impli('(i or constructive, to which any share to trusts. q£ jt3 .stock is subject] ami the receipt of the person in whose name The Bankino Act of Canada. 19 h British , pioviilod tlie hiuik any audi stoclc liiiH older, tlio V uf HUCll and shall share, and • and her the eti'ect under the it receipts md dispose c<^nsent or be binding id persons the bank ; latthe wit'e make the any such share stands in the books of the hank, or, if it stands in the name of more jx-rsons than one, the rcceiptof oneof such persons shall be a snfficii'iit dischargi; to the bank for any dividend or any other sum of money jjayable in respect of such share, unless express notice to the contrary has liecn given to the baidv ; and the bank shall not be bound to see to the application of the money paid upon such receipt, whether given by one of such persons or uU of them. 44. No person holding stock in the bank as executor, administra- Executors and tor, guardian or trustee, of or for any person named in the books of trustees not the bank as being so rejtresented by him, shall be jiersonally subject {jaiiie. to any liability as a shareholder, lint the estate and funds in his hands shall be liable in like maimer and to the same extent as the testator, intestate, ward or jierson interested in such trust fund woulil be, if living and eonipetent to hold the stock in his own name; and if tin; trust is for a living person, siu'h jierson shall also himself be liable as a shareholder : but if such testator, intestate, ward or person so represented is not so named in the books of the bank, the Exception, executor, administrator, guardian or trustee shall be jiersonallj' liable in respect of such stock as if lie held it in his own name as owner thereof. • ANNUAL STATEMENT AND INSPECTION. ,ny testam- ivill, or the ship, or an laration, bo gent of the liolders the stock has ■, the pro- authentic .sueli will is (j)uebec, or deceased >\- ol" letters tutorship, le same, or any British itive expede er Majesty's ■tors of any lulministra- granted by ich matters, ;ors for pay- transfer of )ate, letters iition of any 1 any share vhosc name Statement to be laid liefore annual meet- ing. Liabilities. Assets. 45. At every annual meeting of the shareholders for the election of directors, the out-going directors shall submit a clear and full Btateiiient of tiie affairs of the liank, containing on the one part, — - The aiiKJunt of the capital stock paid in, the amount of notes of the bank in circulation, the net profits made, the balances due to other banks, and the cash deposited in the bank, distinguishing deposits bearing interest from those not bearing interest ; and on the other part, — The amount of the current coin, the gold and silver bullion, and thi> Dominion notes held by the bank, the balances due to the bank fnjiu other banks, the value of the real and other property of the bank, and the amount of debts owing to the bank, including and particularizing the amounts so owing u{)on bills of exchange, dis- eounteil notes, mortgages and other securities,- Kxhiliiting, on the (me hand, the liabilities of, or the debts due l)y the liank, and on the other hand the assets and resources thereof; and the s.-iid statement shall also exhildt the rate and amount of the last dividend declared liy the directors, the amount of reserved pro- fits at the date of such statement, and tlu,' amount of debits due to tlie bank, cn-er-due and not paid, with an estimate of the loss which will probably accrue thereon. . 40. The books, correspondence and funds of the bank shall, at all times, bo subject to the inspection of th<> directors; but no person, bookT'&c °'^ who is not ;i director, shall be allowed to inspect the account of any person dealing with the bank. DIVIDENDS. —--^. — ^ — r — '— ~ ^" 41. The directors of the bank shall, subject to the provisions of i)ivi,]j.nj this Act, declare (juarterly or half yearly dividends of so much of the profits of the bank as to the majority of them seems advisable ; and What state- ment shall show. 20 Dividend not to impair capital. Capital lost to be made up. Proviso. Dividend limited unless there is a cer- tain reserve. Part of reserve to be in Domi- nion notes. Penalty for non-compli- ance. Supply of Dominion notes. Oakland's Banking and Financial Directory. they shall pvo at least thirty days' puhlic notice of the payment of such dividends previously to the (late fixed for such ])aynient; and they may clo.se the transfer hooks during a certain time, not exceed- ing fifteen days hefore the payment of each dividend. 4H> No dividend or bonus shall ever be declared so as to impair the paid-up cajntal ; and if any dividend or homis is so declarc(l or made payable, the directors who knowingly and wilfully concur therein shall be jointly and severally liable tor the amount thereof as a del)t due by them to the bank : and if any part of the paid-up capital is lost, the directors shall, if all the subscribed stock is not paid up, forthwith make calls U])on the sharehoMers to an amount equivalent to such loss; and such loss and the calls, if any, shall be mentioned in the next rettn'u made by the bank to the Mini.ster of Finance and Receiver-( General : I'rovided that, in any cum' in which the cajjital has been im])aii'e(l as aforesaid, all net proliLs shall be applied to make good such loss. 49* No division of profits, either by way of dividemls or bonus, or both combined, or in any other way, exceeding the rate of eight per cent, per annum, shall be made by the bank, unless, after making the same, it has a re.st or reserve fund e(|ual to at least thirty per cent, of its paid-up capital ; and all bad and doubtful debts shall be de- ducted before the amount of such rest is calculated. RESERVES. 50. The bank shall hold not less than forty per cent, of its cash reserves in Dominion notes; and every bank holding at any time a less amount of its cash reserves in Dominion notes than is prescribed by this section, shall incur a penalty of five hundred dollar.s for each and every violation of the provisions of this section : 2. The Minister of Finance and Receiver General shall make such arrangements as are necessary for insuring the delivery of Dominion notes to any bank, in exchange for an ecjuivalent amount of specie, at the .several offices at which Dominion notes are reclcemable, in the cities of Toronto, Montreal, Halifax, St. John, N.B., Winnipeg, Char- lottetown antl Victoria, respectively: and such not(^s shall be redeem- able at the office for redemption of J3ominion notes in the place where such^specie is given in exchange. note issue. I ii Amount and denomination of bank notes. Note issue of Banque du Peuple and Hank of Bri- tish North America. 51. The bank may issue and re-i.ssue notes payable to bearer on demand and intended for circulation; but no such note shall l)e for a sum less than five dollars, or for any sum which is not a multiple of five dollars, and the total anujunt of such notes, in circulation at any time, shall not exceed the amount of the unimpaired paid-up capital of the bank : 2. Notwithstanding anything contained in the next preceding sub- section, the total amount of such notes, in circulation at any time, of La Bantpie du Peuple and the Bank of British North America respectively, shall not exceed seventy-five per cent, of the unimpaired paid-up capital of such banks respectively, but each of such banks may issue such notes in excess of the said seventy-five percent, upon I The Banking Act of Canada. 21 payment of ynu'iit: iuhI , not L'xcoed- 18 to impair declared or full}' concur ount tlu'icot' tlio i)aid-up itock is not ) an amount any, sIimII lit' ic Minister of ^a^(! in which folils shall bo s or lionus, or of oif^ht i)er r making the irty per cent, shall be de- depositing, with respect to such excess, with the Minister of Finance and Rtjccivcr (lenoral, in cash or bonds of the Dominion of Canada, an amount ('(pial to the excess; provided always that in n(j case shall the total anaaint of the notes of either of the said banks in circulu- tion at any time exceed the unimpaired jtaid-up cajiital of such baidx ; and tlit! cash or bonds so deposited shall be available by the Minister of Finance and Receiver General for the redemption of notes issued in excess as aforesaid, in the event of the suspension of the said l)anks respectively: 'A. If the total amount of the notes of the bank in circulation at Penalties for any time exceeds the amount authorized b}' this section, the bank excess of cir- sliull incur ])enalties as follows : If the amount of such excess is not '^"'''*"""- over one thousand dollars, a ])eiialtv e(|Ual to the amount of such excess; if the an)ount of such excess is over one thousand dollars and is not over twenty thousand dollars, a penalty of one thcaisand dollars; if the amount of such excess is ovei' twenty tliousand dollars and is not over one hundred thousand ?iim(/»f/i/6', general manager, manager, cashier, or other officer of a bank, witli intent to defraud, issues or delivers, or authorizes or is concerned in the issue or delivery of notes of the baid< intended for circulation and not then in circulation, — and every ])erson who, with knowledge of such intent, accepts, receives or ttdves, or authorizes or is concerned in the acceptance, receipt or taking of such notes, — shall be guilty of a misdemeanor, and lial)le to in\prisoinnent for ti term not exceeding seven years, or to a tine not exceeding two thousand dollars, or to both. 5JJ. The payment of the notes i.ssued or re-issued liy the bank and Notes to be intended for circulation, and then in circulation, together with any fi"""' charge on interest paid or payable thereon as hereinafter proviiled, shall be ''^^^'^' Pen.nlty for improper issue or taking of notes. ^ 'V 22 Lialiilily for penalties in case of insol- vency. Garland's Banking and Financial Diuectory. tho first clmri^o upon the asHotsof the luink in case of its insolvency ; and tli')n which it becomes subject to the provisions of this Act, pay to the Minister of Finance and Receiver General such sum as appears to the satisfaction of the Treasury Board to be equal to two and one-half jier cent, of the average amount of its notes in circulation during the then preceding twelve months; and shall further pay to tho Minister of Finance and Receiver General, within fifteen days from and after tho first day of July in tho year then next following, stich fiirtlier sum as is necessary to make the total sum paid liy tlio saiil baidc to bit a sum equal to five per cent, ot tht^ average amount of its notes in circulation from the time the said bank l)ecamo subject to the provisions of this Act to the said first day of July, — which sum shall be adjusted aiuiually as hereinafter provided : 3. Tho Minister of Finance and Receiver General shall, upon the issue of a certificate under this Act authorizing a bank to issue notes and commence the business of banking, retain out of any moneys of such bank then in his possession the sum of five thousand dollars,— which sum shall be held for the purposes of this sectitm, until the ainuial adjustment hereunder takes place in the year then next fol- lowing, at which time the amount at the credit of the bank shall be adjtistod by payment to or Ijy the l)aiik of such sum as is necessary to make the amount at the credit of tho bank to be a sum of monej' equal to five per cent, of the average amount of its notes in circula- tion from the time it conimonced business to the time of such adjust- ment, — which sura shall be adjusted annually as hereinafter provided ; The Banking Act of Canada. ^ 4 Th.! amounts so pain by the bank of payment in specie or Uominion notes of any of its liabilities as they accrue, the notes of .such bank, issued or re-issued and intended for circulation, and then in circulation, shall bear interest at the rate of six per cent, per annum, from the day of such suspension to such day as is named by the directors, or by the li([uidator, receiver, assignee or other proper oHicial, for the payment thereof,— of which day notice shall be given by ailvertisement for at least three days in a newspaper published I in the place in which the head otHee of the bank is situate; but in ■ case any notes presented for payment on or after any day named for payment thereof are not paid, all notes then unpaid and in cir- culation shall continue to bear interest t«j such further ilay as is named for payment thereof, — of which day notice shall bo given in manner above provided : Provided alway.s, that in case of failure on the part of the directors of the l)ank, or of the li(piidator, receiver, assignee or other proper otHcial, to make arrangements within two months from the day of sus[>ension of pjiyment by the bank asaforesaid for the payment of all of its notes and interest thereon, the Minister of Finance and Receiver General may thereupon make arrangements for the payment of the notes remaining unpaid, and all interest thereon, tiiiri fund. Fiinil 1(1 ln.ar interest. Note circula- tion, how ile- terniincd. Notes of l)ank su.-pendiii); l>ayiiient to liear interest until redeem- ed. If not redeem- ed to lie paid out of lund. Proviso. Payments from fund to be without re- gard to amount con- tributed. u OaTILAND's tiANKINO AND F*INANCIAL DlIlKCTOUY. (: i I'roviso. Repayment of nnioiiiit if bank is woumi up. Treasuiy Hoard may re- (;iilato man- ajji'incnt of fund. Enforcement of payment. till iuteroHt iluo or acci'uiiifj duo to nucIi Imnk tlionton, tlio otlior luiiiks hIiiiII, on (Icimiud, iimku j,'o(»(l to tlic t'liiid tlii' (iiiKiniit of hiicIi c.xci'ns, pro mil') to the iiiiioiiiit wliich each liaiik iius at that tiiiir coiiril)Utt>i| to the t'uinl : and all ainoUDts recovered and received liy thc! Miiiistei- of Kinaiice and lleceiver (Jeiieral iVoiii tlie hank on whose aceuiiiiL such payments were made shall, after the anioinit of such excess has heen made irood as aforesaid, he distrilaited amonf,' the hanks contri- hutin^f to make <,' 1 such excess />/•(> nito to the amount eontri- liuted l»y each : I'rovided always, that each of such other hanks shall only ho ciilleoar TiiK lUNKiNrj Act of Canada. is )tlu!r lianks such c'XceNrt, . conriliutfil ilie Minister lOHc account li excess liaH Milks cdiitii- inUtlt colltli- ■ liiuiks shall h.uv of sucli > ]ier cent, of •iiculation to !C antl Hecei- (,f a l)ank l>y I may, on the c, assi^nxH! or irranj,n;nients ,ank anil any .•ceiver, assiff- • tlie liank, ol- id re<,nilationH ,f any moneys - of such i)ay- il, all accounts a nianageinent il may, in Inf^ "anada enforce lyalile by any noces,sary to Canada of all •culation ; and for the re- ifax, St. John, •toria, and at hy the Trea- own notes at ayable there or vays be one of ,11 the rc(iuest y the same, or 'as such person irs each, at the ■ment, whether Is that are torri 5H. The l«)n«lH, oblipition.s ami bills, oblif,'at()ry or of credit, of the ]^""''j;,^"|^^j bank under its corporate seal, and si;,'ned l>y the presiilent or vice- ),'y ^h'.'i^io he president and countersi;,'nei| by a (lasliier or assistant cashier, which signed, are made payalde to any person, sliall lie a.s.siKiiah|e by indorsement thereon ; and l)ills or iioti-s of the bank siirned by the presidiiut, vico- prt^sident, cashier or other oliieer appointed by the directors of the bank to ni^'ti the same, promisin<,' the payment of money to any person or to his order, or to the iiearer, thou<,di not under the cor- porate seal of the bank, -(hall be binding; aneen sub- scribed in the proper lumdwritiiif^ of the person intrusted or authorizcfl by the bank to sign the same respectively, and sliall be bank notes and Itills within tlu^ meaning of all Laws and statutes whatever, and may be described as bank notes or bills in all indict- ments and civil or criminal proceedings whatsoever: I'rovided One signature alwavs, tliat at least one sitMiature to eacli note or bill must lie in "'"/''"-' ' w r 1 1 1 c n the actual handwriting of a person authorized to sign .such note or bill. iUK Every ]iei*son, except a bank to wln'ch this Act applies, who Pen.iliy for LsHiies or re-issues, makes, draws, or indorses any bill, bond, note, "nautliorized cheque or other instruuient, intenrled to circulate as money, or to be fo'I-'circula-''^* listed as a substitute for money, foi" any amount whatsoever, shall lion. incur a penalty of bair huialred dollars, which sliall \k' recoverable with costs, in any court of competent jurisdiction, by any person who sues for the same : and a moiety of such penalty shall belong to the person suing for the same, and the other moiety to Her Majesty for the pulilic uses of Canada: 2, The intention to pass any such instrument as monej' ,shall be Wh.it shall presumed, if it is made for tlm payment of a less sum than twenty l>c 'Icin't-'d dollars, and is jiayable either in form or in fact to the liearer thereof, ''"'^ """^'*' or at sight, or on demand, or at less than thirty days therejifter, or is overdue, or is in any way calculated or designed for circulation, or .as a sul>stitnte for money ; unless such instrument is a chetjue on some chartered bank paid by tht; maker directly to his immediate creditor, or a promissory note, bill of exchange, bond or other under- taking for the jiayment of money, p!ii the business of bjiidsing: but, except as authorized by this Act, it shall not, either directly or indirectly, deal in the buying, or selling, or bartering of goods, wares tuid mer- chandise, t)r engage or be engaged in any trade or litisiiii'ss whatso- ever; and it shall not, either directly or indirectly, purchase, or deal in, or lenn wronp<" ^y Lleeui i*^ lie n any manner or uses any r, handl.»ill or linion or bank three months' ffices, and may and silver coin iney and make iteral security ory notes and Aires and obli- er secured by sh, foreign and y on such busi- r : Vi\it, except or uulirectly, ,vares and mer- isiiH'ss Nvhatso- irehase, or deal ty or ])lcdge of I stock of any lend money or lecation of any shii^s or other merchandise. obt or liability ipital stock and 1(>, and may de- btor or perst)n I twelve months sell such shai'es, iuLentiun of the )ost (jflice to the last known address of such holder, at least thirty days prior to such sale ; and upon such sale being made, the president, vice-president, Transfer in manager or easliier shall execute a transfer of such shares to the "^^ °^ ^^^^ purchaser thereof in the usual transfer book of the bank — which transfer shall vest in such purchaser all the rights in or to such shares which were possessed by the holder thereof, with the same obligation of warranty on his ])art as if he were the vendor thereof, but without any warranty from the bank or by the officer of the bank executing such transfer. <»0. The stock, bonds, debentures or securities, ac(|uire(l and held Collateral by the bank as collateral security, may, in case of default to pay the securities may debt, for securing which the}'^ were so acquired and held, be dealt [ieai't"with.^ with, sold and conveyed either in like manner and .subject to the same restrictions as are herein provided in respect of stock of the bank on which it has actpiired a lien tuider this Act, or in like man- ner as and subject to the restrictions under which a private indi- vidual might in like eireuiiisLaiices deal with, sell and convej' the same, but with(jut obligation to sell the same within twelve months. 2. The right so to deal with and dispose of .such stock, bonds, Kri^ht to do so debenture?, or ^^ecuritic.:; in i.i.nuiur aforesaid may be waived or varieil "^"^ '^ **'^" by any agreement between the bank and the owner of such stock, bonus, debentures or securities, nuide at the time at which such debt was incurre(], or if the time of paj'ment of such debt has been ex- tended, then by an agreement made at the time of such extension. 4»1. The bank may ticquire and hold real and immovable property Real estate for for its actual use and occupation and the management of its business, occupation, and may sell or (lis])ose of the same, and actjuire other property in its stead for the same purpose. security. <»8. The bank may take, hold and dispose of mortgages and hypo- Mortgages as Mques upon real or personal, immovalile or movable property, by •'*'i<''^'""'i' way of additional security for debts contracted to the bank in the course of its business ; ai.d the rights, powers and privileges which the bank is by this Act declared to have oi- to have had in respect of real or immovable property mortgaged to it, shall be held and ))os- sessed by it in respect of any personal or movable property which is mortgaged or hypothecated to it. &.C. <»!>. The bank may purcha.se any lands or real or immovable pi'o- Purchase of perty oHered for .sale under execution, or in insolvency, or under the '»"<' "!«'er order or decree of a court, as l)eioiigiiig to any debtor to tiie bank, or '^'"-''^""""' ottered for sale by a mortgagee or other encumbraneer having priority over a mortgage or other encumlirance held by the bank or offered for sale V)y the baidc under a power of sale given to it for that pur- po.se, in cases in which, under similar eircum.stances, an individual could so purchase, without any restriction as to the value of the pro- perty which it may , so purchase, and may act pi ire a title thereto as -^ ^^- any individual purciiasiug at slieritt's sale, or under a power of sale, in like circumstances, coidd di , and may take, have, hold and di.spose _. „_ of the same at plea,sure. 70. The bank may actpiire and hold an absolute title in or to real Absolute title gr immovable property mortgaged to it as security for a debt due or '^'^l^^, '"^" 28 Proviso : sale of property so ac()uire(l. Garland's Banking and Financial Diuectory. owing to it, either by obtaining a release of the equity of redemption in the mortgaged propei'ty, or by procuring a t"orock)suro,or by otiier means \vhurel)y, as between individuals, an equity of redfunption can, by law, be barred, and may purcliast.' and ac(|uireai)y prior mortgage or charge on such property: Provided always, that no bank sliall hold any real or inniiovable property, howsoever acquired, except such as is recjuired for its own use, foi' any period exceeding seven years from the date of the acquisition thereof. Title to lands so acquired ; power of sale, &c. 11. Nothing in any charter. Act or hiw shall be construed as ever having prevented or as preventing the bank from acquiring and holding an absolute title to and in any such mortgaged real or im- movable property, whatever the value thereof is, or from exercising or acting upon any jiower of sale contained in any morttjage given to it or held by it, authorizing or enabling it to sell or convey away any property so mortgaged. As to advan- ces for l)iiil(l- ing ships. 7/J. Every bank advancing money in aid of the building of any ship or vessel shall have the same right of ac(iuiring and holding security upon such ship or vessel, while building and when com- pleted, either by way of mortgage, hi/pollikjac, hypothecation, privilege or lien thereon, or purchase or ti'ansfer thereof, as in- dividuals have in the Province wherein such shij) or vessel is being built, and for that purpose may avail itself of all such rights and means of obtaining and enforcing such security, and shall be subject to all such obligations, limitations and conditions as are, by the law of such Province, conferred or imposed upon individuals making such advances. Warehouse re- ceipts may be taken as colla- teral security. When previ- ous holder is an agent. Interpretation of " Agent." TU. The bank may acquire and hold any warehouse receipt or bill of lading tis collateral security for the payment of any debt incurred in its favor in the course of its banking business: and the ware- hou.se receipt or bill of lailing so ac(]uired shall vest in the bank, from the date of the accjuisition thereof, all the right and title of the previous holder or owner thereof, or of the person fi"om whom such goods, w^ares and merchandise were received or ac(|uirL'd liy the V)ank, if the warehouse receipt or bill of lading is made directly in favor of the bank, instead of to the previous holder or owner of such goods, wares and merchandise: 2. If the previous holder of such warehouse receipt or bill of lading is the agent of the owner of the gooils, wares and morciiandise mentioned therein, the liank shall be vested with all the right and title of the owner thereof, suliject to his right to have the same re- transferred to him, if the debt, as security for which they are lield by the bank, is paid : 8. In this section the expression " agent " means any person in- trusted with the possession of goods, wares and merchandise, or to wliom the same are consigned, or who is possessed of any bill of lading, receipt, order or other document used in the coiu'se of Imsin- ess as proof of the possession or cy the owner and may l)e taken in the form set fortli in Schedule C to this Act, or to tlie like effect; and by virtue of such si'curity, the bank shall acquire the same rights and powers in respect to the goods, wares and merchandise, stock or products covered thei'eby, as if it had acijuii'ed the same by virtue of a warehouse receipt. 15. The bank shall not acquirt; or hold any Wiirehous(> receipt or bill of lading or s(!curity under the next preceding section to .secure the payment of any bill, note or debt, unless such bill, note or debt is negotiateil or contracted at the time of the ac([uisition thereof by the Imnk, or upon the written promise or agreement that .such ware- house receipt or bill of lading or security would be given to the bank; but such bill, note or debt may be renewed, or the time for the payment thereof extended, without affecting any such security : 2 The bank may, on shipment of any goods, wares and merchan- dise for wiiich it holds a warehouse receipt, or security as aforesaid, surrender sucli receipt or security and receive a bill of lading in ex- change therefor, or, on the i-eceipt of any goods, wares and merchan- dise for which it holds a bill of lading or security, as aforesaid, it may surrt^nder such bill of lading or security, store such goods, wares and merchandise, and take a wandiouse receipt tiierefor, or may ship them, or part of them, and take another bill of lading therefor: 8. F^very one is guilty of a misdemeanor and liable to imprison- ment for a term not exceeding two years who wilfully makes any false statement in any warehouse receipt, bill of lading or security, as aforesaiil : 4. Every one is guilty of a misdemeanor and liable to imprison- ment for a term not exceeding two 3'eais, who, having po.ssession or control of any goods, wares and merchandise covered by any wtire- liouse receipt, bill of lading or security as aforesaid, and having knowledge of such receipt, bill of lading or security, and without consent of the bank, in writing, and before the advance, bill, note or debt thereby secured has been fullj^ paid, wilfully alienates or parts with anj' such gooda, wares, or merchandise, or wilfuU}' withholds from the bank ])ossession thereof upon demand after default in pay- ment of such advance, bill, note or debt. tit. If goods, wares and mt>rchai\dise are maimfactured or ]iro- As to goods dueed from the goods, wares and merchandise, or any of them, included manufactureil in or covered by any warehouse receipt, or security given under ^"""^ ariicLs Exchange of warehouse re- ceipt for bill of lading and viic Vc'isa Penalty for making false statement. FVnalty for .nlicnating goods so secur- ed. I 30 Oakland's Banking and Financial Directory. ^'% Prior claim the linnk ov unpaid ven- dor. of or Sale of goods on n<)n-i>ay- niont of dclit. section seventy-four of this Act, while so covered, the bank holding such warehouse receipt or security shall hold or continue to hold such goods, wares and merchandise, during the ])rocess and after the completion of such manufacture or production, with the same right and title and for the same purposes and upon the same conditions as it held or could have held the original goods, wares and merchandise. 11. All advancank making such advances a claim for the repayment of such advances on the goods, wares and merchan- dise therein mentioned, or into which they have been converted, prior to and by preference over the claim of any unpaid vendor; but such j)reference shall not be given over the claim of any unpaid vendor who had a lien u]ion such goods, wares and merchandise at the time of the acijuisition liy the bank of such warehouse receipt, bill of lading, or security, uidcss tlu; same was acquired without knowledge on the part of the hank of such lien. 18. In the event of the non-payment at maturity of any debt se- cured by a warehouse receipt or bill of lading, or security given under section seventy-four of this Act, the baid-: may sell the goods, wares and merchandise mentioned therein, or so much thereof as will suffice to pay such debt with interest and expenses, returning the overplus, if any, to the jierson fi )m whom such warehouse receipt, or bill of lading, or security, or the goods, wares and merchanxt j)receding : and such monthly returns shall be signed by the chief accountant iuid by the president, or vice-president, or the director or principal partner then acting as president, and by the manager, casliier or other princi|)al olHcer of the bank at its cliief place of business: 2. Every l)ank which neglects to make up and send in, as tifore- .said, any monthly rt^turn retjuired liy this section within the time hereby limited, shall incur a penalty of fifty dollars for each and every day after the expiration of such time diu'ing which the bank neglects .so to make up and send in such return : and the date upon which it appears by the post office stantp or mark upon the envelope or wrapper enclosing such return for transmission to the Minister of Finance iind Heceiver-Cieneral, that the same was deposited in the post office, shall be taken prima facie, for the purposes of this section, to be the date upon which such return was made up and sent in. 8tt. The Minister of Finance and Receiver-CJeneral may also call for specifil returns from nny bank, whenever, in his judgment, they are necessary to afford a full .and comph^te knowledge of its conilitioii: 2. Such special returns shall be made and signed in the manner and l»y the ])ersons specified in the next preceding section ; and every baidc which neglects to make tind send in any such special return within thirty days from the date of the demand therefor by The Banking Act of Canada. 38 any person he money so as the jn-o- paid to the ainiant with tlio person the Province I) and from a uil from snch I of tive hun- 2ution of any ,'hich any de- t ; and except before repay- sucli deposit ccoipt of one, of a majority lerned for the )osit, notwith- b, and whether ist (and with and the bank ney paid upon the Minister of in Sdiedule D le Hrst fifteen f tl\o bank on sucli monthly tlie president, then actinf:C as icipal otlicer oi ud in, as afore- itliin tlie time for each and hieh tlie bank tlie date upon u tlie envelope the Minister of (•posited in the of this section, md sent in. Lil may also call )udi:;mont, they i)f itsconditii>u: in the manner if section ; and IV' such special lid therefor b}- the Minister of Finance and Receiver-General shall incur a penalty of tive hundred dollars for each and every day such ne{,dect continues; and the provisions contained in the last preceding section as to the prima facie evidence of the date upon which returns are made up and sent in thereunder, shall apply to returns made under this sec- tion : Provided always, that the Minister of Finance and Receiver- General may extend the time for .sendini:t in such special returns for such further period, not e.vceedinj^ thirty days, as he thinks expedient. 8T. The bank shall, within twenty days after the close of each calendar year, transmit or deliver to the Minister of Finance and Receiver-General, to be by him laid before Parliament, a certiHed list showing the names of the shareholders of the bank on the last day of such calendar year, with their i.lditions and residences, the num- ber of shares theii held l)y them resjjectively, and the value at ])ar of such shares : 2. Such list shall be deUv .'red at the Department of Finance, or shall be sent l>y registered letter posteil at such time that, in the ordinary course of post, it may be delivered at the said Department within the time above limited : 3. Every bank which neglets to transmit such list in manner afore- said within the time aforesaid shall incur ii penalty of fifty dollars for each and every day during which such neglect continues. 88. The bank shall, wathin twenty days after the close of each calendar year, transmit or deliver to the Minister of Finance and Receiver General, to be by him laid before Parliament, a return of all dividends which have remained unpaid for more than tive years, and also of all amounts or balances in respect to which no tran- sactions have taken ])lace or upon which no interest has been paid during the live years prior to the date of such return: Provided always, tli.it in case of mcmeys deposited for a fixed period, the period of five years above referred to shall be reckoned from the date of the termination of such fixeil period : 2. 8uch return shall be signed in the manner required for the monthly returns under section eighty-five of this Act, and shall set forth the nanie of each shareholder or ci'editor, his last known ad- dress, the amount due, the agency ol the bank at which the last transaction took place, and the date thereof: and if such shareluilder or creditor is known to the bank to be dead, such return shall show the names and addresses of his legal representatives, so far as known to the l)ank : '.\. Every bank which neglects to transmit or deliver to the Minister of Finance and Receiver-General tlu; return above leferred to, with- in the time hereinbefore limited, shall incur a penalty of fifty dollars for each aud every day during which such neglect continues: 4. If, in the event of the winding up of the business of the bank in insolvency, or under any general winding-up Act, or otherwise, any moneys payable by the licpiidator, cither to shareholders or de- positors, remain unclaimed for the period of three years from the date of suspension of payment liy the li;ink, or from the commence- ment of the winding up of such busines;;, or until the final winding up of such business if such takes plact; before the expiration of the said three years, such moneys and all interest thereon shall, uotwith- 5 Transmission of certified lists of sh.ire- holders to Minister of Finance. Mode of trans- mission. I'enalty for neglect to transmit such lists. Annual statement of dividends remaining unpaid, &.C. Proviso. Details of return. Further de- tails. Penally for not making annual return. Disposal of unclaimed moneys. ill J>> i III M Proviso. Proviso. Refniirenients as lo outstand- ing notes in case of insol- vency. GaULAND's tBANKlNO AND FINANCIAL t)lUECTOUT. standinpf any stiituto of limittitions or ofchtif Act rclatiiif,' to pre- scription, liu paid to the Minister of Finance and Ueceiver-Cienoral, to be held by him subject to all rii^htful claims on behtdf of any person other than the bank ; and in case a claim to any moneys ho paid as aforesiiid is thereafter established to the satisfaction of the Treasury Hoard, the (iovern;»r-in-Council shall, on the report of the Treasury lioard, direct ])ayment thereof to be made to the person entitled thereto, tofjether with interest on the principal sum thereof at the rate of three \n'V cent, per aninim for a perioil not exceed- ing six years from the date of payment thereof to the said Minister of Fintuice and Receiver-(}enerid as aforesaid: Provided however, that no such interest shall l»e paid or iiayabh; on such principal sum, uidess interest thereon was ))ayable by the baid< paying the same to the said Minister of Finance and Receiver-deneral : Provided also, that on payment to the .Minister of Fiiiance and Rt^ceiver- (ientM'iil as herein provided, the liank and its assets shall be held to be discharged from further liability for the amounts so paid. 5. Upon tli(^ winding-up of a baid< in insolvency or under any general winding-uj) Act, or otherwise, the assignees, licpiidators, directors or other otKcials in charge of such winding-up, shall, before the final distribution of the assets, or within three yeai's from the conunencement of the suspension of ])ayment by the luink, whichever shall first happen, })ay ovei- to the Miiuster of Finance find Receiver- CJentiral a sum out of the as.sets of the bank etjual to the amount then outstanding of the notes intended for circulation issued by the bard< ; ami, upon such payment being made, the bank and its assets shall be relieved from all further liability in respect of such out- sttiniling notes. The sum .so paid shtdl be helil by the Minister of Finance and Receiver-Oeneral and applied for the purpose of n^deem- iug, whenever presented, sucli outstanding notes, without interest. IXSOT.VENCY. Liability nf sliarclmlders ill case of insiiHiciciicy of assets. 8!K In the event of the ])roperty and assists of the bank being in- sufficient to ])!iy its debts and liabilities, each shareholder of the liank •shall be lial)le for the deiieiisncy to an amount eipiul to th(! par value of the shares held l)y him, in addition to any amount not paid up on such shares. Provision as to prescri|)tion and statute of limitations. Retroaction. J>0. As a condition of the rights tind ]>rivileges conferred by this Act or by any Act in amendment thereof, the following provision shall have effect: The liability of the bank, under any law, custom or agreement to repay mone^-s de))osited with it and interest (if any) and to pay dividends declared and ptiyable on its ca[)ital stock, shall continue notwithstanding any statute of limittitions or any enact ment or law rehiting to ])reseriptiou : 2. This section applies to moneys heretofore or hereafter deposited, and to dividends heretofore or hereafter declared. Suspension for 90 days to constitute insolvency. 91, Any suspension by the biiiik of ])ayment of any of its liabilities as they accrue, in sjieeie or Dominion notes, shtdl, if it continues for ninety days, consecutively, or tit intervtils within twelve con.secutivo months, constitute the bank insolvent and o|)erate a fta-feiture of its charter or Act (jf incorporation, so fai- as regards all further banking The Bankino Act of Canada. 35 •eafter deposited, operations ; and the charter or Act of incorporation shall remain in t'()ic(! only for the pur])osn of eMal>Iin<,' thcs directors or other lawful authoi'ity to make and enforce the calls mentioned in the next fol- lowing^ sections of this Act and to xsind up its husiness. 05J. Tf any suspension of payment in full, in specie or Dominion notes, of all or any of the notes or other lial>ilities of the hank con- tinues for thi-eci months after the (ixpiration of the time which, und(T the precedinpf section, would constitutt? the l)ank insolvent, and if no proc(!edin;,'s are taken under any ^'eneral or spectial Act for thts wind- inf^ up of the liaiik, the f its assets or property : 2. Such calls shall be made at intervuls of thirty days, atnl upon notice to be pivtiii thirty daj's at least ])rior to the day on which such calls shall be payable, and any number of such calls may be made by one resolution ; any such call shall not exceed twenty per cent, on each share; and payment of such calls may bo enforced in like manner as |)aynient of calls on unpaid stock may Ik; enforced ; and the first of such calls may be made within ten days after the exjiiration of tiie said three months : li. Kvery director who refuses to make; or enforce, or to ccmcur in makiufj or enforcing,' any call tnnlei- this section, is f^nilty of a misde- meanor, ami liable to imprisonment for any term not exceedinj,' two years, and shall further be ))ersonally responsible for any damages suti'ered by such default. Calls ill such cases. How such calls shall 1)0 made and en- forcecl. Refusal to make calls under this sec- tion a misde- meanor. iV.l. In the event of proceedintjs beinf( tak(;n under any ffeneral or Calls under special wiudii\f{-up Act, in consetpience of the insolvency of the bank, winding-up the said calls shall bo made in the manner prescribed for the nuiking of such calls in such general or special windintr-up Act. JM. Anjf failure on the part of any shareholder liable to any such Forfeiture for call to pay the same when due, shall operate a forfeiture by such non-i'^yment. shareholder of all claim in or to an}' part of the assets of the bank, — such call and any further call thereafter being nevertheles.s re- coveral)le from him as if no such forfeiture had been incurred. 1>J». Nothing in the six sections next preceding contained shall be Liai.iiity of construed to alter or diminish the additional liabilities of the directors directors not as hereinbefore montioued and declareil. diminished. 9ii, Persons who, having b((en shareholders of the bank, have Liability of only transferred their shares, or any of them, to others, or registered sh.ircholders the transfer thereof within sixty days before the commenceinent of ^^o have the suspension of payment by the bank, and persons whose subscrip- lhe^r\'tock. tions to the stock of the bank have been cancelled in manner herein- before providtsd within the said perioil of sixty days before the com- mencement of the susjiension of payment by the baid<, shall be liable to all calls on the shares held or subscribed for by them, as if they held Hucli .shares at the time of such suspension of payment, saving their recourse against those by whom such shares wore then actually held, ^ 36 Garland's Banking and Financial Directory. OFFENCES AND PENALTIES. President.&c, lH, Every one is guilty of ii tnisdenioiinor and liultle to iinprison- Kivinn umliie ,m.„t f,„. ,i ttTHi iKtt t'Xci'odiiiL' two Vfiirs who, buiiii; tlic president, any crediiDr, viee-presidont, direetor, pi'iiieipiu jmrtiier r/i comrna iu(ui\ iimna8. The autount c)f all jienaltivs imposed upon ;i baitk for any violation of this Act shall lie reeoNci-alile and enforceable with costs, at the suit of I ler Mujcsty, instituted by tlie Attorney (leneral of Canada, or tht; Minister of Finance and Receiver-(Jeneiiil, and such penalties shall belong to the Crown for the |)ublic uses of Canada; but the (lovernor-in-Coinicil, on the report of the 'I'reasury IJoard, may diretrt that any portion of any penalty lie reniitteil or ])aid to any person, or aj)plieil in any manner deemed best adapted to attain the objects of this Act and to secure the due administration thereof. Making false statement in returns, &c. , a misdemean- or, &c. Oil. The making of any wilfully false or decejitive statement in any account, statement, return, re])ort or other document respecting the affairs of the baid< is, unless it amounts to a higher otlence, a mi-sdemeanor punishable by imprisonment for a term not exceeding five years: and every president, vice-president, director, principal partner en comtnandUe, umlitor, manager, cashier or other officer of the bank, who prepares, signs, approves or concurs in such statement, return, report or docinnent, or uses the same with intent to deceive or mi.slead any person, sludl be held to have wilfidly made such false statement, and shall further be responsible for all damages sustained by any person in consecjence thereof. Unauthorized use of title "bank," &c. 100. Everj' person assuming or using the title of "bank," "bank- ing com))any," " banking house," " banking association " or " banking institution," without being autliorized so to do b}' this Act, or by some other Act in force in that behalf, is guilty of an offence against this Act. Penalty for ofTence ajjainst this Act. 101. Every person, committing an offence declared to be an offence against this Act, shall be lialile to a fine not exceeding one thousand dollai's, or to imprisonment foi- a term not exceeding five years, or to both, in the discretion of the court before which the conviction is had. rum.ic NOTICE.S. How notices shall be given. lO'^J. The several public notices by this Act ro(|uirod to be given shall. Unless otherwise specified, be given by advertisement in one or more newspapers published at the jilace where the head office of the bank is situate, and in tlie Canada Gazette. statement in The Bankino Act of Canada, dominion government cheques. 87 |0:t. Tlu> limik sliiill not oliurf,'(^ any tlisconnt or eoniniission for novemnu-nt casliin^' any ollifial clu'(|Ui! of tlie (iovcrnnient of Canada, or of any che(|ucs to be department thereof, whether drawn on itself or on another bank. •'""' "' l'"'- COMMENCEMENT OK ACT AND HEI'KAL. 104. Tliis Act shall come into force on the first day of .luly, in the Commence- ...... ■. . . . menf ''•'-'- Act. year one thonsaiid ei^dit iiundred and ninety-one; and from that ilay "»-•"' "f 'his cha])ter one hundred and twenty of the Hevised Statutes of Canada, intitul(!d "An Art irspt'diiKj Hanks axil liankiiKj," the Act j)aHsed in l^'^i"?,' "'^ the tifty-Hrst year of Her Majesty's reifrn, chapter twenty-seven, in [in,"i "of 5 T V. , unu'iidmeiit thereof, the Act passed in the session held in the thirty- c.a7an(l 50-51 third year of Her Majesty's reiffii, chapter twelve, intituled "An Act ^•< *=• 47- to rcnwve certain restrictiaiin init/i. respect to the issue nf hank notes in Nova Scotia," the Act passed in the session held in the fiftieth and fifty-first years of Her .Majesty's rei^'ii, ehajiter forty-seven, intituled "An Act respecting the ilefacimi of connterfeit notes, and the use of imitations of notes," aii(l chapter one hundreil and twenty of the Revised Statutes of New hrunswiek, " Of liankini]." and the Act pas.sed by the Lengland in circulation for souk' years previously to 1844 rarely amounted to twenty, or sunk as low as sixteen millions, and it was, therefore, considered that it might be safely assumed that the circulation of the bank could not, in any ordinary condition of society or under any merely commercial vicissitudes, be reduced below fourteen millions. The Act was suspended in ICS47, 1857 and 1866, so far as to allow the bank directors to strengthen the l)anking department by recourse to the reserves of the issue de()artment. In each case the susijcnsion of tlie Act arrested and allayed the panic then prevailing, and in 1 866 it was found unnecessary to exercise the power to borrow from the issue depart- ment, which had been conceded to the directors. The Act authorized the establishment of banks of more than six partners in London, or within sixty-live miles thereof, but it also enacted that from the 6th May, 1844, no banks of issue should be established in any part of the United Kingdom. The banks at that date lawfully issuing their own notes were continued in the [)rivilege, but the issue of each bank was restricted to the amount of its average circulation during the twelve weeks prior to the 27th April, 1844. Weekly returns of the circulation are required, and if the monthly avera^^e circulation of any bank exceeds its pjdiorized amount, the bank incurs the pen.ilty of the lorfeiture of a sum ecjual to the ^xcess of circulation. Provision was made by which a bank might agree with the Bank of lingland for a composition of its uote-issuing privilege, and it thereupon loses it. It also loses it if it becomes bankrupt, or ceases to carry on business, or discontinues in any way the issue of bank notes. The Act also provided that if a bank, consisting of six, or less than six [)artners, should increase the number of partners beyond six, it wH)uld lose its privilege of note issue. The following table shows how the banks of issue have decreasetl since 1844 : — Number of banks in ICngland and Wales Private. Joint Stock. authorized by Act of 1844 to issue their own notes 207 72 T)iniinished by amalgamation 7 I ,apsed issues 119 126 34 Number now remaining 8l 28 Authorized issue of banks now remaining. . .^2,927,691 ;^2,o42,if)i It will be noticed that under the existing law in course of time the entire note circu- lation will pass to the Bank of iMigland. In consideration of the exclusive i)rivilege, and also the exem[)tion of its notes from stamp duties, the bank, under the Act of 1S44, was obliged to deiluct from the amount ])ayable by the (iovernment on account of the man- i^^ement of the public debt the sum of ^'180,000 a year, and it was also to give the public ilic net |)r()lil> on the note issue above ^"14,000,000. In 1861 a fresh arrangement was iiuule, which is still in force, by which the amouiii to be deducted is _^"()q, dog plus the whole allowance out of profits of issue, making in all at that time ^'188,078. As the amount allowed to be issued on securities has since then been increased, this amount will now be greater. It w.is placed at about ^200,000 in 1875, when the authorized circula- luMi on securities was ^15,000,000. .\s above noted, the Bank of Kngland has the management of the public debt, and ;j,incrally it transacts the banking business of the Government. Its notes are legal tender in England for all sums above ^5, except at the bank or its branches, but they are not Kill tender in Scotland f)r Ireland, although they are allowed by law to circulate in those iiiiiiiuries. The (lOvcrnment issue no notes, and as, by 7 Geo. IV., c. 6, the circulation in Eng- 'aiid of bank notes under ^5 is forbidden, all payments under that amount are made in , lid and silver coin. By 9 Geo. IV., c. 65, the circulation in England of the notes of Irish anil Scotch banks under ^5 is forbidden. The National Bank of Ireland, the National Bank of Scotland, the Hank of Scotland and the Royal Bank ot Scotland ha\e olTires in London, ami some of the Scotch banks have agencies in Northumberland and Cumberland. Protests have been made to the 44 Garland's Bankino and Financial Directory. Government, on behalf of the English bankers, against these banks being allowed to do business in England, but so far no legislation has taken place to prevent it. The number of private bankers in the United Kingdom in 1879 was 251 ; in 1885, 240; and in 1889, 234, It will be seen that there has been a steady diminution. There are no private banks in Scotland, and only three in Ireland. Of the 234 banks now exist- ing, 81, as above noted, have the power of issuing notes. There are now 1 17 Joint Stock banks in England and Wales and three in the Isle of Man. In 1844 an Act was passed (7 & 8 Vict., c. 1 13), l)y which it became unlawful for any company of more than six |)crsons to carry on the business of bankers in England unless they registered under that Act, but companies previously established and carrying on business on the 6th of May, 1844, were allowed to continue their business. The li;i'iility of the shareholders (then unlimited) was not affected. This Act was extended to S( ,ind and Ireland by 9 and 10 Vict., c. 75. By section 12 of 20 and 21 Vict., c. 49 1.^57) power was given to form banking partnerships of ten persons, or under, in the same manner and upon the same conditions as a company of not more than six per.sons could at that time carry on business. In 1858 (21 and 22 Vict., c. 91) an Act was jjassed by which joint stock banks were allowed to register with limited liability. Before this Act the limited liability of partners was only constituted by special Acts of Parliament, Royal Charters or Letters Patent. The Bank of England and the three oldest estanlished banks in Scotland had been thus favoured. The Acts last referred to were repealed by the Companies Act, 1862 (25 and 26 Vict., c. 89), which, with its amendments, now con- stitutes the law regulating the establishment and conduct of the business of joint stock banks in England. In the repeal of previous Acts the portion of section 12 of 20 and 21 Vict., c 49, above referred to, was retained. By the Companies Act, 1862, (sec. 4), no company, etc., of more than ten persons can be formed for the purpose of carrying on the business of banking, unless registered as a company under the Act, or formed in pursuance of some other .\ct of Parliament, or of Letters Patent. Seven or more persons may form a company with or without limited liability (s. 6). The liability may, according to the memorandum of association, be limited either to the amount, if any, unpaid on the shares respectively held by the members (companies limited by shares), or to such amount as the members may respectively under- take to contribute to the assets of the company in the event of its being wound up (companies limited by guarantee) (s. 7). In case of limited companies, the word " limited " is added to the name of the company (ss. 8 and 9). If tlie number of members is reduced below seven the company may be wound up (s. 79); and there is a further pro- vision that if such a company carries on its business for six months after such reduction of its members below seven, each member thereof, cognizant of the facts, becomes liable for the payment of the whole debts of the company contracted during the time after such six months it so carries on business (s. 48). Ivxisting companies were allowed to register under the Act (s. 180), or companies registered as unlimited to register as limited (Act of 1879, s. 4), but a bank of issue registered as a limited company is not to be entitled to limited liability in respect of its notes, and the members thereof continue liable in that respect as if it were registered as an unlimited com]iany, but in case the general assets, in the event of such bank of issue being wound up, are insufficient to satisfy the claims of both the shareholders and the general creditors, then the members, after satisfying remaining demands of the note-holders, are liable to contribute towards payment of the debts of the general creditors a sum equal to the amount received by the note- holders out of the general assets of the bank — /'. .) Whenever the company does not commence its business within a year from its incorporation, or suspends its business for the sj)ace of a whole year ; (c.) Whenever the members are reduced in number to less than seven ; (^.) Whenever the company is unable to pay its debts ; (e.) Whenever the court is of opinion that it is equitable and just that the company should be wound up (s. 79). There are also provisions for the voluntary winding up of the company (s. 1 29 et saj.), but this is not a bar to the right of a creditor to have it wound up by the court or under its supervision, if the court is of o])inion that the rights of such creditor will be prejudiced by a voluntary winding up (ss. 145, 147). Provision is also made for the winding up, by the court, under the Act, of unregis- tered companies, consisting of more than seven members, in case of their having dissolved, or if they are only carrying on business for the purpose of winding up, or in case of their being imable to pay their tlebts, or whenever the court is of opinion that it is just and equitable that the company should be wound up (s. 199). A limited company by the memorandum of association or by special resolution, may make the liability of the directors or managers, or managing ilirector, unlimited (Act 1867, ss. 4 ^: 8) Past directors and managers remain so liable for one year after ceasing to hold office. They are not liable in respect of debts contracted after they cease to liold office, and they are not to be called upon to contribute beyond their ordinary liability as members, unless the court deems their contributions necessary in order to satisfy the debts and lialiilities o( the company, and the costs, i\:c., of winding up (s. 5). They may also be allowed to set-off moneys due to them by the coni|)any (s. 6). \n unlimited company may, when registered as a limited company, increase its nominal amount of capital by increasing the nominal amount of each share, bi't no portion of such increased capital is to be called up, except in the event and for the pur- Jiose of the company being wound up ; or the company may, without increasing its nominal capital, provide that a portion of its uncalled capital shall not be capable of being %\ SI 46 Garland's Banking and Financial Directory. called up except in the event and for the purpose aforesaid. In like manner, a limited company may set aside any portion of its uncalled cai)ital as a reserve for a similar pur- pose. (Act 1879, s. 5) This is known as "reserve liability." There is also an Act (30 Vict., c. 29), known as " Leeman's Act," by which contracts for sale, i!v:c., of bank shares are void unless the numbers by which such shares are distin- guished are set forth in the c;ontract of sale. I! mr< SCOTLAND. The Act of 1 701S (7 Anne, c. 30), jjrcvcnting more than six persons from entering into a banking partnersiiip, did not extt lul to Scotland : and conseijuently, as there was no limitation to the tumiber of partners, banking (:oni|)anie3 with numerous partners have existed for a lengthened period in that portion of the Empire. 'I'he Jiank of Scotland was established in 1695; the Royal Bank of Scotland in 1727, and the Hritish Linen Comjwny in i 746. In 1845 an Act was passed relating to the Scotch banks (7 iV S Vict., c. 38), by which the circulation of the banks tiien issuing notes was confined to the average circula- tion of each for the year preceding the 1st May, 1845, ///« an amount equal in each month to the average amount of gold and silver coin held during each month, as shown by the weekly returns — the silver to be not more than one fuurth of the gold. These banks may issue notes from ^i upwards, and in their returns have to distinguish the amount of notes issued of ^,5 and upwards from those issued below ^"5. If the monthly average circulation should be above the limit of notes and coin authorizetl, the bank is liable to forfeit a sum equal to such excess. Bank of England notes are allowed to circu- late in Scotland, but they are not a legal tender there. Notes for less than twenty shillings, or on which less than twenty shillings are due, are not negotiable in Scotland. No new- bank of issue can be established, and in case any two or more of the existing banks unite, the authorized limit of circulation of the united bank is an amount equal to the sum of the authorized issues of the banks so uniting. There art> no private banks in Scotland. In 1845 there were nineteen joint stock banks of issue, with an authorized circulation of ;^3,oS7,2oy. There are now ten, with numerous branches, with a fixed issue of ^^2,676,350 —that is, outside of what they may issue on security of coin. Thus, on the 17th August, 1889, the returns of the ten banks showed : — Authorized circulation ^2,676,350 Average gold and silver coin for four weeks ending that date 4, 1 74,540 ^6,850,890 Average circulation during four week'; ending as above ^5,864,673 Of the ten banks, all but the l'>aiik of Scotland, Royal Bank of Scotland and the British Linen ('ompany, have registered as limited com[)anies, the registration, however, not affecting the unlimited liability of the sharehoklers in res|)ect to the note issue. The three banks named claim, as corporate bodies, to bj limited in that respect also, the responsibility of the shareholders being limited by their charters. The other banks were, before registering, unlimited, the partners being liable to the whole extent of their fortunes for the debts of their firms. All the Scotch Ijanks receive deposits as low as ^10, and often lower, and allow in- terest on them, varying with the variations of the current rates of interest. The loans or advances made by them are either in the shape of discounts or upon cash-credits. These latter are credits given to an individual by a bank for a limited sum, seldom under ^100 or jC^°°t upon his own security and that of two or three persons who become suretii's for its payment. He draws out, as he needs it, the whole, or as much of the credit as he wishes, replacing it, or portions of it, as he finds it convenient, and interest is charged or credited on the daily balance, as the case may be. Banks of issue have to make weekly returns. Banking Systems in other Countries. 47 Besides the banks of issue, there is one other joint stock bank — the North British Bank of Glasgow — which is not a bank of issue and has no branches. IRELAND. In 1783 a national bank was established (The Bank of Ireland), with similar privileges to those of the Rank of England in respeit to the restriction of more than six partners in other banks. In 1821 an arrangement was made with the Hank of Ireland by which joint stock com|)anies were allowed to be established at a distance of fifty miles (Irish) from Dublin, and allowed to issue notes. Other Acts were passed from time to time, until in 1845 an Act was passed (8 & 9 Vic, c. 37), to regulate the issue of bank notes in Ireland. By this Act it was enacted that from the 6th December, 1845, unlimited banking partner- ships might carry on business in Dublin or within fifty miles thereof as freely as could partnerships of more than six members beyond fifty miles from Dublin. The Bank of Ireland was to manage the public debt in Ireland. Bank of England notes were not to be a legal tender in Ireland, though they were to be allowed to circulate there. Existing hanks of issue were to bi- (■ontiniied in their privilege, but, like the Scotch banks, were limited to the average amount of circulation of each during the year |irevious to the ist May, 1845, /^lus the average amount of gold and silver coin held each four weeks by each bank (the silver to be not more than one-fourth of the gold), that is to .say : the bank could exceed its authorized circulation by the a\erage amount of gold and silver coin monthly held by it. for excess of circulation the b.uik becomes liable to forfeit a sum ecjual to the excess. Banks may reliniiuish their right of circulation, but cannot resume the same, banks of issue have to make weekly returns. A bank of issue may relimiuish its right of issue to the Bank of Ireland, in which case the fixed limit of issue of the last named bank is increased by the amount of the fixed issue of the bank relinquishing its right. If two or more banks unite, the new bank ac([uiies an authori/ed issue to an amount etiual to the aggregate of the authorized issues of the uniting banks. The Bank of Ireland has at present no exclusive privileges. No new banks of issue can now be established, There are at present nine joint stock banks in Ireland and three private banks. The latter are not banks of issue, and of the joint stock banks six arc banks of issue (the same number as in 1845), with a fixed circulation of ;i^6,354,494. The circulation returns for the four weeks ending 17th August, 1889, are : — Authorized circulation ^{^6,354,494 Average gold and silver —4 weeks 3,380,990 ;riviledge of sole note issue dates from 1803; the authority was fust confined to Paris and other cities where the bank had established branches, later other banks procured the same [)riviledge. In 1848 there were ten banks of issue in France, the Hank of France, and depart- mental banks established at Rouen, Nantes, Hordeau.x, Lyons, Marseilles, Lille, Havre, Toulouse and Orleans. The ISank of I'^rance had also branches m \arious parts of the country. In consetpience of the revolution of 1848, the Hank of France had to make large advances to the ("iO\ernment, and there was .so severe a strain on it for gold that it was authorized to suspend cash payments, and a limit was placed on the amount of its issues. Similar measures were passed with reference to the nine departmental banks, but later in the year these latter banks were united to the Hank of France and made branches of it, and since the-n the latter bank has been the only note-issuing institution in France. (Jash [)ayments were resumed a few years later, and the decrees imposing limits on the circulation were then abrogated. The priviledge of note issue vested solely in the Hank of France is renewed in periods of 30 years, the last of which will expire 1897. In lieu of tiiis privilege it is restrictt;d to certain obligation;-. It can discount only bills of exchange ijcaring three signatures and drawn at 90 day< 1 .er date at the latest. The issues of the bank would seem to be subject to no control whatever in ordinary times, a limit being placed upon them only in cases of suspension of cash payments. The bank is obliged to open a lompte ciirant for anyone who recjuires it, and does not charge any commission on such accounts. It discounts bills, makes advances on stocks and pledges of various kinds and undertakes the care of valuable articles, such as plate, etc. There is no limit as to the rate of interest on loans and discounts, except upon advances to the Oovernment, the maximum interest upon these being limited to 3 per cent. The Hank of France is not a State bank but a stock company. The administration of the bank is vested in a council of twenty-one members, viz : A governor and two sub- governors, appointed by the Covernment, and fifteen directors and three censors, nomin- ated by the shareholders. There is a growing feeling in France that a clause should be inserted to comjiel the sharing of i)rofils with the State as in Helgium and Ccrmany, and it is expected this will be done on the renewal of the charter in 1897. 7 50 Oakland's Ban kino and Financial OirectorV. Besides the Bank of France and its branches, there are other financial and banking institutions, such as the Credit I'bncicr, C'redit Lyonnais, etc. SPAIN. The Bank of Spain is not a State bank, and the State does not participate in its profits, but the bank has the management of tiie 'I'reasury accounts ; it has under its care the collection of the taxes and the payment of the interest on the funded debt, and it has a running account for the floating ilebt recpiirements of the 'I'reasury, to the extent of 165,000,000 [lesetas, or ^6,600,000, upon whicii it receives interest at the rate of 3 per cent, per annum. It has the monopoly of the note issue, wliich right may be exercised to the extent of five times the paid-up capital of tlie bank. The notes in circulation must be secured to the extent of at least 25 per cent, by a metallic reserve, but there is no proviso as to the proportion of gold and silver to be held. As a consequence, the more precious metal represents but a small proportion of the total reserve, while the bulk of the silver is held at the branches, of which there are over fifty in all the principal towns of Spain, all issuing notes. These notes are ordinarily paid in silver. According to the commercial code, the securities held against the note issue ought to be realizable within a maximum period of ninety days. The paid-up capital of the Bank of Spain amounts to 150,000,000 pesetas, say ^6,000,000 sterling. There are twenty-four other banks, with an aggregate paid-up capital of about the same amount, whose shares are (juoted on the Madrid bourse. The note circulation at the end of 1888 was 719,736,775 pesetas, the authorized issue being 750,000,000 pesetas. There are numerous private banking establishments in Spain, generally large merchant houses, which also undertake financial operations of a banking character, generally on commission. There are also about thirty-seven agricultural banks, besides a few penny savings banks. SWEDEN. The following is a summary of the banking law of Sweden with regard to private note-issuing banks, the full text being given in the Bankers' Magazine of January, X879;- Charters may be granted to banking companies issuing their own notes, for a period of ten years from the opening of the bank, and if the company wishes the charter extended it has to make application eighteen months before the current charter runs out. The partners in the Itanking company must be Swedish subjects, to the number of at least thirty. A partner with unlimited liability is not allowed to retire from the company or trans- fer his shares without the consent of the com[)any. Owners of shares with limited liability may transfer their shares after notice to the directors. A list of the partners, of both kinds, with the number of shares held by each, has to be kept at the bank, on which all alterations in the ownership are noted, and it is free to any one to take notes of this list during the time the bank is open to the public, and a certified extract therefrom will be given on payment of a fee. The rules of the company have to contain resolutions concerning the amount of capital ; how far shareholders with limited liability may be admitted, and on what condi- tions, especially as to the share of the profits to come to them ; the grounds for exercising the rights of voting at the company's meetings ; the number of directors on a board, which at head office must be at least five ; the number of auditors and times of audit, which must be annual ; the formation of a reserve fund, and the share of the annual profits to be transferred thereto, and the terms upon which shall be valued the bonds, etc., which may be accepted as deposit for issued bank notes. 'J"he capital contributed by the [)artners with joint responsibility is not to be under one million kronor (about $270,000) and must be paid up within one year after the bank is opened to the public, under penalty of forfeiture of charter ; and at least 10 per cent, must be paid up before the bank commences business. Bankikq Systems in other Countries. 61 The partners with joint responsibility elect from among themselves a board of direc- tors, who manage the bank. Each director deposits with the Lank at least one share ctTtificate, which is not delivered up by the bank so long as he remains a director. He may be removed by a resolution duly passed at a meeting of the c()m|)any. The accounts of the bank are opi-n at any time to examination by the Commissioner of the (lovernment or the authorities of the Finance Department; monthly returns of the condition of the bank have to be m.ade to the Finance Department, which return has to contain a statement of the interest upon lo ms, together with the current rate of discount ; any alteration in the interest on loans or rate of discount has to be advertised in the public journals ; a report of the audit has to be made to the F'inaiice Department, and also in- serted in the public journals. Notes may lie issued to the aggregate of the bonds deposited as aforesaid ; plus the reserve fund of the bank. If a bank exceeds its issue it forfeits to the State, unless the matter is rectified within ten days, for every day such excess of issue takes place, the amount of I, GOO kronor ($270), and if such excess of issue takes place fre(iuently, the license to the bank to issue its own notes may be revoked. If payment of a note is refused, the holder is entitled to receive interest at the rate of 6 per cent, per annum, together with the principal, from tiie date of refusal until payment can be obtained. The capital contributed and rescrvi; fiuid cannot be decreased by division so long as tile banking business continues, nor at its termination, in a proportion greater than that the remainder fully corresponds with the amount of the company's circulating and current liabilities of every kind. The company is not allowed to carry on business with anything other than gold and silver, home and foreign bills of exchange, and public stock i)earing interest, nor to become possessed of other real property than is reipiired for bank premises. It appears from a note in the Bankers' Md'^uzine of April, 1887, (p. 353), that during the then last session of the Swedish Parliament t!ie (rovernment jiresented a bill for amending the law of banking, the chief features of which were greatly to curtail the powers |)ossessed by the ])rivate note-issuing banks, hut owing to the disagreement of the two chambers of the house the bill did not become law, and the existing privileges of issue were renewed for a term of five years from tiie 31st March, 1887. In addition to the private banks there is a national bank, the Bank of Sweden, which has the right of note-issue, and joint stock banks, which apparently do not possess the note-issuing privilege. The bullion in the Hank of Sweden must amount to fifteen million kronor (say .$2,835,000.) From the official re|)ort it appears that on the 31st December, 1888, the total circulation of all the banks, including the Bank of Sweden, was 100,033, 000 kronor, and the authorised issue 148,769,000 kronor, leaving an unissued balance of 48,736,000. The notes of the bank of Sweden in circulation were over forfty-four millions, and nearly thirty millions remained unissued -in all seventy-four millions, leaving about the same amount as the authorised issue of the private banks. There is a Government tax on the notes issued by private banks. m GERMANY. Prior to 1875 banks had been established in the several German States under laws jieculiar to each, and most of them were allowed to issue notes according to regulations varying from State to State. The notes of each bank were necessarily confined to its own neighborhood. In 1875 an Act was passed which is now the general banking law of the German Empire. By it the Imjierial Bank was formed, with the right of circulation and establishment of branches throughout the Empire ; tliirty-two other banks were recognised as possessing note-issuing privileges. The issues of the Imperial and the other banks were limited to an entire circulation of 385,000,000 marks, plus the amount held by each in cash, that is, in current German money, legal tender notes of the Empire, notes of other German banks, an 1 gold bars and foreign gold coin, calculated at the rate of 1,392 marks for a pound (German) of gold. If a bank exceeds its authorized circulation it has to [)ay yearly to the F.xchcfpier on the excess a tax of 5 per cent. Of the 385,000,000 marks of issue the Imperial Bank had 250,000,000 marks (^i 2,500,000), and the remaining 135,000,000 marks (^6,750,000) were divided among the other banks, with a proviso that if I 62 Oakland's Banking and Financial Dihectorv. a bank lost its right of issue, by renoiinring it or otherwise, it fell to the Imperial Hank, Under this provision riglits i/t issue li;i\ ■ i)een renounced to the extent of 35,5S5,ooo marks, so that the present share of the iinperial Har)k in the ciiculation, limited as above stated, is 285,585,000 marks (^14,279,250), leaving; to the other banks ij'), 415, 000 marks (^'4,970,450), of which sum 72,000,000 marks (^'3,600,000) fall on the banks of South (lermany. It was further enai ted that no right of issuing notes should be conferred, nor any issues extended, except by a law of the l'",mpire. Notes could be issued for a less amount than 100 marks (^,5), but no one could be forced to ;iccept them for payments, which by law must l)e made in money. 'I'he banks are bound to accept their own notes at their full nominal value in payments, not only at their he.ad offices, but at all their branch oftices. Every note-issuing bank ' !>ound to publish four times a month a state- ment of its assets and liabililii'S, and also within three months after the compK'lion of its business year an exact balance sheet of assets and liabilities, with special mention 'if the contingent liabilities upon inlaitd bills of exchange which have passeil away into other hands. The Imperial Hank is under the direction and control of the Empire, with its head office at Herlin. It has to i)ublisli the rate for which it discounts or gives loans on interest. It is authorised to issue notes according t, the re(iuiremints of its bii-.iness, unrler the control of the ("ommissioni-r for tln' debts of 'he Empire. It is obliged to have in its coffers at least one-third of the amount of note. ..1 circulation in (ierman cur- rency, legal tender notes of the lunpire, or in gold bars or foreign gold coin valued at 1,392 marks for a pound ((Ierman) of gold. The rest of the notes in circulation must be represented by discounted bills, due at latest in three months, and for which generally three, but at least two, persons known to be solvent are responsible. It is obliged to redeem its notes, in (Ierman currency, at its head office, on presentation, and at branch offices as far as its means extend. It and its branch offices are exempt froin income or trade taxes. It is bound to accept as payment, under certain conditions, the notes of the other note-issuing banks, and it may enter into agrt'ement with them to renoimce their rights of issue. It is obliged gratuitously to accept |)ayments for the lCmi)ire, and to make such up to the amount of the; Empire's credit, and it is authorized to take in charge the same business for the separate (Ierman States. Its capital is 120,000,000 marks (_;^6, 000,000), divided into 40,000 shares of 3,000 marks eac^h (^^150). Its net revenue at the close of every year is used as follows: ist. The shareholders receive a dividend of 4'/^ per cent, on the capital ; 2nd Twenty per cent, of the rest is appropriated to the reserve fund, so long as the latter does not amount to one-third of the cai)ital ; 3rd. One- half of the balance remaining is to be jxaid to the shareholders, so long as their dividends do not exceed 8 per cent.; the other half goes to the Imperial Exchequer, one-fourth to the shareholders. Should the net revenue not amount to 4)^ per cent, of the capital, the deficiency must be made up from the reserve fimd. If the shares are issued at a |)remium above their nominal value, the amount so gained goes to the reserve fimd. Due clividends after four years fall to the bank. The control belonging to the (lovernment is exercised by bank-curatorium (a sort of council of administration) consisting of the Chancellor of the Empire as president, and four colleagues -one named b)' the Emperor, and the other three by the Eederal Council. This euratorium meets once a quarter and receives reports on the condition of the bank and everything relating to it, and to it is communicated a general statement of accounts of all business ojjerations undertaken by the bank and the regulations made by it. The ]jart of the direction belonging to the Ciovcrnment ' cised by the Imperial Chancellor, and under him by the Imperial Hank Direrti .i Chancellor directs the whole administration according to the rulc^ '" ihe regulations made thereunder, and he alone is authorized to introduci 01 the regulations. The Imperial Hank Directory is the official authority by which tlu .mk is umis- tered and actively represented. It consists of a president and a certain u' mber of members, and voles by a majority of voices, but is subject to the directi ■ nf the Chancellor on all ([uestions of administration. The president and members are .qipointed for life by the Emperor on a proposal from the I'ecieral (Jouneil, but the Central Com- mittee, hereafter referred to, has to be consulted before the Federal Council comes to a decision as to an o[)pointment to fill a vacant place in the Directory, other than the president thereof. This Central Committee is elected by the shareholders, and ioiiim Bankino Systems in otiieu Countiiies. 68 their representative with the administration. It consists of fifteen members, with fifteen suhstitnti's, chosin (roiii anionj; sh.ircliolders of at least three shares. It meets once a inoiith and reecives reports as to tlie l)iisincss ol tiie l)ank, as well as all proposals of the {{iink Directory as to tlie business or regulations ol the bank. It approves of the amount up to which the funds of the bank may be used in loans, and it ex|)resses its opinion on other points of administration, while a continuous special control over the administration is exercised by three of the committee chosen annually, with as many subsiiiuti's, who have the right io be present and pronounce their opinions at all the meetings of the Hank Directory, and also at any time to examine the books and business of the bank. The members of the ("entral (.'ommittee receive no remuneration for their services. The other banks of issue are restricted as to business and circulation to the States in which their right has been granted, but under certam conditions the.se restrictions may be removed. It appears from a note in the EcoHiimist of the 9th November, i88y, that the German (lovernment has submitted to the Reichstag the necessary notice of the changes proposed to be made in the Act on tin- ist January, i8yi, with regaril to the Imperial Bank, from which it ap|)ears that the only changes to be made are that the first dividend payable to the owners of the shares is to be reduced from 4)2 per cent, to 3)/^ per cent, and that the total dividend, now fixed at 8 per cent., is to be reduced to 6 per cent., gains exceed- ing that p^Tccntage to hv, as now, divided at the rate of three-fjuarters to the Imperial 'i'reasury and one-quarter to the shareholders. No doubts are entertained as to the ultimate adoption of these changes, both by the shareholders ami by the Reichstag. If they are accepted, the bank law will have another course to run until the clo.se of the year I yoo. RUSSIA. In Russia the chief bank (the Imperial Bank) is a bank founded by the State, con- ducted under the supervision of the State, and for the benefit of the State. Its (-apital is an investment of the State ; its directors are a committei- of the Treasury ; its business is i)artly for the State and partly for the general public, but its |)rofits are credited solely to the .State. It was established in 1H60 for the purpose of regulating [)aper currency and giving assistance to commerce. Besides it there are between three and four hundred other banks of various kinds in Russia. Notes are issued by the State. UNITED STATES. In the United States of America, there has been in force since 1864, what is known as the "National Hank Act." This Act is entitled : "An Act to provide a National ("urrency, secured by a jjledge of United States bonds, and to provide for the circulation and redemption thereof," and, with its amendments, now forms the banking law of the United States. Under it a bureau was established in the Department of the Treasury, charged with the execiuion of all laws relating to the issue and regulation of the national currency, and the chief officer of this bureau is called the Comptroller of the Currency, and performs his duties under the general direction of the Secretary of the Treasury. He is appointed by the President, on the recommendation of the Secretary of tht i rcasury, with the consent of the Senate, and holds his office for five years, unless removed for cause. Neither he nor his deputy can have any interest, either directly or in- directly, in a national bank He makes an annual report to (Congress, giving : ist. A summary of the condition of each national association ; 2nd. A statement of the associa- tions whose business has been closed during the year, with the amount of their circulation, redei-med and outstanding ; 3rd. Any amendment to the banking laws by which the system might be im])roved and the security of note-holders and other creditors increased ; 4th. A statement of the condition of the banks, (including savings banks) organized under the laws of the several States and Territories such information to be obtained by him from the reports to the Legislatures or olticers of the several States and Territories, or, there are no such re|)orts obtainable, from such authentic sources as may be available ; lid, 5th. The names and compensations of the clerks employed by him, and the whole mount of the expenses of the Hanking Department during the year, 64 Garland's Banking and Financial Directory. National banking associations are obliged to transmit to the Comptroller each year a full list of the names and residence of the shareholders, with the number of shares held by each, such list to be verified by the oath of the president or cashier thereof. They are also obliged to make not less than five reports each year to the Com]jtro!ler, in a form prescribed, and verified by the oath or affirmation of the president or cashier, and attested by at least three of the directors, showing in detail their resources and liabilities at the close of bjusiness on any past day specified by the Comptroller, which report, in the form in which it is made to the Comptroller, has to be published in a newspaper published in the place where the association is established, or, if there is no newspaper in the place, then in the one publisiied nearest thereto in the same county. The Comptroller ha.s power to call for spe:ial reports from a particular association, whenever he deems it necessary. The associations have also to report to the Comptroller, within ten days after declaring a dividend, the amount of the dividend and the amount of net earnings in excess thereof, such reports to be attested by the oath of the president or cashier. For failure to make the reports as to their condition and dividends, the association incurs a penalty of $ioo for each day it delays alter the time allowed by law to make and transmit the same. It will he noticed that there wore, at the time of the passing of the Act, banks in ex- istence, organized under the laws of tiie several States and Territories. IVovision is made for the conversion of such banks into national banking associations, retaining their branches, if they cho'se, provided the)' do not have a less capital than required of national associations. 'Fhere is a tax of ro per cent, upon the notes of State banks used for circu- lation, and a similar tax upon all notes used for circulation, not being National Association or United States notes. National banking associations may be formed by any number of persons, not less than five ; and upon their making antl lyling articles of association and an organization certifi- cate, they become a body corporate with power lo use a corporate seal ; to have succession for twenty years, unless sooner dissolved, and provision is made for an extension of this period : to make contracts ; to sue and be sued ; to elect directors and to a{)|joint and dis- miss officers, and define their duties, etc.; to make by-laws as to transfer of stock and general conduct of business, ami to exercise all incidental powers necessary for the carrying on of the business of banking ; but no association is permitted to transact any business, except such as is incidental md necessarily preliminary to its organization, until it has been authorized by the Comptroller of the ('urrency to commence the busi- ness of banking. The mininiuni capital reciuired is $100,000, with a proviso that in a place of less than 6,000 inhabitants a bank may, with the a[)proval of the Secretary of the Treasury, be organized with a capital of not less than $50,000 ; but $200,000 capital is required in cities of over 50,000 jjopulation. Fifty per cent, of the capital must be paid up before the bank can be authorized to commence business, and the remainder of the capital stock must be paitl up in monthly instalments of 10 per cent, each on the whole amount of capital -that is to say, within five months after being authorzied to com- mence business. As soon as the Comptroller is satisfied that all the requirements of the law are complied with, he issues a certificate authorizing the association to commence business. F^ery association, before commenc ing business, must deposit with the Treasurer of the United States, United States interest-bearing registered bonds. The minimum amount of bonds to be kept on deposit is $50,000, in case of banks exceeiling $150,000 capital ; and an amount ecjual to one-fourth of their capital stock, in the case of banks having $150,000 capital or less. These bonds are held exclusively for the pur|)ose of the redemjjtion of the circulating tiotes of the association, and upon their deposit the asso- ciation receives from the ('()ni[)tr()ller of the Currency circulating notes of different denominations (since the resumjition of specie jjayments, not under $5), to an amount equal to 90 per cent, of the current market value of such bonds, not exceeding pur, but the total of notes so issued shall at no time exceed 90 per cent, of the actually paid-up capital of the a.;sociation. In addition, each association has to deposit in the United States Treasury a sum ecjual to 5 |)er cent, of its circulation, which may be counted as a part of its reserve hereinafter referred to, but whuh 5 per cent, is to be held and used for the retlensption of the circulation. W' hen the circulating notes of the nati(jnal associations are presented for redemption in sums 01 $1,000, or any multiple thereof, to the Treasurer Banking Systems in other (Countries. ^5 of the United States, he redeems them in United States notes, and charges the notes so redeemed to the associations issuing theai ; and when tiie notes so redeemed for any association ainoi-nt to $500, sucli association deposits with the Treasurer a sum in United States notes equal to the sum redeemed ; whereupon the notes so redeemed, or new notes, if they are unfit for use, are forwarded to the association so issuing them. The notes of an association are redeemable only in this way and at its own counter. Provision is made for the retiring of circulation and withdrawal of bonds down to the minimum limit aljove mentioned, but a bank so withdrawing cannot receive an increase of circula'.ion for six months. The notes issued to the associations express on their face that they are secured by United States bonds, but they are not issued until signed by the proper ofticer of the association, so as to make them promissory notes of the association, payable on demand. 'I'hey are received at par in all parts of the United States in payment of taxes, excises, public lands and all other dues to the United States, except duties on imports; and also for all salaries and other debts and demands owing by the United States to individuals, corporations and associations within the United States, except interest on the public debt and in redemption of the national currency. I'rovision is made, in case of failure of an association to pay its notes, for the forfeiture of the bonds deposited and for the payment of the note-holders from the proceeds thereof. Every national association has to take at par in payment of any debts or liabilities due it notes issued by any other national association. Notes of the United States are also used as a circulating medium, and are a legal tender in payment of all debts, public and private, within the Inited States, except duties on imports and interest on the public debt. I'rior to the 31st May, 1878, all such notes in circulation in excess of $300,000,000 were to be redeemed as the circulation of the banks increased, but on that date an Act was passed forbidding the further reduction thereof and enacting that no such notes should thereafter be cancelled or redeemed, but should be re-issued and kept in circulation, mutilated notes being replaced with new notes of like denomination. The result is that the circulation of these legal tender notes has remained at the amount then outstanding, $346,681,016. In addition to these notes the Treasury issues gold and silver certificates — the gold certificates for not less than $20, but the silver for smaller amounts. 'I'hese certificates are represented in the 'Treasury by gold and silver coin respectively, which must be retained for their payment on demand. The issue of gold certificates is suspended whenever the gold coin and gold bullion in the Treasury, reserved for the redemption of the United States notes, fall below $100,000,000. Provision was also made for the organization of associations for the purpose of issu- ing notes payable in t,'^'d upon the security of United States bonds bearing interest payable in gold — no note U) be less than $5 ; the issue not to exceed 80 per cent, of |)ar value of bonds deposited ; and the organizations to keep on hand at all times, in gold or silver coin of the United States, not less than 25 per cent, of the outstanding circulation. There are at present no national gold banks in existence, they having either ceased to do business or become converted into the currency banks. Each national banking association is compelled to keep a reserve equal, in large cities, such as All)aMy, New \'ork, &<., to 25 per cent., and in other places 15 per cent, of ilie aggregate amount of the deposits. As has been before noted, a portion of this may be deposited with the Treasury as an additional security for the payment of its circu- lation. If tl:e reserve falls below the limit no new loans or discounts or dividends are to be made until the pro[)er reserve is restored, and if the association fails for thirty days after notice from the C^omptroller to make good its reserve a receiver may be ap|)ointed to wind-up its business. The following are some of the other important features of the National Hank Act : The capital stoi k may be increased, the maximum being determined by the Comptroller, but no increase is valid until the whole amount is paid in and the Comp- troller's approval obtained. 'I"he stock may be reduced to a sum not beU)w the minimum re(iuired for the formation of the association, by a vote of the shareholders owning two- thirds of the stock, provided the capital is not reduced below the amount recjuired for Dustanding circulation and the reduction is afjproved by the Comptroller. Directors must be citizens of the United States and own at least ten shares of stock. There must be not less than five directors, elected annually. 4 •A. 56 Garland's Banking and Financial Directory. The shareholders are held individually liable, equally and ratably, and not one for another, to the extent of the amount of their stock, at par value, in addition to the amount invested in such shares. The shares ($ioo each) are deemed personal jtroperty, and are transferable in the books of the association. The association cannot loan upon or purchase its own stock. l;ividends may be declared semi-annually, but before a dividend is declared the association has to carry one-tenth of its net profits of the preceding half-year to its surplus fund until the ^ame amounts to 20 per cent, of the ca[)ital stock. The total lial)ilities of any [lerson, company, (Sic, to an association for money bor- rowed, including, in liie liabilities of a company, the liabilities of the several members thereof, are at no time to exceed one-tenth of the paid-up capital of the association ; but the discount of bills of exchange drawn in good faith against actually existing values, and the discount of commercial or l)usiness paper actually owned by the person negotiating the same, are not considered as money borrowed. The use of the term " National " in title is prohibited to other than National Banks. No dividend can be made to exceed the net piofits. The Comptroller of the Currency, with the approval of the Secretary of the Treasury, as often as deemed necessary or proper, appoints a person or persons to make an examination of the affairs of every national bank, and report to him in detail the con- dition thereof ; and the persons so apiiointed have jjower to make thorough examination, and in doing so to e.xamine all the officers and agents of the association on oath. No person is appointed who is a director or other officer of the association Savings and other banks in the District of Columbia are subject to the laws relating to national banking associations. Associations may go into voluntary liquidation and be closed by a vote of share- holders owning two-thirds of its stock. They have to pay the Government, half-yearly, taxes on their yearly circulation, deposits and capital stock, beyond amount invested in United States bonds. Any real estate coming into their possession, by mortgage or otherwise, beyond what is required for their accommodation in transacting their business, cannot be held for a longer period than five years. Jiatiny^s of tlie various Coins in circulation tixed by an Ortlnanco ptussocl Sept(3uiber, 1704, the first after Canada was ceded to Great liritain. Name of Coins. GOLD. Johannes of Portufjal Moirlore Caroline of Germany . (iiiinea Louis (i'Or Spanish and French I'istole. SU.VKR. Seville-Mexican pillar dollar Krench Crown or sixlivre piece French piece passing at present at 4s. 6d., Halifax currency. lirilish Shilling I'istereen French nine-penny piece COPPER. Twenty liritish coppers , Hy the Ordnance 17 (leorge HI., c. 9, the ratings were changed .as follows, viz. : CdLI). The Johannes of I'ortugal, weighing ■Ph'j Moidore The Doubloon or four-pislole piece I'he Ciiinea (this is ihe lowest weight at which the guinea was allowed by English law to pass current) The Louis d'Or SII.VKK. The Spanish dollar Ihe Brilish Oown TIk- l'"rench Crown, or piece of six livies lournois. The French piece of four livres ten sols lomnois . . The French piece of thirty-six sols tonrnois The French piece of twiiily-four sols tournois . . . . The Hriiish Shilling The I'istereen Hy an Ordnance May, 1796, 36 ( ieo. III., c. 5, for Lower Canada, and an Ordnance June, 1796, \b Ceo. III., c. I, for Cpper Canada, both serving ihe same purpose, the ratings were laid down as follows in order to retain the gold in the country : coi.n. British Cninea Johannes of I'ortug.d Moiclore Milleil Doubloon, or four-pislole piece of Spain . French Louis d'Or, coined before 1793 Irench I'istole, coined liifore 1793 .Vmerican Kagle, the olJ ICaglc containing 247.5 h"*- "^ '"><-' R'M 8 Wkiiifii'. Dwts. Grs. 18 6 5 5 5 4 6 18 17 4 3 4 17 12 19 4 15 16 8 6 6 20 7 ■• 5 8 5 3 18 () 18 •7 5 4 4 4 II 6 CURKKN'CY. £ .S. d. 4 16 16 10 8 8 I 6 6 8 S 6 I 4 I 2 I 4 I 10 3 12 I I 3 2 4 6 S .s 5 b 4 2 I s i I 1 I I I 3 4 4 I 10 3 14 I 2 6 18 2 10 58 Garland's Banking and Financial Directory. Name ok Coins. SILVER. British Crown British Shilling Spanish milled dollar equal to 4s. 6 2'/i do I do /z do 25 Cents 10 do . . 5 do Norway same as Denmark. 6 l'OR[t'c;Al.— 1000 Reis -Milrei, or Crown, or $lo,ooo Half Crown, or 5,000 .3 w V A Gold do Silver do do do do C;old do .Silver do do do do do Gold do do do do Silver do .lo do do Gold i U.S. $ c. 3 86 « 93 o 96 o 48 O 12 O 10 o OS 5 36 2 68 53 27 13 10 6J 2i 19 30 9 65 3 86 ' 93 o 96 o 96 38 19 10 04 76 38 '9 '9 48 24 12 05 4 02 2 0! I 00 40 20 10 04 02 10 80 5 40 fl *'; 64 Garland's Banking and Financial Dihectouy. Coins. 6 roRTUC.AI.— CVmlimicd : — One-tifth, or $2,000 Onctenlli, or 1,000 500 Kcis 200 (to 100 ilo 50 do RotiMANiA same as I'rancc. 7 Russia— 100 Copecks = I KmiMc. Imperial or 10 Koiililo Piece.. I lalf Imperial or 5 Rouble Piece 3 Rouble Piece I (lu Vz '1«> y* '1" 20 Copecks 10 ilo 5 do Srkvia same as France. 8 Stain same as I''rance. SwEDKN same as Denmark. Swi iZF.Rl.ANi) same as France. 9 Turkey — 100 Piasires= i Medjidie. 1 Medjidie or Lira Vz (1» % «'" 20 Piastres 10 do 5 do 2 do I do ('•old do Silver d.) do do (Jold do do .Silver do do do do do Gold do do .Silver do do do do Weight in llr.immcs. .V547 ••773 12.500 5.000 2.500 1.250 13.088 6-544 3.926 20.7315 10.3660 S183 4.146 2-073 1-037 7.216 3. 60S 1.804 24.055 12.027 6.013 2.405 1.202 Milles- imal Fineness, 916.666 9l6.()66 916.666 916.666 916.666 916.666 916.666 916.666 916.666 868.056 868.056 868.056 750.0 750.0 750.0 916.666 916.666 916.666 830. 830. 830. 830. 830. Rem. P. 1000. 2. 2. 2. 2. 2. 2. Nil 2. 2. 2. 3- 3- 3- 3- 3- 2. 2. 3- 3- 3- 3- 2. 2. 2. 2. 2. 2. 2. 2. 2. 2. 3- 3- 3- 3- 3- Approxiinale Money Value. Fnglish. £ s. <1. II •5 9 3 I o o o o 10 5 lO'j 8 10 6 2 7 9>i TA o o 6 7 91^ io>^ 4 2 U.S. c. 16 08 54 21 II OS 72 86 31 77 38 >9 '5 07 04 40 20 ID 88 44 22 09 04 11 1. Present .system introduced in 1870, in place of sysleni of 1857. F.ight (julden i>iece ef|uivalent to 20 francs; silver not freely coined. The Maria Theresa dollar (28. 0644 grammes, Jths fine), is coined as commercial money. 2. The system now in I'se in the .Scandinavian Union, (Denmark, .Sweden and Norway), came into force 1st lanuary, 1875. It is a monometallic gold standard on the decimal system. 3. The coinage system of France came into force 6th May, 1799. The total amount of coin put in cir- culation by 1' ranee since the system became operative to [an. 1st, 1892, has been 8,826,948,250 francs gold, and 5,534,675,124 francs silver. The I'rench money coined in 1S91 amounted to 17,622,020 francs, of which 200,000 was bronze. About 1 1 per cent. (1S91 ) of the gold coin and about 31 per cent, of the silver coin which circulate in the country are of foreign origin. It is estimated thai about 6,000,000,000 francs worth of coin, of which one-third is silver, is in circulation in (he country. The .same system was extended to the countries composing the " Latin Union ' (France, Helgium, Italy and Switzerland) by the Convention of 1865, anil has since been adojiteil by (ireece, Roumania, .Servia and .Spain. It is thus the most widely extended system in F.urope. Austria, loo, has established some connection with it by ils gold coinage. The population using the Latin system has, therefore, been estimated ( Jiiiiriuxt iiiislrs, April, 1879), at 148,000.000. The system is, iheorelically, a double standnrd one willi a ratio of I5'2 to I; but the stales comprising the L'nion have restrioted the coinage of silver to a small amount, thus produc- ing what is called the elal boiteaux, or "limping slandard." liy it coined silver is kept above its market value. The unit in the ditTerent slates is called by different names : in l''rance, lielgiuui and .Switzerland, franc and centime; in Italy, lira and cenlcsimo; in (ireece, drachme and lepta; in Roumania, lei and bani; in Servia, dinar and para; in Spain, peseta and cenlesimo; but in all cases the value is the same. 4. The subslitulion of the mark for the older thaler came into force 1st lanuary, 1875. The (jerman coinage law is I'lodelled on the English system, but not completely, owing to the large quantity of silver in circulation. 5. The Dutch standard has been .several times changed. In 1S47 a silver slandard w.is adopted and continued till 1S72, the unit being the silver guilder. In June, 1S75, the free coinage of gold was decreed, the silver coinage having been restricted since 1872. The ratio of gold to silver is 15.625 to i, but practi- cally the "limping standard " exists. 6. The single gold standard is in force in Portugal. The lOnglish sovereign is legal lender for 4500 reis. 7. The coins of ihe Kussi.m mint are exceptionally gooil. They pass as commercial money at varying prices. Finland has a decimal system resembling the I'rench since 1 877, the mark in gold and silver being equivalent to the franc. 8. The Spanish coinage was assimilated to the Latin L'nion in 1871. Spain, however, coins a 25 peseta piece; the other countries of the Union do not. 9. The Medjidie coinage was introduced in 1844 ; English sovereigns circulate at 125 [jiastres, 20 franc pieces at 100 piastres. 77 38 19 •5 07 o4 40 20 10 88 44 22 09 04 CurrcMicies of the Important Noii-Iuiropean States. Coins. (A) NORTH AMERICA. 1 Hritish Domi.vions— Canada. 100 Ccnts=i DolI.Tr (see Currency Act). 2 Mexico. 100 Cents = I Doll.ir. 16 Dollar Piece 8 " 4 " 2 " I " 1 50 Cent Piece 25 " 3 Unitki) Staiks. 100 Cents = I Dollar. 20 Doll.nr I'iccc (Double Eagle) 10 '• (Eagle).... S " 3 " iVi " I " I " 50 Cent Piece 25 " 10 " 5 " 3 " (B) SOUTH AMERICA. 4 Arc.rniiM'; Rhi'imm-IC — Inconvert ihle Paper Currency. 100 Centcsinios - I Dollar. 20 Peso Piece 10 " 5 " 5 Hra/11. — Inconvertible Paper Cur rency. 1000 Reis- I Milrei. 20 Milreis Piece 10 " 2 " 1 " Vz " 6 Cim.l— Inconvertible Paper Currency, 100 Centavos= I Peso. 10 Peso Piece (Condor) 5 " 2 " I " 50 Centavos Piece 20 " 10 " 5 .3 Cold Silver Gold Silver Cold Silver Gold Silver Gold Silver Weight in (irnniiiies. 27.067 13-533 6.767 3-3S3 1.692 27.067 '3-533 6.767 33-436 16.718 8.359 5-015 4.179 1.671 26.729 12.500 6.250 2.500 1.250 0.802 33-333 16.666 8-333 27.11 17.927 S.963 25.500 12.250 6-375 •5-253 7.626 3-051 25.00 12.50 5.00 2.50 1.25 875 875 875 875 875 900 900 900 900 900 900 900 900 900 900 900 900 900 900 750 900 900 900 900 916.6 gi6.6 916.6 916.6 916.6 900 900 900 900 9CX) 900 900 900 Rem. P. 1000. Approximate Money Value. English. £. s. 3 4 1 12 o 16 8 4 4 2 d. 9 1 o'A o'A o o 6 3 71^ '/2 I 'A 0% 5 lA 4 1 8 2 o 10 • o 5 o 4 I 4 toA 2 5 4 5 2 2'A I I 1 17 6 o 18 9 076 9 o 3 1 io;4 o 9 o 4A o 2 U. ,S. $ c. J5 74 7 87 3 93 I 96 o 98 o c,8 o 49 o 24 4 2 2 1 I o O 12 4/2 o 10 4 o o o o o o o 19 94 9 97 4 98 o 99 10 91 5 45 1 09 o 55 o 27 10 55 82 9' 45 18 o 09 o 04 66 Garland's Banrfno and Finan< ial DtnKf'Tony. Coins. 7 Staiks ok Coi.tiMniA. icxD Centavos- I I'cso. 20 I'cso riccc 10 " (Condor) ... 5 " 2 " 1 " ao CenlavoR I'iecc 10 " 5 " 8 F'l'.Rl' — IncoiiviTlililf Paper Ciirreiicy 100 ("fntc'sim(w= I Sol. 20 Sol I'icce 10 " S " 2 " I " 1 " 50 Cenlcsiiiiiis 20 " 10 " 5 " Venezuela— The same as Coluiiil)ia. (C) A.SIA. 9 India (British.) 3 I'ic =1 I 'ice. 4 Pice = I Ana. 16 Anas — I I, the In the Indian ru|)ees, The money of Java has since 1877 been assimilated to the latest form of the Dutch monetary system. In China, the cash The CuiiRENC'iEH of Non-Euhopean States. er iiU'y forms the vinit, nnd is nuulu of copper, iron nad tin ; silver |in,>^-<.s liy wfi^lil — a tnci, which varies from pincu ti> pincc, litiii^ the iiiiil, wiiili- ihc lilvcr syccc i> ihu ibiinl iiioiiuin ol ixrlinn^f. China iiiciy I)l' said lo rt'lain the syskin ii( ciirnncy sixUcii ol in ilie ( )lil '1 olan.fiit. Il i.s liasiil ii|iiin a ceilain wii^;ht uf silver and n<'l ii|>on the deiiiiiiiinalion i>| a euiii, Mtxii ,iii dlllla^^ are in ii.se, Inn ihey are all delated Ijelore liein^ |iiit in cncidaiiiin ; llni~, $l,o<'i llon^ Kong i urrenry docs not mean I, old dollar iiieces, lli grants ot silver, t)n preseiitiiiy a ehcik lor $lo,ixx:) in a I'liinese hank, il coin !■• desned, 717 laels wei^lil ol dollars would he served lor n, eonlaining alioul <),9SO pieces. C he(iues and li.inU iiotes are iu:i>\ j;eiierally used, silver lieinj; so cundiersoine. The Ojjyienale eiriulalion of the .Shannluii luud^s is $(),0(,t),(Xjo. I here ore coins for 50, io, 10 and 5(ents, so (hat liusiness is chielly done v\ithoul iecour.se to the weight system. In the settlement, however, hetwien hanks, and shipmenls to pay loi produce, eojn is always weighed in the heforementioned proportions. The other Asiatic currencies ilo iu>t recpnre particular notice. 1. Canada. .See Currency Act. 2. The >!('( imal coinage has existed in Mexico since 1867. 'I'he ); llie ijold coins are oidy commercial money. The price of the rupee varies, (ienerally in recent years il has heen about Is. 8il. :40c. 10. The old Japanese coincide consisted of gold Cohan's and silver itzihus, wilh a ratio of I to 4. The system was recast in 1S71, and ihe present decimal coinage adopted, the ralio heinjj I lo 1617. The standard is practically silver. In 1875 a trade dollar exactly similar lo the American trade dollar was introduced. CHAPl^ER 81. A.D. 1886. Interpreta- tiun. H An Act respecting l)oniinit)n Notes. [Chap. SI, R.S.G., Amended by 57-r,S V'., c. '31.] ER MAJr.STY, l>y and with tlio advico aiul ooiisoiit i.f the Senate ami House of Counuons of Canada, enacts as follows : — 1. Tlie expression "specie" in this Act means coin current by law in Canada, at the rates and sultject to t!ie provision;' of the law in that hehalf, or bullion of equal vj>.'i;e accordinji; to its weight and fineness. 81 V., c. 40, s. \:\, part. Issue of Dom- inion ..oies. ■■ Amount of Doininio'i notes. I'roviso : a- niount it. Rold ami jjiurnn- tfcd ^ecuri- •ies I I be held for reilemp- tion. Anil in ungii.Tantecil debentures. ill I!' 'Z. The Governor-in-Council may authorize the issue of Dominion notes to an amount not exeeedinif tliat herein siiecitied ; and such Dominion notes may be of such denominational values and in sucii form, and sio-neil by such persons and in such manner, by lithop-aph, printino; or otherwise as he, from time to time, directs; and such n(,tes shall be redeemable in specie (ju presentation at branch offices es'"abli8hed or at banks with which arrangements are made ns here- inafter provideil at Montreal, Toronto, Halifax, St. John, N.B., Winnipeg, Charlottetown and Victoria, and at tiiat one of the said puices at wliich they are respectively made payable. 31 V., c. 40, s. 8, part ;— 43 V., c. 13, s. 4, p..-/. ;{, The amount of DoKunion notes i.ssued and outstaiuling at any time may, by Ordcr-in-Council, founded on a report of the 'I'rcasury Board, be increased to, but shall not excet-d turnty-Jive million dollars, by amounts not excri'ding on(> million dollars at one time, and not exc(H'ding four million dollars in any one year: Provided that the Minister of Fin.anee and Heceiver-Ceneral shall always hold, for secu'-ing tiie rdemjition of such notes is>r'uetl and oiitataitdnig, an amount in gold, (»r in gold and Canada securities guafanteed by tiie (Jovermnent of the United Kingdom, eijual to tiot less than twenty- five per cent, of tht^ amoinit of sucli notes, — at least fifteen per cent, of the total amoinifc of such notes being .so held in gold ; and jjrovided also, that the said Minister sliuli always hold for the redemption of such notes an amount, etjual to ^he remaining sevent3'-tive per cent, of the total amount thereof, in Dominion debentures i.ssued by authority of Parliament. 43 V., c. 13, s. 1, y««/'/ ; — amended 57-5S v., c. 21. NolE — liy .»n order in Council of loth October, 1894, securities of eijual value imist be held in the Trejisury for every dollar issued over twenty millions, Dominion Notes. 69 4« Such iiotoH sliiill 1)0 a lewal tender in every part of Canada ex- Notes to be a eopt at tlie ofliees at which they are respectively made |)ayal>le; the "^^^ proceeds tluTt'of slmil t'onii piu't ol" the (\ins<)li('ated Hcveiiue Kund of Canada, -AnA tlic t'.\|i('nscs lawfully incnrrcd undci' this Act shall oo paiil out of the said fund. -U\ V., c. IM, s. 5, imrt. 5. J)el)entures of Canada may he issued and delivered to tht> Deln-niuros Minister of Finance and Receiver-CJenci-al i'or the ijeneral iiurijoses ';"!>' '"-' , of this Act, and to enal)le him to comply with its I'ccpiirements, — Ministorof such dehentures hciiiir held as aforesaid foi* sceuriniT thi' redcmi)tion Kinancc, ami ... . . .fir of Dominion notes, and the said Minister havini; full power to dis- 'I'^i"'*''^''' '^' ,. ., 1 .' ii i. 1 I I i l' -1 -11 l>y luni for the ])osi> ot tneiu, and ot tlie ^'uar.inteed delientures atoresaul, either nuriioscs of temporarily or alisolutely, in order to raise funds for such redemp- this Act. tion, and for the |iur|)ose of procurini.j the amotmts of <^(>\{\ ret|uired to be held liy him under Ihis Act; hut nothing herein contained shall I'roviso. be constiiied to authorize the is.sue of dehentures not otherwise authorized by Parliament, or any increase of the debt of Canada be- yond tlie amount so authorized. V,l. V., c. I'i, s. 2. 4i. If any auKaint of DoiainicMi notes i,s i,ssu(vl and outstandinnr at ..\„„,i,ni lo lie any time in excess of the amount then authorized as aforesaid, the issiur by the branch ollices, l)aidv or banks at which such notes are redeemab|t>, \.\\ \ ., c. 13. s. 3. «. The ( ioveriior-in-Council may, in his discretion, establish branch uifices of the Department of Finaiice at Montreal, Toronto, Ha.lifa\, St. John, N.ll., \Vinnipef:f, Charlottetown and N'ictoria, re- .spectively, or any of them, for the redemption of Dominion notes, or may make arranf,'ements with any chartered bank or banks ftn* the redemption thereof, and may allow a lixed stun per ainnim for such service at all or any of the said places; and {jjold or mption of Domiidon notes, shall lie deemed to be held by the Minister of Fin- ance ami Receiver-! icneral : Provided that any A.ssistant Roceiver- (ieneral ap|)ointed at any of the .said cities under the " ^4(7 ivftpcctlnrj (.loverniucnt ISiiuingD Banks," shall be an a^eiit for the issue and re- Otiici's or aj;cncies for rciU'iiiption of notes. %' 70 Redemption of I'rovincial notes. Garland's Banking and Financial Directory. demption of sucli notes. 33 V., c. 10, s. 7 ;— 39 V., c. 4 .;-43 V., c. 13, H. 4, pii rf. M. I'rovincial notes issuod under the Act of the lute Provinci) of Canadii, passed in tlie session held in the twenty-ninth and thirtieth years of Her \i,ijesty's reiofn, chapter ten, shall be held to be notes of the Uoniinion' of Canada, and .sliall he redeemable in specie on presentation at Montreid, Toronto, Halifax or St. John, N.15., tmd at that one of the said places at which they tire respectively made ptty- able tmd shall be "as provided by the Itistly mentioned Act) a lej^al tend'ei- except tit the ottices at which tliey tire respectively mtide pay- able. 81 v., c. 46, s. H,2Ki)i. ;^lf?:r 53 VICTORIA. CHAP. 82. All. Act rGsiuictiug- ctu'tiiiu Saving's Banks in tin; Pro- vinces ot Quebec. H lAmenteil to Kith May, 1890.] KR MAJESTY, liy iiml witli tlie advice ami consent of tlie Senate and House ul Conunons of Canada., enacts as follows :— 1. In this Act, uiiless the context otherwi.se requires, the expres- •""^''P'''^'^- sion " the hank " means either of the savings banks to which this Act applies. "The hank. ' CHARTERS CONTINUED. *i. The charters of the VAiy and District Savings Bank of Montreal charters con- and of La Cai.sse d'l*leononiie de Notre-Danie given by tlie directors of the bank of the Xcticcof holding of aiinu.il or other nii'etings, iiy publishing the same foi' at meeiin^s. least four weeks in a news[)a|ier at the place where the head ofiice of th bank is situate ; and such notice shall be given in lioth the English and French languages. 4. The (juaHHcation of a director shall be the holding of twenty- o„aiification five sli;ires of stock : and the directors shall bo elected annually at a a'inl election general meeting of the shareholders, and shall be eligil)le for re- "f ''■'•fctors. election : 2. Each shareholdi'r shall, on evt>ry occasi(jn on winch the votes of y,,(eson the shareholders are taken, luive one vote for each share held liy him shares. for at least thii'c nioiitlis liefore the time of voting: ;}. Shareholders may vote by proxy, but no person but a share- Troxy. holder ahull vote or act as such proxy : 72 Garland's Banking and Financial Directout. I !|l Officers not to vote. Director be- coming insol- vent, &c., ceases to be director. 4. No cashier, clerk, or other officer of the bank shall vot3, either in person or by proxy, or hold a proxy for that i)urpose : 5. Every director of the bank who l)ecomeH insolvent, or a.ssip^ns his estate and etl'ects for the benefit of his creditors, or absents him- self, without the consent of the board, for twelve consecutive months from the meetings of the directors, or is convicted of any felony, shall thereujion, ij)so facto, cease to be a director, and the vacancy so created shall forwith be filled up in the manner provided by the charter. elect"dIrectors *** ^*^ failure to elect directors of the bank shall operate any dis- how remedied! Solution of the corporation, but in case of such failure to elect, the required election shall be made as .soon thereafter as pos.sible, at a special meeting of the shareholders, which the directors are hereliy authorized to call for that jmrpose : and until such sub.sequent elec- tion takes place, the official acts of the tlireetors holding office shall be valid. Calls on slock. Proviso. Recovery of calls by action and proof in such case. Liability of shareholders in case of de- ficiency of assets. Calls in such cases. CALLS. it, Tl>e directors may call u|) the stock sultscribed fur and remain- ing unpaid, by calls not exceeding five per cent., made at intervals of not less than three months, wlienever it i.s, in their opinion, necessary or expedient to make such calls ; and all amounts paid u])on stock, and all accumulated profits thereon after deduction of dividends as hereinafter provided, shall be invested oi- lent in the manner herein- after provided as to the investment or loan of moneys deposited with the bank : Provided that the limitation of the amount of any call, or of the intervals at which calls niay be made, shall not apply to the case of deficiency of the fluids of the bank to meet the claims of depositors ami other liabilitie.-i hereinafter provided for. 7. The amount of every .such call, if not ])aid when due, may be recovered with interest by the directors, in the name of the bank, in any court having jurisdiction to the amount ; and in any action for the recovery thereof it shall l)e sufficient to allege and prove the charter, and that the calls were made under this Act, tiiid that the defendant is the lioMer of a share or shares in resprct of which the amount is due, without alleging or proving any other matter or thing whatsoever; and the t.'vidence of any officer of the liank, cognizant of any fact requireil to be proved, shnll be sufficient ])roof thereof; and any copy of the charter, pui]»irting to be certitied as a true copy thereof by the Secretary of State of Canada, shall lie deemed authen- tic and shall ]}e prima 'facie evidence of the charter and of the con- tents thereof. 8. The sliareholders of the bank shall, in the event of its funds in money and as.sets iiiiinediately c : 3. No such call shall (>xceed twenty per centum on each .share, and ])ayrnent thereof may be enforced in t!ie manner hei'einbcfore pro- vided as to ealls on nnpaid-up stock : 4. The first of such calls shall b(> made within ten days after such deficiency is ascertained : 5. Failure on the part of any shareholder liable to such call to pay the sum when due shall ojierate a forfeiture by such shareholder of all claim in or to any part of the assets of the bank ; but such call and any further call thereafter shall nevertheless be recoverable from him as if no such forfeiture had been incurred : 0. Every director who refuses to make or enforce, or to concur in makin<^ or enforcing any call under this section, is guilty of a mis- demeanor and shall be personally responsible for any damages suf- fered by reason of such default: and every liquidator or other officer or person appointed to wind-up the affairs of the bank, in case of its insolvency, shall have the pcnvers of the directors with respect to such calls. Intervals and notice. Amount anil enforcement. First call. EITect of failure to pay. I.iabilily nf director fail- ing to make -siich call. cerlain case. 9, Persons who, having been shareholders in the bank, have only Liability after transferred their shares or any of them to others, or registered "■■'"i''''-''' '" the transfer thereof, within two months before the commencement of the faihu'e of the baidv to nteet the claims of its creditors on demand, shall be liable to calls on such shares under the next pre- ceding section, as if they had not transferred them, saving their recourse against those to whom they were transfen'ed. DIVIDENDS. 10. The directors of the bank shall make h df-yearly dividends of Dividends and so much of the profits of the bank as to the majority of them seems notice thereof advisable, and as is not inconsistent with the provisions oi this Act, and they shall giv<; [uiblic notice of the payment of such dividends at least thirty da^-s previously, in the maimer herein provided as to notices of meetings. II, The shares in the bank shall be transferable in the manner Transfer of provided by the by-law.s and reg" lotions made as prescribed by the ^"^'^'^' charter ; and the traiisferee .shall have the rights and shall be suiyect to the litibilities of Uw. original holder: 2. No share shtdl be divided, and if any shtire is held by several Joint holders persons joititly, one of them shtdl be appijinted by letter of attorney of shares. by the others to vote thereon, to receive dividends and to do all things thitt recpiire to be dcaie in res[)eot thereof ; and .such letter of attorney .shall be lodged with the bank. Vi, If the interest in any deposit or sliare in the ba,nk becomes Transmission transmitted in conse(|uence of the death or insolvency of any depo.sitor "/ deposits or or shareholder, or in conse((ueuce of the marriage of a female de- ^^."f*^^ ^'her- ])ositor or shareholder, or by any other lawfid means thiin by atnins- transfer. f(!r upon the books of the bank, or by deed served u])oii the bank, such transmission shall be authenticateil ity a ileclaration in writing, — which declaration shall distinctly state the manner in which and to 74 Garland's Banking and Financial Directory. Declaration in such case. How autiicn- ticated elso- where than in the Unilcd Kinyd-.im or a British posses- sion. Further evi- dence may be required. Payment to discharge the banl<. the person to whom such dopo.sit or shtiro has been tninsmitterl, and sltjill he, hy siieh person, iiuule niid signed; and every such dcchir- ation shall bo, by the person iniikinir and sijfiiiii<^ the same, f worn to before a judge or justice ol' a court of record or chief magistrate of a city, town, ii(jrouol\ or other place, or before ti notary pulilic, where the same is made tind signeil ; and every such declaiatioii, so signed and sworn to, shall be left witli the manager or otiier otHeer or agent of the bank, who shall thereupon enter the name of tlie person, so entitled to such deposit or sliare under such transmission, as ])ro- prietor thereof, in tiie l)()oks of the hank ; and until such transmis- sion is so authenticated, no person claiming by virtue of any such transmission, shall bt; entitled to receive such deposit or share, or any ))!irt thereof, or tiny interest or dividend thereon : 2. Every such declaration and instrument as by this and the next following section of this Act are required to perfect the transmission of a deposit or share in the bank, made in any other coiuitiy than Canada or some other of the British colonies or the United Kingdom of (ireat Britain and Ireland, shall be further authenticated by the British consul or vice-consul, or other accredited representative of the Ih'itish (lovernment in tht^ comitry where the declaration is made, or shall l)e made directly before such liritish consul or vice-consul, or other accredited representative : 3. Nothing in this Act contained shall prevent the directors, mana- ger or other otiicer or agent of tiie bank from re(|uiring corroborative evidence of any facts alleged in any such declaration : 4. Tf ]>ayment is made to any depositor (jf any deposit or of any interest thereon, or of an^' dividend on any share, after transmission thereof by any of the means mentioned in this section, but before such declaration is made and autlienticated as aforesaid, such pay- ment shall lie valid anoveriK)r-in-Council, not being more than live per centum per anuuui. Savings Banks in the Provinck of Quebec. 75 15. Every depositor, on making,' liis Hrst deposit in the bank.slinll Depositor to disclose and declare liis name, residence, addition and occupation. a'uircss ""^ "" 10. The hank may receive deposits from any person, whatever is Deposits by hi.s status or condition of life, and whether such per.son is (|ualitied minors, &c. by law to enter into ordinary contracts or not ; and the bank may pay the principal or tiny jiart thereof, and the whole or any part of the interest tliereon, to such person, without the authority, aid, assis- tance or intervention of any person or otlicial li(Miif( required: Pro- ^''■"^'*"- vided always, that if the per.son makiii^f any ileposit in the bank i.s not, by the laws of tiie Province of Qufdiec, authorized so to do, the total amount of deposits made by such })er.son shall not (jxcced the sum of two thousand dollar.s. IT. Any payment of interest or dividend, or of the wdiole or any Certain pay- „ ,.1. !• 1 •. 1 • 1 !• -ii i 1 nu'nts in cood pait ot any ileposit, made in j,'o(m Mm th to any person who appeals f^j,), valid prima fiiclc to he entitled to such interest, dividend or deposit, by th(^ prodiKition of a declaration in wiltiny and of the docmnents here- in mentioned in support thereof, shall he valiil ; ami thi^ discharife of such person sh.ill 1k> suthcient, and sludl discharf,'e the baid< from all or any further claim by any jierson for such interest, dividend or deposit. 18. The batik shall always hold at least twenty jier centum of the Amount to be oneys depi tered banks. moneys deposited with it in ])ominion securities, uv deiiositri in char- invested in • - - ' '■ Dominion securities, etc. IlK The bank may, subject to the ])rovisions in the next preceding Invesimeni of section containeil, invest any moneys deposited with it in any stock "^P"^*' ^* or public securities of the Dominion of Canada, or of any of the Provinces of Canada, or in any nninicipal debentures, or in such securities as are accepted by the (jovirnment of Canada as deposits from Insurance Companies, or in the manner provided in the two sections next following, and not othei'wise ; but the bank may con- tinue to hold anj' .stock of any now existing chartered bank, held by it before it received its charter, and may sell and dispose of such stock. '-J0. The banl< may mIso lend such moneys, upon the personal Securities on security of individuals, or to any corporate liodies, provided that col- ni,.|!f i,e"nmde lateral securities of tiie nature meiitioneil in the next preceding s<'c- tion, or British or foreign public securities, or stock of .some chartered bank in Canada, or stock in any incoi-jioratei I building or loan .society, or bonds or dehenturi'S or stock of atiy incorpomted iiistitution or company, or such securities as are accepted by the (Jovernment of Canada as deposits from Insurance Compiuiies, are taken in addition to such per.sonal oi- corporate security, with uutlKiiity to sell such secui'ities if the loan is not paid, and provided also that the hank may Proviso, lend moneys without collateral securities to th. i)oniinion or any loanstoGov Provincial Goverinnent, or to the corporation of any city in Canada ernments and with a population of at least twenty thousand iidiabitants. within cities, the limits of the borrowitig powers of sucii corporation. 'i\. The b;ink shall not make any loan, directly or indirectly, upon Loans r.ot to ■ ■ • ■ • ■ • ' lade on estate. the security of real or immovable property, or with any reference to [eal'e"''^"" 76 Garland's Banking and Financial Directory. Uli: mm Proviso, Enforcement of payment of loans made on collateral security. Sale to llished in the I'diiada (lazt'llc; and such monthly returns shall lie in the form set forth in the schedule to this Act. IVi. 'i'he hank shall furnish, animally, to the Mini.ster of Finance and Heceiver-th'neral, to he hiid hefore Parliament, certified lists of the shareholdei's, with their additions and I'esidences, and the num- her of shares they respectively hold and the amounts ])aid up thereon. .Statements of dividends un- paid and bal- ances unclaim- ed for live years. Contents of statement. Penalty for nefjleel to fur- nish state- ment. In case of in- solvency or liiliiidalion unclai led moneys to be paiil to Minis- ter of Finance, 3!(. The hank shall, within twenty days after the close of each calendar 3'ear, transmit or deliver to the Minister of Finance ami Receiver-tieiieral, to he laid hy him hefore I'arliament, a return of all (lividends which have remained unpaid for more than iive years, and also of all amiaints or halances in I'ospect to which no transac- tions have taken ])l;ice, or U])on which no intt^'est has heen ])aid durin(( tho five years prior to the date of such return. Provided always, that in case of moneys deposited for a fixed period, the ])eriod of five years ahove referred to, shall he reckoned from the date of the tenninntion of stich Hxeil jieriod. (2.) Such rt;turn shall lie si^'iied in the manner reijuired for the ujonthly returns umler .section thirty-one of this Act, and shfill set forth the nsune of each shareholder or creditoi', his last known address, the amount due, the ao-enc}' of the hank tit which the hist ti-aitsactiou trxjk place, and the date thereof; and if such shareholder or creclitor is known to the liank to lie dead, such return shall show the names and addresses of his le^al representatives, so far as known to the hank ; (3.) If the hank neglects to transmit or deliver to the Minister of Finance and Receiv('r-(}eneral the return ahove referred to, within the time her(nnhefore limiteil, it shall incur a penalty of tifty dollars ft)r each ami every day during which such neglect continues ; (4.) Tp'^i' the \vinip sliall, iiobvvithstandiuf; any Statute of Limitations, or oth(tr eiiact- niont or law r<'latin3 °^I' /A Photographic Sciences Corporation j^ .# \ <^ \ \ % V ^^^ ■d O^ > 23 WEST MAIN STREET WEBSTER, N.Y 14580 (716) 872-4503 -i> *. ^ w Q- i?. ^ 96 Oakland's feANKma and Financial t)iRECTORY. Punishment for aiakinji; false state- ments in ac- counts, re- turns, &c. from ar.y person employed under this Act, the payment of such de- posit or interest, or of any portion thereof, as tlie case may be, and whether lie does or does not thereby obtain any part of such deposit or interest, is guilty of a misdemeanor, and shall be punishable ac- cordingly. iUi. The making of any wilfully false or deceptive statement in any account, i-eturn, report or other document respecting the afiairs of tile bank is, unless it amounts to a higluir offence, a misdemeanor punishable by iinprisonnient for a tei'ui not exceeding five years, and every president, vice-president, director, auditor, manager, cashier or other officer of the bank, who prepares, signs, approves or concurs in such statement, return, report or document, or uses the same with intent to deceive or mislead any person, shall be held to have wilfully made such false statement, and shall further be responsible for all damages sustained by such pei'son in consequence thereof. COMMENCEMENT OF ACT. Date of com- ing into force of Act. R.S.C.C. 122, repealed. Savings clause. 31. This Act shall come into force on the first day of July in the year one thousand eight hundred and ninety-one, and from the last mentioned day chapter one hundred and twenty-two of the Revised Statutes of Canada, intituled " An Act respecting certain Savings Banks in the Provinces of Ontario and Quebec" shall be repealed, except as to rights theretofore acquired or liabilities incurred in regard to any matter or thing done, or contract or agreement made or entered into, or offence committed tliereunder, and nothing in this Act shall affect any action then pending under the said chapter, but the same shall be decided as if the said chapter had not been re- pealed. SCHEDULE. Return of th? amount of liabilities and assets of the (name of the bank) on the day of Capital Stock, $ Capital paid up, $ LIABILITIES. 1. Dominion Government deposits, payable on demand 2. Provincial Government deposits, payable on demand 3. Other deposits, payable on demand 4. Dominion Government deposits, payable after notice or on a fixed day 5. Provincial Government deposits, payable after notice or on a fixed day G. Other deposits, payable after notice or on a fixed day 7. Special Poor Fund or Charity Fund Trust 8. Liabilities not included under the foregoing heads S cts. Savings Banks in the t*RoviNCE of Quebec. 81 ASSETS. S cts. 1. Dominion securities 2. Provincial or municipal .securities 3. Loans for wliich Dominion or Provincial securities are held as collateral security 4. Loans for which bank stocks are held as collateral security 5. Loans for which other stocks, bonds or debenture.s, its authorized by law, are held as collateral security 6. Cash in hand or on de2)osit on call in chartered banks. 7. Special Poor Fund or. Charity Fund investments 8. Investments in bank stock made previous to the incorporation of the bank 9. Other a.ssets, not included under the foregoing heads We declare that the foregoing return is made up from the books of the bank, and that it is correct, to the best of our knowledge and belief. (Place) this day of A. B., President, ifec, C. D., Cashier. tt I mi r A. D. 1886. Short title. Interiirota- lion. " Company." " Insurance "Company." " Trading " company. "Court." CPIAPTER 11^9. An Act and AuKmdiiu'nts rcsptit'ting- Insolvent r)anlvs, Insurance Conipanies, Loan (J(^ni[)anie.s, I3uiitling' Societies, and Trading- Corporations. (THE AMKM>3IENTS AUE IN ITALICS.) [TheActH are 49 V., c. 1^9, RS.C, 1SS6; 53 F., c ,i2, iissentad to 16th April, 1889; 55-56 V., c. 38, imented to 9lh July, 189 J.] H ER MAJESTY, by and with tlio ad vice and consent ut" the Senate and HcmseofCouiinous of Canada, enacts as follows: — SHORT TITLE. I. This Act may l»e cited as " The Windi7ig Up Act." INTEUPIIETATION. '4, In this Act, tuiie.^s tiic coiite.xt otherwise ie(juifes, — {(I.) The expression " company " includes any incorporation sub- ject to the provisions of tliis Act: {!).) The expre.ssiou " insurance company " means a ci^mpaii}' carry- ing on, eitiier as a mutual or a stock company, tin- business of insur- ance, wlu'ther life, Hre, marine, ocean or inland marine, accident, guarantee or otherwise : ((!.) The expression " trading co;i;[)any " means any company, ex- cept a railway or telegraph com])any, carrying on liusiness similar to that carried on by a[)otl)i;caries, auctioneers, bankers, brokers, lirick- mak(!rs, l)uilders, carpenters, carriers, cattle or sheep salesmen, coacli projirietors, dyers, fullers, keo[)ers of inns, tavorns, hotels, saloons or cott'ee hou.ses, lime burners, livery stable keepers, market gardeners, millers, miners, packers, ))rinters, ipiarrymen, share-brokers, ship- owners, shipwrights, stock-brokers, stock-jobbers, victuallers, ware- hou.semen, wharfingers, persons using the trade of mercliandise by way of bargaining, exchange, l)artering, commission, consignment or otherwise, in gro.ss or by retail, or by persons who, either for them- selves, or as agents or factors for otiiers, seek their living by buying and selling or buying atid letting for hire goods or commodities, or by the manufacture, workmanship or the conversion of goods or commodities or trees; ((/.) The expression "court" mean.s, in the Province of Ontario, the High Court of Justice for Ontario; in the Province of Quebec, the Superior Court for Lower Canada; in the Province of Nova Scotia, the Supreme Court ; in the Province of New Brunswick, the The Winding Up Act. 83 16tk Supreme Court; in the Province of Prince Edward Island, the Supremo Court; in tlie Province of British Cohnnliia, the Supreme Court; in the Province of Munitolxi, Hor Majesty's Court of Queen's Bench for Manito])a ; in the North- VV(!st Territories, the Supreme Court of the North- West Territories : and in the District of Kee- watin, such court or magistrate or other judicial authority as is designated, from time to time, hy proclamation of the Governor-in- Council, published ni the CaiuKhi Gazette: (e.) The expression " Official Gazette " means the Gdvada Gazette and the Gazette published undei' the authority of the Government of the Province, where the [)rocee(lings for the winding up of the business of the companj- are carried on, or used as the official means of communication between the Lieutenant-Governor and the people, and if no such Gazette is published, then it means any newspaper published in the Province, which is designated by the court for pub- lishing the notices re(|uired by this Act; (/'.) The exi)ression "contributoiy " m(>ans a person liable to con- trilaite to the assets of a company under this Act; it also, in all ])ro- ceedings for determining the persons who are to be deemed contribu- tories and in all proceedings prior to the final determination of such persons, includes any i)ersoii alleged to be a contributory: ((J.) The expi-ession ■' winding up order" means an by the court under this Act to wind up the business of the company, and includes any onler granted by the court to liring within the pro- visions of this Act any company in li(inidation or in process of being wound up. 45 \'., c. 23, ss. 3, 4, 5, (J, S ami 18, part ; 49 V., c. 25, s. 14. order granted 'Official 'Gazette." "Contribu- "lory." ' Winding-up ' order. " APPLICATION OF ACT. sub- lUcation II, This Act applies to (dl corporations inco'rjMrated by or under Applicatio the autliority of an Act of the Farliament of Canada orhy or under of Act. tlie aiithoritij of any Ad of the late Province of Canada, or of the proviuces of Nova Scotia, New Brunswick, Prince Edward IsluMd or Hritinh Colamhia, and whose incorporation avd the affairs whereof are subject to the legishdive authority of the Farliament of Canada, incorporated liaideriod, if any, fixed for the duration of the company by the Act, charter or instrument of incorporation has expired ; or where the event, if any, has occurred, upon the occurrence of which it is pnwided by the Act or charter or instrument of incorporation that the company is to l>e dissolved ; (b.) Where the company at a special meeting of shareholders called for the purpose has passed a resolution requiring the company to be ivouttd up ; (c ) When the company is insolvent within the meaning of " The Winding up Act," (d.) When the capital stock of the company is impaired to the extent of twenty-five per cent, thereof, and when it is shown to the satisfaction of the court that the lost capital will not likely be restored within one year ; (e.) When the court is of opinion that it is just and equitable that the cotn- fany should be wound uf. The Winding Up Act. 86 8. When a company becomes insolvent, a creditor for the sum of Application at least two hundrotl dollars may, after four days' notice of the a{)pli- '^|,'j,"|j"ni.uu cation to the company, a])ply hy petitidn to the court in the Province order, where the head ofKce of the company is sitiiatwj, or if there is no head office in Canada, then in the Province where its chief place oi one of its chief places of liusiness is situated, for a windinj^-up order. 45 v., c. 23, s. V.i, part. 2. The application for such winding-up order may, in the cases mentioned in On whose np- paragraphs (a.), (I>.) and (c.) of the next preceding section, be made by the com- P''c •'""■ pany or l>y a shareholder, and in the other cases mentioned in the said section, the application may be made by a shareholder holding shares in the capital stock of the company to the amount of at least five hundred dollars. 52 V., c. J2, s.j. 1>. The court may make the order fipplied for, may dismiss the Powcr of petition with or witliout costs, may adjourn the hearinf:^ conditionally cdintonihe or unconditionally, or may make any interim or other order that it «PP>ic!i'ion. deems just. 45 V., c. 23, s. 14. 2. Such application shall be by petition to the court in the Province where the head ojfice of the company is situated, or where the chief place of business in Canada is situated, if the head office is not in Canada. j2 V., c. t,2, s. 6. 3, The po'uters of the court in reslect to such application and the subsequent proceedings thereon shall be the same as nearly as may be as if the application jvere made by a creditor under the provisions of " The 11 'inding-up Ait! j2 V., c. 32, s. 7. Where |o he iiiadi;. Towers of ihe coiirl. 10. If the company opposes the application on the ground that it has not If applicniion become insolvent, or that its suspension or default rvas only temporary, and 7vas '" opp"»^'''. not caused by any deficincy in its assets, or that the capi.'al stock is not impaired to the extent aforesaic, or that such impairnwnt does not endanger the capacity of the company to pry its debts in full, or that there is a probability that the lost apital will be restored within a year or within a reasonable time thereafter, and slioivs reasonable cause for believing that such opposition is well founded, the court, in its discretion, may, from time to time, adjourn proceedings upon such application, for a time not exceeding six months from the date of the appli- cation, and may order an accountant or other person to inquire into the affairs of the company and to report thereon within a period not exceeding thirty days from the date of such order. 52 V., c. 32, s. S. Note— Scclions eleven and twelve of" 'I'/ie Wiudiiii^-iip ../i/ " extend to an order made under the next preceding section of this Act. Adjournment. Inquiry, 11. Upon the service on the company of an m-der made under the ■next preceding' section, for an intjuiry into the tiliairs of the company, the president, directors, officers and employees of the ctmipany and every other i)ersoii shall respectively exhiliit to the accountant or other person named for the purpose of makini,f such inquiry, the books of account of the company and all inventories, papers and vouchers referring' to the husintjss of the company or of any person therewith, which tire in his or their posse.ssion, custixly or ccmtrol, respectively; and they shtdl also respectively f]five all .such informa- tion as is retjuired by such acctaintant or other ])erson as aforesaid, in order to form a just estimate of the affairs of the company ; and any refu.sal on the part of the pre.sident, directors, oHieers or em- ployees of the company to ^f\\'y such information, shall b(> a contempt of the court, !ind shall be punishable by tine or iinpri.sonment.or by both, in the discretion of the court. 45 V., c. 23, s. 16. Duty of com- pany and its oHicers if in- quiry is ordered. Punishment for refusal to give informa- tion, ' " It ( St?J 86 Power of the court after rejiorl on inquiry. Actions against com- pany may he restrained. As to roni- |)apies in li(|uiihuinn I7tli May, 1S82. Li(|ui(1aUir in such case. Garland's BANKma and Financial Directory. 1*4, Upon receiving the report of the accountant or person ordered to in(|uire into the nffkirs of the coinpimy, and after hearing such sharciiolders or creditors of tlie company as desire to he heard there- on, the court may either refuse the application or make the winding- up order. 45 V., c. 23, s. 17. Hi. The court may, upon the application of the company, or of any creditor or contriluitoiy, at any time tifter the presentation of a petition for ti winding-up order and before milking the order, restrain further proceedings in any action, suit or proceeding against the company, upon such terms as Mie court thinks tit. 45 V., c. 23, s. 18. 14. Any shareholder, ci'editor, assignee, receiver or li(]uid!itor of any company which was in li(|uidation or in process of being wound- up on tite seventeenth day of May, one thousand eight hundred and eiglity-two, may apply, by petition, to the court, asking that the company may be brought within and umler the provisions of thi.s Act, aixl tlie court iiiiiy make such oi'der; and tlie winding-up of such company siiall tlici'i'al'ter be carried on umler this Act : 2. The court, in making such (jrder, may direct tliat tlie assignee, receiver or li(iuidat');' of such company, if one has been appointed, shall become the li(|u'idator of the company under this Act, or may appoint .some other pei.son to be liiiuidator of the ccmipany. 47 V., c. 39. SH. 2 and 3. PllOCEEDlNOS Al'TER WINJ)1N«-Ul' ORDER IS MADE. Company to cease husi- Transfer of shares voi(h Corporate state con- tinued. 15. The companj', from the time of the making of the winding-up order, shall cease to carry on its business, except in so far as is, in the opinion of the liquidator, required for the beneficial winding-up thereof : 2. All transfers of shares, except transfers made to or with the sanc- tion of the liquidators, under the atithority of the court, and every alteration in the status of the members of the company, after the commencement of such winding-up, shall be void ; hut the corporate .state anil all the corporate jiowers of the company, nowithstand- ing it is otherwise provi(le/"""""< 11 1 1 I I i. 1 I'i 1 • ii !• 1 111 <'' flaim and tiie (k'lit tuie to eaeli creilitor, and oi r.lie ease ot sliarelioldei's oi' numlicr of mendiers, to the number of votes conferred on eacii shareholder (jr votes on member l)y law or by the regulations of the company : and the court shares. may })rescribe the mode of preliminary proof of creditors' claims for Court may the purpose of the meeting. 45 V., c. 2H, .s. 23. "■•'1"'"= P'""''- LIQUIDATORS. Licjuiiiator to 1)0 appointed. Notices may be dispensed with. .•\s to powers of li(|iiida- lot>. t'iiniimnii M meetings. /JO. The court, in making the winding-up order, moy appoint a liquidator or more than one [{(piit'ator of the estate and elf'ectsof the company ; Imt no such li(|uidator sh'dl be appointed unless a previous notice is given to tlie creditors, eonti.' utories, shiirnhoklers or mem- bers, in the manner and form prescribed by the court. 45 V., c. 23, s. 24 ;— 47 V., c. 39, s. 4. 2. The court may, by any order made after the ivinding-iip order and the appointment of a litjuidator, dispense with notice to creditors, contribiitories, shareholders or members of the company as ret/iiired by the said Act, ivhere in its discretion such notice may properly be dispensed 7vith. ^2 V., c. J2, s. ii. J. The court may provide by any order subsequent to the winding-up order that the liquidator may exercise any of the powers conferred upon him h' the said Act or this .let, without the sanction or intervention of the court ; and tvhere a provisional liquidator is a/pointed it may limit and restrict his powers by the order appointing him. J2 K, c J2, s. 12. 4. In directing meetings of creditors, contributories, shareholders or members of the company to be held as provided in the said .let, the court may either ap- point a person to act as chairman of such nweting, or direct that a chairman be appointed by the persons entitled to he present at such meeting ; and in case the appointed chairman fails to attend the said meeting, the persons present at the meeting may elect a chairman qualified, who shall perform the duties pi escribed hy the said Act. 32 I'., c. 32, s. 13. J. The liquidator may give notice in writing to < ^editors w/io have sent in their claims to him, or of whose claims he lu;s notice, and whose claims he con- siders should not be alUnved without proof, requii ing such creditors to attend before the court on a day to be named in such notice, and prove their claims to the satisfaction of the court; and the court may allow or disallow the said claims ; and in case any creditor does not attend in pursuance of such notice his claim shall be disallowed, unless the court sees fit to grant further time for the ' proof thereof. 32 /-'., c. J2, s. 14. *Zi* An incorporated comp.iny may be appointed liquidator to the An incorpor- goods and etiects of a company under this Act ; and if an incorpor- ated comp.-iny ated company is so appointed, it may act through one or more of its ""jnted.'''' principal otHeers designated by the court. 45 \ ., c. 23, s. 25. 'i'A. The court mtiy, if it thinks fit, after the appointment of one Additional or more liquidators, appoint additional liquidators. 45 V., c. 23, liquidators. s. 26. Court may decide on claims. I- 88 Gauland's Bankino and Pinanciai, r)lRECTORr. Qiioium. Security. If no liqui- dator. 'ill. If iiioro tliaii one li(|ni(liit()r is tippoiiitcil, the court may tloolaro whctlior any act t(» l)o (lone Ity a li(|ui(lat<)r is to he done hy all or any t>ne or nioro of the li([uitlators. 45 V., c. 2;{, s. 27. 'i4. 'I'lie court may also detenninc what H^scurity shall he piven hy a liijuidator ou his aj)])ointiuL'iit. 4."j V., o. 2.'{, s. 28. 'Z!i. If at any time there is no li(|ui(lator, all the property of the conipiiiiy siiall he clccmotl to lie in tlie eustoily of the court. 4.5 V., c. 2;{, s."2!». ii Provisional li<|ui(lator. Resignation or removal. Remunera- tion. Description. Duties after appointmcni. Powers. Suits. Business of company. Sale of pro- perty. General acts. Proving in l>ankruptcy, &c. 'Mi. The court may, at any time after the presentation of the petition and l)efore the first appointment of a li(|uiilator, appoint provisionally a liipiidator of tiic estate and effects of the comjiany. 45 v., c. 2;}, s. 80. 581. A liipiidator maj' rcsijjn or may 1)e removed hy the court on due cau.se shown, and every vacancy in the office of licjuidator shall he filled hy the court 45 V., c. 28, s. 81. ^8. The liijuidator shall he paid such salary or remuneration, hy way of percentage or otiierwise,as the court directs, upon such notice, to the creditors, contrihutories, shareholders or memlicrs, as the court orders ; and if there is more than one liipiidator, the remuneration shall he distrihuteil amongst them in such proportions as the court directs. 45 V., c. 28, s. 82. 'i9t In all proceedings ccmnoctcd with the company a liquidator shall he described as tiu; " liquidator of the (name of company)," and not hy his individual name (mly. 45 V., c. 28, s. 38. JtO. The litjuidator upon his appointment, shall take into his cu.s- tody or under his control, all the property, effects and cl loses in action to which the comi)an_y is or appears to he entitled, and lie sliall per- form such duties in reference to winding up the husiness of the com- pany as are imposed hy the court or hy this Act. 45 V., c. 28, .s. 34. !tl. The liquidator may, with the approval of the court, and upon such ])revious notice to tlie creditors, contrihutories, shareholders or memhers, as the court orders — (a.) Bring or defend any action, suit or prosecution or other legal proceeding, civil or criminal, in his own name as li(juidator or in the name or on hchalf of tlie company, as the case may he; (6.) Carry on the business of the company as far as is necessary to the beneficial winding up of the same ; (c.) Sell the real and personal and heritable and movable property, effects and choses in action of the com))any, by public auction or pri- vate contract, and transfer the whole thereof to any person or com- pany, or sell the same in parcels ; (d.) Do all acts, and execute, in the name and on behalf of the company, all deeds, receipts and other documents, and for that pur- pose use, when necessary, the seal of the compaTiy ; (e.) Prove, rank, claim and draw dividends in the matter of the bankruptcy, insolvency or secjuestration of any contributory, for any balance against the estate of such contributory, and take and The WiNDiNfi Up Act. SOi receive dividends in respect of siicli ludunce in the matter of tlio bankruptcy, insolv((ncy or se(|uestratinn as a separate debt . 'I'hf li(|uidator shiil! he sul)ject to the summary jurisdiction of tilt" court in tin- siiine niaiiiicr id to thi' sumccNtcnt as the ordinary orticers of the court are suhj t to its Juris(Hetitin ; and the pcrfor- luance of his ihitics may he compclleil, and all remedies sou^dit or ilemanih'd for enforcing' any chiim for a d(^l)t, j)rivih>fj(>, mortj,'age, Hen or ri;,dit of property upon, in or to any effects or property in the hands, possession or eustoily of a n(|uiihitor, may lie ohtained hy an order of tlie court on summary petition, and not liy any action, suit, attachment, scizui'e or other jiroceeilin^'of any kind whatsoever ; and ohedieiice liy the Hi|uidator to sueli onh^r may ho enforced hy tlie court under the penalty of imprisonment, as for contemjit of court or disohedienct! thereto; and he may be I'cmoved, in the discretion of the court. 45 \'., c. 23, s. 43. •40. 'i'he Ii(|uidator shall, within three days after i\w date of the final winiiin^-up of the husincss of the company, ileposit in the hank appointetl or desij,niated as hereinhefore provided, any other money lielon<,nn|,' to the estate then in his hands not recpiired foi' any other purpos*' authorized hy this Act, with a sworn statement and account of such money, and that the same is all that he has in his hands ; and he shall incur a penalty not exceeding' ten dollars, and not less than ten per cent, per annum interest upon the sums in his hands for every day on which hi- neglects or delays such payment; and he shall be deemed to he a debtor to Her Majesty for such mono}', and may be compelled as such to account for and pay over the same. 45 v., c. 23, ,s. 44. 2. JVheiie'-'er a company is beiiii^ wound up and the realization and distri- bution of its assets has proceeded so far that in the opinion of the court it be- comes expedient that the /i(/uidator should be discharged, and tin- balance remain- ing in his hands of the moneys and assets of the company can be better realized and distributed by the court, ihe court may make an order discharging the liquid- ator and for payment, delivery and transfer into court, or to such oj/icer or person as the court may direct, of such nu)neys and assets, and the same shall be realized and distributed, by or under the direction of the court, among the persons entitled thereto, in the same way, as iwarly as may be, as if the distri- bution were being made by the lii/uidator : the court may like^vise make an order directing hinv the books, accounts and documents (f the company and of the liquidator may be disposed of, and may order that they be deposited in court or othenvise dealt with as may be thought ft. SS'S^ ^^) ^' ^^t ^- ^• 41. The moTioy so deposited shall be left for three years in the bank, subject to be claimed by those entitled thereto, and shall be then paid over, with the interest, to the Minister of Finance and Receiver-Oeneral, and if afterwards claimed, shall be paid to the penson entitled thereto. 45 V., c. 23, s. 45. Balance on hand \'''' ""'' ot such contriliutory, hut such hinrs or devisees may lie added as and rfiirtsentative when the court tiiinks tit. 45 V., c. 2.S, s. 47. enpaciiy. 44. Eveiy shareholder or lueudier of the company or Ids represen- I-in'iiliiy of tativ(>, shall he liahle to coiitrilmte the amount unpaid on his .shares f,rTheir're"'' of the capital, or on his lialiility to the (•(im|).'iny, or to its memhei's prescntatives. or creditors, as the ca.so may he, umler the Act, charter or instru- ment of incorporation of the company, or otherwise ; and the amount which he is liahle to coiitrilmte shall Im deemed an as.set of tin; com- jiaiiy, and a deht due to the company, payable as directed or appoin- ted under this Act. 45 V., c. 23, s. 48. 45. If a shareholder has transferred his shares under circumstan- , '„ 'J '!^ ," 1-11 11 !• 1 • !• 1- 1 -i- • p translcr ol ces winch do not, liy law, tree him from lialuiity in respect thereot, shares, &c or if he is by law liable to the comp.iny or its members or creditors, as the case may be, to an amount beyond the amount un])aid on his shares, he shall be deemed a member of the company for the purpo.ses of this Act, and shall be liable to contribute, as aforesaid, to the ex- tent of his liabilities to the company or its members or creditors, independently of this Act; and the amount which he is .so liable to contribute shall be deemed an asset and a debt as aforesaid. 45 V., c. 23, s. 49. 40. The liability of any person to contril)ute to the a.ssets of a Nature of company under this Act, in the event of the Inisiness of the same liability of a beinfj woundup, shall create a debt accruing due from such person contributory, at the time svhen his liability commenced, but payable at the time or respective times when calls are made, as hereinafter mentioned, for enforcing such liability; and in the case of the bankruptcy or insol- vency of any contributory, the estimated value of his liability to future calls, as well as calls already made, may be proved against his estate. 45 V., c. 23, s. .'iO, p«/-<. 4T. The court may, at any time after making a winding-up order, Tmstee, Ac, retjuire any C(mtributory for the time being settled on the list of ol com|mny contributories as trustee, receiver, banker, agent or otRcer of the dc"ed'to"p.-iy company, to pay, deliver, convey, surrender oi" transfer forthwith, or over balance within such time as the court directs, to or into the hands of the ""''/''^'jy'-''' liquidator, any sum oi- balance, books, jiapers, estate or effects which '" ^' are in his hands for the time being, and to which the company is primd facie entitled. 45 V., c. 23, .s. 51. 48. The court may, at any time after making a winding-up order. Court may make an order on any contributory for the time being settled on the of'com'mny" to pay. 92 Garland's Banking and Financial Directory. m I*' ii When csJls may be made on contribu- tories. Proviso. Moneys may be ordered lo be paid into court. Distribution of surplus. Contributory or official about to all- scond, &c., may be arrested. And his papers, &c., may be seized. Books, Ac, of company to be prima ftnii' evidence as between con- tributories. list of contributories, directinp; payment to be made, in manner in the said order mentionod.of any moneys due from liiin or tVom the estate of the person wliom lie represents, to the ccnipany, excUisive of any moneys whicli he or the estate of the person whom he represents is liable to contribute bv virtue of any call made in pursuance of this Act. 45 v., c. 23, s. 52. 40. The court may, at any time after makinjif a winding; up order.and either before or tifter it has ascertained the suHieiencyof the assets of the com])any, make calls on iind order piiyment thereof by till or any of the contributories for the time being settled on the list of contribu- tories, to t,he extent of their liability, for payment of all or any sums it deems necessary to satisfy the debts and li;iliilities of the company, and the costs, char<>;es and expenses of windiiiff up, and for the ad- justment of the rifhts of the contributories amonjrst themselves: and the court may, in niakinthiuks just; aud any books and papers in the possession of the couj- *?t The Winding Up Act. 93 pany may be inspected in conformity with the order of the court, but not further or otlierwi.se. 45 V., c. 23, s. 58. 55* No contributory, creditor, .shareholder or member shall vote at l.'ef"?" ^"' any meeting' unless proseiit pensonaily or ropru.seiited by some person «', ("Jo so ner^ actiniif under a written authority, tiled with the chairman or licpiida- son.-illy or by toi", to act as such representative at the meeting, or generally. 45 V., writu-n proxy. c. 23. s. 59. creditors' claims. so. When the laisiiiess of a company is being wound up under this Act, all debts payable on a contingency, and all claims agjiinst the company, present or future, certain or contingent, ascertained or .sounding oidy in damages, shall be admissible to proof against the comp.-uiy, — a just estimate being made, as fai" as is pixssilile, of the value of all such delits or claims as are subject to any contingency or sound only in damages, or which, for some other reason, do not bear a certain value : 2. Clerks and other jiersons in or having been in the employment of the company in or about its business or trade, shall be collocated in the divideuil sheet by special privilege over other creditors, for any a'Tears of salary or wages due and unpaid to them at the time of the making of the winding-up order, not exceeding the arrears which have accrued to theiu during the three months next previous to the date of such order. 45 V., c. 23, s. (iO, /xirt ,—49 V., c. 4(), s. ]. What tlel)ts may lie proved against llie company. Privilege of cLiiiiis of clerks and employees allowed to a certain extent. ai. The law ')f set-otf, as administered by the courts, whether of Law of set-ofT law or etiuitv, shall tipply to till claims upon the estate of the com- '" ■''PP'y- pany, and to all proceedings ^"or the recovery of debts due or ficcruing due to the company at the commencement of tlu* winding up, in the same manner and to the same extent as if the Inisiness of the com- pany was not being wouiul up under this Act. 45 V., c. 23, s. GO, part. 58, The property of the company shall be applied in satisfaction Distribution of its liabilities anil the ch uges iiu'urr(>d in winding up its titiairs ; of jiroperty of and unless it is otherwise provided by Itiw or by the Act, chartei- or company. instruiiKiut of incorporation, any property or assets remaining shall be distributed amongst the members or shareholders, according to their rights tind interests in the compaii}'. 45 V., c. 23, s. Gl. 5!>. The com't may fix a certain d.iy or certain days on or within which creditors of the company and others who have claims thereon may send in their claims. 45 \ ., c. 23, s. 62. <»0. When the litjuidator has given such notices of the said day as are ordered by the coint, the liipiidato'. may, tit the expiration of the time named in the .said notices ov the Itist of the .said notices, for sending in such claims, distribute the a.ssets of the company, or anj' part thereof, amongst, the ])ersons entitled thereto, having regard to the claims of which the liquidator then has notice; and the liijuidator shall not be liabhs to any person of whose claim the litjuidator had not notice tit the time of distributing the said assets, or a ])art thereof, as the case may be, for the as-sets oi- any part thei-eof so distribqtetl, 45 v., c. 23, 8. G3. When credi- tors must send in claims. After expir.i- lion of time for sending in claims, assets may lie dis- trihutcd. 94 Creditors may be compro- mised with. Duty of credi- tors liolding security. Security by negotiable instruments. If the security is a mortgage on real pro- perty or a ship. If there are sulisequent claims. Duty of li(|ui- dator if a secured claim is tiled. Garland's Banking and Financial Directory. <>l. The Htjuiflator may, with the approval of the court, make such compromise or other arrangement as the liquidator deems expedient, with cree fixed for hear- ing. Costs. If claimant does not answer objec- tions. Security for costs. &6 Garland's feANKiNo and Financial IDirectory. FlUUDULENT PREFERENCES. Gratuilous contracts, &.c. to be void. Contracts injuring or obstructing creditors. When con- tracts with consideration shall be voi able. 08. All gratuitous contracts, or conveyances or contracts without consideration, or with a merely nominal consideration, respecting eitiier real or personal property, made by a C'>mj)any in respect to which a winding up order under this Act is tifterwards made, with or to any person whatsoever (whether such person is its creditor or not), within three months next preceduig the commencement of the winding up or at any time afterwards, — and all contracts by which creditoi's are injured, obstructed or delayed, made by a company unable to meet its engagements and in respect to which a winding up order under this Act is afterwards mtule, with a person knowing such inability or having probable cause for believing such inability to exist, or after such inability is public and notorious (whether such person is its creditor or not) shall be presumed to be made with intent to defraud its creditors. 45 V., c. 28, s. 71, HO. A contract or conveyance for consideration, resjiecting either real or personal property, by which creditors are injured or obstruc- ted, made by a company unable to meet its engagements with a person ignorant of such inability, whether such person is its creditor or not, and before such intibilit}' has become public and notorious, but within thirty days next before the commencement of the wind- ing up of the business of such company under this Act, or at any time afterwards, is voidable, and may be set aside by any court of competent jurisdiction, upon such terms as to the protection of such person from actual loss or liability by reason of such contract, as the court orders. 45 V., c. 23, s. 72. 10. All contracts or conveyances made and acts done bj' a com- pany, respecting either retil or personal property, with intent fraud- ulently to impede, obstruct or delay its creditors in their remedies against it, or with intent to defraud its creditors or any of them, — and so made, done and intended with the knowledge of the person contracting or acting with the c()ni])any, whether such person is its creditor or not, — ami which have; the effect of imj)eding, obstruct- ing or delaying the creditors of their remedies, or of injtiring them, or any of them, shall be null and void. 45 V., c. 23, s. 73. Securities ll. If any sale, deposit, pledge or transfer is made of any pro- given by com- perty, real or personal, by a company in contemplation of insolvency nient when^ under this Act, by way of security for payment to any creditor, — or to be void. if any property, real or personal, movable or immovable goods, effects or valuable security, are given by way of payment by such company to any creditor, whereby such creditor obtains or will obtain an un- just preference over the other creditors, such sale, deposit, pledge, transfer or payment shall be null and void; and the subject thereof may be recovered back for the benefit of the estate by the litjuidator, in any court of competent jurisdiction ; and if the same is made within thirty days next before the commencement of the winding up under this Act, or at any time afterwards, it shall be presumed to have been so made in contemplation of insolvency. 45 V., c. 23, s. 74. As to con- tracts made in fraud or to ol)Strucl or delay creditors. The Winding Up Act. 97 "t'i. Every payinoiit made witliin tliirty days next before the Paymenis by couunenceiiient ot" the windinf^ up under this Act hy a company un- '^""M'!*'>y. able to meet its enj^ai^ements in full, to a i)erson knowinj^ such void, inability, or haviuff prolialile cause for lielieviM;f th'j same to exist, shall be void, and the amount paid may be recovered back by the licjuidator l)y suit or action in any court of comptitent jui'isdiction ; but if any valuable security is ny ceding section mentioned, or at any time afterwards, to a contribu- ttTconmbu- tory who knows or has probable cause for helieviiie, if the amount involved in the appetd exceeds two thousand dollars. 45 V., c. 2.'}, s. 78, jki/V. PROCEDURE. ll. The powers conferred by this Act upon the court may, subject to the appeal in this Act provided for, l)e exorcised by a single judge thereof; tind such powers mtiy be exercised in cli!imV)ers, either dur- ing term or in vacation : 2. After a 7i order is made, the court may, from time to time, l>y order of reference, refer and de/ei^dte, according to the practice and procedw e of such court, to any officer of the court, any of the powers conferred upon the court l>y this Act, or any Act amending the same, as to such court may seem meet, suhfd^t to on appeal, according to the practice (f the court in like cases. 52 v., c. 32, s. 20, sul>. s. 2. (a.) The proceeding under a winding-up order shall he carried on as nearly as may he in the same manner as an ordinaay suit, action or proceeding within the jurisdiction of the court. 52 V., c. J2, s. 21. Orders of court 18. Every order oi the C(jurt or a judge for the payment of to'ij'e deemed money or costs, charges or expenses mtide uixler this Act, shall be judgments. deemed a judgment of the court, and shall bind the lands, and may be enforced against the person or goods and chattels, lands and tene- ments of the person ordered to pay, in tin! .same manner in which judgments or decrees of any superit)r C(HU't obtained in any suit may bind lands or be enforced in the Province where the court enforcing the same is .situate. 4G V., c. 23, s. 1, How to l)e executed. Attachment and garnish- ment how effected. TJ>. Debts due to any j)erson against whou) such order for the pa^'inent of money, costs or expenses has been obtained, mtiy be at- tached and garnisheed inth(,'sam(! manner as debts due to a judgment debtor may be attaclied and garnisheed by a judgment creditor in any Province where the atttichment and garnishment of debts is allowed by law. 4() V., c. 23, s. 2. Witne.sses' y^^ |,| jj,^^, uetion, suit, i)roeeeding, or contestation under this how secured. Act, the ccmrt may order tile issue of a writ of mihpd'va ad tastifi- caviluvi or of i^iAijuviki (IucC'S fccuvi, conniianding the attendance, sis a witness, of any i)erson who is within Canada. 45 Y , c. 23, s. 81. Persons hav- ing informa- tion may be examined. 81. The court may, after it has made a winding-up order, .summon Vjefore it or before any j)er.son named by it, any officer of the com- pany or person known or suspected to liave in his possession any of the estate or effects of the company, or supposed to be indtibted to the eomi)any, or any person whom the court deems capable of giving information concerning the trade, dealings, esttite or effects of the conii)an}' ; and the court may retpiire any such officer or person to produce any book, paper, deed, writing or other document in his custody or power relating to the company : The WiNDi>fQ Up Act. 99 2. If any person so summoned, after l)oing tendered a reasonable If person sum- snm for his expenses, refuses, without a lawful excuse, to attend at "o°"i^end * the time appointee', the court ma}' cause such person to be appre- hended and brought up fur examination ; but in cases in which any proviso: as to person claims any lien on |)apors, deeds, writings, or documents pro- tjuestion of ducedby him, such production shall be without prejuduce to such lien, lien on papers, and the court shall have jurisdiction in the winding up, to determine all questions relating to such lion. 45 V'., c. 213, s. 82. H'i, The court or the person so named may examine, upon oath, Examination either by word of mouth or upon written iMtcrrogatijrics, any person to he "n oath, appearing or brought up in manner aforesaid, concerning the affairs, dealings, estate or effects of the com])any, and may reduce to writing the answers of any such person, and recjuire him to subscribe the same; ami if sucli jierson, witliout lawful excuse, refuses to answer Refusal to the questions put to him, he; shall be liable to be punished as for con- answer, to be tempt of court. 45 V., c. 23, s. 83. contempt. SIS. When, in the course of the winding up of the business of a Officer of company under this Act, it aijpears that any iiast or pi'osent director, company, &c., !• • 1 . . ' ' , ''if. ,,■■ , mis-applymg manager, hquidator, receiver, emj)loyee or omcer or such company money, may has misapplied (jr n^tained in Iiis own hands, or become liable or ac- be compelled countable for any moneys of the company, or been guilty of any '"repay, misfeasance or breach of trust in relation t(^ the company, tlie court may, on the application of any li(|uidator, or of any creditor or con- tributory of the company, notwithstanding that the offence is one for which the offender is criminally liable, examine into the conduct of such director, manager, licjuidator, receiver, ofhcer or employee, and compel him to rei)ay any moneys .so misapplied or retained, or for which he has become liable or accountable, together with interest, at such rate as the court thinks just, or to contribute such sums of money to the assets of the company, by way of compensation in re- spect of stich misapplication, retention, misfeasance or breach of trust, as the court thinks fit. 45 V., c. 23, s. 84 ;— 47 V., c. 39, s. 6. 84. The courts of the various Provinces, and the judges of the .said Various pro- courts respectively, shall be auxiliary to one another for the purposes J'o"he"airxili-'^ of this Act; and the winding up of the business of the company or arytoone any matter or proceeding relating thereto may be transferred from another, one court to another with the concurrence, or by the order or orders, of the two courts, or by an order of the Supreme Court of Canada. 45 v., c. 23, s. 86. HH, When any ordei- made by one court is required to be enforced Order •'one by another court, an office copy of the order so made, certified by the court mry be clerk or other ]iro|)er officer of the court which maile the same, and enforced by under the .seal of such court, shall be produced to the proper officer of the court required to enforce the same, and the production of such copy .shall be sufficient evidence of such order having been made; and thereupon such last mentioned court shall take .such steps in the matter as are requisite fur <'nforcing such order, in the same manner as if it was the order of the court enforcing the same. 45 V., c. 23, s. 87. 100 Garland's Bankino and Financial Directory. 11 Rules of pro. cedure and as to amend- ments lo apply. 86. The rules of procedure, for the time being, a.s to amentlment.=. of pleadings and proceedingfi iTi the court, shall apply, as far as prac- ticable, to all pleadings and proceedings under tins Act; and any court before which .such proceedings are being cari'ied on shall have full power and authority to apply the appropriate rules as to amend- ments of the proceedings. 45 V., c. 2H, .s. 88, 2^(1^1 No proceeding ^ly^ -^^^ pleading or jiroceeding shall be \N>cecdi>i<;s under the said Act aiii this Act, to be made on persons out of the jurisdiction of the said court in the same uianner, and 7vith the like effect, as in o'dinaty actions or suits within the oidinary jurisdiction of the court, but this provision shall not apply to service made before the passing of this Act. 52 v., c. 32, s. ig. 103. The litpiidators shall ascertain a,s nearly as possible, the amount of notes of the bank intended for circulation and actually outstanding, and shall re.serve, until the expiration of at least two years after the ilate of the winding-up order, or until the last dividend, if that is not made until after the expiration of the said time, dividends on such part of the said amount in respect of which claims are not filed ; and if claims are not filed and dividends ap- plied for in respect i>f an^' part of the ."-aid amount before the; period herein limited, the dividends so reserved shall form the last or part of the last dividend. 45 V., c. 23, s. 104. 104. Pulilication in the (7(n)a(Za (T«2er pub- lished in English, and the other a newspaper published in French. 45 v., c. 23, s. 105. Provisions ajiplicalile to life insurance companies. provisions applicable to life insurance companies. 105. The provisions of sections one hundred and six to one hun- dred and fourteen, both inclusive, apply only to life in.surance coin- The \ViNi>fNo Up Act. m the ually two last said licli ap- orioil part \zHte arcst ))!•()- shall if lOWS- mb- onch. paiiioH, and to insuranco coiiipauios doiii^' lifo ami otlicr iiiauranco, in HO far as nslatos to the life iusuiancu ItusinesH of Huch companLfi. 45 v., c. 2:],siih-lill(: 100. Kxccpt in the nises provided for in the thirty-seeoiid and lOmpany thirty-third scetions of " Tlir / iisii.raiicc Arl," a coinpaiiy sliall he **!!;"'; '.''''l';'*-" • 1 t I ■! \ I • '111'* I iswiiimitiwiii liahlc to lie dealt with in the maimer herein preserilied tor tiie case! iVc., lialilc as of insolvency, whenever its license has expired or Ixien withdrawn, for insolvency, under the said Act, and has not heen renewed within thirty ilays after such expiry or withdrawal. 40 V., c 42, s. If), p/»7. 101. In cas(! of the insolvency of any company, the deposits of Apolicaiion such coinpan}' held hy tie Minister of Finance and Receiver (Jeneral, i>i (l^i'osiis and the assets held l.y the tiiistees under " Thr /nsnrKiire Art," shall S,'Jy'""' be applied /iro nthi towards the discharge of all claims of policy uusIlts, holders in Canada duly authenticated against such company. 40 V., in cnse of in- c. 42, s 15, ?;(UY ;— 45 'v., 0. 2:5, ,s. 107. solvency. lOH. Upon the insolvency of any such company and the makinjr of a winding-up order under this Act, the policy holders in Canada shall be entitled to claim for the full net values of their .several policies at the time of the winding-up order (including bonus ad- ditions and protits accrued), le.ss any amount previously advanced by the .company on tiie security of the policy, and such claims shall rank with juilgments obtained anart lOJK Whenever the company or the li(|uidator, or the hohler of the policy or contract of insuraiute exercises any ri^ht, which it or he ha.s, to cancel the policy or contract, the holder shall he entitltMl to claim as a creditor for the .sum which, under the terms of the policy or contract, is due to him upon such cancellation. 45 V., c. 23, s. 108, part. 110. The liquidator, shall, without the filiufr of any claim, notice or evidence, or the taking of any action hy any person, make a state- ment of all the per.sons ap|)earin{f, hy the hooks and records of the officers of the company, to ho creditors or claimants uiuler the two sections next procedinif, and of the amounts due to each such person thereunder, and every such per.son shall h(> collocated and ranked as iind shall he entitled to the rights of a creditor or claimant for such amount, \vithout filing any claim, notice or evidence, or taking any action ; but any such collocation may Vx; contested by any person interested, anil any per.son who is not collocated or who is di.ssatisfied with the amount for which ho is collocated, may file hi.s own claim : 2. A copy of such statement, certified by the litpiidator, .shall forth- with, after tho making of such statement, be filed in the office of the superintendent of insurance at Ottawa; and notice of such filing shall forthwith be given by the litiuidator by notice in the Canada Gazette and in the official Gazette of tiach Province of Canadti, and in two newspapers issued at or nearest the place where the head office in Canada of the company is situate ; and the li(iuidator shall also, forthwith, send by mail, prepaid, a notice of such filing to each cred- itor named in the stiitement, addressed to the tiddresses in Canada of such creditors, as far as the same are known, and in the case of for- fl' The WiNDiNo tJp Act. 106 oign creditors, udilroHHod t<» tlio iiddroHHoa of their ropreHentiitiveH or agents in ('lumda, im fur as tlu; .same are known. 45 V., c. 23, h. lOJ). III. Tlic lioldcr of a policy or contnict of life innnrance, upon yxsiocbims whieh I. claim accrueH after the ilatu of the winding-tip onlt^- and .nrcriiiiinnfur lud'oro t\u' t)xpiratii>n of thirty days after the tilin;^. in the otHce of "'i' wiinlinu the Huporintendent of insuranct^ of the statement referred to in the wi'||,''i',^o ,|'J,yg next preeedinLf seetion, sliall l)e entitled to chiim as a creditor for the thcKof. full net amoiait of such claim less any amount previously advanced by fclio company on the security of the j)olicy or contract ; and the said statement I'lid the dividend sheet shall, if necessary, be amended accordingly : 2. No claim wliich accrues after the expiration of the thirty days above mentioned, sliall rank upon the estate uidess and until there is sutKcicMit to pay all creditors in ful' 4.'> V'., c. 2H, s. 110. Claims nc- cruin(; afler 30 (Inys. imny. Proviso. It'Zt If, before the expiration of the thirty days hereinbefore If ihc holder mentioned, tlu^ holder of a policy or contract of life insurance, on K'^c" """ce whicii a claim lias not accrued, signiiies, ni writing, to the iKpniiator, lo accipt in- liis willingness to accept an insurance in some other conipuny for the surance In amount wiiich can be secured by the dividend on his claim to which """'•"-■f c"'"- such holder is or may become entitled, the liijuidator may, with the sanction of the court, elfect for .such holder an insurance to the amount aforesaid in another company or companies, appnjved of by tho sup- erinteiident of insurance, and may apply to that purpose the dividend on his claim to whicli such holder is or may become entitled : but such insurance shall be effected only as part of a general scheme for the assumption, l)y some other comjiany or companies, of tlie whole or part of the outstamling risks and liabilities of the insolvent com- pany. 45 V.,c. 28, s. J J I. lV,i, If the company is licensed under " T/te /m.sttrcwice .4c^" the Report to li(|uidator shall rej)ort to the superintendent of insurance once in su|"^''in''-'n''- every si.x months, . The following provisions of this Act, apply only to insurance I'rovisions ap- companies other than life insurance companies, and to insunince si,'rmice coii" companies floing life and other insurance, in so far as relates to the panics other insurance business of such companies which is not life insurance '^"" '''^^• business. 4:5 \'., c. 2d, sii,b-title. 14 m Garland's feANKiNO and Ii^inanciat. t)iRKCTonv. in hi VTien a com- ttiu Any company shall lie deeiued insolvent upon its failure to le^ncdlnsoT- P'*^^ '^"^ ">"l'*^puti3il claiiu urisinjf, or loss ins^urod against, in Canada, vent. upon any |)olicy held in Canada, for the sjiace of sixty days after becoming due, or, if disputed, after Hnal judfijinent and tender of a lefjal valid tlischarf^e, — and (in either case) after notice thereof to the Minister of Finance and lleceiver-Ceneral : 2. Provided, that in any case when a claim for loss is, by the terms of the policy, payable on pro( f of such loss, without any stip- uhited delay, the notice to the Minister of Finance and Receiver- General under this section shall not be given until after tlie lapse of sixty days from the time when the claim becomes due. 38 \^, c. 20, 8. 10, pari. Applicition of 117, Any deposit held by the Minister of Finance and Kecoivcr- h n l' Cioneral for policy holders, shall lie a])plied pni ruin towards the Receiver- payment of all claims duly authenticateil against such company. General. upon or in respect of policies issued to policy h(art. IIS). The liquii-lator shall, without the tiling of any claim, notice or evidence, or the taking of any action by any ])erson, mtike a state- ment of all the ]iersons appearing, b}' the bddks and records of the officers of the coin[iany, to be creditors or claimnnts uiuh-r the next preceding section, and of the amcmnts due to each .such person there- under ; anil every stich person shall be collocated ami milked as and shall be entitled to the rights of a creditor or claimant for such ^; i The Winding Up Act. 107 amount, without filing any claim, notice or evidence, or takinfj any action; Imt any such colloc.ition may be contested l>y any |)(>rso!i Troviso. interested, and any pei'son not collocated or dissatisfied witii the amount for vvliicli he is collocated, may tile his own claim : 2. A copy of sucli statement, certified hy the liciuidator shall, forth- Copy to be with after the makini; of such statement, he filed in the otiice of the '•'"' .*^"'' , ■ L I L f ■ 1. ixiL 1 J." i' \ u\- supcrinteml- superintendent or insurance, at Ottawa, ans of their repre- sentatives or agents in Canada, as far as the same are known. 45 V., c. 2;}, s. IKi. ViW, The holder of a ]ioIicy or contract of insurance, other than lift! insurance, upon which a claim .icenies after the dat> of the wind- ing-up order, and before the expiration of thirty days after the filing, in the office of the supttrintendeiit of insurance, of the .statement referred to in the next preeediiig .-.ection, shall lie entitled to claim, as a creditor, for the full net amount of such claim ; .and the sjiid siatement and the dividend sheet shall, if neces.sary, be amended accordingly : 2. No claim which accrues after the expiration of the tliirty thiys hereinbt^fore mentioned, sli.ill rank upon the testate, unless iind until there is sutHcient to ])iiy all creditors in full. 45 V., c. 2'}, .s. 117. VSX* Before the expiration of the thirty dtiys above mentioned, the li(pndator may, with the sanction of the court, arrange with any incorporated insunmce ccaiipany, .-ipproved of for such ])urpose by the .superintendent of insurance, Uw the re-insurance by such eom- pfiny of the (mtstanding risks of the insolvent company, tind for the assumption by such company of the whole <»• an}' part of the other liabilitit's of the insolvent comjiany ; and in case of such arninge- ment the lii|uiilator niity i)ay or transfer to such company, such of the a.s.setH of the insolvent company iis nui}' be agreotl on as th(3 consideration for such re-insurance or assumjttion, and in such case tht! arrangement for re-insuranet? slitdl lie in lieu of the claim for un- earnetl premium : Provided always, that any remaining assets of the insolvent com]i!iny shall be retained by the liipiidator tis ti .secur- ity to the creditors for the payment of their claims, and sludl, if necessary, be so ap|)Iied, and shall not be returned to the company, except on tht^ ord(>r of the court after the satisfaction of .such chiim.s. 45 V.,c. 2;{, .s. IIH. If a claim ac- crues after the wiiidin^j-iij) order, hut within 30 days of liliiij; of statement. Claims .■\ccrii- injj after lliirly days. Arrangements may lie made for re-insur- .Tiice of risks, Payment or transfer of as- sets in such case. .Vpplieation of surplus. Vi'i. If the company is licensed und(>r " TItc fn.iKninrr Act," the Report to li(|uidator shtiU report to the superintendent of iiisurtince once in ^"I'^'r''?'™*'- every six months, or ofteiier, tis the stip<>rintendent re(|uires, on the surance? condition of the afiairs of the company, with such further particulars as the superintendent rei|uii'es. 45 V.,c. 23, s. 11!). 108 Garland's Banking and Financial Directory. What publica- tion of notice sufficient. Vili, Publication in the Canada Gazette, and in tlie official Gazette }i. each Province of Canada, and in two newspapers issued at or nearest the place where the head office of an insurance company is situate, of notice of any proceed in^r of which, under this Act, creditors are to be notified, shall be sufficient notice to holders of ))olicies or contracts of insurance, in respect of which no notice of claim has been received. 45 V.,c. 23, s. 118. \t <: Is ft. BILLS OF EXCHANGE AND PROMISSORY NOTES. The system by which commercial nations discharge their debts to each other has been termed "Exchange," or "The Exchanges." It has been a siiiiject of much study, both by merchants and iiankcrs who have to deal with its phenomena in the course of business, and by economists desirous to discover the causes of the [)henoniena and to ex- plain the laws or methods of their operation. In rude times the peo[)le of neighbouring countries brought their staple or surplus produce to connnon fairs, where one kind of goods was valued and bartered for another, and the dealers lirought a little gold and silver with them to settle the small balances. Hut this, though a rough t}-pe of international trade, still is a wholly dil/erent affair from modern commerce, with its transactions multi- plied a million-fold, and conducting their transactions far apart and in widely distant countries. Money itself does little to obviate the difficulties arising from this multiplicity of crossing and re-crossmg currents; and whoever, therefore, was the first introducer of the idea of exchange, is entitled to a high place in the commercial annals of the world, whether it was the stranger mentioned by .Socrates, who came to Athens with some cargoes of corn and gave an order on the town of liuxinc, where money was owing to him, with recourse on an Athenian merchant in the event of the order being dishonoured ; or Cicero, in paying for the studies of his son at Athens, by an assignment from a creditor in Rome on his debtor in the (Ireek city; or the I'ope, whose lending merchants of Siena and Morence, drew upon Henry III, or rather on the prelates and abbots of England, with some ling- lish merchants as remitters, for the expenses of deposing Manfred, King of Sicily, in which act of deposition Henry was an interested and obligant party, thus avoiding in these vari- ous cases the difficulty and risk of transjjorting coin, 'i'he idea, wherever first exemplified, was too good to be lost. It was early developed into a system in Venice, later in Ams- terdam, and is now of world-wide application. It "is well to observe, first, what is exchanged: values of commodities exported and sold from one place or country to another ; debts thereby owing, interest, profits of capital invested abroad, foreign loans and subsidies, freights, banking and other commissions, ex- penses of foreign residence or travel, and in short, claims of payment of every kind; on one part having their relative obligations of remittance, on the other, and originally denomi- nated as the contract or the occasion, may have been in the money of either of the places from which the claims proceed, or of those where they are payable. Secondly, the means must he noticed by which the exchange is effected : pieces of paper bearing express calcu- lation to secure what is exactly due between debtor and creditor. A Bill of Exchange is an order drawn for a .specified and definite sum in favor of a person who is the buyer and becomes the remitter of the order upon a third person, the "drawee " who is indebted for this sum to the drawer, and on presentation of thi> order becomes the " acceptor." The person or company in whose favor the order is drawn, may pass it into other hands, and these, by writing their names on the back, become " indorsers." On much the same model there are "inland " and "foreign " bills of exchange. The whole system of exchange has its foundation in the drawing of the creditor on the debtor, for, as in every country there are both creditors and debtors of other countries, the debtors find it to their advantage to take up the drafts of the creditors in order to avoid tlirect remittances in cash. Inland exchange is simpler in character and more easily com[)rehended than foreign exchange, but, in reality, presents the same phenomena and the same seciuence of cause and effect as the other, so far as the circumstances of any country allow these to come into -operation. The various elements which comprise foreign exchange may be summed up under the following heads : (i) Par of Exchange; {2) sujjply and demand of bills; (3) rate of interest; (4) cost of specie remittance, to which may be added, which is always implied, (5) correct judgment of the force and duration of the cause or causes effecting the rate of ex- change or its opposite panic. The Par of Exchange.- Without some common medium of value in com- mercial countries, bills of exchange could not be drawn between one and another, 110 Garland's Banking and Financial Directory. mi The "cash" of China has played no more part in the foreign exchanges than the cowries of Africa ; but since a mint has been estal)Hshed in Japan from which gold pieces are issued under public regulation as to weight and fineness, there may be no diffi- culty in ascertaining the monetary equivalency at Yokohama of any debt due by Japan to Canada or any part of (ireat Britain, the United States or other countries, or vice versa. The nations have there found a medium of exchange in bullion, in gold or silver, or in both. In countries of the double standard it has been usual to modify the law by liberty of contract for payment in one of the metals, without which liberty, indeed, it would be as well to have only one standard, since it is certain that the debtor will always choose to pay in the metal that has become relatively cheaper. In countries where silver is the sole standard, the par of silver to gold may be 15 to i or 16 to i, as law or custom may have established, but in foreign exchange the par of silver to gold cannot be fixed at any abso- lute point by the law of any one country, and in the case of a depreciation, say of silver, even though temporary, I)y which the market price of silver to gold l)ecame 17 to i, a pro- portionate addition would l)e made to the figures of tlie mint or customary par, and this new scale become practically tlie i)ar of exchange between tiie gold currency of England or California and the silver dollars of Mexico or rupees of India. Thus having gold and silver to deal with it is always possible, whatever may be the variety and names of the coins of the different countries, to estimate the eijuivalents of the one to the other. This is a matter simply of weight and assay ; and the ratio thus found is the par of exchange be- tween one country and another. Mr. Mc( 'ulloch, who gave careful study and is considered an authority on these matters, seems to have thought tiiat the par of exchange should properly include, not only ecjuivalent weight and purity of the jirecious metals, but their relative cheapness or dear- ness in given places. A " Draft " or " Bill of Exchange " is a written order by one person (called the Drawer) directing a second person (called the Drawee) to pay a specified sum of money (called the Face or Par) to a third person (called the Payee) or to the payee's order. " Exchange" is a charge made for collection in cases in which the place of payment of the note or the draft is not the place of discount. The rate of exchange is generally from _5^ to )^ of 1% of the face value, a fraction of $100 counting as $100. A " Promissory Note " — (often called briefly a Note) is a written promise to pay, uncon- ditionally, a specified sum of money on demand or at a designated time. A note may be made payable to dearer, to a particular person named in the note, or to the person named or his order. The " Maker " of the note is the person who signs the promise. The " Payee " is the person to whom or to whose order the note is made payable. The " Holder" of a note is the person who lawfully possesses it. The " Face Value" (or simply the " Face") of a note is the sum of money (exclusive of interest) which the maker promises to pay. A " Negotiable Note " is one which is made payable to the bearer or to the order of the payee. A negotiable note may be sold or transferred by the payee to anyone else. A note payable to the payee only is not negotiable, and may not be sold or transferred. An "Indorser" of a note is a person who writes his name on the back of the note. By so doing he guarantees its payment and becomes responsible therefor, unless when in- dorsing he writes above his signature the words " without recourse." A note payable to order must be indorsed by the payee when transferred to anyone else, but a note payable to bearer need not be indorsed. " Days of (irace " are three days allowed after the time specified in the note has ex- [)ired before the note is legally due, unless the note c(jntain the words "without grace " "Maturity" (properly Date of Maturity) is the day on which the note becomes legally due ; that is, it is the last day of grace, unless the note is " without grace." " Bank Discount" is a deduction made from the face value of a note or a draft for cashing it or buying it before maturity. The "Perm of Discount" is the time i)et ween the date of the discounting and the date of maturity. Phe " Rate of 1 )iscount " is the percentage of the face value which would be deducted if the term of discount were One Year. 'Phe " Proceeds " of a note is the sum of money received for it on discounting it. It is equal to the sum due at maturity less the discount and the exchange. 53 VICTORIA. CHAP. 33. An Act and AmLt!ndment.s relating to Bills of ExcliaiJg(!j Cheques, and Promissory Notes. The A Vv cts are 53 Vic, Chap. 33, assented to 16th May, 1890 ; 54-55 ic.,Ghap. 17,ast^ented to 2Sih August, 189 1; 56 Vic, Chap. 30, assented to 1st April, 1893; 57-58 Vic, Chap. 55, assented to ,i3rd July, 1894- H (.tMEynjUtSffTS ARK IN ITALI S.) [Assented to IGlh May, 1890.] ER MAJESTY, by and with the advice and consent of the Senate and House of Coninions of Canada, enacts as follows : — PART I. PllELIMINAUY. 1. This Act may be cited as " The Bills of Exchange Act, 1890." short title. 'li. In this Act, unless the context otherwise requires, — {a.) The expression " Acceptance " means tin acceptance completed by delivery or notification ; (b.) The expression "Action" includes counter claim and set ofl'; (('.) Tiie expros.sion " Bank " metiiis an incorporated Ituiik or .savings bank carrying on business in Ctiuada ; {d.) The expression " Bearer " means the person in ])ossession of a bill or note which is payable to bearer; (e.) The expression " Bill " means bill of exchange, and "Note" means promissory note ; (/.) The expression " Delivery " means transfer of po,ssession, actual or constructive, from one person to another ; (g.) The expression " Holder " means the payee or indorsee of a bill or note who is in possession of it, or the bearer thereof ; (/(.) The expression " Indorsement " means an indorsement com- pleted by delivei'y ; (i.) The expression " Issue " metms the first delivery of a bill or note, complete in form, to a pei'son who takes it as a holder; (j.) The expression " Value " means valutiljle consideration. (Jc.) The expression " Defence " includes counter-claim. Interpreta- tion. " Accept- ance." " .-\clion." "Bank." "Hearer." "Bill;" "Note." "Delivery." "Holder." " Indorse- ment." "Issue." "Value." "Defence." 11^ Garland's Banking and Financial Directory. Bill of ex- change ilc- I'lned. When instru- ment is not such bill. Uncondition- al order de- fined. Hill not in- valid for rea- sons specified. Inland and foreign bills. If not noted as foreign. J'ART II. BILLS OF EXCIIANOE. Form and Interpretation. !t. A bill of exclmnf,'u is an iiiicoiiditional order in wrifcinf^f, arson to whom it is addre.ssed to pay, on demand or at a fi.\ed or deterniinable future time, a sum certain in money to or to the order of a specified person, or to hearer ; 2. An instrument wdiich does not comply with these conditions, or which orders any act to be done in addition to the payment of money, is not, except as hereinafter provided, a bill of exchange : 3. All order to pay out of a particular fund is not unconditional within the meaning of this section ; but an un(|ualified order to pay, coupled with (a) an indication of a particular fund out of which the drawee is to re-imburse himself, or a particular account to be debited with the amount, or (/>) a statement of the tran.saction which gives rise U> the bill, is unconditional: 4. A bill is not invalid by reason — * {a.) That it is not dated; {b) That it does not specify the value given, or that any value has been given therefor ; (<•) That it does not specify the place where it is drawn or the place where it is payable. 4. An inland bill is a bill which is, or on the face of it purports to be, (rt) lx)th drawn and payable within Canada, or {b) drawn within Canada upon some per.son resident therein. Any other l)ill is a foreign bill : 2. Unless the contrary appears on the face of the bill, the holder may treat it as an inland bill. If different parlies to bill are the same person. Option of hohler in case specified. Drawee to be named. If there are n.ore thanonc. Certainty re- quired as to ?ayee. f payable to two or more payees, or to holder of office. 5. A bill may be drawn paytible to, or to the order of, the drawer; or it may be drawn payable to, or to the order of, the drawee: 2. Where in a bill drawer and drawee are the same person, or where the drawee is a fictitious person or a person not having ctipa- city to contract, the holder may treat the instrument, at his option, either as a bill of exchange or us a promissory note. 0. The drawee must be named or otherwise indicated in a bill with reasonable certainty : 2. A bill may be addressed to two ov more ilrawee.s, whether they are partners or not ; but an order tiddressed to two drawees in the alternative, or to tw(i or more drawees in succession is not a bill of exchange. T. Where a bill is not payable to bearer, the payee must be named or otherwise indicated therein with reasonable certtiinty : 2. A bill may be made payal)le to two or more payees jointly, or it may be made payable in the alternative to one of two, or one or some of several payees. A bill may also be made payable to the holder of an office for the time being : m-- m The Bills of Exchange Act. lis 3. Where the payee is a fictitious or non-existing person, the bill If payee is may be treated as payable to bearer. non-existing. 8. When a bill contains words prohibiting transfer, or indicating an intention that it should not l^c transferable, it is valid as between the parties thereto, but it is not negotiablu : 2. A ntjgotialiie bill may be payiilile oitlier to order or to bearer: 3. A bill is payable to beai'er whieii is oxj»n'.ssed to bo so ])ayable, or on whicii the only or lust indorsement is an indorsement in blank : 4. A Itill is payable to oi'der wliich is ex[)ressed to be so payable, or which is expressed to be payal^le to a ])articular person, and does not contain W(jrds prohibiting transferor indicating an intention that it should not be transferable: 5. Wiiere a bill, either originally oi- by indor.sement, is expressed to be payable to the order of a speeilied per.son, and not to him or iiis order, it is nevertheless payable to him or his order, at his option. Certain bills valid Imt nut negotiable. Payable to orilor or l)earer. To bearer. To order. Option of payee. 0. The sum payable by a bill is a sum certain within the meaning gun, payable, of this Act, although it is required to be paid — (((.) With interest ; (b.) By stated instalments ; (c.) By stated instalments, with a provision that upon default in payment of any instalment the whole shall become; due ; (cZ.) According to an indicated rate of exchange, or according to a rate of exchange to be ascertaineil as directed by the bill : 2. Where the sum payable isexpre.ssed in words and also in figures, Ue^^en'^'^^ and there is a discrepancy between the two, the sum .) On or at a fixed period after the occurence t)f a .specified event which is certain t(j happen, though the time of happening is un- certain : 2. An instrument expressed to be payable on a contingency is As to contin- not a bill, and the happening of the event does not cure the defect, gencies. 54-55 v., c. 17, s. 1. Vi, Where a l)ill expressed to be payable at a fixed period after Omission of date is issued undated, or where the acceptance of a bill payable at ''a'aij? '"[| siffht or at a fixed period after sight is tindateil, Jiiiy holder may in- date, sort therein the true date of issue or acceptance, and the bill shall be payable accordingly ; 15 ■'..1 ::' il lU As to wrong date. Date prima facii' evidence. Certain dat. ines not to in- validate. Computation of time of payment. Days of grace. Non-juridical ilays. What shall be such. In all Pro- vinces except Quebec. In Quebec. Garland's Bankino and Financial t)mECTORV. Provided that {a) wliero tlie liolder in fjood faith and hy mistako iii.serts a wroiifi; date, and (l>) in every easn where a wronf:^ date is inserted, it' the hill suh.seciuently conies intt) the hands of a holder in duo course, the hill shall not bo voided thereby, but shall operate and be payable as if the date so inserted had been the true date. 54- 55 v., c. 17, s. 2. 13. Where a bill or an acceptance, or any indorsement on a bill, is dated, the date shall, uide.ss Lhe contrary is provL-d, be deemed to be the true date of the drawing, acceptance, or indorsement, as the case may be : 2. A bill is not invalid hy reason only that it is anteihited or postdated, or that it bears date on ii uiiday or other non-juridical 14. Where a liill is not payable on demand, the day on which it falls ill is due and ])ayablo on the last day of grace : Provided that — (I.) Whenever the last day of grace falls on a legal holiday or non-juridieal day in the Province where any such bill is payable, then the day next following, not being a h^gal holiday or non-juridi- cal day in such Province, shall be the last day of grace: 2. In all matters relating to bills of exchange the following and no other shall l)e ob,served as legal holichiys or non-juridical days, that is to say : (a.) In all the Provinces of Canada, except the Province of Quebec — Suiulays ; New Year's Day ; Good Friday ; Easter Monday ; Labor Day, (\st Monday in September) ; Christmas Day ; The birthday (or the day fixed by proclamation for the celebra- tion of the liirthday) of the reigning Sovereign : and if such birth- day is a Sunday, then the following day ; The first day of «)uly (I)omini(m J)ay),and if that day is a Sunday, then the second day of .Itdy as th<^ same holiday : Any day ai)pointed by proclamation for a public holiday, or for a general fast, or a general thanksgiving throughout Canada ; and the day next following New Year's Day and Christmas Day, when those days respectively fall on Sunday; (/>.) And in the Province of Quebec the said days, and also — The Epiphany ; The Ascension ; All Saints' Day ; Conception Day ; Note. — Paraijraph (26) of seclinn seven of The Inlerpretattpn Act is hereby amended by inserting after tlic words " Dominion Day " in (he seventh line, the words " the first Monday of September, to l)e designated ' Labor Day.' ' The Bills of Exchange Act. 115 I (c.) And also, in any of the Provinces of Canada, any day ap- t" every pointed hy proclamation of the LieutiMiant-Oovornor of such Pro- '^'"vince. vinco for a puhlic holiday, or for a fust or thanks^iviiif,' within the same, or being a non-juridical day by virtue of a statute of such Province : (d.) The Annunciation, Corpus Christi and the Festival of St. Peter and St. Paul shall not henceforth be holidays ; and paragraph (26) of section seven of The Interpretation Act, and parav;raph ((>) of section fourteen of the Bills of Exchanf^e Act, rSgo, are herehy amended by striking out thereof the names of the said holidays. !i. Where a bill is paya^)le at siglit, or at a fixed period after date, after siffht, or after the happenini,' of a specilied event, the time of payment is determined l)y exeludin<,' the day from which the time is to begin to run and by including the day of payuKnit: 4. Where a bill is payable at sight or at a fixed period after sight, the time begins to rini from the date of the acee])tanee if the bill is accepted, and from the dat(! of noting or protest if the bill is noted or protestcMl for non-acceptance, or for non-deliveiy : 5. The term " Month" in a bill moans the calendar month : G. Kvery bill which is made payable at a month or months after date becomes due on the same luimbered day of the month in which it is made payable as the da^^ on which it is dated — unless there is no such day in tlu; month in which it is made payable, in wdiich case it becomes due on the last day of that month — with the addition, in all cases, of the days of grace. 5() V., c. 30, s. 1 ; 57-58 V., c. 55, s. 2. |t». The drawer of a bill and any indorser may insert therein the Case of need, name of a person to whom the holder may resort in case of need, that is to say, in case the bill is dishonored by non-acceptance or non-payment. Such person is called the referee in case of need. It is in the option of the holder to resort to the referee in case of need, or not as he thinks fit. Cort.iin holi- days nlinlishcd. k. S. C, c. I and S3 V., c. 33 amended. Days to be computed when time begins to run. When time i)L'gins to run. "Months." Reckoning of time. 10, The drawer of a bill, and any indorser, may insert therein an Optional express stipulation— b^'dr''^'"" o (a) Negativing or limiting his own liability to the holder; indorser.*^' "' (/)) Waiving, tis regards himself, some or all of the holder's duties. 17. The acceptance of a l)ill is the sigiiitication by the drawee of Definition of his assent to the order of the di-awer : acceptance. 2. An acceptance is invalid uidess it complies with the following Requisites of conditions, namely : — acceptance. {a.) It must be written on the bill and be signed by the drawee. The mere signature of the drawee without additional words is suf- ficient ; (/>.) It nnist not express that the drawee will perforin his promise by any other means than the payment of money : 8. Where in a bill the drawee is wrongly designated or his name is misspelt, hu may accept the bill as therein described, tidding, if he thiidcs fit, his prt)per signature, or he may accept by his proper sig- natui'e. 18. A bill may be acce})ted — Time for (a.) Before it has been signed by the drawer, or while otherwise acceptance, incomplete ; . 116 Garland's Banking and Financial Directory. Date, in case of acccplnnce after dis- honor. General and qualified ac- ceptances. Qualified acceptance. Inchoate in- struments. w (b.) When it is ovortliie, or after it has boon dishonored by a pre- vious refusal to accept, <>r by non-payment : 2. When a bill payable (if sifjlil or after sif^ht is dishonored by non-acceptance, and tlie drawee snbstniuently acce]its it, the holder in the absence of any ditt'erent agreement, is entitled to have the bill accepted tus of the date of first presentment to the drawee for accept- ance. 54-55 v., e. 17, «. H. Il>. An acceptance is either (a) pfeneral, or (h) (|ualiKed : a general acceptance assents without qualification to the order of the drawer; a qualified acceptance in express terms varies the effect of the bill aa drawn : 2. In pai'ticular an acceptance is qualified whicli is — (a) Conilitional, that is to say, whifh mukes ))ayment by the ac- ceptor dependent on the fulfilment of a condition therein stated ; but an acceptance to pay at a particular s[)ecified place is not ccm- ditional or qualified. (b.) Partial, that is to say, an accej)tance to pay part only of the amount for which the bill is drawn; (c.) Qualified as to time ; {(l.) The acceptance of some one or more of the drawees, but not of all. ,50. Where a simple signature on a blank paper is delivered by the signer in order that it may be converted into a bill, it operates as a primd facie authority to fill it up as a complete l)ill for any amount, using tlie signattne for tliat of the drawer, or the acceptor, or an indorser ; and in like manner, when a bill is wanting in any material particular, the person in possession of it has a, primd facie authority to fill up the omis.sion in any way he thinks fit : 2. In onler that any such instrument when completed may be en- forceable against any person wdio became a party thereto prior to its completion, it must be tilled up within a reasonable time and strictly in accordance with the authority given ; reasonable time for this pur- pose is a f|uestion of fact : Provided, that if any such instrument, after completion, is ne- gotiated to a holder in due course, it .'hall be valid and ett'ectual for all purposes in his hands, and he may enforce it us if it had been filled up within a reasonable time and strictly in accordance with the authority given. Contract not /SI. Every contract on a bill, whethei- it is the drawer's, the ac- complete until ceptor's or an indorser's, is incomplete and revocable, until delivery of the instrument in order to give efif'ect thereto : Provided, that where an acceptance is written on a bill, and the drawee gives notice to, or according to the directions of, the person entitled to the bill that he has accepted it, the acceptance then be- comes complete and irrevocable : 2. As between immediate parties, and as regards a remote party, other than a holder in due course, the delivery — (a.) In order to be effectual must be made either by or under the authority of the party drawing, accepting or indorsing, as the case may be ; (b) May be shown to have been conditional or for a special pur- pose only, and not for the purpose of transferring the property in the bill; When to be filled up. As to subse- quent holder. delivery Exception Requisites as to delivery. The Bills of Exchange Act. 117 But if the hill i.s in the haiiri-sunie(l. Prima facie evidence. (Jajuicily (vnd Authonty of Parties. *lt*i. Capacity to incui- liahility a^' a party to a hill is co-extensive Capncliy of with capacity to contract: '""^ ^^^' Provided, that nothing' in this section shall enahle a corporation to As to corpora- make itself liahle as drawer, accejHor or indorser of a hill, unless it is """'*■ competent to it so to do under the law for the time \m\\(t in force relatin.) The siirnature of the name of a hrin is e(|uivalei)t to the sif^na- ture hy tlu; person so signing of the names of all perscais liahle as partners in that firm, ' exceptions. 34. Subject to the provisions of this Act, where a signature on a hill is forged or phiced thereon without the authority of the person whose signature it })ui'ports to he, the forged or unauthorized signa- ture is wliolly inoperative, and no right to retain the hill or to give a dischai'ge therefor or to enforce payment thereof against any party thereto can he acquired through or under that signature, unless the party against whom it is .sought to retain or enforce paj'uient of the hill is precluded from .setting up the forgery or want of authority : Provided, that nothing in this section shall effect the ratification of an unuuthoi-ized signature not amounting to a forgery : And pro- vided also, that if a chotpK', payahh; to order, is paid hy the drawee upon a forged indorsement out of the fumls of the drawer, or is so paid and charged to his account, the drawcn- shall have no right of action against tlu; drawee fVjr the n^covery hack of the amount so paid, or no defc^nce to any claim made hy the drawee for the amount so paid, as the case mn^^ he, uido.ss he gives notice in' writing of such forgery to the drawee within one year after \w. has ac(|uired notice of such forgery; and in case of failure hy the drawer to give such notice within the .said period, such che(pie shall he held to have been paid in due course as respects every otlier party thereto or named therein, who has not previously instituted proceedings for the protec- tion of his rights. "2. If the drmvee of a chiuiue bearing forged indorsement pavs the amount thereof to a siif>se(/iient indorser, or to ti,c hrare>' iiiereof he shall have all the rights of a holder in due course for the re overy back of the amount so paid from afiy indorser who has indorsed the same subsequent to the forged indorsement, as ivell as his legal recourse against the bearer thereof as a transferrer by delivery; Forged or un- authorized, signature. Proviso. Provi.so : as to payment on forged in- dorsement. Provisions as to forged in- dorsements. 118 1i n- w Procuration signatures. Person sinn- ing as agent or in repre- sentative ca- pacity. Rule for de- terinination signature. Garland's Banking and Financial Directory. and any inJorser who has made such paymenf shill have the like rij^hts and recourse ai^dins/ any antect'dent indorser suf>sei/uent to the fori^ed indorse/nenf, the whole, hoivtver, suhjcct to the provisions and limitations contained in the last preceding sub-sect ion," 'i7i, A si^^niitiiro liy procuration operates iis notice tl)at tlio aon a usurious contract : 4. Kvery hill or note the consideration of which consiats, in whole or in part, of the purchase* money of a patent right, ov of a partial interest, limit(Ml geographically or otherwise, in a patent 'Iffht, shall have written or printed prominently and legihly acro.'i^ ' > face thereof, hefore the same is issued, the words "given fi" patent right ;" and without such words tluu'eon such instrumn 1 any renewal thereof shall he void, except in the hands of a holder in due course without notice of such consideration: 5. 'I'he indorsee or other transferee of any such instrument having the words aforesaid sc printed or written thereon, shall take the same subject to any defence or set-off in respect of the whole or any part thereof which would have e.xisted hetween the original parties: 6. Every one who i3,sues, .sells or transfers, hy indorsement or de- livery, any such instrument not having the words " given for a patent right" printed oi" written in mann(!r aforesaid across the face thereof, knowing the consideration of such instrument to have con- sisted, in whole or in part, of the purchase money of a ])atent right, or of a partial interest, limit(Ml geogra])hically or otherwise, in a ])atent right, is guilty of a misdemeanor, and liahle to imprisonment for any term not exceeding one year, or to such Hue, not exceeding two hundred dollars, as the court thinks Ht. Negotiation of HilU. :t|. A hill is negotiated when it is transferred from one person to N<"«otiation of another in such a maimer as to constitute the transferee the holder " ''" of the hill : 2. A hill payalde to heai'or is negotiated hy delivery : To Iwarer. 3. A bill payable to order is negotiated by the indorsement of the To order, holder completed l)y delivery : 4. Where the holder of a hill payable to his order transfers it for Wiihoiu in- value without indorsing it, the transfer gives the transferee such ''"''^^^'e"'- title as the transferrer had in the bill, and the transferee in addition acquires the right to have the indorsement of the transferrer : Usiirimis con- siileralion. Consiileration ronsislinj; nf |niri"hasc iiiiinoy of patcnl rit;lil. I.ial>ilily of Iransferce. Penalty. "I 1 I (I t I m Personal lia- bility may be avoided. Re'juisiles of a valid indor- sement. Misspelling. Order of in- dorsement. Special in- dorsement. Conditional indorsement. Indorsement in blank. Special in- dorsement. Application of Act to in- dorsee. Conversion of blank i.ulor- sement. Restrictive indorsement. Right of in- dorsee there- under. Garland's Banking and Financial [Directory. 5. Where any person is uiulor oUligatiun to inflorse a bill in a re- presentative capacity, lie may indorse the bill in such terms as to negative personal liability. ll'Z. An indorsement in order to operate as a negotiation must comply with the following conditions, namely : — (a.) It must be written on the bill itself and be signed by the in- dorser. The simple signature of the indorser on the bill, without additional words, is sutTieiont ; An indorsement written on an allonge, or on a " copy " of a bill i.ssued or negotiated in a country where " copies " are recognized, is deemed to be written on the bill itsf^f ; {b.} It must be an indorsemer' ,f the entire bill. A partial in- ilorsoment, that is to say, Jin inu,. jment which pur()orts to transfer to the indorsee a part oidy of the amount jiayable, or which purports to transfer the bill to two or more indorsees .severally, does not operate as a negotiation of the bill ; (c.) Where a bill is payable to the order of two or more payees or indorsees who are not partners, all must indorse, unless the one in- dorsing has authority to indorse for the others: "?,. Where, in a bill paytible to order, the payee or indorsee is wrongly designated, or his name is misspelt, he may indorse the bill as therein described, adding his proper signature ; or he may indorse by his own proper signtiture : 3. Where there are two or more indorsements on a bill, each in- indorsement is deemed to have been made in the order in which it appears on the bill, until the contrary is proved: 4. An indorsement mtiy be made in blank or special. It may also contain terms making it restrictive. llli, Wliere a bill purports to be indorsed conditionally, the con- dition may be disregarded by the payer, and paynnmt to the indorsee is valid, whether the condition has been fulfilled or not. 34. An indorsement in blank specifies no indorsee, and a bill so indorsed becomes payable to bearer : 2 A special indor,sdment specifies the person to whom, or to whose order, the bill is to be nayable : 3. The provisions of this Act relating to a payee apply, with the necessary modifications, to an indorsee under a special indorsement : 4. Where a bill has been indorsed in blank, any holder may con- vert the blank indorsement into a special indorsement by writing above the indorser's signature a direction to pay the Vtill to or to the order of himself or some other penson. !ti>. An indorsement is restrictive which proliibits the further negotiation of the bill, or which expresses that it is a mere authority to tleal with the bill as thereby directed, and not a transfer of the ownership thereof, as, for example, if a bill is indorsed " Pay D only," or " Pay U for the account of X," or " Pay D, or order, for collec- tion :" 2. A restrictive indorsement gives the indorsee the right to re- ceive pa^nnent of the bill and to .sue any imrty thereto that his indorser could have sued, Init gives him no power to transfer his rights as in- dorsee unless it expressly authorizes him to do so : The Bills of Exchange Act. 121 3. Where a restrictive indorKement authorizes further transfer, all If further subsequent indorsees tak-(! the hill with the same ri^dits and subject Jiu'/hodzecl. to the same liabilities us the first indorsee under the restrictive in- dorsement : J80. Where a Inll is nen^otiable in its orifjin, it continues to be ne- jrotiable until it has been (a) restrictively indorsed, or (/*) discharged by \)aynient or otherwise : 2. Where an overdue i>ill is nci^'otiatcMl, it can bo negotiated only subject to any dd'cct of title aHt'cting it at its maturity, and thence- forward no person who taki's it can actjuire or give a better title than that wfiich had the person from whom he took it: 3. A bill ])ayalilu on demand is deemed to be overdue within the meaning and for the purposes of this section, when it appears on the face of it to have been in circulation for an unreasonable length of time ; what is an um'easonable length of time t\)r this purpose is a question of fact : 4. Except where an indorsement bears date after the maturity of the bill, every negotiation is prinid facie deemed to have been ef- fected before tin liill vvns ov(>rdue : 5. Where a bill which is not overdue lias been dishonored, any person who takes it with notice of the dishonor takes it subject to any defect of title attaching thereto at the time of dishonor ; but nothing in this sub-section shall effect the rights of a holder in due course. When nego- ti.il>U- l)ills cease to be so. Noj^olialion of overdue Mil. When l)ill (Iceiiied over- (hie. Presumption as to negotia- tion. Taking bill subsequent to dishonor. 31. Where a bill is negotiated back to the c'rawer, or to a prior Negotiation of indor.sor, or to tiie acceptor, such party may, subject t() the provisions '','",''] 'T'm of this Act, re-issue and further negt)tiate the liili, l)ut he is not en- ["hereon. '" "^ titled ti) enforc(! the payment of the bill against any intervening party to whom he was previously liable. liH. The rights and ])owersof the holder of a bill are as follows: — Uighisofthe {(.I.) He may sue on the bill in his own name; holder. {!).) Whei-e he is a holder in due cour.se, he holds the lull free from anj' ilefect of title of prior jiarties, as well as from mere personal defences availalde to prior parties among them.selves, and may en- force payment against all parties liable on the bill ; (r.) Wliei'e his title is defective, ( 1) if he negotiates the bill to a holder in du(! course, that lu-lder obtains a good and complete title to the bill, ami (2) if he obtains ])aymeiit of the bill the' person who pays him in due course gets a valid discharge for the bill. General D lit iex of the J folder. lil}. Where a bill is payable at sight or after sight, presentment for acceptance is neces.sary in order to lix the maturity of the in.stru- ment: 2. Wiiere a bill expressly stipulates that it shall be presented for accejitance, or where a bill is drawn payal)le elsewhere than at the residence or place of business of the drawee, it must be presented for acceptance before it can lie presented for payment: 3. In noiithercase is presentment for acceptance necessary in order to render lialile any party to the bill : i6 -• ■ . • ■ " • ^- " •' When pre- sentment for acceptance is necessary. Express stipu- lation as to presentment. No present- ment in any otiier case. h' i 1 III 122 Necessary de- lay for pre- sentment. Time for pre- senting bill payable after sight. If not presen- ted. As to reason- able time. Rules as to presentment for accept- ance. Excuses for non-present- ment. When there is no excuse. Garland's Banking and Financial t)iRECTORY. 4. Where the lioUler of a bill.ch'iiwn payable elsewhere than at the place of business or residence of tlie drawee, has not time, with the exercise of reasonable dilijfence, to present the bill for acceptance be- fore presentiiifif it for payment on tlie day that it falls due, the delay caused by presenting the bill for acceptance before presenting it foi' payment is excused, and does not discharge the drawer and indorsers. 40. Subject to the provisions of this Act, when a bill payalile at su/lit or after sight is negotiated, the holder must either present it for acceptance or negotiate it within a retisonable time : 2. If he does not do so, the drawer and all indorsers prior to that holder are discharged : 8. In determining what is a retisonable time within the meaning of this section, regard shall lie had to the nature of the bill, the usnge of trade with I'espect to similar bills, and the facts of the particular case. 54-55 V., c. 17, s. 5. 41. A bill is duly presented for acceptance which is presented in accordance with the following rules: (.) Where a bill is addressed to two or more drawees, who are not partners, presentment must be maile to them all, unless one has authority to accept for all, when presentment may be made to him only ; (c.) Where the drawee is dead, presentment may be made to his personal representative ; {(i.) Where authorized by agreement r, given to e.ach of them, unless one of them has authority to receive such notice foi- the othei's ; (/'.) The notice may be given as soon as the bill is dishonored, and nuist be given not later than the next following juridical or business day: 2. Where a liill, when dishonoreil, is in the hands of an agent, he may either himself give notice to the parties liable on the Ijill, or he may give notice to his piincipal : if he gives notice to his principal, he must do so within the same tinu' as if he were the holder, and the |)rin('ipa,l, ujion receipt of such notice, has himself the same time for giving notice as if the agent had been an independent holder : 3. Where a party to a bill receives due notice of dishonor, he has, after the receipt of such notice, the same period of time for giving notice to antecedent ))aities that tlie holder has after the dishonor : 4. Notice of the protest or dishonor of any bill payable in Canada shall, notwiLiistanding anything in this section contained, be suffi- ciently given if it is addressed in due time to any party to such bill entitled to such notice, at his customary address or place of residence Rules aR to notice of dis- honor. If (lislionored hill is in hands of an .agent. Notice to an- tecedent par- ties. When notice shall be given. 126 Garland's Banking and Financial Directory. Miscarriage in post service. Excuses for nonnolice and (lel.iy. When nolice is (iispensed with. or at the place at which such bill is dated, unless any .such party has, under Ills signature, desifrimted another place ; and in such latter C!ise such notice shall be suffirifiitly given if addressed to him in due time at such other place; and such notice so addressed shall be sufficient, although the place of residence of .such party is other than either of such above-mcnitioned places ; and such notice shall bo deemed to have been duly served and given for all purposes if it is deposited in any post office, with the postage paid thereon, at anjj^ time during the day on which such protest or presentment has been made, or on the next following juridical or business day ; such notice sliall not be invalid by reason of the fact that the party to whom it is addressed is dead : 5. Where a notice of dishonor is duly addressed and posted, as above provided, the sender is deemed to have given due notice of dishonor, notwithstanding any mi.scarriage by the post office. 50, Delay in giving notice of dishonor is excused where the de- lay is caused by circumstances beyond the control of the party giving notice, and not imputal)le to his default, misconduct or negligence : when the cau.se of delay ceases to operate the notice must be given with reasonable diligence : 2. Notice of dishonor is dispensed with — (a.) When after the exercise of reasonable diligence, notice as re- (piired by this Act cainiot be given to or does not reach the drawer or indorser sought to be charged ; (b.) By waiver express or implied : notice of dishonor may be waived before the time of giving notice has arrived, or after the omission to give due notice : (f.) As regards the drawer in the following ca,ses, namely, (1) where drawer and drawee are the same ])erson, (2) where the drawee is a fictitious person or a person not ha\iiig capacity to contract, (3) where the drawer is the person to whom the bill is presented for payment, (4) where the drawee or acceptor is, as between himself and the drawei', under no obligation to accept or pay the bill, (5) where the drawer has countermanded payment ; (d.) As regards the indorser, in the following ca.ses, namely, (1) where the drawee is a fictitious person, or a person not having capa- city to contract, and the indorser was aware of the fact at the time he indorseil the bill, (2) where the indcn-.ser is the per,son to whom the bill is presentetl for payment, (3) where the bill was accepted or made for his acconunodation. Noting or pro- test of bill. f 1 HI r SI. Where an inland bill has been dishonored it may, if the holder thitd The acceptor of a l)ill, l)y accepting it — (a.) Engages that he will pay it according to the tenor of his acceptance ; {b.) Is precluded from denying to a holder in due course — (1.) The existence of the drawer, the genuineness of his signature, and his capacity and authority to draw the bill ; (2.) In the case of a bill payable to drawer's order, the then capacity of the drawer to indorse, but not the genuineness or validity of his indorsement ; (3.) In the case of a bill jiayable to the order of a third person, the existence of the payee and his then capticity to indorse, but not the genuineness or validity of his iiulorsement. 55> The drawer of a bill, by drawing it — (((.) Engages that on due presentment it shall be accepted and paid according to its tenor, and that if it is dishonored he will compensate the holder or any indorser who is cduipellcd to pay it, provided that the requisite proceedings on dishonor are didy taken ; (6.) Is precluded from denying to a holder in due course the ex- istence of the j)ayee and his then capacity U) indorse: 2. The indorser of a bill, by indorsing it — (a.) Engages that on due presentment it shall be accepted and paid according to its tenor, tind that if it is dishonored he will cill is dishonored, the measure of diuria^uB which Measure of shall he deemed to ho li(Hlithited daini^^'es, shall he as folhnvs:— aKainst^uatties (ft.) The holiler may recover from any party liahje on the bill, the to dishonored drawer who lias been compelled to pay the bill may recover fnmi Wll. the acceptor, and an indorser who has l)ecn compelled to pay the bill may recover from the acceptor or IVom the drawer, or from a prior indorser — (1.) The amount of the bill ; (2.) Interest thereon from tht; time of presentment for payment, if the bill is payable on demand, and from the maturity of the bill in any t)ther case ; (3.) The cKpenses of noting and pi'otest ; (b.) In the case of a bill which has l)een dishonored abroad, in addition to the above (hunarres, the holder may recover from the drawer or ai\y indorser, and the drawer or an indorser who has been compelled to pay the bill may recover from any party liable to him, the amount of the re-exchange with interest thereon until the time of payment. 58. Where the holder of a bill payable to bearer negotiates it by Transferrer delivery without indorsing it, he is called a " transferrer by delivery : " 2. A transferrer by delivery is not liable on the instrument : Liability. 3. A transferrer by delivery who negotiates a bill thereby war- Warranty, rants to his inniiediate transferee, being a hoklcr for value, that the bill is what it purports to l)e, that he has a right to transfer it, and that at the time of transfer he is not aware of any fact which renders it valueless. Discharge of Bill. payment. Taynienl in due course. Payment by drawer or in- dorser ; its effect. 5!>. A bill is discharged by payment in due course by or on behalf Discharge by of the drawee or acce[)tor : " Payment in due cour.se " means jmyment made at or after the maturity of the bill to the holdor thereof in good faith ami without notice that his title to the bill is defective : 2. Subject to the provisions hereinafter contained, when a bill is paid by the drawer or an indorse)', it is not discharged ; but — (((.) Where a bill payable to, or to the order of, a third party is paid by the. drawer, the drawer may enforce payment thereof against the acceptor, but may not re-issue the bill ; (?>) Where a bill is ptiid by an indorser, or where a bill payable to drawer's order is paid by the drawer, the party paying it is re- mitted to his former rights as regards the acceptor or antecedent parties, ;ind he may, if he thinks tit, strike out his own and sulj- sequent indorsements, and again negotiate the bill : 8. Where an acconunodation bill is paid in due course by the party accommodated, the bill is discharged. Accommoda- tion bill. 00. When the acceptor of a bill is or becomes the holder of it at ^'^j'^fP'"' '^^ or after its maturity, in his own right the bill is discharged. holder at ma- turity. 61. When the holder of a bill at or after its maturity absolutely Express and unconditionally renounces his rights against the acceptor, the waiver, bill is dischargetl : the renunciation must be in writing, unless the bill is delivered up to the acceptor : 17 130 Garland's Banking and Financial DirectokV. The same. 2. Tlio liabilitioH of any party to a l»ill inay in like niainicr l>e re- nounced l)y the holder lieioro, at or after its maturity ; Imt nothing in this secti(ni hIuiII afiect the lights of a holder in due course with- out notice of renunciation. i! CancelKilion of bill. Of any signa- ture. Erroneous cancoll.ition. Atterntion of bill. Proviso. Wh.il .ire ni.i- tcrial allera- tiuns. iVi, Where a hill is intentionally cancelled hy the holder or his agent, and the cancellation is apparent thereon, the hill is dischai'ged : 2. In like manner, any party liahle on a hill may lie discharged hy the intentional cancellation of his signature; hy tin; holder or his agent. In such case, any indorser who would have had a light of recourse against the party whose signatuie is cancelled is also dis- chargetl ; 3. A cancellation made unintentionally, or under a mistake, or without the authority of the holder, is inoperative; hut where a hill or any signature thereon apjx'ars to have heen cancelled, tlu; hiu'den of proof lies on the party who alleges that the cancellation was made unintentionally, or under a mistake, or without authority. ail. Where a bill or acceptance is materially altered without the assent of all parties liahle on the hill, the hill is voide duplicnii' of lost bill. If refused. Action un lost bill. As to bills in sets. If indorsed to different per- sons. If negotiated to difftrcnt holders. Acceptance. If more than one part is ac- cepted. Payment without deli- very of jiroper part. Discharge. Garland's Banking and Financial Diuectouy. Lost InstrumenU. 08, Wli(!rc a hill has Iummi lost lict'ofo it isovcrdtic, tho person who was holder of it may iipjily to tlm drawer to {,'iv() him aiiotlior hill of tho same tenor, f^iviiii,' security to the drawer, if rfM|uired, to indem- nify him against all persons whatever in cuho tho bill alle^otl to have been lost shall he found a;,'ain : 2. If the drawer, on recpiest as aforesaid, refuses to ^ive such duplicate bill, he may he conii)elled to do so. 69. In any action or ; linff upon a hill, the court or a judge may order that the loss .le instruiiK^nt shall not be set up, pro- vided an indemnity is givtn to the satisfaction of the court or judge against the claims of any other person upon the instrument in tjues- tion. Bill in a Set. TO. Where a bill is drawn in a set, each part of the set being num- bered, and containing a reference to the other parts, the whole of the parts constitute one bill : 2. Where the holder of a set indorses two or more parts todifteront persons, he is liable on every such part, and every indorser subse- quent to him is liable on tho part he has himself indorsed as if the said parts were separate bills: 3. Where two or more parts of a set are negotiated to 'KV""'"'' tli'TtMtf he troatcsd as valid as hctwet-n all persons who negotiate, liolil or lieconiu pai'ties to it in Canada ; (6.) Sutijiirt to tht^ pnivisions of this Act, tln> interpretation of the drawin ', indorsement, aeeeptanct!, or accei)tuMoe supra protest of a hill, is dotern\ined hy the law of the i)laco where such contract is made : Provided, that where an inland bill is inre a bill is drawn in one country and is payable in another, the flue dat(! thereof is deterined according to the law of the place where it is payable. (/.) If a bill or note, presented for acceptance, or payable out of Canaila, is protested for non-acceptance or non-payment, a notarial copy of the prot(!st and of the notice of dishonor, and a notarial cer- tificate of the service of such notice, shall be received in all courts, as privm fdc/ie evidence of such protest, notice and service. Drawint; in- ''"^'"'- him and the bank, to have the cheque paid, and suffers actual damage throtigli the delay, he is dischtirged to the extent of such damage, that is to say, to the extent to which such drawer or person is a creditor of such bank to a larger amount than he would have been had such cheipie been paid ; (/)) In determining what is a reasonable time, regard shall be had to the nature of the instrument, the usage of trade and of banks, j:^nd the facts of the particular case ; WU?f >.' ! I fl iil 134 Garland's Banking and Financial Directort. (c.) The holder of such cheque, as to which such drawer or person is discharf^ed, shall be a creditor, in lieu of such drawer or person, of such hank to the extent of such discharge, and entitled to recover the amount from it. Rovocaiion of 14. Tlie duty and authority of a bank to pay a cheque drawn on bank's author- it by its customer are terminated by — "y* (a.) Countermand of payment ; (7),) Notice of the customer's death. General cross- ing defined. Special cross- ing. Crossing by drawer or after issue. General or special, May be varied. Words may be added. Re- crossing for collection. Crossing l)y bank. Uncrossing crossed cheque Crossed Cheques. 15. Where a cheque bears aci'oss its face an addition of — (a.) The word " liank " between two parallel transverse lines, either with or without tlie words " not negotiable ;" or — (' ) Two parallel transverse lines simply, either with or without the words " not negotiable ;" Tiiat addition constitutes a crossing, and the chetjue is crossed ganei'ally : 2. Where a checiue bears across its face an addition of the name of a bank, either with or without the words " not negotiable," tliat addition constitutes a crossing, and the cheque is cro,ssed specially and to than bank. IC. A cheque may be crossed generally or specially by the drawer : 2. AVhere a ciieque is uncrossed, the holder may cross it generally or specially : 3. Where a cheque i.s crossed generally, the holder may cross it specially : 4. Where a cheque is crossed generally or specially, the holder may add the words ' not negotiable : " 5. Where a cheque is cro.sscd specially the bank to which it is crossed may again cioss it specially, to another bank for collection : 6. Where an uncrossed cheque, or ii cheque crossed generally, is sent to a l)ank for collection, it maj' cross it specially to itself : 7. A crossed chetiue ntay ho reopened or uncrossed by the drawer writing between the transverse lines, and initialling the same, the the words " pay cash." Crossing IS a ly^^ A cro.ssing authorized by this Act is a material part of the of'chemio!'"^ clicque ; it sliall not be lawful for any person to obliterate or, except as authorized by this Act, to add to or alter the crossing. Duties of bank as to crossed cheques. Lialiilily fur iuqiroper i>.iy- inent. IS. Where a che(|ue is cro.ssed specially to more than one bank, except when crossed to another bank as agent for collection, the bank on which it is t ac- crue. had (I crossing which has l)een obliterated, or to have been added to When liability or altered otherwise than as authorized by this Act, tlie bank pay- ing the cho(jue in good faith ami without negligence shall not be responsible or incur any liability, nor shall tlie payment be ques- tioned by reason of the checjue having been crossed, or of the cross- ing having been obliterated or having been added to or altered otherwise than as authorized by this Act, and of payment having been made otherwise than to a bank or to the bank to which the cheque is or was crossed, or to the bank acting as its agent for collection, as the case may be. T9. Where the bank, on which a crossed cheijue is drawn, in good iVotcction to faith and without negligence pays it, if crossed generally, to a bank, ,irawc'r"where or, if crossed specially, to the bank to which it is crossed, or to a cheque is batdv acting as its agent for collection, the bank paying tlie cheque, crossed. and if the cheque has come into the hands of the payee, the drawei", shall respectively l»e entitled to the same rights and be placed in the same position as if payment of the cheque had been made to the true owner thereof. 80, Where a person takes a crossed cheiiue which bears on it the Eflect of cross- words "not nogotiable," he shall not have and shall not be capable of '"S °" ° '<=■■• giving a better title to the cheque than that which had the person from whom he took it. 81. Where a bank, in good faith and without negligence, receives I'f"fection to for a customer payment of a clieiiue crossed generally or specially to bank?'"*^ itself, and the customer has no title, or a defective title thereto, the baidv shall not incur any liability to the true owner of the cheque by reason only of having received such payment. PART IV. I'HOMISSOUY NOTES, 88. A promissory note is an unconditional promise in writing made by one person to another, signed by the maker, engaging to pay, on demand or at a fixed or determinable future time, a sum cer- tain in nnniey, to, or to the order of, a specified person, or to bearer : 2. An instrument in the form of a note payable to maker's order is not a note within the meaning of this section, unless and until it is indorsed l)y the maker : 3. A note is not invalid by rea.son only that it contains also a pledge of collateral security with authority to sell or dispose thereof: 4. A note which is, or on the face of it purports to be, both made and payable within Canada, is an inland uotn : any other note is a foreign note. I'romissory note defined. Indorsement l>y maker. Collateral pledge docs not invalidate. Inland and foreign. 83. A promissory note is inchoate and incomplete until deliverv t^ .• thereof to the payee or bearer. ^ JJssa'r^ "'" £«,•.■;■ - ■ I 1^6 Joint and several notes. As to number. Note p.iyablo on (Icnianil. Reasonable time. Defects with- out notice. Preseniinent of note for payment. Liability. Place for pre- sentment. Liability of maker. Application of part II to notes. Correspond- ing terms. What provi- sions y the omission to present the note for payment on the day that it matures. But if any -suit or action is instituted thereon against him before presentation, the costs there- of shall be in the discretion of the court. If no place of payment is specified in the body of the note, presentment for payment is not necessary in order to render the maker liable : 2. Presentment for ptiyment is necessary in order I > render the indorser of a note liable : 3. W^here a note is in the body of it made payable at a particular place, presentment at that place is necessary in order to render an indorser liable; but when a place of payment is indicated by way of memorandum only, presentment at that place is sufficient to render the indorser lialile, but a presontment to the maker elsewhere, if sufficient in other respects, .sliiill also suffice. 87. 'I'he maker of a promissor}'^ note, by making it — (a.) Engages that he will |)ny it according to its tenor ; (/'.) Is precludeil frotn denying to a holder in due course the ex- istence of the payee and his then capacity to indorse. 88, Subject to the provisions in this part, and except as by this section provided, the provisions of this Act relating to bills of ex- change apply, with the neces.sary modifications, to promis.sory notes : 2. In applying those provisions the maker of a note shall be deemed to correspond with the acceptor of a bill, and the first in- dorser of a note shall be deemed to correspond with the drawer of an accepted bill payable to drawer's order : 8. The following provisions as to bills do not apply to notes, namely, provisions relating to — {(I.) Presentment for acceptance ; (6.) Acceptance ; I'he Bills of Exchange Act. W (c.) Acceptance suj)ra protest ; {(I.) Bills in a sot: 4. Where a foreign note is dishonored, protest tliereof is unneces- As to foreign sary, except for the preservation of the liabilities of indorsers. note. PART V. SUPPLEMENTARY. HJ>. A thing is deemed to be done in good faith within the mean- q^^j (^■^^^^. ing of this Act, where it is in fact done honestly whether it is done negligently or not. 90. ^Vhere, by this Act, any instrument or writing is re(|uired to .Signature. be sig ed b}'^ any person, it is not necessary tiiut lie should sign it with hi.s own liand, but it is sufficient if his signature is written thereon by some other jjerson by or under his authority: 2. In the case of a corpcjration, where, by this Act, any instrument Astocorpora- or writing is recjuired to be signed, it is sufficient if the instrument or tions. writing is duly sealed with the corporate seal ; but nothing in this section shall be construed as recjuiring the bill or note of a corpora- tion to be under seal. 91. Where, by this Act, the time limited for doing any act or Computation thing is less than three tlays, in reckoning time, non-business days "ft''"e- are excluded : " non-business days," for the purposes of this Act, nu m the days mentioned in the fourteenth section of this Act ; any other day is a business day. 93. For the purposes of this Act, where a bill or note is required when noting to be protested within a specified time or before some further pro- 's equivalent ceeding is taken, it is sufficient that the bill or note has been noted '" P'o'tst. for protest before the expiration of the speciiied time or the taking of the proc(!eding ; and the formal protest may be exteniled at any time thereafter as of the date of the noting. 9I{. Where a dishonored bill is authorized or requireil to be ])r(j- Protest when tested, and the services of a notary cannot be obtained at the place notary >» not wheie the bill is dishonored, any justice of the peace resident in the "'^""^''"^• place mayprost'nt and jirotest such bill and give all neces.sary notices, and shall have all the nece.s.sary puwers of a notary in respect thereto: 2. The expense of noting and protesting any bill or note, and the Expenses, postages thereby incurred, shall be alloweil and ])aid to the holder in addition to any interest thereon : 3. Notaries may charge the fees in each Province heretofore allowed Fees charge- them : aWe. 4. The forms in the first schedule to this Act maybe u.sed in noting Forms, or protesting any bill or note and in giving notice thereof. A copy of the bill or nott; and indor.sement may be included in the forms, or the original bill or note may lie annexed and the necessary changes in that behalf made in the forms : t8 1*1 Ids Oakland's Banking and Financial DiuectokV. Ill Evidence of 5, A protest of any bill or note, and any copy thereof as copied by preseniaiion, ^.j^^ notary or jn.stice (jf the peace, shall, in any action l)e pi'ima facie notice. evidence of presentation and dishonor, an answered: << » Wherefore I, the aaid notary, at the request aforesaid, have pro- tested, and by these presents do protest ajifainst the promisor and indorsers of the said note, and all other parties thereto or therein concerned, for all costs, (bimafjos and interest, present and to come for want of payment of the said note. All of which I attest by my signature. (Protested in duplicate.) A. B., , Notary Public. Form F. PROTESTED, PROTEST FOR NON-PAYMENT OF A NOTE PAYABLE AT A STATED PLACE. (Copy of Note and Indorsementfi.) On this day , in the year 18 , I, A.B., notary public for the Province of , dwelling at , in the Province of , at the request of , did exhibit the original promissory note, whereof a true copy is above written, unto the promisor, at , being the stated place whore the said note is payable, and there, speaking to flid demand payment of the said note, unto wiiich demand he answered : " Wherefore I, the said notary, at the request aforesaid, have pro- tested, and by these presents do protest against the promisor and indorsers of the said note, and all other parties thereto or therein concerned, for all costs, damages and interest, present and to come, for want of pa^^nent of the said note. All which 1 attest by my signature. (Protested in duplicate.) A. B., Notary Public. Form G. ENERALLY. ; servant, &c.) NOTARIAL NOTICE OF A NOTING OR OF A PROTEST FOR NON-ACCEPT- ANCE, OR OF A PROTEST FOR NON-PAYMENT OF A HILL. {Place and date of Noting or of Protest.) 1st. To P. Q. {the drawer.) at Sir, Your bill of exchange for S , dated at the , upon E F., in favor of C. D., payable after | M ^ ' i was this day, at the reouest of days duly (II ft 111 142 Garland's Banking and Financial Diuectokv. ( '"''^f f I 1 l>y me for I »on-acceptance. | I protested j "^ I non-payment. J A. B., Notary Public, (Place and date of Noting or of Protest.) 2ncl. To C. D. (indorser), {or F. G.) at Sir, Mr. P. Q.'s bill of exchange for $ . , dated at , the , upon E. F., in your favor {or in favor of C. D.,) payable days after i \ l ' \ and by yon indorsed, was this day, at the request of duly { JJ^^^J^^t^,, } by me for | "«»-'^cc«Pt'^"/^«- I •^ I non-payment. J A. B., Notary Public. i ! To Form H. notarial notice of protest for non-payment of a note. {Place and date of Protest.) at Mr. P. Q.'s promissory note for $ , dated at , r days 1 the payable \ months ;- after date to i v, *y \ or order, Sir, on- J anil indorsed by you, was this day, at the request of protested by me for non-payment. A. B., Notary Public. Form I. NOTARIAL SERVICE OF NOTICE OF A PROTEST FOR NON-ACCEPTANCE OR NON-PAYMENT OF A RILL, OR OF NON-PAYMENT OF A NOTE {to be 8id)joined to the Protest). And afterwards, I, the aforesaid protesting notary public, tlid serve due notice, in the form prescribed by law, of the foregtung [)rotest foj. ( non-acceptance ) p .i ( bill ) ., i i. a i f PQ-, ) \ ^ , > ot tile , , \ thereby protested upon i /-. ^ ^ (non-payment J ( notej •' ' ^ vO.D.,) **^'' ( indoi'sersj P*^'''^onally, on the day of {or, at his The biLLs OF ExcHANfjE Act. 143 residonco, office, or usual place of business) in , (jn the (lay of ; (or, liy depositiuf^ such notice, directed to the said , ^,V1' at , in Her Majesty's post office in on the day of , and prepayinff the postage thereon) In testimony whereof, I have, on the last mentioned day ami year, at aforesaid, signed these presents. A. B., Notari) Public. Form J. PROTEST HV A JUSTICE OK TlfE PEACE ^WIIERE THERE IS NO NOTARY) FOR NON-ACCEITANCE OF A MUA. OR NON-I'AYMENT OF A HILL OR NOTE. {Copy of Hill or Note and Indorsements) On this day of , in the year IS , I, N. ()., one of Her Majesty's justices of the peace for the district (or county, &c.) of , in the Province of , dwelling at (or near) the village of , in the .said district, there being no practis- ing notary public at or near the said village (or any other legal cause), did, at the recjuest of and in the presence of well known unto me, exhibit the original I , \ whereof a true copy is above written unto P. Q., the I drawer \ 1 acceptor }- thereof, personally (or at his residence, office or usual I pre promisor place of business) in , and speaking to himself (his wife, his clerk or his servant, &c.), did demand I "^"^ '^'' '^" ^ i thereof, unto ' Ipayment j ' which dcmnad I , j answered : " ". Wherefore 1, the said justice of the peace, at the request aforesaid, have protested, and by these ])resents do protest against the [drawer and indorsers \ ] ']] \ - promisor and indorsers -of the said '^, [and all other par- [accept(M-, drawer and indorsers) ^ ties thereto and therein concerned, for all exchange, re-exchange, and all costs, damages and interest, present and to come, for want of racceptarice | ^^ ^^^ jbill. j \ payment j Inote.j All which is by these presents attested by the signature of the said {the ivitness) and by my liand and seal. (Protested in duplicate.) (Signature of the ivitness.) (Signature and seal oj the J. P.) l-^ 144 Oakland's t^ANKiNo anp t'^iNANctAL t)mEoTonV. Ill .. i 1 I ^ 1 i SECOND SCHEDULE. ENACTMENTS REPEALED. Province and Chapter. Title of Act and extent of Repeal. Dominion of Canada : Chap. 123, Keviscd StnUilcs .... An Act rospoctin^; Hills of Exchange and Promissory Notes— The wliole Act. Province of Quebec ; Civil Code of Lower Canada Articles 2,279 lo 2,354, both inclusive [*]. Nova Scotia : • Revised Statutes, third series, chap. 82 " Of Bills of Exchange and Promissory Notes." Sec- tion 2. The other sections of this chapter have been heretofore repealed. New Brunswick : Revised Statutes, chap. 1 16 " Of Bills, Notes and Choses in Action." Section 2. The other sections of this chapter have been here- tofore repealed. 10 Vict 1867. chan. XA. An Act to amend chap. 116 of the Revised Statutes, " Of Bills, Notes and Choses in Action ; " also Act I2th Victoria, chapter 39, relating thereto. Sec- tion I. ['Except in sn far as such articles, or any of them, relate to evidence in regard to bills of exchange, cheques and promissory notes.) U' I * MXPhANATUKV NOTKS ON INSlIUAiNcMO LK(i ISLATION liV TlllO Si;i'l':UlNTi:.NJ)IONT OF liNSlJilANCK. I lo bills of exchange, TIk' f()lli)\viiig Acts R'liiting to insiiraiuv coniiJaiiifs were passed iiy the noiniiiioii I'arlianioiu in the session of i.Si^.j, 57 Nicloria. 1. An Aet to amend the Act to ine()i|)()iate the Steam Holier and I'late Cilass Insur- ance Company of Canada. This Aet aullioii/es tiie company to make contracts giiaran- leeiny engineers and (nemeii in actual attendance upon any boiler insured by the company against loss of life or injury to |)crson resulting from the explosion thereof. 2. An Act respecting the Dominion ihuglary Ciuarantee Company (Limited). This Act authorizes the comi)any to operate in conm-clion with its jjusiiiess an electric wire protection service and a patrol service or system o{ uniformed night watchmen for affording protection against burglary and fire to buildings of all kinds. 3. An .'\ct to incorporate the Canadi.m Railway i'irt' Insmance (.'ompany. 4. An Act to incorporate the Canadian Railway .Vccidcnl Insurance Company. 5. All Act to incorporate tiie Nortiicni Life .\ssur;uict- (!ompany of Canada. 6. An Act to incorporate the (.'oloniai Mutual Life Association. This is an assess- ment com[)any. 7. An Act resi)ecting the Ontario Mutual Life Assurance (Company. This Act extends the comjiany's powers of investment and enacts certain restrictions as to the (juali- fication of directors &: An Aet respecting the .St. Lawrence insurance CJompany. 'I'his Act extends for a period of two years, the time allowed for obtaining a license under the Insurance Act, and substitutes new powers of investment for those contained in the original .\ct. y. Iiy far the nic-il important Act jjassed, however, is that entitled ; "An Act further to amentl the Insurance Act," which amends several of the sections of the Act as contained in the Revised Statutes of Canada, chapter 124, and adds tiiereto four new sccHons. As the amending Act could not be easily understood without reference to the wriguial, it has been thought desirable, for the information of persons interested in insurance, to print Ijoth original and amendments, not, however, in the shai)e of separate Acts, but in a consolidated form. In the appendix, therefore, pages xliv. to Ixvii. inclusive, will be found a consolida- tion of tiie original .Act passed in 1880, and tiie amending Acts assented to respectively, on the 22nd day of May, i8 lion six of sei ikjh Iweiit) is ileelaialory and was introduced for the |)urpose ^, nar abf the verification of annual stitcii Subsection eight '' '*pr(i Canada the provision 1 vision under the origih, . t wa the delivery of such preli niry ah day of January to the first day of ' Section 25A is new. Its p: similar statute in force in the State of New York, and it i and will enable the Superintendent to ask, without liabilit; and information not hitherto in all cases available. eguhuitics, or supposed irregularitii-s, in ) its enactment. 's to all life companies doing business in >tract of Canadian business, which pro- iily to Canadian companies. The time for .u t has, moreover, been extended from the fifteenth l)riiary. isions are almost identical with those contained in a lelieved they will prove useful n I'usal, iiiiportaiit particulars Insurance Leoislation. W ic practice of lich has been nlly llic pnic- III accordance vluU has been il iiislaiicis ill asc liave lliey (1 its lucaning it'liier ■ of tlic ) provision for contiiuiinn its deposit miglit imiy proper to \ to refuse il. s, the iiieaniMg iin the orif;inal d," and mal In this Act, unless tlie context otherwise requires :- The same. (ii.) Tlie expression " Minister," means the Minister of Finance and Receiver ( leneral ; (/>.) The expression " Superintendent," means the Superintendent of InsuiMiice : (c.) 'I'lie exjm'.-ision " contpany," means and includes any corpora- tion or any society or association, incorporated or unincorporated, or any partnership carryino; on the business of insurance ; {(I.) The expression "C^aiiadian company" means a company in- corportited or lej^'ally foniicd in Canada, for the ])tir})ose of carrying on the laisiness of insurance in Canada, and which has its heail office therein ; (e.) The expression "arfent " means the chief aj^ent of the company in Canada, named a.s such in the power of attorney hereinafto." re- ferred to, bj' whatever name ho is desifrnated ; (/.) The expression '' cliief afrency " moans the principal office or place of business of the company in Caniida ; (g.) The expression " inland marine insurance," means marine in- suranct! in respect to subjects of insiir;nice at risk upon the waters of Canada, above the harboiu' of Montrcjil : (A.) 'I'he ex])ression "Canadian policy" or "policy in Canada," as regards life insurance, means a polity issued by an}' company licensed nnd(>r this Act to transact the business of life insurance in Caiuvla, in favor of any person or persons resideiit in Canada at the time when such policy was is.sued : and " policy-holder in ('.'Uiada " means tmy stuMi person as aforesaid : (/.) The expression " Canadian policy " or " polic}' in Canada," as regary an Act of the Tjeffisiature of any province now forming,' ])art of (yanada, which carries on the business of insurance, wiiolly within the limits of that province \)y the Lejijis- latur(> of which it was incorporated, and which is within the exclusive control of tiie Legislature of such province: but any such company may, by leave of the CJovernor in Council, on complying with the provisions of this Act, avail itself of the ])rovisions of this Act, ami if it so avails itself, the [jrovisions of this Act shall tliercaftei' a])ply to it, and such company shall have the power of transacting its liusiness of insurance LhroUEfhout Canada. To wh.at cum- p.Tiiii's this .Act shall not apply. Marine. Policies |)rior lo 2211(1 May, 1868. Certain com- )ianies under Provincial. Acts. Proviso. LICENSES. 4. No company or per.son, except as hereinafter provided, shall ^V"' '^'""P"" , • 1 • !• f i- • 1 1 • • nics or iiersons accept any risU or issue any policy 01 lire or inland maiine insuiance, ,,,,1 „,' , or ])olicy of life insurance, or grant any annuity on a life or lives, or transact life, reccivi' any itrciiiium or carry on any business of life or tirt; or inland *>"-'<«''' inland . •/' 1 1 .1 «!• . , 1111 •!• ii 1 • ,1 -1 dination ol nuncil liy the Minister, and snail speeiry the lnisiness to be carrietviy to axrry o'l the /iiisincss of i.:,„i„u'ration life insiimnee hi eoiiil'hiation ivitli any of tier briuicli of iiisu ranee. ol classes of 2. A lieeiise may l>e g^ranted to a eoinpany to earn' on llie three follmving insnrame ehix\e:< if ///snra //<(•, 7'n. : fre insurance, inland marine insurance and cyclone ''"^'"^"'^ ''"i' or tornado insurance or any t70o of the said classes. may 01 may . ,. , ■ net he (lone J. A license may he granted to a company to carry on any two of the folhnv- toRetlier. ing classes of insurance .---- (a.) Guarantee insurance, thai is to say : to guarantee the fidelitv offersons in /sitions of trust ; (l> ) Aciident insurance, that is to say : to insure a_i^ainst bodily injury and death by accident, including the liability of employers fot injuries to persons in their eni/>h>yment ; (c ) Plate-glass insurance, that is to say : to insure against the brcahage of plate or otiier glass either local or in transit ; IP** 150 As lo iinen\im- erated clas.-,es of insiiiancc Inisiness ilial may lie doni' togctlier. Limilaticiii. Gauland's Banking and Financial Directory. (d.) Steam-hoiler insurance, that is to say : to insure aj;ainst loss or damage to the life, pet son or property of the insured or of another for which the insured is liable, caused by the explosion of steam boilers. 4. A license may, on the recommendafii'n of the Siipcrintrndenf of Insurance af>proianted lo a compatiy lo larry on any class or classes of insurance not hereinbefore enumerated, but no such license shall be granted for more than two such classes (f insurance, or on the like recommenda- tion apprmied as aforesaid, a license may be granted to a company to carry on one of the classes of business above enumerated, and one other class of insurance not above enumerated 5. Except as hoeinbeforc provided, a license shall not be granted to a com- panv to carry on more than two classes if business. (The aiiuiiding Act provides thai Ihis scclion shall not interfere with the renewal of licenses granted before the passing of the Act, 23rd July, 1894, or with any application for license |)ending on the (irst day of April, 1894.) Provision for |{|., _-/ license shall not be granted to a company which is by its charter case III authorized or emf>07i'ered to carry on classes or branches of insurance greater in having power number or variety than those for which a license could be granted under the jjy law to carry provisions of the next preceding section. Provided, hmvever, that any company on more classes incorporated elsrwliere than in Canada, regaidless of its charter p07vers, which has a paid-uf capital, in the case of a company authorized to transact among other classes if business the business of /ire insurance, of at least three hundred thousand dollars, and in the case of any o'her company, of at least one hundred thousand dollars, wholly unimpaired and in addition to such paid-up capital holds over and above all liabilities estimated according to the existing J^ominion (lover/iment standard, a rest or surplus fund equal to at least twenty per cent of such paid-up capital, and the market value of whose stock is at a premium of ■'t least twenty per cent, a usinos.s of life in-surance, and '' ov(My Caniidian company earryinif on i\\v. Imsincss of tiro or of inltind marine iii.surance, or of liotli comliineil, shall, iicfore tlie i.ssue of sncli license, (lei)o.sit witli the .Minister, in such .securities as an; iiereintifter mentioned, the sum of fifty thou.saiid dollars; and ovtMy company incorporated or leoally fdi-nied laitof C-aiiiida, carryiiiif on the husinosM of finM)rof inland iiuirine insuninee, or of lioth comliined, shall, hcforc the issue of such license, deposit with tlie Minister, in sucii securities as arc hereinafter mcntionwl, the sum of one hunf of Ciinada; Jind liy any coinjmnj' inc()r])onito(l in i\w riiitcil Kiii^'- (loui, in .sccuritiL's of tliu Tnitiid Kingiloni ; and by any company incorporatoil in tlio United Status, in secuiitii's of the United States; and tliu valno of such secniities shall lie estimated at theii' niaiket value, vot cxvucdi luj pur, at the time wlien tiiey air so (h'posit<'/'cars thai a u>iii/>aiiv //us an deposit 7vitli tlie Minister a sum in excess of t lie anion nt reijiiired under tlie provisions of titis .let, tlie Treasury Board may, upon />ein;^ satisfied t/i.it t/ie interest e prejudiced tliercly, and ufon the giving^ of such notice, and the exercise of such other precautions as may seem expedient, authorize tlie 7vithdrau>a/ of the amount of such excess or such portion tliereof as may he deemed adiisa/de ; pnnnded that such withdrawal may he authorized without the fin'ing of any notice. tK If it appears from the annual statements, oi- from an examina- Any ddici tion of the attairs and condition of any com|)any can-yini;' on tht; business of (ire or inland marine insurance, that tin rein.suranct; value of all its I'isks outstanding in Canada, together with other liabilities in Canada, exceeds its assets in Canada, including' the "|^'".'"<^ l'mh- deposit iii the hands df the Ministci-, the coni[)any shall be notilied by the Minister to make i^'ood tiie di'licieney ; ami on its fail lU'e so iv,,;,!,,, f,,. to do, within sixty days after bciny- so notified, he shall withdraw its ilL-ianlt. licen.sc. X'aliialiiiii. \',Tliiation (if (ilhorsocuri- lies. If llio value (Iccliiios, fiii- iIkt lIuplLsil. IViialty fur failure. Coiiipary may •.Icposit fur- ther security. I low til lie dealt with. Treasury llciaril may authorize wiihiliawal of ilepusil in execss. eiicy of ,>ecii- rily to he 111 lile jjooil hy liie and inland 10. If it appears from tln' annual statenxMits, or from an examina- tion, as provided for by this Act, of the alfairs and conditions of any company caiTying on the business of life insuranc<', thtitits liabilities to |)olicy-holders in Caiuida, iiicludinj:^ matured claims, and the full reserve or reinsurance value for outstanding;- policies, as hereinafter described, after deducting any claim the comptiny has against such policies, exceed its assets in Cantida, including tlie deposit in tla? hands of the Minister, the company shall be called upon by the Minister to make good the deticieiiey ; and on its failure so to do, within sixty ilays, he shall withdraw its lieen.se : 2. If any such com))!iny as is mentitmed in this and the next pre- ceding .section is incorpoi-ated or legally formed elsewhere than within Canada, the assets in Canada iw aforesaid shall be taken to .Any deficiency of security liy oilier coin- panies to he made good hy I hem. I'liialty (or default. .\s tocoin|iany incorporated elsewhere llian in Canada, IS^ Garland's Banking and Financial Directory. ill III Deposits ami assets to l)c vested in trust. Trust ili'L'd anil dealinj; witli assets. Provision as to companies wliicli gave notice l)eforc 3 1 si March, 1878. Release of sur|>lus secu- rities to such company. Interest on securities. When to be payable to company. consist of all deposits which the company h.as made with the Minister under the forofifoing provisions of this Act, and of such assets as have l)eoii vested in trust for the company for olie pur|)oses of this Act, in two or more persons resident in C'anada, appointed liy the company and ajjproved by the Minister: 'A. The trust deeil sliall first he approved of hy the Minister, and the trustees may deal with such assets in any miinner provided hy the dceil of trust ap])ointinnxoii,ril, in the year one thousand eight hundred and seventy-seven, shall be dealt with in regard to such policies, in conformity with the fourth and fifth sec- tions of an Act [)assed l>y the Parliament of Canada in the thirty- fourth year of Her Majesty's reign, intituled "An Acf to amciid the Act respecting I nsunuice Conipn nies," and whenever the full litdiility uniler such policies falls below the amount so held by the Minister, he may, with the concurrence of the 'I'reiisury ?)oard, direct that the whole or such pcjrtion of the diH'erence as he deems advisable, shall be reletised and handed over to the company, and so on, from time to time, until the total dej)osit with the Minister is reduced to the amount of fifty tiiousaiid dollars re(|uireil by this Act. (The sections of J4 Victoria, cha(i. 9, referred to in this subsection will be found at page Ixvi.) II. So long as the conditions of this Act are satisfied I>y any com- pany, ami no notice of tmy final judgment against the company, or order made by the proper court in that behalf fia- the winding u[) of the company or the distribution of its assets, is served upon the Minister, the interest ui)on the securities forming the dejKtsit shall be hantled over to the company as it falls diu'. IXIiUMENTS TO nii I'll.KI) Certain docu- ments to be filed. Copy of charter. Power of attorney to agent in Canada. Statemi'Ut of atifairs of company. 1^. Every com])any shall, before the issue of a license to it, file in the J)epartment of Finance, — {((,.) A copy of the charter. Act of incorporation, or articles of asRt)ciation of the company, certified by the proper officer in charge y the assets s section : hicli ^i t> of Marc II, ght, of its 1 seven of uireuients ily to that e 'hands t)t' c year one It with in 1 tiftli see- the tliirty- (i/itit'iid ilia ,11 lial>ility e Minister, ct that the sal)le, sliall , from time ucecl to the i\\\ be found at any com- nipany, or \u<^ up of I upon the isit shall be the company, if such day is not more than twelve months before the tiling of the statement. Hi, . JHch power of attorney shall declare at what place in Cauaila ^^'l^^' '^e the head otiice, or chief agency of such com[)aMy is, or is to be estah- ),','J"r^|[^.y „mj,i lislied, — and shall expressly authorize sucli attorney to receiv e service omiain. of proce.s.s in all suits and proceedings against such company in any province of Canada, in respect of any lialiilities iucurreil by the com- pany therein, and also to receivti fi'om the Minister and tin; Superin- tendent, all notices which the law re(|uires to lie given, or which it is thought advisable to give, — and shall declare that service of process for or in I'espeet of such liabilities, and recei]»tof such notices, at such office or chief agency, or personally on or by such attorney at the place where such head oHice or chief ngency is established, shall be legal and binding on the company to all intents and i)Urposes what- process. soever. Provision lo be made for service of Declaration of no chanf;e to be made in I4> Whenever any such company changes its chief agent or chief If changes are agency in Canada, such company shall Hie a power of attorney', as "p'l''' '"," hereinbefore mentioned, containing any such cliange or changes in such respect, and containing a similar declaration as to service of process and notices as hereiidiefore mentioned : and every company shall at tlie time of making tae annuiil statement hereinafter pro- vided for, declare that no change or amendment has lieen made in the charter. Act of incorporation or articles of association of the charter, &c. company, and that no change has lieen made in the chief agency or chief agent, without such amendment or change having been duly notitied to the .Superintendent. 15. Duj^licates of all such documents, iluly veriiied as aforesaid, Duplicates of siiall be hied in the oiKce of one of the su[)erior courts in the pro- such docu- vince in which the head ottice or chief agency of the company is ments to he situated, — ov if the chief agency is in the I'rovince of Quei)ec, with the prothonotary of the .Superior Court of the district wherein such chief agency is ('stablisheil. SERVICE OF COMPAN'IKS Willi I'llUCE.SS. t,, it, tile in articles of ■r in charge t in Canada, gned by the in presence duo ex ecu- held by the or affirmed •lialf ; and — lister, of the first day of iciug day of Hi. After sueh power of attorney and certilicd copies are filed as Service of aforesaitl, any process in any suit or proceednig against any siieli J;','i',',!;^p!'ii,"" company, in respect of any liabilities incurred in any province of Canada, may be validly served on the company at its chief agency; and such .service shall lie deemed to be service on the company : 2. If such power of atttn'uey becomes invalid or inefi'eetive from Constructive any reason whatsoever, or if other .service cannot be efiected, the coiu't ^f'^'cc"'^ or a judge may order constructive service of any processor pv-iccnling l"'"'^'-''"'' to be made by such publication as is deemed retjuisite to be made in the premises tor at least one month in at least one newspaper ; and such pulilication shall be held to be due service u])on the com- pany of such process or proceeding. NOTICE OF LICENSE. IT, Every company on first obtaining sach license shall forthwith Comp,any to give due notice thereof in the Caiuula Gazdte, and in at Imai om t;'^'-' n'"'c<; of Uccnse. 30 '»*h l54 And o( ccasiiiR business. Notices !)>' Minister of companies licensed. Annua] sl.itc menl to l)e m.-ide on oath. Contents. Form for Life Insurance. P'orm for Fire or Inland Marine. Form for oilier companies. Refore whom to l)e sworn. Minister may alter form of statement. GtAhLAND's Banking and Financial biUECTouy. newspaper in the coniifcy, city or place wliero tlio head oHice or chief agency is establislieil, and shall continue the puldication thereof for the space of four weeks : 2. Tiie like notice sliall l>e given, for the space of three calendar months, when a company ceases, or gives notice that it intends to cease, U) carry on business in Canada, such notice to be a condition precedent to the reled-se of the coitipdnyn dcjyosit. I'UHLICATION OF MCENSEO COiMl'ANIES. 18* The Minister shall cause to lie published quarterly in the Canada Gazette a list of the companies licensed uiuU'r this Act, with the amount of deposits made by etich company ; and ui)on any new company being licen.sed, or upon the license of any company being withdrawn in the interval between two such tpiarterly statements, he shall publish a notice thereof in the Canada Gazette for the space of four weeks. annual uetuuns hy companies. i\}. The president, vice-president or managing director, and the .secretary, actaarif or manager of every Canadian company licensed under this Act, shall prepare annually, uikUm' their own oatli, ti state- ment of the condition tind ail'airs of such coirpany at the thirty-first day of December in each year, which statk'inent shall (ixhibit t!ie assets and liabilities of the company, and its income ami e.Kpenditure during the previous year, and such other information as is deemed necessary by the Minister. 2. In the case of such companies carrying on the business of life insurance, such statement shall bi; made in the form and manner se-t forth in the Fortn A in the sciiedule to this Act; HWitid)le changes beitKj made therein in the case of cotnpanies carri/iiu/ on business on the assessnu-nf plan. 3. In the case of such com|)anies carrying o;i the laisiiiL-ss of tire or inland marine insurance, such stattsment .shall be made in the form and maimer set forth in the Form B in the .schedialo to this Act. 4. /// ///t' oise of such iDinpanks carrying on business other than lifo, Jirc or in/and marine insurance, such statement shall be made in the form and manner set forth in the said Form />', as nearly as circumstances will permit, necessary chani;es only beiui; made therein '). Such statemtiiits sliall lie sworn to before some person duly authorized to administer oaths in any legal jiroceeding, in the Form C in the .schedule to this Act. (5. The Minist(;r may, from time to time, make such changes in the form of such statements as seem be.'-t adapted to elicit from the com- panies a true exhibit of their condition in respect to the several points hereinbefore enumerated. Annual state- 'JO. Every company incorporate*! or lt>gally formed elsewhere tlian menishycom- in Canada, and at ])reseiit Mcensed oi' hereafter licensed niuler this 'io"-ir'd"^l*sT- Act, anil eveiy eomjiany which is subject to the provisions of this where than in Act, shall make annual statements of its condition and affairs, tit the Canada. balancing day of the company in the preceding year, and the form and maiujer of making such statements shall, as to the Canada "fe ■' The Insurance Act. 155 •e or chief hereof for [> calcn.lar iiitemls to condition ■ly ill tlio Act, witli 11 luiy new )iuiy \ni\\\^ ^tateiiKUits, r the space .or, ami the iiy licensL'il itli, a state- thirty-first (!xliil»it the ^.\peiiiUture ,s is clceuierl tiesH of Hfe iiianiu'r set ')li' cliancjCK iiu'Rs of tire iiiiik; in tlie diili; to this I// ii/i; J/rc or and man lie r III it, ncct'sstuv iicrson ihily II tlie Form luisics in the |ni tlie coiii- the several I'when' than ll under this ions of this h'iiii's, at the ]i(l the form he Canada Blank forms as to Canada business. To be verified on oath and by whom. Set of books, Ike, to be kept at chief agency in Canada. hnsinoss of .such company, he the same, .so far as applicable, as is re- quired of Canadian companies, and as to its ffeneral bu.siness, shall h(> in such form as .such company is recpiired by law to furnish to the Government of the country in which its head otHce is situate. The blank forms of the statements of the Canada business shall bo sup- plied by the Superintondcnt. 2. Such statements sli-ill, as to the Canada business, be verified by the oath of the company's chief a^ent, in Canada, and as to the general business, shall be verified by the oath of the president, vice- president or managing director and secretaiy or avfiutrij of the company. J. Suc/t chief agent shall keep at his chief aj^ency in Canada records and documents sufficient to enable him to prepare and furnish the statement of Canada business in this section provided for, and such that the said statement of Canada business may be readily verified therefrom : Provided that in the case of any company having in Canada in addition to such chief agent one or more general axents reporting to the head office, and not to such chief agent, the rci/uirements of this subsection shall be sufficiently compile I with by such chief agent keeping on file at the chief agency, in addition to the necessary records and documents relating to the business transacted by or through such chief age 'it, annual statements of the business transacted by each such general agent, duly verified by the oath of each such general agent ^ and such additional records and documents transmitted through the companfs head office as shall, taken together, shein- bejore provided for are re(/uired to be verified I'-il. Every company which makes default in depositing in the office of the ''e"alty for Superintendent the annual statement hereinbefore provided for, shall incur a "^ *" '' penalty of ten dollars for each day during ivhich such default continues ; all ^yj> Proviso : as to business done by general agents report- ing to Head Office. i t 5 Date of state- ments. Supply of forms. Construction of proviso to subsection 3. Validation of past state- ments. Date for de- posit of state- ments. '^n Ill i ■ j j 1 1 ' nil ^rH 156 Recovery of penallies. Suspensii'ii, wilhdrawal nr non-ri-newal of license if penalty is not paid. Penalty for issuing any policy in con- travention of this Act. First offence. Second or sul)se(|ucnt offence. Application of penalty. Garland's Bankino and Financial Directory. suc/t penallies shall be recoverable and enforceable 7vith costs at the suit of Her Majesty, instituted by the Attorney General of Canada, and shall xvhen recov- ered be applied tmvards payment of the expenses of the office of the Superinten- dent. 2. If such penalties are not paid, the Minister^ with the concurrence of the Treasury lioard, may order the lice use stni<'ri(ir courts of (,'juiada, under this Act; iui at whicii they arc receivedas deposit; (h.) In each case, het'on? the issue of any new license, or tlu; reiitnval of any license, make a report to the Minister that the re(|uirenientK of the law have lieen complied with, and that from ttie statement of tho attairs of the com[)any it is in a condition to meet its li.ihilities; (('.) Iveop a record of tho licenses as thoy are issued ; ((/.) Visit the hea to its transactions: (). The otKc(,-rs or a<(ents of such company shall cause their books to bo opened for thi' inspection of the Superintendent and shall other- wise facilitate such examination so far as it is in their jiower ; and for that purpose the Superintendent may exanune under oath the otHcers or a<,'ents of such company relat-i\'e to its bnsine^s : 7. A re|)ort of ail companies ,mi visited by tiie Snperintemlent shall be entere assets of any com- l)any are insutHcient to Justify its continuance of business under tho re(purenients of sections seven, eight, nine and ten, or tliat it is un- safe for tho public to eflect insurance with it, he shall make a special report lai the all'airs of such company to the Mirdster: and if the Minister, after full con-ider.ition of the I'eport. and .after ;> reason.ablo time has lieen given to tlie company to bo heard iiy him, and upon such further inquiry ami investigation as lie sees pi'oper to m,aki>, reports to tho (lovernor in Cotuicil that h(^ agrees with the Superin- tendent in tho opinion so expressed in his report, the Governor iu Diiiies of sup- frintcndunl. Kntry of si'ciirilii's (U'|losill-ll. l\f]iorl bi'forc issue of licenses. kecord of licenses. Inspection of affairs. l\e])ort to Minister of I'inance, for Parliament. I'rovision if superintend- ent considers further inquiry neces- sary as lo any company. Hooks to l)e open to in- spection. Kecord of inspection and report. Special report if tliecom|iany appear unsafe. Proceedings tliereon. IH ir 158 Suspension or cancellation of license. I'cnally for carryintj on business in such case. Valuation of Canadian policies every five years. Basis of valuation. Kxaniination of alTairs of a company out of Canada. Payments Ly companies towards expenses of office of super- intendent. Contribution by fire and marine con;- panies limited. ."Superintend- ent not to be interested in any company Annual report for Parlia- ment. Garland's Banking and Financial Directory. Council may if ho hIho concurH in such opinion, sn.spen(l or cnncel th(! Iic('iist> of such complin^'; iiml .such conipiiny shnll, (hiring' such suspi'usiiiu or cancL'lliition, lu' held to lie uiilictuisi'd, and unauthoiizcd to do further business : !>. Kvcry person who, after notification of tin; suspension or cancel- ling of such license in tht^ Ctiiiadti (uiti'tlr, deiisers any poliey of in- surance, collects any premium oi- tran.sacts any hnsinessof insurance, on behalf of such compiiny, shall be liable to the penalties provided for in the twenty-second section of this Act : 10. Onco in every five years, or oftener, at the discretion of the Ministei', the Superintendent shall himself value, or j)rocur(! to bo valued undtM- his supervision, the Canadian policies of life insurance of all comiitinies licensey authorized and enip07vered to address any im/uiries to any insurance company ficensed under this .let, or to t/ie president, manager, actuary or secretary thereof in relation to its assets, investments, lia- l>ilities, doings or conditions., or any other matter connected with its t'lusiness or transactions, and it shall he the duty (f any company so addressed to promptly reply in writing to any such im/uiries. 'riiK Insurance Acrr. m I'ROVIHIONS HKI,ATIN(J TO I, IKK INSURANCE. *Ziu 'Pill' provisions ol" sections fcwtMity-sevon to forty-tlircc in- i'f,ivisi(.ns flusivt' iipply only to lil'f insnriiiK't'i'oMi|iiUiics iiiui to otiit!i' insunmi'i! applioaMo coni|)iinies Ciirryin;,Min lilt! timl otln-r insurance, only in so far as p!!„''j^!j,'^^"'"' relatos to tlio life insurance liusiness of such companies. (;()N1)ITI()NS ON POMOIES. /il. No condition, stipulation or proviso inodifyinc' or iinpairiiiL' <'""iliii""i\ tile effect ot any policy or eertitieate of lite insurance i.ssui'ij aHer Mie f,,!],,,, ,|,j, first (lay of .January, one tliousaml ei^'lit liuinlred and eij^dity-si.x, hy policy, to he any company doinr valid unless such con- dition, stipulation or proviso is set out in full on the face or hack of the policy. "ZH, No policy or certificate shall contain or liavc indorse*! upon it As to state- any condition providinjf that such policy or certificate ,>hall he avoided mcnts in hv rea.son of any statement contained in th(> application therefor i)!'!''";!""" 1 • L I 1 \-L- ■ ^■ -L I L ■ I • 1 I ''"■ liollty. iieiiiff untrue, unless sucli coiicl tlic rnHilinciit ol' its contraft niiijcr siicli policy: 7. 'riio suiTtMHld- values ultovc nicntioiicti shall l>t' (lotcrniiucd l>y till! Siipcrintcndciifc on tlic liasis stated in the twciil.y-lil'th section of this Act, and lie shall collect from the company the expenses of such valuation ut the rate of three cents for each policy or iioiius addition and shall pay the same to the Minister hefore the latter shall hand over the securities : (S. Nothing' herein contained shall prevent any policy-holder from maUiiiff special arraii^Miiients with the company wheieliy his policy may lie continuetl in force ; and, on proof lieinj,' jfivcii of such arraiif^'emeiit, such policy may lu^ omitted or removed from the ahove mentitiiied lists of policies, and this Act shall thertNifter not apply in rospect of such policy. *I4. The tender referred to in the next precedinj^j section sliall ho made in the following' manner; {(I.) A list and notice in the form I) in tli« schedule to this Act, or to the like etfect, shall he imblisheil in the C(iiii((l(((lau;tlc for at least thirty days previously to tiic day named in such notice; (h.) 'i'he comjiany shall also canst; the said list and notice to he pulilislied in such newspapers in Caiiaihi and for such len^'th of time as the Ministt'f determines; (<•. ) A notice in the form K in the schedule to this Act, or to the like etfect, sliall he sent hy mail (|)ost|)aid or franked) from the oflice of the Supi^'intt^ndent to each of the policy-holders named in the said list, whose address is known to him, and such notice shall lie deposited in some post otlice in C'anada at least thirty da^'s [iroviously to the day named therein, which shall he the same day as that named in the list and notice ahove mentioned ; ((/.) Any policy-holder who does not siiriiify in writiiif,' to th(> Su])- erinteiident his acceptance of the anujunt so tendered, on or before the (hiy iiauKid in the said notice, shall he deemed to have refused the same; hut the Minister may, at any time prior to the payment over to tlu; company of the aUKjunt so rid'used, allow any policy-holder to signify his acceptance of .such amount, — which acceptance, so allowed, shall have the same ettect as if made on or before the day named in the said notice 2. In fall's and tlic )u\xt preceding section the 'word ' policy-holder ' means the person to 7vhoin tlie policy is issued end -with whom the contract for assurance is made, and includes the assignee of such person. If iiiilicy lidlilors refuse llic U'liilcrs. Siirii'mlrt v.tIiios, hnw (Iclrnniiit' I. S|)fci.Tl arran- HLMiiciits may liu iiiailt'. How the Icmler slmll be nmde. List and rmlitc lo lie imliliNlicd in Caitddii Ciiulte. And in other papers. Notice lo lie sent to each policy holder. Policy hold- ers not sif^ni- fyiiij; accept- ance deemed to have re- fused. " Policy-hold- er " defmed. !{5. In coniputinpf or estimatinj,' the reserve necessary to he held How reserve in order to cover its liability to policy-holders in tJanada, each com- ijabnuies'to pany may employ any of i\w standard tables of mortality as used by Cinadian it in the construction of its tables, but there shall be set apart and policy-holders credited to such reserve in each year out of the interest earned in the c.-Iiculated. year, ti sum eipial to four and one-half per cent, per annum on the amount of the reserve as at the end of the precedinr; year, to^^ether with such fiirttier additions from premiums received during the year, if any, as shall be necessary to bring the reserve up to the standard 31 162 ^tinistor may order recom- luitalioii. Cost. Company may Cfiuirc com- piitation liy superintoud- ent. Proviso i as to bi.niis add: tions or profits on |)olicic>. And as (o companies havii!g here- tofore com- puted the reserve on 5 per cent, interest. Garland's Banking and Financial Diuectouv. provided by sulisection ten of .section twenty-five of tliis Act : Pro- vided, that in no ctise shall a company lie re(|uireuted, if it differs materially from the return made liy the company, may bo siTbetituted in the annual statement of as.sets and liabilitie.'-' ; and in such case the company shall furnish to the .Superintendent, on appli- cation, the full particulars of each of its policies necessary for such computation, and shall pay to the Superintendent an amotuit at the rate of three cents for each policy or lionus asection. 8. Provided vhvays, that in the ca,'-') of nny lumus additions or other profits on the ])olicies of any com|)any, accrue, or have the e per centum \NiES. ly husiness of linher of such ssessmonts or -reof for that fs Act, except ccrtiticate of [wentieth day Ihy any coni- luade and col- Icrewith tran- llthin Canada next preced- inof section may, at the discretion of the Minister, on report of the Certain Superintendent approved hy the Treasury Board, be exempted from n""!''i^"'g*„. the operation of the tori'going provisions of this Act, except those of diiionally ex- sections twenty-five, twenty-seven, twenty-eight, twenty-nine, thirty empied from and thirty-t>ne, and be permitted to transact the business of life in- ^f [j^e'^^jt''"" surance on the conditions specified in the five sections next following. ;JH. Companies to be so exempted shall register their titles or cor- porate names in the office of the Superintendent; they shall also make attesterl returns of their condition and affairs at such times and in such form, and attested in such manner, as are prescribed by the Minister, and tlw; Superintendent shall incluile such returns in his annual report: and any failure to make such returns, when called for by the Superintendent, shall subject such comjiany, and any officer thereof, to the penalties mentioned in the twenty-first section of this Act : 2. The I'egistration of any such company shall cease to lie valid on the thirty-first day of March in each year, but shall be renewable fioin year to year, in the discretion of the Minister. liiK The provisions of this section shall apply to corporations or associations incorporated or legally formed elsewhere than in Canada for the pur|)ose of carrying on the business of life insurance upon the co-oper.'itive ur assessment j)lan : 2. Any such corporation or association may be licensed by the Minister, undtM' the provisions of this Act, to transact business in Canada upon depositing with him .ifty thousand dollars, and there- after .5liall have the riglit to transact business so long as it continues to pay its losses tt) the full limit named in its certificates or policies, and has complied with all the recjuiroments of this Act and of the Superintendent of Insurance : ']. In atlditioii to such de])osit of fifty tliousand dollors, the Minister, upon the report of the Superintendent, approved by the Treasury Boai'd, may, from time to time, rccjuire such other and further deposit as is recommended in such re]iort and so approved, to be made l)y such companies or deposited with trustees to be named by the Minister, upon such trusts as are determined i>y the (Jovernor in Caincil : 4. Death claims shall be a first charge on all money's realized from assessments, and no dtMluction shall be made from any such death claims on any account vhatsiever : 5. Xo portion of any mone^-s receiveil from assessuKMits for death claims shall be used for tiwy expense whatever; and every notice of any assessments shall ti'uly specify the cause and j>urpose thereof: il Kvery application, policy and ecjrtificate, issued or used 1)y any snr]\ company in (Janada, sliall have printed thereon in a conspicuous place, in ink of a colour different from that, of the ink used in the instrument, and in good sized type, the following words: "Tliis assoeiation is not recjuired by law to maintain the reserve which is reipiired of ordinary life insurance companies." 7. Kvery certificate asid policy shall contain a promise to pay the whole amount thenMii mentioned, out of the death fuml of the asso- ciation and out of any moneys r(!aliziMl from assessments to be made for that purjiose, and eveiy such association shall l)e bound forth- with and from time to time, to make assessments to an amount Condiliuns of such exemp- tion. Penalty for non-compli- ance there- with. Yearly renewal of registration. Application of this section. License may t)e isiied on ileposit of $50,000. Duration of license. Further de- posits may lie rei|uireil. Death claims to be a first charge. .•\pplication of moneys from assesments. Notice to he printed on- policy, 4c. Form. Promise to pay out of cer- tain funds to be contained in policy, &c. 164 Garland's Banking and Financial Directory. ijii fSl In every policy issued in Canada. Clause requir- ed in policies in favor of residents in Canada, Assurance of annuities to debar from registration as assesnient company. Conditions of snch registra- tion. In case of new company. In case of company in business. adequate, witli its other available funds, to pay all obligations created under any such certificate or policy without deduction or abtitement : 8. "JMiu condition embodied in tlie next precedinj,' subsection shall be inserted in every policy or certificate issued or delivered by any such company to any person insured in Canada: 9. In every policy issued by a company licensed in acconlance with this section of this Act in favor of a resident of Canada, a clause shall be either embodied therein of endorsed thereon, to the effect that an action to enforce the obligation of such policy may be validly taken into any court of competent jurisdiction in the province wherein the policy-holder resides or last resided before his decetise, and such policy shall nt)t contain any provision inconsistent with such clause. 10. No company which, is authorized to asf^v/re or af^Httres to any of its members a certain annuity, either immediate o)- deferred, whetlter for life or for a term of years, or any einlov'me)il irltotever, Hh(dl he el ifiihle for license as an assexsment company under the fo re- doing pronisions of this Act. 11. No company shtdl he eligihle for license as an ((ssessment company. (a.) If a nein company, uvtd il has receired at least five hundred aqiplictdions for memhcrsliip calliny for an amount of insurance not less than five huudrcd thousand, dollars, the procuring of which appluHdions shall not be deemed a riolation of the provisions of section ttrenty-fwo of this Act ; or (h.) If a company (dready engaged in business, utdess it has (d least five hundred nutmbers or policy-holders holdinq policies fur at least the sum office hundred thousand dolhtrs. Certain provi- 40. The provisions contained in subsections four, five, six, seven, sions to apply eight, ten and eleven of the next preceding section shall also apply to to companies j^f,y comi)anv (not beint; such a comnanv, society or association, as is not referred to ,V ,\ ■- .. e , .i i- !i • ' i i.\ • i. i • r^ i in son;.,,, Ai reteiTcd to m section rorty-tliree ot this Act) incorporated ni Canada and carrying on the business of life insurance upon the co-operative or assessment plan. in section 43. Form of words to be printed on certain policies. Penalty for doing business or using forms of policies, &c., in contra- vention of this Act. 41. The words " assessment system " .shtdl be jn-inted in large type at the head of every policy and every application for the same, tind also in every ciiTular and adveitisemeut issued or used in Canada in coiniection with the laisincss of a compfiny to which any of the pro- vi.sions of the \\v*i .sectioiLS next preceding apply. 4'' l^''" on the Minister of any tindisputed claim arising from loss insured jep„.sit"n ocean marine insurance business exclusively. from scciion. ce r than a life, prounum in i other than ling 'I lice^^^^ the Treasury e required to t which shall iperintendent, efor be shown iial stateiner.ts •he same form isiuess would ic same, [with re-rard to this Act with all contribute „lent a sum i" luring the pre- l.usiness with- kn Incur the penal - SCHEDULE. Form A. DETAILS OF Vli.Mll.Y .STATEMENT — I.IFK INSURANCE. A list of the stockholders, with the amount sub.scribed for, the amount paid thereon, and the residence of each stockholds in force, with mode of computtiti'iu or esfiijiaciun, deducting those reinsured. ,v i()8 (Jarland's Banking and Financial biuECTuiiy. Premium otilif^ufcions in excoss of not values of their policies. Claims for ileath losses and matured endowments, and annuit}' claims, due and unpaid, or in process of adjustment, or adjusted hut not line, or resisted. Dividends to stockholders, and dividends of surjilus or other pro- fits to policy-hohlers, due and unpaid. Amount due on account of otlice expenses. Amount of loans. Amount of all other claims aj^ainst the company. Income. lilt ji[ Amount of cash premiums received, less rein.surance. Premium notes, loans or liens taken in part payment for premiums; and premiums i)aid hy dividends, including reconverted additions, and hy surremlereil pirl II or AkscIs InUI hi/ lln' Ciniijtidii/, specifyimy, — The value (as nearly as may ho) of the real estate held hy such company ; Tiie amount of cash on lumd and deposited in iitmks to the credit of the coni[)any — sjtceii'yin^ in w liaL lianks thi^ same are tleposited, with amounts separately ; The anionnt of easli in tin; iiands of nf^'ents ; 'I'lu^ amount of loans secured hy Imnds and moi-t^arf(!s constituting either a lirst nr second licni on real estate, in separate .schedules ; The amount of loans on which interest has not been paid within one year ])revious to such statement, with a scheilule theivof ; The amounts due the company for which jmlgments have been olitained ; The amount of ('anadian stocks held hy the company, and of any other stocks owned hy the company, .spicilying in detail tin; amount, nund)er of shares, and par and market value of each kind of stock, owned hy the company alisolutely ; The amount of stocks held as collateral .security for loans, with the amianit loaned on each kind of stock, its jiar and market value; Tile amount of assessments on stock and premium notes, paid and unpaid : Till! amount of inti'i(^st, actually due and unpaid ; also the amount of interest accrued and unpaid : The amount of premium notes on ji.ind on which policies are issu(!d, with amouiit ]>aiil thereon; also, hills reci'ivahle held hy the company and ••onsidered eixxl, the amounts of each class separately, and the aniourits on each class oveidui': The amount of all other property helonging to the company, with a detail thereof. The Li'thililicN of Hid CoiDjxi in/, ■"'/'I'l'ifi/ini/, — The amount of lo.s.ses iue and yi't unpaid : Amount of losses adjusted, lait not due ; Amount of losses incurred durinff the year, includinff those claimed, not }('t adjusted, and of those r(;ported to tin' company upon which no action has heen taken — the amounts of each class separately, carryiiifj out the totals in one sum ; Amount of cl.iims for los.ses resisted Ity the company, distinj^iiisli- inif those h\ suit: Amount (ii' dividends declared and due, and reniaininj;^ unpaid; Amount of ideut, and Company being duly sworn, ih-pose ami say, ami eceh for him- self says, that they are the above described ollicers of tlie .said com- piiny, and that on the day of last ^dl the above described assets were the absolute property of the said company, free anil clear from any liens oi' claims Lluireon, except as altove stated, and that the foregoing statement, with the .schedules and The Insurance Act. 171 0(1 off'. a (Ictailutl tio8 what- explanations hereunto annexed and by them subHcribed, are a full and foiToct oxhiViit of all tho liabilities, and of the income and ox- jM'iiditiirc, and of the ^^MU'i-al comlition and affaii.s of the said com- pany, on the, said day of last, ai.d for the year eiidin;.,' on that day, accordinfj; to the best of their information, knowled^'o and belief, respectively. Signaturefi. Subscribed and sworn to before me, this day of A. I). 18 tirst day of ■; wore esti- •, dudiictiiijf 508 in each jomiiiissions with details lud renewal, -dediictintf parately ; h l)ranch of \ inj^ at foot, leut. it, and Form D. In the matter of the {here ivsert name of the covipany). Notice is hereby given that the Minister of Finance, has pursuant to the thirty-third and thirty-fourth sections of " Tim Insurance Act" directed assets to be retained, sutReient in amount to cover the fidl oiiuitalile net surrender value of the policies in the above com- ])auy (including bonus ailditions and accrued protits) which have not been transferred or surrendered or in respect of which opposition has been tiled as provided by the said thirty-third section; and the assets so retained are hereby tendered to the aforesaid policy-holders ^>r(> ;vi/tt according to the aforesaid values of their respective pf)licies. A list of such ]>olicy-holdera and of the amounts tcndereil to tliem respectively is hereiinmder given, and notice is hereby given that any policy-holder not signifying in writing to the .Sn{)erintendent of Insurance his acceptance of the amount hereby tendered to him on or before the day of , A. D. 18 , shall be deemed to have refused the same, and the amount tendei'ed may, pursuant to the said Act, be paid over to the company. List of policy-holders and amounts tendered : Name. Address so far as known. Amount and number of policies. Amount tendered. Dated at Ottawa, this A. D. 18 , day of (Signed,) (Signed,) Supermtendent of Insurance. Minister of Finance, Canada. >L'ti for hiin- hf said com- the al)ove id company, f!|)t as abt)ve liedules and 172 V 1 I 1 1 Oakland's Banking and Financial Directouy. Form E. OFiICE Ol- TIIK SUI'ElllNTKNDENT OF INSURANCE, Dei'aiitment of Finance, Ottawa, 18 . Ill the irmttor of tlio {hera in»ert the vnmc of the company). You are hcrcliy notiticil timt tlic MinistiT of Fiiiiinci! has, piu'siiarit to tlio thirty-third section of " The I iimiriiiice Act" dirt-cttMl assets to be retained sufficient in amount to cover the full equitabh; net KurnmiU'r vahie of the |)olicies in t)ie above company, inchidinf^ bonus additions and aeei'ued prolits wiiich have not been transferred or surrendered or in respect tu wludi o|)|iosition has lieen filed as provided by the saiS , you sifrnify in writiiifj to the Super- inteiukMit of Insurance your acceptance of tlie amoui\t hereliy ten- (k^'ed, yo\i sliail lie deemed to ha\'e nd'used tiie same, and the amou!it tendered may, pursuant to the said Act, be paid over to tlie company. Yours, &c., (Signed,) Saperintcndent of Insiirmtce. Name. Number and amount of policy. Amount tendered. Provisions in case of cDiii- pany hecom- inii insolv(>nt. Assmncc to be appoinlcd. ("lainis of policy holders of fire com- panies. EXTRACT FROM THE REPEALED STATUTE 34 VIC. CHAR IX. (The,se nedions are referred to hi rlduse 4, nee. 10 of the IiiHarance Act.) 4. Upon the in.solvenc}'^ of any coni])any, the court liavingjuri.s- diction in the ])rovince (or sittin^^ in the ilistrict if sudi province l)e the Province of (^hieliec) where tiie chief a,^feney in ('aiiada of siicli company is situated, shall fip|)oint an assi^niee or assiifiiees, who .shall forthwith call upon the company to furnish a statement of all its ontstandinfj policies in Canada, and ui)on all policy-hoMers to file their claims; and upon the tilin;x of the claims lu'fore the assiffiiees, the pai'tics interestecurities, the company must tile with the Minister of Finance a list of all (.'.uiadian policyholders who have not been .sj insured oi have not surrendenfd their policies, and it must at lilie same time publish in tiio Cttiuulu Gazritp a notice that it has applied to Oovernment for the release of its securities on a certain day, not le.ssthaji thirty dayjs after the date of tho notice, and calling upon its Canadian policy-holders opposing such release to tile their opposition with tho Minister of Finance (^ror before tho (hiy .so named : and after that day, if the Treasury J^oard is .satistied that tho company has ample assets to m(>et its liabilities, all the securities may l)e released to it by an Order of the (Jovernor in Council, or a sutiieiont amount of them may be retained to cover th^ I'liivisions wIrmi a com- pany oeases InisiiiL'ss ill Canada. Release of all or part of its deposited securities, A/, V^, "^' '^^ IMAGE EVALUATION TEST TARGET (MT-3) // ,*' Cx I 1.0 I.I 1.25 ^ i^ 112.5 ■■ 13,2 ':II;36 12.0 l!l||m lA ill 1.6 V} ' /^ "^ O / Photographic Sciences Corporation C^ iV #> :\ V % V # 4Z' 4^ ^ 23 WEST MAIN STRiET WEBSTER, N.Y. 14580 (716) 872-4503 ^y ^ '-^ c\>\\cti.\\on'f, icit \.he accejilancc of bonds or dcbLMi- tures, whether as ori(;inal deposits or in exchange for securities which the applicants desire to have released, must be accompanied l)y a statement (jiving full particulars of the securities offered for accejitance under the followinf; headings, viz. : — "Dale, dale of maturity, place of payment of principal, rate of interest, how payable, i.e., yearly or half-yearly, dale and place of payment of interest, market value at times of application for acceptance, and, if not (|U(>ted in the market, the price at which purchased by the company and date of such purchase. "Also, as regards municipalities whose l)onds or debentures are offered ; "The population, assessed value, rate of ta.\alion, assets, total debenture indebtedness, and all other liabilities, income and expendilure for ihe last fiscal year, and any other details in the possession of the company which would lie of assistance in determining the value of the securities offered for acceptance. " The Board desire to be in possession of all possible information in relation to such securities in order that they may be in a position to give the matter proper consideration." (T.K., Nov. 9, 1888.) Railway Debenture!: — "The Board are of opinion that they cannot accept as a deposit, the bonds of any railway company, unless guaranteed directly or indirectly by the Canadian (lovernment." (T. B., Oct. 27, 1890.) Loan Companies' Hoitds -"The Board had under consideration a memorandum from the Superinten- dent of Insurance with reference to the application of the Land Mortgage Companies' Association of the Erovince of Ontario to have the debentures of loan companies accepteil by the Government as deposits on ehalf of insurance companies, in which he reports that the .said Association is composed ol incorporated loan companies or societies authorized to lend money on real estate in the province of Ontario, and all such companies or societies are eligible for membership upon payment of certain fees ; that the loan companies which compose the said Association may be divided into the following classes : — I. Companies incorporated under the provisions of the .Statute of the province of Canada, 9 Victoria, cap. 90, consolidated in chapter 53 of the Consolidated Slatules of Upper Canada, now included in chapter 169 of the last Revi.sed Statutes of Ontario {1887), and commtmly known as the Building Societies' Act. II. Companies incorporated under the "Canada Joint Stock Companies' Act, 1877," now known as the "Companies' Act," being chapter 119 of the Revised Statutes of Canada (1886). III. Comjianies incorporated under special Acts of the Legislature of the province of Canada or of the Parliament of the Dominion of Canada. IV. Companies incorporated under the " Ontario [oini Stock Companies' Letters I'atenl .\ct, 1874," being chapter 1 50 of the former and chapter 157 of the last Revised Statutes of Ontario. V. Companies incorporateil under Ihe lOnglish Companies' Act, and licensed to transact business in Canada under 37 \'ictoria, chap. 49, being chap. 125 of the Revised Statutes of Canada. The Board, after careful consideration of the report of the .Superintendent of Insurance as to the cla.ss of securities upon which the above companies can invest their funds, and as to the borrowing powers of the said companies, and having P'gard to the fact that the companies mentioned in Classes I. and II., viz., those incorporated under the " Building Societies' Act " and llie " (Companies' Act," possess only limited power of borrowing and are restricted to investments that are usually considered the safest that can be had, ilirect ..lat the debentures and debenture slock of .such companies, belonging to these two classes, as meet the recpiirements hereinafter .set forth, may be accepted as deposits on behalf of insurance companies, at such rale as the Treasury Board may see lit to place upon them, not, however, to exceed the value usually placed upon municipal securities, viz., 90 per cent, of the par value thereof when the market value is at least enual to such par value, or 90 per cent, of the market value, when the market value is less than the par value. The rec|uiremenls above referred to are as follows : - 1. The company shall have kept strictly wi'hin the powers in relation to borrowing and investment conferred upon it b) the .\c{ under which it is incorporated. 2. It shall have a paid up capital of at least $500,000. 3. It shall have l»een in successful operation as a loan company for not less than ten years. 4. It shall have a reserve fund amounting to not less than 25 per cent, of its paid up capital. 5. Its slock shall have a market value of not less than 25 per cent, premium. The Biird also direct that the debentures of such companies, coming uniler Class III. above mentioned, viz., those incorporated under private ;\cls, as fullil the foregoing reipiirements, and whose borrowing powers and powers of investment are not greater than those of companies coming under Classes I. and II., may be also accepted upon the terms above indicated. The Board also direct that every application on behalf of an insurance company for the acceptance of any such debenture or debenture stock as herein above provided, shall form the subject of a special refer- i m ARLANDS JBaNKING and t^INANCIAL blRECTOnV. ence to the Treasury Board, and thai the company shall .supply all necessary particulars (properly verified if required) for the information of the Board. (T. B., 19th June, 1889.) No assurauce of acirplaiice of lioitds by the 7 teasiiry Jioani —'^T\\e Superintendent asks the decision of the Hoard upon the following; ciucslion, viz : •»•»••• " Will ihf Boaid inform a company desirous of purchasing certain bonds or securities whether they will be accepted or not as a do|)osil in the event of their being purchased?" "The Board after deliberation, are of opinion that they cannot give any assurance to any company that securities will or will not be accepted in event of their being purchased." (T. B., Isl April, 1889.) Deposit A'cceipts — " The Board direct that deposit receipts he not ace 1 pted in any case as a de|)osil on behalf of any company." (T. B., 251I1 January, 1888.) /iaid- Stock, id Bonds as Dgpostts— When registered bonds are received as deposits they must be registered in the name of the Receiver-General. Bonis registered in the name of a company, accompanied by an assignment in favour of the Keceiver-Cleneral, will not be accepted. When registered bonds are intended to be used as a deposit they should, before being forwarded to this deparliiit-nt, be registered thus, in the name of "The Kcceiver-tieneral of Canada in trust for ( ^ivim; t/ic uamc of the coiiifany) being i)art of the deposit made by the company with said Receiver-General in pursuance of the Statutes of Canada in that behalf" (T. B., 13th July, 1S91.) Foreign Miiitiiipal Seeurities — "The Board are of oiiinion that no municipal sccutilies other than Can- adian should be accepted (or deposit under the Insurance Act." (T. B. 30lh January, 1894.) LEGAL DECISIONS. The following tiotcs of recent legal decisions will be found useful. It will be observed that several of the cases refer to benefit societies, but in every such case the law applic- able to insurance by benefit societies is also applicable under similar circutiistances in the case of regular insurance companies. I, INSURANCE FOR THE ItENEFIT OK WIVE.S AND CHILDREN. Fi ^ 1n 'I'll !"J ,'' ( i |! ii V \ > I 1 1 i' '1 4 ! (a) The amount of an insurance effected on the life of the husband, payable to the wife at his death, being unassignable under the provisions of R..S.(^)., 5604, a transfer of such insurance by the wife is null, and she i.; entitled to claim the amount thereof notwithstanding the transfer. (November 14th, 1892; Mathieu, I. Ciissoit 7's. Fniuher, 3 Rapportes Judiciaires Officiels de Que' ec, .Superior Court, p. 265.) .\rticie 5604 of the Revised Statutes of (Quebec referred to in Cusson v. Kauclier is as follows : " Policies effected or appropriated under this section are exempt from attatchinont for debts due either by the insured or by the persons benelilted, and shall also be unassignable by either of such parties. "The insurance money while in the hands of the company shall be free from and be unaltachablo for the debts either of ihe insured or of the persons benefitted, and sIi.tU lie paid according to the lerms of such policies, or of any declaration of appropriation, or of any revocation relating to ihe same. " Such exemption shall not apply lo any policy or to part thereof which may have reverted to and be held by the insured." {/>) Where an insurance is effected upon the life of the husband, the amount whereof is payable lo his wife on a date named in the policy or on the previous death of Ihe husband, and the jiarties are subsetpient- ly divorced, the wife ceases to have any claim to the amount of the policy, which reverts to the husband. (I2th December, 1892. Gill, J.; //art 7's. Tit tor, 2 Rapportes Judiciaires Officiels de (Quebec, Superior Court, p. 534.) (f) P. effected an insurance on his life for the benefit of his wife. The wife died first, and by her will named P. her universal legatee. P. married again, the contr.act of marriage stipulating separation of pro- perty. There was never any assignment of the policy for the benefit of the secoml wife. P. predeceased his second wife, and by his will bequeathed all his property to his daughter by the first marriage. The amount of the policy being claimed both by the daughter and the second wife, the insurance company deposited the amount in court : //e/d. That the daughter was entitled 10 the amount of the insurance. (28th I)ecember, 1892. Tait, J.; re ./Una /.ife /nsurance Co., dep(;sitor; (iauchcr etat, petitioners, and Gosselin, petitioner, 2 Rapports Judiciaires Ofticiels de (Quebec, Superior Court, p. 392.) (d) Two policies on his life were devised by a testator to his executors to be invested by them as a pro- vision for his wife and children : —//eld, Tliat the testator had declared the insurance to be for the benefit of his wife and children within the meaning of Revised .Statutes of Ontario, chap. 136, and therefore the proceeds were exempt from the claims of creditors. Re Lynn — Lynn vs. The Toionto General Trusts Co. 20 O. A. 475 followed, (iith October, 1893. Boyd, C. ; Beam vs. Beam, 24 Ontario Reports, p. 189.) ftEPORt OF THE SUPERINTENDENT OF INSURANCE. Ill {e) An emlowincnl certificate issued in 1889 by a l)enevolcnt society to a member, and payable on his death, half to his father and half to his mother, contained a provision that shoidd there be any chan^jc in the name of the payee, the secretary should lie notified and an endorsement thereof made on the certificate. The member siibse<|iieiitly married, when he informed his wife that he would have the certificate changed, as he intended it for her, yiving her the certificate, which she deposited in a trunk used by both in common, he coiitinuinj; to pay the premiums : — //c/i/, that this was not sufficient to displace the terms of the contract as manifested im the fiice of the certificate; and, further, so far as the mother was concerned, she was amply protected, 5J \'ic., chap. J9, sec. 5, Ontario, which applied to the certificate in question, creating a trust in her favor. That statute is reirospective as to current policies issued before it came into force. (27th October, 1893. Hoyd, C. ; Siminoiis vs. Siniiiioiis, 24 Ontario Keiwrts, p. 662.) (/) A bequest of a policy of life insurance to the testator's wife is a valid declaration of trust within the meaning of Revised .Statutes of Ontario, chaj). 136, sec. 5. /vV l.ynii —l.ynii vs. Tonnito General Trusts Co., 20 Ontario Reports, p. 475, and Beam vs. Beam, 24 Ontario Reports, ]). 189, approved. (22nd December, 1893. Court of Appeal for Ontario ; McA'il'hvi vs. Fee;^aii, 21 Ontario Appeal Reports, p. 87.) ither than Can- (t;) R. in 1869 insured his life, insurance p.iyable to his wife, should she survive him, or failing her for the benefit of his children. In 1878, the .■Xct 41 and 42 Vic. (<'2) ch. 13 was passeil, which permits a ])erson who has ertected an insurance for the benefit of a wife, &c., to revoke the benefit and make a reapportion- ment, but section 4 excepts " rights accrued before " the coming into force of the .\ct, all which rights shall remain in force and continue to apply. In 1880 R. attempted to a))propriate the insurance to one of his children. R. having died in 1892, the widow and child each claimed the amount of the insurance : —Held, that the right of R s widow was a right accrued wiiliin the meaning of 41 42 Vic, ch. 13, and the reappro- priation in 1S80 was inoperative. (22nd January, 1894. Davidson, J. ; .Superior Court, Montreal ; Hiig/ies vs. Kees. 5 Rapjjorts J udiciaires (le Quebec, p. 200.) (h) The interest of a wife in a policy effected by her husband on his own life, and whicli has been declared by him to be for her benefit under section 5 of the Act to secure to wives and children the benefit of life insurance, is her separate estate, and may, in her husband's lifetime, be assigned by her. The assignee under such an assignment, will be entitled to claim thereunder, s\d)ject to the exercise by the hus- band of the powers conferred on him by section 6 of 'he .-Vet and amendments. (Kebruary Jrd, 1894. Common I'leas Divisional Court ; Graham vs. Canada Life, 24 Oni.irio Reports, p. 607.) .Mted to and be [i\ In October, 1886, an endowment certificate ujion the life of a widower with one child was issued to him by a benefit society, the sum secured thereby iieiiig designatetl by a clause therein as payable to the child. In February, 1888, the insured having married .igain, indorsed on the certificate a writing revoking the original designation ami directing payment to his wile. In November, 1890, his wife having died, he endorsed on the certificate a direction that payment should be made to his executors, administrator!-' and .assigns, lie died in March, 1893, n widower, leaving two cliildriMi, the one first mentioned and one born in Alay, 1888. liy his will dated in July, 1888, he lea all his estate to his children in enl 3. payment ok insurance moneys into court. On an application for leave to pay insurance money into court, claimed l>y different parties: — J/n/ii, that suliseclion 5 of section 53 of the Ontario Judicature Act extends the lunelits of the Act for the relief of trustees to such cases and tliat the applicants were entitled to pay the money in. (January 22, 1894. Chancery Divisional C^ourt ; >«■ Inijrs, 24 Ontario Reports, p. 397.) Subsection 5 of section 53 of the Judicature Act referred to in >. '!n ulcil 1))' the ich tlcl)l or m thereto to inder anil in istrumenl in .■nts (if $450 lescriplivu of ir this policy 111 it was pro- ithin the ex- ;y payiihle hy ntitleil to le- aiid the death Company^ 24 ert vs. North ome (whether iioney lent, be 'giy- , ly annual sums and whether or not he delivered as particular an account, etc. (as in the conditions), were not answered. The tiial judge gave judgment in favor of N., which the court en banc reversed and ordered judgment to be entered for the company. Helii, affirming the decision of the court <■« ham (25 Nova Scotia Reports, p. 317), that as the evidence conclusively slidwed that N., with the assistance of his clerk could have made a tolerably correct list of the goods lost, the condition was not comiilied with. Helil, further, that as under the evidence the jury could not have answered the questions they refused to answer in favor of N., a new trial was unnecessary and judgme.it was properly entered for the company. (February 20th, 1894. The .Supreme Court of Canada ; Nixon vs. the Queen Insurance Co.) (b) A condition in a policy of insurance against fire, provided that if the policy or any interest therein should be assigned, parted with or in any way encumbered, the insurance should be absolutely void, unless the consent of the company thereto was olitained and indorsed on the policy. .S., the insured under the policy, assigned by way of chattel mortgage, all the property insured and all policies of insurance thereon, and all renewals thereof to a creditor. At the time of such assignment S. had other insurance on the pro- perty, the policies of which ,.iii( ns with the employee after his flight, such communications not having had any injurious effect as regards the guarantee company. On the 30th .May the cashier did not appear at his office, and a number of the cheques certified by the ledger keeper, as above mentioned, were presented and paid, although he had no amount to his credit to check against. On the following day the bank gave notice of the defalcation to the local agent of the guarantee company. Held, — 5. The notice was given en temps utile, and the bank was not guilty of negligence. (25th March, 1893. Sir A. Lacoste, C.J.; Haby, Blanchet and Wurtele, J.f.; London Guarantee and Accident Company, appellants, and The ILochetaga Bank, respondent. 3 Rapports Judiciaires de Quebec, Cour du Banc de la Reine, p. 230. (/)) By the conditions of a guarantee policy insuring the honesty of W., an employee, it was stipulated that the policy was granted upon the express conditions (i) that the answers contained in the application con- 180 Gaulakd's Banking and Financial Directort. m tained a true statement of the manner in which the business was conducted and accounts kept and that they would 1 e so l) Where the jury after answering a (pieslion proposed to them add an expression of opinion, f. a'., where in an action for the aiiiinuit of an accident policy which did not cover death resulting from fighting, wrestling or violating the law, ihe jury said in an.swcr to (pieslions thai the deceabearlncrsliip or any underwriter, except as provided by section 3, that undertakes or effects for valuable coiisideralion, "r agrees or offers so to underlrike or effect, in the province, any contract of inilemnity, guarantee, suretyship, insurance, endowment, tontine, or annuity on life, or any like contract which accrues payable on or .tf.er he occurrence of some contingent event. (1/) The expression " olVer li inidertake any coJitract," shall include the setting up of a sign or inscrip- tion containing the name of the company; or the distribution or publication of any proposal, circular, card, advertisement, printed form, or like documrnt in the name of the company, or any written or oral solicita- tion in the comi)any's behalf. ((■) " Contract " uicans and includes a:iy contract or agreement, sealed, written or oral, the subject matter of which is wiihin the inleut of paragraph " < " hereoi. „ (/') " Written " as applied 10 any instrument, includes written or printed, or partly written and partly printed. (,;•) " Provincial Company " means a company incorporated by or under any Act of the Legislature of Manitoba. (//) " Canadian Company " means a conipany incorporated or legally constituted in the Dominion of Canada, other than a coujpany included imder paragraph '\i,'" hereof. (i) "Inland marine insurance" njeans marine insurance in respect of subjects of insurance at risk in Canada above liie harbour of Montreal. (y) " Mutual insurance " means insurance given in consideration of a premium note, or undertaking with or without an immediate cash payment thereon ; and " Mutual Company " means a company em- powered solely to transact such insurance. (X) " Cash-Mutual Company " means a company organized to transact mutual insurance, but empowered to undertake contracts of insurance on both the cash |)lan and the premium note or mutual plan. AI'I'l.lCAflO.N Ol.' ACT. Section j. The provisions of this Act shall not apply : — (a) To a com])any licensed by the Dominion of Can.ida except as to sections 2, 4 to 8 (both inclusive), 25 to 31 (both inclusive), 41 to 44, and 50 to 54 (both inclusive). LICENSE. Section 4. No comp.".. y shall undertake or solicit, or agree or offer to undertake any contract within the intent of section 2 of this Act, whether the contract be original or renewed ; except the renewal from time to time of life assurance policies ; or accept or agree or negotiate for any premium or olher considera- tion for the contract ; or prosecute or maintain any action or proceeding in respect of the contract, except such actions or proceedings as arise in winding up ihe affairs of the company, without first obtaining from the tre.asurer, and holding a license or certificate of registration, or a renewal of such license or certificate under the provisions of this Act. Section j;. The license or certificate of registration shall be in such form as may be from lime to time determined by the treasurer, and il shall specify the business to be carried on by the company ; and shall expire on the thirty-first day of December in each year, bui shall be renewable from year to year. Section 6. So soon as a company applying for a license has deposited wilh the treasurer, the securities hereinafter mentioned, and h.as otherwise conformed to the requirements of this Act, the treasurer may issue the license. (2) Insurance licensees of the Dominion of Canada shall, upon due anplicalion and upon proof of such Dominion license subsisting and upon otherwise conforming to the provisions of this Act applicable to Dominion licensees, be entitled to l)e registered under this Act. Section 7. Every company, on first obtaining such license or certificate of registration, shall forthwith give notice thereof in the Manitoba Gazette and in at least one newspaper in the city of Winnipeg, and shall continue the publication thereof once each week for the space ol four weeks ; and shall give the like notice for the same period when the company ceases to carry on business in Manitoba, illll illill W. M<. 182 Garland's Banking and Financial Directory. A)] Setlitn S. The treasurer shall cause to he published yearly In the Maniloha Gaullt a list of companies licensed or rcijislered unilcr ihis Act, wilh the amounl of the deposit, if nny, made hy each company ; ami upon a new company licinf; licensed or rej;isterfd, or iipi>n tlic license or certificate of a company l)eiiii; withdrawn, he shall pulilish a notice thereof in the Miiiiiloha (Ur^eik for the space of two weeks. Sedioii 13. A company hnvinj; made a deposit unower of attorney as hereinbefore men- tioned, specifying the change, and containing a smiilar declaration as to service of process as hcreinlM^fore mei\tioned. Section zS. Duplicates of such powers of attorney, duly verified as aforesaid, shall be filed by the com- pany at Winnipeg in the office of the prothonotary of the Court of Queen's Bench. RECORD TO IIR KEPT IN TREASURY DEPARTMENT. Section 2C). There shall be kept in the ofllce of the treasurer r. record of Ihe several documents filed by every company under this Act, and under the heading of the company shall be entered the securities de- posited on its account with the treasurer, naming in detail the several securities, their par value, and value at which they are received as deposited ; and before the issue of a new license, or the renewal of a license to a compiiy, Ihe requirements of the law shall be complied with by the company, and the statement of its affairs must show thai it is in a condition to meet its linbililies ; and a record of the licenses and certificates of registration as they are issued or renewed shall also be kept in the office of the tre.isurer. KEES. Section JO. Each company shall pay to the treasurer the following fees : — (a) For recording and filing in the office of the treasurer the documents required by section 25, $5. (b) For cli.Tnge of attorney, $5. (f) Kor change of name or of head office, $5. (d) For initial license to do business, or renewal thereof, — (1) In Ihe case of provincial company, $100. (2) In the case of any other company, except as hereinafter specified, $200. ((•) F'or initial certificate of registration or renewal thereof, $200. (/) For initial license to do business, or certificate of registration or renewal thereof, — (1) In Ihe case of an accident or guarantee and surety company, $25. (g) For filing annual statements, $1. SERVICE OK TROCESS. i iff Section ji. After such certified copies and power of attorney are filed as aforesaid, any process in any action, suit or proceeding against the company, in respect of any liabilities incurred in the province, may be served upon its attorney ajipointed pursuant to section 25 of this Act, and such service shall be deemed to be service on the company. Provided, however, that nothing herein contained shall render invalid service in any other mode in which the company may be lawfully served. Report of the Sin'ElUNTKNDENT of iNStTRANCE. m SfctioH 41. Kvery comiwny licensed to do Imsincss l)y (he Dominion shall annually tile wilh (he trca.Hiiri-r an the first day of |:inuary, or within three months thereafter, n eertilicd copy of its annual state- ment furnished the Insurance Branch of the Department of I'iiiance at Ottawa. ■ ■ • « . « • . SedioH 44. The suspensitm or cancellation or non-renewal of the license of any company, un .A. . QUKBKC. RevUed li> . 1'. Huti.kk, ^^>.l^, 13* St. James St., Monircal. Akkikaviis— If taken in a foreign country, should be sworn before either : 1. A commissioner appdinleil liy the Superior Court to receive aftitlaviis ; or, 2. The Hritish Consul ; or 3. A Judge of a Court of Record ; or 4. The Chief Magistrate of the place. Kxcept in the first mentioned case, the olUcial seal should l)e placeil upon the document. Affi lavits, if taken within the lirilish l).)minions for use here, may generally be sworn iiefore a Justice of the Peace or Clerk ol a Court of Record. Al.lKN.S — Can hold property, real or personal ; they may sue or be sued, whether resident in the province or not : and whether the lial)ilily lie incurred here or elsewhere. If not resident they must give security for costs if they sue — and, if sued, service should be efTected in the province, or they should have previ- ously hail a domicile or owned properly here. They cannot, however, hold any public office nor exercise the franchise. Appeals— See Courts. Arrkst in Civil, Actions— A writ of ca/iias,
    inl stock companies. (I<'neral |)artners are jointly and severally liable for the obligations of the partner- ship. .Special partners are not liable for the debts of the partnership beyond the amount contributed hy them to the capital. Persons contracting partnerships are bound, under a penally of $200, to register withni sixty days in the i>ffice of the County Registrar and Prothonotary of the .Superior Court of the district, a declaration signe. Seigniorial dues, if any exist. 7. The claim of till builder. 8. The claim of the vendor. 9. Serv.->nts' wages. 2, 3 and 9 only attach when the moveable property is insufficient. Privileges on moveable property rank as follows : 1. Law cost.s. 2. Tithes. 3. Claim of vendor. 4. I'laims of creditors having right of lien or pledge. 5. Funeral expenses. ..3^ - 1 iLis^mn 188 Garland's Banking and Financial Directory. ■ u I «! • IS I 6. Expenses of the last illness. 7. Municipal taxes on persons or personal property. 8. The claim of the lessor. 9. Servants' wages — to the extent of one year for domestic servants, or three; months for clerks— and supplies of provisions furnished within twelve months. 10. The claims of the crown against persons ac- countable for its moneys. Recording ok Dkf.ds.— Deeds affecting real property must l)e registered against such property to affect third parties. Sai.rs. — A promise of sale with tradition and actual possession is equivalent to sale. The unpaid vendor has two privileged rights: (i) A right to rcvendicate ; (2) a right of preference on its price. These privileged rights are subject to four conditions; (l) That the sale was for cash ; (2) that the goods sold are entire and in the same condition ; (3) that they have not passed into the hands of a third party who has paid for them ; and (4) that the remedy be exercised within eight days (in the case of insolvent traders, fifteen days) after the delivery of the goods sold. Srcurity — For costs may be demanded of any one not a resident of the Province, instituting an action here. Separation. — Wife m.iy, if married without mar- riage contract, or if no provision be made in marriage contract against community of property, olMain a separation as to property from her husband for dissi- pation, etc., or for suflicient cause may obtain .separa- tion as to bed and board and permission to reside apart from her husband A formal judgment of the Court is required in either case. Statute of Frauds — Is in force as a rule of evidence in commercial cases. Stay of Execution — Is obtained by furnishing security in appeal, or, in certain cases by order of Court or Judge. Stopfac.e in Ttansitii. — Coods sold and in transit may be stopped and revendicated. (See Sales.) If vendor notify carrier not to deliver, as vendee had stopped payment, and carrier afterward deliver, he is li.ible for the value of goods as sold. Successions — In absence of will are regulated by the provisions of the Civil Code based upon the old French law. 1. Children or their descendants. 2. Parents or surviving parent for one-half ; bro- thers, sisters, nephews and nieces for the other half. 3. Of other ascendants, the nearest on each side one-half 4. Collaterals of each side to twelfth degree. 5. The surviving consort. 6. The Crown. Venue.— Real and mixed actions are brought be- fore the Court of the defendant's domicile or before that of the place where the object in dispute is situ- ated. Personal actions are brought either, 1. Before the Court of defendant's domicile. 2. Before the Court of the place where he is served personally with the action. 3. Before the Court of the place where the right of action originated. The province is divided into districts, each with its Court. Wills.— Wills may be made in three different forms : 1st. In authentic form, to wit, proved before a Notarv Public and two witnesses, or before two Notaries Public. The original will, made in authen- tic form, remains with the Notary, who furnishes certified copies thereof: 2d. In holograph form, to wit, they must be wholly written and copied by the testator, and require no witnesses ; 3d. In the form derived from the laws of England, to wit, before two witnesses, who attest and sign the will immediately in presence of the testator and at his request. Wills made in authentic form need no probate, but those made in the other forms must be probateil. Any one can clispose absolutely, and without restriction of the whole of his property, moveable or immoveable, by will. Executors appointed under a will have posses- sion of the estate of the testator, and are allowed a year and a day to carry out the provisions of the will. They can be given the most absolute powers by the testator, and their seizure may be extended beyond the year and the day allowed. ONTARIO. COMMERCIAL LAW. Revised liy Ueattv, Bi.ackstock, Nesiutt, Chadwick &• R1UDEI.L, Barristers, Solicitors, Notaries. &c., Bank of Toronto Chambers, Toronto. Actions. — All actions are commenced by a writ of summons indorsed with a statement of the nature of the claim made, or the relief or remedy sought. If the claim is for a litpiidated demand in money arising out of contract, express or implied, for ex- ample, on a bill of exchange, promissory note, check, account, or any sin.ple contract debt, the writ is specially iitthrsei with the particulars of the claim or amount sought to be recovered. A defendant, if served within Ontario, must enter an appe.irance within ten days after service inclusive of the day of service. If .served out of Ontario, further time is given, according to distance. If the writ is speciallly indorsed and the defendant does not ap- pear, judgment may be signed in default of ap- pearance without any further proof of claim, and execution issued on the judgment so signed at the expiration of eight days from the last day for appear- ance ; should the defendant enter an appearance, proper ple.adings will have to be served, and the action take its ordinary course. If the defendant appears to a specially indorsed writ and has no real defence, but apjiears merely for lime, the plaintiff may at once give notice and apply for final judgment, after filing an affadivit setting forth the facts, made by himself or any other person, or agent who can swear positively to the debt or cause of action, veri- fying the cause of action, and staling that in his be- lief there is no defence, and that the same was entered only for the purpose of delay. The Court, upon such application, has power to order immediate and final judgment to be signed. Inferior jurisdic- tion is exercised by the Division or County Courts. Division Courts are held in the different counties throughout the Province almost monthly, and have jurisdiction in : I. All personal .actions where the amount claimed does not exceed $60. 2. Claims and demands of debt, account or breach of contract, or covenant or money demand where the amount or balance claimed does not exceed $100. 3. Claims for debt or money demand not exceeding $200, where the amount or original amount, is ascertained by the signature of the defendant or person whom, as executor or administrator he represents. No costs are recoverable in the Division Court as a general rule, only court fees, which are no; large. County Courts have jurisdiction in : 1st. All personal actions where debt or damages claimed do not ex- ceed $200 ; 2nd. In all suits relating to debt coven- ant and contract to $400, if ascertained by act of the parties or signature of the defendant. They can not Commercial Laws. 180 try these cases if title to land, or the valiflity of any devise or bequest is in question, or in actions for lil)el or slander, or crini. con. or seduction. In all these latter cases and in all actions above the limit for the Counry (>)url, the High Court of [uslice for Ontario has jurisdiclion. If suits are brought in the wrong court, the |)arlies are deprived of costs. Priority of judginenis is regulated only by the lime of the delivery of the writ of execution into the hands of the Sheriff, anil not liy the time of obtain- ing the judgments, and judgment creditors share equal with other creditors, gaining no priority or advantage, except that their costs are addetl to their claim. (See Assi!;iiiiicii s.) Afkiuavits. — Atfidavils to be made in the United States or any other foreign country, to be used in any of the courts in Ontario, may be inade among others before a Notary i'ul)lic, certified under his hand and othcial seal, or before a Conimissiroperty, is deemed an absconding debtor, and his property may be seized and taken by a writ of attachment, ff)r which a judge's order must be obtained upon affidavits set- ting forth the necessary fads. Hii.i.s ni.- Exchange AND Promissory Notes.— No stamp duty is retpiired t.i be paid on bills, notes or checks. Three days of grace are always allowed. In case a bill or note falls due and is payable on a legal holiday, it must be presented the day after such holiday. The legal holidays as fixed by statute, in all matters relating to bills or notes, are Sundays, New Year's Day, tjood Eriday, Easter M(mday, Christmas Day, the birthday of the Sovereign (24lh of May), Dominion Day (1st of July), and any special days appointed by iiroclamation for public holidays, fasting, or thanksgiving. The legal rate of interest is six i)er cent. If a bill is dishonored abro.ad, in addition to interest and expenses of not- ing and protest, holder is entitled to re-exchange with interest to date of payment. Hii.i.s of Sai,1'-. an'd Ciiaiti'I. Mortcac.ks must be filer Uetoro a Jiid};e of a courl of record, or a Notary Public, corlilied under his oflicial seal. When different patties sign before different subscrib- ing witnesses, each such witness nuisl make a similar affidavit as to the execiilion by the parties whose ex- ecution he attests, or the deed can no. be registered. One witness is sufficient. See Tore/is System. D I s T R KSS. —See Exemptions. liviDENCE. — In all civil proceedings no person is dis()ualitied as a witness im the uround of interest, as a party or otherwise. Husbands and wives are conii)etent and compelalile witnesses, save as to communications made during their m irriage and proceedings consecpient upon adultry. In actions by or against representatives of any deceased |)erson, an opposite or interested party to the suit cannot have judgment upon his own evidence as to any matter occuring before the death, unless such evi- dence is corroborated. An affirmation or iledar- ation m.'xy be made by a witness if the presiding judge be satisfied that an oath would not in coji- science have any binding elVect. E^XEMPTIONS. — The following goons and ch.illels of a judgment debtor are exempt for seizure under writs of execution, or e taken before any of the persons appointed for taking acknowledgments out of the Province, or before any Commissioner appointed for taking affidavits and administering oaths to be used in any court of .ecord in the Province. If the conveyance lie by a corpora- tion, proof of the corporate seal shall, in all cases, be sufficient. If by a married woman, the person taking the acknowledgment must certify therein that he ex- amined her apart from her husband, and that she acknowledged that 'ie executed the conveyance freely and voluntarily, ind without any fear, threat or compulsion of or by her husband. AssiCNMENTS AND INSOLVENCY. —No insolvent laws or laws regulating assignments in trust. AnAcil.MENls.— No attachment law. See Gar- nishee. Bills of Sale — Which are not accompanied by an immediate delivery and an actual and continued change of possession of the things mortgaged or a ^l! m OaRLAND's BaNKINO and I'^lNANCtAL t)lRECTOtlV. •!)* i ! r:'= :if; copy thereof, must be registered in the county where the maker resides within 30 roceedings may be taken under power of sale (if any) contained in mortgage. Notes and Kills of E.xchanoe governed by "The Hills of Exchange Act, 1890" (Canadian), which is based on mercantile law. Notice of dishonor mailed to the place at which note on its face purports to have Injen made is sufficient. Any promissory note or bill of exchange is negotiable paper, and need not be made payable at a bank or any tixed place. But, if not payable at a named place, in order to hind endorsers or the drawer, the paper must be presented either personally to the maker or acceptor, or at his residence or place of business, if he has one, at maturity. Suits are commenced by summons or capias. Sumu'ons in Justices' and Commissioners' (Courts may be made returnable not less than six nor more than thirty days from time of issuing. In County and .Supreme Courts, twenty days after service, and may be served any time within two months from issue. Service may be either personal or by leaving copy at last known place of residence with some adult member of the family, if defendant is within the Province at the time of leaving copy. BRITISH COLUMBIA. commercial law. Revised t>y Drake, Jackson & Hklmcken, Barristers, Solicitors, ^c, Vitlori.i, li. C. Acknowledgments.— All conveyances of land must be in writing and under seal and should be attested by one witness. Acknowledgments and proofs of the execution of instruments entitled to be registered or recorded, maybe made by : (l)The parly executing in person such instrument. (2) The attorney in fact, when such instrument is executed by an attorney in fact. (3) The secretary of any corporation, when such instrument is executed by such secretary. (4) A subscribing witness to such instrument. The acknowledgment may be made within the Pro- viiKv, to the Registrar or Deputy Registrar of Titles or to a Stipendiary .Vii.gistrate or [ustice of the Peace, or to any judge or registrar of a court having a seal, or to any notary public practising within the pro- vince ; without the prinniiu hut within British Do- minions, to any judge of a court, or clerk or registrar of any court having a seal, or to any notary public, or to any magistrate of any town or district within the said Dominions, having a seal of office, or to any person commissioned in that behalf by the Lieutenant Governor. Without /British Dominions. —To any British Am- bassae made before the Mayor and certified under the common seal of his corporate city or town, any Con- sul or Vice-Consul of Her Majesty resident therein, or a Judge of a Court of Record, or a Notary Public, cer- tified under his official seal. In all cases affidavits can be taken liefore a Notary Public certified under his official seal. No acknowledgment is necessary if Ihe due execution of the instrument is proven as above. It is not necessary for a wife to join in a conveyance by ttie husband of lands held in his own naine, as dower does not attach during the lifetime of the husband. The Torrens system of land transfers was introduced in tl>e Province in 1885, but registration under the acl is optional with the owners. When once brought under the operation ! I Commercial Laws. 197 ional with operation of the act, however, nil snl»e<|iient tranafers or con- veyances must l)e in the ninnncr hild down and ac- cordint; to the fonns prccrilicd liy the slalnlo. KxKi UI'IONS ni.iy issue (rom ihc (Queen's Hencli In all cases a(.Miinst the goods of (he erson from claiming the privilege of exemption is absolutely void. This does not apply to debts existing before the Ist March, 1894. Intkrest. — The legal rate is six per cent. There ore no usury laws in force, and parties may contract for any rate. Interest is computed on judgments from date of entry at the legal rate. Rests not al- lowed unless there is a contract in writing. Accounts bear interest at legal rate from date of rendering or demand for payment ; li(|uidated demands from date due. Limitation ok Suit.s on contract, not under seal, written or parole, within six years after cause of action accrued. Upon specialties, within twenty years after cause of action accrued, other than those forming a charge upon lands, in which case ten years is the limit, as the case may be. Recovery of real estate and judgments, ten years. Case taken out ol : itule, by part payment, or acknowledgment in writing. Certain (lisabilities, such as infancy, lunacy, etc., increase the limitation. Married Wo.men, since the 14th day of May, 1875, retain all property owned by them at date of marriage, or subsequently acquired for their own separate use, free from the debts or control of their hus- bands, but such property is liable for their own sepa- rate debts and contracts, and may l)e sold to satisfy same. In every respect, the wile isconsideretl separate from her husband ; she may carry on business in her own name, and deal with her property, and sue any default may be signed. Provision is made for substitutional service of proce:.) by publication or otherwise. Taxks. — Lands may be sold for taxes, when in arrears for one year or upwards, by the Treasurer of the municipality within which the lands lie, and may be redeemed at any time within two years from date of sale, upon payment of the sum paid by purchaser, with ten per cent, interest if redeemed within one year, or twenty per cent, interest if redeemed within two years from date of sale. NORTHWEST TERRITORIES OF CANADA. KevUed by Hamilton & KoiisoN, of the Kegina Bar, AblTDAViis. — If taken in a foreign country, n ust be sworn before a British Consul or Vice-L'onsul or before a commissioner appointed for the purpose. Arrests. — No provision for imprisonment for debt or arrest on civil process. AssicNMENTS for benefit of creditors are Valid in the absence of fraud. Attachments. — Personal estate may be attached if debtor absconds or attempts to remove .same out of Territories, or keeps concealed to avoid ser- vice of process. Hii.i.s and Notes. — Three days grace allowed ; any rate of interest may be fixed. If no rate fixed, six |)er cent, allowed after maturity. Must be pro- tested when due and notice given. 198 Garland's Banking and Financial DiREoronT. ii nil!' Ill i t ClCATTEl. MoR iiiA(iRS may be taken upon debtor's effects til seiurc a delit, if made in grwid faith, and do not |iriffr, drfi-nl nr ; » ill expire in two years unless renewed Inifore expiry. I)KKIiS.--All ciiveyances of land must now Iw maile under the Torrens system of land transfer. l"',Vll>KNiK. -I'anics interested and all other parties may testify. Where witnesses reside abroad, a com- mission may issue for taking their evidence. K.XEMl'l'loNs as to debts coniraileil after Decem- ber l8lh, 1885 ; Clolhinu and furniture to the value of $500, food for six moiiihs, 2 cows, 2 oxen, I horse, or 3 horses and food Inr same for winter months, harness, wajjiin, mower, 2 plou(;hs, horse rake, sewing machine, reajier or binder, books of a pro- fessional man, tuoU and implements, teed grain for 80 acres. As to debts contracted prior to that date the ex- emptions are : Sundry necessary articles of furniture, I cow, 2 oxen or 1 horse, 2 pigs, and fooil for same, for debtor's family fnr one month in summer or three months in winter, and tools and iuipleineiils o( trade, homestead of defendant not exceeding 160 acres. FoREliiN JuiKiMKNl'. — Actions may be brought here on exemplification under seal of the loreign court. If defendant personally served in original action, or appeared thereto, no defense can be set up which could have been set up in original action. l.NSOi.VKNCY. — There is no bankruptcy or insol- vency law in force. l.M KKKSi. --I.,egal rale of interest 6 per cent. JuiHiMKNl' ANt) K.XKCiritoN. All civil aciions are brought in .Supreme Court. Judgment by default of appearance in ten days. "After January Isl, 1894, priority among execution creditors will be abolished and creditors delivering executions to the Sheriff within one month from levy under the (irst execution .shall be entitled 10 rank pari pmsii in the debtor's estate. Execution also may be issueil lorth- with after judgment instead of fifteen days. Executions against goods and l.inds may issue forth- with after judgment. Executions against lands will bind debtor's lands if registered. Executions expire in two years, but may be renewed. Limitations.— Simple contracts, 6 years; con- tracts under seal, 20 years ; judgments, 6 years, but may be revived ; suits for recovery of land, 20 years. Marriki) Wo.mkn. — Real and personal estate exempt from husband's debts. I'rotils and proceeds of business carried on by her separately from husband, may be held and disposed of by her as feme sole. May convey to or icceive conveyance from husband without trustee ; ha.; no dower in husband's estate, nor has husband any right as tenant by curtesy. I'ROOF ov Claims.— Send itemized account in duplicate, with full names, residence and description of plaintiff and defendants. NEWFOUNDLAND. commercial law. Revised by Hugh H. Cakter, Barrister at Law, St. Jotiiis, Newruuiullaiiil. Arrksi' of Person. — No capias or writ of arrest can issue without an order from a Judge, and in no case for debt or damage less than $50. The claiming creditor, by whose direction the arrest is made, must pay a certain amount per diem to the .Sherifl for the maintenance of the debtor. AriACHMENTS.— No original writ of attachment shall isiue out .if the Supreme Court except upon filing a sufficient nffidnvit, to be made by the plain- lilTor some one in his behalf, showing the defendant to be justly and truly indebted to the plaintiff in a litpiidated sum of $20 or upwards, in a cause of action to be therein set forth ; but thel.!ourt, or |udge, may authorize the issuing of a writ of attachment w here the debt or damages are iinliiiiiidated upon suflicient cau«e to be shewn in that behalf. Uy order of a Court or judge, goods of a perishable nature or that may otherwise deteriorate in value under attachment, may be .sold. No property, debt, or effects regularly at- tached under original alias or pluries wri.s of attach- meiil shall be releasee placed in the hands ol any parly having the custody or control of any moneys, (joods, debts or eflecis, ol the delendant or plaintil)', as the case may he, nnd the like proceedings shall he had to examine parties as in cases of attachment. Kxe- cutions, if iinexeciiled, shall continue in force one year ; hill alias and pluries writs of the like ihiralion may he issued as loiij; as the jiidj;ment remains iin- salistied, or such writ of execution may at any lime hefore its expiration he renewi d hy the parly issuing it from dale of renewal, and so on from time to lime during the conliiiunnce of (hi- renewed writ. Courts. —A magistrate has jurisdiction in matters (if deht lip to $20 (servants' and seaiiien's wages ex- cepted, which can lie sueil for to nry amount). The District Court has jurisdiction in nd actions of deht up to $50, and in wages cases to any amounl ; the Supreme Court to any amount. There are but two District Courts, one in St. Johns, the other in Harbor tirace, eacli of which exercises jurisdiction within prescribed areas. All foreigners suing out of the Supreme (."ourt, having no property within its juris- diction, can be called upon to give security for costs. The Di-stricl Courts are open all through the year. There are two regular terms of thj Supreme Court, each year, one in May, another in November, and post-terminal sittings on the first Mondays in February, March, April and July in each year. .Special terms of the Sujircme Court may be held at any time by the tlovernor s rroclainalion. Circuits of the .Supreme Court are held in the norther 1 and southern dis'ricts of the Island every year. The souihern circuit term is generally from the loih of August to the 7th September, and the northern circuit from the 12th .September to the 2nd or 3rd of Oclr ber. The Vice-Admiralty Court is now a branch of the Supreme Court. Criminal law is in substance that of England. Deeds — All deeds, conveyances and other assur- ances executed out of the Colony for the purpose of registration in the Colony, should be proved before a commissioner of the Supreme Court of New- foundland (which commissioners as appointed by the Chief Justice of the Colony) a Judge of a Court of Record, a Mayor of any city town, a Justice, a British Ambassador, Consul, Vicc-Consul or Consular Agent, and the attestation or acknow- ledgment with the date thereof shall when made before a Judge of a Court of Record, a Mayor of any city or town, be ccrtitied under the .seal of such court, city or town and when made before a Justice, British Ambassador, Consul, Vicc-Consul or Con- sular Agent the official character of such Justice, British Anibass.idor, Consul, Vice-Consul or Con- sular Agent shall be certified under the hand and seal of a notary public. KxF.Mi'iinNs from attachment, execution, distress for rent and from operation of insolvency laws : Working tools and implements of trade, fishing skiff or punt, necessary cooking apparatus, bedding and wearing apparel of the debtor and his family. Garnishments. — Inferior courts have no power to garnishee debts before or after judgment. After jiidgincnl, in the District nnd .Sruionn Court*, Helitu may lie ultnched to answer the judgmrnl, See .It- liuniiifiil, ui/iia. iNsoi.VKNi v.-I'roceedingh to obtnin declaration of, are coininenced by petition, which may be pre- sented by the insolvent or any cieditor. After this, on a day ap[iointer| by the Supreme Court or any Judge, iIh' parties are examincil and heard, and such order made as may lie considered just. .Assignments, etc., by the insolvent, with a view to give an uiiilue preference to any creditor, are, in certain circumstan- ces, null and void. Large powers ol inipiiry as to property of insolvent and o( punishment for Iraudiilent concealment ol property and of other wionglul acts, are givn by statute to the Court or Judge. There are several ranks of privileged creditors created by statute. Provision is made by statute for giving elTect to such arrangements and compositions as may be entered into between the insolvent and his credit- ors. The insolvent may obtain a certificate vision is made by statute for punishuienl of frauduleiil marking of. I'AKTNKKsiiii' on llic limited liability principle can be formed under conditions provided by slalulc. I'ATENIS are regulated by statute, Con., .Slat., 1872. Provision is made by the Act, 1891, for the granting prcjteclion to invention pru)r to the grant of letters patent. After the expiration of one week from the dale of the delivery into the otlice of the Colonial Secretary of the petition oath and descrip- tion of invention as described in the Patent Act., Con. St?t., and until the expiration of six mouths from said date of delivery, the applicant for letters patent for any invention shall have the like privilegesaiidrightsas if letters patent under the provisions of the said Act had been scaled and delivered on the date of said ilelivery. Banks are regulated by Special Acts of Incor- poration. Replevin. — When any goods or chattels l^ave been unlawfully taken or detained, an action .1 re- plevin will lie, to which an action for damages for such unlawful taking or detention may be added. I'revious to action brought, a bond in double the value of the goods to be replevied must l)e given to the Sherifl'. Si'KciAi. Cases. — Where the parties to an action are agreed as to any <|ueslion of law or fact to be de- cided between them, they may, after writ issued and before judgment, by consent and by order of the Court or Judge, proceed to the trial and determina- tion of such <|uesl ion of law or fact without formal pleading, to be determined by the Court as a judge. 'rKAt)K, Marks and Kecisirai ion ok Same. — The act respecting Trade Marks and Registration . provides for punishment of parties forging or falsely applying Trade Marks. That all marks, names, brands, labels, packages or other business devices m.iy be registered for the exclusive use of the person registering the same. Public fees payable on appli- cation to register Trade Mark, $20.00 ; for recording an assignment of same, $1.00; registration of Trade Mark may be objected to in certain cases. Regis- tered Trade Mark to endure without limitation of time and may be assigned. it ) Wr Mi Ill ■ 1 j \\ [' V' '■■ \ PART 11 i FINANCIAL DIRECTORY. ADVICE TO YOUNCr MEN. Young men preparing to enter Banking or Commercial pursuits should study the following : The best education for a young man destined for Banking or Commercial pursuits, is that which develops, trains and educates those faculties which distinguish the accomp- lished man of business. A good man of l)U5iness needs physical vigour and strong nerves, he should be able to read well, speak correctly, write plainly, count quickly and accurately ; therefore, when young he should practise reading, spelling, writing and arithmetic every convenient opportunity. A good business man requires sound juilgnient and a retentive memory ; lliere- fore, the senses and the memory should be regularly trained and educated. A good business man should have business habits ; therefore, in youth he should be trained to industry, system, punctuality and perseverance. A good business man must be decided in character yet courteous in manner, and in youth he should therefore cultivate selt-reliance, presence of mind and i)oliteness always. A good business man needs sharpne.ss, shrewdness and versatility ; there should be nothing in the curriculum that would have a tendency to produce excessive prudence. Bankers and Commercial men are iluring business hours constantly dealing with uioney ; therefore, in youth they should be taught the use, value and power of money for good, and to practice self-denial instead of indulgence. '. ! a6 ;; I 1 n 1 f ■ £ ^02 Garland's BANKiNo and F*inancial t)iRECTORV, w o E ^ < < S > c; 0. u X M ^!; ^ :^ Q o Ov < /?; H rt V) J QU I- oi q tJU w r -' [;; 73 II C a z < fe U lA o 1 < •a -1 Pi n o <1 o p^ a. p V V. ?; 5 ■* rf^ o »-H Q X _i < » a ?^ y VJ < ««• ^ ^ o M N (o^too t^oo g» 8Sa5?a-}?13R-<8i? i r*^ ro ro to '■•^ 't -^ Tf ■^ t!- O roOO roOO roOO O rodo rodO rodO O lA 't M — 00 r^O <*• 00 rood r^iod ro r4 « t-^ N N ro ro Tj- ^ lO u^O O r^ roO^ roOvo roOvO '^ rod^ r^dvO rh6\6 'O 1^ N O <^00 -5 "1 ■* N « t^OO OOOvCnOO'-'-iN 1 rOOO roOvO fOOO ro r^6\6 roQvd '^d^ rn ro N C7^CJ5 ^O u^ -^ M - a\ONQQ*^^NMrorO 0000 O^O^O^O^O^O^C^O^ fO r*^ ro ro ro ro ro r'l fO *'0 O f^O^ ro o o ro q ',S O ro d O ro d O ro Q 00 l-^O Tf ro N ONOiS pjvd^O i-IO'-O d*^ ^ Tt in lOO O f-^ i^oo CO ro ro ro ro ro ro ro ro ro ro lOO mo uSo^'i•d^4 cSoNOO — '-''-«Nrtro 1 vO roOvO fOOvO roO^ vO '■od^ rod^ rod^ ^O m -^t W '-' OO t~>.^0 ■^ \A >^ \o "-"O -itAd^^d 0'-'*-' N (NtOcOTj-Tj-ii-t co ro ro ro ro ro ro fo ro ro roOO roOO roOO fO ro d ^d ro d O ro O O ro ro f^ O O-'OO O u-i Tj- M « lOO O O 1^ r^oo OO o> o\ ro ^ ro ro ro ro ro ro ^ ro OO rOOO fOOO fOO ri \d ro d O ro d O ro d O 00 r^O Tj- ro N q CTvOO rfod rood rood rood N t^ 00««NMrorOrf^ lOiy-|lOiOiOlOiOU^lOU-| ro ro ro ro ro ro ro ro ro ro i t) 0^0 roO^O roOvO rOO do f^d^ rod^d rod d 4 d- 4 c^ 4 Ch 4o6 ro ri N n roro'^'^m uro O roOO roOO roOO O ro d ^d ro d sd ro d O v5 m ■. OO roOO roOO roo do rodo rodo rod O 00 r^O ■^ ro rt O C^OO ri\d ^o <-«o *^o diA OOCOOO^OO*-'-(^N Tj-'^TfTj-mmioiOtnu-i O roqo rooO fOOO O rodo rodo roQO O u^ rj- N "-• O OO t^O '^ o Loo lAd "^cv^d^^ ro ro T(- Tt U-) ut m^ O t^ Lomu-iLou-immLoiom s u \0 roO^O rnO^O roO^O \d '^d'O fod^ foQ'O vO"^^w '-' ooor-'vo -^ vd --i ^d "^ 'd " »o d »o Q rj- UMOvO o t^ r^oo 00 C\ O^O^O^C'■O^C^O^a^O^O^ roOO roOO roOO ro rodo rodo rodo rO ro P< O O^OO O »^ "(f N « vnC vnd^T^d^'4•d^4■d^ O^QOQ'-'►-'^r^ro'■o OsOOOOOOOOO •^ ri N ri N N f N M M OO roOO roOO roO do rodo rodo rod 00 t^O 't ro N O OvOO •i-od rood ""ood rood ri t^ rj- Tj- u-i in\0 O t^ I^QO 00 OOOOOOOOOO 300 OO fOOO roOO roO do r^do f^do rod O 00 h^O '^ r*^ N O a^ClO d 4 C^ 4 C^ ri- C\ 4od ro ^0 O O r^ l-*0O 00 Cn 0^ O O roOO rOOO rOOO vd rodo rodo rodo O m ■^ CJ " O 00 r^o Tf 00 rood rood ro h^ N r^ rj O « « W M rorotJ-Tfin iomiou^iriuivr»u-imtn fOOO fOOO roOO fO rodo rodo rodo ro ro ri O O^00 O m ■^ *N « t^W rv.NH\0 t-^O '-O "^ "~o o t^ 1^00 00 c^ Ov Q lOU-iintnu-iiOiOm »00 i roOO roOO rnOO fn rodo rodo *Ado ro ro 't O O^00 O ^'i ■^ n '- r^. > rot-^rit^rirCrit^ O^0^O^O^a^a^O O O O OO roOO fOOO roo do rodo rodo rod O OO I^O rtrnf^O .0 ^ ro N O^00 • Tf- d^ -4 On 4 C^ ^00 ro 1-, ^ N M ro ro •'I' O roOO roOO roOO O ro d O ro d O rO d O O lo "t- r* ■- O 00 r^o -^ 00 rood 'ood ro r-C. ri t<. ri 'rt u-1 i0\0 O t^ t>*00 00 On roOO roOO roOO ro rodo rodo rodo ""O ro r< O ONOO O "1 Tf N N- i^rirC.«.d ^o «\d -^ 0\0 ►-« «N wroro^ '•^l ^ o M CI ^o^l^»^o t^oo o« o M N CO ^lO^o r^oo os 8sa??jr{?i?fi-^ff Canadian Par ov Steulino Exchange. 208 i?,S,SJ,S3;^"fti:?9,9l *5-S!-95i9"5-!?^? a3,l?,JR55S^&i9,S! 55>85'«2-^SS'S>? Rfi 8* ^o *^ d -• 00 t^^ N fO P'l Tt ^ i/^ u^vO vO ^o SO f^O^O f^O^O f^O^ vD ro d 'O *^ d vQ f O d -O 7t ^^ d- *j* 2^ ';pQS (^cc On On Q _ ir^ lo "^ *A m tnvO "O sO 'sO rnd"0'^d^''od'o ro M O OnOO O iJ^ «t N Cl N rrj ro ^ -"ct w. invD vp \0 vO "O vO ^ nO sO nO 'O so t->. 1-N.OO QO OnO\0 O *^ '- 5!=8 O to 8i? roO>0 rO ro0>O ro fod>0 f^Q^O f^dvo f^ fn N q Ov* ^5 "1 * N ■- & 4- &: fooo ''ico <^« r^ fo ■n* ^ »o m^c ^ *^ t^oo OOOOOOQQOO rfvOf^QvOrnQvO'^d vOrod^'^d^'"^d*0 8 00 t^^ rf rO N O OvOO vS "^ t)- N — O 00 r^>3 "l" \0"*vOi-i\£)*-irid»Ad f^ ^ ■* lO w^vO sO 1^ r^CiO r^O^OMO^f^O^OfO 0>0 roO^ p^OvO f^O^ f^ f^ N O ONCiO v5 m Tf M « I Q "~1 C^ Tt- On ^ On On On P O ^ » Tj- On * On _ _ _ >- — N M - N M N M N « ■*oo « PI m Q ONcS NO roONO r^ONO f^QNO S rA d nO (^ d u^ -^t N "« O \6 ''*^ d '-6 00 r^^ 'I" \n m\D ^ r>. r^oo 00 On o» \n \r^ \r\ xrwr^ if^ \r^ \r^ vrt \r\ rOOvO fOOvO *^0^ '■•^ r*^C \6 rnd^ r^dvd f^ (^ N O 0^00 ^ »'^ ■^ N ^ *-*o •« ind »od »Ad 'o \0'>00*>OVO'OnO'OvO*-0 O^ mONO fOO^O r^O 8S ^06 O tJ- On ^ 0^ ^ 0\ '^OO ro vofodNd'^d'Of^d'^ fod \0 m ^ M '-' O 00 t^vo ^ (^ N 00 '^00 f^oo ro 1^ M t^ ri r^ N ONOO'-''-tSNrOfO'«!l" rfu-i OnO mOvO mO^ rOO vO fOO^O fOONO <^0*O NO '^OnO rnd^ roONO NO *n Tj- M 1-. O 00 i^nO t \Od^d^0^'^d't&' ■«tON4'Cf\Tt-0* f^OO roOO »25 t^ r^CO OOOnQnOOO •-i-»MN'^ro^'.00 00 On On O O 8*no f'ldNO f^d^ fod OC r^NO ^ ro M O OnOO rA ^ i-I'O "-tNO i-Ino d ^ i-H I- N N rri rt', y*. 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N 1^ N r-- (S nQ ^ .00 00 On 0\ O O '-' NO t^ONO *^OnO rnONO nO »n -^ M •-" O C» r^NO Tf VO i-^nO* i-InO "-• lod »nd "-« N N fomTj-Tfin in^ ro O s^ mONOrOONO"^ OnO OnOO no m ^ P) •- O 00 iridiAoN^ONTJ-c^^-ON 400 NO 1-^ I^ 1^00 OC On On O O ^ « o i-o o o Soo o p< r^ "* PI N O NO NO NO f^ONO fOQNO rT) OO NO p'idNd r^oNd ^ d o *0 u^ "J- N «-« O 00 r-.NO 'I- N r^ri r-^ri r^»-Ivd ^no r<^ m "If ^ m iOND ^ h^ 1^ ^vOnO'O'OnOnO^^nC rnONO roONO foONO '^'^ rndNO f^QNO f^ld^ '"^ f^ M O OnOO no *n Tf n «- ^\d "-• *nd tod ^d *A 0000O^ON0 O *-^ '^'^^ \OnOnonO r^r^r-^r^r^r^ ONO rr^ O O mONO mo g'vD '^d^ rndND f^ d 00 t'-.NO ^ f-O N O OnOO 0* -^ On '"t On rf 0\ TfQO "^ -- ir>) rn ^ ■ ■ - O NO ro O ^ ro O NO NO '■n o NO »"0 { VO m ^ n ^ c *o "^ o o 00 i^nO -i- 00 "^oo •'noo ro r> N 1-^ M r>.00 uOOnOnOO — — N rN. 1-^ I-, t^ r>.oo 00 00 00 00 ONOf^ONOr^ONOf^^O NOfOONO^OONOfOONO 8^? vd dtod lod ind '«tON ■^ to tONO ^ 1^ t>.00 00 00 ■i O 'O ""n O NO ro o hnO ^ r<-) m O OnOO nO f^ONO '^O'^ f^ Q O \0 iri Tf r4 <- O 00 r^^ 'l" rf- On tJ- On -i- CTn •''100 fOOO 0^0^00 — '-•NN'^ro rOONO rnONO f^ O O f*^ f^ d \0 r^ d O f^SONO ro ''OM O OnOOnO inrJ-M "-i rood r^r^ci h^ri t^n r4 Tt ^ »n xr\\o NO 1^ r^OO 00 OnO f^ONO mo^ rn O 8' \6 rn d o ^ d o fnd 00 r^NO 't fo n O 0^c» MNO "-"nd ►-«ND"-Nd dtn OnOnO O — '-M (^ rn f*^ N « m •'n ro f-o m rn ro ro 00 00 O tn <*> ro CO to ? SJ^ S)^ ?n ^.^.ig.??;^!^!?'!^.?; O ►! N M ^ lrt>0 J^OO 0> >S <0 ^ <0 NO « <0 'O S >o 'if Mr \i ' 11!^ lllh 204 w o U O w O < Oh I— I c < Garland's Banking and Financial Directort. S^ •n? f!.f2i5:}c;^{^^g: o M N CO -^ mo r^oo o^ OOOOOOOOOOOOOOOOOOQO & On O^ ^ ^ ^ cS On CS & O^Of^O^fOONO fOO^'^O^'^O^f^ OvOfOOvO'^OvOfOO I kPt o<> f 'I o *-o f'^ o nd ^ M « o 00 t^\25 ^ r^. fO ^ tJ- •(}■ in vrivO rOO^ roO^ rO0\O m '■O \S O O^CiO O u-> Tj- f^ i-t 0\ ^ 0\ f^CO f^cc '^OO rn '^^t^^^^^'*'«t 8\0 roO^ (^OvO f^O oonrC.rii'^rii^rivd'-* OOOOCOOOOOOOCCOO'iOlXI r^O^Of'^ONO'^O vOf'^ONOf'IO'Or'^ONO f^O^'OONOf'^OvOPO <^ Q NO fn O ^ .g r«^CO POOO "^OO N t^ tc» -t -t- »n »i-ivO ^ (-«, t-^ ^** ri rj N M M M W N nD fnOO rOO^O '^OnO vO *n ■^ n H- o 00 t-^NO ^ OOOOO^OnO O"- "N n N tS (S C* rornt^r/^PO*^ roO^C '^OnO fOONO ^ ro N O OnOO \0 u-1 ■«t N "- r*^rr^ -^ rf \r\ \r\HO0 00 00 0^ 0^ O NNNNNNNPO mpopodpop^^p'^pp^ pOOnO '■OO^O pp^OnO "^ pn W O OnOO ^O "^ ■^ M "-• ■^ On pOOO P^.od POOO ^ ^ po p'^ pp^ po p'l pn PC po ' rOPOP<)POrofOPOfOrnf*S 80 p^O'^ POO^ p^O 00 r-.vO ^ PO N O OnoO ooNi^Nr^rir^pJNO <^ li-iNO vO r>^ 1^00 00 On On O POP^^pp^POPOPOPOPOPO^ POPOfOfOf^r^pOf'ir'^rc O o in p^^OnOp^OnOp^O vOf'IOnOp'^OnOp'IOvD POONOP'^ONOmOvOfi W pp^ O ^ po O NO po O r-NO -t PO M O Onoo pnoo pAoo p'lQC N r^ OOOOOnOnOO — •- r>. r>. tN. f>.oo 00 00 00 \0 P^O^ POOO p^OnO ^O lo -^ N t-i o 00 r^vO Tj- M r4 po po "^t rh »y-i in\0 \D OOOOOOOOOOOOOOOOOOOO )0 NO 1 N O po o NO po o -o pn o^oo NO »n -^ N "-• i-vd ■- »od iod^'^d lo r>i r^oo 00 On O^ O O "• ^ 000000000000 O^QnOnON o Q w •O poOnO p<^OnO fO ■o p^ d vd po o no' f^ o O-OO \0 ^"^ ^ N •- r^i-i\0 "-"NO ♦-'NO •-■ (jvQ5«N-nNPP^ M p^POP'^P'^POPC'^ OO'^ONOfOONOf^O OP'lOOfOONOfOONO NO podvo p^d^ podvo NO m T»- N N- o 00 r^^ -<* 8\0 pnoo pOOno f'^O 00 r^vo Tf po M o ONOO vd d lAd ^ Q *^ d ^on ''O 'i- ^ m mvo NO r^ r^ r>. PO p^ p*^ PO PI p*^ *^ f^ f*^ p*^ Tf ON ^ On ^ On r^OO f^JOO 0000ONONOO'-'^f»N p«^pnpopo'.oo 00 On OOOOOOOOOOOOOOOOOOOO 8 NO poo^o poono tno _ 00 r-H^o t po oi o Onoo oONr-^rJr^NrC.N'o -^ O\0O'-' — NNPOPO»(t CO OnOnOnOnOnOnOnOnOn POONOfOONOfOO OmONOtOONOPOONO rOONOPlOOfOONOfO pOOnO POONp f^Q r^O Tj- PO N O OnOO pnc^ POod POOO N t^ N N pplmT^^mln PO PO PO PO PO PO fO PO vO roONO POQO fOONO vO »0 rf N ^ O ^* " ) 00 r^NO 'i- O nO K. KOO 00 On O^ O O POPOPOPOPOPOfOPO'^t ^ poOnD pOOnO POOO PO PO W O OnOO O lO ^ n ^ "-NO ^ tod^od »od ^'^ >-• — N M POPOTf^inm 8 vOfOONOfOONOrO OnOpOOnOpoOnOpOO nOpoOnOpoOnO^OOnO ^DPodNdf^dNdfo dvdpodNd'^dNOPod NorodNOPot OnOO vO"^'^-*^'-' Ooor-HO-l-PoriO O>oo o to Tt cs m ONOO NO »0 -^ r^ rC — vd i-ivd •-'O »- ro Tf ^ lo mo O r^ oooooooooooooooo 0*00*0 r^OO 00 (?N On 00 00 00 GO POOOfOOO fOGO POOOfOOO PO do'podNO'^dNO poono ^ N ►- O 00 I^O -t *■? *^ 9 d'od t'^ON-tcrN-i- ON-^^crN poco pooo pooo po u-iino o O r^ r^oo ccOnOnOO^ — nmpo 'OPOPOPOPOPOPOPO pOPOpO'^tJ-'^'^^tI-tJ- OO fOOO tOGO fOG 8' vc PO d NO PO d vd PO d 00 r^O 't PO N O OnOO 00 ri r-^N r-^Mr^n\d •-« PO ■*f ■^ to u-j\o o r>» r^oo S:i s? s oooooooddbdooooQw ^ cS v^ 0* cK Q^&O*^^ 9^ Canadian Par of S'ieRung Exchanoe. 206 1 ^ ~ MM 19. " vO vO 'O vO r^ 1^ I^ t^ t^OO 00 CO w- 4 T(- r)- Ti- 4 -i- 4 4 4 Ti- 4 4 00* ft ^ ObO->~""NNNr O O t1 fou-ir>.ON^r^"it^cy\>-« ^vo ««■ 4 4 4 4 4 4 4 4 Tj- 4 4 4 CO rl ro rf Tf T)- iri i« invO VO ^ t^ " 00O>OmJ\O\O^OOOOO" -iPtP«NfO"lr^ ^ovovot^r^h^t^ r^oo 00 00 00 «fl- r\ C\ O t^ ON 4"^ 00 O ri 4vdod - ro W- rOr^P'^rnfnrom'^mmfOfO CO fo fo '^ ■* T}- m u-> lovo vO ^ t^ (/] u VO 00 O N •*\O00 N Tt-vO 00 ^ fo f*^ rn r*^ to f^ ro fo m r^ m m c4 000*-^^NNNf*^(^f^ r! « -"i-^o 00 6 N 4vbod 6 N 4 *"■ NNNMror 00 00 00 On *^ MNNMNMNNNNNN d 1-1 rO fO 't -(l- -^ »0 lO "^vO vO vO 1^ " rC Tl- •>)■ ■^ ui iriu-i "1 "-l>0 vO O *" N«NPINNMN«NNN d 00'-''-'-NNNrOrorO':t- « ... *'* NNNNNNMNNNNN 00 vo r^ r^ r^oo 00 00 On On O O O " 5:'§-'§,8oS"^'§2 2;rir ^,« ti» m po ^ ^ T m in inNO no no i^ u t- £> S Cr>^C- 5?^ " ^ "^*^ On OnOnOOOOOi-"!--" CO 000^'^'-'*-- " Tt in in u-j in invo no no -O no r^ v^ •-i ro M ■* ■>«- ■>t "1 in mNO no vo t^ ti 'tNOOO O N -^NOOO O N ■--.NN CQ _• o M (>) ro<«-in>o t^oo »o M ^ MM T3 C 00 T3 C t^ tc 00 ^ 00 N 1° On (/} m 3 <^ JC w !2 ^ £: (A 9 ?n o ■ ■. w » « n ^ •f=i IM 3 . ""S c o ^ nl o * ,/i B ,^ t^ V, T) iM T3 rt V T3 ^ T3 .; >,o t: coo ^H >s N^l^ T3 J3 TJ ^^ ■3 "^ O C ^ n ^^ E O^ O T3 s^'S rt rt Tl C N o l^'n C -(fl- o = rf ail St/3 <1> r! 1- c (fl.- 6 ei. c nK c^ a CT3 a^fl. 5. u c ■£ ° •r. c c a u u^. oo" «fl O rt ^ r^ c cf? -^ QJ b II c d ■r etr c ^o s ^ C « Tf t»>«fl n S II s-^ ~ !3S n, >.Tr s tiO s « s« c 3 54 5g xo o S Si'~ 1" _ >-, -C XI c c c 3 < 3 o O 6 w ■< 206 Garland's Banking and Financial Directory. W^ ll- Certified Copy of a Report of a Committee of the Honourable the Privy Council, approved by His Excellency the Governor-General in Council, on the 26th November, 1894. The Minister of Trade and Commerce submits the attached recommendation from the Controller of Customs, having reference In the issuing of a new Proclamation under authority of the Customs .Act, declar- ing the value of foreign currencies for Customs purposes to be, until further proclaimed, as per schedule attached. The Committee, on the recommendation of the Minister of Trade and Commerce, advise that a new Proclamation declaring the value of foreign currencies, do issue accordingly. JOSEPH POPE, Aisistant Clerk of the Privy Council. VALUES OF FOREIGN COINS IN CANADIAN CURRENCY. (For olhtr Couitlrict, set pagt t>i.) Country. Standard. Monetary Unit. Value in Canadian Currency. Coins. Argentine Republic. Austria-Hungary . . . Gold & Silver Gold Gold & Silver Silver Peso Crown .... Franc Boliviano . . Milreis Peso $0-96,5 •20,3 ■19.3 •46,4 54.6 •46,4 Gold, Argentine ($4.82,4) and % Argen- tine. .Silver, peso and divisions. Gold, Former system, 4 florins ($1.92,9), 8 florins ($3.85,8), ducat ($2.28,7), and 4 ducats ($9. 15,8). Silver, I and2florins. Present System : Gold, 20 crowns ($4.- 05,2) and 10 crowns ($2.02,6). Gold, 10 and 20 francs. Silver, 5 francs. Brazil Gold Silver Gold, 5, 10 and 20 milreis. Silver, j^, I and 2 milreis. Silver, peso and divisions. Cen. American States : Costa Rica ^ Guatemala Honduras Nicaragua Salvador J Chili Gold &. Silver Silver Silver Gold & Silver Gold Silver Peso Tael: Shanghai . . Ilaikwan. . (Customs.). Tientsin. . . Chefoo .... Peso Peso Crown Sucre Pound (100 piastres.) Mark Franc Mark Draciima . . . Gourde . Rupee Lire Yen: Gold Silver Dollar Dollar •9J.2 •68,5 76,3 •72.7 •71.7 •46,4 •92,6 •26,8 •46,4 4.94.3 •«9>3 •19.3 •23.8 ■19-3 •96,5 •22 •19,3 •99.7 •50 1. 00 •50.4 Gold, escudo ($ 1 . 82,4), doubloon ($4. 56, i ) and condor ($9.12,3). Silver peso and divisions. Gold, condor ($9.64,7) and double condor. Silver, peso. Gold, doubloon ($5.01,7). Silver, peso. Gold, 10 and 20 crowns. China Columbia Cuba Ecuador Gold, condor ($9.64,7) and double condor. .Silver, sucre and divisions. CJoId, pound (100 piastres), 5, 10, 20 and 50 piastres. Silver, I, 2, 5, 10 and 20 piastres. Gold,2omarks($3.85,9),iomarks($i.93). Gold, 5, 10, 20, 50 and 100 francs. Silver, 5 francs, (iold, 5, 10 and 20 marks. Gold, 5, 10, 20, 50 and 100 drachmas. Silver, 5 drachmas. Silver, gourde. Gold, mohur ($7.10,5). Silver, rupee and divisions. Gold, 5, 10, 20, 50 and 100 lire. Silver, 5 lire. EeVDt Gold Gold Gold & Silver Gold Gold & Silver Gold & Silver Silver Gold & Silver •Gold & Silver Gold Silver Finland P'rance (jerman Empire. . . . Hayti.... India Italy Gold. I, 2, 5, 10 and 20 yen. Silver, yen. Gold, dollar ($0.98,3), 2|^, 5, 10 and 20 dollars. Silver, dollar (or peso) and divisions. t'iNANCIAL t)mECTORY. 20? NALUES OF FOREIGN COINS— C<7«//«m/. Country. Standard. Monetary Unit. Value in Canadian Currency. Coins. Netherlands ...... Norway Gold & Silver Gold .Silver Gold tSilver Gold & Silver Gold Gold & Silver Silver Gold Gold & .Silver P'lorin Crown ..... .Sol Milreis Ruble : Gold Silver Peseta Crown Franc Mahbul) of 20 piastres. Piastre Bolivar •40,2 •26,8 •46,4 1.08 •77.2 •37.1 •19.3 •26,8 •■9.3 •41,8 •04.4 •■9.3 (;old,loflorins. Silver,}^, I and 2}4 florins. Gold, to and 20 crowns. Peru Portugal Gold, 1, 2, 5 and 10 milreis. Gold, imperial ($7.71,8) and ^ imperial^ ($3.86). Silver, ^, ^ and I ruble. Ciold, 25 pesetas, Silver, 5 pesetas, (jold, 10 and 20 crowns. Russia .Spain Switzerland Tripoli Gold, 5, 10, 20, 50 and lOO francs. Sil- ver, 5 francs. Gold, 25, 50, 100, 250 and 500 piastres. Gold, 5, 10, 20, 50 and 100 l^livars. Silver, 5 bolivars. *Gold the nominal standard. Silver practically the standard. tSilver the nominal standard. Paper the actual currency, the depreciation of which is measured by the gold .itandard. A TABLE SHOWING THE NUMBER OF DAYS FROM ANY DAY IN ONE MONTH THE S.\ME IN ANY OTHER. Mi i!!^ se and ■silver, yen. nd 20 i) and ^ Months Jan. Feb. March April. May. June. July. Aug. Sept. Oct. Nov. Dec. Jan. . . 36S 31 59 90 120 151 181 212 243 273 304 334 Feb. . . 334 36S 28 59 89 120 150 181 212 242 273 303 March 306 337 365 3^ 61 92 122 ■53 184 214 245 275 April . 275 306 334 365 30 61 91 122 ■53 .83 214 244 May . . 24s 276 304 335 365 31 61 92 «23 ■53 184 814 June. . 214 245 273 3^4 334 36S 30 61 92 122 '53 183 July . . 184 215 243 2", 304 335 36s 31 62 92 ■23 »53 Aug .. '53 184 212 243 273 .304 334 36S 3' 61 92 122 Sept . . 122 153 181 212 242 273 303 334 365 30 61 9" Oct. . . 92 ■23 ■51 182 212 243 273 304 335 365 31 61 Nov .. 61 92 120 ■5' 181 212 242 273 304 334 365 30 Dec. . . 31 62 90 121 ■5« 182 212 243 274 304 335 365 To conpule thi diys required, loiik acrois the columns. E>c\mple: From M.iy loth, on side, to Octol)er 15th, on top, 153 days in the Table where they meet, add live, the difference in the dates from the loth to the isth=: 158 the number required. In case of Leap Year one more day to be added. 208 Oakland's feANKiNo and Financial biREcrop^ MONEY ORDERS. ^ '1 111 m m On Money Orders drawn by any Money Order Office in Canada on any other Money Order Oflicc in the Dominion, the Commission is as follows : — If not exceeding $ 4 2 cents. Over $ 4 not exceeding . . 10 5 " " 10 " . . 20 10 " " 20 " ... 40 20 " " 40 " ... 60 JO " " 60 " ... 80.... 40 " "80 " ... 100 50 " No single Money Order, payable in the Dominion of Canada, can l)e issued for more than $100 ; Imt as many of $ic» each may l)e given as the remitter requires. Money Orders are issued in Canada on the follow- ing Foreign Countries and British Possessions, at the rates of commission shown lielow : — For sums not exceeding $10 10 cents. " 20 20 " "■ " 30 30 " •' " 40 .. .40 " " " 50 50 " (Sjo is the limit of a single order). Africa, East ((jerman Fos- Ceylon. sessions). Chili. Africa, West (Cameroons, tConstantinople (Turkey) Banana, Boma, Matadi, Cyprus. Togo). Danish West Indies. tAntigua. Denmark, including Ice- AsiaMinorandtheLevant: land and the Faroe Is- Candia, lands. , Canea, (Khania, La +Doniinica. Canfee) Dutch East Indies. Chios ( Khios), Egypt. Durazro, Falkland Islands. Jafia, tFrancc an ^ ^. 2 c s ° 6i. cents. pf. cenis. m. pf. $ c. m, |)f. $ c. m. pf. 1 4 20 83 1 00 4 16 15 00 62 40 3 8 25 I 04 2 CO 832 20 00 83 20 .? 12 30 I as 3 00 12 48 25 00 104 00 4 16 40 I 66 4 00 16 64 30 00 124 80 5 20 SO 2 08 S 00 20 80 35 00 I4S 60 6 25 60 2 50 6 00 24 96 40 00 166 40 7 29 70 2 91 7 00 29 12 45 00 187 20 8 33 75 3 '2 8 00 33 28 50 00 208 00 9 37 80 3 3i 9 00 37 44 10 41 90 3 75 10 00 41 Co NoTK, —The orieinal Order issued in Canada shoidd be retained by the remitter. Money Order from the Chief Office at Colonge. The payee will receive a projier form of Tahi.k showini; the sums payable in France, Algeria, Belgium, Italy, .Switzerland, in Fran(» and Centimes, on Orders issued in Canad.i. Q .5 c . c 2 v: .3 c . c .5 e . c .S e • '■i'^ v.ysr 3 4» "■'^'^ 1 5r hi) >* 'i^ 9 c a V c 2 c 3 0) c 2 c 3 u c 2 c 3 «J C ° u s •3 ° ctms. c3l .« 5 ° $ c. fr. cc. S $ c. cents. cents. fr. ce. fr. cc. I 5 20 I 00 I 00 5 >o 15 00 76 50 2 10 25 I 25 ■2 00 10 20 20 00 102 00 3 >5 30 ' 55 3 00 15 30 2S 00 127 50 4 20 40 2 OS 4 00 20 40 30 00 <53 00 5 25 50 2 55 5 00 25 50 35 00 178 so f) 30 60 3 OS 6 00 30 60 40 00 204 00 7 35 70 3 55 7 00 35 70 45 00 229 SO 8 40 75 3 80 8 00 40 80 50 00 255 00 9 45 80 4 10 9 00 45 90 to 50 90 4.60 10 00 51 00 'I'he above talile applies to Roumania, but su ns p.iyable in that country will be ^abject to a further deduction by the Swiss Post Office of 35 centimes foreacli 35 francs, no al)atenient being less tbatt 50 centinius. 'I'o Imnd the D.w ok thb Wkkk Upon which Anv Pa.st Evknt Has Takkn I'l.ACK.-'l'ake the list two figures of the year in which it oi 'rred, add a quarter of it to itself, disregarding the fraction, add date of the month, and the following figures, one for each month in the order they are given :— 3 6 6 40251361 Divide the total by 7 and the remainder will be the number of the day in the week. When no remainder, it signifies Saturday, EXAMPLi:. — May 24th, 1890. — Take 90, add 22, add 24, add 4=140; divide by 7 « 20. Saturday, Correct. NoTR. — This will riot prove correct between dates January 1st and February 29th in leap year. Dur- ing that time the day will be one ahead. Count back one and it will be right. 87 210 Oakland's Bankino and Finanuiai. DiuEtTouv. The leap years aru those wliosc dates are exactly tlivisilile l)y 4, except in the case of the even hundreds; these must be exactly divisii)le by 400. 'I'hus 18H0, 1884, 1H88, 1892, 1600 and 2000 were or will be leap years ; 1881, i88_^, 1886, 1890, 1800 and 1900 were not or will not be leap years. PRECIOUS STONES. The best opals come from Hungary. Black pearls are the most valuable, then pink and yellow, then white. Pearls are steadily increasing in price ; they cost three times as much as they did ten years ago. A pearl which could have been bought for $1,000 in 1884 is now worth $3,000. The American tunjuoise is the best. In value tliis lovely blue jewel ranks below the diamond, ruby or sapphire, but its popularity as a ring ornament never wanes The Persian tunjuoise fades when exjiosed to light and turns a dull green. Blue is the favorite color of the Persians. Every jewel has a jjcculiar significance. Each is a favorite in a certain month of the year: January (larnet, constancy: [-"ebruary Amethyst, sincerity ; March -Bloodstone, courage; .April — Diamond, innocence; May Emerald, success in love; June Agate, health and long life ; July — (.'ornelia, contentment ; August — Sardonyx, matrimonial felicity; September — Chrjsolite, antidote against madness; October— Opals, hope; November— Topaz, fidelity; December -Tuniuoise, prosperity. 'I'he value of precious stones jmiduced in the United Slates last year was $300,000. The export of diamond> from South .\frica averages annually about $20,000,000. 'I'here are 25,000 diamond diggn^ employed there. A diamond is a crystal of pure carbon, and as such is safe from injury by acids. It is very brittle ; few precious jewels are more so. Only one pure blood red diamond has ever been found. The topaz is nearly transparent. The yellow topaz comes from Saxony, the white from Siberia, the pale blue from Brazil. False topaz is yellow (|uartz. Chrysolite, too, is often used to imitate topaz. The topaz was once one of the most popular of precious stones in fashionable use, but it has declined much of late years in the public estimate of its beauties. These are the weights given by a statistical authority, of the six largest known diamonds: Koh-i-noor, 103 carats; Star of Brazil, 125 ; Regent of France, 136 ; Austrian Kaiser, 139 ; Russian Czar, 193 ; Rajah of Borneo, 367. The red variety of garnet is the most common, but violet, green, and white garnets are not altogether rare. Bohemian garnets are dark blood red in color, and in the larger sizes are very valuable. Cinnamon rubies, so-called, are garnets. Except in color, the sapphire is the same stone as the ruby, but less rare. When of fine ([uality it is as valuable a^ a diamond of the same size. The choicest shade is blue. The breastplate of the Hight Priest, as described in the forty-ninth chapter of Exndus, was made of goal, blue, purple and scarlet. Upon it were set four rows of precious stones. In the first row were topazes of various varieties. In the second row there was an emerald, a sapphire and a ruby. In the third row there was an agate and nn amethyst In the fourth row was a beryl, an onyx, and a jasper. They were enclosed in ornaniental work of gold, the girdle being held together by strands af linen. The rui)y is, ne.xt to the diamond, the most valuable of precious stones. The most popular is " jjigeon's blood."' The color varies from rose to crimson. The ruby, jewellers say, is extensively imitated. The Brazilian ruby is a topaz ; the Cape ruby is a garnet. The true ruby will scratch either of them, and may be thus distinguished. The amethyst, or violet stone, as it was once called, is no longer popular. Emeralds are of two kinds, the emerald of the corundum family, which is a green sapphire, and the pure ordinary emerald, which is best known. Emeralds as ornaments have had a great access of popularity of late, and now occupy the place in fashionable regard once held by amethysts. Opals under water are transparent. Precious stones are more generally in use in the United States than in any other country, though the most valuable separate stones are to be found in Europe. Financial Directory, 211 USEFUL TABLES FOR REFRESHING THE MEMORY. Sterling Money. 4 farthings 1 2 pence . . 20 shillings I penny I shilling I pound Sterling money is ilie iiiDney of account usetl in Creat Rrilnin nnd Ireland. The pound sterling in worth $4.86 Troy Weight. 4 grains . . 24 grains , . 20 pennyweights 12 ounces . . Apothecaries' Weight. 20 grains . . 3 scruples 8 drachms 12 ounces . . Apothecaries' Fluid Measure. 60 fluid r.inims 8 fluid drachms 20 fluid ounces I carat. I pennyweight I ounce I pound =: I scruple = I drachm = I ounce = 1 pound I fluid drachm ■■ I fluid ounce I pint The Rrnin is the one seven-thousandth part of the pound avoirdupois. The ounce, both troy and apothecaries', contains 480 prains, being 42,'i grains heavier than the ounce avoirdupois. The troy poun 30 Vict. 1866 48 „ 49 Vict. 1885 10 1. 11 Vict. . 1847 30 . 31 Vict. 1867 49 " 50 Vict. 1886 II M 12 Vict. 1848 31 1 3Z Vict. 1868 50 „ 51 Vict. 1887 12 M 13 Vict. 1849 32 ' 33 Vict. 1869 51 „ 52 Vict. 1888 13 „ 14 Vict. i8so 33 . 34 Vict. 1870 52 .. S3 Vict. 1889 14 H 15 Vict. i8si 34 ' 35 Vict. 1871 S3 n 54 Vict. 1890 IS ,. 16 Vict. 1852 35 . 36 Vict. 1872 54 " 55 ^''<:t. 1891 16 „ 17 Vict. '853 36 . 37 Vict. 1873 55 " 56 Vict. 1892 17 „ 18 Vict. 1854 37 • 38 Vict. 1874 56 ,1 57 Vict. 1893 18 „ 19 Vict. >8S5 38 . 39 Vict. i87S 57 M 58 Vict. 1894 19 • c 1 n< Barons. * Lord Privy Seal ( * .3rd Great Chamberlain.— But see Private Stat., I Geo. I., c. 3 : above all I'eers of their own degree. * Lord High Constable. * Lord Marshall. * Lord Admiral. * Lord Steward of the Household. * Dukes. * Man presses. t Duke's eldest Sons. * Karls. :J Mar(|ucsses' eldest Sons. X Duke's younger .Sons. * Viscounts. X Earl's eldest .Sons. J Baron's eldest Sons. ~ ~~ ~ II Knights of the Garter. Il Privy Councillors. II Chancellor of the Kxchequer. (a) NoTK. — The Judges of Assize, while on circuit, lake precedence of every subject, Financial Diuectory. 215 SPECIE AND DOMINION NOTES. The issue of Specie and Dominion Notes is under the control of the Dominion Cov- ernmeiit. 'I'he following is the name of officer and otticiil title of the gentlemen undei- whose management the business is conducted at the Caitital, in the l)ei)artment of Finance ; also a list of the offices for the distribution in the several Provinces, with the name of the officer in charge. Minister of Finance and Receiver-General, ii.iN. (;eo. k. fostek, d.c.i,., m.t. Deputy Minister of Finance and Deputy Receiver-General, J. MORTIMER COUKTNEV. Comptroller of the Currency-LIEUT.-COL. FRED TOLLER. Assistant Receiver-General, Toronto, Ont.— C. J. CAMI'HELL. Assistant Receiver-General, Montreal, Que. — E. J. IJARHE.MJ. Assistant Receiver-General, Charlottetowrn, P.E.L— I'ERCS' POl'E. Assistant Receiver-General, Halifax, N.S.-J. R. WALLACE. Assistant Receiver-General, Winnipeg, Man.— TI. M. DRUMMOND. Assistant Receiver-General, St. John, N.B.-II. D. McLEOU. Assistant Receiver-General, Victoria, B.C. -J. II. MacLAUGIILIN. Note. — The offices of F"inancial Inspector and Assistant Financial Inspector are vacant through the death of the former occii|iants, successors have not yet nor is there a probaliility will he appointed. M The Canadian Bankers Association of Canada, Its Organization, Etc. At a meeting of Bankers held in Ottawa, on the 12th February, 1890, it was con- sidered desirable that a Bankers Association be formed for the purposes of mutual advantage, etc., etc. This came out of discussions preparatory to the Bank Act of 1890. A cotnmittee of three, viz., G. Hague, F. VV. Thomas and R. R. Orindley, was rppointed for the purpose of drafting a constitution. Action was deferred from time to time until on the 17th December, 1891, the eligible members were called together for the [nirpose of orgnni/ation. They assembled in the Board Room of the Merchants Bank of Canada, Montreal, at which time and place organization was completed. Those present were : R. W. Heneker, Fres., Eastern Townships Bank ; A.Ciaboury,, Pres., I.a Bank Nationale; W. Weir, Pres., Bank Ville Marie; Ceo. Hague, Cen. Man., Merchants Bank of Canada ; R. R. Cirindley, Cen. Man., Bank British North America; F. W. Thomas, Cen. Man., Molsons Bank; B. E. Walker, Cen. Man., Canadian Bank of Commerce; J. Stevenson, Cen. Man., Quebec Bank ; W. FarwcU, Cen. Man., Eastern Townships Bank ; E. E. Webb, Cashier, The Union Bank of Canada ; J. Turnbull, Cashier, Bank of Hamilton ; Ceo. Burn, Cashier, Bank of Ottawa; Ceo. Schofield, Man., Batik New Brunswick; A. L. dc Martigny, Mati. Director, Bank Jactpies Cartier ; T. H McMillan, Cashier, W^estern Bank of Canada; M.J. A. Prendergast, Man., Bank de Hochelaga ; ). S. Bousquet, Cashier, Bank du Peui)le, J. LaFromboise, Asst. Cashier, Bank de St. Hyacinthe ; A. McNider, Chief Inspector, Bank of Montreal ; T. McDougall, Man., Quebec Bank, Montreal Branch ; J. Murray Stuilh, Man., Bank of Toronto, Montreal Branch ; T. V. Macdonald, Agent, Bank of Nova Scotia, Montreal Branch, and Proxy for People's Bank of Halifax and Halifax Banking Co.; E. 1,. Pease, Man., Merchants Bank of Halifa.x, Montreal Branch. On motion Mr. Heneker was called to the chair and Mr. Webb acted as secretary. The cointnittee presented their report etnbodying as was intended a proposed constitution as follows, viz. : S16 Garland's BANKiNa and Finakcial t)iRECTor The members shall consist of members and associates. The objects of the Association are to watch proposed legislation and decisions of the courts in all matters relating to banking. To take such action as may be deemed advisable in protecting the interest of the contributions to Mie bank circulation, redemption fund, and matters effecting chartered banks generally. Also it may be considered advisable to adopt a scheme to |)romote the efficiency of bank officers by lectures on banking and questions pertaining thereto, com- mercial law, etc., and by competitive examinations. On the adoption of the constitution the meeting proceeded to the election of officers who shall hold office until the Annual Meeting. The next Annual Meeting it was decided should be held in May, 1892, in Montreal. The election resulted as follows : i I To Serve from December 17TH, 1891, to May, 1892. Honorary Preddeitts. — Hon. Senator J. I). Lcwin, I'resident, Bank of New Hrunswick. R. W. lleneker, President, Eastern Tt)wnships Hank. /'/■«/«'£«/. —George Hague, General Manager, Merchants Rank of Canada. Vice-P'esidt-iils. — H. K. Walker, (General Manager, Canadian liank of Commerce. J. Stevenson, General Manager, (Quebec Bank. Thus. Fyshe, Cashier, Bank of Nova Scotia. W. C. Ward, Manager, Hank of British Columbia. Exiiutivc Coniidl .—V.. R. Grindley, General Manager, Bank of British North America. E. S. Clouston, General Manager, Bank of Montreal. F. Wolferslan Thomas, General Manager, Molsons Bank. George Rum, Cashier, Bank of Ottawa. Geo. A. Schofield, Manager, Bank of New Brunswick. W. Karwell, General Manager, Eastern Townships Bank. J. S. Bousquet, Cashier, La Ban(|ue du I'cuple. Secrttiiry-Treasiirer.—W. W. L. Chipman. Officers Elected for YE^R 1894-5. Honorary Piesideiils. — Hon Sir Donald A. Smith, K.C.M.G., President, Bank of Montreal. James Slevenscn, General Manager, Quebec Bank. President. — B. E. Walker, General Manager, Canadian Bank of Commerce. Vice- Presidents. — George Hague, (ieneral Manager, Merchants Bank of Canada. Duncan Coulson, General Manager, Bank of Toronto. D. II. Duncan, Ca.->hier, Merchants' Bank of Halifax. G. A. Schofield, Manager, Hank of New Brunswick. £xe(it/ive Court i/.-E. S. Clouston, (ieneral Manager, Bank of Montreal. R. R. (jrindley. Gen- eral Manager, Bank of British North America. K. Wolferstan, Thomas, General Manager, Molsons Bank, W. Karwell, (ieneral Manager, Eastern Townships Bank. J. .S. Bousquet, Cashier, La Ban(|ue clu Peuple. Thos. Fysche, Cashier, Bank of Nova Scotia. I). K. Wilkie, Cashier, Imperinl Bank of Canada. R. H. Bethune, General Manager, Dominion Bank. (jeo. Burn, General Manager, Bank of Ottawa. Editing; Committee, Joiiriujl of the .4ssoiiation.^. H. Plummer, (Chairman) Assistant (jeneral Man- ager, Canadian Bank of Commerce. J. Henderson, Inspector, Bank of Toronto. E. Hay, Inspector, Imperial Bank of Canada. Corresponding; Af-:mhers. — (jeo. Burn, General Manager, Bank of Ottawa. E. Stanger, Inspector, Bank of British North America. John Knight, Cashier, People's Bank of Halifax. Secretary-Treaswer. — W, W. L. Chipman, Montreal. !! A W' ChautEred Sanks. m CHARTERKD BANKS, DIRECTORS BRANCHES AND FOREIGN AGENTS. Ontario. CANADIAN BANK OF COMMERCEScc at/v. o/>/>0siie ritie pag^e. (Established 1867.) Head Office, Toronto. /)iierlors—(jeo. A. Cox, President; John I. Davidson, Vice-1'resident ; Jas. Cathcrn, W. B. Hamilton, John Hoskin, i).C., Ll-.U., Kobt. Kilgour, Matt. Leggat, B. E. Walker, (Jeneral Manager; J. H. Plummer, Asst. General Manager; Alex. H. Ireland, Inspector; G. DeC. O'Grady Asst. Inspector. Branches — AiLsa Craig, Ayr, Barric, Belleville, Berlin, Blenheim, Brantford, Cayuga, Chatham, Collingwood, Diind.is, Dunnville, Gait, Goderich, Gitelph, Maniihon, Jarvis, London ; Montreal : Main Office, 157 .St. James .Street ; City Branches: 19 Chaboillez .Square, 276 St. Lawrence otreet ; Orangeville, Ottawa, I'aris, I'arkhill, Peterborough, St. Catharines, Sariiia, Sault Ste. Marie, .Sea- forth, Simcoe, Stratford, Stralhroy, Thorold, Walkerton, VValkerville, Waterford, Waterloo, Windsor, Winnipeg, Man.; Woodstock ; Toronio : Head Office, 19-25 King Street West ; 712 Queen Street East ; 450 Yonge Street, cor. College ; 791 \'onge Street ; 268 College, cor. Spadina Avenue ; 544 Queen Street West ; 399 Parliament Street ; 163 King Street East ; Toronto Junction. Agency in the United States — New York, 16 Exchange Place, Alexander Laird and Wm. Gray, Agents. Corvesponilents — Great Britain, The Bank of Scotland ; India, China and Japan, The Chartered Bank of India, Australia and China ; France, Credit Lyonnais, Lazard Freres & Cie. ; Germany, Deutsche Bank ; Belgium, J. Matthieu & Fils, Brussels; South Africa, Bank of Africa, .Standard Bank of South Africa ; Australia and New Zealand, The Union Hank of Australia; South America, London and Brazilian Bank, Ltd., British Bank of .South .\merica, Ltd.; West Indies, Bank of Nova .Scotia, Kingston, Jamaica, Colonial Bank and branches ; Mexico, Banco de Londres y Mexico ; Bermuda, The Bank of Bermuda, Hamilton ; British Columbia, The Bank of British Columbia ; New York, The American Exchange National Bank of New York ; Chicago, The American Exchange National Bank of Chicago; .San FV-incisco, The Bank of British Columbia. DOMtNlON Bank— (F'stablished 1871.)— Head Office, Toronto. Directors —]as. Austin, President ; Hon. Frank .Smith, Vice-President ; Wm. Ince, Ed. Leadlay, E. B. Osier, J.is. Scott, W. D. Mathews ; K. H. Bethune, General Manager ; R. D. (jamble. Manager. Branches — Belleville, Brampton, Cobourg, Guelph, Lindsay, Napanee, Orillia, Oshawa, .Seaforth. Toronto: <,)ueen .Street East, Queen Street West, Market, Queen and Dundas Streets, Spadina and College Avenues ; Uxbridge, Whitby. Bankeis — London, Eng., National Bank of Scotland ; New York, The National City Bank, The Bank of British North America. iMi'ERiAi Bank— (Established 1875)— Head Office, Toronto. Directors— W. S. Ilowland, President; T. R. Merritt, Vice-President; Wm. Ramsay, Robt. Jaffr.iy, T. .Sutherland Stayner, Hugh Ryan, Hon. John Ferguson; D. R. Wilkie, Cashier; B Jennings, Assistant Cashier ; E. H.ty, Inspector. /;'rt/»(7;«^I!randon, Man. ; Calgary, lulmonton, Albta. ; Essex, Fergus, Gait, IngersoU, Niagara Falls, Portage la Prairie, Man. ; Pert Colborne, Prince Albert, Sask. ; Rat Portage, Sault .Ste. Marie, .St. Catharines, .St. Thomas ; Toronto: Yonge and Queen Streets, Vonge and Bloor .Streets; Welland, Winnipeg, Man.; Woodstock. Agents an 1 Correspondents — Canada : Bank of Montreal and branches. Great Britain : Lloyd's Bank (Limited) ; Manchester and Liverpool District Banking Co. (Limited). United States: New York, Bank of Montreal ; lUiffiilo, Bank of Buflalo ; Boston, National Bank of the Commonwealth ; Chicago, First National Bank ; Detroit, Detroit National Bank ; Duluth, First National Bank ; Phila- delphia, F'armers' and Mechanics' National Bank ; .St. Paul, Second National Bank. Ontario Bank— (Estal)lished 1857.)— Head Office, Toronto. Directors— a. R. R. Cockburn, M.P., President; A. M. Smith, Vice-President; G. M. Rose, A. S. Irving, Donald .Mackay, Hon. J. C. .'Vikins; C. Holland, General Manager. fhanches ~\\\xora., Bowmanville, Buckingham, Cornwall. Kingston, Lindsay, Montreal, Mount Forest, Newmarket, Ottawa, Peterboro, I't. Arthur, Sudbury, Toronto : 500 (^ueen Street West. Agents — London, Eng., Parr's Banking Company and the Alliance Bank, Ltd. ; France and Europe, Credit Lyonnais; New York, Fourth National Bank of City of New York, and the Agents Bank of Montreal ; Boston, Tremont National Bank. Standard Bank hk Canada— (F;stablished 1S76.)— Head Office, Toronto. Dircitois—\N. F. Cowan, President; John Burns, Vice-President ; W. F. Allen, Dr. G. D. Morion, Frederick Wyld, A. J. .Somerville, T. R. Wood. Geo. P. P.eid, Manager ; J. S. Loudon, Inspector. /;>-««(//« -Bowmanville, Bradford, Brantford, Brighton, Brussels, Campbellford, Canninglon, Chatham, ("olborne, Durham, Forest, Harriston, Kingston, Markham, Newcastle, Parkdale, Picton, .Stouflfville. Agents — New York, Importers and Traders' National Bank ; Montreal, Canadian Bank of Com- merce; London, Eng., National Bank of Scotland, Limited. a8 218 Garland's Banking and Financial l)iUECTORt. Toronto, Bank of— (Estal)lished 1855.)— Head Office, Toronlo. Dirctlors — George (looderham, President; William Henry Heatly, Vice-President ; Henry Caw- thra, Robert Reford, (Jeorge J. Cook, Charles Stuart, William George Gooderham. Duncan Coulson, General Manager; Hugh Leach, Assl. Gen. Manager; Joseph Henderson, Inspector. Branches — Toronto : King St. West ; Barrie, Biockville, Cobourg, Collingwood, Gan- anoque, London, Montreal; Point St. Charles; Pcterboro', Petrolia, Port Hope, St. Catharines. Bankers— XjonAoxi, England, The City Bank, Ltd.; New York, National Bank of Commerce. Traders' Bank of Canada — (Established 1885) — Head Office, Toronto. Directors— \\m. Bell, President ; C. D. Warren, Vico-I'resident ; W. J. Gage, John Drynan, J. W. Dowd, Robert Thomson. II. S. Strathy, General Managi;r ; J. .'V. Malley, Inspector. Branches — Aylmor, Drayton, Klmira, (jlencoe, Guclpli, Hamilton, Ingersoll, Leamington, Harwich, Orillia, Port Hope, Kideetown, St. Mary's, Sarnia, Siratliroy, Tilsonl)urg, Watford. Bankers — CixeM Britain, Nation.il Bank of Scotland ; New \'ork, The American Exchange National ; Montreal, The Quebec Bank. Bank of Hamilion— (Established 1873) — Heao)i(fenls ~l^ot<.— See Adv. pa^e opposite inside front coz-d of Directors —S'n Donald A. Smith, K.C.M.G., President; Hon. G. A. Drummond, Vice- President ; A. T. Paterson, W. C. McDonald, Hugh McLennan, R. B. Angus, A. F. Gault, Edward B. (Jreenshields, W. II. Meredith. E. .S. Clouston, General Manager; A. XIacnidcr, Chief Insiieclor and Superintendent of Branches ; A. B. Buchanan, Assistant Superintendent of Branches ; J. M. CJreata, Assistant Inspector. ^ranches in Canada — Montreal, West End branch St. Catharine St. i i1 Garland's Banking anp Financial Directory. Montreal, Bank oy— Continued. In Ontario — Almonte, Belleville, Brantford, Brockville, Chatham, Cornwall, Deseronto, Fort William, Goderich, Guelph, Hamilton, Kingston, Lindsay, London, Ottawa, Perth, Peterboro, Picton, Sarnia, Stratford, St. Mary's, Toronto, \Vallacel)ur(». In Qiiebet — Quebec Bank. In Lower Provinces— Ch3.X\\?im, N.B.; Moncton, N.B.; St. John, N.B.; Halifax, N.S, In Northwest —Calgary, Alberta ; Regina, Assinitoia ; Winnipeg, Man. In British Columbia -Nelson, N. Westminster, Vancouver, Vernon, Victoria. In Gieat Britain— London, Bank of Montreal, 22 Abchurch Lane, E.C. In the United States— tiev/ York, Walter Watson and K. V. Ilcbden, Agents, 59 Wall Street ; Chicago, Bank of Montreal, W. Munroe, Manager. Bankers in Great Britain— London, The Hank of Englnnd, The Union Bank of London, The London and Westminster Bank, The National Provincial Bank of England ; Liverpool, The Bank of Liverpool, Ltd.; Scotland, The British Linen Company Hank and branches. In the United Stal.s—'tievi York, The Bank of New York, N.B.A.; The Third National Bank ; Boston, The Merchants National Bank, J. B. Moors A Co,; Buffalo, Bank of Commerce in Buffalo; San Francisco, The Bank of British Columbia, The Anglo-Californian Bank ; Portland, Oregon, The Bank of British Columbia. PEUPLE, BANQUE OV— See Adv. inside hack .oi>er. (Established 1835.) Head Office, Montreal. Board of Ditedots — Jacques (irenier. President ; George Brush, Vice-President ; T. Pr6- fontaine, Chas. Lacaille, Wni. Francis, Alph. Leclaire, A. Prevost. J. S. Bousquet, Cashier ; Wm. Richer, Assistant Cashier ; Arthur G.ngnon, Inspector. ^ni«c/(cj— Quebec : Basse-Ville, St. Roch, Three Rivers, St. Jean, St. Remi, Ste. Jerome, St. Ilyacinthe. Agents in Canada— Ontario, Molsons Bank and branches ; Nova Scotia, Bank of Nova Scotia ; New Brunswick, Bank of Montreal ; P. E. Island, Merchants Bank of Halifax. /;/ United States — New York, National Bank of the Republic, Hanover National Bank ; Boston, The Revere National Bank. Foreign Agents — England, Parr's Banking Co. and The Alliance Bank, Ltd., London ; France, Le Credit Lyonnais, Paris. Ville-Marie, La Banqije— (Established 1873.)— Head Office, Montreal. Directors — W. Weir, President and General Manager ; W. Strachan, Vice-President ; O. F'aucher, John T. Wilson, Godfrey Weir, L. DeGuise, Accountant. Branches — Berthier, Lachute, Louisville, Nicolet, St. Cesaire, Point St. Charles ; Hochelaga, Ste. Therese. Agents in New York — The National Bank of the Republic. Nationale, La Banque— (Established i860.)— Head Office, Quebec. Directors — A. Gaboury, President ; F. Kirouac, Vice-President ; E. W. Methot, A. B. Dupiiis, T. LeDroit, A. Painchaud, R. Audette, P. Lafrance, Cashier ; M. A. Labrecque, Inspector. Branches — Quelle : St. John Suburb, St. Sauveur, St. Roch, Montreal, Sherbrooke, St. Francois, Chicoutimi, Ottawa, Winnipeg, Man. " Agents — England, National Bank of Scotland, London ; France, Credit I yonnais, Paris, and branches, Messrs. (irunebaum Frires & Cie., Paris; United States, National Bank of the Republic, New York ; National Revere Bank, Boston, Mass. QUEBEC BANK— 5«« Adv. inside back cover. (Incorporated by Royal Charter A.D. 1818.) Head Office, Quebec. Board of Directors -Robert H. Smith, President ; Wm. Withall, Vice-President ; Sir N. F. Belleau, Geo. R. Renfrew, J. R. Young, Samuel J. Shaw, John T. Ross. Thos. McDougall, General Manager; William R Dean, Inspector. Branches and Agencies in Canada — Ottawa, Toronto, Pembroke, and Thorold, Ont. ; Montreal and Three Rivers, Que. Agents in New York — Agents Bank of British North America. Agents in London — The Bank of Scotland. Union Bank ok Canada— (Established 1866.)— Head Office, Quebec. Board of Directors— Kndwn Thomson, President; Hon. E. J. Thomson, Ed. Giroux, E. J. Hale, James King, John Breakey. E J. G. Billett, Inspector. Branches and Agencies — Alexandria, Ont. ; Boissevain, Man.; Carberry, Man.; Chesterville, Ont.; Iroquois, Ont.; Lethbridge, N.W.T. ; Merrickville, Ont.; Montreal; Moosomin, N.W.T. ; Morden, Man.; Neepawa, Man.; Norwood, Ont.; Ottawa; Montreal; (Quebec, .St. Lewis Street; Smith's Falls, Ont.; Souris, Man.; Toronto; Virden, Man.; Wiarton, Ont. ; Winchester, Ont.; Win- nipeg, Man. Foreign Agents— London, Parr's Banking Company and Alliance Bank (Limited) ; Liverpool, Parr's Banking Company and Alliance Bank (Limited); New York, National Park Bank, New York Produce Exchange Bank ; Boston, Lincoln National Bank ; Minneapolis, P'irst National Bank; St. Paul, St. Paul National Bank; (Jreat Falls, Mont., Northwestern National Bank; Chicago, 111., Globe National Bank ; Buffalo, N.Y., Queen City Bank ; Detroit, Mich, First National Bank. Eastern Townships Bank— (Established i860.) -Head Office, Sherbrooke, Que. Board of Directors— K. W. Heneker, President ; M. H. Cochrane, Vice-President; Israel Wood, N. W. Thomas, J. N. Galer, Thos. Hart, G. Stevens, T. J. XmcJ?,. Joljn G. Foster. \J(. Farwell, General Manager, Price, Vice-President ; D. C. E. Webb, General Manager ; Chartered Banks. 921 BrancAes—Waletloo, Coaticook, Cowansville, Richmond, Stanstead, Granby, iiiintingdon, Bedford. Cprr«/>o/wfe«/x— Montreal, Uank of Montreal ; London, Eng., National Hank of Scotland ; Boston, Mass., National Kxchange Bank; New York, National Park Hank. St. Myacinihk, Banque di-;— (KstaMished 1874.)— Head Office. St. Ilyacinthe. Directors —(i. C. Uessaiilles, I'resident ; J. R. Hrilloii, Vice- President ; M. E. Bernier, J. B. Brousseau, I. Nault. K. K. Hlanchard, Cashier. Branch — Ka rnhani. Corresf'oitdents—CvMM\-\, Merchants Uank of Canada ; New York, National Bank of the Republic j Boston, Merchants National Hank. St. Jkan, BaN(juI'; de— (Established 1873.) — Head Office, St. Johns, Que. Directors —L.. Molleiir, I'resident; \V. Hrosseau, Vice-President; Frs. Gosselin, A. A. 1,. Hrien, J. O. Cain. J. N. Oauthier, Cashier. Agents — Montreal, La Banqiie dii Peuple ; New York, Bank of Montreal ; Boston, National Revere Bank; St. Albans, \'t., Welden National Bank. Nova Scotia. Halifax Bankinc Com pa.mv— (Established 1825.)— Head Office, Halifax, N.S. Directors — Robie Uniacke, President ; L. J. Morton, Vice-President ; E. I). Corbett, James Thomson, C. Willoughby Anderson. 11. N. Wallace, Cashier. Ai^encies in Nova Scotia — Andierst, Anligonisli, Harrington, BritimV\'\\\c, St. John. Correspoitilents — London, England, Parr's Hanking Co. and The Alliance Hank, Ltd.; New York, The Fourth National Hank of the City of New York ; Boston, The SufVolk National Hank ; Canada, The Molsons Hank and branches. Mf.rciiants Hank oi- 1 1 ai.ikax— (Incorporated 1869.)— Mead Office, Halifax. Di>ectors—'X\\Ki\w\f, E. Kenny, Si. P., President; Thomas Ritchie, Vice-President; Michael Dwyer, Wiley Smith, Henry G. HauUI, Hon. H. H. Fuller, M.L.C. 1). H. Duncan, Cashier; W. B. Torrance, Assistant Cashier. ^^e«c7V.i— Antigonish, N..S.; Hathurst. N.H. ; Bridgewater, N.S. ; Charlottetown, P.E.I. ; Dor- chester ; N. B. ; Freclericton, N.H. ; Guysboro, N.S.; Kingston, N.H.; Londonderry, N.S.; Lunen- burg, N.S.; Mailland, N.S.; Monclon, N.H.; Montreal; Newcastle, N. H. ; Picloii, N.S.; Port Hawkeslniry, Sackville, N.H.; Summerside, I'.E.L; Sydney, N.S.; St. Pierre Miquelon, Truro, ' N.S. ; Weymouth, N.S. ; Woodstock, N.H. Corresfoiidents — Dominion of Canada, Merchants Hank of ("anada ; Newfoundland, Union Hank of Newfoundland ; United States: New York, Chase National Hank; Boston, National Hide and Leather Bank ; Lcmdon, Eng., Bank of Scotland ; Paris, France, Credit Lyonnais. Nova Scotia, Hank of— (Incorporated 1832.) —Head Oftice, Halifax. Directo^■s-]^^\^\\ Doull, President ; Adam Burns, Vice-President ; K. H. .Seeton, Jairus Hart, John Y. Payzant. Thomas Fyshe, Cashier. Agencies in Nova Si otia-- Am\\cj%\, Annapolis, Bridgetown, Canning, Digby, Halifax, Kentville, Liverpool, New Glasgow, North Sydney, Oxford, Pictou, Stellarton, Westville, Yarmouth ; New Brunswick, Campbellton, Chatham, Fredericton, .Moncton, Newcastle, St. Andrews, St. lohn, St. Stephen, Sus.sex, Woodstock ; Prince Edward Island, Charlottetown, .Summerside ; Quebec, .Montreal ; United Stales, Chicago, 111., H. C. McLeod and Alex. Robertson, Agents; West Indies, Kingston, Jamaica. Correspondents — Dominion of Canada, Merchants Bank of Canada and branches. Bank of British Columbia; (ireat Britain, London, Royal Hank of .Scotland; .Scotland, Royal Hank of Scotland and branches; Newfoundland, Union Hank of Newfoundland ; .St. Pierre Mi(iuelon, La Han(|u-.f— Montreal, The Ontario Hank ; ,S|. John, N.H., The Hank of New Brunswick; New York, The Bank of New \'ork ; London, G.B., The Union Hank; (Quebec, The (^uei)ec Hank; Charlottetown, P.E.I., The Hank of Nova Scotia ; Boston, The New England NationaT Bank ; New- foundland, The Union Hank of Newfoundlaml. Union Bank of Halifax— (Established 1856.)— Head Office, Halifax. Directors — W. J. Stairs, President ; \Vm. Robertson, Vice-President ; Hon. Robt. Boak, John H. Symons, \Vm. Twining, C. C. Blackadar, M. P. Black, W. Roche, Jr. E. L. Thome, Cashier. Branches — Dartmouth, Kentville, Little Glace Hay, Annapolis, New Glasgow, North Sydney, " Liverpool. Foreign Af;encies -London, London and Westminster Bank ; New York, National Hank of Com- merce ; ^Iontreal, Hank of Toronto; Newfoundland, Cummercial Bank, Newfoundland; Boston, Merchants Nati'- London, The City Bank ; Boston, The Boston National Bank; Montreal, St. John an. . . . Lncluite, (j Laurentidcs, f). Leamington, O. Lothhridgo, AH) Levis, i) Lindsay, O. . . . Namr ok H.vnk. Listowell, O Little GlacHay.N.S Liverjiool, N.S L(Kk|)orl, N.S. London, Eng . London, O . . . Londonderry, N.S Lucknow, N.S. . . . Louisevilie, Q 39 Merchants Kank of Hal. Haiii'ax Hankini. Co. Hank ok Nova S( 01 ia. Hank of H. 'J. /\nicrlca. Union Hank, Hai.ikax Mkrciian IS Hk. ok H . 1'kopi.k's Bank ok Hai,. " N'lh Knd Bank of Montreal Bank ok Hamiiion. . , Barton St. Branch . Kast Knd Biancli. . . . Hank of H. N. America. Hank of Montreal Merclian s Hank of Can.. Traders Bank Hank of Commerce Molsons Hank Standard Bank Bank of Ottawa Ban(iiie Ville Marie Ban(|uc Ville .Marie K. Townships Bank .... Traders Hank Merchants Bank of Can.. Imperial Bank Union Bank Bank of Commerce Banqiie U'Hochelaga . . . Hank of British Columltia Bank of Ottawa Bank of Ottawa Bank of Nova .Scotia . . Union Bank of Halifax. . .Merchants Hank ol Can.. Mcrcliants Bank ofC'an.. Bank o( B N .Vnierica. . . Bank of Mimlreal Ontario Bank Standard Bank Merchants Hank of II . . . |Ban<|ne Ville Marie Ban(|ue Ville Marie !Han(|ue Jacipics Cartier. . iTraders Bank I Union Bank jl'eoplfs Bank of Halilax. Ontario Hank Bank of Montreal. ..... IJoniinion Bank Bank of Hamilton Union Hank of Halifax. . Hank of Nova Scoiia .... Union I5ank of Halifax . . Halifax Hanking Co Bank of Montreal Bank of B. N. America . Merchants Bank of Can . . Hank of Montreal Bank of Commerce Molsons Hank Bank of Toronto Merchants Hk. of Halifax Bank of Hamilton .... Banque Ville Marie OKKK RK IN ClIAKIiE. .Solicitous. T. <;. A. I'nrkcs, Agent. H. N. VVallncc, CasTiier. Thomas Kyshe, Cashier. . A. K. KIlis, Manager. . . I'".. L. Thorne, Cnsliier, . I), II, Duncan, ('asliier. John Knight, Cashier.... !•". S. Haas, acting I''. M. Cotton, Manager .. 1. Tiirnlmll, Cashier \V. J. I.ind.sey, .Manager. . . . r. 1 1. Browir, Manager .... |. |. Morrison, Manager.... .\. I). Hraithwaile, Nianager |. I'olienger, Manager •Sill, Ml .Siratliy, Manager. . . . Wni. Roberts, .Manager ... \V. H Draper, M.inagiT, .. . J. K. (iray, /Vgent John Hood, NIanager .... I). I'. Riopel, .Manager J. 1'. de Martingy, Slanagcr. \V. H. Kohin.son, Manager.. A. H. Ord, Manager II. Irwin, Man.agiT J. A. Richardson, Manager . A. Ci. .Snrith, Manager .... W. C. T. .Morson, Manager A. \. Larocrpie, Manager . . W. H. I'egram, Agent .... H. .Swan, Manager Jas. Martin, Manager . .. L. D. \'. Cliipman, Agent . |. \V. Borden, Manager .... .\. M. .Smith, Maniiger .... (i. v.. Hague, Manager .... (i. A. Kol)inson, Manager . K. j. H. Cromliie, Managir. A. I. Macdonnell, Manager. W.I). Hart, Manager j. H. Abliolt, .Agent C. Langlois, Manager Henry frost, Manager .... H. H. Klhier, Manager jas. Walson, Manager I'liilip X'iljcrt, Manager .... jean Tache, Manager E. Flood, Manager .■\. I'". I). McGachen, Mgr. . Kohl. Ross, .\gent j. II. Stuart, Agent .\. .S. McKae, Manager .... VV'm. I laliburlon, .Vgent .... I'). R. Mullhall, Manager . . v.. A. Capstick, Agent ... Alex. Lang, Manager D. Cumberland, Manager . ( \V. V. I larper, Manager . \ V. S. jarvis, Assl. Mgr . . .\. H. Heddomc, Manager . D. H. Dewar, Manager .... 1'. \V. D. Hrodrick, Mgr. . . j. I'ringle, .Man.iger 1;. Waish, .\gent |. I). Nichol, Manager .... F. X. O. Lacour.siere, .Mgr.. Borden, Parker, Ritchie & Chisholni . Harris Henry & Cahen. Harris, Henry A Cahen for lleaU PeUI'LK . |. S. Bousquet, Cashier .... Geoflfrion, Dorin A .Allan for Head Otfi'-j .ami hranches. II St. Citherine St. K. . A. I'ournier II Notre Dame St. W. . Moi.s INS Hank f. A. Hleau II F. \V. Thoma.., Ccn. Mgr 1 J. Flliot, Manager / .Abbotts, C!ampl>ell & Mere- II Hranch dith. Montreal, (^ Banijuf. Jaci;. Cartirr .A. L. de.Martigny, Gen. Mgr. 1 Lacoste, Hesaillon, Hro.sseou r h Lajoie. Notary, Theo. II Ontario Street Hranch A. Hoyer J Doucel. II (Quebec Rank T. McDougal, Manager K. N. King, Manager E. LaHeur. II Ontario Hank II North F.nd Hranch Hank of Toronto II T. F. How, Manager Hon. R. I.atlamme. II rt. St. Charles Hranch I. (1, Hird II Mkrciiant.s Hk.ofCan. li. Hague, Gen. .Manag-^r , fohn (jault, Hr. Supl II Montreal Hranch J. S. .Meredith, Man.igei A. J. Feigiison, .Assl. Mg II Can. Hank of Commerce. A. M. Crombie, Man.ager 1. L. Ilarcourt L. Morri.s. II 19 Chaboillez ,S(|uare. K. W. Crompton II 276 St. I.awrence St. . j.G. I'yke II Union Hank Geo. H. Halfour, Manager.. II Bank of H. N. .\mf,rii a H. Slikeman, (ien. Manager (. Tenfold, Manager La Han<|iie Nationalc. . \L Henoit, Manager Geoffrion, Doroin & .Allan. •1 .Merchants Hk. of Halifax K. L. Tease, .Manager K. A. McCurdy II Notre Dame Street . . . •1 Hank of Nova Scotia. . . . F. Kennedy, Agent At water & Nfackie. II Hanijuk Vii.l.K Makik. W. Weir, President . Charlwnneau & Weir. II CiTV& Dis. Savin<;s Hk. Henry Harbeaii, Manager. . Moosomin, Man. . . Union Hank ol Canada . A. v.. Christie Morden, Man Union Hank of Canada. . Thos. McCafTry, Manager. . . J. B. McUren. Morrisburg, O Molsons Hank L. W. Howard, Manager . F. Tyrrell. Mount F.)rest, 0. .. Ontario Hank R. S. Bredin, Manager II Hank of Hamilton Hank of Hrilish ("olundiia E. S. Ambrose Nanaiino, B.C G. Williams, .Agent Napanee, O Merchants Hank of Can.. T. ]■'.. Merrilt, Manager .... i( Dominion Hank E. H. Haines, .Agent Deroche k Madden. Neepawa, Man Nelson, H.C Union Hank of Canada . Hank of Hrilish ("ohimbia .S. 1,. Forrest G. N. Holt It Hank of Montreal . . .\. H. Hiich.inan C. N. Elliott. New (Glasgow, N..S. Hank of Nova Scotia. . . . G. R. Murray, .Agent Eraser & Jennison. 11 Halifax Hanking Co. . . . Holes Deveber, .Agent ... . J. H. Sinclair. II Union Bank of Halifax . R. C, Wright, Agent CiiARiEUED Banks. 287 City or Town. fl ft l''alcont'r. ine & Turj;e(m 1 A Allan for iiu branches. )cll iS; Mere- ilon, lirosseaii S'otary, Thto. Newcaille, O Newcastle, N.H. New HaiMluirc. O ■ Newniaikel, (5 . . . . N.Westminsler, H.C. New Vork, U.S.A. Nia|{ara Kails, O Niciilet, (^ N. .Sydney, N.S . . Norwich, O. Norwuoil OrnnKcville, O. . Orillia, O.. 44 Oshawa, O. 4, Ollnwa, O. . Owen .Sound, O , . Oxford, N.S. r.nislfy. O. . . r.nris, O Parkdale, O Parkhill, O I'arrsboro, N.S Parry Sound I'aspebiac I'enelaiijjuishine, O. I'erlh, O Pembroke, O 44 Peterborough, O . . Petrolia, O.. Pickering, O. Picton, O Piclou, N..S. Plessisville, () poinl Si. Charles, (J. Namr ok Hank. Standard Hank Hank of Nova .Scotia. .Merchants Hank of Hal.. Wolrrn Hank of Canada Ontario Hank Hank of Hritish ColiHiibia Hank ol Montreal J. K. Allen, Agent .... Hlair Kobertson, Agent (ohn McKanc, .Agent .\. I'). Alliii, .Manager. . Wni. Heilh, .Manager. . . V,. A. VVyld, Manager. . (i. I). Hryuiner, .\gent . ifax Hank of Montreal . . . Imperial Hank Hanque Ville Marie. . Hank of Nova .Scotia People's Hank of Hal Union Hank ol I labia Molsons l!.\nk . . . Traders' Hank Union Hank of Can.id Hank of Commerce. . Hank of Hamilton Dominion Hank Tr.idfrs Hank Dominion Hank Wksikkn Hank(ii('an Hank of H. N. .Vineiica. Hank of Otiawa Kideau Street Hranch Hank .Street Hranch Hank of Montn-al . . Hank of Commerce . . . . Ontario Hank Merchants Hank of Can Quebec Bank l,a Han(|ue Nationale . . . Union Hank Molsons Hank Merchants Hank of Can.. Hank of Hamilton Molsons Hank Hank of Nova Scotia . . Western Hank Hank of H. N. .\merica. Hank of Commerce Slandaril Hank Hank ol (Jomnierce Halifax Hanking Co.... Hank of Ottawa Han(|ue Iac(|uesCarlier. . Western Hank. •Merchants Hank of Can.. Hank ol Montreal <,)uebec Hank Hank of Ottawa Hank of Toronto Hank of Montreal Hank of Commerce Ontario Hank Hank of Toronto Ontario Hank Hank of .Montreal Standard Hank Hank of Nova .Scotia. . . Merchants Hank of Hal. Han(|ue [acciue.s Cartier.. Hanque Ville Marie.... OKflCeR IN ClIAROK. Alex. Lnird Wm. (iray A. I.angnuiir, Manager . . Helair, Manager . Thonq)son, .Agent . H. liossip 1). Hoak H. Wainwright, Manager. . A. MaUory I,. Korrest , T. Wills, Manager II. H. O'Keilly, Agent .... |. .Scott, Agent .... 1',. W. Strathy, Mamiger... I,. Ci. ("assids, .Agent T. II. .McMillan, Cashier, . I), kobertson, M.iiiager . . . ( ieorge Hum, (ieneral Mgr. D. .M. I'innie, .\sst. C. M K. C. .Mulkins J. II. Neeve W. J. .\nderson, Manager. Kobl. (iill, .Manager .A. SinqisoM, Manager .... W, I,. .Marler, Man.ager... H. HIakeney. .Assl. Manager H. V. Noel, Manager .. .. -A. .A. Taillon, Manager ... M. .\. .Anderson, Manager. .A. H. Hro(lrir.k J. C. I'aterson, .Manager., lowing Huchan, Agent . . . l], W. Waiiil, Manager.... II. K. .Arnold, Manager .. .S, F. Hutchinson, .Manager J. Cran, .Agent U. ('. Maephcrson, Manager H. T. McMillan, Agent.... v.. M. Wedd, Manager. ... .A. S. Townshend, .Agent... C. (i. I'ennock II. Hourbeau |. H. Jennings, .Manager.. . C. (i. Morgan, Manager . . K. J. Drummond. Manager T. !•'. Cox, Manager.. .... Hector Kraser, Man.agor .... P. Campbell, Manager I''. I. Lewis, Manager W. .\lanson, Manager ... . (3has. Mcfiill, Manager.... K. \V. Cooper, Manager.... ( leo. Kerr, .Agent (ieo. Drummond, Manager W. T. Shaimon, .\gent .A. I). .Munroe, .Agent C. K. Chishobn, .Agent ... . IL C. 1'. Cbevrelils.;' W.J. E. Wall .SoLltirOKS. Mon. M. Adams. W. Miller. Corl)ould, McColl, Wilson & Camplicll. > .Shearman A Sterling. Hill& Hill. Hlowers Archibald. Meyers ft Kobb; Jos. Patullo, Notary. J as. Walsh. S. S. Robinson. K. P. (lunn. H. Morphy. J. K. (irierson. Christie, Creen vV Green. J. J. C.ormully, Q.C. O'dara, McTavishft Ciennnell J. J. Gormully, <,).C. T. K. Nellis. O'Connor & Hogg. O'Gara, McTavish& Cemmell Masson ft Masson. Crerar, Morrison & Smith. J. Collins. John McMillan. K. (ioodman. V. A. Hall. K. White. Thos Deacon, Q.C. W. II. Moore. K. II. D. Hall. John Hurnham. (ieo. Moncreitf, Q.C. Thomsijii ft I lewson. G. O. .Alcorn. Ross& McLennan. J. S. Doucet. I 1 1 |.; li 988 Garland's Banking and Financial DiREcroRtr. City or Town. Port Colbo.rne, O Port Klgin, O... . I'ortHawkesbu'yN.S Port Hood, C.B.. Port Hope, O Portland, Or., U.S.A. Port Perry, O Portage la Prairie, M Prescoit, O Preston l^uebec, (j Kat Portage . Regina, N.W.T.. Renfrew, O Riclimond, Q . . . . Ridgetown, O . . . t 4 St, Andrews, N.li Sle. Ann de la Perade St. Calhariocs, O St. Cesaire, Q . . St. Cunegonde, (,) St. Francois, B. . S;. Henri, ().... St. Hyacinthe, Q. St. Jean Haptiste. St. John, N.H. .. St. Johns, Q St. jerome, Q. St. Mary's, O., St. Pierre Miquelon St. Kemi, (^. . . St. Roch, (,). . St. .Sauveur, Q. ,Sl. .Simon, (^ . . . . St. Stephen, N.H. St. Therese, (,)... St. Thomas, O . . Name of Rank. Imperial Rank Rank of Hamilton Mcrchanls Rank of Hal. Peoples Rank of Hal ... . Traders Rank Rank of Toronto ... Rank of Rritish Columbia Western Rank Imperial Rank Mcrchatus Rank of Can Merchants Rank of Can (^UKKicc Rank Union Rank or Can. St. Louis Street . . . Ranque Jacques ("artier.. St. John St. Branch La Ran(,iiie Natiiinai.k -St. John Suburb Bank of li. N. .\merica.. Bank of Montreal Merchants Bank of Can.. Banque du Peuple Caissk d'Kconomie Imperil! Bank of Can . Bank of Oltawa Bank of .Montreal Merchants Rank of Can. K. Townships Rank . . . . Molsons Bank . Traders Bink Rank of Nova Scotia . . . . Hanque Jacques Cartier. . Imperial Rank Rank of Commerce Rank of Toronto Ranque Ville Marie Ranque Jacques Cartier. . La Bannue Nationale. . La Bampie Jacq. Carlier. La Bant|ue Jactp Cartier. La Bancjue I)K St. Hy- acinthe . La Ranque du Peuple. . . Ranque Jacques Cartier . Rk. of N. Rrunswtck . Rank of R. N. .America . Rank of .Montreal Rank of Nova Scotia. . . . Halifax Banking Co . . . . Merchants Bank of Can. . Banc.hik de St. Jean. . . Banque du Peuple Ban(|ue du Peuple Bank of Montreal Traders Bank Merchants Bank of Hal . Ranque du Peuple Ranque du Peuple Ranipie Nationale Ranque Jacques Cartier. . La IJanque Nationale. Ran(|ue |ac(iucs Cartier. . St. SiKi'iiRNs Rank. . . Rank of Nova Scotia . . Ranque Ville Marie Merchants Rank of Can.. Officer in Charuf.. E. C. K. Wood, Manager. . .\. H. Kidout, Agent \. A. Mclsaac, .\genl R. H. McDonald ]. L. Willis, Manager. . . . . K. R. Andro.s, Manager.... I. W. Curtis "W. Mc(;ill. Man.ager N. Ci. Leslie, Manager K. Jemmetl, Manager A. n. Pringle Thos. McOougall, Cen.Man. K. V. Webb, den. Manager. J. (i. Rillell, .Manager. (leo. V'esey, Manager \. Dion C. S. I'owell P. Lafrance, Cashier C. Cloulier J. Taylor, Manager J. Macara f. C. More, Manager P. R. DuMouliii, Manager. L. C. Marcoux W. A. Weir \. H. Dickins J. A. Paddon, Manager. .. . F. A. W. Lister, Manager.. W. L. Rail, Manager N. D. Hurdon, Manager. . . John Pwil .Sub. to .St. Stephen J. A. Rosseau C. M. Arnold, Manager . . . . F. O. Cross, Manager . . . . Ci. W. Hodgetts, Manager.. M. L. J. Lacasse, Manager . C. N. Oucharme, Manager. , N. A. Boivin H. Dorion, Manager .•\. Clement, Manager E. R. Blanchard, (Jen. Mgr J. Laframlioise, Manager M. Bourret / |. (,'lawson \'G. a. Scholt^eld, Mgr. . H. .V. Harvey, Manager... v.. ('. [ones, .Manager T. B. "Blair Agent |a.s. (i. Taylor, .Vgent .... E. H. Heward, Nlanager. . J. N. (lauthier. Cashier. . . H. .St. Mars, Manager. . . . J. A. Theberge, Manager.. J. Leslie, Manager C. .S. Rumscy, .Agent E. A. McCarthy, Agent . . C. Bedard, Manager .... N. Lavoie J. E. Hunt A. Dion Ls. Drouin D. Dennis |. F. (irant, Cashier J. Black, .\gent M. J. Boisvert, Manager . . W. Pringle, Manager Soi.icnoRS. Harcourt &■ Cowper. J. S. Dalrymple. H. A. Ward, M.P. T. T. Raines. Jno. Rillings. Martin & Curtis. Charon, Pentland & Stuart. Hon. (leo. Irvine, and W. & A. H. Cook. Chas. S. Rurroughs. Hon. (ieo. Irvine, Q.C. Henry Langford. W. C. Hamilton. N. Mills. Hallett & Fowler. Cox & Vale. Miller, Cox & Vale. W. H. McCline. Lussier & Gcndron. Fontaine & .Si. Vacquer. (j. Sydney Smith. C. W. Wcldon . A. (.". Fairwcather. J. R. -Armstrong. E W. Harding. Lussier & (irendron. 1. (i. Stephens, Jr. Chartered Banks. 229 Cn Y OR Town. & Stuart. ;, and W. & Si. Thomas, O Sackvillc, N.H San Kruncisco, Cal. S.irnia, O Sault Sif. Marie, O. Seatbrth, O im|K'ri.Tl H.iiik iMiilsons Hank Merchants Uank of Ha Halilax Bankiiijj Co. . . Hank of Hrilisli (.'ohnnhia Bank of t'uniinercc. . Trailers H.mk Hank of Montreal Hank of Commerce. . . Se.ittle,VV.T.,U.S.A Shetliac, N. H Shelhourne, N.S. Sherlirooke, (,) Simcoe, O Smith's Kails, O. Sorel, O . Souris, Man. V.E.I .. Sprinjjhill, N..S. Stanstead, t^. . . Slellarton, N.S. SloutVville . . . Slr.itford. O. . . .Slrathroy, O. Sudbury, O Summerside, 1'. E.I, Sussex, N. H Sydney, C.H. N.S. Taconia, U.S..\. . . , Thorold, O Three Rivers, (^. t( Tilsonbiirg, (). . . It Toronto, C) Imperial Hank Hank of Commerce. . . . Dominion Hank Hank of Hrilish ('nlunil)ia I'eople's Hank of Hal. Halifax Hankin)^ ("o. . K. TowNsiiii's Hank .Merchants liank ol Can. l.a H:in(|ue Nationale. Hank of Commerce. . . Hank ol I lamillon Mulsoiis H.mk Union Hank of Can . . . Molsons H.mk Hanijue d'Hochelaija. . . Union H.mk of Can ... .Merchanls liank, I'. K.I I lalifax Haidiiny; Co. . . E. Townships Bank . . . .Sot.ici roivS. M. A. llilliert, Manager.... L. K. T.iti', Manaj^er l'"ullon Mcnon(;all. .\i;ent . r. Murray, .V^ent \V. I'oweli r. \V. Nishel, Manager... J. K. Winlow, M.inayer . G. II. (jriflln, Manajjer.... I). McCiregor, .Manayer J. M. Wemyss, .Manajjor. . . . M. Morris, Manai;er VV. K. I'earce. ..'. K. L. Haines I'".. J. Cochran, Manager. . . . T. W. Magee Wni. I'"arwell, (ien Manaj;er .S. Kdfjell, .Mana^^er C. \V. Walcolt, .Manajjer.. . W. Cialioury, Manager K. Cowec H.mk Bancine ihi I'eiiple Bani|iie 1)1 loclielaga. . .. Traders Bank Weslern Bank ''an. \Ui. Ol' CiniMKRCK Branch (Jiieen Si. K. Branch. N. Branch ('ollege .Street Branch N'onge iv College Br'ch King St. i;. Branch Parliament Si. Branch. Oni AHio Bank tjueen St. W. Branch Si ANDARi) Bank Dominion Bank \V. I). Ross, .\gent John Elliott \V. C. N'oung, .Maiviger Thomas I'hmimer, .M.inager. \Vm. Maynarle & Mather- son, Notaries. H. C. I lamillon. K. Holmstiil. Mr. Russell. White, C.'le \ Wells. .Vnsley \- Sl.iighl. Tisdale iV Robb. J. R. Lavell. C. J. (;. Wurlele. .\. (iermain. McDonald & Ilensley. John Idington, (.).C. Mcl'herson & Davidson. K. W. Scaihanl. I. Kolinsbee. K. J. Hodson. Ilallett it Fowler, .Mdlcr, (."ox iV Vale. A. Oliver. N. L. Denouevent. Hlake, Lash & Cassels. McDonald iV Marsh. ) Mnlock, Miller, Crowther ) & Monlgoinery. 230 Garland's Banking and Financial Directory. kiiii Cn V OR Town. Toronto, O. " Tor. lunction Junction, Trenton, O. Truro, N.S. Uxbridge, O. Valleyfield, Q . Vancouver, B.C. Vankleek Hill, O. . Vernon Victoria, B.C.... Victoriaville, (^. Virden Walkerton, O . Walkcrville Wallacelnirg, O. Waterford, O... Waterloo, (^ . . . Waterloo, O . . . . Wellaml.O Weslville, N..S. . Weyuioinh, N..S. Whitby, O Wiarton, O. . . . Winchester, < ) Windsor, O. . . . Queen .Street East .... Queen Street West. . . Market Branch. .... Dundas and (^ueen St. Branch Spadina Ave. and Col- lege Street Branch . . Impf.rial Bank Cor. Vonge and Queen .Streets North Toronto .... Bk. of Toronto (North) " Branch King St. W'est Branch Tkadkks Bank Bank of .Montreal B.mk of B. N. Americ.i Merchants Bank of Can. R. M. Gray, Agent W. J. Price, Manager W. \V. Nation, Manager . . . F. O. Cayley, Manager .... j. II. Horsey, Manager... . I). K. Wilkie, Cashier B. Jennings, Asst. Cashier . . O. K. Rice, Manager C. H. Stanley Clarke IJuncan Coulson, (ien. Mgr. Hugh Leach, Asst. G. Mgr. W. R. Wadsworth Hugh Leach, '.cting Manager 1 1. .S. .Slrathy, General Mgr. C. Brough, NIanager. Quebec Bank . . Molsons Bank . , Molsons Bank . . La BaiKjue Nationale Union Bank of Canada . Bank of Hamilton Can. Bank of Commerce Molsons Bank Merchants liank o( Hal Halifax Banking Co Commercial Bk. Wind.sor Dominion Bank Ban(|ue J.-icque Carlier Ban<|ue d'Hochelag i . . . B.xnk of Brit. Colun\liia Bank of B. N. .\merica. Bank of Montreal .... Banque d'Hochelaga. . . Bank of Montreal Bank of B. N. America. Bk. Briiish Columbia Bank of .Montreal Banque Jacques Cartier. . Union Bank of Canada . Merchants Bank of Can Bank of Commerce Can. Bank of Commerce Officer in Charc.e. C. lirougu, Manager. .. . Win. Grindlay, Manager. I). Miller, .Manager K. F. llebden, Asst. Mgr. W. r. .Sloane, NLmager .... C W. Clinch, .Manager .... R. Elliot, Manager \ie . . . Bank of Toronto, .\gent. . . . lada . . J. t). Buchanan, Man.ager . . I'". J. Gosling, Agent Reginald Elliott imerce R. C. lennings H. B. Wilson, Manager .... R. C. Jennings H. B. Wilson, Managi .Mai tin Dickie, .'Xgent J- " ■" - — '"1 . »^,- ■■ J. .Moorman, Agent C. A. Armstrong W. E. Carswell, Agent I,, de NLirtigny, Manager.., S. p'ortier, .Manager .... W'm. Murray, Manager. \V. Godfrey, Agent . C. Sweeny, Manager \\ . I lOiiirey, Agent J. Sweeny, Manager. . . . W. II. I'ambrun, NIanager .1. A. Henderson Windsor, N.S Bank of Montreal . . Can. Bank of Commerce. E. Townships Bank .... Molsons Bank Can. B.ink of Commerce, Imperial Bank Bank of Nova .Scotia. . . . .Merchants Br.nk of Hal, Dominion Bank Western Bank of Canida Union Bank of Canada. . Union Hank of ('anada .Merchants Bank of Can. Bank of ("ommcrce. Tr.ades Bank CoM.MKKCiAi. Bk. of W. Halifax Banking Co. G. A. Henderson (iavin H. Burns, Manager . . G. Gillespie, .Man.iger R. L. Kerr, .\sst. ^hlnager A. J. C. Gallelly A. Marchand, Slanager . . H. J. I'ugh, Manager . . . W. E. Butler, Manager . . G. W. McKee, Manager.. H. B. Walker F. G. C. Minly, Sub. J. W. DeC. O'tirady, Mgr E. Cowdry ... ^,.,..^..^ W. I. Briggs, Manage J. Hespeler, Manager H. J. (iraselt S. 1). Raymtjud, Mar S. 1). Raymt)nd, Manager . Sub. to .Stellarton I). Kemp, Agent E. Thornton, Manager E. D. Warren, Man.ager . . . . E. W. Bourinot ' Solicitors. Mulock, Miller, Crowther & Montgoinery. Bain, Laidlaw & Kappelle. Beatty, Blackstock, Nesbitt, ClLidwick & Riddell. A. H. F. Lefroy. (jwynne & Co. F. W. Kingstone. Morris & McNab. Ernest Heaton. McCarthy, Osier, Etc. A. Forbes. Geo. Campbell. T. W. Chappie. Seers & Laurendeau. G. E. Corbould. Wm. M. Cochrane. Drake, Jackson & Helmcken. Bodwell it Irving. Crepau lV Melhol. F. Cokjuhoun, Notary. John S. Eraser. W. H. Bowlby. Harcourt & Cuwper. r,. ij. >varren, ivianager... E. W. Bourinot ' R. A. McLelland, .Manager. |. E. Diirand, .Manager 1. B. W.ilker, MaiLiger.... ieorge Mair (ieorge Mair Walter Lawson, Cashier.... J. A. Russell, Agent . .,D. Dougall. Aubrey Blanchard. iW. .M. Christie, Chautered Banks. ^^1 City or Town. Windsor, N.S. . . Windham, O. . . . Winnipeg, Man. Woodstock, O . . . Woodstock, N.U, Wolfville, N.S... Yarmouth, N.S. NamI'; ok Bank. IVople's Hank nf Halifax Hank of Hamilton . Murclianls Hank of fan.. . Hank of Montreal . Imperial Hank . Hank of Ottawa . Union Hank of Can . Hank of H. N. America.. . Can. Hank of Coininerce . La Hanipie N'alionale.. . . . Molsons Hank . . |Han<|ne d'Hochelaga . . . . . Hank of Commerce . Imperial Hank . .Molsons Hank . Hank of Nova Sciilia. . . . . People's Hank of Halifax . Merchants Hank of Hal.. . I'eople's Hank of Hal.. . . . Ha.nk Of Vakmouiii . . Hank of Nova .Scolia. . . . E.XCllANC.K HANKofVar. OkI'ICEK in ClIARdK. H. M. Kichey . . . . H. Willson, Agent A. Wickson, Manager . . . . .Vngus Kirkland, Manager. C. .S. Hoare, Manager J. H. Monk, Manager I''. L. I'atton, Manager.... II. M. Hreedon, Manager. F. H. Mathew.son Geo. Crebassa T. H. I'hepoe II. N. Boire D. H. Charles, Manager.. .S. H. I'liller, Manager (.'. .M. McCuaig, Manager Geo. Sanderson, Agent. . . . Ci. A. While, .Agent (;. A. Taylor, -Agent G. W. Munro, .Agent T. W. Johns, Cashier . . . . II. A. Richardson, .Agent. A. S. Murray, ( ashier Solicitors. Meyer & Dickinson. |. S. Tupper. .Aikins, Culver k Co. Aikins, Culver & Co. Finkle & McKay. Hall & Hall. Heard, Nellis iS: Newell. I'isher lS; Conncll. A. B. Conn ell. J. S. Crawley. T. V. B. Hingay &: Sons. T. B. Crosby. T. V. B. Bingay & Sons. i ^32 Garland's Banking and Financial DirectorV. THE LAND MORTCIAGE COMPANIES' ASSOCIATION 01' THE PROVINCE OF ONTARIO. I I Orcanizei) 3RD March, 1887. In November, 1886, a meeting of the Managers and others connected with Loan Com- panies \vl\o were nienihers of tlie 'I'oronto Hoard of 'I'rade, was called with a view to the for- mation of a Loan (!umpanies' Section, l)iit the number being so small and confmed to the City of Toronto it was decided that a wider organization ought to be formed so as to bri ng in representatives of Companies in London, Hamilton, and other places throughout Ontario. With a view to the formation of an organization as above indicated several meetings of the representatives of Toronto companies were held, at which it was determined to invite the c< ,)eration of all similar corporations in Ontario, and a constitution was prepared which wa> submitted to a meeting on the ^rd of March, 1887. 'l"he meeting was presided over by the Hon. G. W. Allan, Senator, and 22 companies were re])resented The following By-laws were submitted and adopted, which explains the purposes for which the Association was established : "WhereavS, in view of the large amount of capital controlleil by comjjanies incor- porated for the purpo.se of lending n)oney on real estate in the I'rovince of Ontario, and the several interests they have in common, it is expedient that an Association be formed comprising representatives of all such companies as shall join the same, to be known as ' The I^nd Mortgage Companies' Association of the Province of Ontario.' " That in addition to other objects of common interest, which may from time to time arise, the following questions may be considered, and action thereon taken by the pro- posed Association : (i.) Any proposed or existing legislation affecting the rate of interest on money. (2.) Any proposed or existing legislation alifecting the inviolability of private contracts. (3.) The taxation of such companies by municapilities. (4.) The effect of unregistered Hire Receipts ni)on machinery and other fixtures. (5.) The relation.s of loan companies with banks and insurance companies. Objects — The discussion and promotion of the common intere'sts of I^nd Mortgage Companies constituting the Association, and securing the united action, in sup[)ort there- of, of all members of the community interested therein. Membership — The Association shall be comi)osed of Incorporated Loan ("ompanies or Societies, authorized to lend money on Real Estate in the Province of Ontario, and all such companies or societies shall l)e eligible for membership of the Association on pay- ment of the membership fee, and shall be bound by the 'Constitution and By-laws of the Association.' Meetings — The Annual or other meetings shall be composed of delegates from com- panies which have become members of the Association. Each com])any shall be entitled to send delegates, not more than two, to any meeting of the Association, but no company shall be entitled to more than one vote. Representatives of seven companies shall form a quorum. Officers — The Officers of the Association shall consist of a President, a Vice-President, and a Secretary-Treasurer, who with seven other delegates shall form an I'^xec iitive Com- mittee. Only one representative of any loan company shall be eligible for membership." The following were elected an Executive Committee for 1887 : President, J. llerliert Mason, Toronto; Vi,r- President, W. D, Cameron, Ilaniilton ; Seirelary- Tteasurer, R. II. Toi.ilinson, Toronlo. K. W. Smiley, London ; Waller .S. Lee, Toronto; James Mason, Toronto; \V. F. Hiillen, London; W. Kersteman, jr., Toronto; Geo. A. Somerville, Giielph ; James TurnliuU, Toronto. Executive Committee, 1894 : President, J. Herbert Mason, Toronto; Mce-Presideilt, \\. 1). Cameron, Ilnmillon ; Secretary- Treasiiaer, R. II. Tomlinson, Toronlo. Walter S. Lee, James Mason, Andrew Rutherford, Toronlo ; W. 1''. Uullen, Geo. A. .Somerville, London ; (Jeo. M. Furby, I'orl Hope ; R. S. Scliell, Branlford. t'mvATE Banks. m PRIVATE BANKS —AND— LOAN, MOllTGAGE AND SAFE J)El'C)Srr COMPAKIES. OJSTTJ^TITO. City, ok Town and County. Aclon, Ilallon Ail.sa Craiy, Middlesex Alliston, Siiiicoe. . . . Alvinston, Lamhtoii . y\n)hersll)urt;, Essex Arthur, Wellington. Aylnier, Klgin Itarrie, Sinicoe Beaverlon, Ontario.. Belleville, Hastings lieliiKint, Middlesex . . lilenheini, Kent lilyth, Huron liolliwell, Kent liracebridge, Muskoka . Hrantford lirigden, Lanibton liroekville, Leeds Hrussels, Huron . Chatham, Kent. . Chesley, Bruce (hippawa, Welland Clarksburg, (Irey Clinton, I luron Coliourg, North unil)erlan( Cond)er, K.ssex Creeniore, .Simcoe Deseronto, Hastings. Hrayton, Wellington. , Klora, Wellington. . . Eniliro, Oxford . . . . Essex Ceiilre, Essex . 30 Na.mk oi' Bank or COMI'ANV. Storey, Christie & Co Owen & C!o .Shipley (fe Co Burk iV ( irahani Conn's Hanking House. . . . Kalis Bros I |. S. Kerrilt j Murray's Hank |. C. MeKeggie iS: (.'0 Barrie Loan and .Savings Co. (Limited) B. Madill & Co W. !■;. Thompson Hastings Loan and Invest- ment Society .V. Allison T. Fuller Lucas, Tanner iV I'o Clarke i^ Sons .Mfred Himt Royal Loan and .SavingsCo. Brigden Hanking Co C. T. I'ullord .V Co. .. . Hrockvillc Loan and Sav- ings Co Mcintosh & McTaggart.. .S. Barfoot's Banking Olticc Chatham Loan and Savings Co H. Elliott & Co Manac.kr ok Siic KKTARY. 1). Henderson. J. T. Owen . . . A. A. Hurk . . . J. Conn iv: Co. l)r sden, Kent Huarl, Kent Dunilalk, (irey Dunnville, 1 laldiniand . . . Uutton, ICIgin Janes 1"'. Mackleni Beaver Valley Hanking Co. Farran & Tisdall F. House.. Westland & Nicliol Burk Ov: Craham J. C. .MeKeggie ^ Co The Rathbun Co Whealey i'^ Schwendemain. J. W. .Sharpe Ridley it Bury Wni. Lucas li Co W. F. Ilaskins iV Co A. U. C. Black .\. M. Mclntyre l'i:niy. OranReville, Duflerin. Orillia, Simcoe Orono, Durham . . . Oshawa Oltawa, Carleton Olterville, Oxfonl. . Owen .Sound, Grey. Paisley, Bruce Palmetston, Wellington . . (( ti I'arkhill, Middlesex .... I'enelanpuishene, Simcoe . I'eterlioro' I'etrolia, Lamblon . I'icton, I'rince I'.dward ... Port .Vrlhur, .Vlgonia .... Port Klgin, Bruce Port Hope, Durham I'orl Perry, Ontario port Rowan, Norfolk Preston, Waterloo Rat Portage, Rainy R. Dist. Kidgetown, Kent ... . . . . Ripley, Bruce Rodney, Elgin Sarnia. Seaforth, Huron. Shelburne, DufVerin . . Simcoe, Norfolk . . . , Stayner, .Simcoe St. Catharines, Lincoln . If tt St. George, Brant . . . St. Mary's, Penh .Stirling, Hastings . . St. Thomas, Elgin. II Stouffville, York Stratford, Perth . Name ok Hank or CO.MPA.W. Orangeville Building and Loan Association [. C. Smith \V. \V. Trull & Co James Linton i!t Co. . Ont. Loan k Savings Co . Home Bldg. k Sav. Asso. . Metropolitan L. and .S. Co. Oltawa Bldg. & Loan Soc . Robert Paxton Farmer's Loan & Deposit Co Geo. .S. Kilhourn i\: Co. . . . Owen Souiifl, Grey & Bruce Loan & S.ivings Co Porlcous & .Saunders J. W. Scoll Anderson iVi .Scott McTaggcrl & Co Thomas L Rogers H. H. Thompson ten. Can. L & S. Co.... Mulholland & Roper Vaughn A, Eairhank Crown .Savings i.*v: Loan Co. A. S. Carson Kay, .Street & Co H. A. Allen Midland Trust Co Midland Loan & Savings Co David J. .Vilams C. ,S. Killmaslor E. J. Checkley it ('o ... AUoway & Champion. . . Elliott iS: Co Bruce Banking House . .. T. W. Kiikpatrick S. B. .Morris & Co Huron and Lambton Loan and Savings Co Industrial .Mortgage Co. . Lambton Loan & Invst. Co Baby's Banking House.... Logan & Co J. C. Smith & Co [. A. Halsted&Co H. H. GrotT J. C. McKeggie & Co .... Rogers & Co L. IL Collard Security Loan & Savings Co J. R. Lawrason Mclntyre's Banking Office. R. Box & Son Faulkner's Banking House. .'Vtlas Loan Co Elgin Loan it Savings Co . Southern L. & S. Co.... South-western Farmers' & Mechanics' .S. antl L. So. Star Loan Co Claris Banking House t!eo. K. Morton Miller iS: Co \V. Mowatt & Son. .. British Mortgage Loan Co. Stratford Building and Sav- ings Society Manager or Sec REIARY. Francis Irwin W. \V. Trull' ." F. H. McMillan C. A. Douglas . . . C. R. Cunningham.. C. A. Dougla.s'. . . . W. P. Telford Wm. P.Telford.. E. Saunders . . . . C. R. Knight . . . E. K. Scott I). H. Cameron . , Fred G. Cox , J. H. Roper. K. Morris. . . . John Eraser. . S. \V. Ray A Miller .S. Patterson ilk Bros. Geo, M. Furby. . . C. R. Banning. J. A. Elliott S. T. Jackson . J. C. Dou'jlas J. S. Symington . . . Robt. S. Gurd . . . R. A. Baby R. Logan J. C. Sn)ith F. H. Silk J. A. Cameron R. R. Rogers.. E. F. Dwyer. . . . G. H. Mclntyre. . (!. \V. Faulkner. . A. E. Wallace. . . (ieo. Rowley . . . . J. W. Stewart. . . W. E. Leonard . . D. M. Tait Geo. T. Claris . . . W. Miller Wm. Buckingham . D. B. Burritt .\(-.ENTS OR CORRESl'ONI>ENTS. Ontario Bank. Traders Bank of Canada. Molsnns Bank. Merchants Bank of Canada. Merchants Bank of Canada. Boody, McLellan& Co., N.V. Bank of Montreal. Watson & Lang, N.^'. Imperial Bank of Canada. Merchants Bank of Canada. Am. I'^x. Nat'l Bank, N.V. Merchants Bank of Canada, (t tt (I Nat. Bank of Commerce, N.Y Co,\. Bank of Commerce. Merchants Bank of Canada. Merchants Bank of Canada. Molsons Bank. Merchants Bank of Canada. tc tt tt Molsons Bank. Bank of Montreal. Can. Bank of Commerce. Merchants Bank of Canada. Bank of Hamilton. Bank of B. N. America. Laird it (Jray, N.V. Goodby iS; Laird, N.Y. Merchants Bank ^f Canada. Bank of Montreal. Watson & Lang, N \'. Henry Clewes & Co., N.Y. Imperial Bank of Caniida. Imperial Bank of t'anada. Boody, McLellan & Co., N.Y. ■ ) 286 Garland's Bankino and Financial Diuectory. City ok Town and COUNTV. Slratliroy, Mi'ldlescx Sunderland, Ontario. Tara, Hnice Tecswalcr, Hruce.... Tlianicsvillf, Kent . . . Tlu'dldrd. Land)ton. Till)iiry Cenlrc. . . . Toronto, York Namk. oi Bank or COMl'ANY. Manacicr or Sec- RKIARV. K. Rowland iV Co. . . . [ames Manson Ooblf* Co W. \'an(hisen Cillk's iV Smith Mayhc'w A llarmer. . . Uolierl Rae lames Stewart ..... Uoberl Hcnly & Co. . C. S. Uzowski, jr Lownesbroii^jh & Co.. Bristol iS: West of England Canadian I.and Mortgage i.*v: Investment Co., I.ti British Canadian Loan and Invest ineni Co., Ltd .... Building and Loan .\>socn Canada Landed & National Investment Co., Liil . Canada Permanent Loan and .Savings Co., Lli City and County Loan Assn. Dominion Building iV Loan Association Dovercourt Land, Building and .Savings Co., I.til. . . Karmers' Loan and Savings Comi>any Freehold Loan and Savings Comiiany Home Savings & Loan Co. Imperial Loanft Investment Imperial Trusts Company of Canada, Ltd Land Security Conijiany. . London and Canadian Loan and .\gency Co., Ltd. . . London and Ontario In- vestment Co., Ltd Manitoba and NorthWest Loan Co. , Ltd North British Canadian In- vestment Co., Lid North of Scotland Canadian Mortgage Co., Lid Ontario Industrial Loan •'v: Investment Co., Ltd. . . . People's Loan & Deposit Co. Provincial Building & Loan Association Real Estate Loan Company of Canada, Ltd .Scottish American Invest ment Co., Ltd Scottish Ontario and Mani- toba Land Co., Ltd . . Toronto Land and Loan Co. Toronto Savings and Loan Company Trust and Loan Company of Canada Union Loan and Saving.s Company Western Canada Loan and Savings Company Vork County Loan and Savings Company W. J, Kawcett Robert Kae. William Smith. U. II. Tomlinson. , . Waller Cillespie. . . . A. Rutherford . . . . f. II. Ma.son j. C. Laidlaw F. M. Holland James T. Locke. . . . Ci. S. C. Bethune. . . AUENTS OR CORRESt'ONDENTS. Am. Ex. Nat. Hank, N.V. Imperial Bank of Canada. Merchants Bank of Canada. Standard Bank. Merchants B.ink of Can. Can. Bank of Commerce. II II II (oilman, ,Ssuvain, Tiirlle Mounlnin Carliorry, Norfolk Carman, Selkirk Ucloraini.-, Turtle Mounlain (jiadslone, Westlioiirnc. . . . (ilflilKJro, Norlolk Gretna, Mnnchesier Manitoii, Dufferin Ncopawa, Heauliful Plains I'iloi Mound, Rock Lake . I'oriaf^e La I'rairie, I'orlagc La I'rairie Torla^e l^a I'rairie, I'orlane La I'rairie Rapid City Virdcn, Dennis Winnipeg, Selkirk Namk ok Bank or COMCANV. K. \V. Ciilison Cowan I'i Co Allan lirydgcs & Co. . . K. Logan iS: Co Mac'i'avish, Guy & Co. A. r. .V K T. Stuart. W. S. Mailey & Co K. Loyan & CV) Siemens liros. & Co . . Holland, Hall iV Crawley. Crutliers & Co I). IL Harrison I'raser & ("o Alloway & Champion... lames McLennghen I'it Co. Hopper Hanking House.. .Vdainson \ Co Allan Hrydges & Co .... . Alloway A Champion . . MANA(iF.R OR REIARY. Skc Wm. Cowan . VVm. Logan . J. A. Smith S, Cruther.s . . . . A. M. Dallon. .. J. M. Kraser k. Slidston . . . I). A. Hopper , ACKNIS OR CuRRKSroNDENIS. Merchants bank of Canada. Bank of Montreal. Imperial Bnnk of Canada. Watson ^ Lang, N.V. li..nk of Montreal. North German American Bank, St. Paul. Imperial Bank of Canada. Merchants Bank of Janada. Union Bank of Canada. Merchants Bank of Canada. Bnnk of Montreal. Merchants Bnnk uf Canada. Merchants Bank of Canada. St. John, St. John 3SrE"W BRTJ3^srS"W-IOK:. Blair & Co. . . . I). C. Clinch ... (ieo. riiiiips. J. M. Robinson. National Pnrk Bank, N.Y. City Bank, N.V. Blackslow Nat. Bank, Boston Chemical Nat. Bank, N.V. British: ooLiJi^diBi-A.. Vancouver Victoria . . . Wulffsohn A Bewicke, Ltd.Johann Wulflsohn Dafi'erty & Moore W. E. (jreen Garesche, tjreen & Co.. C. B. Richard & Co., N.Y. Wells, Fargo & Co., N.V. iq-OHTI3:-"^?V"EST TEIiIiia?OIlIEJS. Calgary, Alberta Edmonton, " Lethbridge, " McLeod, " Moose Jaw, Assinaboia .... Moosomiri, .-Vssiniboia .... ** ** l'rinie.\ll>ert. Saskatchewan yu'.Vppelle, Assiniboia . . Regina, Lafferty & Moore Le Jeune, Smith & (^o. 1'. Daly Lafferty & Moore . . . . Cowdry Bros .... . . Lafferty & M- ;ie Lafl'erly iV Moore.... Le leune, .Smith & Co.. Mac.\rthur & Knowles. Brine, McDonald & Co. S. 11. Caswell Lafferty A Moore Le Jeune, Smith & Co C. F. Strang Geo. W. Laflerty J. Cowdiy A. Lafferty. N . Christie. F. K. Gil)son E. VV. Brine. VV. R. Roliertson . Bank of Montreal. Bank of Montreal. Bank of Montreal Merchants I5ank of Canada. Bank of Montreal. Bank of Montreal. Merchants Bank of Canada. Imperial Bank of Canada. Merchants Bank uf Canada. Bank of Montreal. 6ank Solicitous and Commkikiai. IjAWyeks. LIST OF HANK SOMCITORS AND COVIMKRCIAI. KAWVHRS. Cirv I1R Tkwn. Namk or Firm. AllisK.n, O T. J. FisluT. Almoulf, O Mncdoncll iV I'raser. Amhcrsl, N.S Towiishfnd, !)irkk-it Knj^urs. •• \V. T. I'iin-.. Anna|Kilis, N.S kitrliio iV l\ilcliic. Antigimish, N.S C. T. .\I(I>a;ic. Arnprior, O K. nulina|.',f. AylnuT, O Millot iN: H.\cklii)iisc'. " Crawliinl & Ilaiiifs. Barric, O M. S. Siralliny, (.i.C. " McCarlhy, IVpliTiV McCarlhy lianin^ton, N.S N. W. While. Beaiiliarnuis, <^ I.. A. Seers. lielleville, O lohn K.,11, (,).C. I. J. H. I'liiit. K. C Chile. Herlin, O Juhn Kin;,'. Bowmaiiville, O I). U. .SimpHin. liran R. S. (iurd. " ........ Lister i^ Cowan. " C. McCiarvey. .Sault Ste. Marie, O. . . .McKadden, Dumhlc & Malhe- son. " " .. Kehoe & Hamilton. Seaforth, O K. Ilolni.ste.l. .Shediac, N.S Mr. Russell. Sherl)rooke, Q I lall, White iS; Cote. Siincoe, O /Vnsley & Slaight. " Tisdale & Rolili. Smith's Falls, O .... j. R I nell. Sorel, t". j. .\ & Yale. ... W. II. McCline. . . . .James Keayes. . Lussier & (Icndrim. . I'Onl.'iine & .St. \'ac<|uer .(i. Sydney Smith. .J.RoyCampbeil,Ll.,B. [See advl. caid. St. liyacinlhe, (}. St. John, N.U. .. Cnv OR Town. Namk or Firm. St. John, N. II A. (". Fairweather. " I. R. Arui.stroiig. C. W. Weldon. St. Johns, Nild Hugh H. Carter. I See adH. card. St, 'I'honiaii, O F.rnialinger A Roliinson. " MrUougall \ Rohorlson. " [ohn Farley, (,).(". Slellarton, N.S McDonald iV llensley. Stratford, O John Addinglon, ( ).C. " Mc I 'herson iV Davidson. Stralhroy, O K. W. ScntcharH. " J. Folinshee. Summerside, P. F!, I, . K. |. Ilodson. Sussex, N. li Ilalktt A. Fowler. Thoroiil, O Miller, I'ox A Yale. Three Rivers, <,> A, Oliver. " N. L. Denoueveul. Toronto, O Wake, Lash .V CasseU. " (iwynne iV Co. O. Millar & Oo. [See ailvt. card. " . Mulock, Miller, Oowther iV Montg(uiieiy. " liain, Laidlaw it Kap|ielle. Beatty, Blackstock, Nesbitt, Chadwick & Ridden. [See ,idvl. card. " Lefroy k Hoidton . " F. W. Kingstone. " Wood ilv; .Synions. " lloskin >t Ogden. " McCarthy, ( Mer, Ac. " Iloskin A. Creelman. Truro, N.S Ceo. Cainphell, Uxliridge, O T. W. ( happle. Valleyhelil, (J Seers & Laurendeaii. Vancouver, B.C .Stephen (). Richards. " C;. K. Corhould, " Bodwell it Irving. Vernon, H.C VV-ii. M. Cochrane. Victoria, H.C Drake, Jackson & Helmckcn. [See advt. canl. Victoriuville, n AHInkic. Ames, \. K. Healy, Kohl., A Co. lilirrill, A. I'. Cassels, Son f; Co. Dixon, lolin {., &. Co. Drummond, H. A. Morrison, I lallaniorc. O'llarah, II. \ Co. Osier it I lannnond, IVIIall \- I'cllall. Ryan iv: Co. ShortJSS Thos. Sniiiii it Johnson. S|iroiile, K. K. Stark, John & Co. .SiMison, (•. II. Thomson, Dunslan VVallon iV lyighlhourne. Williams, II. II. W'.nnipeg, Man.— AUoway it Champion. Collins ft Co. Drummond Bros. McKilligcn, jolin li. Ray, .Street & Co. ane. :k8on & iEMlLlUS .lAllVIS & CO. pur. lard. son. .11 it .Slither- per. I'h ppcn ler. c a, Co. vt. card. MF.MIIER TOROMO sroCK F.X( IIANC.K, TOKOWTO. STOCKS and DEBENTURES BOUGHT and SOLD MUNICIPAI. DEBEN'I'URKS At prices to yield from 4 to 4,'^%, .siiital)le for 'rriistees or for deposit with the Dominion Government Insurance Department. Scotch Money to invest on Business Properties in large amounts at 4^. 31 242 Garland's Banking and I^inancial biRECTORir. ■I'li THE CANADIAN FIRE UNDERWRITERS' ASSOCIATION. Established in Toronto 1883. There are two branches at present, the Western Branch in the City of Toronto and the Eastern Branch in the City of Montreal. The objects which brought about the necessity for such an Association shall be best understood by quoting a resolution passed at its first meeting, viz. : "That the present unsatisfactory condition of the Insurance business in Ontario, outside of places where tariff organizations now exist, renders it most desirable that an Association should at once be formed, to include all Stock Companies doing business in the said Province, the Association to establish tariffs of rates for all cities, towns and villages, making due allowance for construction and the fire appliances of each, and to make rules for the due regulation of the business generally." The first officers of the Association were: Piesultiit, (;. V. C. Smith, Montreal, (Liv. & Lon. iSr Cllohe ; Vice-P,csideiils, the late Jas. W. Taylor, Montreal, (Norlhtrn), and |. J. Kenny, Toronto, (Western); Seortaty, Robert McLean. A year after the organization, the Montreal Branch was established and Mr. Alf. \V. Hadrill of that city was appointed Assistant Secretary. The officers elected for 1894, were : Piesident, Thos. R. Wood, Toronto, (Aetna); Vice-Prtsideuta, P. IL .Sims, Toronto, (British America), and F. W. Evans, Montreal, (.I'lna and London & Lancashire) ; Seirclary, Robert McLean, Toronto, and Assistant .Secretary, \\i. W. Hadrill, Montreal. LIST OF INSURANCE COMPANIES LICENSED TO DO BUSINESS IN CANADA UNDER THE INSURANCE ACT OF THE DOMINION PARLIAMENT. i 'I NAME OF THE COMPANY. Accident Insurance Co. of North .\m /ILtna Ins. Co.. llartfort. Conn -litna Life Ins. (Jo., Hartford, Conn Agricultural Ins. Co. , Waterlown,N. V .... Alliance Assurance Co . . . . .•Vmerican Surety Co. of New Vork Atlas .\ssurance Co Boiler Inspection and Ins. Co. of Can liritish Empire Mutual Life Assurance Co., London, Eng British America AssuranceCo. , Toronto. . . . Brit. annto, (British LTt McLean, NESS IN ON OK Insur- N F.SS KOR IlENSEI). Marine, ulo. &,c. il Marine, 'late Glass. esale dealers, naniifactiircrs ?ss losses by 1 ilelits. larine k Life. Conn. Fire Ins. Co. of Hartford, Conn Corneille, (^iiesnel .and Siiarpi.' (doing busi- ness under the name ol the Metropolitan Plate tjlass Ins. Co Covenant Mutual Hen. Ass. of Illinois Dominion Uurglary ( iuarantee Co(Lld. ) . . . . Dominion Life .\ssurance Co Dominion Plate (ilass Ins. Co Dominion Safety Fund Life Ass Eastern .Assurance Co Employers' Liability Ins. Ass. (Ltd.) E(juital)lt; Life .\ssurance .Society of the United Stales, N.Y Federal Lite .\ssurance Co. of Ontario Germania Life Insurance Co Great West Life Assurance Co Guarantee Co. of North America (juardian Fire and Life Assurance Co. (Ld.), London, England. Hartford Fire Ins. Co., Hartford, Conn Imperial Ins. Co. of London, Eng Insurance (^o. of North .America Lancashire Insurance Co Liverpool & F.ondonand Globe Ins. Co Lloyds Plate Glass Ins. Co. of N.V London -Vssurnnce Corporation, Eng I^omlon Guarantee and .Vcc. Co. (Lcl.). . . . London and Lancashire F'ire Ins. Co., Liverpool London and Lancashire Life Ass. Co London Mutual Fire Ins. Co. of Canada, London, Ont London Life Insurance Co .Manchebler Fire Assurance Co Manufacturers' Guarantee and Accident Ins. Co Manufacturers' Life Ins. Co Massachusetts Henetit Life Association.... Mercantile Fire Insurance Co Metropolitan Lite Ins. Co., N.Y Mongenais, Hoivin & Co Mutual Life Ins. Co. of New York Mutual Reserve Fund Life .Ass., N.\' National .Assurance Co. of Ireland New York Life Insurance Co North American Life Assurance Co North British and .Mercantile Ins. Co Northern Assurance Co. of Aberdeen and London Norwich and London Acciie Life .Ass. Soc. of the U. S. . 343 Federal Life .Assurance Co. of Ontario 358 Firemen's Fund Insurance Co 351 Great West Life Insurance Co l''or what kind of Insurance Licensed . Accident Insurance Fire and Iidand Marine Life Insurance Fire and Cyclone or Tornado Ins. . Fire Insurance (juarantee Insurance Fire Insurance .Steam Boiler Insurance . . Life Insurance Fire and Inland .Marine Insurance. Ocean and Inland Marine Insurance Fire Insurance .Accident Insurance Life Insurain t- Insuring; Wholesale Dealers, Tolibers and Manufacturers against excess losses by reason of l)a Western Assurance Co., Toronto Steam Boiler and I'late Class Ins. as delined in and to the extent auth- rized liy its Act of Incorporation Fire Insurance Life Insurance Life Insuraiu'e Ocean .Marine Insurance Ocean .Marine Life and .Vccident Insurance ... Lile Insurance F'ire Insurance ... I'ire Insurance Life Insurance Fire: also Ocean and Inland Marine Registry e n d s 1895. 30 30 30 30 30 30 30 30 30 .30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 .30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 «5 30 30 30 30 30 30 30 30 <5 I 30 30 30 30 30 30 * Interim Registry Ontario Licensees. ^47 3° 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 «5 30 30 30 30 30 30 30 30 15 I 30 30 30 30 30 30 a. S o U < o z Q u > o ai 0- O X u ■Ji (4 P3 00 a ca ?? > o X S5 H o ■0: H O b. O >J » u u y. Z > ^ u CL, :/) IS bl u a u H tn b) 2 pa c a e o o E J? u S "v c ~ o 1; T- "r" "^ ■ 2 ?,.y3 ^^ y: < a. eg -y: u ^ •■" 2 > — — •— -J* • " r >- S n r> .!;; t- .^ , u: r: ?. 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'C . c ■ < C C c •1 ) c .s rt < c c u OS u c o H >^ V 'i _5 c < f a h ■J r 1 j: 1 • 'Z — ) * c '7 rt rt c ■§ c r < & • ; c •i '£ c c J c c u c 2 S3 c .2 .2 -'u ?y5 (. : c c > ^ y 1 \ c r > — ' r i c : c ■ L a t k c 'c t: s c * r 1 ^ c ■ < . 1 \ c ■ c < :1 : c ^1 ■§ c i 1 >*. c .2 .2 (A < 4i ,1- 4> ^ ■/: — C ■/: o . u. u- ^^ w. « > rt « c i j^ r. J f. ■!■ I ! 2 c c b m c rt ^ 3 C n ir, s. 'r X • 2 £ £ £ SEP ■T (/I " rt rt = - S S ? * .2 .2 i: -5 1 "v u y .u J U rt ;^ U — ^ ■" 5 u c n « •^ r£ c .2 rt :P.-F.i.'-.if'.y> : 'c 'S 'c 'c 7s "rt rt 1 . . -T- — M hU I— « ^ Ij! : u: Lii tii Li I5^ ?; p : ooDooc Joo r^\a Tt- un 00 M O N c ^ln rf 1- CT> •* rl vO n r r^oo - c > "100 ? jy ) u-n~> ^£ ) •■ iT? t ' tv s ^o 1- r - OV£ > u n f nc J. •< f- t^ M h ^ u n * FniENPLV Societies, 261 o '?5" IT - o is .S •V '■ -c . e • o = t! 2 o C c ■'ji: O 1) u 'S "D *in ■V i/i -A t/i V u c c c a 2 2 2 2 3 :3 3 i/l ifl ;/) c c e c ^i^ w i ;: r! ;; o H ^5 a c rt a C C l£ ^ " Ji o o «i c c S c c c o c — 00 so S I/, • « c : ■S e • S * • *w •-• u C S ^ " E C B rt d "5 TJ -O -C C B C n rt « c c ■£ c c c ^ ^ rt -^'^ ^ '7, 'x T3 '3) *(/; 'U: ■ T5 x: j: ja . « « rt o V u i> u ~ "C t) TJ -3 T3t) H B C C rt o n rt __ l/S 'T, J] l; l; E B E E _ g C 'rt "S '« 'a "5 'n "?, t£ SC M t/i « M tjl « rt rt^ rt *J rt rt (/; '/) ■/( t/i OJ 1» 1» V g^ O U 'J o rt « n n rt rt EBB c c rt rt m ebbBeebb rtrsrt'-rtrtrtrt •t: B-t: rt -^ rt -^ £ u S u •o'ffiTr'S rt c4 c? rt o cT rt rt U U U 1> s D 3 -: -3 3 3 3 3 -I "-J 3 3 3 3 3 3 3 3 3 3 3 i/j ly. ir Y, X X 'A r. .'yj ■j; tr. T, ■yi '/I VI ifl 'fl ■r 1— 1 c c C C t-^ C 1— « C C C »s ^ a C C C C ^ ^ C C C C h-4 ^ .= '_) •- -? a. ■ n ■ Ics: C E o z ' ^ . j; = Qa: ^ « 5 ii 2 y s : ci- '? ," - ii ~ "" "^ X rt « N Q = j= J3 • '"^ J) x: B c o .-.;;■« ?r rt «-! ^ ■ " _: , rt — "^ B it ai O k, O C ^ . " . B •5 2 = 50,; „o *^ ^^^.^rj rt*j rt .~EEEiEJE > = o .Cf- rt rt * it rt rt oo 2 : |c o o o o o o o HHHH rt •- w " UOxK CO r- t- ^^io CT>c<3 00 ccsoaooooocioasao 00 00 >£> oo >" OO 00 Ov 00 00 00 00 00 00 I» ■»• r^ 0^ •" 00 Ov r^co 00 00 00 00 ? • ^ B O 2- aj *- rt --r __ a: as rt rt kM o a; *j bJ3 ^:? - s; ^, a. X H £ O O O E C E E o o o o k- u w h. c o o HHHH e o E rt k. M H "o ■< .2-rt-G5; K B tS •■« •£ -2 i S E.? 2 o "^ '^ "" a> o; I' oj T3 .S .S .'K E E B E O 00 *o 00 CI r^ vS I 252 Qaulanu'h Banking and Financial Dibectorv. INSURANCE CORrORATIONS ACT OF ONTARIO, 189a. II ?fl ; •!' I' t i m SCHKDUl.E OK I.IH', AND ActlOKNT TnSURANCK AfiENTS STANDING RkOISTEREU AT 5TH NOVICMIIKK, 1894. The persons enumerated in the following Schedule are duly registered as ngents for the transaction of Life and Accident Insurance during the term in the Schedule specified Schedule. 5457- 543-2 • 595^ S3«3. 5785- 5522 4789 5643- 4738- 5703 ■ 5033- 4505. 4645. 4568. 5777- 4986. 6085 . 5635 5781. 5034- 5936. Al)rahnnis, C'leorge, Uxbridge. . . . Alircy, VV. K,, \\ iniiipeg Achcson, Jdlin, (ioik'rich. .... Ailauis, I.M., .Si. Mary'.s A^.ir, .Sk'phfii, Slralfiird Aiken, Dawson I-., Jarvis AiUman, AIi'n., I,i)iiilijn AiUnian, I'icil. L. , Collinmvood. Ainslic, M. I''., Druniho . Alj^ii.', Uolicrt, Allon Alisdii, 1'. J., Slrathroy 5963 Allan, .\le.\. Mel)., Cioderich. . . 6014 Allan, A. S., Cliflord 5592 I Allen, Itenj. , Sitalfoic 5554 4389 6018 5570 4782 47«3-- • • 5598 5063 45'5 5607 5087 4830 6194 5865 6092 5479 4784 6191 4363 6137 6104 6187 S>34 5452 .... 5559 4550 .\llen, (i. II., Kingsion Allen, j. A., Perth Allen, Thoma-!, Toronto AUin, R., Col)den An;l)rose, Walter, Ilaniilton. . . . Amlirose, \V. !■'. , Hainillon Amos, William, .St. Mary's Anderson, J. K., Sutton Anderson, I. H., Oil .Springs Anderson, K. A., Victoiia Road Anderson, R. II., Kordyce Anderson, Thomas K., Napanee. Anderson, Wni. II., Hartonville . . Angrove, Thos. h., Kingston. . . . Annis, Levi K., Wohiirn Argue, James McC, Sf>uth March. Argue, Henry, MilHirook Arkell, (ieo. , St. Thomas Armbnist, Isaac, Toronto .Armstrong, (jeo. E., Perth Armstiong, J. C, Lindsay Askwith, Alfred, .Vnhurn Atkinson, M., Cobourg .Auliry, Hubert, .Alexandria ... . Austin, W. C. , Urockville Austin, W. ( j., Renfrew Uailey, William, T., Orangeville. Bain, Thomas, Toronto Haird, Geo. M., Hlenheim Haitson, Robert, Toronto Haker, Henry, Stratford Baker, W. L., Tilsonlmrg Baldwin, Benj. F. , Toronto Ball, R. I., Hanover Ballard, B. J., Ilawkesville Ballard, Harry E., Stratford.... July Sept. Iidy \ug. .I"iy Aug. Jidy Aug. July Seiit. July Sept. July Nov. \ug. Oct. [uly Nov. July Oct. July Aug. July Oct. Aug. July Sept. 14.. 13 ■• 7-- 9.. 8.. 19.. I . . 2. . I . . 4.. I . . II . . 17.. 27.. 23- • I . . 17.. 23- I. . I .. 27 •• I . . I. . 30.. I .. I. . I. . 23.. 8.. 17.. I . . I.. I . . 19.. 8.. 3"-- I . . 14.. 23. • I . . I . . I . . I . . 10. . 3- I . 10. I . 5- June 30. P^'^^ Life anp AcnnENT Insuiiance Aoenth. 263 Register No. 49' I 4537 • S26J.. 5148.. S47S • 5405.. S4S8 . 5302.. 5307. ■ 4633- • 5360.. 6065. . 5123- 5633- • 5472.. 4S«4- 4791 • 5038.. 4474 . 4S43 6180 . 5932. ■ 5434- ■ 6163. . 5880. . 4483 • 4442 . 5596 . 5573 • 5852 ■■ 5512 5'58 . 5361.. 5082.. 4920.. 4364 4641 . . 4893.. 6019. . 6145- • 6059. . 55<3 • 5245- ■ 5591 4452.. 5985.. 5083.. 6111.. 4413- • 5506 • 54'3 • 4796 . 5682 , 5027.. 5259- ■ 4567 • 5616.. 4352 . 4664 . . 5459- 5104.. 4365 . 4574 • 6008.. 4932.. 4383 ■ Nnme nml Kesidcncc tit An^'fii. Bnmford, W. H., I'elerlioro' Haniiii(>, V. M., Conkslown Hnrlior, A. K., Ilaysville. . . . Mnrlicr, Jaiiii's, Miitun. ... . Hnil A., ( {plidiirg. Haiil)i\ull, Kclwiird S., Ottawa Harr, (ieurjje, lirockvillc Barlli't, W. K. , Windsor Uarwicl<, K. I.., Toronto Hiissin(;tliwaij;lili', (as , Sault St. Marie. Hastedo, J. .\., Newniaiket Ifateman, (ico. A., I'crth Baxter, K. li., Iiiirliiif;t(in Bcacock, (i. A., Toronto Beam, J. (i., ICIora \V. S., C C'harlcs 1,., Woodstock Bi'ask'y, I). C, Ilaiiiiltoi Beaton, J. A , Clicsley, . BcaHie, I). C, Norwich, BiMllif, |ai I'l ■runs Bcchlcl, Byron K., Waterloo. Bulard. ()., (i:inano(nic. BeciniT, J. II., Winghani. Bt(;in, Cliailcs, Ottawa. cnigcs B.. K orniosa . . . . . , Tiverton. Bell, Ardiiliald K., Tiv Bell, liasil 11., ()llawa . . Bell, David, Rockton . .. Ikll, K, M., St. Ccorge. Bell, James, Arnprior Bell, lolin, llaiiullon Bell, Beni Beni loll W. Beelon. A., Ilaniilton. L-lt, 1\. .v., .Smith's Fall!5 , )pe Bennett, Thomas, IngersoU.. Bennetts, Arlluir, Toronto.. Benninf^l'in, John, Milton. . . . Benor. Geo. A., Camphellfort Benson, Frederick .\., Port lli Beii/ie, Jean, (iiielph Berdan, John, London . . . Bevesford, |anies, I,i>n'iy Oct. \Hg. Jidy \ug. July Sept. Oct. Sept. July Sept. July Oct. July Aug. July .Sept. .I"iy I . I. 6. 4' 16. II. 14. 9- 9 I. II , 27. I . (6! I . I. I. I , I 29 4 '3 25 25 27. 23- 21 iS. 4. II . I. I. I I . I , 17 22. 27 16 6 27 ■ I •3 I 12 I 17 M I 4 6 I 30 I I 14 I I I 17 1 I HcglRtry en(l», 1895- June 30 ! 254 Oaui.and'h Bankino and Financial DiiiErToiiY. m ' Register No. 44>6... 5099... 47aa... 4P38. . 5337 •■ 4461., 6205 . . 5364 •■ 5234. ■• 5400. . 5>78 .. 4828... 4853 ••• 5663... 4798... 5594- . • 5491 •• 4594. •• 495'- • 6108 . 5180... 5788... 5665... 5987... 4945 •• 6048 .. 4754. • ■ 5186... 4900 .. 5548... 593« ■ 5640. . , 5761 . 4344 •• 4873- ■ 4646 . . 6081... 5366.. 4387-. 5120. . 4930 4734 •• 5653 ■• 5729 ■ 5787 . S666.. 5925 ■ 5341 . . 0127. . 4768 . 6067 . S5i8.. 4952 ■ 4740. . 5642 . 5913 . 4473 ■ 5272.. 4382 . 5984- 55'5 ■ 4990.. S438-- 453«-- Nninc iind Kvsidcnce of A|{ent. Hlackstock, Thos. (;,, Toronli) . . . . HInckwooil, J. (,',, Krin HIaiK'y, K. |., Paris mow, K, R., Wliiil))' Hl.iwfs. A. J., Milclicll nine, DoiinUI, Amlicrlcy IlixlOy, II. M., Tiiriinto iJuildy, J. .S., Urailfiml Iloddy, '1'. K., I'clcrboro' Ifoisseiineau, i'ii-rrc, Ollawa Hole, D., Saidt Sle. Marie liolduc, T., Monlri'al, >l)crt S., M.iirle Uorrowman, A. .M., liarrie Hi)iisti>.-ld, U. W. (i., Tdninlo Uollmn, \V. II., Ki-inptviile liiiwcn, llcnry K., Newcastle Kowcrmaii, .\. .\., Hldniulicld. , . , lioweruiaii, Daniel M.,Jr., I'icton. Howes, Clarence K., I.inds.iy Howker, Richard, Toronto liowinan, \V. II.. Uerlin Hoyce, \V. I)., Waterford lioyd, J. T., Toronto Hoyle, John, Orillia liraden, A. K., Toronto Hraden, John, Tonmio Uradfield, Harry II., .Morrisburg . Bradley, John, I larriston Bradwin, K. \V., Hamilton Braid, .Mexander, lirantlord Brant, John I). , Sniitliville Bray, Harry K, (Jakville Brelhour, S. , Sutherland Bretz, .'Mirahani, Toronto Bricker, Moses, I.istowel Bridf^cland, H. B., liracebridge . . . Brigys, J. .\t., Toronto Briggs, i'honias, Kijigstnn Brown, A. C, Klora Brcjwn, A. .Steven;, (iait Hrittain, Harry, Sirathroy Broad hurst, C. !•'., Toronto Brodigan, John, Toronto Bronsdon, J. II., Tor irto Brooks, Edwaril, O., Orillia Brown, (i. M., Foxhoro' Brown, Herbert, I., Morrisliurg . . . Brown, Henry M.,Thornhill Brown, James, Toronto . . Brown, John, Stratford Brown, I.e., Orangeville Brown, J. (Jeo. , Thedford Brown, John R., Brigden Brown, Joseph A., Reabori) Brown, Myron, Siulbury Brown, N. C, Ashbun Brown, Thomas T., Tilsoid>urg . . Brown, Win. ('•., Toronto Browne, K. (!., London Browne, J. Archibald, Toronto. . . , Brownell, Stephen, C, Windsor. . Broley, W. L., Llora July Nov. July Registry beginii, 1804. Kcgiklry ends, 1895. Aug. July Oct Aug. Se|)t. July Sept. July Sept. Aug. Nov. Sept. Aug. Inly Oct. July Aug. July Oct. Inly Sept. July Aug. July .Sept. July July I I . I. I. 9 I. 5. II. 6. II. 4- 1. I . 2. I . 27. n- I. I . 9 4 10. 3' "3 I 25 4. I 21 4 I. I . 12 9 I . I . I . I . II . I I I . 2. 6. 10 3- 30 10. 17. I . 27 "9. I I . I . 29. I . 7. I . 12. 19. I . I . [une 30. tirKK AN1» ArcihKNr InsI;IIAN<'K AdKNTS. i5ft Kej;is>lcr No. Nniiic mill Ki'siiUncu i)f A^ji'til. Callayhan, 5103 5986 5404 50JI S724 4'J5« 45'/> (X)24 5557 5800 5'"9 4760. ... 5296.... S.561 4773 6182 5722 'Hums, (iei 5f'9S 579? •• • 5132 492« 5527 . . ■ 6i>79 60O4 . 6152 4965 ■••• 5423 4924 • •• • 5628 4967 4769 .... 5782 5«67 568' 5510 5948 6207 4867 5757 4589 48()4 5293 445' 5716 5975 S3'S 4397 5608 5524 5230 5192 5092 5872 0178 .. . 5387 4343 5677 5S21 4345 6006 . ... 5(^45 5U9" 6202 4899 4431 Hron^li, I't.iiik, llaiiiiltcm Hriicc, Kiii^, Tiiriinlo Hrunl, ( lirisliaii, Ollnwn . . ., Hryanl,(i. \\., Ilainiltit. July Aug. July [illy Oct. Auy. July Ocl. .Sc|)t . Ocl. July July Sept. Nov. luly Auk. J'-iy .\UR Sept. July Callander, Cyrus N., Wiiid.sor Colloway, W K., Tornnlo Calvert, II. .\. liurtim, Ciuelph Cameron, C. .S., Port KIgin .'\ug Cameron, Donald I')., 'roronto Cameron, J. .\., .Slayner Cameron, William, I'ort KIgiii Campl)ell, .\., Kincardine Campbell, Angus, .Vppin Campliell, .\., Atlwond Cainplpcll, .Mex. 1., Toronto Campbell, \. McT. , Winnipeg Campbell, .\. .M., Toronto < ampliell, Dimgall, .\lt\Mioil Clampbell, j. D. Kat Portage . Campbell, J. II., liranlford .. . Campbell, Ino. W., Toronto .. Campbell, M. C., .Middlfniiss . . Campbell, Neil W., Duihani Campbell, 1'. K., Cornwall Campbell, William, Hlylli Camp, L. C, St. Catharines Campion, J. .\., Belleville Cann, H., Howmanville Carey, T. , Carlisle Carlaw, D., Warkworth C'arman, A., .St. .Mary's I armichael, A., Kat Portage Carney, K. II., Sault .Sle. Slaric Carpenter, L., Ridgetown Carpenter, Thos. II. P., Winona July Carr, ("liarlcs, Toronto .Sept. Carroll, C. II., Paris lAug. Carscallen, .X. W., Marmora Carss, Ceo., Almonte Nov. Carter, Geo., Toronto July Carver, Geo. W,, London I Aug. Oct. July Aug. '3. It . I . 0. I. I. 19. 23. 14 I , 1. 9- 30. 6. 4 '4 1, I . 20, 2, 27. 23 I. •3 31 I I 10 23 4 18 7 5 I 8 I I 7 I 4 II 9 1 30 20 6 5 23 29 II I 4 '7 I '7 2 4 5 1 I Krgixiry ends, 1895. June JO, 250 Gaulan'd'h Banking and Financial l^inECTouV. I Register No. 4418 6ojS 4921 (joi; 4414 5268 5957 5406 5091 5533 4993 6171 5'S9 5696 5778 4S44 5025 S970 5.444 5084 4753 4750 5283 4988 561 1 4831 5439 5290 5917 560 r 6126 4841 4981 4994 4487 6>55 5338 5862 5652 5544 5426 4456. 5691 4425 5593 6186 5525 45'3 5798 4744 5163 4827 5507 4545 5157 5902 6045 5606 5949 4485 4745 4847 6197 6142 4800 5884 Name anil Kesiuian, t!eo., St. Mary's Chapman, Geo., Conlxiyville Charles, 1). Hughes, Woodstock . . . Chauncey, (.. J., Markham Chcsnut, A. E., Toronto Chesnut, 1). Geo., Toronto Chisholm, \. 1., Meaford ChLsholm, Ja.si .\., Helleville Christie, George, Guelph Christmn' , T. il., Montreal, Que.. C'hittle, Thomas, Windsor Chitty, Charles I)., Ottawa Cholmondeley, Herl, Kingston ... holmondeley. Win., Kiugst.m. . . . Jhowen, J. G., Mitchell Chubb, Charles, Wall.u-.e1)urg Churchid, 1". W., Collingunod. . . . Clancey, Thos. J., Toronto Claris, (jeo. T., St. Thoni..s Clark, .Mbert J., Toronto Clark, Frank R., Elora Clark, J. E. , I lamilton Clark, J. .M., Smith's Falls Clark, T. .\., London . Clark, W'U., Orangeville Clarke, W. G. , Woodstock Clark, W. L, Alliston Clay, .Ml)ert .\.. St. Catharines jjuly Clayton, W. R. , Listowel ] Clift, Le.ss, Lindsay Oct. Clint, lames, I'rescott Jnly Cluff, W. J., lirockville. .. \ C'oales, Nathan, Toronto 'Aug. Cobb, .\. IL, Peterborough Jely Cober, W. F. , Gait Cochue, F. X. , Montreal ! Cochrane, Joseph S., Toronto Cody, J. A., Sweaburg | Cody, W. I L , .Ssveaburg Cohoon, L. IL, Aylmer Aug. Cole, D. , Doon Sept. Coleman, I'. F., Toronto Ifuly Coleridge, '., Waller's Falls ISepl. Aug. July Oct. fuly Oct. July \ug. July \iig. Colridge, John, Iiigersoll. Cole, W.,(;alt Colley, .\rthur R., Toronto.. Collins, Clias. IL, Toronto . Conger, James A., Helleville. Coidey, Franklin, Stirling IJuly Nov. Oct. .I"iy Conn, W. T. b., Ashton Aug. 21 17 I 6 8 II I 20 1 29 5 4 10 I I II M I I I 7 30 13 7 30 27 16 I . 1 I I 23 9 23 21 13 I 4 I , 27^ 30. 20, I . '4 I . 4. I . •7 I . 4. 28. 25 30 7 I I . I . I 20. i . 25 Registry ends, 1895. June 30 A Life and Accident iNsuRANCE Agents. 257 Register No. 52<9 5,Si6. .. , 4S34 5'Si 5196 4966 , 4439 S009 5127 4499 6002 517s 5870 SS99 5098 6030 4799 570s 4846 SS50 5637 4959 5357 4410 ... 5728 4528 4433 575' 4788 3^74 5489 4575 588S 4871 5322 56.5^> 5465 5240 5736 5766 .S429 •■ 4953 4669 5807 6039 5916 5'99 4510.... 6193 4995 4675 6097 5546 4358 4349 5842 5772 4.533 4479 4872 545' 5287 4886 4534 52, .Miraham, lirockv Cummiug-^, John 1'., Oakwook . Cumiingliam, C. K., Ollawa.. Cunningham, Robert, (iuelph. Cunningham, W. R., Sault Ste. Cunnington, J. II., I'arkhill I Currey, C. K., Drundio Iji'ly Currie, II. .\., Collingwood . . . ("urrie, John, Oshawa Curiis, Irank 1'",., .Simcoe Culhherlson, I ).('■., Inger.soll. Marie. Oct. .("ly I L\ug. Dale, (;. A. Mohawk Daniel, L., (iuelph Darroch, Angus, St. Thomas. 5 16 1 4 5 I I I I 14 4 23 27 I . 20 I 4 I , 21 , I . I , 1 1 . I . 0, I . 1 . 7- I . 4- 17. I , 27- 9- I . 14- 6. 7 ■ ')■ I . IS 24 29. 5- I . I . s, 21 I . I . 21 . 9- 1 . I . 14. 7- I. I . 6. Registry ends, 1895. June 30. a* II mi' 258 Garland's Nanking and ^'inancial biuECToiiV. Register No. nil 6049 6086. 5767- 5471- 4421. 5742- 5680 SS39 5437- 4737 5343 4450. S4IO. 5603. 5627- 6208. 5487. 466 1 . 4892. 5943- 5964. 6148. 5422- 4492. 5991 5745 5f'83- 5'95- 4682 4915 5144- 6044. 4848. 4919. 5080. 4647 5207 5017. 4411 5704- 4756 46S3. 6118 509f). 4372. 5375- 4739. 5993 5342. 4562 4962. 5876 5982, 4408 5118. 4477 5303 5327 4963 4904 4901 4957 Kegislry betjins, 1894. Sept. Oct. Aug. July July Nov. July .Sept. Oct. July Dart, J. A., Ridgelown Dauley, Frank L., N. Willianisliurg .. .. Davey, John VV., Toronto Daviilson, John, Cjuelph Davidson, Jolin, Merrilton Davies, Edmund C, Toronto .Aug. Davis, .\. L. , I'eterboro' Davis, Charles, Chatham Davis, Robert, Windsor Davis, .Samui'l, Centralia Davison, J. (1., UcUeville Dawson, .\lf. , Wingham ... Dawson, John, Saidl .Sie. Marie Decker, Koberi J. , Kingston De tiruchy, I'. II., Toronto Delahaye, G., I'embroke Denike, K. B., Campbellford Dennis, Hugh C. , Toronto Denny, \V. li., Acton Denton, C. II., Tilsonburg Desmarais, li. J., Windsor Devine, I'. A., Emily Dewar, J. II., Ottawa Diamond, Irving, Helleville Dice, .Samuel, Alilton Dickert, Henry .S., Woodstock Dickinson, (i. L., Manolick ... Dickson, Jauies, Toronto Dickson, John W., Dundas Dick.son, W M., Renfrew Dippe', Moses Ci., Chatham Dillon, .Maurice, Loiidon Dissette, Thos. Iv, Niagera Falls Dixon, (i. T. , Ottawa Dixon, Jos., Lansdowne Di.\on, Robert, Toronto Dixon, R. H. , Toronto Dixon, W. :\., Toronto Doak, Robert J., Millbrook Dobie, D. K. , Owen Sound 'Aug Doble, .Vrthur, Toronto !july Dods, Charles 1!.. Sarnia Doller, W. |., Trenton Donaghy, Thomas, .Mount Forest Donald, A, T. , liurnbrae Donald, James 1'., Toronto j Donaldson, (i. V.. Hislowel ^ . . j Derail, Fred. W., Oringevillc Sept. Sept. Aug. July Sept. July Oct. July Douglas, C. A., (Jliawa 'July Douglas. George K. , Chatham j Downey, E. J., Fergus Downey, Jas. II., Napanee '^ug. Downing, Henry, Hrantford j.Sept. Dowsley, Edward M., Toronto ^Jfly Dow.^ley, M., I'rescott Doyle, Chas. I" Dutton Doxsee, (jeorge 'A , Toronto. Drain, T. I., Norwood DransHeld, E. K., (lalt Dra[)er, Susan, Toronto Draper, W., Toroiiti Drowley,(i. II , <)wen .Sound 5966 jDrouillard, E., Windsor .Sept. 6025 JDruni, W. A., Otta>v.i 4736 iDuncan, John, riiamesvillc July 4353 . . D«ndas, j. K,, Lindsay. ' 25- 5. 9- 16. 7- 4- 21. 13- I . II . I . 1 1 . 27. 3' 5 17- I , 6. II . 25. 12. I . 14- 7- 4- 5- I . I. I . 25 I . I . I . I . 5 I I . 4- I . 13 I . 1 , 14. II I . 24 12 I I 9 10 I I I I II 20 I I Registry ends, 1895. June 30. Life and Accident Insurance Agents. 259 Register No. 5079- 4587 4914. 5061 . 6028. 4549- 4999 5446. 5519 5181. S647 • S"93. 4672. 4843- 6026. 4648. 4401 4491. 4839 4859. 5773- 5095 5577- 4874. S7SS- 5582- 4673 4653 4929. 5849. 4787. 6113 5249- 4662. <^i34- 4464. 4426. 4858. 6007 . 4813. 6154. 5216. S173 5995- 5288. 4375 S081. 5130 5832- 5316. 6158. 5059- 5799- 4540. 5801 . 5281. 5547 5897. 4724- 4851 51S2. 4438. 4357. 4470. Name and Residence of Agent. Dunham, J. H. , Orillia Dunlcip, Fied. Cj., Kingston. Dunn, J. 1'., Chatham Eagen, S. A. , Bolton Eagleson, .-Mcxander, Peterlmro' Eagleson, J. S., Ottawa Eastniure, A. L., Toronto Ebbs, Simon, Ottawa Ecclestone, A. M., .St. Catharines . . . F'xclestone, Walter V., llamillon ... Edgar, Thomas, I'elcrboro' Edgington, John, Hrownsville Edwards, T. S., Irocniois Egan, Ciias. , I'etrolia Elby, Jos. R., Ollawa Elliott, (Jharles .V., Toronto Kllio'.t, J., .SloiiflVille Ellic.tt, J. .v., Kidgolown Elliott, John ('., London Elliott, John F., -Sarnia Elli(Mi, r. II., Sa^lt .Ste. Marie Ellioii, \Vm., London Elliott, W. M., Toronto Ellis, James V., lirockville Elms, Richard L., Toronto Enio, Wm., Jr., Toronto English, Ceorge C, Sarnia Enright, Josejjh, Toronto Enright, James, IngursoII Erbach, Wm. 11., Raden Estabrook, W. C. , .Merlin Evans, George, Rat Portage Evans, H. }., I.,ondon Evans, John D., Islington Events, Milton \V., Easton's Corners. Evison, Henry, Toronto Ewing, D., Cobourg Ewing, I'. A., Wark worth Fabian, John L. , Toronto Fair, Leslie, .Stratford Fafard, Hughes, Ottawa Falconbridge, IJIair. .Vbertoyle. . . . . . Falkner, Charles 1'., North Augusta. Falls, A. F., Chatham Falls, W. S., .\ndier.stburg Fanson, Wdliam, Thornbury Farrell, John, Forest . Faulkner, .\iid)rose, C, Foxboro', . Faulkner, Eric }i, Ottawa Faulkner, S. G, Reterboro' Feargue, (ieorge, Windsor Fenton, W. J., I'ort I'erry Ferguson, .Angus F,., Toronto Fergu;ion, C. D., Uxbridge Ferguson, L., St. Thomas Ferguson, Win., I'cterboro . . Ferguson, W. A., (Jhatsworlh Ferris, J. H., Campbellford Findlay J l'., I'arluke . . Findlay, W. W., Toronto Fitzgerald, R. C, St. Cath.^rines . . . Fil/.gerald, Thonias, London Flanagan, M., Kingston Fleming, J. II., St. (jcorge Registry begins, 1894. July Sept. July Aug. July Sept. uly \ug. July Aug. July Aug. July Oct. fuly Oct. July Sept. fuly Oct. July Sept. July Aug July Oct. July Vug. [uly Vug. July Aug. uly I . I. I. I . 20. I . I 14. 19 4- 2 5- I 20. 1 I . I . I . f . 9- I . 24. s! 25- I . I . I . 21. to. 6 is! I . I I. 17 I. 23 6. 4 >4- 7 I . I . 1 . 20. 9. 23- I . •4- I . 10. 7- 21 . 28. I . I . 4- I. I. Registry ends, 1895. June 30 II III! 'V. - -lis; 260 Garland's Bankino and Financial Directory. Register No, Nauif and Kesidtncc of Agent. 6170. . S179., 4535- 5373- 5937 6052. 6168. 4S94. 4696 . 5920. 4628 . 4511- S('75- 5««3 5930- 6037. 5622. 4432- 5980. S882 . 5941 • 5879. 3450. 4801. 4502. 5135- 5066. 5S31- 5583- 6120. 4942. 5797- 4723 5328. 5992. 5571- 5919- 4595- 5961. 6115 5226. 4743- 4746. 4604 . 5094. .,556- 5309- 6103. 5499- 5014. 4«55- 4500 4670. 5339- 4887. SS89. 6159- 5399- 4525. 5602. 5735- 5555. 5227. 504! • 5972- Kleniiiig, \V. C, Toronto I'letcher, W. A., I'etcrboro ... Fligf;, W. 1 1., Ottawa Flint, (leorge, Jr., SloufTville . . I'oik, John, Stratford l'"olger, !•'. .\., Kingston Forsch, Joiin II., Windsor . . . . Fr)rd, F. K., SimcdC Ford, N. W., St. Thomas I'orstor, A. A., Hamilton. ... I'orlier, A. J., I'cniliroke Fournier, T. . Sudbmy I'owlds, Waller M,, ll.-..^cings . I'Owler, (leo. .S., Tccsvvaler ... owler, Wni., Tceswater 'o.-:, John, l.iican 'ox, W. 1 1., Toronto ralirk, I'rank, London rank, .Mhcrt, J., ISrantford . . . "rascr, Ponald, Kingston rascr, Joseph 1',., Si. Thomas. rccliettc, loscpli, Ottawa recliorn, W. 15., Mill.ank recman, James .\., Hranlford recman, J. \V., Iri-eman reenian, K. K,, lOroiUo ronch. Rev. (i., Mcaford reni'h, 11. J., Dresden rench, S. W, Toronto rcnch. Win. J., (jlencoe rew, A., (iiielph ricker, Walter, Hamilton ry, Soloman, N , Hrantford... Fuller, ( '. II., I'.ssex Fuller, James W., Hrantford... 1- idler. Win., London Gadcn, Charles W., Hamilton Gaden, J. F., Hamilton Gallager, Hugh, Chalhani . .. (iailagher, II., Hagersville ... ( iamhle, ('. H., Toronto Gamble, R. II., Hiockville . .. Gamey, R. R. , Gore Hay ( jammie, J. C. Toronto (iardinor, J. A., Kingston . Garvin, George, .Almonte (iarret, W., Toronto. Gates, H. E. , London Gatschene, Jacob, I lesson . . . . Geddes, Fdwin, Toronto George, C. !•". , llamillon George, T. 11., Paisley 'k'rinan, C. K., Slralhroy .... German, II H., Shelboiirne .. Gettey, J. l'".. Mrathroy Gibbs, Ntalcolin, Toronto .... Gib.im, Waller, \'ork Gibson, I-., Ottawa Gibson, Wm., London, West, (iili.ert, Melvin, Kingston .... Gilki'rson, W. J. , Trenton. .. . (iillran, Ale.\., London fiillio'.l, Frank, Davisville ... Gillis, John i)., Ilighgate Gillogly, James .\., Lindsay , . Oct. July Registry begins, 1894. Sept. Oct. luly Aug. July Aug. Sept. J Illy Sept. .\„g. Sept. Aug. July \ug. July Oct. July Aug. J"iy Sept. July Aug. Inly Sept. Oft. July July Oct. July Oct. July Aug. July Se()l, 29 4 I . II . .S- 25- 29. 30 I . 4- 25. 4- 22. 30- 12. . . 25... 5--- 25- • 14... I . . , I . . 20. , 2S-. IS ■ I , . II . . 10. 14. 23 30 I , ii . 12. .s- I . I. I . I . 9-. 8., 17.. I , , I , , I , . I . . 10 , I . , 26 , 25,, II . . I 27. 7 23 5- I . II . Registry ends, J«95- June 30. Life and Accident Insurance Aoents. 261 Register No. S990... 5841 . . . 4973 • • • 5549 ■.. 3«33... 4771,.. 5102. . . 6046 . . . 4530- ■ • 4857 •• 4614... 5058... 5579--- 6i73--- 5860... 4922 . . . 5350- • • S^S5 •■ 5S96... 5898.., 6206. . 4812.., 4459 • 490S.., 5320.., 4538... 605S.. , 5939 ■ • 5453- • 5584- • 4791 A 4933- • 5236.. 4623.. 4944 •• 5047 • • 4705- • 605 1 . . 5597- ■ 5866.. 5297 • 6020 . . 4508.. 5351 •• 5024 . . 5732- • 6189.. 4488 . 4610. . 5713- • 5942 • • 5(^54 4792.. 4703 • ■ 4706.. M7*> ■ ■ 5174.. 5464 • 5200. . 4910.. 4394 • ■ 4755 • ■ 5<''73-- 4971 •■ 5279.- Name ami Residence of Agent. Civen, \V. S., Millbrook (ilanville, J. II., Thcssalon (ilassford, Siinuu-I II., ('annington. . . tilciscr, IVtcr, Waterloci (Uendinning, I lenry, Manilla (Jlcnn, W. (i., Owen .Sound (ilovcr, T. J., Kingston ( Iddfrey, Thos., p)lora (loelz, Mathew, Formosa (jolding, (i. II. Hrantford (ioodaere, I'Vcderic {'., ,Sl. Thomas.. (ioodison, Thos. 11., Sireelsville (ioodrow, (ico. L., .Simcoe (Jordon, I). M., Toronto (lordon, I). M., Winghani (iordoti, J. v.. Tweed (iordon, 1 1., Torunlo (iordon, K. \V., Pembroke (jorndey, \V., I'ickering ("loili, |. .\., Carleton Place Could; J. \V., Uxbridge (iourlay, Robt. j., .Stratford tlowanlocU, James, Parkdale (i(jwans, Jolni, Toronto ( irali:''.n, A. F.., Dalrymple (irahaui, John, ("ampbcllford (baliani, Jno. I!., Toronto (iraham, K. S., Flginburg (irahain, Thomas F., Winnipeg (iraham, Thomas J., Midlano- 6203. 5490. 6001. 4780... 4624 . 5669... 5185- ■ 5998... 4340.. 4775 •• 4877... 55'5-- 5087.. Sioi... 5779- ■. 5648,., 6080 .. Name anil Residence of Agent. Howell, Nelson, Hranlford Ilow.dl, \V., do Iluliliell, !•;., Ottawa Hubert, Alexander, Ottawa Iliickins, J. ('., Stratford Hudson, Louis |. W., C'urran . . . Hudson, Wni. i'., Ikllevillo .... Hughes, H. H., Toronto Hughes, John R., London Hughes, J. \V., Toronto Hughes, 1\. A.,(hathani Ilugill, [ohn, St. Thomas Hume,}. II.. Watford HiMiiphrey, J. \V., ('hntham . . . . Humpliries, Uenj., I'eterhoro . . Hungerford, K. B., London ... Hunt, (leo. M., Toronto Hunt, \Vm. IL, Ikantford Hunter, Edward I'., Kingston. . . Hunter, (i. A , .Sault Ste. Marie Hunter, Henry, Hranlford Hunter, James, Wiarton Hunter, J. K., Windsor Hunter, Tliomas, Toronto , ... Hunter, \Vm., Kincardine . . . . . Hunzinger, Joseph, Chipstow . .. I lurd, Stephen, Toronto Huston, II. K., Kxcter Hutcheson, .Stanley -M., Paisley . Hutcheson, W. E., Toronto . . . . Ilutton, E. IL, (juelph Hutton, John, Port Islgin Huttop., J. ()., Brampton Hutton, Lincoln, liollon Hutton, Wm. H., Wingham . . . Hyatt, David H., F"ergus Illing, K. IL, Herlin Inger;;oll, N. I'., Chelsea, Que . . . Ingles, Harry L. , Niagara Kails. Inglis, Richard W. K., Hranlford Inglis, W. W. , Wingham' Irish, A. 1)., Winnipeg Irwin, lohn 15., (lalt Irwin, James, Norwich Irwin, fohn, Strnthroy Irwin, John L. , I'ort Hope Irving, 1'., Woodstock.. Irwin, R. W. , I'oterhoro'. Isaac, Wm., Cobourg Ismond, W. M., Hranlford 6162 Jackson, A. B., Niagara Falls. 5843 Jackson, Geo. W., Leamington . 4378 Jackson, Henry F. J., Hrockville 4444 Jackson, Robert, Einiira 4392 ... jack.son, Thomas }. , (".uelph 4891 Jackson, W. H., Caledonia. 6095 Jackson, W. F. H. , Georgetown. 4637 James, John, Lanark . 6123 Jameson, J. 11.. St. .Mary's . . 4949 Janiieson, R., .Arnprior 5892 Janiieson, W. 1'., Hill.sdale.. . 5532 Jane, John H., Toronto 5918 Jaquith, Jas. A., Kingston. . . 5534. . Ijarvis, C". W., Fort William. , July Aug. July .Sept. July \ug. Oct. July Sept. .I"iy Sept. July \ug. July Aug. Nov. Fuly Sept. J"iy Aug. July Sept. July Aug. luly Aug. Oct. \ug. July Oct. July Oct. July Aug. July \ug. July I I. I I, I. I 13 8 I I 17 6 20 6 20 10 23 I 30 II 29 9 5 I 27 I II I I 4 5 '7 >4 I I 4 4 14 I I 19 4 I 10 2 2 25 21 I I I 8 I '5 28 20 30 20 Registry ends, 1895. June 30 ll ii ^61. OaFiLAND's feANKlNO AND ti*INANCIAL blRECTOUV. Kcgister No. 4980. 4635 5"S 4707 6io^. 5100. 6144. 4362. 6011 . 5574- 5664. 4440. 4946. 5818. 4816. 5382. 5528- 4983. 4420. 4671. 4749 4992. 5266. 5809, 4559. 5276. 4761. 4979 5707. 4997- 5369 4721. 5367. S4i6. 5847, 4795 4895 4837 5629 4862 5845 4885 4437 S'47 5901 5558 5719 4524 5241 4561 4819 4975 6116 5873 6140 4918 4947 4806 4402 5062 4974 5070 537: 5837 S()«8 Name and Residence of Ayent. Jarvis, K. II., Turonlo Jeffrey, W., .Stralfunl lellcy, llenty, .Ml. l'ore>t Jelly, J. J., Ilanielsville Jeiuniison, Harry M., Stratford .. Jennings, James, Toronto Jennings, J. H., I'enelang Job, Kdward, Toronto Johnson, Flden I'., L'Orignal . . . . Johnson, KranU M , New Dundee. Johnson, Windeld .S., Toronto.... Johnston, David, Helwood Johnston, 1'., North Toronto Johnston, ( i. \V., .Aurora Johnston, Henry, Delaware Johnston, James, Midway Johnston, J. R., .Sydenham Jones, Anson, Mt. Albert Jones, Krnest K. , Toronto . Jones, K. W. 1'., Hrantford Jones, Francis (.'., Toronto Jones, l'"red., Ottawa Jones, (ieo. H, Toronto Jones, John, I'elerboro' Jones, .Seneca, Hamilton "ones, Thomas, Forest Jones, W. H., Mt. Forest Jones, W. H., (jiiclph Jones, \V. J., liowinanville Jones, \V. ,S. , Toronto jory, 1 1. K. , Harrie . . . . Joyce, John F., North liny Jimkin, Irvine, Hobcaygeon Jiinkin, Robert, Hamilton Junkin, \V. T., Fenelon Falls. . . . Kahrs, W. H., (ieorgctown Kalblleisch, Wm. H., OxfordCentre. Kanigsberg, Simon, Ottawa Kaufmann, Menno, Klmwood Kavanagh, James A., I'rescott K.ay, John, Paris Keane, John, (J)ttavva Keast, .Samuel, London Keal, John ( 1. , Toronto Keating, John, Cornwall Keating, \V. J., Stratford Keeler, R. M., I'rescott Keeling, C. W., CargiU Keenan, James W., Ottawa . . Kelly, John, Durliam Kelly, N'icholas, London Kelly, Patrick, Brechin Kemp, ( ieo. .S., Fxeter Kennedy, Abel, Tv)ronto Kennedy, David H., Ottawa Kennedy, (1. II. S., Morrisburg Kennedy, (!. .\., N. Thamesville. . . . Kennei 5222 5564 5396 5368 5430 53>i« 4941 5228 4907 5<38 4412 5737 5977 5340 5671 5619 47IO 4793 4613 4651 4649 4697 4557 6200 6150 6141 5971 5362 4976 5116 5612 4818 4814 5595 5345 5753 569S 4836 5927 4369 5385 5053 5461 5947 5945 Cioqo 4865 5310 6136 6015 4655 5402 4627 6100 5733 5455 4539 5>S7 5717 563« 5626 4585 5294 4903 Nail K^ mill Ixi'siik'iict' I 'f Ajjcnl. Kerr, laiiH's h'., I lumilli I , \V., TorcjIiKi Ki'iini'lh ('., rdriiiil I'lioinas, 'rsc|.li, I lamiltiin Svy\ Kirif;. Saiiuiol, TilLiiry Ccnlre Iiily Kinj,'>.ti.n, ( Icorj^c .\., ToronlD Au\ Kiiinec, (alcli, rclcrlic.rii' July Kinney, Israel, \Vin(l>.ir Kinlc.n, Mackie, lliinlsvillc . . . Kirl.y, Joseph, 'Inronlo Kirk, I'rank A., Toronto Kirklaiiil, Samuel 15., Toronto. Kirkpalrick, James T., I 'ornwa Kill, T., I.ucan Kiuelilel, J. S., Hanover Nov. Knif^lil, I lenry T. , Toronto Oct. Knowles, .Mfreil, Talmerslcn Knowlcs, F., I'elerlx.ro' !.*^<'|'' Knowlsoii, J. M., Lindsay |uly Kranz, (.'arl, Berlin Kuderlini;, I/. II., .Saull .Sle. Marie Kyle, A. J., Wiarton Lalierge, Alex. , Ottawa Lacy, Knos, London Laframhoise, Joseph, Si. .Anne de I'rescott. Lahey, \Vm., .St Thomas Lain(4, (leo., London Laini;, J. I!., I'ort I'erry . Laird, John, (iuelph Laird, J. W., Ilaniillon Lal(.nd, I'eter !•'., lona .Slalii.n Land), VV. .\. , Ollawa Lanioiil. Arch , ("liatham. . . Lnlielle. J. S., WindM.r Lane, Chas. T. , IVterl.oro' Lanj4stari, K, K. , .Vurora Laplante, J. I)., Chatham Larke, C, Colliorne LaKoche, E. II., Helleville Latimer, Koliert A., I'ertli Lall r, -Asa, ( Irand Valley Laurence, Henry A., Toronto Lavery, Wni. T. , Hamillc.n Lavis, (jeo. A., Irocpiois Law, Henry T. , Toronto [unction Law, W. 11., I'ort Arthur Lawrence, W. A., Milton Lawson, Jose|)h, Cliesley Lawson, James A., Oellii Lawsiin, [no. |., .\oton Leach, \V. I).", Millbrook Leader, ( ieo. N. , Kingston Letherland, John K. , Ldinliurgh Lee, (Jiiarles, ( joderich Lee, George, Toronto July Aut;. July Sept. July Sept. Oct. July Oct. Sept. Inly Oct. Auj,'. July Aui;. [illy 5 23 5 23 II II 13 II I 6 I I I 7 12 10 4 I I I I I I I 5 23 22 1 1 I i I I I 30 I 29 1 1 7 4 I I II I 14 6 6 euistry ends, 1895. June 50. 34 I 266 Oakland's Hankinmi ani> Financiai, iJiiiKrioiiV. Kegister No. 5'S2 5874 5407 4405 5072 5398. 5039. 4455 4674 50' 5 • 5926 5401. 5658. 5894 5891. 5250 4854 5494- 4471 5000. 4726, 4639- 5223 4642. 5769. 488S 5304 547"- 4810. 4807. 5'5o. 4409. 5552 S128. 5162. 5825. 6022. 5969. 6112. 4772. 4829 6149. S3I7 5145 5' 17 5052 5466. 6124 5372 5760 4582. 5233- 4757- 4728 6161. 6201 5244 S161. 5067. 4717- 5542. 4905 4686 . 5543- 5468 Name nml RcsidtTicc of Ajji-nt. Lee, John, Kenclon Fulls Leek. John, Ml. .Mberl Le May, .Vunuslus, Ollawn. .... Lejjatf, Thdmas, Tornnlo Lt'nalc, \V., OwiMi Soiiiul Lc(4^atl, Williaiv, Dninil)" Lcugetl, {(iliii, (irciMKjck Leiffer, I'elcr, .St. Thomas Leitch, John A., Branlfurd Lennox, l.ytli.i \'., Toronto Leonard, I'rank, Levat ... ... Lcpafje, Henry, Dttawa ...... Le])a(;e, Jean H., Ottawa Lett, K. A., Hurrie Lewi.s, I'rank M., lUirford Levitt, Samuel, London Lewis, W. II., Hamilton Liddell, James (i., HrantTord .... Llersrh, V,., H.-iden Li^jhtlxiiirn, !•'. J., Toronto Lile, Knaii., Marrie Lillie, C'has. , Toronto Lillie, Kred. W., Toronto Limage, John A., Toronto Lindsay, Henry G., Slrathroy. .. Lindsay, II. I'., I'eterlioro' Linds.iy, W. II., London Lindsay, W. K., Toronto Lindsay, N. .\., St. Catharines.. Lindsay, .V. N., .St. Catharines. . Linger, K. K., Hamilton Linton, I'. H. , < lalt Linton, K., Cialt Little, A. J., Giielph Lillie, Jaines, lielleville Livingston, T. C, Hamilton... Lizars, K. M., Straiford Locheed, LarhlinT., Hamilton . Long, Robinson, Mt. Allien .... Long, Thomas, Port Hope Loscondie, A. 1''.. M., Kingston . Lovell, J. A., Torm, George, Toronto. . . . McCall, Walter ('., Simcoe . . . McCallum, A. P., Helmont McCann, J. S. R., Kingston ... Kegislry begins, Regitlry ends, 1894. 1895. July Auk. luly Aug. July Aug. J«iy Aug. July \iig. Sept. Oct. July Oct. July Oct. July Aug. July Oct. Nov. July 24 II. I I. I. II I. I I . 3>. II 2. 28. 37 6. I7. I . I . I . I . 5 I . 9- I 9 16. I 4- I . 21 . I . 4 18. 18. II 12 I I . 22 9 4 I . I 14. '5 II 9 I 6 I 25 5 6 June Jo Life and Accident Inhl'uance Aoents. 267 Kegisler No. 4K84 5010. 5485. 4803. 5613 4553. 5012. 5614. 4950 4688. 4384 5344- 5903 4443 5749- 5953 5848. 5355- 5-«43- 4691 5394. 4940 5481. 5197- 5632 • 5535- 5786. S420. 4573- 4802. 5840. 5221 . 5353 5770. 4457- 523'- 4472. 4926. 6os6. Name anil Kcsidencc of Agent. 4581 . . 4498.. 5051.. 4517.. 5346.. .5835-- 4964.. 5352- ■ 6117.. 4347 •• 4512.. 4580. . 5909., 5023.. 4826 . . 6199. 4490.. 4685.. 5805.. 4725.. 6107.. 5086.. 5661 . . 5910.. 4476.. 5378.. 4603.. MrCnrtliy, J. ()., Toronto McCnrly, Win. A., Paris McCnrtncfV, \V. II., Ikilmny McCaw, NVilli.TMi, .Montreal McClenn, jno. A., Kuskvicw McClelland, I'., .Sutton, West McConiiL'll, [. \V. Toronto . Mc(,"onm:ll, N. ('., Owen Sonml McCorinicU, II., ('arl4- I . 12 I 2. 28. I . II . I, Registry ends, 1895. June 30 - i^ IMAGE EVALUATION TEST TARGET (MT-3) V y p;^. <^ /^ A VI cm. ^. <5> a / o 7 1.0 I.I 1.25 IIIM IM ilM ||Z2 i^o I III 2.0 1.8 Photographic Sciences Corpomtion lA IIIIII.6 €^ ...^ V ... o \ t"" ..^ %' 23 WEST MAIN STREET WEBSTER, NY. 14580 (716) 872-4503 k a €?.. Q>- W, 268 Garland's Bankino and Financial Directory. ^fli^; Register No. 5'42.. 5S30.. 5013 • • 6094. . 5566.. S54I • 5211 . 4346 ■ ■ 4612 . 5609 5«>4.. 4956 . 5784 5631 . 5829. 4619. 481 1. 4765 . 5006. 5817. 5018. 4741. 5188. 5480. 5978. 4913- 4475 5203- 5871- 4869 5284. 4482 5899- 4852. 5912 5701 5803. 5790- 5771- S'>54- 4632. 4680. 5486. 6110. 5964 6r2i . 5428. 5114. 5568. 6016. 5395- 4927. 6034. 5II2. 5171. 6i6g. 5560. 5274 • 4395- 4625. 4638. 5427- 5850. 5644- 4.390 4821. Name and Resilience of Agent. McMullin, (ieo. D., London McMiinn, Wni., Cedar Hill McMiirly, J. A., Toronto McNal.l), Alex. P., Orillia McNal)!), W. 1) , .St. Thomas MrXaiighloii, las. D., CI alham. . . . McNeil, \V. T., Hamilton McNirhol, John, Creemore McNeice, [ames, St. Thomas Mcl'hail, Neil, Nassagaweya Mci'herson, Archiliald, London Mcl'herson, I)., Ottawa Mci'herson, John G., Klenheim. . . . Mcl'htr.son, Peter, Tiverton, Mcl'lietson, \Vm., tjuelph Mcl'hie Alexander, Hamilton... . Mc'l'nijijarl, (leorge, Clinton McWIiinnie, Wallace L. , Woodstock Macalister, W. L., Toronto Macalpine, W. J., Warwick Macartney, J. J., Hamilton Macartney, W. C, Hamilton Macdonald, I). A., Sundridge Macdonald, U. J., Toronto .Macdonald, ( jeo., (Jalt Macdonald, J. A., Arnprior Macgregor, A. S., London Magiirn, Foster, Windsor Maciial)!), F. F. , Arnprior MacNabb, John, Lucknow .Macphcrson, A. Markdale MacRobert, Knierson J., London.., Madill, li., Beaverlon Magee, Wm., Toronto Magill, Samuel, Lindsay Magmn, J. H., Toronto Mahoncy, Thomas, I'eterboro'. . . . . Maitland, Hugh K., (luelph Malcolm, fames T. H., Whitevale . . Mallott, W. L., Windsor Mansfll, L J., Urockville Marcey, A., Hranlford Margach, J. L., Port Hope Marion, Nap. , Ottawa Mark, Kenwood, Peterboro' Marks, A. H. S., Toronto Marler, W. L., Ottawa Marsden, Wnu, Hamilton Marshall, C. S., do .Marshall, Wm. F., Collin's Hay . .. . Marsh.ili, W. J., Waterloo Martin, H. A., Pembroke Martin, D. I'".., Wingham Martin, E. .S., Cayuga Martin, C. T., Smith's Falls Martin, John F., Hamilton Martin, J. F., Paris Martin, R. S., Hauulton .Martin, T. E., Prescott Martin, W., North Hay Martin, W., Ir., do Martyn, Angus, Ripley Nfarx, Freflerick, Chatham Mason, I). K., Toronto Mason, John, Hranlford Mason, John, Torl^nlo Registry begins, 1894. July Oct. July Aug. July Vug. July \ug. July Aug. July Sept. July Aug. July Aug. July Aug. July Oct. Sept. Oct. July Sept , July Sept. July Oct. July Aug. Jxiy I . 20. 23. 21. 6. I. . , 30 ., 16 .. 31- 18. I . I . I . I . 16. I . I . 4. 17 12. I . I . 1 . 23- I . 7- I . 28. 5- 29 4. 14- II. 9 I. I I 17 12. 21 . 15- 13- I . 23- 17. II . I . 21 . I . I . 29. 23- 7- I . 1 . I . •3- 21. 2. I . I. Registry ends, 1S95. June 30. Life and Accident Insurance Agents. 269 (Is, Register No, 6181... 5827... 5838. • 4709. . 4939 • • 5509- •• 5007 .. 5822 . 4441 • ■ • 5358... 4863... 4436.. 5176... 4669 . . , 6157 ., 4385- ■• 5071.. Sf'94 • 4786.. 5859 . 5016. . 853 5819.. 5844.. 5'53-. 5726.. 5477- ■ 5150- • 5335 5205 ■ 4702.. 5834 6047 . 5820. . 4494 • 5312. 5319 • 4379 • 6055 . 6138.. 5585-. 5376.. 4317- 5"3 • 575(> • 5581.. 6009, . 4428 4406. . 5412 . 5318.. 5955 ■• 5493- • 5459 S52I.. 5129 . 5823.. 5861 . . 5531 •• 501 1.. 5526 • 6071. . 5946.. 4467 . 6004. . 5204.. Name and Residence of Agent. Massecar, Levi, Dunnville Mastiii, K. li., I'icton Matthews, Ilcnry, Downeyville, . Matthews, Charles, Woodstock . . . Matthews, Jas. , Acton Matthews, [. J., I'ctrroHa Matthews, \V. 11., Toronto Mawhinney, W'ui., North Hay . . . Mawhinney, Win. If., Marltdaie. . Maxwill, II., Oshawa Maxwell, R. T., .Sarnia .May, (jus, London May, Georije, Toronto .Maynard, A. L. , Hamilton Mearns, W. (.'•., Windsor MecUison, John 1)., Sirathroy. ... Mcharry, 11. 15., reterboro' Meharry, J. W. , I'ort I'erry Meir, Cleorge, Owen Sound Melross, James, (lalt Melville, R. M., Toronto Merewelher, Herbert 1),, Ciuelph . MerritI, (jeo. H., London Merrill, jno. K., I'ort Lamlilon.. Melheiell, (jeo. A., Lindsay.. .. Meyers, K. li. , Toronto Middleloii, Herlierl A., Lindsay. . Middleton, Thos. A., Lindsay. . . . Mihell, Ci. A., London Mill, I. A., Oitawa Millar, j. W., Toronto Millar, John, Walkerton Millard, Urooks H., Newmarket. . Miller, (leo. W., Lond^m Miller, Henry II. , Hanover Miller, K. K., St. Helen's Miller, K. H., Owen Sound Miller, Thos., Stratford Miller, Wm. R. , Toronto Milligan, Roht. S., Napanee Milligan, Silas A., Midland Millman, John, Woodstock .Mills, Thomas, Kingston Mills, Thomas, Relleville Millward, Kdwin, Toronto Milne, A. E. , Niagara Kails. . . M lines, Alfred, Cobourg Minnes, Thos. D. , Kingston .Mitchell, David R., Toronto . . . Mitchell, Freil, Innerkip Mitchell, H. S., Cuelph ... Mitchell, W. (,., C'arlelon Place . Mix, JamiN, Elmvale .Moag, S., Smith's Falls M(.ITatl, J. S., (ialt .. , Monaghnn, .Michael, Ottawa Monck, L. II., Harrow liay Mimck, W. 1)., Kingston .Monroe, I)., Cornwall Monteith, J. T. , Toronto. .... Montgomery, F. M., Harrie Monlgonury, Wm. II., Gait Moon, Robert, Toronto Mooncy, Henry, Ottawa Moore, Elijah, .St. Thomas Moore, F. A., Toronto Registry begins, 1894. Oct. Aug. July Aug. July Oct. July Aug. July Aug. July Aug. July Aug. July Aug. Sept. Aug. luly .Sept. Oct. July Aug. July Sept. July Sept. July Aug. July Sept. 29. 18. 20 I 1 . 18. I. 17- I . II . I 4- I . 23- I. I. 4- I . 22. 17- 21, 4 6 «7- 4. 9- 5- 20 . . . , 25... 17 ... I . . . 9 ■•• 9 I 26.... i7.... 25.... II I . . . . I 8 25. .. 17.... July Sept. July I . . . II 9. ., 7.... 17.... 16 .. 19.. . •I 17.... 23... 20 . . I.. . 20 . . . 29.... 6.... I 15 •• S..., Registry ends, 1895. June 30. 270 Garl/nd's Banking and Financial DinEcrouY. Re);ister No. 4609 6133- 4630 4763. 5447 54i9- 4519 4695. 5562 5587 4399- bl28 S443- 5374. 4845. 4516. 4733 4779- 5830. 4396. 5967. 5336. 6021 S170. 5295- 4984. 5064. 5383- 5332- S2«S- S976. S'90 5021 4355- 4621 5765- 5813- 5624. 5828 439S- 5467. 4713 4970. 5500 4762 6032. 5610. 6012. 5878. 4617. 4607 5846. S33« 4481 4700 5482. 4876 4400 5126. 6069 6147. 5791 589s 5300 Name and Residence of Agent. Moore, Geo. F., Toronto Moore, Win. C, Rol)cayj»eon . . Moorehouse, H. J., Hrockvillc. Mooring, (leorge, I'ort .\rthiir. Moreton, Reginald, Hamilton. Morris, .\l)raham, Uxliridge . . . Morris, Charles, Toronto Morris, R., I'etrolia Morrison, .S. , Chatham Morrison, W. .'\., Toronto.... Morrow, C. R., Coptiown .... Morrow, Wni. J., Toronto. . . . Morson, Alfred K. , Toronto. . . Morton, A., Brampton Morton, Edward, Hamilton. .. Morton, (!. K , St. Thoma.s. . . Mosher, Almona, Tor'Connor, J. M., lirussels O'Donoghue, [nhn, Stratford O'Flynn, H. II., Madoc O'Loughlin, Henry, St. Cntharines. . . , Registry begins, 1894. July Oct. luly Oct. July Aug. July .Sept. July Sept. .My Sept. July Aug. July Aug. fuly .Sept. luly Sept. Aug. July Aug. July .Sept. Oct. Aug. July I . 18. I. I . 14- 12. I. I. 23 26. 19 13- II I. I . I I . 18 I . II . 9 18 4 9 I 1. II. lo. 4 II . 5 I. 9 •S 30 18 I '4 I I 17 21 30 17 24 I 21 10. 17 I. I. I 29. 20, II 28. 9- Registry ends, 1895. June 30. (1 '!! Life and Accident Insurance Agents. 271 Is, Register No. 4742 5208 5229 6075 4777 5634 4489 6098 4701 6099 4381 527s 5796 47«9 5'25 5699 5167 5858 4909 475' 4615 4917 4923 4644 4960 6096 5887 4881 4925 4393 5618 S«43 5641 471 1 4496 5415 6050 4611 5037 4415 4368 5973 6156 5074 5408 5615 6082 5857 5325 4849 4823 5502 5504 5384 4718 5020 5'59 5685 5810 4503 5«36 4934 5262 5213 5768 Ogdcn, II. II., Sarnia Ogilvie, j. H. , Aylnier OKI, [as., Jr., t'aleilonia OIilHeld, W., WL-IIaml Oliver, John, ralmcrstoii Oliver, Win. (,'., Toronto Oram, [ohn P., Kingston Oremns, Frederick, Hranlford .... Orr, Uen. II., Toronto Osborne, Wm. C, Toronto Osier, K. II., Coboiirg Oslrantler, Chas. A., lona .Station. Ostrander, Wni. .\., Diilton Ouelette, C. \., Tilbury Centre. . . Owen, Michael, Hranttord Owens, J. 1'., Oshawa Owens, Peter li., London Owens, Wni. J., Jura . 0.\ley, A. li. , Toronto Oxiey, A. M., Toronto Palmer, Frank L., Hamilton Palmer, S. II., St. Thomas Pa(|iielte, P. S., N'ankleek Hill. . Pardington, Jos. II., Toronto. . .. Parker, J. I'-., Ottawa Parkins, John, Tcston Parlow, Edward, Toronto Parrott, E. K. Chatham Parkins, Frank F. , Montreal .. . Parsons, George, Toronto Parsons, Thomas, Orangeville. . . . Passmorc, S. F., Hrantford Pastorius, C. J., I lartow Paterson, James A., Toronto Patterson, Thomas, Stratford Patterson, Ambrose O. , Clinton. . , Paul, John, London Payne, Herbert M., St. Thomas. . Pearcc, K. P., Kingston Pcarce, Thomas, lierlin Pearcc, W. K., Seaforlh Pearen, J. M., Mt. Dennis Pearn, Oeorge, Peterboro' Peat, Jas. , Pctrolea Peine, Louis, New Hamburg Peirce, Robert, lirantford Peltier, Eugene, Chatham Pennock, J: T., Ottawa Pennock, \Vm., tlltawa Percy, John, Hamilton . Perkins, J. L. , Lindsay , Perkins, W. A., Pctrolea Perlstein, J. (1., Ottawa Perrett, II. W., Pembroke Perrin, J. U. , Uaillieboro Perry, A. , Kingston Perry, John, Woodstock Perry, R. P., Dracebridge. Perry, Wm. J., Kingston Peters, II. S., Uxbridge Peterson, C. II., Clifford Pelers(m, J., Port Arthur Pethick, W. E., Howmanville . . . . Petrie, Alex. , Flora Petric, W. A., Elora July .Sept. July Aug. Julv Oct. [uly Oct. July Aug. luly Aug. Vug. July Oct. Aug. July Aug. July Sept. July Sept. Oct. July Oct. Aug. July Aug. .I""y Aug. 4- 6. 29. I . I . 8. I . 8. I . 7- 14 I . I . 4- 4. 22. I I I . I I . 8. 27. I . I . I . 30 I I . I . II 25. I . I . I . II ' 23- I . 1 1 . 30 • 2. 22 10 June 30. Registry ends, 1895. i 272 Garland's Banking and Financial Directory. K i Mi ^ ii Kegisler No. 5036.. 5657- • 5440.. 5869.. 4551 ■ 4572 • 4526 . S078.. 4560.. 532" 4404.. 6105.. 5299- • 5907.. 5273- • 5621 . . 5159- • 4429 ■ 5881.. 5333- • 5069.. 5255. ■ 4370.. 5028 . 6125.. 5588 . 5183- • 4590- ■ 5166.. 4371 • • 4597 • • 5363 •• 4955 •• 5462 . 5035- • 6192.. 5806.. 6043.. 5473 •• 6076 . 4958.. 4667 . . 4989.. 4729 . 4599 • 5649.. 4657 • ■ 5483 • 5140.. 6033.. 5678 . 4504.. 5393 • 5933 ■ ■ 6005.. 5121.. 6209.. 5003.. 4698.. 4622.. 5921 •• 5928.. 4677 . . 5714 • I'hillips, 1)., Kingston Phillips, T. J., Arthur Phillips, Will., Windsor ,. Pickard, .Albert K., tlkimis Pickens, hiiiies .\., C'lokslown July Pickering, K. A., Lansing I Pickup, W. .S., Milll.rook Picrcy, j. W., Hamilton. ... Pinkerton, Thomas, Pinkerton Pipon, Charles A., Toronto. . Pitkin, (iilliert .S., Petrolea. . Pizer, Thomas, Parkdale Piatt, Russell C., Thamesville Playter, W. P., Toronto Plewnian, Kichard, Toronto. . Plum, W. K., New Hamburg. Plumber, A. 11., Blyth Pochlman, Thomas, Hanover. Poirier, Charles N., Ottawa. . Pollock, Wm. C, Almonte.. . Pope, G. (.'•., Peterboro' Porte, Wm. J., Forest Porteous, A. T., Cornwall. . . Pottrulit', Jonathan, Hamilton. Poucher, John, Toronto Poussett, H. M., .Sarnia .... Powell, J. B., Whitby Protheroe, K. W., Hamilton. Pratt, T. .S., Tilsunburg .... Pray, C. W. , Alvinston Preston, William, Toronto . . . Price, Geo., Owen Sound. , . . Price, Geo. W., Windsor .... Pritchard, Geo., London Proctor, C. E., Corunna. . , . Prou.se, (jeo. K., Windsor. Punchard, Charles, Toronto. Purvis, H. J., Sudbury Pyp, Wm., Harrislon Quinsey, Wm. J . , Cayuga Uadcliflc, J. H., Toronto Kae, R. .\., Oil Springs Rae, W. IL, Winnipeg Rainsford, Wm., Fort Krie Raitt, Thomas R., Toronto . . . . Ralston, A. f., Hamilton Ranney, Charles M., Toronto.. . Rankin, W. E., Campbellford, . Ranton, W. G., Prantford .... Rapley, M., Strathroy Rathbun, F. S., Descronto . . . . Ratz, Jacob, New Hamburg. . . . Ray, W. II. , Woodstock Ramo, W. A. , Waterloo .... Reavely, (Jeo. A., Evelyn Reed, Jos. H., Toronto Reeves, John IL, Pembroke ... Reid, A. Duncan, Toronto Reid, George J., Mount Forest. Reid, John R. , Ottawa Renileil, Alfred, Napanee Reltinger, Henry, Neustadt. . . . Reynolds, John, Paris Reveller, S. S., Winchester. . . Oct. July Aug. July Aug. July Oct. July Nov. Aug. Sejit. (uly Oct. July \ug. I uly Sept. Aug. July Sept. July Nov. July Aug. Sept. July lAug. 9 9 28 7 30 4 I 25 10 I 6 I I 16 26 4 I 4 I I II I 14 I I '5 25 16 I I I I I 2 I 17 I 21 4 I II 4 IS I 5 I I I 30 4 I 4 Life and Accident Insurance Agents. 2^3 Register No. 574'- 5050.. 4692 . . 5934 • 5239 • 5960.. 571S' .S85S.- 4715 ■ 5988.. 5851.. S4I4-- 4434 ■• 4593 ■ 5659 • 4523- • 4598.. 5348- • 6198 . 5004.. 6070 . . 5109 . 5545 • 4776.. 5137-- 4731 ■• 489S. 4555 • 5232 • 4454- • 530 < ■ • 4453 ■• 5436 • 4991 . 5905 • • 4629 . 5893- ■ 6114 . 55<'5-- 6166.. S'S4- 5191.. 5774 •• 4781.. S I (}<)■■ 4694.. 543' • • 5950 • 5160. . 4654 . 5811.. 4687.. 4484. 4374 •■ 4570.. 4800. . 5575 •• 5252 ■ 4906 . . 4348.. 4720., 5046.. 4563 • 5508.. 4518., 5923- Name ,in I il ! Register No. 5298 5218 5938.... 5750 5392 5974 5068. .. 6038 .... 5693 5267 4659 6042 S778 4506 5672 5H» 5983 4835.... 5720 .... 5863 6109. ... 5386 5836 4501 4684 4360 5540 5389 4880 5213 5580 4584 5553 • •• 5254.... 5380 4558.... 5282 6089 S'07 SSoi .... 4478 5586 5164 . .. 5885 .... 6167 6183 443S 4985 .... 4663.... 4676 5CXDI 5795 53H 4870 5397 •4.588 4509 ... 5692 4407 4797 4758 5600 6175.... 5090 4422.... 4565 ■■■• Name and Residence ol Agcni. Russell, K. n., Toronto Russell, |as. A. , Chalhani Russell, \V. A. , Port I lope Russell, VV. S., Tavistock Rutherford, A. C, Kemptville Rulherlord, John, Owen Sound Ryan, Thomas, I'eterboro' 'J "'V Saigeon, J. F., Maple oept. Aug. July Registry begins, 1894- July Sept. Aug. July Sept. .Sails, .Seymour E. , Toronto Salsbury, C, Montreal Sampson, Geo. A., Toror.to .Sanborn, Wni. II., London Sanders, M. A., Sarnia Sanderson, Augustus, Caledon, East .Sanderson, Wm., Toronto Sangster, J. I'., London Sargant, James, Toronto ..... .Sarge, Robert W., Hamilton Sarjeant, James, Toronto Saucier, Francis \. R., Ottawa Saucier, J. li. K., Ottawa iOct. .Saunders, VV. B., .Siayner IJ'dy Saunders. John II., London I Aug Sept. July Aug. luly Sept. July \ug. •L Savage, I'. G., Rii:hni<)nd Hill. .Savage, Thomas C, Hrantford . . , .Scarff, Jas. .S., Woodstock Scarleli, Wentworth, Chatham. . . Schinbein, George, Conestoga . . , Scholtield, F>lniund, Montreal.., Schneider, T. II., Hudson Schoellig, Geo. I., Zurich .Scott, Bert, Thornhill Scott, C. (j.. Toronto .Scott, F. W., Highgate Scott, R. B., Seaforth Scot I, Ralph E., Forest Scott, R. IL, Stratford Scott, Thos. W., Toronto Scott, \V. IL, I'ort Hope Scott, \V. R., Grand Valley Scroggie, James, Barrie Seaholm, A. W., Toronto Sears, Moses, Gait Secord, J. P., Orillia Seel, Herbert, Hamilton Seetz, Charles, Woodstock .... Selkirk, William P., London... Selwyn, E. A., Ottawa .Sexsn)ith, W. G., I'icton Shannon, Wm. J., Watford. . . . Sharp, S. J., Toronto Shaver, V'. B., Brantford Shaver, H. H., Quinn Shaw, W. M., Port Credit Shelby, William, Wolverton. . . . Sheppard, Robert, Ganano(iue. Shirley, M. A., Napanee Short, VV. B., Toronto .Shortt, Joseph F., Toronto. . . . Shouldice, J. IL, Hamilton Shiapnell, VV. IL, Napier .Shullznian, Chas. O. , Kingston. Shurtllft, George, Whitby Shuttlcworth, A., VValkerton . . Sidell, C. F., St. Catharines.... Silcox, Edgar, Shedden IJuly Oct. July Aug. Oct. J"iy Aug. July Aug. uly Oct. July 9- 6.. 5.. 7-- II.. II . . I .. 24.. 4-. 6.. I . . 25- • 1. . I . . 4.- I. . 12. . I . . 6.. 23- • 12. . II . . 20. . I . . I . . 21 . . II . . 6.! 25.. I . . 21 . , 6., II . . I . 7- S. I . 17. 26. 4. 25- 29. 30 I I . I . I . 14. 9- I. II. I . I. 4- I . I . I . 27- 29. I. I. I. Registry ends, 1895. June 30. Life and Accident Insurance Aoents. 27* Register No, 6139 • 6129.. S172 . 5085.. 4878. 4730. . 4727.. 4770.. 5077 . . 4427 •■ 4987.. 4794- ■ 4764 . 4486.. S37I-- 4398 . 5656.. S089.. S184.. S7I2., 6196 . 5968.. 4640 . . 4977 ■ ■ 4832.. 4716.. S39I.. 4480 . . 5349- • 6143.. 5108.. 5476.. 5514.. 4785 ■■ 4448 . 5700.. 6077., 4423- 5702 . , 4388., 4468.. 5569., 5264.. 5256.. 47S9.. 5258.. 5651. 5448 . 5I49.- 5723- • 4766.. 5962 . . 5257 • 5979 •• 5752- • 5201 . . 5238.. 4879.. 5536.. "5776.. 013.. 5/64.. 6061 . . 5667 . . 6184.. 6054 . Name and Residence of Agent. Simpson, Albert, Otiaw.i Simpson, Wni. li., Chatsworth Sinclair Duncan, Alvinston Sinclair, D. A., St. Thomas Sinclair, 1). N., Aberarder Slack, J. I!., Si. Mary's Slaght, P., London Sleeman, George, (iuclph Slonn, Joseph II., Hamilton Sloan, Rolierl, (jalt Smale, Ed. II., Woodstock Smart, Alfred M. , London Smiley, James, Princeton , Smith, A. E., W'ingham Smith, A. K. C, Coldwater Smith, C. S., lleidlcberg Smith, D., Tilbury Centre Smith, D. D., London Smith, (i. C, Cornwall Smith, Ceo. \V., kavenshoe .Smith, John E. , Orangeville Smith, Percy P-, Winona Smith, II. J., Toronto Smith, Homer L. , Chatham Smith, James H., Montreal Smith, J. S., Ingersoll Smith, Robert 11., Si. Catharines .Smith, Thomas, Harrie Smith, W. A., Windsor Smith, Wm. L. , Shelbourne Smith, W. T, , Elmwood Smilherham, Arthur E., Eenelon Falls. . . Smyth, H. E., St. Catharines Snell, Charles, Exeter Snider, F. , I lamilton Snyder, H. E., Hrockville Softly, Harry, Hiirford Soper, Alexander, Merntton Souch, J. E., Newmarket Spackman, John, Exeter Sparks, Reuben, Waterdown .Sparling, James, Harrie Spence, J. M., Hellwood Speers, Hugh, Ivy Speers, W. II., Oakville Spike, B. A., Meaford . . Spike, Gen., do Spratt, Wm. A. , Hamilton St. Morris, Charles, Toronto St. Pierre, Dolphus, Moose Creek Stabler, J. M., Berlin Stanley, Cieo. A., Lucan Stanley, Wm., Parkhill SlafTord, James, Hamilton Stafl'or56.. 5856.. 4948.. 5289., 5110. , 4679. 4380. 4547- 5253. 5864. 4833. 4493- 4564. 4465. 5019. 5073- 5794- 5403. 5484 5055- 5660. 5739. 549.S. 5292. 4767. 5824. 4446. 5922. 5220. 5057. 6036. 5044. 5734- Name and Kesidence uf Agent. Stewart, C. A., Se.iforth Stew.irl, Duiiciin, Stratford Slfwarl, I). VV., Uenfrew Stewart, James, Sallford Stewart, James, Meaford Stewart, Kolicrt, Ottawa Stewart, William, Kmliio Stewart, W. A., Lancaster Stevens, A. J., Gall Stevens, VV. M., Athens Stephenson, [ohn, London .... Stevenson, (ieo. \V., IVlerl)oro' . Still, Wm., ( )ranj;cviile Stimers, A. ()., Kssex S^inson, L O., ("Iiosley Stinson, !■!. II., Mealonl Sliven, ( ieoryc, (loderich Stokes, Kuliert A., Toronto... . Stone, Alfred, ( iuelph SiDiie, l-'ri'd. \V., (Uielph Sionoy, John L. , Hamilton Stover, \V. W., Soml)ra Strachaii, A. VV., Woods'ock ... Stranf^e, ('. M., Kingston .Strantjways, Klwood T., Heeton . Strint;er, liruce VV., KIcho ... Stratforil, Joseph, Hrantford Strong, K. S., Cialt Summers, F. 11. , Toronto Sutherland, K. O., VVallacetown. Sutherland, R. \V., Toronto ... Sutton, .Samuel, jr., Pembroke .. Sutton, Wm. IL, Duttcm .Swain, VV. E. , V'.'.lentia Swan, F. «., P'orl William Swan, k. J., VVingham Swift, VV. VV., St. Catharines . . . Sykes, B. D., Brantford Tallman, F. A., Merrickville. . Tape, James, llighgate Tatham, Herbert, London Taylor, I rancis, Kingston Tuylor, V. C, Lindsay Taylor, VV., jr., Clinton Taylor, Israel, Clinton Taylor, J. J., Manitowaning . . . Taylor. John, Kingston Taylor, Jas. II., Hightield Taylor, Stephen. V'., Paris Taylor, Robert, Hamilton . . . . T.iylor, Thomas J., Cannington T.iylor, William, Kemble Teasdale, Reginald R. , Ottawa. Teetzel, J. 1)., Morpeth Telfer, Thomas .A. S., Ottawa. . Telford, Wm. P., Owen .Sound Telford, VV. R., Walkerton. ... Tench, VV. E., Niagara Falls. . . Tennant, E., Cornwall Teskey, Albert E., St. Mary's. . Thayer, Ira B., Montreal Thexton, (Jeorge, Uxbridge. . . . Thompson, Andrew J., Cayuga. Thompsr>n, I). J., Diitton Thompson, Elizabeth, Toronto . Registry begins, 1894. Registry endt, 1895. July Oct. IJuly .Sept. "uly Oct. Aug. July Aug. July Aug. July Aug. Inly Aug. July Aug. July Aug. July I 6. I. II . I. 29. I. 6. I . I. 10. I . 29 I . I . I . 6.. 6- I.. II . . 17.. 7.. 13 16 . I . Sept. July Aug. I. II. 4. 22. 7- I . I. I. I. 6. 23- I . I . I. I . I . 14. II . 17 I . 2. 7 17 7- I . 18. I 30. 5 I , 22. I . 6. June Jo. Life akd Accident Insurance Aoents. 277 Register No. 4936 4579 4805 6172 5679 4350 5868 5646 5«54 5347 5758 5833 544" 4712 6101 4912 574U 5045 5900 4996 4748 6029 5727 4634 4825 4626 6053 5886 4601 5730 4373 5497 4577 5217 5503 500s 47>4 5S'7 5763 6160 6131 4602 4656 4606 4495 4586 5251 5655 5168 5060 6185 5S75 5670 S617 4591 5578 4937 5291 5278 5«65 5442 4458 4548 Name nnd Reiidence of Agent. Thoiiipson, I''. L. , Holton Thomiwon, (ieorge C , 'r(.rontn . Ihouipson, |. K., Arnprior Tliompson, j. (i., Torimio Tliniiipson, J. )., Orillia Tliompson, M. M., Helli'ville .. lliompson, Wm., Norvalc riioinpson, Wm., I'clcrlioro'. , . . Thonipsoii, \V. J., Toronto Thomson, Will., .St. Calhnrinev . Thomson, (if o. 1 1., Slratfori Thomson, Thom.is, I'etorboro'. . . Thomas, !•'. S., Whiilsoi Thomas, J. I'arker, licUfville ... Tliomas, Henry V., ' 'amlachie . I'homns, S. |., Itothwoll ...... Thornloi), Isaiah, Omoniec Thornloii, John I'"., (iardcn Hill Thurlow, Isaac K., Toronto.. .. 'I'hnrtoii, 1\. N., Toeswater . ... Tilluy, H. k., Toronto Timmins, Ilu^h S., I'dcrhoro' .. Timmins, Tlmmas, I'etfrlioro'. . . Tindall, VV., WalUerton Tisdalf, I. K., OlterclifTe Tondi, JaiiH's, .Alexandria Tompkins, I'. \V., I lawUeslmry . Torrop, N. II., Montreal Tollon, Wm., Toronto Tniil, W. 11., T4- I. I Life and Accident Insuuance Aoenth. 270 Ri'tjisicr No, 5826 .. 4809.. 5812... 5051 • 5026 . . 4J4» • 5877 ,. 5686 . . 4699 .. 59" 5889... 5505. • • S336-- 6188.. 600 J. , . 4868 . . . 5802 . . . 5280 .. 4341 • • 5630 . 4824 .. 5744 • 5381... 6084 . . . 5890... 5048... 5935 •• 4447 • • • 5914 ■• ■ 6122 .. 6135-- 4643 . . . 48i5.. 6062. .. 5929 .. 5242 .. 4652... 5237 • • 6153 •• 5478... 5718 • 4367... 4690 . . . S"77-- 5994 ■ 5668... 5286... 4681... 5904... 4665,.. 4566... 4462... Name and Residence of A( I . 7 II 2. 27- I 4 I. 29. '5 18. I. 27- 4 6 I , 6. 23. 17 4. I . I . 4- '4 4. 7 I . 28, I. I . June 30. Rcgliitry ends, .895. 2ini pal of t lie India Office— Warner J. Ilalsey, Daniel Holson. Principal an I Deputy Principal of the Re^^istry Office — W. IL Jacob, F. Ingall. t^rincipal and Deputy l^rincipal of the Power of At- tornev (^^iv — Robcit George Vc.isey, fL W. HallKin. I'rincipal and Deputy l^rincipul of ttte Dividend Office v.. W. Hawker, J. IT. Sheppy. Principal and Deputy Drincipalof the I'ost Warrant C^^ir— Edward John Francis, Ch.is. Fenn. IViucipal and Deputy Principal of the Cheque Office — Wm. Snellgrove, W. P. SafTery. Cashieis — Tlios. Clarkson, (Superintendent of Cash- fa s' .Store ), T. W. Whilmarsh, II. IL Smith, Eilwd. Brent, Edwards Stephens, Wni. James, Thos. W'intorllood, l\. R. Stainforlh, J. Harri- son, W. II. Keinpe, R. II. Sharpe, J. II. Tucker, J. McKay, William Fish. Principal and f deputy Principal of the Hullion Office T. I. Crcser, N. 1). Livesay. Principal an I Deputy Hrincipal, Hill Office -Vacant ; M. H. Laskey. Principal and Deputy Principal of the Drawing Office for Huhlic .Iccounts -A. .-\. I)e Steigtr, Charles Duberly. Principii! and Deputy Principals of the firawini; Office for Private .Iccounts —I'lcnxv^c Sanders, J. II. Green, R. W. Swalridge. Principal and Deputy Principal of the Securities (ffice —Fran. Glen Allan, Arthur C. Lynman. Princiflal and fhpntv Priniipalofthe Dividend Pay Office- v.. E. Gaulo, W. .\. Steel. [Principal and Deputy Pi in, ipal of the Issue Office — W. S. Dean, L. Baynes. Principal and f'>epiity Principal of the fnteller'x Office -11. J. Crickmay, IL \V. Tilly. Birmingham, Bristol, Hull, Lee.ls, Liverpool, Manchester, BRANCH HANKS. Newcastle. I'lymouth, Portsmouth, Western (London) I, Burlington < hardens, Law (Courts, London, W.C. Hanks in Great Britain. 281 I.ISI' Ol' IJANKS IN CRKAl' URITAIN. erdalc, wer of Al- y. H. W. idend Office st Warrant I'enn. hcqiic Office ■lit of Cash- H. Smith, Viii. J.imts, h, J. \\.Mt\- rpe, J. II. iillion Office Ja-— Vacanl; nnviii^ Office i^ir, t harles 'nm'iiii; 0(Jiit: ,Uts, I. 11. he Scaiiitici '. Ly 11 111 an. nividtiid I'liy Issue Office - rntc!lcr\ Office > 1, anions, Urn, W.C. AI)I)eylei.\ (Qiiccii's Coiiiily) - Ilil)iriii,iii I!;\ii1;, lid. Abl)cy(tali' - National llaiik, lid. Abcravon Londdii and I'ldvincial HaiiU, Ud. ( ilaniiirnaiisliiic I'.ankinj; Cn. , lid. .\l)LTayri)n National I'lov. lianU ol I'.nj^land, lid. .AliL-icarn Capilal and I'oiinlics liaid<, lid. London and I'lovincial HanU, lid. .Micri-hirdcr Nortl. of Scotland lianU, Ihl. AliLrdarc London a'ld I'rovincial li.uik, lid. Mftropolilan B.inU (of Enj^. and Wak's) lid. Lloyds Hank, lid. .Alioidi'cn koyal Hank of Scotland Union Hank < f .Scolland, lid. Town and ("(ninly Hank, ltd. Hank of Scolland. Hritisli Linen Co. Hank. C'oinnicrrial Hank of Scolland, ltd. National H.nik of Scollaml, lul. North of Scolland Hank, lid. .Mierdovy London ami I'rovincial Hank, lid. Alifrfeldy Union Hank of .Scotland, lid. Hank of Scolland. (.'oninurcial Hank of Scotland, lid. .\l)cr[;avcnny National I'rov. Hank of l''nj;land,lld. Capital and Conntics Hank, ltd. Hirininj;liain, I lisirict and Coniuios Hanking Co., ltd. Lloyds Hank, ltd. .\licrm.'lc North and South Wales Hank, ltd. Ahcrgwynfi Metropolitan Hank (of I';nj;laMd and Wales), ltd. Alvrlonr (Siralhspey) Inion Hankof Scollaml, lid. North of Scolland Hank, llil. .M'crnelhy t'onjn\ercial Hank of Scolland, Ihl. .Micrlillery Capital and Counties Hank, ltd. .Aberystwyth -National I'rov. Haidv of Lng. , ltd. North and Soiilli Wales Hank, Itil. London anil I'rovincial Hank, ltd. .Miin^don London and County Hinking Co., Itil. Cillell & Co. .Miinj^lon Counnercial Hank of .Scotland, lid. .Mioyne "Norlh of Scotland Hank, ltd. .\cle- ( iuriieys, Hirkheck, Itarclay, Hu.vlons iV Orde. Accrington Manchester and Liver|M)i)l Disuicl liankin^ Co., lid. Union Hank of .Mancliesler, ltd. Lancashire and \ orksliire Hank, Ud. iM nchesler and County Hank, Itil. Acock's (ireen Melropolilan Hank (of I'jij^lam' and ! Wales), Ud. I Addisconilie -London and South W'eslern H.iidv, lid. Addinghain Craven Hank, Ud. Adlinglon Williams, Deacon and Mancliesler and ' Salfofd HanU, Ud. .Airihie Hank of Scolland. Koyal Hank of .Scotland. Nalional Hank of Scolla-^d, ltd. Clydesdale Hank, ltd. Hritish Linen Company Hank. .Mhrighton Lloyd's Hank, ltd. .Mcesler -Melropolilan Hank (of I'.ngland an.l W.ales), Ud. Capital and Counlies Hank, lid. .Mdhorough (Norfolk) (liirneys, Hirkhecks, Haiclay iS; Huxton. .Milehurgh (Suffolk) wurneys, Hirkhcck, Harclay, liuxlons it Oide. 36 .\lderley I'Mge L'nion Hank of Mancliesler, ltd. .\ldeniey Capital ,nid I ounties Hank, Ud. • Vldershoi London and County Hanking Co., Ud. Capilal and Counlies Hank, ltd. /\lder>hol(Norlh Camp) Capilal iV Counties Ilk., ltd. .\le\andria < lydesdalc Hank, ltd. •Mexaiidiia (Dinnharlonshire) Hritish Linen Coin- jiany Hank. .Mford -Capital and Counlies Hank, \\A. Slamford, Spalding and Hin. Hanking Co., Ud. Lincoln iV Lindsrv Hanking Co., \\i\. .\lfoid, N.li. Norlh of Scolland Hank, lul. Town and ( oiinly Hank, ltd. .Mfrelon Cromplon it Lvans" Union Hank, ltd. Nollingham Joint Slock Hank, ltd. .Mleiidale Town Ciiinlierlanil l'nion Hkg. Co., Ud. .'\lloa Counnercial Hank of Scolland, ltd. National Hank of Scotland, Ud. Union llpiik of .Scotland, ltd. ClydcMlale Hank, ltd. Koyal Hank of .Scolland. Alness- I'ominercial Hank of Scotland, ltd. Alnwick Lamlilon it ( 'o. Norlh Kaslern Hanking Co., Ud. Ilodgkin, Harnelt, i'ease, Spenee it Co. Woods it Co. .Mreslord (Hants) Ca|)ilalaiid Counlies Hank, ltd. .Mresfuril I'rescoll, Diinsilale, Cave, Tugwell it Co.,Uil. .Mslon Carlisle it Cuinlierlaml Hanking Co., Ud. c:arlisle City and l>i.--lricl Hank. ltd. Alton (Hants) Capilal and Counties Hank, ltd. I'rescoll, Dinisdalc, C ave, Tiigwell iV Co., Ud. .Mlrinchani C"unliffe>, Hrooks iS: Co. I'arr's Hanking Co. and |lie .Vlliance Hank, lul. .Mlrinchani and Howdon -Lancashire and Yorkshire Hank, ltd. .Mva Union Hank of Scotland, Ud. .Mvechurch Lloyd's Hank, ltd. Alylh Koyal Hank of Scotland. Town and County Hank, ltd. Anilile North Laslern Hanking C'o., ltd. Wood it Co. .Vnihleside London and Midland Hank, Ud. Lancaster Hanking Co. Hank of Liverpool, ltd. Aincrsliam Thomas Wlieeler it ( ', . .\inlwch (.\nglesea) Nalion.d I'lovineial Hank of I'.ngland, ltd. Melropolilan Hank (of lOngland and Wales), lid. Williams I'vi Co. .Vinmanford Cllaniorganshire Hanking Co., Ud. .\uipltiill Sharpies. Tnke, Lucas i'<; Seeliolnn. .\ndover- Capilal iS; Connlies Hank, \{i\. London and Couniy Linking Co., ltd. .•\nnalong Helfesl Hanking Co., Ud . Annan- Hrilish Linen Co. Hank. Commercial Hank of .Scotland, I11I. Hank of .Scotland. .\nnlield I'lain Ilodgkin, Harnett, I'ease, Spcncc iS; Co, .\nsirullier -Nalional Bank of Scolland, ltd. Commercial Hank of .Scolland, ltd. Clydesdale Hank, ltd. .Antrim- Ulster Hank, lul. Helfast Ivinking Co., Ud, .Applehy— v'ailisle & Cumberland Banking Co,, ltd 282 Oakland's Banking and Financial Directorv. *':i 1*1 .*7 I ^ It* '^ I. re Appleby — Cumberland Union B inking Co., ltd. Arbroath- British Linen Co. Bank. Royal Bank of Scotland. Commercial Bank of Scotland, ltd. Bank of Scotland. Clydesdale Bank, ltd. Ardara— Ulster Bank, ltd. Ardee— Ulster Bank, ltd. Hibernian Bank, ltd. Ardglass— Northern Banking Co., ltd. Ardrossan — Royal Bank of Scotland. Bank of Scotland. Union Bank of Scotland, ltd. Clydesdale Bank, ltd. Ardwick Green (Manchester) — Williams, Deacon & Manchester & Salford Bank, ltd. Ardwick (Manchester)— Union Bank of Manches- ter, ltd. Ar Iwick & Ancoals —London & Midland Bk., ltd. Arklow — Bank of Ireland. Armadale — Commercial Bank of Scotland, ltd. Armagh — -Bank of Ireland. Belfast Banking Co., ltd. Northern Banking Co., ltd. Ulster Bank, ltd. Provincial Bank of Ireland, ltd. Hibernian Bank, ltd. Armley (Leeds) — Yorkshire Banking Co., ltd. Armoy — Northern Banking Co., ltd. Arnold (Nottingham) — Nottingham Joint Stock Bk., ltd. Arnside — Lancaster Banking Co. Arundel — Henty it Co. London and County Banking Co., ltd. Arva— Ulster Bank, ltd Ascot — Thomas Ashhy & Co. Ashbourn— Burton, Union Bank, ltd. Birmingham, District and Counties Banking Co., ltd. Crompton iV Evans' Union Bank, ltd. Ashburton — Capital and Counties Bank, ltd. Devon i*t Cornwall Banking Co., ltd. Ashby-de-la-Zouch— Leicestershirt Banking Co. , ltd. Fare's Leicestershire Banking Co., ltd. Ashford — Pomfret, Burra & Co. London and County Banking Co., ltd. Ashington — North Eastern Banking Co., ltd. Ashover — Crompton & Evans. Union Bank, ltd. Ashton-in-Makertield — Parr's Hanking Co. and the Alliance Bank, ltd. Ashlon-under-Lyne — Ashton, Staleybridgc, Hyde and Glossop Bank, ltd. Manchester and County Bank, ltd. Manchester* Liverpool Dst. Banking Co., ltd. Askam— Bank of Liverpool, ltd. Lancaster Banking Co. Aspatra — Cumberland Union Banking Co., ltd. Bank of Whitehaven, ltd. Astley Bridge — Bank ol Bolton, ltd. Manchester and County Bank, ltd. Williams, Deacon & Manchester & Salfrod Bank, ltd. Aslwood Bank — Capital and Counties Bank, ltd. Lloyds Bank, ltd. Alhboy— Ulster Bank, ltd. Athenry— Ulster Bank, ltd. Atherstone— Leicestershire Hanking Co., ltd. Lloyds Bank, ltd. Atherton, near >lan. — Bank ol Bolton, ltd. Williams, Deacon it Manchester iV Sallord Bank, ltd. .-Xthlonc -Provincial Bank of Ireland, ltd. National Bank, ltd. Athy — National Bank, ltd. Hibernian Bank, ltd. Aitleborough — Gurneys, Birkbecks, Barclay & Bux- ton. Attercliffe— 5^^ S/ieJie/U. Auchinblae — North ,f Scotland Bank, ltd. Town and County li ink, ltd. Auchinlcck Clydesdale i!ank, ltlon h Co. HIessington- -Ulster Hank, ltd. Hloxwich -Metropoliian Hk. (of Eng. & Wales), ltd. Lloyd's Hank, Itil. BIytn Lanibton & Co. Woods & Co. Ilodgkin, Harnett, Pease, Spence&Co. Hoardniills Belfast Banking Co., ltd. Bodmin -Bolilho, Williams, Foster, Coode, Coylls & Co., ltd. (Consolidated Bk. of Cornwall). Capital and Counties Bank, ltd. Devon and Cornwall Banking Co., ltd. Bognor — Lonl >n and County Hanking Co., ltd. Hollington Manchester and Liverpool l^istrict Hanking Co., ltd. Bolsover — Compton and Evans, Union Bank, ltd. Banks in Great Britain. 285 m Holsover — NottiriRhani Joint Stock Hank, Itil. Holton — Williams, Deacon and ManchL'ster aiul Sal- ford Hank, ltd. Bank of Bolton, ltd. Manchester and County linnk, ltd. Union Hank of Mandiostor, ltd. Manchester and Liverpool District Banking Co., ltd. I'arr's Hanking Co., and liie Alliance Bank, ltd. I'reston Blinking Co., ltd Bonnr- Bridge- -Cakcloninn Hanking Co., ltd. Bo'ness— Clydesdale, Hank, lid. K lyal Hank of .Scotland. Honhill (Duiiiliartonshire) Conimercial Bank of Si-otland, ltd. Bonnyhridge — Commercial Hank of .Scotland, ltd. BootU: I'arr's Hkg. Co. an. ltd. Brechin British Linen Co. Bank. Royal Hank of Scotlanil. Union Hank of Scotland, ltd. Clydesdale Hank, ltd. National Bank of .Scotland, ltd. Brecon- Hirmingliam District and Counties Banking Co., lid Lloyds Hank ltd. National Prov. Hank of I'.ngland, ltd. Brentford - London and County Hkg. Co., lid. Woodbridge, Lacy, llartland, llibliert it Co. Brentwood -London and County Bkg. Co., ltd. .Sparrow, Tufnell & Co. Hrewood — Lloyds Bank, ltd. Bridge ol .Vllan Union Hank of .Scotland, ltd. Bridge of Weir (.'lydesdale Hank, ltd. Bridgend -National Prov. Hank of I'"nglantl, ltd. London and Provincial Hank, lid. .Metropolitan Hank (of England and Wale>), ltd. Bridgnorth — Lloyds Hank ltd. Slelropolitan Haidi (of England and Wales), ltd. Eyton, Burton c'^- Co. Bridgwater — Fox, Fowler it Co. Stuckey's Hanking ( o. , ltd. Wilts and Dorset Hanking Co., ltd. Bridlington — York City and County Hkg Co , ltd. York Union Hanking Co., llil. London & \',jrkshire Hank, ltd. Bridlington Ouay — York Union Banking Co., ltd. \'ork City and County Banking Co., ltd. Bridport -R.& R. \Yilliams, Thornton, Sykes & Co. Wilts and Dorset Hanking Co., ltd. Hrierlielil — Craven Bank, ltd. Manchester and County Bank, ltd. Hrierley Hill —Metropolitan Bank (ot England and Wales), ltd. London and Midland I'nnk, ltd. Hiigg — .Smith, Ellison & Co. I^incoln ..V Lindsey Banking Co., ltd. Brighouse — Halifax Conimercial Banking Co., ltd. Londim and N'orkshire Hank, ltd. Halifax Joint Stock Hanking Co. , ltd. Halifax and Hudderslicid I'nion Hkg. Co. ltd. Briglitlingsea- (iurney. Round, (Jreen fi Co. Brighton -Barclay, Bevan, Tritloii &. Co. Brighton (Hove)— -Viv Hove. London and Counly Banking Co. ltd. Capital and Counties B.mk lid. London and Midland Hank ltd. London and .South Western Hank ltd. Molinean, Whitfield & Co. Brinsca'l -Lancaster Hanking Co. NYilliams Deacon & iNlanchester and Salford Bank ltd. Bristol — Capital and Ccunties Hank ltd. Bonk of Kngland. ' Lloyds liank ltd. Prescott, Dimsdale, Cave, Tugwell i^ Co. ltd. Stuckey's Banking Co. ltd. National I'rov. Bank of England ltd. w ^ 286 Garland's Bankino and Financial Directory. )i ' m U Bristol — London & South Western Hi>nk ltd. Wills and Dorset Hnnking (,'o. lid. Metropolitan HanU (of i'njiland and Wales) ltd. London & I'rovincial Hank ltd. Briton Ferry— London & I'rovincial liank ltd. lilainori;ansliirc' Mankin^ Co. ltd. Melropolilan liaidi (of England and Wales), ltd. Brixhani — Devon and Cornwall Banking Co. ltd. National IVovincial ISank of England ltd. Broadslairs — Lloyds liank ltd. Broadway — Capital and Counties Hank ltd. Brockagh -Northern Hankin|^ Co. ltd. Bromley (Kent) —London and County Bkg. Co., ltd. .Martin's Hank ltd. Bromsgrove — Met-opolitan Hank (of Knglaml and Wales) ltd. Lloyds Hank ltd. Broniyard -(Old Hank) Berwick & Co. National I'rov. ".iank of England ltd. Brookehorough — L'lsler Hank ltd. Brora— Town and County Hank ltd. Broseley- Lloyds Hank ltd. Brottoii — North Eastern Hanking Co. ltd. Broughton Hridge (.Salford) Man<:lu'sler it Liver- pool District Hanking Co. ltd. Hrougliton-in-Eurness -Hank of Liverpool ltd. Cundierland Union Hanking Co. ltd. 1/incastcr Hanking Co. Broughton Road — Union Hank of Manchester ltd. Broughty Eerry^Koyal Hank of .Scotland. North of Scotland Hank llil. Hrownhills — Metropolitan Hank (of England and Wales) lid. Broxluirn — British Linen Co. Bank. Bruff— National Hank ltd. Munster and Leinsler Hank lid. Bruton- -Sluckey's Hanking Co. ltd. Hrushford —National Provincial Bank of Engkind lid. Brynibo — Williams & Co. Brynaminan— Glamorganshire Banking Co. lid. Brynmawr — Capital and Counties Hank ltd. Metropolitan Hank (of England and Wales) ltd. Brysiencyn — Metropolitan Hank (of England and Wales) ltd. Buchlyvie — Hank of Scotland. Buckfaslleigh— Devon and C(jrnwall Banking Co. ltd. Capital and Counties Bank ltd. Buckhaven — Royal Bank of Scotland. Commercial Hank of Scotland ltd. Huckhurst I lill —London Joint Stock Hank lid. Buckie (HanIT) — Union Hank of Scotland ltd. Town and County Hank, lid. North of Scotland Hank lid. Buckingham — Hartlell & Co. London and County Hanking Co. ltd. Bucks and 0.\on Union Hank ltd. Buckley -Williams iV Co. Bude — Dinghy .t Co. Fox, Fowler & Co. Bolilho, Williams, Foster Coode, (Irylls it Co. ltd., (Consolidated Hank of Cornwall). Devon and Cornwall Hanking C"o. ltd. Biidleigh Salterton Wilts & Dorset Hanking Co. ltd. Builth -National I'rov. Hank of I'aigland ltd. London and I'rovincial Hank lul. Pulwell — See Nottingham. Bunbury — Hirmingham Disliict and Counties Bank- ing Co. lid. Buncrana— HelfasI Hanking Co. ltd. Hundoian — I'rovincial I'.ink of Ireland ltd. Bungay (iurneys, Birkbeck, Barclay, Buxtons & Orde. London aiul I'rovincial Hank ltd. Buntingford — Fordhani, (iibson & Co. Burford— County of Gloucester Bank ltd. Burgess Hill— Capital and Counties Bank ltd. Harclay, Hevan.Tritlon, Kan.soni, Houverie^' Co. Burgh —Stamford, Spalding & Boston Bankg. Co. ltd, Ci'pital and Counties H.mk ltd. Lincoln and Lind.sey Hanking Co. ltd. Burghead -Caledonia Hanking Co. lid. Hurnham -Wills and Dorset lianking Co. lid. .Sluckey's Hanking Co. ltd. Sparrow, Tufnell iV Co. Burnhain Market — Gurneys, Birkhecks, Barclay & Buxton. Burnley— Craven Bank lid. Lancashire it N'orkshire Hank ltd. .Manchester & County Bank ltd. Union Hank of Manchester ltd. Preston Hanking Co. ltd. Burntisland — National Hank of Scotland ltd. Commercial Hank of .Scotland ltd. Burry Port— Lloyds Hank ltd. iMetro|iolitan Hank (of England and Wales) ltd. Burscough Hridge -Williams, Deacon iv Manchester & Salfor.l Hank Ltd. Hursleni— Manchester & J^ipl. Dis. Bkg. Co. ltd, Hirmingham District and Counties Bkg. Co. ltd. Burton Hank of Liverpool, ltd. Lancaster Hanking Co. Hurton on-Treiit -Hurton Union Hank ltd. Lloyds Hank lid. National I'rov. Hank of England ltd. Leicestershire Hanking Co. ltd. Bury (Lancashire)- Manchester and Liverpool Dist. Banking Co. ltd. Williams, Deacon and Manchester and Salford Hank ltd. Union Bank of Manchester ltd. Lancashire and Yorkshire Bank ltd. Hury, St. Edmunds -Oakes, Hevan & Co. National I'rovincial Hank of England ltd. Gurneys, Hirkbecks, Barclay & Buxton. Bushmills— Belfast Hanking Co. ltd. Bute Docks, Cardiff— .SVf Cardiff. HLittevant -National Bank lid. Munsler and Leinsler Bank ltd. Buxton — SheHield and Rolherham Joint Slock Bank- ing Co. lid. Manchester and County Bank ltd. Croniplon & Evans' LInion Bank ltd. Cadishead — Adelphia Hank ltd. Cadoxlon -London and I'rovincial Hank ltd. Metropolitan Hank (of Eng. and Wales), ltd. Caerphilly -London and Provincial B.ink, ltd. Glamorganshire Hanking Co. ltd. Lloyds Hank, ltd. Caerwys — National Provincial Bank of England ltd. North Jind South Wales Hank ltd. Cahir— National Hank ltd. Cahirciveen — National Hank ltd. .Munster and Leinsle; 'ank ltd. Caistor- Lincoln and Lindsey Hanking Co ltd. Smith, Ellison it Co. Caledon -Belfast Hanking Co. ltd. I'.allan- liank of Ireland. Callander — Hank of Scotland. Connnercial Bank of .Scotland ltd. Callington — Dingley it Co. Bolilho, Williams, Foster, Coode, Grylls & Co ltd. (Consolidated Hank of Cornwall). Capital and Counties Bank ltd. Cornish Bank ltd. Cainc -Wilts and Dorset Hanking Co. ltd. Capital and Counties Bank ltd. Calstock — Vq\, F'owler & Co. m Banks in Great Britain. 287 ie."!- Co. Co. Itfl. 1. irclay & 'ales) iKi. anchester o. ltd, .. Co. ltd. pool Disl. nd Salford ltd. )n. lock Bank- htd. les), ltd. I, Itil- Ingland ltd. bo ltd. lylls & Co fill). Calstock— Dingley & Co. Camborne -Bolilho, Williams, Fosier, Coode, Crylls & Co. ltd. (Consolidated Bank of Cornwall). Devon and Cornwall Banking Co. ltd. Cornish Bank lid. Cambridge— John Mortlock !i Co. lid. Messrs. Foster. London ind County Banking t-'u. ltd. Kordhani, (!il)srin k Co. Hammond iK; Co. Camlmslang- -Commercial Bank of Scotland ltd. Camelforil — Dinjiloy it Co. Bolilho, Williani., Kosler, Coode, (irylls & Co. ltd. (Consoli(l;iit.'(l Bank nl Cornwall). Capital and Counties Bank ';d. Campbelllown — Royal Bank ol Scotland. Clydesdale Bank lid. Commercial Bank of Scotland ltd. Bank of Scotland. Campden — Capital and t'ounlics Bank ltd, Campsie — Royal Hank of .Scotland. Cannock — Lloyds Bank ltd. Metropolitan Bank (of Lngland and Wales) ltd. Canterl)ury — Hammond, I'himpire, I'urlfy, Hilton (S: McMaster. London an anchester and Liverpool District Batdn Union Hank, ltd. Cheshunt— London Joint Slock Hank, ltd. Chester — Parr's Hkg. Co. and ihi' .\lliance Hank, ltd. Williams & Co. North and South Wales Hank, ltd. N.'tional I'rovincial Hank of Kngland, ltd. Liverpool Union Hank, ltd. Chesterde-Strcel - North Kastern Hanking Co., ltd. Landiton & Co. Chesterfield -SheHield Union Hanking Co. ltd. Cromplon iS: K.vans' Union Hank, ltd. Sheffield Hanking Co. ltd. London and Midland Hank, ltd. Chichester— .Millianke, Woodbridge & Co. London and County ISanking Co. ltd. Capital and Counties Hank, ltd. Chingford - London and I'rovincial Hank, ltd. Chippenham Capital and Coimtics Hank, ltd. Wilts and Dorset Hanking Co. ltd. Chipping NortonMetropolitan Hank (of Kngland ami Wales), ltd. Gillett & Co. Chipping Ongar — Sparrow, Tuffnell k Co. Chipping Sodbury — National Prov. hk. of Eng. ltd. Chirnside — Cominercial Hank of .Scotland, ltd. Chislehurst- Martin's Hank, ltd. Chiswick High rd.— London it Co;nity Hkg. Co. lid. London and .South Western Hmk ltd. Chorley — Lancaster Hanking Co. Chorley (Lanca.shire)— Williams, Deacon and Man- chester and Salford Hank ltd. Preston Hanking Cx). ltd. Chorllon-cun<-I lardy — William';, Deacon and ^L^n- chester and .Salforil Hank ltd. Chorlton-upon-Medlock -Williams, Deacfin iV Man- chester and Salford Hank ltd. Chrislchurch— Wilts and Dorset Hanking Co. ltd. Chudleigh — Devon and Cornwall Hanking Co. ltd. Capital and Counties Hank, ltd. Chulmleigh - Kox, l'"owler iN; Cr>. National I roviiicial Hank of Lngland lul. Church*— Manchester and Liverpool District Hank- ing Co. ltd. Union Hank of Manchester ltd. Church Stretton- Eaton, Hurton & Co. Churchtown — Preston Hanking Co. ltd. Cinderford — Capital and Counties Hank, ltd. Lloyds Hank, ltd. Cirencester County of (iloucester Bank, ltd. Capital and Counties Hank, ltd. Clacton-on-Sea -Curneys, Round, Crcen ., ltd. Ulster Bank, ltd. Coleshill — London and Midl.and Bank, ltd. Lloyds Hank, ltd. Colinsburgh -Commercial Hank of Scotland, ltd. Collinghain —Nottingham and Nottinghamshire Bkg ^Co., ltd. Collooney — Provincial Bank of Ireland, ltd. Colnbrook — Thos. Ashby & Co. Colne — Craven Bank, ltd. Manchester and County Hank, ltd, Banks in Great Britain. 28d (!olne— Union Bank of Manchester, ltd. Colwyn Hay Mclro|)olilan Hank (ol l''.n(»lan(l and \Vale>), llil. Norlli anil Soiilli Wales Itank, ll>., lid. Martin's Hank, ltd. l)arlii\f)iilli Nalional I'lov. Hank of ICnKland. lid. (Naval H.ink) Harris, HiiIutI \ Co. I.loyds Hank, lid. Darvcl Llnioii Hank iif Si:oi|,\;iliire Hank, lid. London iV \'.irkshire Hank, lid. Didcol -Ciilk'ii it Co. Didsbury- Union Hank of Manchester, ltd. Dingle -National Hank, ltd. Dingwall -Hank of Scotland. Caledonian Banking Co. ltd. Nalional Hank of Scotland, lid. Diss— London and I'rovincial Hank, ltd. Diss (liirncys, Hirkbecks, Harclay A Htixlon. Disley Manchester and County Hank, ltd. Dobcross Mamhester and County H.iiik, lid. Dolgrlly North aiul South Wales Hank, ltd. National I'rov Hank of I'.ngl.nid llil. Dollar Clydesdale Hank, lid. Donaghadee Ulster Hank, lid. Doncasler Hecketl it Co. N'ork Ciiy and County Hanking (o. ltd. Sorkshire H, inking I'o., ltd. London and N'orkshire Hank, ltd. Donegal UKler Hank, lid. Hetfasi Hanking Co. Ihl. Donemana -Ulster Hank, ltd. Doneraile- National Hank, ltd. Doninglon -Lincoln and Liiuisey Hanking Co., ltd. Ca|>ilal and Counties Hank, lid. Dorchester Wills and Dorset Hanking Co., IW. K. & K. Williams, rhorntiu), Sykes iV Co. (Weymouth < )ld Hank) I'.liol, I'earce \' Co. Sliickey's Hanking t o. , ltd. Dorking London and Comity Hanking Co., lid. Capital aiul Counties Hank, ltd. Dornoch • Caledonian Hanking Co. lid. Town and County Haid<, llil. Douglas (Isle of Man)- Duudiell's Hanking Co. ltd. Isle o( .Man Hanking I o. ltd. Manx Hank, ltd. Douglas (Lanarkshire) -Comniercial Hank of Scot- land, ltd. Royal Hank of Scollaml. Doune-- Union Haid; of Scollaml, ltd. Royal Hank of .Scotland. Dover-- London ,ind Counly Hanking Co. lid. Nalional I'rov. Hank of Kngland, ltd. Dowlais- Lloyl Riding Hk.) Heckelt A Co. \'ork Union Hanking Co., lid. London and \ orkshire Haid<, ltd. ^ ork Cily and Counly Hanking (O., lul. Drogheda Hank ol Ireland. I'rovincial Hank of Ireland, lul. Hibernian Hank, ltd. Helfasi Hanking Co., Il.l. Munsler and Leinsler Hank, ltd. Droilwich- Lloyd-, baidi, lid. Drouiara — Norlhern Hanking Co., ltd. Dromore (C. Down) Norlhern Hanking Co., ltd. Dromore (C. Tyrone)- Ulster Hank, ltd. Dronheld- Shi'lVield and Rolherham Joint Slock Hanking Co., ltd. Droylsden- .Manchester and Liverpool District Hkg. Co., ltd. Drunicollogher— Munsler and Leinsler Hank, lid. Drumkeeran — Ulsier Hank, ltd. Druniquin -Northern Hanking Co. , ltd. Drunishanbo — Norlhern Hanking Co., ltd. Drynicn— Royal Hank of Scotland. Dublin Norlhern Hanking Co., lid. Hoyle, Low, Murray iV Co. (iuinne.ss, Mahon \: Co. I libcrnian Hank, ltd. Hank of Ireland. Ulster Hank, ltd. Nalional Hank, ltd. I'rovincial Hank of Ireland, ltd, Banks in Oreat Biutain 201 Itiink of Scot- Drynien— Royal Hnnk of Irelond, ltd. MiiDsliT and Ixinstcr Hunk, lid. licirnst Hniikini; Co., lid. Dudley- Hiriiiint^liaiii, Dislricl !\iid Coiinlics lik^. Co., lid. Lloyds Hnnk, lid. M(Mro|>oliian Hank (of l''.n(;land and Wales), ltd. Dudley IIMI (Mradford) Vnrkshiii- likn. Co., lid. Dulliclil Dfthy .md I hThv-liin- lik^,'. Co., lid. Dulliown Noilli of SfollaiHl liaiiK, U<1. I'oMn and Coniily Hank, ltd. Dukinllcid MancliesUT and I.ivfr|io(d Dist. Hk^;. Co., ltd. DulvtTlon -National I'rov. Hank of l'jij;lanarrow, 'Pufn '11 tV Co. Dunning Union liank of Scotland, lid. Dunoon Clydesdale liank, ltd. Union liank of Scolland, ltd. Hrilish Linen Co. itank. Duns -Hrilish Linen ( o. liank. Royal Hank of Scolland, Duns -Bank (if Scotland. DunKlnlilc- London A County Ranking Co., Ud. Hnsiiett, Son tS: llarrii!. Dunster — Sluckey's Hanking Co., lid. Durham -J. Hackhouse iV Co. National I'rov. Hank of !\nglan>f Scotland, llil. Hank of Scotlnnd. Hrilisli Liiu'ii Co. Hank. Forndiy VVillinuis, 1 )i'acnt;h Helfasl liankinf,' Co., ltd. Glastonbury -Stuckey's Haidhire and Vorkshire H.mk, lid. Halifax Joinl Slock Co., ltd. Greyslones — Hibernian Hank, ltd. Grimsby (Great) — Sef Great Grimsby. Guernsey --(inernsey Comniorcial Hanking Co. Guernsey Hanking Co. (Old Hank). Capital and Counties Hank, ltd. Guildford "London and (7ounly Hanking Co., ltd. Cajiital and Counties Hank, ltd. Guisborough -York City iV County Hkg. Co., ltd. National I'rov. Hank of England, lid. Guiseley Craven Hank, ltd. Yorkshire Hanking (^)., Ld. Gunnislake -Dingloy^; Co. Haddington Hank of .Scotland. Royal liank of Scotland. Hriiish Lin.-n Co. Hank. Connniicial Hank of .Scotland, lid. Iladfield Mancheslrr it Liverpool Disl. Haidiing Co., ltd. Manchester and County Haid<, lid. Iladleigh - Gurneys, .Alexanders, Hirkbcck, Har- clay, Huvlon & Kerrison. Ilailsham - Molineux X' Co. London and County H.inking Co., lid. llalesown Lloyds Hank, ltd. Haleswortli London and I'rovincial Hank, ltd. Laeon^, \'ouell it Kemp. Gurneys, Hirkbeck. Harclay, Huxtons vv Orde. Halifi^x -Halifax loint Stock Hanking Ci., ltd. Halifax — Halifax Commercial Hanking Co., lid. Halifax & Huddersfield Union Hkg. Co., ltd. London and N'orkshire Hank, ltd. Lancashire and Yorkshire Hank, ltd. Mercantile Hank of Lancaster ltd. ("aledonian Hanking Co. ltd. Halkirk- Caledonian Hanking Co., ltd. Ilalslead London and County Hanking Co., ltd. Sparrow, Ti.fiiell iX: ' 'o. llaltwhistle(Norbld.) -C.irlisleCityS; Disl. Hk.,lld. Lainbton it ( o. Cumberland Union Hanking Cf)., ltd, ' Hamilton- Union Hank of Scotland, ltd. Connnercial Hank of Scotland, lid. Hank of Scotland. Hritish Linen Co. Hank. Royal Har.k of Scotland. Clyde.sdale Hank, ltd. Hampton — Thomas .\sh!)y & Co. Hampton Courl - Thomas -Asbby & Co. Hanilsworth Lloyds Hank, ltd. London and Slidland Hank, ltd. Hanky (S'alioidshiri') Manchester it Liverpool Disl. Hanking I o., lid. National I'rov. Hank of Lngland, Ikl. Ilanliy Lloyds Hank, ltd. Hirniingham Dist. it Counties Hkg. Co., ltd. Ilarborne I.lojils Hank, ltd. Harlech Norlh and South \Yales Hank, ltd. I larleston -London and I'rovincial Hank, ltd. Gurneys, Hirkbeck, Harclay, Huxtons iv Orde. Harling (lurneys, Hirkbecks, Harclay i!v; Buxton. Harlow Sparrow, Tufnell & Co. Ilarpenden .Smith, .Marten i\: ( 'o. Ilarpurhay (Manchesfer)- .Mercantile Hank of Lan- cashiie. Harrington t'umberland L'nion Hanking Co., ltd. Whitehaven Joint Stock Hankirg Co., ltd. Harrogate —HradVord Old Hank, ltd. Knaresboro' iV Claro Baidid<, Ud. Hazel Cirove — Manchester & I-iverpool District Banking Co. ltd. HeadTord— National Hank, ltd. He:^nor — Notlinj;liain joint Slock Tank, lid. ' tomplon iV l'".vans. Union Hk., lid. Heaton Chapel — Lancashire and N'orkshire Hk., ltd. Hehhurn North Kastern Haiikiny Co. ltd. Hehden Hridi^e Halifax joint .Slock Hki^. Co. It 1. NLanchester it l.v.pl. Disl. I'.kj;. Co] lid. Lancashire it N'orkshirj Hank, Ud. Heckmondwike 1 hiddcrslield Hanking Co. Ud. Yorkshire Hankinj; Co., lid. West Riding L'luon Hanking Co. Ud. Hcdnesfurd — Melmpolitan Hank (of Knglaml and Wales) Ud. Lloyds Hank lid. Heeley — London iV N'orkshire Hank, ltd. Helensbiirnh Clydesdale Hank, ltd. Union Hank of .Scotland, Ud. Bank of Scotlantl. ncllifield--Craven Hank, llil. Yorkshire Hanking Co. ltd. Helmsdale — British Linen Co. Hank. Hehnsley -N'ork Union Hanking i'o. ltd. (York & Kast Riding Hank) -Beckett & Co. Helston -Cornish Hank, ltd. Holitho, Williams, I'oster, Cuode, (Irylls it Co. ltd. (Con.solidatcd Hank of Cornw.ill) BaWcn, Came & Carnc's Hkg. Co. lid. Ilemel Hempstead - London iV Coiiiily Hkg. Co. lid. Bucks it O.\on Union Hk. Ud. Colli). Hartlett iV Co. Ilemsworth (West Riding Bank) — Leathani, Tew i\: Co. Hemyock -I'o.v, l''o\vler & Co. Ilenlield (Sussex)- -Barclay, Bevan iV Co. Henleyin-Arden Metropolitan Hink (of Kngland and Wales) lid. Hcnky-on ThaiiK's |. it C. .Simoiids iV Co. London iV County Banking Co. ltd. Hereford Nat. I'rov. Bank of Kngland, h.!. Capital and Counties liank, ltd. Birmingham Dist. iV Counties Hkg. Co. lid. Lloyds Bank Ud. Heme Bay -London it Counly Hanking Co. ltd. Hertford London iV C'onnty lianking Co ltd. Sharpies, Tuke, I^ucas & Seeiiolini. lleswall -Liverpool Uiiion Bank, ltd. Helton -Jonathan Backhouse iV Co. Hetlon-le-Hole— North Kastern Banking Co. ltd. 1 lexha'ii Laml)ton it Co. Cumberland Union Hkg. (ji. ltd. North I'.aslern Hanking Co., ltd. Carlisle City and District Hk., Ud. Heywood -MaiK-lusier iV Lvrpl. Dis. Bkg. Co. Ud. Union B>ank of .\Lauchesler, Ud. Lancashire and ^'orksllire Bank, ltd. lligham I'crrers— Norlhamplonshirc Union Bk., Ud llighani I'crrers Capital and Counties Bank, lid. llighliridge--Sluckey's Banking Co., lid. Wills and Dorset Hanking Co., lid. Higher Broiighton (.Manchester) Williams, Deacon and >l uichesler and Sallotd Hank, ltd. Higliworth t ounty ol (ilouceslcr Hank, Ud. Capital and Counties Baiik, ltd. High WMomhe — J. iV C. Simonds \ Co. I.oiuhm and County Banking Co., ltd. Thos. Wheeler it Co. Hillsliorough (("o. Down) -Norlhern Hkg. ('o., lid. Hinckley-Leicestershire Hanking Co., ltd. Hare's l^eicestershire Bkg. Co., Ud. Hindley —Williams, Deacon and Manchester and .Salford Bank, ltd. I'arr's Bkg. Co., it the Alliance Bk., ltd. Hingham — Ciurneys, Birkbecks, Barclay iV Buxton. Hirwain Lloyds Bank, Ud. Hitcliin- Sharpies, Tuke, Lucas & Seebohm. London and Coiiniy Banking Co. ltd. Japital and Cdunties Bank, ltd. Hockley (Birmingliani)- Sir Bimiinghani. lloddesdon-- .Sharpies, Tuke, Lucas iV .Seebohm. Hodnet -Manchester it Livpl. Dist. Bkg. Co., Ud. 1 lolbeach -Curney, Birkbeck, I'eckover it Buxlon. .Slam Old, .Spalding iX; Boston Bkg. Co., Ud. llolbeck (Leeils) N'orkshire Banking Co., ltd. Holborn Hill (Cumberland) -.V,v .Millon. llolhnwood — ^L^ncllester and County Bank, ltd. Oldham Joint Slock Bank, ltd. Ilolmlirtli - Hudderslield Hanking (_'o., Ud. West Riding Cnion Banking Co., Ud. Holmrook Bank of Whitehaven, ltd. Holsworlhy -Devon it Cornwall Banking Co., ltd. Dingley & Co. Bolitho, Williams, I'oster, Coode, (Jryll.^ iV Co. ltd. (Consolidated Bank of Cornwall). Fox, I'owler iV Co. Holt--(;urneys, Birkbecks, Barclay iV Buxlon. Lacons, Ymiell iV Kemp. Holyhead North and Souih Wales Bank, lid. National I'rov. Bank of England, lid. Holylown Clydesdale Bank, Ud. Holywell -North and South Wales Bank, ltd. National I'rov. Bank of Kngland, ltd. Ibdywood Northern Banking Co. , Ud. I loniton- -National I'rov. Hank of England, lid. London and Soulli Western Hak., Ud. Devon and C'ornwall Hanking Co., lid. Hope -Croinplon it I'vaiis' Union Hank, ltd. Hopeman Caledonian Banking Co., ltd. ToiMi anil Counly Bank, ltd. llorbury -Wakelield and I'.amsley Union Hank, ltd llorley- Lloyds Bank, ltd. Capital and Couniies Bank, lid. llorncaslle -Capital and Couniies H.nik, lid. Lincoln iV Lindsey Banking Co., lul. Slamford, Spalding and Boston Bkg. Co., ltd. Hornsea -York City and Counly Banking Co., ltd. llorsh.im Henty &, Co. London and County Banking (.'o., Ud. Horwich - Lnion Bank of Manchester, ltd. Bank of Bolton, llil. Manchester and Counly Bank, Ud. VYilliams, Deacon and .^fanchester and Salford Bank, ltd. Hospital — Munster and Leinster Bank, ltd. Houghton-le-.Spring — Woods iS; Co. iSi'orlh lOastern Banking Co., ltd. Ilounslow -London and County Banking Co., ltd. Hove — Capital and Counties Bank, Hd. Barclay, Bevan, Tritton, Ransom, Bouverieit Co. London and Counly Banking Co., ltd. llowden— York City .ind County Banking Cei., ltd. 296 GArtr,AND'.s Banking and Financial Directory. h --^i llowdon -Vorksliiic IJankinn Co. , lid. Iloylakc Norlli ami Smilh W.ilts Hank, lid. Iloyland Coninioii -Loiulim an.t Kidiii|^ I'riion llankii)[j Co. lid. llalifiix Ji.int Slock Hanking Co. lid. Hull — .Snnuiel Sn>illi, Hrolhcr.s & (.'o. Hank of ICngland. ^'orksllire Hanking Co. ltd. London and N orkshire Bank, lid. York City aiil Counly Hanking Co. ltd. London and .Midland Hank, lid. York Union Hanking Co., lul. National I'rovinciaJ Hank of lMii;land,lld. London and Midlantl Hank, ltd. Ilulme (Manchester) -.Siv Manchester, llungerford — London anr Lynn (King's). King's Norton Lloyd's Hank, ltd. Kingston-on-Thaiiie.s — London and Counly Hanking Co., ltd. I'arr's Hanking Co. and ihe Alliance Hank, ltd. London and .South Weslern Hank, lid. Kingstown Nalional Hank, lid. Kingstown (Co. Dublin) Royal Hk. of Ireland, lid. Kingswood (near Hrislol) — Lloyi'"s Hank, lid. .Sluckey's Hanking Co. lid. Kiuglon - Davies, Hanks (S: Co. Hiruiingliaui, Djsiricl & Counlies Hkg. Co. lid. Kingussie -Caledonian Hanking Co. lid. Hrilish Linen Co. Hank. Kinnegail —Hibernian Hank, ltd. Kinross --Clydesdale Hank, ltd. Hrilish Linen Co. Hank. Royal Hank of .Scollond. Kins.ile -I'rovincial Hank of Ireland, lid. Munsler and Leinsler Hank, ltd. Kinlore- North of Scolland Hank, ltd. Kirby Moorside — (\'ork and KasI Ki., lid. Lakenhealh- Oakes, Hevan & Co. I.amlish — Bank of Scolland. Lampeter —David Jones & Co. ■r^ 208 Garland's Hankino and F*inancial Directory. iKl Lanipi'ter -National Provincial Hk. uf ICnglanank, ltd. Lancaster^Lancaster Hanking Ot. Bank of l,iverpool, lid. I'reston Hanking Co., ltd. Landport — Capital and Cmintifs Hank, ltd. National I'rov. Hank of England, ltd. (Irant it Maddison's Union Hanking Co., ltd. London and I'rovincial Hank, llil. Langholm Hjitish Linen Co. Hank. National Hank of Scotland, ltd. Langley Mill — Nottingham and District Hank, ltd. Langport- Stuckey's Hanking Co., ltd. Larbert — Clydesdale Hank, ltd. Largo — National Hank of .Scotland, ltd. Largs Union Hank (;f Scotland, ltd. Royal Hank of Scotland. British Linen Co. H.ank. Larkhall — Union Hank of Scotland, ltd. Lame — Ulster Hank, ltd. Northern Hanking Co., ltd. Belfast Hanking Co., ltd. Las.s" .ide - Hank ol Scotland. Lauder— Hank uf .Scotland. Lannccston— Holilhti, Williams, Foster, t oode, Grylls iS: Co., ltd. (Consolidated Bk. of Corn- wall). Fo,\, I'owler & Co. Devon and Cornwall Hanking Co., lid. Dingley \ Co. Laurence Kirk — Town aim County Hank, lid. North of Scotland Hank, ltd. Lavenhani -CJurncys, Alexanders, Hirkbeck, Bar- clay, Buxton & Kerrison. Laxey, Isle of Man— Dumbell's Banking Co., ltd. Leadhills--Commercial li.ink of Scotland, ltd. Leamington — London aiul .Miilland Hank, ltd. Lloyds Hank, ltd. Metropolitan Hank (of England and Wales), ltd Leatherhead — London and County Hanking Co., ltd. Capital anil Counties Hank, ltd. Lechlaile — Capital and Counties Hank, ltd. County ol (Gloucester Hank, lid. Ledbury- Capital and (^)unlies Hank, ltd. National I'rov. Hank of England, ltd. Leeds Heckelt& (d. William Williams, lirowii \ Co. Bank of I'.ngland. London ami Midland Hank, ltd. \'orksliire Hanking Co., lid. National I'rov. liank ol Kngland, lid. LonS: Co. Melville, Fickus & Co. ltd. Mercantile Bank of India, ltd. Mercantile Bank of London, ltd. Merchant Banking Co. ltd. Metropolitan Hank (of Englanil and Wales), ltd. Midtllesex Banking ("o. , ltd. Morgan, J. S. & Co Morris, Robert. Morton, Rose & Co. Natal Bank, ltni'l Hanking Co., lid. Naas — Hibernian Hank, lid. Ulster Hank, lid. Munsler and Leinsler Hank, lid. Nailsworlh— C'apilal and Counties Hank, lid. Nairn — British Linen Co. Caledonian Hanking Co., ltd. Nalional Hank of Scolland, lid. Koyal Hank of Scotland. Nantwich — Manchesler iV Liverixiol Dis. Hanking Co., ltd. Birmingham Disl. & Counties Hanking Co., lid. Downes iV: Co. Nantymoel -London and Provincial Bank, ltd. Narberth — London it Provincial Hank, lid. Nalional I'rov. Hank of F)ngland, lid. Navan -Helfast Banking Co., ltd. Bank of Ireland. Hibernian Bank, ltd. Neath — Glamorganshire Hanking Co. , ltd. London and I'rov. Hank, lid. Metropolitan Hank (of Kngland and Wales) ltd. Needham Market — Ciurneys, Alexanders, Birkbeck, Barclay, Buxton and Kerrison. Neilston — Clydesdale Hank, lid. Nelson - Lancashire & ^■orkshire Bank, lid. Manchesler and County Bank, lid. Craven Bank, ltd. Union Bank oj Manchesler, ltd. Nenagh — Provincial Bank of Ireland, lid. National Bank, ltd. Munsler and Leinsler Bank, ltd. Neston- North and S(juth Wales Bank, ltd. Nether .Slowey — .Stuckey's Banking (.'o., lid. Nevin — MelroiKjIitan Bank(of Kng. and WaiesJ, lid. Newark-on-Treni Samuel Smith it ("o. Peacock, Wilson it Co. Newark -Nottingham iV Nolls Bkg. Co., ltd. Stamford, Spalding i\: Boston Hanking Co., ltd. New Aberdour— Union Hank of Scolland, ltd. New Harnet — .Shaiples, Take, Lucas and Seebohni. London and Soulhweslern Hank, ltd. Newbiggin bv the .Sea -North Eastern Hkg. Co. , ltd. Newbliss--Beirasl Banking ("o. ltd. Newborough .Metropolitan Bank (of Kngland and Wales), ltd. Newbridge -National Bank, ltd. Lloyds Bank, ltd. New Brighton— North and South Wales Bank, ltd. New Bromplon -London and Prov. Bank, ltd. Newburg -Coniirercial Bank of .Scotland, ltd. Town anil I'ounly Bank, ltd. Niwlniry (Old Hank) -Slocock, Matthews, Southby iV .Slocock. Lon. and County Banking Co., ltd. Newcastle (Limerick) -Nalional Bank, ltd. Prov. Bank of Ireland, lid. (Co. Down)— Northern Banking Co., ltd. 304 (UrI-AND'h BanKINO and t<'lNANriAI- l)lHKC'n»RV. Ncwcaslli' I'.mlyn Nal. I'rov. Hank of Knulnnil, ltd. I. Id) (Is Kmik lid. Mc'tr(i|)lan(l A Walux), ltd. Newcastle (SlaffonMiiro) Nal. I'rov. Rank iif Km;- land, ltd. ManchesU'i ami l,lvi'r|>iiiil District Knnkin); ('(iiii|iaiiy, llil. Lloyd.s Hank, ltd. Newcastle-on'rync liaiik nf l'ji(;land. I.ainliton A Co. Woods iV Co. National I'rov. li.iiik of Knyland, lid. Ilodnkin, Harni'tt, rcaso, .Spcncc A Co, North Ivask'rn Hanking; ('u. ltd. Cooperative Wholesale .Society, ltd. York t'ity and County Hanking Co. ltd. Ncwcastleton Hritish Linen Co. Hank. New Cumnock Hank of .Scotland. New Ueer North of Scotland Hank, ltd. Town and County Hank, ltd. Newent Capital and Counties Hank, lid. New Ferry North and .Smith Wales Hank, lid. New (ialloway Clydesdale Hank, lid. Ncwhaven (l'".dinl)urgli) Royal Hank of Scotland. London and County Hanking Co. ltd. Newhaven (.Sussex)- -Molineux, WhilfieUI iV Co. Newmarket -Hanmioiul & Co. Messrs. Foster. (Jurneys, liirkhucks, Harclay k Huxton. Lacons, Vouell & Kemp. Munsler and Leinster Hank, ltd. New Maud -North of Scotland Hank, ltd. Newmill (Keith) Town and County Hank, ltd. New Mills Manchester and County ! :iii.., ltd. Newmilns -Royal Hank of Scotland. Clydesdale Hank, ltd. Newnhani —Capital and Counties Bank, ltd. Lloyds Hank, ltd. New I'ilsligo -Union Hank of Scotland, ltd. Newport (L of W.) National I'rov. Hk. of F,ng, ltd. Capital and Counties Hank, lid. London and Counly Hankin(; Co. ltd. Newport (Mon.) National I'rov. Hank of Ivig. ltd. I-ondon and Provincial Hank, lid. Metropolitan Hank (of Kngland and Wales), ltd. Counly of (iloucester Hank, ltd. Lloyds Hank, ltd. London and Midland Hank, ltd. Newport (I'ein.) Lloyd's Hank, ltd. Metropolitan Hank (of I'.n^land and Wales), ltd. Newport (.Salop) Lloyds Hank, ltd. National I'rovincial Hank of Kn^land, ltd. Newport (Ireland)— Ulster Hank, lid. Newport Pagnell Hnsselt, .Son & Harris. Newcpiay- Holilho, Williams, Foster, (.'oodc, lirytls & Co. ltd. (( (iiisolidated Hank of Cornwall). Cornish Hank (The), lid. National Provincial Hank of l^ngland, ltd. Devon iS: Cornwall Hanking Co., ltd. New Radnor Hirininghain, District and Counties Hanking Co. lid. New Komncy -Lloyds Hank, lid. New Ross- National Hank, lid. Hank of Ireland. Newry— Hank of Ireland. Provincial Hank of Ireland, lid. Helfast Hanking Co. ltd. Northern Hanking Co. ltd. New .Snoreham- Capital and Counties Hank, ltd. New Swindon -Wills and Dorset Hanking Co. ltd. Capital and Counlies Hank, ltd. Newton Alibott Devon and Cornw..ll Hkg. Co, lid. (Naval Hank) Harris, Hultcel & Co. Ni wtan Ahhott Cnpit.d and Counties Hank, ltd. Wilts and Dorset Hanking Co. ltd. Newton- Heath (Manchester) Williams, Deacon and .Manchester and .Salford Hank, ltd. Newtonde Willows Parr's Hanking Co. and the Alliance Hank, ltd. Newton Stewart (N. H. ) National Hank of .Scntlnrid, ltd. Hrili-.li Linen Co. Hank. llydesdale Hank, ltd. Newton-Stewart (Ireland) Northern Hkg. Co., ltd. Newtown National I'rov. H.iiik of Kn^land, llil. North and South Wales Hank, ltd, Newtownhutler -Northern Hanking Co., ltd. Newtown (St. Hoswells) Royal Hank of Scotland. Commercial Hank of .Scotland, ltd. Newtownards- Helfasi Hanking Co., lid. Ulster Hank, ltd. Newtown Harry National Hank, ltd. Ncwtownhamilton Ulster Hank, Itil. New Tredegar London and I'rov. Hank, ltd. Newly le --Commercial Hank of Scotland, ltd. Neylan'' London and Provincial Hank, ltd. Norden -Union Hank of Manchester, ltd. Nornianton -(West Riding Hank) Leatham, Tew & Co. London and Midland Hank, ltd. Northallerton J. Hackhouse ^ Co. \'ork City and ("ounty Hanking ("o., ltd. N'orkshire Hanking Co., ltd. Northampton -Northamptonshire Union Hank, ltd. Cajjital and Counties Hank, ltd. .Stamford, .Spalding and Hoston Hkg. Co., ltd. Lloyds Hank, ltd. Leicestershire Hanking Co., ltd. London and .Midland Hank, ltd. North Herwick — Hrilish Linen Co. Hank. Clydesdale Hank, ltd. North Cave -\'ork City & County Hanking ('c, ltd. NorlheiKlen -Mercantile Hank of Lancashire, ltd. Northfleel -London and Provincial Bank, ltd. Norlhleach -Capital ami Counties Hank, ltd. North Molton -Nat'l I'rov. Hank of F^ngland, ltd. North Shields-Woods i\: Co. National I'rovincial Hank of Kngland, ltd. Lamliton iV ( 'o. Ilodgkin, Harnett, Pease, Spence & Co. North Tawion- National I'rov. Hankof Fng., ltd. Devon and Cornwall Hanking Co., lid. North Walsham — (iurneys, Hirkbecks, Harclay and Huxton. Lacons, \'()iiell ami Kemp. London and I'rovincial Hank, ltd. Norwich (Old Hank) Parr's Hanking is. Hl ('ountics Kaiikinj; ( o., ltd. Oakham .Stan. lord, Spalding & Itoslmi Hanking Co. ltd. I.t'iccst(-rshir(: Hanking Co,, ltd. ( )lian National Hunk of Scollnnd, ltd. Comnioicial Hank ol .Scotland, lid. Hank of .Scotland. North of Scotland Hank, lid. Clydesdale I'.ank, lid. Koyal Hank of Scoikind. ()dihain I iipilal iS: Cniiiiliis Hank, lid. Ukehainjiton (Okelianiplon Hank) Dingley, I'earse k Co. National I'rov. Hnnk of Knglaixl, lid. 1 >evdn and Cornwall Hanking ( o. lid. Oldluiry Lloyds Hank, lid. Hiriningham Dis. and ('miiuies Hanking Co. ltd. (Jldcaslle Norlherii Haidiing Co. Il|Hililan Hk. (nf Kn(;lanil \' Wiilus), lid. IVn/ancf (IVn/anro Hank) Halliii, ( 'arne iV lame's Hanking Co. ltd. Hohilio, \Villi.\nH, I'dsU-r, CoihU', (irylU ft ('<>. lid. (Ccinsiilidak'd Hank iif Curnwail). Di'viin .ind Curnwail Hanking Ci>. Ilil. Ci)rnish Haid<, ltd. I'crsliDrf Capital and Coiinlii's Hank, ltridt;e CKtcr Hank, ltd. I'lunislead L Co. ltd. Hiditho, Williams, I'oster, Coode, drylls iV Co. ltd. (( onsolihire Hank, lid. (Jncenslown Hank of Irtdaiid. Kntlclirtf Union Hank of Mancln'stor, lul. Mancesler and Liverpool Dislrici Hk^;. Co. Ilil. Lancashire and Noiksliiru Hank, ltd. Consolidated Hank, ltd, Kadford Sff Nollinj;liain. Kadsloik Suickey's Hanking Co. lid. Uainfonl I'arr's Hkj,'. Co. and the .Mliance lik. ltd. Uainhill- I'arr's Hk^;. I'o. and the .Mliance Hk. Ilil. Uanielton Noriliern Hanking; Co lul. Kanislxiiloin— Manchester and Liver|)ool Disirict Hanking ( o. ltd. Lancashire anil S'orkshire Hank, lid. Kanisey (lliMits) -N'easey, l)eslM)roii^li ami Co. National Provincial H.mk of Ln^land, lid. Kanisey (Isle of .Man) -Isle of \Lin, Hankinf^ Co. ltd. nuinhell's Hankin),' Co. ltd. .Manx Hank, ltd. Kanisgatf — National I'rov. Hank of Knjjland, ltd. Hammond, I'Inmptre, Knrley, Hilton and Mc- M aster. Kandalstown — Northern Hankinj,' Co. ltd. Kaphoe- -Northern Hankinp; Co. lid. Kalhan(;an- Ulster Hank, ltd. Kalhdowney — Miinster and Leinsier Hank, lid. Kathdrum — lliliernian Hank, ltd. KathfrilaniL-Helfasi Hankinj,' Co. ltd. lliliernian I'ank, lid. Hathkealc- National Hank, ltd. Minister and Leinsier Hank, lid. Kathniines (Duhlin)- National Hank, lul. Kathniines (Co. Dublin) -Royal Hk. of Ireland, ltd. Kathmolyon -Ulster Hank, lid. Kaunds -Norlhaniptonshire l!nion HaId^, lid. kavenglass -Hank ol Whitehaven, ltd. Kavensthorpe -Lancashire and N'orkshire Hank, ltd. Kawtenstall Manchester and ("ounly Hank, ltd. Lancashire and \ orkshire Hank, ltd. keadinj; -Stephens, Hlamly, Harnell, Hutler iV Co. |. and C. Sinionds and Co. London and County Hankintj Co. lul. ("apital and Couniies Hank, lul. .Metropolii.in Hank (of lai(;land and Wales), ltd. Kedcar National I'rnvin -ial Hank of I'.n^land, ltd. Kedditch — Metropolitan Hk.(of Km:, ami Wales), ltd. Capital and Couniies Hank, ltd. Lloyfis Hank, lul. Kedhill London and County Hankini^ro. ltd. (apilal and (homilies Hank, ltd. Kedlanil (Hristol) Capital and Counties Hank, ltd. Sluckcy's Hanking Co. ltd. Kedriith — Holiiho, Willianit, KoMer, Coode, (IrylU anil Co. (Consolidated Hank of Cornwall). Devon nnil Cornwall Hanking Co. ltd. < 'ornish Hank, ltd. Keephaiii— (jurneys, Hirkhecks, Harclay it Hiixlon< Keigate London and County Hanking Co. ltd. ('apital and ('oiinties Hank, Itil. Renfrew Union H.mk of Scotland, ltd. Kenton Clydevlale Hank, ltd. Repton Lloyds Hank, ltd. Kelford lleckcit iV Co. Noliinghani and Notts Hanking Co. lid. Sheltielil Union Hanking Co. It.hire) Roper and Priesiman. Swaled.de and \\ ensleydale Hanking Co., ltd. RichiuomI (Suriry) London and I'rov. Hank, ltd. London and ('ounly Hanking Co. ltd. Rickinansworth Lomlon and ('ouiity Hkg. Co. ltd, Ridiliiigs Noliinghani |oinl .Stock Hank, ltd. Ringwood (Hants) National I'rov. Hk. of Kng. Itil. Willsand Dorset Hanking Co. ltd. Rijiley (Derliys) Nottingham joint Stock Hank, lt, Itil. Roalh Willsand Dorset Hankini' Co. ltd. County of (iloucester Hank, ltd. Roliertshridge -London and County Bkg. Co. ltd. Rrihin Hood's Bay — V'ork City and County Hanking Co. ltd. N'ork Union Hanking Co. ltd. Rochdale Williams, Deacon ond Manchester and .Salfoid Hank, lul. Lancashire and \'orkshire Bank, ltd. Manchester and Liver|iool Dist. Bkg. Co. ltd. Oldham Joint Slock Bank, lul. Union Hank of Manchester, lid. Kochesler Lomlon an., lid. North of Scotland Hank, Itil. Town and C'ounly Hank, ltd. Kolhcsny -Hank of Scotland. Uoyal Hank of .Scotland. Clydefdalc Hank, ltd. Rotliwi'll Leiccstiisliiic- HankintJ Co. ltd. London and Mulland Hank, ltd. Koyston — I'ordhani, (iilison lit Co. Messrs. Fos'tT. Koysiono (Harnslcy) London and N'orksliirc Hk. ltd. Knyton Union Hank of Manchcsler, ltd. Oldham Joint St^ick Hank, ltd. Kual>on- North and South Waits Hank, lid. Riidhani (Jiirneys, Hirklnck, Harclay iS; Hii\ton. Kii^liy National I'rov. Hank of Kn^land, ltd. Lloyds I'.ank.ltd. l\iij;<'k-y National Provincial Hank of JMiijIand, ltd. Lloyds Hank, ltd. Runcorn -Parr's I'ky. ( 'o. and thr .Mliancc Hk. ltd. Williams, Dcai on and Manchester and Salford Hank, ltd. Uiishden Xorthamplonshire Union Hank, ltd. Capital and Coiinlies Hank, ltd. Rusholme (Manchester) Williams, I )eacon and Manchester ami Salford Hank, Itil. Rntheri;U'n I'onimercial Hank of Scotland, ltd. National Hank of Scotland, Itil. Ruthin North and South Wales H.mk, ltd. London and Provincial Hank, lid. Ryde (I. of Wij^ht)- National Provincial Hank of Knjjiand, ltd. Capital and Counties Hank, ltd. Rye— Lloyds Hank, ltd. London and County Hanking Co. ltd. •I .Saffron Walilen — London and County Hkg. Co., ltd. (lil)son, Tuke & (jilison. Albans- London and County Hkj;. Co., ltd. Smith, Martin & Co. Andrews - Hank of .Scotland. Clydesdale Hank, ltd. Royal Hank of .Scotl.md. Commercial Hank of Scotland, lid. Annc's-on-tlie-Sea --Preston Hanking Co., ltd. Lancaster Hanking Co. Lancashire and Norkshire Hank, ltd. SI. Asaph -North ami South Wales Bank, ltd. National Provincial Hank of Lngland, lid. Austell -(St. Austell Hk.) Coode, Shilson iV Co. Holitho, Williams, I'oster, Coode, Crylls A Co. ltd (Consolidated Hank of Cornwall). Devon and Cornwall Hanking Co., ltd. I'ornish Hank, ltd. Hlazey -Cornish Hank, ltd. Clears -London anlies Bank, ltd. Sand},. !e (Kent) -(San. Igate and ShornclilVe Bank) Jenner <<: Co. .Sandwich Lond(^n and County Banking Co., lid. National I'rov. Bank of I'-ngland, ltd. Sandy London a'ld Miilland Hank, ltd. Capital :ind Counties Hank, lid. .Sanquhar British Linen Co. Bank. ■ Royal Bank of Scotland. Sauehen (CInny) North of Scotland Bank, lid. Sawbridgeworth (Jibson, I'uke iV (iilison. Saxmnndliam (lurneys, Birkbeck, Barclay, Bus- tons and Orde. London Ik, Provincial B.iidi, Itil. I.acons, N'ouell it Kemp. "" '~' Scalloway (.Shetland) Union Bank of .Scotland, lid. .Scarborough W'oodall, I lebden iV Co. N'ork City and County Banking Co., ltd. - \ ork Union Banking Co. ltd. London and N'oikshire Bank, ltd. ScarilV- Nalion.d Bank, ltd. .Schull Prov. Bank of Ireland, ltd. Scilly, Isles of Bolito, Williams, I'ostei, (.'oode, (Jrylls & Co. ltd. Banks in Great Britain. 809 nice Hank, llil. I'dSlfl, (.'oinK', Scilly, Isles of-Ballen, Came & Game's Hkg.Co. ltd. (,'. Sueihwick -Hiriningham, District and Counties Hanking Co. ltt ( 'o. Solihull -Lloyd's Hank. It. I. Somertoii Siuckey's Hanking < 'o. lid. Wills and Dorset Hanking Co. ltd. Southall (Middlesex) Woodbridge, Lacy, llarlland, Ilibbert iV Co. Snulhaui- London and .Midland Hank, ltd. Lloyds Hank, ltd. Southampton -Wilts and Dorsel lianking ("o. Iiil. Capital and Co\inties Hank, ltd. (Irani and Maildison's I'nion lianking Co. ltd. Nalional Provincial Hank of I\ngland, llil. South Hmk Jonathan Hackouse iV Co. Nork "ily and County Hanking Co. lid. Southborough Lloyds Hank, ltd. Southend Sparrow, TufTnell and Co. London and County Haid.i g Co. ltd. South Cave N'orkshire H.\nking Co. lid. Soulhminsler Spanow, Tufliiell and Co. Southmollon National I'rov. Hk. of laigland, ltd. I'ox, I'owler and Co, Uevon and Cornwall Hanking Co. ltd. 310 GAFtLAND's Banking and Financial Directouy. South Nnrmanton — Cromplon and Evans' Union lianU, 11(1. South I't'thOTton — Stnckcy's Hanking Co, ltd. .Soiilhport— I'arr's UaiiUing Co. anil the Alliance Hank, ltd. Preston Banking Co. ltd. Williams, Deacon and Manchester and Salforon Hai^Mni; Co., ltd ^"ork City and County Hkg. C'o. Sunningdale London an:\nV. of Eng., ltd. Metropolitan Hank (of lOngland and Wales), ltd. Trefach Metropolitan Hank (of England & Wales), ltd. Treharris- .Metropolitan Bank (of England & Wales) ltd. London and Provincial Bank, ltd. Lloyds liank, ltd. Treherliert London and Prov. Bank, lid. Metropolitan Bank (of I'aig. and Wales), ltd. Tregaron London anil Prov. Bank, ltd. Treorky -Metropolitan Bk. (of Eng. and Wales, ltd. London and Prov. Hank, ltd. London and Midland Hank, ltd. Trillick -Ulster Hank, ltd. Triin — Ulster Bank, ltd. Hank of Ireland. Tring -Thomas Butcher & -Sons. Troon — Union Bank of .Scotland, ltd. British Linen Co. Hank. Trowbridge- -Capital and Counties Hank, ltd. Wills and Dorset Hanking Co. ltd. Truro — Holitho, Williams, Foster, Coode, Crylls & Co. ltd. (Consolidated Bank of Cornwall). Cornish Bank, ltd. Devon and Cornwall Banking Co. ltd. Tuam National Hank, ltd. Ulster Bank, ltd. Tubbercurry -Hibernian Baidi, Itil. TuUamore - Hank of Ireland. Hibernian Hank, ltd. Ulster Hank, lid. Tullow (co. (.arlow) - National Bank, ltd. Tunbridge Wells Lloyds P.ank, ltd. London and County Banking Co. ltd. Molineux, Whitfield it Co. Tunstall -Manchester and Lvpl. Dist. Bkg. Co. ltd; National Prov. Hank of luigland, ltd. Turriff — Ctmimcrcial Bank of .Scotland, ltd. North of Scotland Bank, lid. Union Bank of Scotland, U<1. Tow II and County Bank, lid. Turton Williams, Deacon and Manchester and Sal- ford Hank, ltd. Tuxford - Beckett iV Co. SheOield L'nion Hanking Co. ltd. Twickenham London and Prov. Bank, lid. Tyldesley Union Hank of Manchester, ltd. Hank of Bolton, Itil. Consolidaled Bank, ltd. Tynewydd Metropolitan Bk. (o( Eng. and Wales) ltd. London and Provincial Bank, lid. Ucktield — Molineu.v, WhiKield iV Co. • Udny Town and County Bank, ltd. Uddingslon- Bank of Scotlaiul. British Linen Co. Bank. Uffculme -Fox, Fowler & Co. Stuckey's Banking ('o. ltd. Ullapool National Bank of Scotland, ltd, Ulverston -Lancaster Banking Co. _.. ,.;...:^ Bank of Liverpool, ltd. Cumberland Union Banking Co. ltd. Upperniill Manchester and t'ounty liank, ltd. Uppingham- Stamford, .Spalding & Boston Banking Co., ltd. Leicestershire Banking Co. ltd. Uplonon-.Severn — Lechmere & Co. Capital and Counties Bank, ltd. feANKs IN Great feRiTAt>J. did ichesler and Sal- Mij;. ami Wales) Urmslon — Williams, Deacon and Manchester and Salfor.l Hank, ltd. Usk — London and I'rov. Hank, ltd. Capital and Counties Hank, lid. L'ttoxi'ler Hurton Union Hank, ltd. HirniinKliam Uist. and Co. Hanking (,"o. ltd. Uxbridge — Woodhridge, Lacy, Ilarlland, llihbcrl & Co. London and County Banking Co. ltd. Ventnor (I. of W.)— Capital and Counties Hk. ltd. National I'rov. Hank of Kngland, ltd. Virginia — Northern Banking Co., ltd. Wadebridge — Holitho, William?, Foster, Coode, Urylls & Co. ltd. (Consolidated Bk. of Corn- wall). Capital and Counties Bank, ltd. Cornish Bank, ltd. Wainfleet — Stamford, .Spalding and Boston Banking Co. ltd. Capital and Counties Bank, ltd. Wakefield— (West Riding Bk.) Leatham, Tew * Co. Wakefield and Harnslcy Union, ltd. London and Midlanil Hank, ltd. York City and County Hanking Co. lid. Walkden -Bank of Bolton, ltd. Williams, Deacon and Manchester and Salford Bank, ltd. Wallinglord — Hedges, Wells and Co. London and (,'ounty Hanking Co. ltd. Wallington — London and South Western Hank, ltd. Wallsenil — lloilgkin, Harnett, I'ease, Spence & Co. Walsall -Lloyds Hank, ltd. Metropolitan Hank (of England and Wales), ltd. Binninghaiii, District and Counties Bkg. Co. ltd. L')nd()n and Midland Hank, ltd. Walsdeii — Lunca.shire and ^■orkshile Hank, ltd. V altham Abbey -London joint Stock Hank, ltd. WaUhuni Cross- London Joint Stock Bank, ltd. Walthanistow — London k .South Western H.-\nk, ltd. London and Provincial Hank, ltd. Waltoii-nn-Thames- Thos. .\shby & Co. Walton inNaze — (lurney, Roiink i"t Son. Nalidnal Hank of (ireece. Aubel, Helgiuni -Crodil Vervielois, Auburn (S.A.), Australia— National Hank ofAusiral- asia, lid. (N.S.VV.) -City Hank of Sydney. Auliuss'in, Krance — Han(|iie de France. Audi, France -HaiK I ue de France. Sociele ( ienerale. Aucklanil, New Zealand- Hank of New Zealand. Hank of .Auslraki'-ia. Hank of New South Wales. Union Hank ol .Australia, ltd. National Hank of New Zealand, ltd. (Newton) -National Hank of New Zealand, ltd. Colonial Hank of New Zealaml. Ant{sl>urK, Havaria — V. de .Sietlen. I'red. .Sriimid iV Cie. Klescli & Ulrich. I.eylierr li Co. Imperial Hank of Oerniany. Aurillac, l-'rance - Han(|u ; de France .Societe ( ienerale. Aussig -HoluMuia — Hohnii>clie Fsconipte Hank. Auxerre, France- Haiu|ue de France. ■Sociele (ienerale. Aveiro, Portugal — Hank of I'ortugal. Avellino, Italy — Hanca tl'Italia. Avenel (\ictoria) .Viistralia— Commercial Hank of Australia, ltd. .\vignon, l''r?nee -Han(|ue de F'rance. Kaymonil Doux. C^redit Lyonnais. Thomas Freres. Societe (ienerale. Avila, .Spain — Hanco d'lvspana. Avoca (Victoria) Australia— Hank of N'ictoria, lid. Avranches, France-Gilbert leune FIs. H.acchus Marsh (Victora) Australia-National Hank of .\ustralasia, llil. Hadajoz, Spain — Hanco d'Kspana. Baden, Switzerland —Hank in Haden. Haden-Haden, Germany -F. .S. Meyer. Meyer & Diss. G. .Muller&Cie. F. C [oorgcr. Hagdad, Turkey (Asia)— Stephen Lynch k Cie. A. Hector & Co. Imperial Ottoman Hank. Bagneresde Higorre, France — K. lirau. n. Ortallis & .Sour. Hahia, Hrazil -Lon( Africa, ltd. National Bk. of the South African Reoublic, ltd. Barcaldine ((Queensland), .■\ustralia — (Queensland National Bank, ltd. Bank of New South Wales. Barcelona, Spain— Banco de Barcelona. Banco d Kspana. Ign.acio (iironia. lose Serra y Font. \'isl), South Africa Standard Bk. of South Africa, ltd. Bar-le-I)uc, France— Bamiue de France. Sociele Generale. Credit Lyonnais. Barmedman, Australia - Bank of New South Wales. Barmen, Germany Imperial Hank of (iermany. Banner Bank-\'erein. Barraba (N.S.W.), Australia— Commercial Banking Co. of Sydney, ltd. Hartenstein, (iermany— Imperial Bank of Germany. Harth, (iermany — Imperial Hank of Germany. Basle, Switzerland I'assavant & Co. Baseler Bank. Baseler Hank Verein. Oswald (iebrtiiler. Hanipie Commerciale de Bale. Bancpie Federale. Zahn & Cie. in T' r/3 cseastfer^rijWM.'s^^ j ' -aE ' ■ ij w ^. '^ tHgawjKww BB AUSTUAI.ASIAN AND KoUKKJN HaNKS. m Hank of New Id liU. (if South ercial Banking Hiisle, Swilfcrlanil' loimlcnossischc Hank. Haslia, Corsica llanc|iif ru(lcr. Marctih Nflkt-n ft Son. lUfiilaui-r \Vcclihcl«;rl)ank. K. Ik'iiiiaiin. Hrcsl, France Han(|ue de France. Sociclc Cienerale. Brewnnina (N.S.VV.), Australia— Comnifrcial hk^. Co. of Sydney, ll .\yres, .\rg. Uep. Lon. ft Uiver Plate Hk.ltd Loudon i^ Brazilian Hank, ltd. .\nglo-.\rgentiiu' Hank, ltd. Banco del Conierri.i. Banco Nationale. Banco de la I'rovincia. Banco llipiiu^cario National, Banco de Crodito Real. iianco de Italia. Banco .Mrman Transatlantico. Banco Frances del Rio de la Plata. Banco Comercial de la Plata. Banco Fspanol del Kio de la Plata. Banco Agricola Comercial. Banco Popular .\rgentino. Banco Sud .Americano. Bates, Stokes & Cie. British Hank of South America, ltd. Hunge iV Horn. Krneslo Torn(piist ft Co. Bulli (N.S.W.) Australia Knglish, .Scottish and Australian Bank, ltd. Bulls, New /.ealand — Bank of New .South Wales. Hank of New Zealand. Bunliury, Western .Australia — Western Australian Bank. Union Bank of .Australia, ltd. Bundaberg (<^)ueensland) Australia — Bank of New South Wales. Oueensland National Bank, ltd. Commercial Banking Co. of .Sydney, ltd. Union Bank of Australia, ltd. Royal Bank of (,)ueensland, ltd. Hungendore ((,)ueensland) .Australia— Bank of New South Wales. Buninyong (Victoria) Australia — National Bank of Australasia, ltd. Burghersdorp, .South Africa — Standard Bank of Sth. Africa, ltd. Burgos, Spain — Banco d'Espana. Burketown ((Queensland) Australia — Queensland National Bank, ltd. Burnie (F,mo Bay) Tasmania — Bk. of Australasia. Burrawang (Victoria) Australia--Knglish, Scottish & Australian Bank, ltd. Burrowa (N.S.W.) Au.stralia— Bank of N. S. W. ("ommercial Banking Co. of .Sydney, ltd. Union Bank of .Australia, ltd. Burwood (N.S.W.) Australia — Bank of New South Wales. Hushire, Persia- -Impi^rial Bank of Persia. Busselton (W.,A.) Australia- -Western .Auslral'n Hk. liustow, Geru.any —Imperial Bank of tiermany.- Byron Bay (N.S.W.) .Australia — Australian Joint Stock Bk., ltd. ■IT i i ! i 32^ Garland's Banking and Financial l)iUECtoR1?. CalwolUire (Queensland) Australia — Royal Bank of Queensland, ltd. Cadiz, Spain--C. Lovental. Jose Estehan Gomez. Mijoy Nietos de J. D. Lasanta. fames Shaw. A. Uuarle. Uanco d'Kspana. '^ Caen, France— Hanque de France. Asseline & Co. .Societe (Jenerale. Credit Lyonnais. Cahors, France — Han(nie de France. Societe (ieneralc. Cairns ((^>iieensland) Australia— (Queensland National Bank, ltd. Bank of Australasia. Bank of New South Wales. Bank of Nth. l^luccnsland, ltd. Cairo, Kgvpt ~B,\iik of l'^^;y|it, ltd. Imperial Ottoman Hank. Credit Lyonnais. Anglo Egyptian Bank, ltd. Ludwig Muller. Cala, South .Africa -Standard Bank of S. Africa, ltd. Calais, France— Credit Lyonnais. Verley Uecroix & Co. Calcutta, India — Agra Bank, ltd. Alliance Bank of Simla, ltth W'ales. Bank of Australasia. Commercial Banking Co. of Sydney, ltd. Corryong (Victoria), .Vustralia — Bankof Australasia. Corunna, .Spain- — Eduardo del Rio. Banco d'Espana. Coslin, Germany— Imperial Bank of Germany. Cossack, Western Australia — Union Bank of Aus- tralia, ltd. Cottbus, (Jermany — Imperial Bank of Germany. Courtrai, France — Bank de Courtrai. Cowra (N.S.W.), Australia -Australian Joint Stock Bank, ltd. Bank of New South Wales. Commercial Banking Co. of Sydney, ltd. Cowwar, Australia — Colonial Bk. of Australasia, ltd. Cracow, Austrian Poland — (iaiizische Bank fur Handel und Industrie. Cradock,. .South Africa — .Standard Bank of South Africa, ltd. Bank of Africa, ltd. Cradock, Australia -Bank of Adelaide. Cranbournc (X'ictoria), Australia — Colonial Bank of Australasia, ltd. Crefeld, (jermany — Imperial Bank of Germany. A. k C. Sohmann. Cresmona, Italy — Banca d'ltalia. Creswick (Victoria), Australia -Bank of Australasia. Bank of New South Wales. i%- Australasian and Foreion Banks. 326 -Bank of North Union Bank of ink of N. S. W. nnercial Banking -Australian Joint liank of South Creswick (Victoria), Australia — City of Melbourne Bank, ltd. Creuznach or Kreuznach, Ciermany — Spliler & Co. Beckharcl & .Snhne. C. V. Eccardl. Imi)erial Hank of Germany. Crimmitschau, Germany— Imperial Hk. of Germany. Cromwell, New Zealand — Hank of New Zealand. Colonial Hank of New Zealand. Crookwell (N.S.W.) Australia— Bank of New .Sc^uth Wales. Knfjlish, Scottish and .\uslr lian Hank, lid. Croydon (Queen.slanil) .\ustralia — liank of New South Wales. (Queensland National Hank. ltd. Koyal Hank of (^)ueensland, ltd. Cudal (N.S.W.), Australia — Commercial Banking Co. of Sydney, ltd. Cue, Western Australia — Union Bk. of Australia, ltd. Australian H.ink. Hank of Australasia. Cuenca, Ecuacompte Bank. Graudenz, Germany — Imperial Bank of Germany. Gray. France— Credit Lyonnais. Greifswald, Germany — Imperial Bank of tjlermany. Greiz, Germany — Imperial Bank of Germany. Becker & Co. Grenada, West Indies— Colonial Bank. (Irenfell (N.S.W.) Australia —Australian Joint Stock Bank, ltd. Bank of Australasia. Hank of New South Wales. Union Bank of Australia, ltd. (jrenoble, France — Banque de France. Credit Lyonnais. Gaillard, Pere, Fils & Cie. .Societe Generale. (ireymouth, New Zealand —Bank of New Zealand. Bank of New South Wales. National Bank of New Zealand, ltd. Australasian and Foreign Banks. 329 -Bank of New New Zealand. Kredil Aklic- istralian Joint dard Hank of of New South rirt-ynioHth, N. Zealand -Union Hk. of Australia, ll i i M I f II 'I i Koni^ihetg in N. M., Germany — Imperial Hank of (lermany. Konin, Turkey — Imperial Olfnnmn Hank. Konilz, Turkey -lni|)i-rial Hank of (leiinnny. Konsinn/, Turkey ImiKTiiil Dank of (ierinaiiy. Kheiiiische Cri'ilil llank. Marairc iV Co. Koorinfja (S.A.) Aiislralia — Hank of Australasia. National Hank ( 336 Garland's Banking and Financial Directory. Montaiihan, France— Uanquede France. Sociele Generalc. Monle-Ci rlo, Ilaly-Crcdil Lyonnais. Mont-de-Marsan, France — Banciiic de France. Societe tiencrale. Monlecatini, France - Kiisler & Co. Monlereaii, I'rance- Societe (ienerale. Monterey, .Mexico — Agents : London lik. of Mexico and South Atni-tica, ltd. National Bank of .Mexico. Montevideo, Uruguay -London & Brazilian Bk. ltd. London and Uiver I'late Bank, ltd. Anglo-.Vrgentine Bank, ltd. British liank of .Scuitli America, ltiel) & Co. Credit Lyonnais. Moulmein, India —Bank of Bengal. Mount Barker (S. A.), Australia National Bank of .\ustralasia, ltd. Mount Gambler (S..V.), Australia— Nation.il Bank of .Australasia, ltd. English, Scottish and .Australian Bank, ltd. Commercial Bank of .Australia, ltd. Mount .Morgan, .Australia— (^)ueensland National Bank, ltd. Mount Pleasant (S..A.), Australia Union Bank of Australia, ltd. Bank of Adelaide. Mount Torrens, .Australia — Bank of Adelaide. Mudgee(N.S.W.), .Australi:' -.Australian Joint Stock B.-ink, ltd. Bank of New South Wales. Commercial Banking Co. of .Sydney, ltd. Muhlhausen (ALsace), Germany— Inqierial Bank of tiermany, ltd. Banque d'.Alsace et de Lorraine. Muhlhausen (Thuringia) Germany — Imperial Bank of Germany. Bank fur hisass u. Lothringen. Banque de .Mulhouse. Mulheim (on the Ruhr), Germany — Imperial Bank of Germany. Munich, Germany — Imperial Bank of Germany. B.ayerische Vereinsl)ank. Bayerisihe Ilandelsb.ank. Deutsche Bank. J. N. OberndoerfTer. Bloch it Co. Merck, Finck & Co. Munster, (iermany — Imperial Bank of Germany. Westfalischer Bankverein. Albert II. Rost. .Murchison (Victoria) Australia — Bk. of Victoria, ltd. Comuiercial Bank of Australia, ltd. Murcia, Spain — Banco de Espana. Murraysburg, Soutn Africa — .Standard Bk. of .South Al'rica, ltd. Murret, India — .Alliance Bank of Simla, ltd. .Murrumburrah (N..S.W.) Australia — Bank of New South Wales. Commercial Banking Co. of Sydney, ltd. Murrurunili (N..S.W.) .Australia— Commercial Bkg. Co. of .Syilney, ltd. Murtoa (Victoria) .Australia -Commercial Bank of Australia, ltd. Murwillumbah (N. .S. W.) -- Conuiiercial Banking Co. of Sydney, ltd. Australian Joint Stock Bank, ltd. Mussoorie, India Delhi and London Bank, ltd. Mussoorie Bank. Mussoorie .Savings Bank. Alliance Bank of .Sinda, ltd. Muswellbrook (N. .S. W.) .Vustralia — Coitimercial Banking Co. of Sydney, ltd. Bank of .Austral.asia. Muttaburra ((^)ueensland) Australia — • (^ueensl.ind Nalioiud Bank, ltd. Myra Vale (N..S.W. ) Australia -City Bk. of Sydney Mysore, India— Bank of Madras. Nagamble (Victoria) Australia — Colonial Bank of Australasia, ltd. Commercial Bank of Australia, ltd. Nagasaki, Japan — Hong Kong and Shanghai Bkg. Corporation. Nagoya, Japan — First National Bank of Japan. Australasian and Foreign Banks. 337 Hk. of South Commercial nial Hank of Nagpore, India — Bank of Hengal. Naini Tal, East Indies— Allahabad Bank, lt!i — I). Zinovieff ife Cie. Naseby (Olago Cold Fields) New Zealand -Bank of New Zealand. Hank of New South Wales. Nassau (N.l'.), Hahauias - liank of Nassau. Nathalia (Nictoria), . Australia — Hank of Australasia. Hank of X'ictoria, ltd. Commercial Baid< of Australia, ltd. N.itimuk (Victoria), Australia —Colonial Hank of Australasia, ltd. National Hank of Australasia, ltd. Naumburg (on the Saale), (iermany — Imperial Hank of t iermany. Ncgapatam, India — Bank of Madras. Neisse, (iermany — Imiierial Hank of (iermany. Nelson, New Zealand — Colonial Hk. f)f New Zealand Bank of New Zealand. Hank of New .South Wales. Uninn Hank of Australia, ltd. National Bank of New Zealand, ltd. Neubrandenburg, Germany — Im|)crial Bank of (ier- many. Neufchatel, Switzerland • I'ury !■<: Cie. Dupasquier, Montmollin & Co. A. Nicolas & Co. Banque Cantonale. 43 Ncufrhatel, Switzerland — Berthoud & Co. Neunuinster, (Iermany — Imperial Bank of Germany. Neu-.Stettin, Germany — Imperial Hank of Germany. Neustadt (on-the-IIardt), Germany — Imperial Hank nf (iermany. Neuss, Germany — Im))erial Bank of Germany. Neuwied, (iermany — Imperial Bank of Germany. Nevers, France — Banque de France. .Societe Generale. Credit Lyonnais. NewBridge (N.S.W.), Australia — Australian Joint Stock Hank, ltd. Newcastle (N..S.W.), Australia — Australian Joint Stock Hank, ltd. Hank of Australasia. Hank of New .South Wales. London Hank of Australia, ltd. Commercial Hanking Co. of .Sydney, ltd. Hank of New Zealand. Union Hank of Australia, ltd. Commercial Hank of Austr.ilia, ltd. Western Australian Hank. Newcasle (Natal), South Africa — Standard Bank of South .\frica, ltd. Natal Hank, ltd. Hank of Africa, ltd. Newera F2llia, Ceylon — National Bank of India, ltd. Newlyn (Victoria), Australia — National Bank of Australasia, ltd. Ncwmarki ' (Victoria), Australia — Colonial Bank of Australasia, ltd. New Plymouth (Taranaki), New Zealand--Bank of New Zealand. National Bank of New Zealand, ltd. Hank of New South Wales. Colonial Hank of New Zealand. Newport (Victoria), Australia— Commercial Bank of Australia, ltd. Newton (.Auckland), New Zealand — Bank of New Zealand. N.wtown (N.S.W.), Australi.i— Bank of New South Wales. English, Scottish and Australian Hank, ltd. Union Hank of Australia, ltd. Ngaruawaliia (Auckland) New Zealand — Hank of New Zealand. Nhill (Victoria) .Australia — Coinmorcial Bank of .Vustralia, ltd. Hank of N'ictoria, ltd. Natiimal Bank of .Vustral.asia, ltd. Nice, F'rance — Banque de France. Carlone & t'ie. Caisse de Credit de Nice. Thomas (^ook i*v: Son. F. Cro.ssa. Societe (ienerale. Credit Lyonnais. Nicosia, (."yprus — Imperial Ottoman Bank. Nijny-Novgord, Russia — Volga Kama Commercial Hank. Nikolaistad, I'inland — F'inlands Bank. Ninies, France -Hantpie ench Cochin China — Hongkong & .Shang- hai Banking Corporation. Banque de I'lndo-Chine. Arnaud (Victoria), Australia — Bank of New South Wales Bank of Victoria, ltd. Colonial Hank of Australasia, ltd. London Bank of Australia,- ltd. Bathans, New Zealand— Bank of New .South Wales. Colonial Bank of New Zealand. Brieuc, France —Banque de France. Societe Generale. St. Chamond, France — Credit Lyonnais. St. Croix, West Indies — Coloni.al Bank. St. Denis (Paris), France — Societe Generale, Banque de France. St. St. St Australasian and Foreign Banks. d4d; al Hank of Bank of New f New Soulh St. St. .St. St. St. St. St. St. St, .St, St. St, St. .St, St, St St Die, France — Societe Generale. Di/ier, France — Credit Lyonnais. Elienne, France — Banque tie France. Credit Lyonnais. .Societe (jenerale. (jalle, Switzerland— Banque Suisse de I'Union. Fidgen'issische Bank. Bank in St. (lelle. Banque Federale. Schweizerische Union Hank. Wejjelin & Co. George ((Queensland) Australia — Bank of New Soulh Wales. Queensland National Bank, ltd. Gerniain-en-Laye, France — Societe Generale. Credit Lyonnai-s. James (Victoria) Australia— Bk. of .\ustralasia. National Bank of Australasia, ltd. Kilda (Viclotia) Australia — Conniiercial Bank of Australia, ltd. Colonial Hank of Australasia, ltd. National Bank of Australasia, ltd. Kitts, West Indies — Colonial Bank. Leonard's (N..S.W.) Australia — Bank of New South Wales. Commercial Bank of Australia, ltd. English, Scottish and Australian Bank, lid. Lo, France — Banque de F'rance. Societe Generale. Lucia, West Indies — Colonial Bank. Malo, France — Fontan & Co. Societe Generale. A. O'Rorke. ijilbert, Jeune Fits. Mary's (N.S.W.) Australia— Australian Jt. Stk. Bank, ltd. Mary's Tasmania — Hank of Australasia. National Bank of Tasmania, ltd. Mirhel, Russia — F'orenings Banken i Finland. Finlands Bank. Miguel, .Salv.idor— Banco International del Sal- vador. Banco Occidental. Morilz, Switzerl.ind — Banque Cantonale des Grisons. J. Tondury. Zundel & Co. Omer, France — J. Aspelly. Deneuville, Lengaine & Co. Petersburg, Russia — M. Anderson & Cie. Banque d'Escompte. Credit Lyonnais. Finlands Hank. Imperial Bank. J. W. Junker & Co. Meyer S; Co. Russian Bank (for Foreign Trade). St. Petersburg Commercial [oint Slock Bank. .St. Petersburg Discount Bank. St. Petersburg International Commercial Bank. \'olga Kama Commercial Hank. Wogau & Co. Pierre, Miquelon — Le Banque des lies St. Pierre et Miq, Pierre (Martinique) West Indias — Plissonneau & Co. Qucniin, France — Banque de France. .Societe Generale. ^ " Rouart, Leparte & Cie. I.ecuyer I'v; Cie. Credit Lyonnais. Sebastian, Spain— Jose y Franco Brunei. Servan, France — A. O'Rorke. .St. Thomas, West Indies— Bank of St. Thomas. Colonial Bank. St. Vincent, West Indies — Colonial Bank. Sala, .Sweden— Malare Provinsernas F.nskiUla Bank. .Salamanca, Spain — Horencio Rodriguez Vega. Banco de Espana. Sale (Victoria), Australia — National Bank of Aus- Iralniia, ltd. Bank of Victoria, lid. Bank of Australasia. Commercial Bank of Australia, ltd. Saleino, Italy — Banca d'ltalia. Salisbuiy, Mashonaland — Standard Bank of .South Africa, lid. Salon, France — Credit Lyonnaisc. Comptoir National d'Escompte de Paris. Salonica, Turkey (in Europe) — Imperial Ottoman Bank. Suler & Roberts. Fratelli Allalini. Salzburg, Austria^P'ranz Berger, vorm Spaeth, Jr. Carl Spangler. Saltillo, Mexico — Agents — London Bank of Mexico and Soulh America, ltd. Samaden, Switzerland — Banque des Grisons. Banque Cantonale des Grisons. J. Tondury. Samara, Russia — Volga, Kama Commercial Bank. Samarang. Java — -McNeil & Co. Nederlandsche Handel Maatschappij. .Samsoun, Turkey— Imperial Ottoman Bank. Sandford, Australia— Colonial Bank of Australasia, lid. Sandgate, Australia— Queensland National Bk. ltd. San Felipe, Chili — Banco de Chile. San Luis Potosi, S. America — Banco de Londres y Mexico. National Hank of Mexico. San Paulo, Brazil — Lon. and Brazilian Bank, ltd. British Bank of .Sonth America, ltd. San Remo, Italy — A. Rul)ino. Asquasciati Freres. Banca di Depositi & Scouti. .San Salvador, Salvador — Blanco & Trigueros. Banco Inlernacional del Salvador. Banco Occidental. San Sebastian, Spain — Jose Brunei & Co. Banco de Espana. Sanson (Wellington), New Zealand— Bank of New Zealand. Santa Ana, Salvador^Banco Occidental. Santa Cruz, Tenerifle— Hamilton & Co. Sanlander, Sp.iin— Lucas Zuniga. Casuso e Ilijo. Doriga e 1 lijos y Hotin- Banco de Espana. Santarein. Portugal — Hank of Portugal. Santiago, Chili— Banco de Chile. Hank of .Santiago. International Hank. D. Matte & Co. Santeago, .Spain — Banco de Espana. W. R. Grace & Co. Santos, Br.izil — London and Brazilian Bank, ltd. Banco Mercantil. British Bank of .South .\merica, ltd. Santuis Potosi, Mexico — National Hank of Mexico. Saragossa, .Spain — Villarroya y Caslellanos. Sar.ijevo, Bosnia — Priv. .Vbtheil. der Union-Bank fur Bosnien und die Herzegovina. Saratow, Russia — Volga Kama Commercial Bank, Scanfs, Switzerland — J. Tondury. 344 Garland's Bankino and Financial Directory. ti ! lii Scarsdale (Victoria) Australia — National Bank of Australasia, ltd Schaflhausen, Swillerland — Zunael & Cie. Schafthausen Ilandelsliank. Hank in Schnnhausen. Scheveningen, Holland -Scheurleer & Fils. Schiedam, Holland —Nederlandschc Handel Matt- schappij. Schippenbeil, Germany — Im]ierial Bank of Germany Schirwindt, Germany — Imperial Bank of (iermany. Schlangcnbad, Germany — Karl Kail) Son, successors Schlawc, Germany--lmperial Bank of (jcrmany. Schneidemulil, German\ -Imperial Bk. of Germany Schuls, Switzerland — Banque Cantonale des Grisons Schwalbach, Germany--Erne»t (iilberl. Marcus, Berle & Co. Bernard Berle. Karl ivMh Son .Successors. Koch, Lautten & Co. Schwedt-on-the-Oder, Germany — Imperial Bank of Germany. Schwelm, Germany — Imperial Bank of (iermany. Schwerin, Germany — Mecklenburgische Bank. L. J. Jaffe. Rostocker Bank. Schwiebus, Germany — Imperial Bank of Germany. Schwyz, Switzerland — Bank of Schwyz. .Scone (N.S.W.) Australia — Bank of New .South Wales. Australian Joint Stock Bank, ltd. Scottsdale, Tasmania — Union Bk. of Australia, ltd. Sedan, P'rance — Banque de France. Societie Generale. Credit Lyonnais. Segovia, Spain — Banco de Espana. Sendai, Japan — First National Bank of Japan. Senekal, South Africa — National Bk. of the Orange P'ree State, ltd. Sens, France — .Societie Genera ".e. .Serajgunge, India— Bank of Bengal. Serena, Chili —Banco de Chile. Sevastopol, Russia — Charles Grierson. Seville, .Spain — MaCx\ndrews & Cie. R. de Otaulaurruchi. Noel & Cie. Banco de Sevilla. ' Banco de F;spana. Em. Bouisset ct Fils. I,. P. Kekewich & Co. \Vm. Leask. Union Bank of Spain and England, ltd. Seymour (Victoria) Australia — Colonial Bank of Australasia, ltd. Bank of Victoria, ltd. Commercial Bank of Australia, ltd. Shanghai, China— Agra Bank, ltd. Agents, Jardine, Matheson & Co. Bank of China, japan and the Straits. Chartered Lank of India, Australia and China. Compioir National d'Escompte de Paris. Hong Kong and Shanghai Banking Corporation Lavers & Co. National Bank of China, ltd. Yokohama Specie Bank, ltd. .Shannon, New Zealank — Bank of New Zealand. Sheep Hills (Victoria) Australia — Colonial Bank of Australia, ltd. Commercial Bank of Australlia, ltd. Sheffield, Tasmania — Bank of Australasia. National Bank of Tasmania, ltd. Shellharbour (N.S.W.) Australia— Commercial Bkg Co. of Sydney, ltd. Shepparton (Victoria) Australia— Commercial Bank of Australia, ltd. Bank of Australasia, ltd. Bank of Victoria, ltd. National Bank of Australasia, ltd. Shiraz, Persia — Imperial Bank of Persia. Sialkote, India— Punjab Banking Co. ltd. .Siegen, Germany — Im|>erial Hank of Germany. Siena, Italy --Whitby & Co. Silao, Mexico — Agents, London Bank of Mexico 5: South America, ltd. Simbrisk, Russia — Volgo Kama Commercial Bank. Simla, India— Alliance Bank of Simla ltd.. Bank o( Upper India, lid. Delhi and London Bank, ltd. Punjab Banking Co,, ltd. Singapore, Straits Settelements — Merchantile Bk. of India, ltd. Hong Kong and Shanghai Bkg. Corportion. Bank of China, Japan aud the Straits. Chartered Bk. of India, Australia and China. Guthrie & Co. .Stiven & Co. Nederlandschc Handel Maatschapnij. Singleton (N.S.W.) Australia — Austr.ilian Stk. Bk., ltd. B.mk of New .South Wales. Commercial Bkg. Co. of .Sydney, ltd. .Sion. Switzerland — Banque F'ederale. Skien, Norway— Norges Bank. Smeaton (Victoria) Australia— National Bk. of Aus- tralasia. Smedjebacken, Sweden — Kopparbergs Enskilda Bank. Smyrna, Turkey— Imperial Ottoman Bank. Paterson & Co. Credit Lyonnais. Snowtown (S.A.) Australia— English, Scottish and Australian Bank, ltd. Sodertclge, .Sweden— Stockholms Enskilda Bank. .Soest, Germany — Imperial Bank of Germany. .Sofala (N.S.W.) Australia— City Bank of Sydney. Sofia, Bulgaria— Imperial Ottoman Bank. Solingen, Germany — Imperial Bk. of Germany. Cuno Ilaarhaus. Solinger Bank. .Solothurn, Switzerland — .Solothurn Bank. Solvesborg, .Swedon — Skanes Enskilda Bank. Somerset, East, South Africa— Standard Bank of South Africa, ltd. Somerville, Australi.i — Colonial Bk. of Australasia, limited. .Sommerfield, (Jermany— Imperial Bk. of Germany. Sonsonate, Salvador — Banco Intcriiacional del .Sal- vador. Banco Occidental. Sorau, Germany — Imperial Bank of Germany. .Sordavala, Russia— Florenings Banken i F"inland. Finland Bank. .Sorrento, Italy — A. Falangola. G. Tramontano. Sourabaya, Java — Chartered Bk. of India, Australia and China. P'rnser, Eaton & Co. Nederlandschc Handel Maatschappij. .Southbridge (Canterbury) New Zealand— Union Bk. of Australia, ltd. South Brighton (Victoria) Australia— English, Scot- tish and Australian Bank, Itil. South Brisbane ((Queensland) Australia— Bank of New South Wales. Royal Bank of Queensland, ltd. iii Australasian a\d Foueion Banks. 845 ncrciat Bank of Mexico & lantile Bk. of Scottish and f Australasia, dia, Australia South Ciraflon (N.S.VV.) Australia — Australian Joint Stock Hank, lui. South Melljournc, Australia — See Mclhourno. Soulhcrn Cross (\VA.) Australia— ('diiiuicrcial Hk. of Auslr.".!!.-!, ltd. South N'arra (Victoria) Australia — Knglish, Scottish and Australian ItnnU, lid. Spa, Bilgiuui — II. llayciii.il. Clmrlcs I'ontnin. Spi'lcr (Spires) (icrmany Iinpcrial Hk.cif (Icniiaiiy. Spc/zin, Italy -Kanislcin licvilaci|iiri iV, ( 'o. Haiica Circundarialc. Sprcuilicrj;, (jerinany Imperial Hk. of ( icrmany. .Srinagar in Kashmir, India I'linjali Hkg. Co., ltd. Stallu|ioncn, (icrmany -Imperial Hk. ot (icrmany. Stanley, Tasmania — National Hk. of Tasmania, ltd. Stanthorpe ((^)ucensland) Australia — Australian Joint Stock r.anU, ltd. Stargardt (Pomcrania) (icrmany — Imperial Hank of (icrmany. .Slargardt (Prussia) (icrmany — Imperial Hank of ( icrmany. Stavangcr Norway— .Stavanger Private Bank. .Stawell (N'ictoria) Australia — London Bank of Aus- tralia, ltd. City of Melbourne Bank, ltd. Union Hank of Australia, ltd. Bank of Australasia. Stcllenboscli, South Africa — Standard Bk. of .South Africa, ltd. Stettin, (icrmany -I pcrial Hank of (icrmany. Schell.i .V Degncr. Ludewi^; & Durr. W. Schlutow. Steynsburg, Transvaal — Standari. \ViU)rn (Kinlanil) Kiissi.i - Niinlisoli'.' Acli ■ iilunk llanild mill liidiislrit'. I'iiilanils ll.iiik. K(irtninj»s liniikcn i Kinlaiul Kansallis Osakepankki (Nalional bank i)f Fin- land. Wickhain (N.S.W.) Australia— Aualralian Jt.,Slock liank, ltd. Wlosbadi'Ti, (icrmany— Imperial liank I'f Cierniany. M. UerlciV Co. U. Ilerle. Martin Wiener. Karl Kail) k Sun, Suect'ssors. Wilconnia (N.S.W.) Austr.dia ('Dninicrcial Hank- inj; ('(). of Sydney, lid. Australian Joint .Stock Hank, London liank of .Australia, It Wildliad, (ierniany W'ni. Kluni|) Willinnistown (Mclli'rnc) .\iistralia Willowie, Australia liaid Willowniorc, South Africa Africa, ltd. Williinna (S.A.) Australia -National liaid< o( Aus- tralasia, \uT. Wilniinnlon (S.A.) Australia - National liank of Aus- tralasia, ltd. Winbur},', South Africa -Hank of Africa, ltd. National Hank of the Oranjje I'ree Slate, ltd. Winchelsea, .\iistralia Colonial Haidv of .\uslralasia ltd. Windsor (N..S.VV,) Australia— Hank of New South Wales. Commercial Hkg. Co. of Sydney, ltd. Australian Joint Stock Hank, ltd (Victoria) .-Vistralia -Knjjlish, .Scottish and Au- stralian Hank, ltd. Wingham (N.S.W.) Australia— Cominercial Bank- ing Co. ltd. Australian Jt. Stk. Co. lid. Wintherthur, Switzerland -Bank of Wintherthur. Winton (Olafjo) New Zealand — Bank of New Zea- land. Winton ((,)ueensland) Australia — Bank of New South Wales. (Queensland Nat. Hank, llt N.ilional Hank. Cicncsce -F'ir.-it National Bank, llailcy- -First Nalional Bank. Kcndrick -I'irst Nalional Bank. I cwision -Firsl Nalinn.,1 \\.\n\s. Lewislon National ISank. Moscow F'irst National Bank ol Moscow. Moscow National Hank. I'ocatfllo I'irst National Bank. Idaho Nalional iiank. Wallace — First Nalional I'.ank. ILLINOIS. .Miingdon— F'irst National Bank. .'\lton — .Mlon Nalional Bank. .Xnna -First National Bank. Areola — Firsl National Hank. .\tlanta -.Vllanla Nalinnal Bank. .\\nora — I'iist National Bank. .\nrora Nalional Bank. (ierinan .Vinerican Nalional Bank. Merchants" Nalional Bank. Old Second Nalional liank. 45 Hatavia — Firsl National Bank. Beardstowiv -I'irst National Bank, Hellevillu — Firsl Nalional Hank. Belvidere— First Nalional Bank, Seconil Nalional B.iiik. ; ;* Bfinent— First National Bank. Bi^g-'ville I'iisl National Baid^. Hlooniington--l''irsl Nalional Haid<. Third Nalional Bank. Nalional Stale Hank. Hushnell -Firsl Nalional Hank. Cairo -.Mexander County Nalional Bank. City Nalional Bank. Cand)ridj;e — I'irsl Nalional Bank. ' . Farmers' Nalional Hank. Canlon -First Nalional Bank. Canton .National Hank. C'arliiiiidale -I''irst Nalional Hank. CarlinviUe -Carlinville Nalional Bank. Carrolllon Cireene Coiiniy Nalional Bank. t'arlhai;e — Hancock County National liank. Cenlralia — Old National Bank. Champait^n- First National ISank. ( hanipaign Nalional Bank. Charleston — First Nalional Hank. .Second National Bank. Chester- -First National Bank. Chicago —First Nalional Bank. I'irsl Nalional Hank of Faiglewood. American I'",.\clianj;e Nalional Hani-. .\llas Nalional Bank. (."ahimet National Hank of .S(]iuh Chicago. Bankets' Nalional Bank. Chicago National Bank. Cominereial National Hank. Continental National Hank. Drovers' .Nalional Bank of Union Slock \'aids. F'ort Dearborn Nati, lal Bank. Globe National Hank. Hide and Leather Nalional Bank. I lome Nalional Bank. Lincoln Nalional Bank. Merchants' N.ilional Hank. Melropolilan Nalional Bank. Nalional Hank oi .Vnierica. Nalional Hank of Illinois. Nalional Bank of the Kepidilie. National Live Slock Hank. Northwestern National Ikink. C)akland Natioi nl Hank of Hyde I'ark. I'lairie State Nalional Har.k. Union Naliona'. Bank. Clinton -Dew ill Cintnly National Hank. Danville First National Bald^. .Second National Bank. I'almer Nalional Bank. Decatur (ati/.ens' .National B.mk. National Bank. Dc Kalb De Kalb National Bank. Delaven -Tazewell County Nalional B.\nk. Dixon — Cily National Bank. Di.\on Nalional Bank. Du (,)uoin - h'irst Nalional Bank. F'.arlville- First Nalional B.mk. I'2asl Saint Louis — Fiist Nalional Baid^. I'>ftingliain -First National B.mk. l'",lgin F'irst Nalional Bank. I'.lgin National Bank. Home Nalioivil Bank. I'^l I'aso l-'irsl National Bank. Fail bury I'itsl National Bank. F'arnier Cily first Nalional Bank. John Wecdtnan National liank. ^54 Oakland's Banking and Financial Directory. ^h'W' ILLINOIS. Flora — First National Bank. Frccport — First National Hank. Second National Hank. Galena — Clalena National Hank. Merchants' National Hank. Galesliurj; -First National Hank. Second National Hank. Galesburg National Hank. Gal\a — Farmers' and Merchants' National Hank. Gene.seo — First National Hank. Farmers" National Hank, (irigfjsville — Griggsviile National Hank. Harrisburg — First National Bank. Havana — Havana Nalinnal Hank. Henry — First National Hank. Hillsboro — 111 >) National Bank. Hoopeston — I'lrst National Bank. Jacksonville — First National Bank. J.acksonvilie National Bank. Jerseyville — First National Bank. Joliet — First National Bank. Jolict National Bank. Will County National Hank. Kankakee — City National Bank. Kansas — First National Bank. Kewanee — First National Bank. Kewanee National Bank. Union National Bank. Kirkwuod — First Natit)nal Hank. Knoxville — I'ariners National Bank. Lacon — First National Hank. Lanark — First National Bank. La .Salle La Salle National Bank. Lincoln — First National linn!;. Gernian-Anieiican National Bank. Lincoln National Hank. Lilchlield — First National Bank. Macoinl) -Union National Bank. Marengo-- First National Bank. Marion — First National Bank. Marseilles — First National Bank. Marshall -Didaney National Bank. Mason City — First National Bank. Mattoon — First National Bank. Mattoon National Hank. .Menl National Bank. Paris — FirsI National Bank. Paris— Edgar Cminly National Haii!. Pa.xlon — First National Bank. Pekin — Farmer's National Bank. German-.Xmerican National Bank. I'eoria- -I'irsi National Hank. Cenlral National Bank. Commercial National Bank. (!i'rman-.\meriean National Rank. Merchants' National Bank. Peoria National Bajik. Peru Peru Nalicmal Hank. Peterslnirg- I'irst National Bank. Pitlslield -I'irst National Hank. Polo -|-',xcliange National Hank. Ponliac — Livingston County Natitmal Bank. National Bank. Princeton — First National Bank. Citizens' National Hank. Farmers' National Hank, (^uincy — First National Hank. •Juincy National Bank. Kicker National Hank. Kochelle — Kochelle National Bank. Rockford — .Second National Bank. Third National Bank. Fores; City National liank. Manufacturers' National Bank. Kockford National Bank. Winnebago National Bank. Kock Island — People's National Bank. Rock Island National Hank. Saleni-Sakni National Hank. Shawneetown — First National Bank. .Shelbyville— First National Bank. Springfield — First National Bank. I'arniers' National Bank. Illinois National Bank. Ridgely National Bank. Slate National Bank. Spring N'alley — Spring Valley National Bank .Sterling -First National Bank. .Sterling National Bank. Streator- City National Bank. Strealor National Bank. Uni(m National Bank. Sycamore -Sycamine National Bank. Tnylorville — Firsi National Bank. Toluca -First National Bank. Tuscola — I'irsi National Bank. Urbana — First National Bank. Vienna — l''irst National Hank. \"irginia — Centennial National B.oik. Farmers' National Hank. Walseka— I'itsl National Bar.k. Waukegan -First National Bunk. Wenona- First National Hank. Wilmington -First National Hank. Commercial National Hank. INDIANA. Alexandria -Alexandiia Nalional Bank. Anderson -National Kxchange P.aiik. /\ltica — Cilizens' National Bank. .•\uburn — I'irst Natio lal Bank. Aurjra — I'irst Nation; I Haid<. Aurora National hank. Bloomington- -I'irst National Bank. Hoonville-lioonville National Hank. Brazil —I'irsi National Bank. Cambridge City —I'irst National Bank. Columbus -I'ii St Nalional Bank. Connersville— First Nalional Bank. National Banks of the U. S. A. 365 INDIANA. Crawfordsville — First N;\tioiwl Hank. Citizens' National Hank. Crown Point -First National Bank. Danville — First National Hank. Decatur — Decatur National Hank. Dunkirk — I'irst National Hank. Flkhart — I'iist National Hank. F.lkliart National Hank. In-liana National Hank. Elwood — First National Hank. Evansville — First National Hank. Citizens' National Hank. Olil National Hank. Fort Wayne — l-'irst National Hank. Hamilton National Hank. Oil) National Fank. White National Hank. Frankfort — First National Hank. Franklin — Citizens National Hank. I'ranklin National Hank, (las City— First National Hank. Goshen-City National Hank. Creencastle — First National Hank. Central National Hank, (ireensburg — First National Hank. Third National Hank. Citizens' National Hank, llaniinond -First National Hank. Ilantin[jton — First Xationnl Hank. ln(lianai)olis — Capital National Hank. Indiana National Hank. Merchants' N'aliunal Hank. Meridian National Hank. Jeffersonville — l-'irst National Hank. Citizens' National Hank. Kendallville — First National Hank. Knigh. town— First National Hank. Kokonio — Citizens' National Bank. Howard National Hank. I.,a Fayette — First National Hank. Fowler National Hank. Merchants' National Hank. Perrin National Bank. I.aCirange — First National Bank. • La Porte — First National Hank. Lawrenceburg — Citizens' National Bank. People's National !{ank. Lebanon — First National Hank. Lebanon National Hank. Liberty — Unio[i County National Hank. Logansport — First N.itional Hank. .State Nati'jual Hank. Madison — First National Hank. National Branch Hank. Marion — I'irst National Hank. Martinsville — I'irst \atii>nal Haid<. .Michigan City -I'irst National Hank. .Mount Vernon — l-'irst National Hank. Mulberry — I'armers' National Hank. Mnncie — Deleware CoiMily National Hank. Farmers' National Hank. Merchants' National Hank. Nev,' Albany -I'irst National Hank. Second National Hank. Merchants' Natic ml Hank. New Albany National Hank. New Castie— First National Hank. Noblesville — First National I'.ank. North Manchester —First National Bank. Lawrence National Bank. North N'ernon— First Nati.inal Hank. Peru— First National Bank. Citizens' National Hank. Plymouth— First National Bink of Marshall County Princeton— People's Nation. il Bank. Richmond — -First National li.vnk. Second National Bank. Union National Hank. Rising .Sun — National liank. Rockville — National Hank. Rushville— Rush County National Bank. Kushville National Bank. .Seymour— First National Bank. .Seymour National Bank. Shelbyvillc — First National Hank. Farmers' National Hank. South Bend -First National Bank. Citizens' National Bank. .South Bend National Bank. Terra Haute — First National Bank. National State Bank. Vigo County National Bank. Valparaiso First National Hank of Porter County. Farmers" National Hank. N'ernon — First National Hank. Vevay — First National Hank. Vincennes-- First National Bank. Second National Bank. German National Bank. Wabash -First National Bank. Wabash National Hank. i Washington -Peoples National Bank. Washington National Hank. INDIAN TERRITORY. .■\rdmore — I'irst National Hank. City National Bank. Muscogee — First National Bank, i'urceli — Chicasaw National Hank. Purcell National Bank. Vinita — First National Bank. IOWA. Albia First National Hank. Algona — First National Hank. Ames— Union National Bank. All imosa — Anamcsa National Hank. All.intic — Atlantic National Hank. Audubon— First National Hank. Belle Plain — First National Hank. Citizens' National Hank. Blanchard — First National Bank. Boone — First National H.itik. Brooklyn, First National Hank. Burlington —I'irst National Bank. Merchants' National Hank. National State Bank. Carroll — I'irst National Bank. Cedar Falls -Cedar F.dls National Hank, Cedar Ka|)ids— Cedar Rapiils National Hank. City National Bank. Merchants' National Hank. Centerville- -First National Hank. Centerville National Hank. Chariton —First National Hank. Charles City— First National Hank. Charles City National Hank. Citizens' National Hank. Chatter Oak— First National Hank. Cherokee — First National Bank. Clarinda — Clarinda National Bank. Clarion — First National Hank. 356 Gari-and's Banking and Financial Directory. ir>W7 :i IOWA. Clinton — Cily National I5ank, Clinton National Hank. Murchants' National Hunk. Colunilms junction --l.oiiisii Comity National Uaiik. Corninij — First National Hank. National Hank. Council Hliifl's l'"irst National Hank. Cre.sco — First National Hank. Cre.ston — First National Hank. Crt'ston National Hank. I)avoii|iort — First National Hank. Citizens' National Hank. ^ Davi'nporl National Hank. Iowa National Hank. Decorali — I'irst National Hank. Penison— I'irst National Hank. Des Moines ('ili/.fn>' National Hank. I)cs Moines National Hank. Iowa National Hank. Valley National I'ank. De Witt I'irst National Hank. I)nlmi|r.i' I'irst National Hank. Second National Hank. Diihu(|ne National Hank. • Dunlap — k'irst National Hank. l'"agk'(;rove-Mi'relianl^' X.ilional Hank. Fllkailer — First National Hank. F.mnietslinr};- I'irst National Hank. Flsllurvillc- -I'irsi National Hank. FairlieUI- First National H.ink. I'orest City -I'irsl National Hank. I'ort Dodjje- I'irst National Hank. Conniiercial National H.\nk. Fort Dodtje National Hank. F'orl Madi-son First National H.mk. < iarner — First National Hank. Glenwood — Mills Coinilv National Hank. (Hidden -First National Hank, (irinnell — First National Hank. Merchants' National Hank. (Iriswold — First National Hank. Cirnndy Center — First National Hank. Gnnidy Comity National Hank. Hartley — First National Hank. Ilawanlen — First National Hank. I lolstein -I'irsl National Hank. Independence I'irst Natiunal Hank. Peoples' National Hank. Indianola "First National Huik. Iowa City -First National liaiik. Iowa Falls — I'irst National Hank. Ireton — I'irst National H.uik. Keokuk- Keokuk National Hank. Knoxville Citizens' National Hank. Knoxville National H.uik. Marion County National Hank. La I'orte City -I'irst National Hank. Laurens - First National Hank. Le Mars- -I'irst National Hank. Le Mars National Hank. Lyons — I'irst National Hank. Citizens' National Hank. Malvern — I'irst National Hank. Farmers' National H.irjk Manchester — I'irst National Hank. Manning — F'irst National Hank. Maquoketa — I'irst National Hank. Marathon — First National Hank. Marengo -F'irst National Hank. Marion— First N.ational Hank. Marslialllown -First National Hank. Marshalltown — C'ity National Hank. Mason City — First National Hank. City National Hank MoCiregor - First National Hank. Missouri \'alley First National Hank. Montezinna — First National Hank. Mount Pleasant- First National Hank. National .State Hank. Muscatine -First National Hank. Nashua — F'irst National Hank. Nevada — First National Hank. New Hampton — First National Hank. Newton - l''irst National Hank. Nora Springs- First National Hank. Odeliolt l-'irst National Hank. Osage— Farmers' National Hank. O.s.age National Hank. Oskaloosa — Oskaloosa National Hank. Ottumwa- First National Hank. Iowa National Itank. Ottmnwa National Hank. I'anora-Guthrie County National ii.uik. Peterson — First National Hank. Pclla I'irst .National Hank. Pella National Hank. Perry- I'irst National Hank. Primgliar— First National Hank. Red Oak — First National Hank. Red Oak National Iknik. Rockford- I'irst National Hank. Rock Rapids -First National Hank. Sac City First National Hank. SanlM)rn — I''irst National Hank. Sheldon- k'irst National Hank. Shenandoah --I'irsl National Hank. .Shenandoah Nati'inal Hank. SiMey - I'irst National Hank. Sigourney — First National Hank. Sioux City —First National Hank. Corn Kxchange National Hank. Iowa State National Hank. Merchants' National Hank. National Hank. Northwestern National Hank. Security National Bank. Sioux National Hank. .Spencer- - First National Hank. Spirit Lake - I'irst National Hank. .Storm Lake — First National Hank. Stuart — ^I'irst National Hank. Sutherland- First National Hank. Tailor -First National Hank. Tama— First National Hank. Tipton-- First National Hank. Villisca — I'irst National Hank. Washington --I''irst National Hank. Washington National Hank. Waterloo - I'irst National Hank. Commercial National Hank. Waukon — First National Hank. Waverle\ — First National Hank. Wehstcr C:ity -First National Hank. Farmers' National Hank. West L'nion —Fayette County National Hank. What Cheer-First NalionalHiiiik. Wiiitersel— First National Hank. Citizens' National Hank. Woodliine — F'irst National Hank. Wyoming First National Hank. National Banks of the U. S. A. h'-^l KANSAS. Abilene —Abilene National linnk. •Xnlhony — First National Hank. Arkansas City Karniirs' Naiinnal Hank. Home National Hank. Atchison — First National Hank. Atchison National Hank. Kxchantje National Hank. Heloit — First National Hank. Hnrlinfjanie - I'irsl National Hank. Hiiilinj^ton — Hitrlington National Hank. I'coplc's National Hank, falilwell I'irst National liank. Cawkcr City- l-'arnuTs and Merchants' National Hk Centralia l''irst National Hank. Chaniile First National Hank. Chanute National Hank. Cherryvale First National Hank. Montgomery C(junty Nationnl Hank, (lay Center- -First Nation.il Hank. People'.s National Hank. Col'feyville First National Hank. Concordia -First Natic^nal Hank. Citizens' National Hank. Cottonwood I'alls Cliasf Comtly National Hank. l)ij;lilon — l''irst National Hank. Dod^eCiiy l''ir>t National Hank. i;i Dorado Fxchange National Hank. Idlsworth Central National Hank. I'.inporia -I'irst National Haid^. I'.niporia National Hank. I'aneka-" First National Haid^. l''ort .Scott — First National Hank. Citizens' National Hank. l'ret National Bank, i'eabody — I'irst National Baid;. Phillipsburg- I'irst National Bank. Pittsburg -Fiist National liank. Manufacturers' Nati'inal Bank. National liai\k. Pratt -First National Bank. Russell First National Bank. •Sabelha National Hank. .Saint John First National Rank. Saint Marys -First National Bank. National Bank. Salina — American National Bank. Farmers' National Bank. Salina National Bank. .Scandia- First National Hank. Sedan -First National Bank. Seneca - I'irst National Hank. Smith Centre — First National Bank. Sn.ith County National Bank. Sterling — First National Bank. Topeka I'irst National Bank. Central National Bank. Kansas National Bank. Merchants' National Hank. Wamego- First Nationa! Bank. Washington — First National Hank. Washington National Hank. Wellington — First National Hank. Sumner National I'.ank. Wellington National Hank. Westmoreland — First National Bank. Wichita — F lulh National Bank. Kansas National Bank. Slate National Bank. \\ ichita National Bank. Winlield- -First National Bank. Cowley County National Hank. Wintield Nalioital Bank. KENTUCKY. Ashland- Second National Bank. ,'\shland National Hank. Merchants' National Hank. Augusta — First National Bank. Farmers' National Bank. ^^^^Js^ ^m 868 Garland's Banking and Financial Directory. I ^^ KENTUCKY. CarroUlon First Xalional Honk. Carrollton National Hank. Catlei' hnrj; — liig Sandy National Hank. Catletlsl)iir(> National iiank. Clay City — Clay City National Bank. Covini.;U)n — First National Hank. Citizens' National Hank. Farmers and Traders' National Hank. (ierman National Hank. Cyn'.liiana -Farmers' National Hank, National Hank. Danville — Boyle National Hank. Citizens' National Hank. Fanners' National Hank. Klizabetlitown -First National Hank. Frankfort — Frankfort National Bank. State National Hank. Fulton — First National Hank, (icorgetown- First National Hank, (ilasgow- First National Hank. Greenville — First National Hank, llarrodslmrg -First National Hank. Mercer National Hank. Henderson — Henderson National Hank. Hickman — Fanners and Merchants' National Hank. Hopkinsville — First National Hank. Huston ville — National Hank. Lancaster— Citizens' National Bank. National Hank. Lebanon — Citizens' National Bank. Farmers' National Hank. Marion National Bank. Lexington — First National Hank. Second National Hank. Third National Hank. I-'ayette National I^ank. Lexington City National Bank. National Exchange Bank. Phrenix National Hank. London — P'irst National Hank. Louisville — First National Bank. Second National Hank. Third National Bank. Fourth National Bank. Citizens' National Bank. German National Bank. Kcntuckey Natiimal Bank. Louisville Cily National Bank. Merchants' National Bank. Union National Bank. Mayfield — First National Bank. Maysville — First National I5ank. State National Bank. Mount .Sterling — Mfaint .Sterling National Hank. Newport — First National Bank. German National Hank. Newport National Hank. Nicholasville- I'irst National Bank. Owenshoro— First National Bank. Owneslxiro National li.mk. Owenton — First National Hank. F'armers' National Hank. I'adiicah — First Naticmal Hank. American-t ierman National Bank. City National Hank, rineville— First National Hank. I'rineeton— First National Hank. Richmond — Second National Bank. Farmers' National Bank. Madison National 15ank. Richmond National Bank, .Somerset — First National Bank. Springfield— First National Bank. Stanford— First National Bank. Winchester — Citizens' National Bank. Clark County National B.ink. LOUISIANA. Baton K()Uge--Firsl National Hank. Franklin — First National Bank. Homer — Homer National Bank. Lake Charles -First National Hank. Monroe — .Monroe National Hank. Ouchita National Bank. New Iberia -New Iberia National Hank. People's National Hank. New Orleans— American National Bank. Germania National Hank. Hibernia National Hank. Louisiana National Bank. Mutual National Hank. New Orleans National Bank. .Slate National Hank. Uni(m National Bank. Whitney National Hank. OpeloHsas- First National Hank. .Shreveport — First National Hank. Commercial National Bank. MAINB. Auburn- -First National Bank. National Shoe and Leather Bank. Augusta- First National 15ank. Augusta National Bank. Granite NVtional Hank. Bang(jr — First National Iiank. Second National Hank. Kenduskeag National Bank. Merchants' National Hank. Veazie National Bank. Bath— First National Bank. Bath National Bank. Lincoln National Bank. .\Larine National Bank. Sagadahock National Bank. Belfast— Belfast National Bank. People's National Bank. Biddeford — First National Bank. Biddeford National Bank. Brunswick— First National Bink. Pejepscot National Bank. Union National ]?ank. Bucksport--Bueksport National Bank. Calais — Calais National Hank, t'amden- Camden National Hank. Daniariscotta— First National Bank. Dexter — First National Bank. Dover — Kineo National Bank. Fastport — F'rontier National Hank. I'.den — First .National Bank of Bar Harbor. F.Usworth- First National Hank. Burrill National Bank. F'airlield — First National Hank F'arminglon — First National Hank. F'ort Fairtielil — Fort Fairtield National Bank. Gardiner — (iardnier National Bank. Merchants' National Bank. Oakland National Bank. Guilloid — F"irst Nulional Bank, llallowell — Hallowell National Bank. Northern National Bank. Huultoi) — First National Bank. ii^ National Banks of the U. S A. 369 MAINE. Iloiillon — FaniKTs' NaliiiiKil Hank. Kinnulmnk OcLMii \alii)iial liaiik. I.twistoii- First Nalidiial Hank. Maniifacliirors' National liank. Limerick -Limerick Natimial Hank. NLidison — First Naliunal Hank. New Castle— New Cnstle Natidiial Hank. North Berwick -North lierwiik National Hank. Norway —Norway National Hank. OaklandMessalonskee National Hank. Phillips -Union National Hank. I'iltslield— I'iltsfiekl National Hank, i'orllanil — First National Hank. Canal National Hank. Casco National Hank. Chapman National Hank. Cumlierlancl National H.mk. Merchants' National Hank. National Traders' Hank. Portland National Hank. Prcsque Isle— Prescpie Isle National Bank. Richmond — First National Hank. Richmond National Hank. Rockland — Lime Kock National Hank. North National Hank. Rockland National Hank. Saco — .Saco National Hank. York National Hank. Searsport - .Searsport National Hank. Skowhcgan First Nation.il Hank. Second National Hank. .South Berwick .South Heiwick National Hank. Thomaston Cicorges National Hank. Thomaston National Hank. Waldoboro-Mcdomak National Hank. Walervillc -Merchants' National Bank. People's National Hank. Ticonic National Hank. Winthrop — National Hank. Wiscasset — First National Bank. \'ork Village — Vork County National Bank. MARYLAND. .Mierdcen— First National Hank. Annapolis — Farmers' National Bank. Baltimore -First National Bank. .Second Naliunal Bank. Third National Bank. American National Bank. (jti/.ens' National Bank. Commercial and Farmers" National Hank. Continental National Hank. Drovers and Merchants' National Hank. i;Jational Bank. Towson Towson National Bank. Westminster- -First National Bank. Farmers and Mechanics' National Bank. Union National Hank. Williamsport — Washington County National Hank. MASSACHUSETTS. Abington - .M)ington National Bank. Adams -First National Bank. (jreylock National Bank. Amesbury — Ameslmry National Bank. Powow River National Bank. Anihcrsl— First National Bank. Andover — .\ndover National Bank. Arlington - First National Bank. Ashburnhai I I'ir.st National Bank. Athol Atlnl National Bank. Miller's River National Bank. Atlleboro — First National Bank. A)cr -I'irst National Bank. Barre -First National Bank. Beverly — Beverly National Bank. Boston -I'irst National Bank. Second National Bank. Third National Bank. Fourth National Bank. Atlantic National Bank. Atlas National Hank. Blackstonc National Bank. Boston National Bank. Buylslon National Bank. Broadway National Bank. Bunker Hill National Baidc of Charlestown. Central National Bank. CoUmd)ian National Bank. Cumineicial National Bank, 860 Garland's IUnkinq and Financial Diuectohy f ■ \ MASSACHUSETTS. Hoslon -Conlineiital Nalinnnl Hank. Kliol Nation.il Hank. Kvcrctt Naliiinal Hank. I'aneiiil Hill Nalioiial Hank. I'iiMl Wanl National Hank. Iricinan's N.ilional Hank. (il.ilie Nalinn.il Hank. Ilainillun N'allonal Hank. Howard National Hank. Lincoln National Hank. Man 'facturtrs' National Hank. Market National Hank. Massachusetts N.aional Hank. Mechanics' National Hank. Merchants' Nnlional Hank. Melropol.' ■• National Hank. Monnniei ional Hank of Charlestuwn. Mount \'ei..on National Hnnk. National Hank of (Jmnnierce. National Hank of North America. National Hank of Kedeniplion. Nallona' Hank of the Coniinonweallh. National Hank of the Repulilic. National Ciiy Hank. National Kaj^le Hank. National Kxchange Hank. National Hide and Leather liank. National Market Hank of Hrij;hton. National Kevero Hank. National Rockland Hank of Koxbury. National Security Hank. National Union Hank. National Wehster I'.ank. New lOngland National Hank. North National Hank. Old Hoslon National Hank. I'eople's National Hank ol koxbury. .Shawnuil National Hank. Shoe and Leather National Hank. South End National Hank. .State National Hank. Suffolk National Hank. Traders' National Hank. Tremont National Hank. Washington National Hank. Winlhrop National Hank, lirockton— Hrockion National Hank. Home National Hank, Hrookline — Hrookline Valional Hank. Cambridge— Charles River National Hank. Cambridgeport -I'irst National Hank of Cand>ridge. Cambridgeport National Hank. National City Hank of Caniliriilge. Canton — Neponsel National Hank. Chelsea— !''irst National Hank. Winnisimniet National Brink. Chicopce — First National Hank. Clinton — First National HaidN. Concord — Concord National Hank. Conway — Conw.ay National Hank. Danvers — I'irst National Haid<. Dedham — Dedhain National Hank. East Cambrit National Haid<. Second National Hank. — '■ :— -• Fall River National Hank. Massasoil National Bank. Fall Rtver Melacoinel National Hank. National Union Hank. I'rocassct National Hank. Fnlmoiith -Falmouth National Hanlv. Filchburg — I'itehburg National Hank, Rollslone National Hank. .Safety I'lind National Hank. Wachusett National Hank. I''ranklin I'ranklin .N.itional Hank, (jardner— First National Hank. (Joorgelown -(ieorgelown .National Bank, {jloucester— First National Hnnk. (^ape Ann National Hank, City National Bank. , Gloucester National Bank. Gradon (Irafton National Hank. Great Harrington --National Mnhaiwe Hank, (ireenlield First National Hank. Franklin (Jounly National Hank. Packard National Hank. Ilarwieh C!ape Cod National Hank, Haverhill - I'irst National Hank, Second National Hank. Essex National Hank. Haverhill National Hank. Merchants' National Hank. Merrimack National Hank. Ilinghani Hingham National liank. 1 lollistonllolliston National Hank, llolyokc City National Hank, lladley Falls National Hank. Holyoke National Hi'.nk, Home National Hank, I'ark National Hank. Ilopkinion- Hopkinlon National Hank, Hudson Hudson National Hank. Ilyannis -First National liank. I|)swich-I''irst National Hank. Lawrence— -Arlington National Hank. Hay State National Hank. LawrenvC National Hank, Merchants' Natioiial Bank. I'acilic National Hank. Lee — Lee National Bank. Leicester — Leicester National Hank. Lenox -Lenox National Hank. Leominster — Leominster National Hnnk, Lowell -First National Hank. Appleton National Hank, Merchants' .National Hank. Old Lowell National Hank. I'rescott National Hanlc. Kailro.ad National Hank. Traders' National Hank. Wamesit National Hank, Lynn -Eirst National Hank. Central National B.mk. Lynn National fiank. Maiuifactur';rs' National Hank. National City Hank. National .Security Bank. Maiden -First National Hank. .Marblehe.ad -Marblehead N.ilional Hank, National (irand Hank. Marlborough -First National Hank. I'eople's National Hank. Melrose — Melrose National Hank. Merrimac First National H.'.nk. .Methuen -National Bank. Middleborougli — Middlcboro.igh National Bank. Milford -Home National Bank. Milford National Bank. Milbury— Milbury National Bank, National Banks ok the U. S. A. 361 MASSAOHUSBTTS. Miltiiii iiluc Mill Nalional llaiik. Mimson — Monsoii National liaiiU. Naiidickcl — I'ncilic Nalional liaiiU. Nalick — Nalick National li.inU. New liei I ford -First National Hank. (Citizens' Nalional Hank. Mechanics' National Hank. Merchants' National Hank. Nalional Hank of (oninicrce. Ncwlniryport— First Nalional Hank. Moclinnics' Nalional Hiiik. Merchants' Nalional Hank. Ocean National Hank. Newton -First National Hank of We.si Newton. Newton Nalional Hank. North Adams Adams Nalional Hank. Hcrkshire National Hank. Northampton- First Nalion.d Hank. Hampshire Coimty National Hank. Northampton Nalional Hank. North Attlehoroiij^h — North Atllelioroiijjh National Hank. Northborough Northborough National Hank. North Kaston — First National Hank of lOaston. Orange - Orange Nalional Hank. Oxford —Oxford National Hank. Palmer — I'almer National Hank. I'eabody — .South I )anvers National Hank. Warren National Hank. I'ittsfield Third Nalional Hank. .■\gricullural Nalional Hank. I'ittsfield National Hank. I'lymoutli Old Colony Nalional Hank. I'lymouth Nalional Hank. I'lovincelown —First Nalional Bank, (^nincy -National (iarnite Hank. National Momil Wollaslon Hank. Randolph -Kandol|)h Nalional Hank. Reading -First National Hank. Rockland -First Nalional Hank. Rock|)ort Rockport National Hank. .Salem -F'irst National Hank. Asiatic National Hank. Mercantile National Hank, .Merchants' National liank. National Fxchangc Hank. Naund — National Bank. Three Kivjrs— I'irst National Bank. Three Rivers National liank. Traverse City — First National Bank. Union City^Farniers' National Hank. Union City National Hank. Vassar — First National Hank. White Pigeon — First National Bank. Vpsilanti— First National Bank. MINNESOTA. Albert Lea -First National Hank. Albert Lea National liank. Alexandria — First National Hank Anoka —Anoka National Hank. Appleton — First' National Hank. Austin— First National Hank. Austin National Hank. Citizens' National Hank. Hrainerd - First National Hank. Hreckenridge— First National liank. Crookston — First Naliimal Hank. Merchants' National Bank. Detroit City— First National Bank of Detroit. Dululh— First National Bank. Marine National Hank. National liank of Commerce. East (jrand Forks— P'irst National Hank. Elbow Lake — First National liank. Faribault — First National Hank. Citizens' National Bank. Fergus Falls— First National Bank. Citizens' National Bank. Fergus Falls National Hank. Cilencoe — First National Bank. Hastings — First National liank. Kasson— First National Hank. Lake Benton — First National Bank. Little Falls— First National Hank. (jcrman American National Bank. Luverne — First National Hank. Mankato — First National liank. Mankato National Hank. National Citizens' Hank. Marshall — First National Hank. Lyon County National Bank. Minneapolis — l'"irst National Bank. Columbia National Bank. Flour City National Bank. National Bank of Commerce. Nicollet National Hank. Northwestern National Bank. Union National Hank. Moorhcad — First National Hank. Moorhead National Bank. Morris — First National liank. New Duiuth — New Duluth National Bank. Northfield— First National Bank. Owalonna — First National Bank. National Farmers' Hank. Pipestone —First National Hank. Princeton — First National Bank. Red Lake Falls — First National Bank. Red Wing — First National Bank. Rochester — First National Hank. Rochester National Hank. Union National Bank. Saint Cloud — First Natiimal Bank. German American National Bank. Merchants' National liank. Saint James-First National Hank. Saint Paul — First Natinr.a! Hank. Second National liank. Merchants' National Bank. Saint Paul Nati(jnal Hank. Saint Peter— Kirsl National Bank. Sauk Center — First National liank. Shakopce — First National Hank. Stillwater — First National liank. Lumbermen's National liank. Tower — First National Bank. Wabasha — First National liank. Wadena--l''irst National Bank. Merchants' National Hank. Wells— First National liank. Winona — First National Bank, Second National Hank. MISSISSIPPI. .Mierdcen— First National Bank. Colundius- First National Bank. Greenville -I'irst National Bank, [ackson -First National Hank, Meridian — First National Bank. .Meridian National Bank. !i|: r'f' National Banks of the U. S A. 363 MISSISSIPPI. Natchez — First Naiional Bank. Tupelo — First National liank. Vicksburg — First National li.ink. Merchants' National Bank. West Point — First National Bank. Yazoo City — First National Bank. MIS . OURI. Appleton City — First National Bank. Boonville — Central National [5ank. Brunswick — First National Bank. Butler — Bates County National Bank. California — Moniteau National Bank. Cameron— First National Bank. Cape Girardeau — First National Bank. Carrolton — First National Bank. Carthage — First National Bank. Carthajje National Bank. Central National Bank. Chillicothe — First National Bank. Citizens' National Bank. Clinton— First National Bank. Columbia — Boone County National Bank. Exchange National Bank. (Irant City — First National Bank. Hamilton — First National Bank. Hannibal — First National Bank. Harrisonville — First National Bank. Hopkins— First National Bank. Independence — First Natio'' .1 Bank. Jefferson City — First National Bank. Joplin — First National Bank. Joplin National Bank. Kansas City — First National Bank. American National Bank. Citizens' National Bank. Metropolitan National Bank. Midland National Bank. Missouri National Bank. National Bank of Commerce. Union National Bank. King City — First National Bank. Kirksville — First National Bank. Lamar — First National Bank. Liberty — P'irst National Bank. Macon — First National Bank. Maryville — First National Bank. Maryville National Bank. Memphis — Scotland County National Bank. Mexico — First National Bank. Milan— First National Bank. Moberly — First National Bank. Nevada — P'irst National Bank. Odessa — National Bank. Palmyra — First National Bank. Paris — National Bank. Pierce City — Pierce City National Bank. Plattslnirg — First National Bank. Rol'.A— National Bank. Saint Charles— First National Bank. Saint Joseph — National Bank. Saxton National Bank. Schuster-Hax National Bank. Slate National Bank. Saint Louis — Third National liank. Fourth National Bank Chemical National Bank. Continental National Bank. Laclede National Bank. Merchants' National Bank. Saint Louis — National Bank of Commerce. National Bank of the Republic. Saint Louis National Bank. .Sedalia-- First National Bank. Third National Bank. Citizens' National Bank. Sedalia National Bank. Springfield — American National Bank. Central National Bank. Stewartsville — First National Bank, Tarkio— First National Bank. Trenton — First National Bank. Grundy County National Bank. Unionville — Marshall National Bank. National Bank. Webb City — First Nation.al Bank. MON'. \NA. Anaconda — First National Bank. Billings— First National Bank. Yellowstone National Bank. Boulder— First National Bank. ' Butte City— First National Bank of Butte. Silver Bow National Bank. Dillon — First National Bank. Fort Benton — Stockmen's National Bank. Great Falls — Great Falls Nation,al Bank. Northwestern National Bank. Helena— American National Bank. Helena National Bank. Merchants' National Bank. Kalisi)ell — First National Bank. Conrad National Bank. Globe National ]5ank. Livingston — National Park Bank. Miles City — First National Bank. Missoula — First National Bank. Western Montana National Bank. Neihart — First National Bank. Philipsburg — Merchants and Miners National Bank. NEBRASKA. Albion — First National Bank. Albion National Bank. Alliance— First National Bank. Alma — First National Bank. Arapahoe — First National Bank. Arlington — First National Bank. Ashland — National Bank. Auburn— First National Bank. Carson National Bank. Farmers and Merchants' National Bank. Aurora — F'irst National Bank. Beatrice— First National Bank. Beatrice National Bank. German National Bank. Beaver City — F'irst National Bank, Blue Hill- First N.ational Bank. Broken Bow — First National Bank. Chadron — First National Bank, Columbus— First National Bank. Cozad — First National Bank. Creighton— First National Bank. Crete — First National Bank. Crete National Bank. David City — First National Bank. Central NebraskaNational Bank. City National Bank. De Witt— First National Bank. Elm Creek — First National Bank. Exeter — First National Bank. 364 Oakland's Bankino and Financial Directory. M 1. nif t'h=. NEBRASKA. Exeter — Exeter National Bank. Fairbury — First National liank. Fairfield — First National Hank. Falls City — First National Hank. Frtiiiont — First National I'nnk. Commercial National Hank. Farmers and Merchants' National Hank. Fremont National Hank. Friend— First National liank. FuUerton — First National Hank. Geneva — First National Hank. Ceneva National Hank. Gibbon — First National Hank. Grand Island — First National Hank. Citizens' National Hank, Security National Hank. Gothenburg — First National Hank. Grant — First National Hank. Greenwood— P'irst National Hank. Harlinfton — First National Bank. Harvard — First National Bank. Hastings — First National Bank. Exchange National Bank. German National Bank. Hebron — First National Bank. Holdrege — First National Bank. Holdrege National Hank. United States National Bank. Humbolt — First National Hank. Kearney — First National Bank. HufTalo County National Hank. City National Bank. Kearney National Bank. Lexington — First National Hank. Dawson County National Bank. Liberty — First National Hank. Lincoln — First National Bank. American Exchange National Bank. Columbia National Bank. German National Bank. Madison — First National Bank. McCook — First National Bank. Minden — First National Bank. Nebraska City — Merchants' National Bank. Nebri :>Ka City National Bank. Otoe County National Bank. Neligh — First National Hank. Nelson — First National Hank. Norfolk —Citizens' National Bank. Norfolk National Hank. North Bend — First National Bank. North I'latte— First National Hank. North Piatt National Bank. Oakland — First National Bank. Omaha — First National Hank. American National Bank. Commercial National Bank. Merchants' National Hank. National Hank of Commerce. Nebraska National Hank. Omaha National Bank. Union National Bank. United Stales National Bank. O'Neil— First National Bank. Ord — First National Bank. Orleans — First National Bank. Pawnee City — First National liank. Farmers' National Bank. Pender — First National Bank. Pierce — First National Bank. Plattsmouth — First National Bank. Ravenna — First National Bank. Rushville— First National Bank. Saint Paul — First National Bank. Citizens' National Bank. Saint Paul National Bank. Schuyler— First National Bank. Schuyler National Bank. Seward — First National Hank. Jones National Bank. Shelton— First National Bank. South Omaha — Packers' National Bank. .South Omaha National Bank. Union Stock N'ards National liank. Stanton — First National Bank. .Sterling — First National Bank. Superior — First National Bank. Sutton — First National Bank. Sutton National Bank. Syracuse — First National Bank. Tecumseh — Tecumseh National liank. Tekamah —First National liank. Tobias — F"irst National Bank. Wahoo— First National Bank. Saunders County National Bank. Wayne — Urst National Tiank. Wayne National Bank. Weeping Water — First National Bank. West Point — First National liank. West Point National Bank. Wisner — First National Bank. Wood River — First National liank. Wymore- -First National Bank. York — Nebraska National Bank. Vork National Bank. NEVADA. Reno — First National Bank. Winnemucca — First National Bank. NEW HAMPSHIRE. Berlin- -Berlin National Bank. Charlestown — Connecticut River National Bank. Claremont — Claremont National Bank. People's National Bank. Colebrook — Colebrook National Bank. Concord — First National Bank. Mechanics' National liank. National Stale Capital Hank. Derry — Derry National Bank. Dover — Cochecho National Bank. Dover National Bank. .Strafibrd National Bank. East jafTrey — Monadnock National Bank. Farmington - Farminglon National Bank. Franklin Falls — Franklin National Bank. Great Falls — Great Falls National Hank. Soniersworlh National Bank. Hanover — Dartmouth National Bank. Hillsborough —First National Bank. Keene— Ashuelol National liank. Cheshire National Hank. Citizens' National liank. Keene National liank. Laconia — Laconia National liank. People's National liank. I,akeport — National Hank. Lancaster — Lancaster National Bank. Lebanon — National liank. Littleton — Littleton National Bank. Manchester — Fir,st National Bank. Second National Bank. National Banks of the U. S. A. 365 NBW HAMFSHIRB. Manchetser — Amoskeag National Bank. Manchester National Bank. Merchants' National Hank. Milford — Souhegan National Hank. Nashua^Kirst National Bank. Second National Bank. Indian Head National Bank. New Market— New Market National Bank. Newport — First National Bank. Citizens' National Bank. Peterborough — First National Bank. I'ittsfield— Pittsfield National Bank. Plymouth — I'emigewassct National Bank. Portsmouth — First National Bank. National Mechanics and Traders' Bank. New Hampshire National Hank. Rockingham National Bank. Rochester — Rochester Nadonal Bank. Tilton — Citizens' National Bank. Winchester — Winchester National Bank. NBW JBRSEY. Allentown— Farmers' National Bank. Asbury Park — First National Bank. Atlantic City^Sccond National Bank. Atlantic City National Bank. Union National Bank. Atlantic Highlands — Atlantic Highlands National Bank. Uelvidere — Belvidere National Bank. Bloomfield — Bloonifield National Bank. Bloomsbury— Bloomsbury National Bank. Boonton — Boonton National Bank. Bound Brook —First National Bank. Bridgeton — Bridgeton National Bank. Cumberland National Bank. Burlington — Mechanics' National Bank. Camden — F'irst National Bank. Camden National Hank. National .State Hank. Clinton— First National Bank. Clinton National Bank. Cranbury — First National Bank. Deckertown— Farmers' National Bank. Dover — National Union Bank. East Orange — East Orange National Bank. Elizabeth — I-'irst National Bank. National State Bank. Englewood — Citizens' Nation.il Bank. Flemington — Flemington National Bank. Hunterdon County National Bank. Freehold — First National Bank. Central National Bank. Krenchtown — Union National Bank, (ilassboro — First National Bank. 1 lackeltstown — Hacketlslown National Hank. Iladdonfield — Haddontield National Bank, llightslown — First National Bank. Hol)ok«n -First National Bank. Second National Hank. Hopewell — Hopewell National Bank, jamesl.urg — First National Bank. Jersey City — First National Bank. Second National Hank. Thiid National Bank. Hudson County National Bank. Keyport — People's National Bank. Lambertville — Amwell Natior..-vl Bank. Lambertville National Bank. Long Branch — First National Bank. Madison — First National Bank. Manas(|uan — First National Bank. Medfor National Hank. (jellyslinr|»" First National Hank. (letlysluiru National Hank, (iirardville— F'irst National Hank, (lien Kork First Natiimal Hank, (ireencaslle First .National Hank. Cireensliurt; • First National Hank. Merchants and I'arniers' National Hank. Clrpenville- F'irst Nalional Hank. (ireenville Nalional Hank. Hanover - l''irst Nalional Hank. Ilarrislmri,' I'irsl National Hank. inislinrg National Hank. .VUirchants' National Hank. Ilatboi'o -ll.itboro National Hank. IlazKlon l''irst National I'.ank. Ila/lelon Nalional Hank, liolliilaysbiirg I'irst Nalional Hank. I loniestcail I'irsl National Hank. Ilonesdale llonesdale N.itional Hank. Iloneybrook — Fir.st National Hank. II nghesville I'irsl Nalional Hank. 1 Inninu'lsiown I luninR'lstoun National Hank. Huntingdon -First National Hank. Indiana -First Nalional Hank. Irwin -l'"ir.st National Hank, leaiiiu'tle -First Nalional Hank, Ji'iikinlown -jenkintown Nalional Bank, lohnsonlmri; -Johnsonburg Nalional Hank. Johnstown -F'irst Nalional liank. Citizens' National Hank. Kennett Scpiare — National Hank. Kittanning — F'arniers' National Bank. National Bank. Lancaster — F'irst National Bank. Conesloga National Hank. Farmers' National Hank. F'ldton National Hank. Lancaster County Nalional Hank. Northern Nalional Hank. I'eople's Nalional Hank. Langhorne — I'cople's Nalional Hank. Lansdale -F'irst National Hank. Latrobe -I'irst National Hank. Citizens' National Hank. Lebanon -First National Hank, Lebanon National Hank. \'alley National Hank. Lehiglilon— F'irst National Hank, Lewisburg — Lewisburg National Bank, Union National Hank. Lewislown -MilUin County Nalional Bank. Lincoln— Lincoln Nalional Hank. Leiilz— Letilz Nalional liank. Lock Haven -l''irst National Hank, >.!ahanoy City — l''irst National Hank Llnion >fational Hank. Malvern —National Hank. Manheiui —Keystone National Hank. Manheim National Hank. Marietta- First Nalional Hank. Mauch Chunk -l''irsi Nalional Hank. .Second Nalional Hank. Linderman National Hank. McDonakl -First Nalional Hank. McKeesport — First National Hank. !!' ':t:f: 372 Gauland'h Bankino and Financial DiuEcronY. PENNSYLVANIA. t -it m '■•■'■ McKi'cs|)orl— CiliienK* Nntionnl llniik. NniionnI Itaiik. Mi'nilvilk' Mcrctiiuils' NniionnI Itnnk. Mcchnnicsliiiti;- l'"itst NniionnI Hank. SltoikI N.ilion.'il |l:\nli. Mcdin - I'irsl NniionnI Itnnk. Chnrlur NniionnI llniik. MerciT - Kirsl Nnlif ilie KepuMic. Nntionnl Seenrity Hnnk. Noilhern Nntionnl Hntik, Nortliwestern Nntionnl Hnnk Pinn Nniionul Hnnk. Philndrlphia Nntional Hank, (^>u.ikir City NniionnI Hnnk.' Soutliwnrk Nntional liank. Soiilhweslern National Hank. Tradesmen's Nntionnl Hank. Union National linnk. Western NalionnI Hnnk. Philipslinr^; I'irsl NniionnI linnk. I'liienixville -Fanners and Mei'lianics' Nat. Hank. NniionnI Hnnk. Pittslinrg First Nalionai H.mk, .Second National Bank, Third Nntionnl Hnnk. Fourth NniionnI Hnnk. I'illh NniionnI Hnnk. Allegheny Nntionnl Hnnk. C"ili/ens' NniionnI linnk. Colnniliin NalionnI linnk. ConimcrcinI Nntional Bank. Dinnmnd NniionnI Hnnk. DiKpiesne Nalionai Bank. Exchange National Hank. Farmers' Deposit National Hank. I'irst National Hank of Birmingham. F'ort I'itl Nalionai linnk. (iermnn National linnk. Iron City NalionnI linnk. Liberty NalionnI Bank. Lincoln NalionnI Bank. Marine Nalionai Bank. Mech. nics' Natii nal Hnnk. Merchnnts and .Mnniifnclurers' Ni.'onal Hank. Metropolitan Nali mal Hank, Monongahela Nntionnl Hnnk, NniionnI Hnnk of Western Pennsylvania. Pennsylvania NniionnI linnk. People's Nntionnl Hnnk. Pillsliurgh Nntionnl liank of Counnerce. 'I'radesnien's Nalionai Bank. Union Nalionai Bank. Piltslon- First NalionnI Hnnk. PlynKuith — First NniionnI Hnnk, Port Allegnny First NalionnI linnk. Pottslown — Citizens' Nntional linnk. National Hank of I'oitstown. National Iron Bank. , Pottsville — CovernnienI Nali mal linnk. Miners' National linnk. Pennsylvnnia Nalionai Bank. Punxsulawney — First National Bank. (j)iinkerlo\vn -(^uakertown NniionnI Hank. (Jiiarryville --(Quarry ville National Bank. Beading — First National Bank. Second National Bank. F'nrmers' National liank. Keystone Nalionai Bank. National Union Hank. Penn Nalionai Hank. Reading Nntional Hank. Reedsville — Ueedsville National Bank, National Banks of the U. S A. 87S PENNSYLVANIA. Kenovn — Firm Nnlinnnl Hunk. Ki'jniiltlsville — Kir.il Nalimiiil Hnnk. Kocliestcr — First Nnlicmnl Hnnk. UoytTsford- lloinc Naiionnl Hnnk. NntidnnI Hnnk. Salisbury First National Hank. Schwcnk^ville- Nalinnal Hank, Scottdalf- First Naliniinl Hank. Scranton -First National Hank. Third Nationul Hank. Trader's National Hank. .Si'lins (jrove - l''irsl National Hank. .Si'llcTsvilliv- Scllirsvilii' National liaidi. Si'wickU-y- l'"irst National Hank. Sliamokin -I'irst National Hatik. Sliaron — l''irst National Hank. Sharon National Hank. Shenandoah -l*'irst National H.ink. Merchants' Natioipal Haid<. ShippenslairK First National Hnnk. Slatinfjton Na'ional Hank. Somerset— I'irst National Hank. .Somerset County National Hank. Smiderton — Union National li.ink. South Helhlehem— .South Htllikheni National Hank, liprinj; City -National Hnnk. Steelton — Steelton National Hank. Stewartstown — First National Hank. StrasliurR First National Honk, Stroudslmrj;- First National Hank. .Stroudsliurj^ National Hank. .Sunliury — First National Hank. Sus(|nehanna — I'irst National Hank of Sus(|uel)anna Depot. Cilj' National Hank. Tainaqua -First National Hank. Tarcntiiiii— National Bank. Titusville — Second National Hank. Towanda— First National Hank. Citizens' National Hank. Tunkhannock — Wyoming National Bank. Tyrone — First National Hank. Uniontown — First National Hank. National Hank of Fayette County. Hell Vernon — F'irst National Hank. Verona — First National Hank. Warren — First National Hank. ("itizens' National Haid<. Warren National Hank. Washington — First National Hank. Citizens' National Hank. Farmers and Mechanics' National Bank. Watsontown— Fanners' National Hank. Watsontown National Hank. Waynesboro — First National Hank. People's National Hank. Waynesburg — Citizens' National I'ank. Farmers and Drovers' National Bank. Wellsboro — l''irst National Hank. Wellsboro National Hank. West Chester — First National Hank. Farmers' National Hank. National Hank of Chester County. West Grove — National Hank. Wilkes Harre--First National Bank. .Second National Hank. Wyoming National Hank. Wilkinsburg — First National Hank. Williamspoit — First National Hank. Lycoming National Hank. Merchants' National Hank. Willlamin)ort— W'e«t Branch Nutional Bunk. Willianisport National Hnnk. Wrighlsville- l''irsl National Hank. Vnrdley -Vnrdley National Hnnk. York— First Nntional Hank. Drovers and Mechanics' Nation.il Hank. Fanners' National Hnnk. Western National Hank. \'ork County Nntional Hank. \'ork National Hank. RHODB ISLAND. Ashnway— Ashaway National Hank. Bristol— First National Hank. National Kagle Hank. CentrcvilU" - Ceiitreville Nntional Hank of Warwick. F.ast (ireenwich • (ireenwich National Hank, tireenville National Fxchange Hank. Hope Valley First National Haidi of Ilopkinton. Kingsliui National Landholders' Hank. Newport- First National Hank. Acpiiiineek National Hank. National Hank of Khode Island. National l^xehange Hank. Newport National Haidi. Union Nntional Hank. I'asroag - I'nseoag National Hank. I'nwtiicket— First National Hank. Pacific Natiiuial Hank. Slater National Hank. Phenix- Phenix National Hank. Providence — First National Hank. Second National Hank. Thiruanah —City National Bank. Rockdale — First National Bank. Rockport — First National Bank of Aransas Pass. IP ' J lii 376 Garland's Banking and Financial Directory. UHmQ' TTinS TEXAS, Rockwall— Rockwall County Nntional Bank. Rusk — First National Hank. San Anjjelo — (Citizens' National Bank. Concho Nation;' I Hank. San An^;clo National Hank. .San Antonio — I'ilth National Hank. .\lanu) National Hank. Lockwood National Hank. .San Antonio National Hank. .San Marcos — First NatitMiai Bank. (ilover National Bank. Seymour — First National Bank. Sherman — Merchants anil Planters' National Bank. Stephenville — First National Bank. Sulphur Springs — First National Bank. City National Bank. Taylor — First National Bank. Taylor National Bank. Teinple — First National Bank. Temple National Bank. Terrell — First National Bank. Texarkana — First National Bank. Inter-State National Bank. Texarkana National Bank. Tyler — First National Bank. City National Bank. Tyler National Bank. Uvalde -First Nation.al Bank. Van Alstyne — F'lrst National Bank. Velasco — Velasco National Bank. Vernon — .State National Bank. Victoria — First National Bank. Waco— First National Bank. Citizens' National Bank. Farmers and Merchants' National Bank. Provident National Bank. Waxahachie — F'irst National Bank. Citizens' National Bank. Waxahachie N.ational Bank. Weatherford— First National Bank. Citizens' National Bank. Merchants' and Farmers' National Bank. Wharton— First National Bank. Whitewright— First National Bank. Wichita Falls— City National Bank. Panhandle National Bank. Wolfe City— Wolfe City National Bank. V'oakum —First National Bank. UTAH. Logan — First National Bank. Nephi — First National Bank. Ogden — First National Bank. Commercial National Hank. Utah National Hank. Park City — First National Hank. Provo City — First National Bank. National Bank of Commerce. Salt Lake Cily — .Xmerican National Hank. Commercial National Hank. Deseret National Bank. National Bank of the Republic. Union National Bank. Utah National Bank. VERMONT. Barre — National Bank. Barton — Barton National Bank. Bellows Falls — National Bank. Bennington— First National Bank. Bennington County National Bank. Bethel-National White River Bank. Brandon -First National Bank. Brandon National Bank. Brattlehoro — People's National Bank. Vermont National Hank. Burlington — llowaril National Hank. Merchants' National Bank. t hel.sea— National Bank of Orange County. Chester- National Hank. Danville — Caledonia National Bank. Derby Line — National Bank. Fair Haven — First National Bank. Allen National Hank. Hyde Park — Lamoille County National Bank. Island Pond — Island Pond National Bank. Lyndon — National Bank. Lyndonville — Lyndonville National Bank. Manchester Center — Factory Point National Bank. Middlebury- National Bank. Montpelier — First National Bank. Montpelier National Bank. Newport — National Bank. North Bennington— First National Bank. Northfield— Northtield National Bank. Orwell — First National Bank. Poultncy— First National Bank. Proctorsville — National Black River Bank. Rutland — Baxter National Bank. Clement National Bank. Killington National Bank. Merchants' National Bank. Rutland County National Bank. Saint Albans — Welden National Bank. Saint Johnsbury — First National Bank. NIerchants' National Bank. Springfield— First National Bank. X'ergennes- Farmers' National Bank. National Bank. Waterbury — Waterbury National Bank. Wells Kiver -National Bank of Newbury. Wesi Randolph — Randolph National Bank. White River Junction — National Bank. Woodstock — Woodstock National Bank. VIRGINIA. Alexandria— First National Bank. Citizens' National Bank. Bedford City— First National Bank. Bristol — Dominion National Bank. Buchanan- -First National Bank. Buena \"ista— First National Bank. Charlottesville— People's National Bank. Covington -Covington National Bank. Culpeper — Farmers' National Bank. Danville — Planters'jNational Bank. Fredericksburg -National Bank. Front Royal — Front Royal National Bank. Harrisonburg — First National Bank. Leesburg — Loudoun National Bank. People's National Bank. Lynchburg -First National Bank. Lynchburg National Bank. National Exchange Bank. People's National Bank. Mount Jackson— Mount Jackson National Bank Newport News— First NaUiiMal Bank. Norfolk— City National Bank. Norfolk National Bank. Petersburg— National Bank. Pulaski — Pulaski National Bank, National Banks of the U. S. A 377 VIRGINIA. Richmond — First National Bank. Merchants' National Bank. National Bank of Virginia. rianlcTs' National Bank. Roanoke- -First National Bank. Commercial National li.ink. National Kxchange Bank. Salem — Farmers' National Bank. Staimton — Augusta National Bank. National Valley Bank. Winchester— Shenandoah Valley National Bank. WASHINGTON. Aberdeen— First National Bank. An.icortes — First National Bank. Blaine — Blaine National Bank. Centralia — First National Bank. Chehalis— First National Bank. Cheney — First National Bank. Colfax — First National Bank. Second National Bank. Colton —First National Bank. Davenport — Big Bend National Bank, Dayton — Citizens' National Bank. Columbia National Bank. Everett — First National Bank. Fvcrctt National Bank. Fairhaven — First Natioual Hank. Fairliaven National Bank. Goldendale — First National Bank. I{o<|uiani — First National Bank. Montesano — First National Bank. Mount Vernon— First National Bank. North Yakima — First National Bank. Vakima National Bank. Oakesdale^ First National Bank. Olympia — -First National Bank. Capital National Hank. I'alouse — First National Bank. I'omcroy — First National Bank. I'ort 'l"ownseni National Bank. I'uyallup — First National Bank. Seattle— First National Hank. JJoston National Hank. Commercial National Bank. Merchants' National Bank. National Hank of C'oniuiercc. I'ugcl Sound National Hank. S'.-attlo National Hank. Washington National Hank. Slaughter — First National Hank. Snohomish — First National Hank. Snohomish National Hank. South Heiid -First National Hank. Spokane -Hrownc Natioii,\l Hank. Exchange Nati3 5< 2,421,668 54 Total Aisels. $85,192,921 70 99,159,050 53 III.973.3iS 03 Cii.veriiineiit Delieiiturcs or Stuck. $1,437,870 56 1,449,836 33 I^inns tu the Governments. $1,302,218 52 543.583 50 I^ans, &.C., to Corporations. $2,103,189 II 2,449*59^ 88 Notes and Bills Discounted and Current. $ 89,764,279 22 113,384,104 21 Notes, SiC, overdue and not specially secured. $1,406,543 39 1,141,410 75 Overdue debts secured . $1,347,162 61 « 553.863 34 Loans, discounts or ad- Loans, discounts vances for which the Balances due from or advances for Honds or debentures Agencies of the B:ink Government Loans to the Loans to which shares of of Municipal or other or from other Banks Debentures or tiovernment of Provincial the capital stock corpi.raiions, or Do- or Agen ies in the Stock. the Uominion llovernmcnts. of any uther Uank minion, Provincial, United Kingdom. are held as collateral security. British or Foreign public securities are held as collateral $i.373.'95 95 securities. $3,402,461 63 $244,766 12 $ 19.507 23 $3,812,914 78 $2,503,652 79 1.558,037 59 1,204,843 85 144,660 32 20,810 21 5,308,810 93 5,606,816 U 1,601,275 77 «. 331. 151 33 56,955 33 147,561 99 2.976,651 51 3,531,986 10 2,295,283 48 1,280,590 93 97.147 90 277,089 32 2,829,588 12 6,814,100 42 2,285,357 77 2,682,262 12 192,984 89 813,349 69 2,091.522 04 5,506.701 85 1,290,501 52 2,203,179 43 77.654 85 1,838,724 87 2,580,616 68 5,782,760 07 5,287,245 96 2,086,922 13 80,699 28 574,515 80 1,200,446 82 5,894,212 80 Loans, Discounts or advances for which stock, bonds or de- Balances due from Privincial bentures of Munici- Agencies of the Bank Dominion British or Koreitjn Loans to the Loans to pal or other corpora- or from other l^anks Government or Colonial public (lovernnient of Provincial tions, or Dom nion, or .\gencies in the debentures securities ■ ther the Dominion. Governments. Provincial, British or United Kingdom. or stock. than Canadian. Foreign or Colonial public securities other than Canadian, are held as collateral securities. $4,714,4=4 41 $1,122,109 30 $1,565,542 42 $609,220 25 $ 632,137 65 $ 8,011,068 07 5,814,626 60 1,099,822 63 1,802,504 64 895,998 32 823,765 92 13.976,340 80 1,813,235 02 1,006,869 29 1,285,1179 08 651,952 62 9". 523 49 16,861.583 82 4,225.913 08 900,722 63 1,325.044 71 825,182 15 1,696,007 25 IO.4i5.ISS 52 5,118,913 82 1,405,435 84 1,612,985 81 1,517.432 69 850,898 08 11.929.655 74 3.936,556 .39 4.317.070 50 3,351.106 04 1,170,642 56 1,296,190 18 12,556,050 53 2,581,665 58 4,438,638 40 3,046,210 78 1,083.783 79 1,594.284 25 13,153,174 67 3,268,154 14 2,699,679 73 3,659,640 06 1,004,181 06 2,065,674 68 10.451.761 16 3.703,936 46 2,045,076 56 4.475.132 37 1,246,447 n 582,834 68 11,737,187 69 3,961,996 59 2,603,236 58 5,550,051 81 1,036,390 26 927,100 83 13,516,388 27 4,031,652 77 2,462,347 47 6,141,090 30 923.739 30 «. 742,313 90 13,440,019 55 I; 382 Garland's Banking and Financial Directort. Assets (Continued). 3i»t December each year. Real Kstate other than the Bank Premises. Bank Premises, Other .Vssels not included alHjve. $2,520,293 37 2,500,764 63 Total Assets. '871 1872 $856,581 78 797,790 60 $1,760,663 97 2,022,943 66 $136,016,959 92 157,639.816 10 31st December each year. Loans, discoums or advances on current account to corporations. Notes and hills discounted and current. Notes and hills discounted overdue and not specially secured. Overdue debts secured by mortgage or other deeil on real estate, or by deposit of or lien on slock or by other securities. Real est.ile, the properly of the Bank (other than Bank premises) and real estate sold by the Bank. iSti $2,919,798 70 3,468,054 67 3,228,274 21 4,734,335 35 3,581,615 66 3,794,912 18 4.454.973 3o $119,647,350 82 139.379,457 58 119,402,322 12 122,562,334 37 116,475,030 32 117.556,319 07 97,603,688 62 $1,651,500 08 1,494,808 IS 4,436,636 88 3,185,631 45 3,133,176 25 2,666,200 82 2,921,818 22 $1,455,385 10 1,597,524 70 2,775,862 20 3,218,985 92 4,057,591 75 7,774,681 45 3,474,920 22 $586,996 61 575,449 43 853,498 84 1,067,029 36 1.242,171 97 2,141,827 68 2.383,454 79 1874 187^ 1876 1877 1878 1879 31st Decemljtr each year Loans, discounts or advances on current account to nmnicipal corporations. $690,384 01 646,350 49 1,988,916 26 1,259,904 45 1,331,802 58 1,578,397 74 2,144,802 72 2,813,823 98 3.706,035 99 1,655,171 67 2,690,187 13 • Loans, discounts or advances on current account to other corporations. Loans to or deposits made in other Banks secured. Loans to or deposits made in other Hanks unsecured. Other current loar.s, discounts and advances to the pullic. iSSo 1881 $4,325,660 26 7.750,527 49 12.153.332 75 15,254,866 18 15,878.352 49 14,070,831 69 14,855,133 83 15,871,454 85 19,252,233 44 23,209.430 34 27,268,006 92 $683,070 75 882,567 77 379,457 04 235,508 31 247,614 46 679,542 89 464,014 II 274.526 88 105,000 00 200,738 55 55,000 00 $105,587,672 74 123,710,008 38 144,414,108 86 133.378,550 49 122,109,496 22 125,493,660 61 135.632.631 15 138,398,246 86 145,750,485 14 150,422,602 02 153,236,618 17 1882 334,101 00 493,894 25 172,198 16 131,502 16 164,904 24 557,793 93 290,708 79 404,888 18 188^ 1884 1885 1886 1887 1888 1889 1890 ijnHi.,. . Bank Statements. 383 Assets (Continued). Other assets not Bank premises. included under the foregoinR he.-ids. Total .-issets. Directors Liabilities. $2,359,793 45 $2,659,465 14 $172,736,993 75 38 Vic, ch.-ip. 17, amends No. 10 Lia- bilities, and calls for 2,785,297 07 2.455.836 54 200,905,145 66 3.059.971 20 3,248,401 94 183,310,243 97 Directors Liabilitie., 3.174.299 98 2,105,104 35 181,880,061 86 in a separate column. 3,300,292 90 2.351.994 12 176,364,764 96 3,518,848 14 2,516,814 10 178,138,495 01 $7,275,248 22 3,342,966 13 4,428,196 44 178,302,684 17 6,366,672 30 Notes and bills discounted, overdue, and other overdue Notes and bills discoiinled, over- due and not specially s>" ired. Other overdue debts not specially secured. debts secured by mortgaffc or other deed on real estate, or by dept)sit of or lien on stock, or by other securities. Re., estate the properly of the bank (other llnn the bank premises). Mortgages on roal estate sold by the bank. Bank premises. $1,783,071 15 $217,693 85 $3,015,309 46 $1,998,311 91 $.?93.7«3 97 $3,140,523 15 1,107,207 36 212,304 75 2,174.370 41 1,718,830 37 505,087 01 3,020,158 60 1,310,435 58 141,262 52 1,679,854 92 1,409,835 87 693.763 98 3,116,247 06 2,100,756 70 175.524 39 2,120,018 83 1,095.893 13 848,013 99 3,061,835 36 3,222,865 16 122,677 53 3,091,569 07 1,219,421 95 834.350 33 3,188,745 14 1,545,858 62 98,688 20 2,022,278 95 1.379.820 66 661,118 48 3,317,860 03 1,109,611 17 80,178 78 1,452,275 71 1.331.261 55 821,281 11 3,569,524 56 1,412,603 71 52,120 85 1.857-944 43 1,218,352 73 673.457 93 3,659,014 28 969,029 11 141.152 75 1,499,100 12 989.540 35 696,489 39 3.737.699 87 1,072,996 45 63,328 32 1,611,284 97 990,080 27 714,489 70 3,957,122 93 1,429,783 06 65.579 55 1,263,029 07 1,027,107 71 736,451 36 4.187,572 40 I \m .184 Garland's liANKiNo and IFinancial 1)iuectory. Assets — (Concluded ) . Ilf' W ni ■ 11 I 'I M 11 iT ; iRiiiB I- 1 m 3 1 St December MM each year. Other .issets not includeil under the foreRoing heads. Total assets, Aggregate amount of loans to and liahilities, direct or ind'rcct, of Dirertors, anti firms or partnerships in which they or any of them have any interest. Average amount of specie held titn'ing the month. .\vera§c amount of Pominion Notes held during the month . i88o $2,691,920 41 2,861,979 70 2,600,379 20 1,881,452 71 2,291,199 16 3,886,342 SO 2,923,999 43 3.535.9«7 40 5,248,889 40 3,559,612 86 2,453,015 58 $192,537,574 00 213,588,098 34 230,675,211 75 228,193,650 61 215,787,5" 73 227,863,546 78 231,300,482 60 232,576,983 78 255,348,112 25 252,166.663 15 260,137,159 19 $6,629,181 04 8,046,207 73 8,577,247 74 7,553,573 96 7,596,401 IS 7,205,258 69 7,997 069 52 8,986,372 97 8,292,303 47 7,856,848 63 7,485,465 35 $6,119,198 00 6,274,296 09 6,339,995 55 6,949,102 27 7,421,138 17 6,768,900 91 5.935,456 11 5,952,742 87 7,374.214 64 6,193,412 09 6,298,320 01 $10,191,439 43 9.983,451 24 10,484,069 57 10,721,429 20 10,821,888 15 12,419,568 81 9.550.835 11 9,828,656 14 10,441,838 00 0,111.741 10 i88i 1882 1883 1884.... 188S 1886 1887 1888 1889 1890 9,521,629 18 TJank Statkments. :^85 Q O I— I h < Q I— I o H ;?; ^: o o o t-H !«• < X w o X H Q 'A m h w o 12; a o rt •s ^ c xs. T 9 •/J M ,tS o a e> « U o Q a c/5 5 O § O Z R S ii I 8; o 8 to r'^ 8 p N ir> ft in Vt t % 8 N 8 8 8 m \r\ rn lO O *0 N j; ..5 S "^c - S-C..E S.-g 2i i? .A O O. 00 s. 5 2 o c . Tf g o § 5 > 5 ^- i .Hoo 00 JSoooo [Soo 00 3 ■" "" c J- 1. .rit;; - ^ J. E^ <-> *; ^ ? . 2 o u 3 O "c '-^ 5 . r>. .00 c - o a> •S c M 3 o . •c • rt rt ^ t^ : E ^-^oo •"rt tJ "'S • S S ro. c rt " o < .2 >>-S>j3 "1 00 00 , 3 o f;j 00 00 ui>0 a-* o I' 00 bT ^T-fr n rt .■? a ^ -i: rt C "C3 "^ .2 J= — u j; !/i c c u -fl -G .^ .. b O O O ,• « a. u ^ _ \0 MS "1 o •- a '^ N-« ''-> not: O « ■- - US 00 dv „ ^ 3rf c O ^ (/-, ,, rt c 5 f^ — « M ^ ? .2 « « C III c is c " V .-3 r-g oSS II' PC. J2 lis »2 '^ »d 5 5 «" n n M I S^ 3'il I W2 '^ V V ucj.S Oh J. C V c - a — .^ (J rt « t- .2 d" CO i - « u I. a 71 "r 49 ! i ifl':; (J am GaUKAND'h i3ANKlN«» AND I^INANCIAL blUECIonV. MAMILITIKS. 3iKt Decem- ber each ytar. 1868* . . 1869 .. 1870V, Capital uuihorimi by Act. $41,066,666 00 42,166,666 CO 40,5()(-), i()6 00 Capiinl paid up. $30,45'. S"9 1« 33. 794.9S9 39 33.449.903 65 Prnminnory 11. nv-. ill tin iilaliiiii not lieariiiii intercut. $10,157,483 50 11,421,641 50 18,526,212 00 Miilanriin due III iilliur liuiikH. $1,322,379 74 1,407,206 82 1,910,645 10 Cnith de|Hmll» not Iwari ig inlerent. $ If) 888,417 as 18,802, {10 43 19. 1 59.645 57 jist Decem- ber each year. 187I 1872, Capital autbori/cd. $52,113,998 33 65,666,(J99 a Capital subscribed. $42,157,656 00 57,881,216 00 Capital paid up. Not en ill circiilatlofi. Cloveriimenl depuvits luiyable on demand. $41,668,729 21 50.954.099 58 $24,480,627 32 27.930,17a 76 $3,177.(39 5' 4,129,606 64 3i.Ht Decem- ber each year. Capital aulbiiriMil. 1873 ! $68,766,666 00 1874. 1875.. 1876, 1877 •■ 1878. 1879 • 73,566,666 00 77,260,660 00 71,966,666 00 74,266,666 00 72,760,006 00 67,266,666 00 Capital subsciilied. $63,782,916 00 69.376,976 IX) 71.999.32' 00 70,129,766 (X) 69,127,560 CX) 67.426,557 07 63.106,633 67 . Capital paid up. $57.93 '.359 67 03,212,027 16 60,8'j(,),225 73 66.137.315 64 03.750,861 06 04,257,010 94 60.351.505 73 Notes in circulation. $29,016,659 37 28,465,192 16 23,-'57,72i 08 23,-!75,7oi 40 21,7<14,2I2 06 21,455,641 93 22,252,761 79 Do iiinion Govern- " niciil deiM.sils payable on demand. $4,469,800 02 5.875.707 SO 3.580,159 62 2,918,569 74 5,121,890 61 4,437,841 45 3.700,777 22 31st Decem- Capital Capital Capital Dividend declared. ber Reserve fuiul.t Kate per cent, per each year. authorl7.ed . $66,766,666 00 subscribed. $62,359,533 67 paid up. anauiii. t 1880 $59,819,603 34 f In conformity with 1881 66,266,666 00 02,176,933 67 59.077.363 91 46 Vic, chapter 20, the 1882 68.146,666 CO 6?,82J,l8i O7 61,039,057 10 banks weie oblii;ed to add to the return to Finance Department, 1883 69,396,660 GO 6J.5.15.1 33 <'7 61.451.733 '5 $17,457,718 00 1884 ... . 71, ."-.96, 666 00 64.685,933 67 01,005,520 74 18,339,129 00 amount of reserve fund 1885 74. '79-999 00 65,710.299 O7 61,703,279 48 17,803,766 00 and rate per cent, of last dividend declared within the 5e.-ir, if any; penal clauses for cer- 1886 79.579.666 00 6.1,270,099 00 61,230,370 87 17,930,141 00 1887 76,079.999 3i 62,944,.399 3j 60,352,092 60 17,793,814 00 1888 .... 75.779.999 'JO 02.254,599 00 60,233,459 48 19,050,505 00 tain offences were also 1889 75.779,999 00 62,378,499 00 00,289,910 52 2'),37 1.332 O7 1890 75,008,665 66 61.253.732 66 60,057,235 59 21,940,369 85 * Incomplete. Hank Statkmknts. 387 LlABIUTIBS (Continued). inion Govern* ■lit deposits lile on (IciiiuikI. ilenil declared, c |H*r cent. i>cr :\niniin.t I conformity with ..chapter 20, the wete oliliKed to a the return to ice Department, nt of reserve fund ■ate per cent, of lividcnd declared II the 5 ear. if any; clauses for cer- uffences were also Cnnh depo«lt« Toialllittliililiev Kcturns have heen made niuler these lieatliii^s, sit ce iMaring inicrent , until returns were first called for liy the Ouvern- ment, up to ^ ih June, 1871. $22,640, :m 84 $51,008,675 _]i a».77J.7j6 12 61,482,490 95 32.897,546 88 72,494,049 55 Olh*r deposim (Government tlepoilii Other deposits Hue to other Due toother banks payable on payalile payulile hanks or agencies dcmnnd. after notice. after notice in (,'aiiada. not in Canada. $2>),lt)4.""7 5' $6,o84,.865 49 $-M,n,So,o6^ 13 $1,157,092 35 $997.94' "" 30.479. J''^9 49 3,768,599 44 23.377.579 81 1.094.102 74 2.102.887 71 Dohiiniun (iovern- IVovJnclaKiovirii- Provinci.d (jo\ern- Other deijositt Other ileposits pay- nient di-po»it» payalile nient deposits ment ileposits tuiyalile payable able after notice or after notice or on a fived day. payable on demand. after iv.titc or on a fixed day. on tleinand. on a fixed day. $i,4J4.8so 24 $ 801.179 92 $2,321,729 61 $10,952,012 58 $26,954,561 34 5,709,172 23 1,671,609 96 3,254,762 18 35,624,746 73 .?3.48l.7'8 16 ao09,if^ 91 1,629,062 50 2,932.747 85 34,020,524 58 26,084.999 95 3,240,307 55 1,246,511 91 3,236,912 50 35,071,764 10 28,570,990 91 1,221,700 00 730,290 42 505,954 27 35,408,612 18 28,360,041 02 425.3'4 54 473.798 56 296,348 41 35,120,759 17 31,285,757 25 6,607,047 63 482,307 48 116,374 28 37,889,165 07 30,597.257 85 nuininioii (lovernnient Dominion Government Deposits held as security for execution of Provincial (iovernnient Notes in circulation. clepHsils payable on deposits payable after Dominion Cun eminent deposits payable demund. notice or .jii a fixed fay. contracts and for insurance companies. on demand. $27,32«.358 29 $5,807,010 39 $2,025,252 33 .$992,726 11 $',729,033 22 32,358,844 31 6,591,901 24 4,968.516 67 828,186 80 1,364.817 97 36,501,694 45 3-393.963 72 5,074,264 25 1.14', 053 00 773.737 84 33.5S9.454 64 3,729,445 93 3,302,905 00 988,967 62 741.733 43 3<.935.933 10 4,625,625 41 i3o,(XDo 00 575. n 3 65 700,099 47 32.363.992 53 6,076,031 70 100,000 00 730,534 23 1,015,124 38 34.578..i47 47 5,445,998 61 KXI.OOO 00 539,019 85 765,481 77 34.354.595 >5 5,240,380 87 IOO,-3ii 1,451,033 283,069,561 6,589.059 6,110,804 10,403,019 33,503.800 May 4,548,611 1,655,536 286,543,931 6,495.324 6,050,856 10,907,396 32,624,588 I line 4.549,757 1.215.453 292,054,017 6,850,094 6,271,489 10,692,651 33,108,574 liily 4.570.777 1-253-079 291.345.285 6,6(ii),2iS 6,468,411 11. 545.058 33,785.612 ;\llgllSt. . . . 4,583,162 1-4.58,758 294,052,600 6,823,246 6,676,021 12,169,775 33,699,271 September . 4,622,679 1.514.723 298.133-431 7.034.794 6,759-918 12,073.627 35-446,396 Oclulier 4-643-095 1-643-493 304-917-753 7,088,150 6-671,435 11,641,280 39,024,285 November. . 4-638-235 1,671,830 306,630,754 6,894.747 6,277,119 1 1,261,002 39,318,218 Ueeember... 1893. lanuary . . . . 4,661,621 1,711.416 305,730,910 7.126,495 6-395,160 11,615,017 37,4-Tj."j/ 4,656,549 1.337-172 300,914,809 6,931.529 6,708,563 12,566,601 35.994.946 February. . . 4,831,276 1,5.85,7,88 301.752,118 7,186,872 6,516,132 13,095.234 33, 730,.io4 March 4,852.203 i,440,()28 302,490,430 7,380,404 6,185,941 11,833,742 34,666,046 April 4,869,149 1,276,520 302,415,455 7.361,304 6,435,320 11,868,759 35,015,086 May 4,861,852 1,326,086 303,169,653 7.443-137 6,424,070 12,222.977 33.637.459 1 line 4-877.593 1-477.589 304,363,580 7-538,290 6-496-277 12,372,373 33,754,5.54 July 4,892,584 1,118,892 304,428,029 7.808,506 6-309,996 11.904,751 34,773,994 •VugHsl 4.914.737 1-902,035 300,863,015 7,978,632 6,956,448 11,744,457 .34.750-017 Se|ilen\ber. . 4.97 7 -7.« 1,465,672 300,918,049 7.762,892 7,369,449 12,953,910 30,112,480 Ociober. . . 4.999.851 1,864,794 303-357,881 7.784.934 7,274,012 12,960,948 37,762,590 November. . , 5.123-699 1,569,404 303,455.870 7.729.950 7,298,948 12,839,384 37,834,027 December . . 1894. laniiary . . . . 5.132,156 1-129,385 304, 2 3 1, ((96 8,380,891 7,511,931 12,901,539 30,850,205 5,200,167 I-461-771 299-557-507 8,245.956 7.348,904 12,496,372 34,166,689 I'Cbruary. . 5.231-824 1,628,895 299,052,441 8,311-889 7,387,537 13.607,8.80 31.523.316 March 5,272,672 1,654,781 303,523,299 8,151-769 7,464,894 13,643,083 31,662,554 A|)ril . . . . 5,296,824 1, 664. 987 305,575,405 7-929,550 7-419-164 13,197,299 31.453.090 May 5.340,354 1,336,887 305,25(,,4.^() 8,239,804 7,468,402 1 13.699.257 30,466,853 Iiine 1891. 31 Uccemb'r 1892. 31 Decemb'r 1893. 31 Decemb'r 1894. 31 Decemb'i 5,365,188 1,413,954 307,542,429 8,051,337 7,465,560 13,769,073 30,745.831 4.463,619 1,537,649 280,754,661 6,077,636 5.765,734 9,924,793 37,985,806 4,661,621 1,711,416 305,730,910 7,126,495 6,395,160 11,615,017 37,443.837 5.132,156 i,i29..?85 304,231,696 8,380,891 7.511,931 12,901,539 36,850,205 5,480,573 1,750,899 313-911,995 8,034,039 7,726,589 14,765,140 34,450,532 SO mv 394 GxVULAND's IJaNKINU and i<'lNANCl.\L blKEUTOllY Monthly Totals of the Chartered Banks in Canada, beginning July, 1891. LIABILITIliS. Year. 1891. July Ainjust Septeml)er ... Ociohur November. . . . Ueceniber 1892. January.. . . . . . February March April May June July August September . . . October November. . . . December 1893. January February March April May Juno July August September October Novemlier . . . . December 1894. J.anuary February March April May June 1891. 31st December.. 1892. 31st December.. 1893. 3lsl December.. I S<)4. 31st Dec inber.. Capital .Siock. Capital Authorized. I $ 75.258.665 75,258,665 75,258,665 75,258,665 75,758,665 75,758,665 75,758,665 75,904,665 75,904,605 75,958,685 75,958,685 75.95«.685 75.958.685 75,958,685 75.y58.68s 75.958,685 75,958,685 75,958,685 75.958,685 75.958,685 75.458,6^5 75,458,685 75,458,685 75,458,685 75,458,685 7S.458.685 75.458.685 75,458,685 75.458,685 75,458,685 75.458,685 75,458,685 75,458,685 75.458,685 75,4SS,685 75,458,685 75,758,665 75.958,685 75,458,685 73,458,685 Capital Subscribed. $ 62,118,272 62,106,094 62,207,094 62,219,602 62,621,152 62,674.952 62,717,432 62,868,332 62,878,932 62.902,132 62,908,032 62,860,032 62,952,931 62,987,33' 62,997.529 63.138.543 63,146,143 63,169,643 63,169,643 63,169,643 63,170,454 63,170.654 63,170,654 63,170,654 63,170,654 63,170,654 63,170,654 63,170,654 63,170,654 63,170,654 63,171,952 63. 1 7 '.952 63.171,952 63.171.952 63,171.952 63. 1 7 '.952 62,674,951 63,169,643 63,170,654 62,510,552 Capital raid Up. $ 60,875,834 60,939,481 60,993,290 61,025,204 61,234,202 61,299,305 61,346,171 61,500.966 61,516,842 61,541,658 61,554,098 61,512,630 61,597,484 61,640,390 61,652,233 61,809,377 61,905,378 61,938,515 61.940,950 61,943,791 61,945,554 61,047,404 61,950,654 61,954.314 61. 954-773 62,029,038 62,074,078 62,081,994 62,091,355 62,099,243 62,103,027 62,105.409 62, 1 10,249 62,111,449 62,1 12,169 62,112,883 61,299,305 61,938,515 62.099,243 61,683,719 Amount of Rest or Reserve Fund $ 23,068,184 23.155.988 23,182,546 23,194,784 23.355.509 23,666,827 23,728,254 23,947,508 23,964,849 24,025,291 24.599.046 24,662,336 24-756.731 24,772,564 24,826,594 24,832,474 24,938,252 25,086,615 25. '31,057 25.263,960 25,274,165 25-359.982 25,981,362 26,007,668 26,031,245 26,062,576 26,131,999 26,135,348 26,213.861 26,459,815 26,580,282 26,655,024 36,655,036 26,712,002 27,127,002 27,157.706 23,666,827 25,086,615 26,459,815 27,470,026 Notes in Circulation $ 30,579,968 32,012,196 34,083,051 37,182,768 37,430,690 35,634,129 32,705,400 32,711-015 32.483,965 31,496,369 31,383,218 32,614,699 32,488,718 32,646,187 34.927.615 38,688,429 37.124.505 36,194,023 32,831,747 32,978,840 33,430,883 32,633,073 31,927,342 33,483,414 33.573.468 33,308,967 35,128,926 3(>,9o6,94i 35,120,561 34,418,936 30,57'. 375 30,603,267 30,702,607 29,996,472 28,467,718 30,254,159 35,634,129 36,194,023 34,418,936 32,375,620 Hal. due to Dom'ii (jovt. after deducl- Irg advances for Credits, i'ny Lists, &c. $ 2,898,017 2,568,088 2,475, "30 2,162,254 2,46;,, 104 3.238,857 2.607,596 2,647,602 2,806,472 2,913.259 2,990,639 4,162,709 2,354.152 2,058,470 2,516,627 2.524.785 3,430,678 4,409,130 2,789.738 2,4 7,166 3.052,639 2,516,986 2,922,671 4.320,333 2,757,991 2,476,608 2,310,384 2,235,337 2,625,986 3,399,290 2,600,077 2,696,410 3.566,385 2,765,535 3,164,031 4.798,075 3.238,857 4,409,130 3,399,290 5,440,325 B.vxK Statements. 395 1891. Monthly Totals of the Chartered Banks in Canada, beginning July, 1891. LiABii.iTiK.s (Continued.) Bal. due to Dm'ii Ciovl. flLT deduci- ng advances for Credits, ay Lists, &c. $ 2,898,017 2,568,0X8 2,475. 'JO 2,162,254 2,46;, 104 3.23^.857 2,607,596 2,647,602 2,806,472 2,913.259 2,990,639 4,162,709 2.3S4.IS' 2,058,470 2,516,627 2,524.785 3,430,678 4,409,130 2.789.738 2,4 7.166 3052,639 2,516,986 2,922,671 4-320,333 2,757,991 2,476,608 2,310,384 2,235,337 2,625,986 3.399.290 2,600,077 2,696,410 3.566,385 2,765.535 3. •64.031 4.798,075 3.238,857 4.409.130 3.399.290 I 5.440,325 Vf.ar. 1891. luly Aujjust Seplenil)er . . . Octoi)er Ndvemlier. . . . Oecemlier . . . . 1S92. Jaiiuaiy Kel.ruary March April May June July August September . . . OcloI.er November. . . . Deceuil)er 1893- January February .... March April May June July August Sepiember . . . October . . . . November. . . Decendier 1894. January February .... March April May lime 1891. Jlst December 1892. 3ISI December 1893. J I si December 1894. 31st Deceml)er lialance due to Provincial (jovern- meiils. $ 2,857,015 4.321,172 3.064,7:3 2,782,574 2,722,647 2,644,732 3,441,101 3,363,016 2,965,245 2,295,907 2,564,352 2,907,599 3.923.366 3,350,832 2,934,747 3993,381 2,963,735 2,988,496 3785,629 3,612,373 2,962,06s 3,056,184 3.3t)i,o53 2,866,508 3,976,518 3,769,284 2,937.348 2,659,315 3,137,006 2.977,986 4,221,439 3,837,472 3550,974 3,277,918 3,246,693 2,821,766 2,644,732 2,988 496 2,977.986 2,243,823 Deposits by the I'ubUc, payable on demand. $ 58,996,896 58,553,420 59,60(1,365 58,498,022 60,407,296 62,649,358 58,636,771 60.029,923 60,352,542 60,750,909 61,921,281 65,611,678 66,489,769 64,764,748 65,753,885 66,427,727 68,301,056 68.694,266 67,459,632 66,822,851 64,536,898 64,542,427 64,859,710 64.975,445 64,563,263 61,437-993 61,245.992 62,524,569 62,926,785 62,594,075 60,152,080 59,561.162 60,988,817 63,772,064 62.926,305 65.006,011 62,649,358 68,694,266 62,594,075 68,917,542 Deposits by the I'ublic, p.ayable after notice or on a tixed day. $ 84,568,962 85.531,209 86,018,695 88,503,782 89,294,205 90,158,184 92,269,422 9.1,304,227 93,824,415 94,447.185 95-517,848 95-331,100 93,818,676 98,058,015 98,831,098 99.9.?4-970 101,240,061 101,526,186 102,097,119 103,140,204 103,700,904 104,216,667 105.581,121 105,841,988 106,458,471 105,015,710 104,004.59*- 103.557,733 104,414,955 107,885,149 108,966,924 108,570,761 108,754,069 109,589,042 1 10,905,804 109,924,925 90,158,184 101,526,186 107,885,149 113,163,127 Loans from other Banks in Canada, .secured. $ 189,000 185,000 213-573 179,996 72,797 42,129 60,000 1 10,000 105,000 130,000 160,000 160,000 155,000 155,000 150,000 150,000 150,000 150,000 125,000 125,000 166,290 162,129 160,000 172,583 153,266 103,278 64,000 48,000 9.297 78,238 116,265 42,129 150,000 6,272 Deposits, pay- able on demand or after notice or on a fixed day, made by other Hanks in Canada, $ 2,516,157 2,591,698 2,384,272 2.673,353 2,886,614 2,830,933 2,894,644 2,842,871 2,754,556 2,484,558 3,037,074 3,143,967 2,905,610 3,501,208 3.491,261 3,102,931 2.629,757 2,764,171 3,466,818 3,167,869 2,500,071 2,526,592 2.656,417 2,503.558 2,616,681 2,718,117 2,621,736 2,801,931 2,947.491 2,421,394 2,361,656 2,370,423 2,713.748 2,194,830 2,247,866 2,352,405 2,830,933 2,764,171 2,421.394 :!-534,463 Balances due to other Banks in Canada in daily ex- changes. $ 531.034 399.590 198,387 276,425 264,577 135.279 120,421 137.410 94.495 131,384 144,726 191,318 163,484 152,488 126,002 207,910 242,388 118,811 140.975 108,791 107,727 99,606 188,440 253,587 167,081 132,048 120.767 159,169 268,156 200,476 271,184 201,277 119,259 139,641 127,524 168,796 "35.279 118,811 200,476 158,380 Hi il < Hi 'W: '.: 396 Gauland'h Bankinu and Financial Diuectouy, Monthly Totals of the Chartered Batiks in Canada, beginning July, 1891. LiAiiiLrnEs (Concluded). N'kak. 1891, J"iy Amj^usi .... .September October . . . November December.. 1X92. January.. . . February . . March . . . . April May ... June July August . . . . September October. . . November. Deceiiil)er. . 1893. January. February March April May |une j"iy August September . . . . October November . . . . Decemlier 1894. January l"el)ruary ... . March April May June 1801. 3 1 St December 1892. 31st December 1893. 31st Deceuiber 1894. 31.st December Balances due to At;riicics of the r.;niU or to other Hanks or Agencies in I'oreign Countries. $ 222,360 84,885 112,725 127,898 166,164 216,374 128,925 209,246 140,634 163,989 169,841 270,038 258,607 211,765 1.39.343 '40,977 "4.543 127,480 81,461 87,710 127,760 139-765 163,758 210,628 124,796 169,273 221,989 179.695 131,778 160,966 188,480 •5«^,572 161,859 179,331 193,246 121,213 216,374 127,480 166,966 166,115 Halances due to Agencies of tlie Hank or to other Hanks itr .Agencies in the United Kingdom. $ 2,912,774 2,227,946 1,867,964 1.951,954 1,646,770 1,416,382 1,301,982 1,685.761 2.852,992 4,513.406 4,398,444 4,641,999 4,920,914 4,631,499 4.373.087 4,321,180 3.895,371 4,120,696 4,100,333 4,766,619 6,412,180 6,101,647 5,504,346 4,751,476 4,600, 501 5,538,573 5. 312.794 4,966,698 4.419.033 4,151,804 4,174.864 4,666,497 5.369,168 5.927.216 6,487, 1 (-^ 5.521.705 1,416,382 4,120,696 4.151.804 3.531.682 Liabilities not inchidcd under foregoing heads. $ 310.455 2.S8.924 243,783 180,376 81 1,401 487.391 479,-382 358.512 203,560 164,177 728,725 326,811 .504,877 226,561 233.799 209,394 797,748 474,426 322,354 ,397.465 367.547 273,151 777,665 287,387 327.591 250,002 222,623 228,185 779,<>34 446,796 296,245 276,704 281,982 152,091 818,694 207,285 487,391 474,426 446,796 368,128 Tor A I, LlAKIt.ll'IKS. .Average for year of Hank Notes in circulation. $ 186,582,729 i,S8, 764,213 190,268,743 194,519.484 198,166.352 199,453.832 194.64S.730 197,4.89,682 198,583,968 199,471,250 203,016,245 209,362,01 1 207,783,253 209,756,866 213.477.549 219,701.774 221,889,930 221,567,771 217,200,893 217,614,977 217,365,066 216,268,317 218,102,617 219,666,996 219,319,527 214,919,947 214,191,254 216,267,661 216,771,481 218,662,965 213,804,414 212,940,625 216,238,956 216,003,543 218,663,313 221,292,707 199.453.832 221,567,771 218.662,965 228,905,558 Fiscal year 1890-91 $33,087,457- I'iscal year 1S91-92, $33,361,455- Fiscal year 189293, $35,460,224. Fiscal year 1893-94, $34,008,570. Dominion Ooveknment Savings Banks. 397 Recapitulation of Dominion Government Savings Banks. Dbtails in Annual Kei'ori Kinancb Department. Deposit. Year. Halaiu.-e. Total Deposits. Willier in each year. I«^7 1848 i8ao i8so 1851 1852 tSlci iRCA 1855 I 1856— 30th SepteinlK-r 1857— 31st March.. iRcS list ()rlol)or $9,563,053 24 8,306,943 64 8,603,37s 76 13.377. 195 08 13.161,736 21 19,009,700 92 20,884,874 52 21.327,485 66 24,870,433 28 29,926,879 61 26,695,959 56 30,652,193 06 39 528,812 09 47,576,046 54 52,057,192 45 50,274,170 64 5V856,8S9 30 57.906,573 92 69,108,464 89 60,105,524 53 63,648,755 01 63,768,653 20 66,406,516 42 68,486,422 92 79,239,416 12 89,595,609 06 96,879,544 86 96,609,746 55 92,309,871 17 101,868,131 02 104,770,930 35 105,599.665 59 121,878,45s S3 126,243.755 99 133,9.!3.528 61 152,807,542 00 170,220,452 00 170,479,224 00 182,080,669 00 1859 — 30tli Se|)tcnil)LT i860 — 31st March 1861— 30lh Scplernber 1862— 31st Oclolier 1 86 2 - J 1 .it AuL'vist ■ 1864— 30th November 1865 —31st Deceml)er 1866 " • 1867- " 1868- " 1869- " 1870- " 1871- " 1872- " 1873- " • 874- '• 187s- " 1876- " 1877- " 1878- " 1879- " 1880- " 1881- " 1882- " 1883- " 1884- " 1885- " 1886- " 1887- " 1888- " 1889- " 1890- " 1891- " 1892- " «893- " 1894-- " $1,483,219 01 1.594.524 94 1,822,570 05 2,072,037 26 2.154.233 52 2,958,170 39 4,005,295 37 4,245,090 72 4,303,165 50 4,830,693 36 5,742,529 32 6,102,492 40 7,107,287 07 9,628,445 23 12,295,00(J 16 14,242,870 24 15,071,984 20 17,888,536 08 20,014,441 79 21,334,525 22 20,682,025 61 19,944.935 1' 19,021,811 55 17,661.378 07 17.231,145 98 17,696,464 36 17,777,762 74 $204,588 89 856,814 26 1,588,848 83 2,497,259 65 3,096,500 01 3,207,051 57 3,204,965 46 2,926,090 48 2,740,952 59 2.639,937 47 2,754.484 03 3,105,190 80 3,945,669 11 6,208,226 77 9,473,661 53 11.976,237 31 13,245,552 64 15,090,540 31 17,159,372 09 19,497.750 15 20,689,032 62 23.011,422 57 21,990,653 49 21,738,648 09 22,298,401 65 24.153.193 66 25,257,868 14 $673,789 09 959,050 88 1,485,014 12 2.399,135 94 2,590,778 03 2,869,381 51 4,614,812 82 5,020,706 71 6,126,377 so 7,102,186 35 8,269,295 16 9,426,148 4; 11.713.633 37 13,460,268 46 14,241,782 69 13.954.460 66 13.876,515 72 15,435,084 51 16,226,581 12 18,251,422 87 17.307.033 54 17.757.376 51 1 7.893.-567 03 18,482,958 54 19,392,165 45 18,531,573 06 biiPosiTS OF THE Peoim.k in Canada. 800 Banks, and ulhcr liislitutiuns under Ouvcrnnicnl Supcrvisiun, since Cunlcdcraliun. The Cily nn.l Ui>tric.l Savings Hani;, Montrral. 31st Decfinher in each year. $ 250,702 31 178,241 22 1SJ.770 5' 27J.994 '(» 349,097 46 43 J. 279 "' 805,569 95 f^'JS.Soo 43 457,296 00 5>3.75.> SO 479,548 45 569,246 25 632,770 19 746,043 47 768,000 89 859.995 J2 981,562 22 1,021,809 67 «.« 25.079 79 1.042,757 70 1.532.495 72 1,861,574 55 2,295,565 20 2,880,767 94 3,238,667 II 3,180,515 09 3,765,804 37 4,657,866 90 4,069,238 32 4,599,018 62 3.385.7''S 74 3,438,07s 92 3,634,661 93 4,658,521 60 5,531,854 87 6,148,205 36 6,212,635 57 6,328,093 21 J5 67 120,635 37 120,967 84 103,667 31 133.174 20 I IncliuU'd in \ \CharlMUks. J $ 1,460 00 2,369 26 2,433 ii 6,594 00 6,725 40 5.7"5 00 7.433 00 11,753 00 10,769 00 9.054 1893 inclusive. $ 33,115,442 84 44,814.884 97 54.543.547 99 61,417,126 41 62,275,746 37 67,165,444 94 73,708.927 80 88,817,640 8(1 79,110,755 94 84,085,135 04 84,189,081 37 89,101,880 II 93.380.576 S3 109.832,37' 51 127,833,152 78 141,874,632 85 145.830,321 36 144,496,457 75 159,483.424 16 167,920,455 13 175,1 10,266 81 191,300,830 14 198,124,471 48 203,861,360 63 222,724,453 97 241,965,311 28 243,721,073 34 m II s>s I ^M a >i a. " g 0/ .2 i868 1869. 1870 1871. 1872 i«73 1874 i87S 1876. 1877 1878. 1879- 1880. 1881. 1882. 1883. 1884 1885 1886 1887 1888 1889 1890 1891 1892 1893 1894 Oakland's fiANKiNo and FiNANriAi- t)rRr,nToRY. Statement of the Business of the Post Office Savings Hanks, Canada, I 3 « 55 81 226 230 239 266 268 279 287 29S 297 297 304 308 330 343 3S5 392 4'S 433 463 494 634 642 673 699 -2 Ji T? S, w us 3.247 >6,6S3 24.994 33.256 39.489 44.413 45.329 42,508 38,647 36,126 40,097 43,349 56,031 71.747 97,380 109,489 109,388 116,576 126,322 143,076 155.978 166,23s 154,678 147,672 145.423 148,868 145,960 V 5 T3-C 1 1 $212,507 927.885 1,347.90' 1,917,576 2,261,931 2,306,918 2,340,284 1,942.346 1,726,204 1,521,000 '.724,371 1.973.243 2,720,216 4,175,042 6,435,989 6,826,266 6,44',439 7,098,459 7.645,227 8,272,041 7,722,330 7,926,634 6,599,896 6,500,372 7,056,002 7,708,888 7,524,286 2-g 2^ > < $65.44 SS-7' 53-93 57.66 57-27 5'-94 5 '63 4569 44.66 42.10 4.?-<» 45-52 48-55 58.19 66.09 62.35 58.88 60.89 60.52 57-8. 49.51 47.67 42.67 44.02 48.52 51-78 5'-SS ill 2 B ^ ■a o'fi e '■-■ < "8 ■?3 3 U3 ■c .H 166 4,787 9.478 1 5. '48 20,154 23.800 25.814 25.954 24,152 22,484 21.944 23,226 26,716 28,510 35.859 45.253 56,026 59.7'4 62,205 65.853 78,229 84,572 90,151 84,963 77,381 73,361 2i8,i73.6oi 84,941 $ 217,385.10 '.085,979-72 167,501.53 389,169.28 I c » •S c I S 1 o H 1 c $8,857.48 296,754-35 664.555-5' ',093.438-86 1,778,565.19 2.323,299-32 2,468,643.42 2.34'. 979-04 2,021,457.97 1,726,082.98 ',7 '3.658. 73 '.733,448-79 2,015,813.16 2,097.389- '5 3,461,619.31 4.730,995-39 5,649,611.13 5. 793.03 '-84 6,183,470.60 6,626,067.51 7.S'4.07'.78 7.532,14s- 56 8,575.041-98 7.875-977-S7 7,230,839.14 6,63', 578.97 7.473.585-46 1^ $53.35 61.99 70.11 72.10 81-33 86.91 86.04 82.88 77-11 70.49 70.55 6607 69.89 73-56 96.53 104-54 100.84 97-01 99-40 100.62 96-05 89.06 95.12 92.67 93-44 90.39 87.98 tThese losses were the result of frauds committed at Post Offices, 1 a ^1 if I a T3 2,146 6,429 7.823 9.424 10,846 11.995 12,048 10,516 10,218 8,971 10,058 10,755 14,407 18,731 25,778 27,127 26,562 27.59' 29.103 31,874 37.515 38,049 32,127 29.791 28,943 29,502 29,116 1 «•? 3 ^ SB 2,146 6,429 7.S23 9.424 10,846 1 1 >99S 12,048 10,516 10,218 8,971 10,058 •o,7SS 14,407 '«.7Ji 25.778 27,127 26,562 27.591 29,103 3>.874 37.515 38.049 32.»27 29.791 28,943 29,502 29,116 Post Offiok Savinhs Banks. Year by Ytar, frum ist April, 186S, to jotli June, 1894. 401 c 3 21 aim L.J' C u 723 2,962 570 1,124 662 la V |.r 44 1.319 2.S57 4.449 6,940 9.528 10,606 11,190 10.097 9.312 8.597 8,845 10,487 10,491 13.920 17,531 20,939 20,951 21,555 22,585 26,704 29.581 33.499 32,006 29,368 26,032 27,033 51 r 8 u U JS l« o 2,102 7,212 12,178 17,153 21,059 23.526 24,968 24,294 24.415 24,074 25,535 27.445 31,365 39,605 51,463 61,059 66,682 73.322 80,870 90.159 101,693 113,123 112,321 111,230 110,805 114,27s 117,020 CiMt ul iimininiiiin|> ihu I'cMt OHice Savin|{a Knnk. „ 0-22,'r, 0-20,'„ o-i8/„ o-23i'„ o-26,«, 0-25 o'24,»„ o-23,"„ o-23,'„ 0-2h"o O-20,», 0-2<),"„ 0-20,'„ 0-21/5 0-20,''„ 0-19 0-20/, 0-20/(, 0-25A 0-2S,'5 0-25A O-24A Hi £ § V ft. ^i 067 0-51 0-44 039 0-47 045 0-42 0-53 0-57 0.55 0.51 3 '49 0-37 031 0-26 0*26 0-24 0*24 0-22 0-2I 0-22 023 0-27 0-26 0-25 0-23 -1-6,126,67 391 00 .341.49 150.00 +3,653-37 +200.00 1 * o « ii a $ 939.37 21,094,72 48,689.08 84,273-68 116,174.55 126,932.88 126,273.31 120,758.06 110,116.08 104,067.86 103,834.29 110,912.56 136,075.47 184,904.81 291,065.07 407,305-17 477,487.46 539,560.51 607,075.38 692,404.57 765,639.15 841,921.79 786,875.37 734,430.89 734,590.70 777,482.98 835,800.34 -it 2 §1 ^ a C . Q W .P4 (1 $ 204,588.89 856,814.26 1,588,848.83 2,497,259-65 3.096,500.01 3,207,051.57 3,204,965.46 2,926,090.48 2,740,952-59 2,639,937-47 2,754,484.03 3,105,190.80 3,945,669.11 6,208,226.77 9,473,661.53 11,976,237-31 13.245.552-64 15,090,540.31 17.159.372.09 19.497,750.15 20,689,032.62 23,011,422.57 21,990,653.49 21,738,648.09 22,298,401.65 24,153,193.66 25,257,868.14 •5 < s •*= S Sua. J o rt < $97.33 118.80 130.41 45. 59 47.04 36.32 128 36 120.44 112.27 09.60 107.87 "314 125.80 56.7s 184.08 196.13 98.63 205.81 12.18 16.26 203.44 203.41 '95 78 195.44 201 .24 2 1 1 . 36 1215.84 II J,! II V "l 402 Oakland's Banking and Financial Diuectouy. Comparative Statement of the chief items of Loan Companies and Building LIABILITIES. ["H'iiTSj I ■B.'i Capitai Stock. * S Kcsorve Fund. Contingent Fiinil anil Un- appropriated I'rulits. Lialiilities lo Slock iiolders. Year. (,'apital Sul'scril)e(l. C"a lilal I'nii up. Deposits. $ cts. $ CIS. $ cts. $ cts. $ CIS $ cts. 1867. 1868. IQ 1« 2, 1 10,403 96 2,521,804 06 2,891,010 90 3,328,869 69 4,877,070 43 5,211,519 76 6,376,231 58 8,042,157 70 577,29'- 10 67„, ' 09 959,050 88 1,485,014 !2 2,399,135 94 2.590,778 03 2,869.381 51 4,614,812 82 17 i g 1869 1870. 16 u 'So 20 •5 ii 1871. 21 00 >- 1872, 22 us t ares 1873. 1874. 2? revio nfsh 33 16,607,700 00 1,336,462 45 160,542 20 11,074,816 08 187s 40 19,343,100 00 10,088,998 96 ".578,909 66 363,77' 10 13.919.772 01 5,020,706 71 1876. 4« 19-223,799 00 ••.695.772 50 2,091,258 38 155,905 80 15,640,201 54 6,126,377 50 1877. 47 25.516,909 00 13,858,634 47 2,452,715 00 400,465 53 18,716,824 26 7,102,186 35 1878. S8 28,654,601 75 17,287,538 58 2,803,580 57 533,684 77 22,764.582 84 8,269,295 16 1879. 62 29,459,272 50 17,474656 84 2,9'7.874 72 589,767 52 22,966,738 54 9,426,148 47 1880. 83 56,035,164 81 24.495.975 26 4,617,832 83 644.754 47 31,942,406 47 11-713.633 37 1881. 80 50,000,075 39 25.44S.639 82 5.128,413 IJ 583,421 71 33,540,087 63 13,460,268 46 1882. 91 65,646,518 75 28,498,742 53 5,983,702 14 781,648 03 37.298,936 10 14,241,782 69 1883. 85 72,008,683 16 30,899,446 36 6,417,479 77 593,928 CO 39,654,443 72 13,954,460 66 1S84. 84 71,505,382 40 30,751,251 30 6,812,006 59 617,529 69 39,999.246 43 13.876.515 72 1885. 81 67,304,279 59 31,345,620 66 7,199,456 95 570,332 ij 40.772,175 93 15,4^5,084 51 1886. 77 73,748,967 II 31,874,858 61 7,738,027 02 669,064 50 41,699,072 01 16,226,581 12 1887. 74 75,768,750 46 32,125,009 54 7,747,676 35 1,075.529 90 42,850,622 91 18,251,422 87 1888. 78 81,816,292 27 32,410,358 89 8,420,735 04 858,951 95 43,760,225 58 17.307.033 54 1889. 77 83.717.873 32 34,052,455 95 9,173.955 99 1,035-449 35 45,310,846 31 17.757.376 51 1890. 76 85.137.492 32 34,659,311 80 9.Soi,i73 95 1,141,813 79 46,646,785 10 17.893-567 03 1891. 7' 85.204,543 98 34,658,749 06 10,190,670 00 1,072,068 61 46,954,778 53 18,482,958 54 1892. 70 86,091.92s 98 3S,r.97.ioi 41 10.658,575 50 1,086,410 67 47,873,399 64 19,392,165 45 •893 82 93.766,651 31 35,445.252 26 10,930,856 11 1.173.155 15 50,047,892 48 18,531,573 06 Loan Companies and Buildino Societies. 403 lid Building Soci(.'ties in the Dominion of Canada, each year from 1867 to 1893, '"elusive. liaiui,itip:s. Deposits. $ els. 577,29^ 10 67... ' 09 959,050 88 1,485,014 T2 2,399.135 94 2.590,778 03 2,869,381 SI 4,614,812 82 5,020,706 71 6,126,377 50 7,102,186 35 8,269,295 16 9,426,148 47 ii,7>3.''33 37 13,460,268 46 14,241,782 69 13.954.460 66 13,876.515 72 15,455,084 51 16,226,581 12 18,251,422 87 17.307.033 54 17.757.376 51 17,893.567 03 18,482,958 54 i')-392.i»>5 45 • 8.53'. 573 «<• Debentures p.iyalile in Canada. cts. Delientures (layalile in (Ileal liritain or elsewhere. els. 173,702 94 177,317 94 387,603 II 187,003 33 244,659 60 1,240,406 14 2,968,880 20 3,827,566 43 3,909,482 55 4,341,703 43 6,5'' 1. 535 'S 6,898,047 98 7,214.785 81 8,155,940 18 8,300,694 40 **.55o,o53 92 ".153,190 55 10,028,102 19 19,992 78 772,084 OS 2,140,717 88 3,745,587 17 5,285,888 54 6,206,855 82 22,968,108 74 21,913,828 60 23,701, 4S0 88 25,792,904 30 28,358,884 57 30,456,33s 29 32,3''i,307 57 32,062,266 40 36,582,670 14 40,388,281 63 45,123,546 31 46,348,039 92 48,6.84,039 95 49,408,398 36 Debenture Stock. $ cts. 1,242,899 84 1.325.173 85 1,572,215 54 1,598,132 53 2,214,586 25 2,613,395 "I Owing to Banks. $ cts. 311.753 66 107,163 16 153.512 71 342,327 56 404,083 17 67,637 69 313.048 40 576,142 37 507,842 92 124,282 63 165,198 21 367.155 16 198,25s 71 188,812 25 135.541 25 321,392 12 297,130 03 73.535 38 115.049 61 162,764 51 Other Lialiililies. $ cts. 60,679 71 82,302 04 59.912 99 171.562 41 222,089 49 169,818 83 991.707 71 869,029 74 1,006,721 82 710,982 35 1,026,412 44 1,094,286 86 651,548 51 604,155 47 1,004,447 73 1,032,063 93 1,124,173 95 1,161,056 91 848,280 37 805,748 88 Lialtilities 10 the I'ublic. cts. 5,154.591 89 6,131.905 09 8,856,805 85 11,736,430 81 14,844,569 16 16,357,677 13 36,575,062 04 38,424,929 41 42.784.574 40 44.862,773 76 47,820,191 27 52,167,158 79 56,676,145 98 58,734,196 30 64,118,750 82 69,685,662 78 75,082,801 50 76,960,925 84 81,162,796 48 82,362,544 16 Total Liabilities. $ cts. ,^.2,*3.98S 37 3,608,327 20 4,388,743 98 5,517,966 IS 8,392,957 88 9,225,437 94 10,954,482 16 16,229,407 97 20,051,677 !0 24,497,007 39 30.453.255 07 37,609,152 00 39,324,415 67 68,517,468 51 71,965,017 04 80,083,510 50 84,517,217 48 87.819.437 70 92,939.334 72 98,375,217 99 101,584,819 21 107,878,976 40 114,996,509 09 121,729,586 60 • 23,915.704 37 129,036,196 12 132,410,436 64 ^ ', " I I II, 404 Gauland's Banking and Financial Directory. Comparative Statement of the chief items of Loan Companies and Building ASSETS. .- aj Year, j 9 O a; 1867 1868. 1869. 1870. 1871. 1872. 1873 1874. 1875- 1876. 1877. 1878. 1879 1880. 1881. 1S82. 1883. 1884. 1885. 1886. 1887. 1888. 1889. 1890. 1891. 1892. 1893 19 17 16 20 21 22 23 a 40 41 47 58 62 83 80 9« 85 84 81 77 74 78 77 76 71 70 82 Current Loans secured on Real Estate. Current Loans secured on Dominion and I I'rovincial Securities. $ cts. 2,831,073 86 3,067,680 39 3,846,923 95 5,138,611 21 7.559,723 30 8,509,416 84 9,838,282 36 15,041,858 04 18,360,715 04 22,827,324 74 28,282,712 26 33.998,174 56 34.781,493 76 56,612,200 46 61,948,053 41 68,025,897 21 69,922,344 18 74,115,136 05 78,775.243 56 84.573.384 65 86,901,363 89 93,468,943 03 98,726,041 18 10S.535.64S 7 106,404,855 82 109,807,355 63 110,916,559 8 Loans secured on Municipal Securities. Loan Com panies' De- bentures. $ cts. $ cts. Loans to -Shareholders on their Stock. $ cts. 191 66 191 66 195 00 12,000 00 28,134 26 27.983 04 106.608 10 55.381 27 60,361 07 61,02043 207,698 67 106,436 77 •39.734 55 116,87857 141,96927 184.609 07 239.639 54 202,402 64 142,474 72 204,13275 227,019 13 138,843 61 52o,8j5 07 518,136 10 cts. Total Loans. cts 42,141 32 17,202 42 44.3' 5 63 27,821 78 7,411 68 17.<74 49 Property owned, Dominion and I'rovincial Securities, present Cash Value. $ cts. 3 ",346 76 438,816 04 233.259 97 495.435 12 496,729 98 587,277 98 768,976 12 1,004,839 05 ".797.387 85 1,459,261 05 1,414,018 18 1,260,704 10 1,005,358 t6 1,131,247 68 966,898 79 813.964 34 810,949 46 743.357 05 754.534 .59 754.149 39 15,469,823 12 18,890,809 59 23,258,680 30 28,993,842 63 34,703.748 23 35.675.687 52 58.493.037 08 64,498,542 38 72,021,310 68 74,126,165 7 77.267,357 69 82,084,049 23 88,004,260 14 90,611,278 32 96,878,812 17 102,091,907 50 108,825,810 97 110,082,218 57 113,659,640 60 M 5,346,786 25 367.257 99 316,83847 298,387 50 473.387 50 310,185 10 5 '2.373 54 534,924 32 430,522 46 462,449 74 446,562 22 428,654 86 419,673 27 561.72945 626,292 70 Loan ompanies and Buildino Societies. 405 d Building Property owned, Dominion an is 3 E t- O 00 c E u 1> J= <^ o H z Id < H C/) > < 0. o o w < 1-3 I-! U U ■r. i tfC 3 C W C 3 C o; -C «^ -^ aj h-= u » t« O a." <^ W tft 3 c c i: w c -u ':^ tjo c3 w :-= c Mi s C o c ■ «^ 13 u33 -r c G 3 rt 5 1/ u •Tex w •-• o •p.">Al3D.li OidM luoij s X03 JO -ojij V)- r*^ O ft ^ r^. O '^.00 Tj- ^ \r^KO « 00 CO ro u-i r^ O^'IC »-< ro '^ m O -^ W t*^-'^ »-* m, rt in r^ rrj^x ^ vri invo 00 00 N CO so CJ\ N nT f^ fO lA »A\0 inNO ^ d\ 0\ r^OO vOOO o a O '^C>0 P^'-tvO f'^N ^O^N CvrrO C>0 'ffr^ ) Tf r*. m r*^ ON ^ C^l'^0 ONCT\0^O00'« ir% rr^ ■vt- C^\0 ^ O^ S N 00' »A Noo" S N 00 vo" ^ fi tn r-« *tOO fO rn ro m*0 •-• r^« 'to coo O roc^"^0^ *'^ «- NOO "-^O^ ^00 '*C»vOOO»-C7>'5 N ^fO^Tfi^Tf*^^ ir^\0 r>^vo vo'oo OOO^^'^M'-'OO f^vO "^ — "^ O N I^ »i^ Tj- O^OO O O M 'O CvOO ^ O O « N N- GO m 'TiOO 0*^0^ O^^ ^'^ "^^ i"*^ O N C^ » C\ fn '■'^ i^ *^oo f^i^'J-in'^'^Ov' --- O^OroO f'^t^NiOOOO O — ^ ■ ■ On O VO 00 ON ^n\C 0\ ro O 00 M *^^0 N »^M — « ioOr>.rtN M '■(t n moo f^ r^-oo r-^NsOoo r* m o m t^. ^ rN. u^go N f^\0 t'^ t~^ mT •-T M M rA rONO ^0 t^ bCoO vO 00 ►- N ^ O O^ On en 00 Tj- Ov -^ f^ O am 00 On N ?00 rCoo" « in O 10 N 00 0\ ON ■^ PI fO ONOO ro N 00 ^ N »noo 00 — r>» m m f 'l ro N N xrt^D « o" N -Too" 00" rC O ^ OS r*^ ON O ^ ^ ^ in inx) Os (N 't in C- N vo ^ N in "^ O ^ 00 in r>. m N N 00 ^ rn a^ 50 O^ PO _ in h>.vO N CTv "^^ Tj- "h" 6" 00" »A vO 'O vO O 00 ^00 N f^ O W ^ — ^Q »^t^inO r^M^ r^OO vO N O 00 N O M ^ m —-.— —-- _ - ONMOOCN'^Nd'. «ONVO'«tONr>.fn M h^vo mo •- ONt^*- r~>'i^r--.ino N mN •- moO N r-\ z/^ cf- O^ rnoo in t-C "-I rC 00 in >-i c^\0 pT rA — r^ •i- f) 't »^ ""O PI ON mi ovoo CO O M-O r^ f^m'^0 *^ O O ^ h>.vO sO mv ro o mfOmiN »- •-• l^"- OnOO f^f^MvOOO O^^^Os^'^ 10 O r^^^^ porfmi- O ^ p< M in --t t>*00 ro ro\0 O \0 On On^ 'S "O NO 00*" c^ o' 1 O •-" fo Onqo »n n vo « Q « Q O N ^00 • NO'^OmiNr^.t*. \ i-h" in pT ON f^ ^ o' rC Noo ON mNO O "O O" ►O NO '^*«50int*^t^'^ Tt-oo ^ i-i O r^ Tfoo o O p) N m t>.oo O mP4 OnO — O t^Osmjini^'-'OO fO'-'QO 00 NO P< o « — o o t^oo mi^o '!fOO Q '^. . _ O p^ 'no C^O p* '^lo^N ONOO o 00 r-^ PI Tj- N 00 "^ p< N O 00 PI On PO _--__--- M "^ ino MOON f^O 1^ ■^ PJ O 00 PI O pfOO O r^'^*^'"0 ■'to On moo O in PI On t1- r^ n 000 t-in'^'i-Tfmr^ON'^^ O *trni^ '"'^00 r 000 m*j-0 ONinON— t~^0 r^ »noo ^f — r--, m c ^ ^o rC.00 00 "^ mod nO o' n© ctn d 1 On t 6 d p» d p* -^f o P* PI PI PI PI PI M f^O N O ^O OnO t^ ^ "^ r>.0 »- •"• CnO On O 000 inr^oo 0\ f^ '~' in C' CO 00 a^ pi m m CnO 00 O — CO r->. t^ "^00 COOrn*^ -00 O piO "^O m hN. *- I^P* C-OO •t'tO PI Tj-O inr-^O mrico ror^l-^ m rf o fo rnoo r-^mr^i-^f^ain ooco O 0-- r^oo 00 rC pT cT'Co' '•o ■- cf>o '- '■1 •-• food d ^ ctn f-^ pf m O 00 O '■00c O O — Q P^ POiO rn O^ "-1 --O f^ — O O ■«}■ in moo O O On Tt- ONO on -i-o O »n ri o O I^QO 00 roro*-' fOa>PO^OOC tN,.inONPt PI »n M O fO ^t COOO t->. PI O fO (^ " fOO N ONOO PI r^ PI Tt rn 0\ 00 On O CO in mj moo PI — * * in '■o O' .^,. . . --_ --- Nortgo'- moo PI >noo ^ }0^'^ ^ foo O CO CO O O t-.vp • 00 ON rnoo in > r^ C'CO ("OOO N !■> >n Cn O 00 fiO O Tf O O :o CO CO CO t^ O ''ooo r^co — r^ r-^co <- pi o — fO *+'0C 30O mri pioooo Oini-iy; m^O m— « r^ ON O ■- 'O too "-• O O P» N PI -• PI to rt tniT) ^ i-T « i-T «' rl cT pT pJ pT rn pJ pf rn pf pf pf pT ►-« N m ro O — r^co PI 'O Q P( P» N ro t t t m>o 00 00 Ml m t •-• r^. too t^o -♦ON Onoo 0000 r^j>wi>.i^r>.r>. r^oo '■ t >no t-^oo o^ •-• Pt CO . ,-..- - . JOO^yOCOOOOOOOOOOOONONONO OOOOOOOOOOOOOOOOOOOOOOOOCCOOOOWGOOOOOOOOOOOOOC^OOOOOO t^CO On O *-• P< "^ t »00 1^00 On 000 t^ r>» r- r^ r>. r^ r-, r> r^. i>co og o»; Loan Companies and Buiuiing Societies. 407 N O^ ^ rs. 3 O t->. O^l^ -t N 1 t^ N On O o iM t-« u^ \0 00 U-) r->. f*^ N r^vO 3 vn M 00 ^ ^ ro :!-ro 8. \r\ l^\0 1 N >- •<1- $8^ N OWN tn rJ-vO rj- r^ r^ 1-0 - o N 1^ rO 1 N N OO N r* - ro • r^ ON ■ r^ m '^ N N N ) «-" 30 S m • Of) N C^ ro * M ^1i 1 ooo CN ■* 1^ N 1 , roOO . t^ in On f^ \9, ^^ • c- ^ _g^g -^ ON 1 o I--00 1- - 1 N S;?8 1 — ■* "1 On >n r^ o ^ "I- 5 ov — PI ro _ 0\ C^ O^ UD 00 00 00 ^ V c "J ?, c^ CM" i!'- S = = g , 4J o w 3 rt i a. o f -5 c w ■3 V OJ S =• t? .^ 2 cs ' '-^ > 3 f X •* 'r* ^.- "P2^ taj. 3 O. > «ft = Sj-S «« " rt « h: — 01 n 3 3 CI. IJ ^ "l^ £ c .-H n c O M ^ h. t/) to rt 7! 3 c -• w t«- 3 _ . « 5^ c u ■O 3 C -u •|>3At03.1J ai3« su.iiip>| l|:)ii|A\ luoy -SjAO^ JO -ojj S «fl- ^ in o ►- 't N <-t f>* On t-" N rN.NO f^ ^ f"*^ r^ M r«^ 1^ li-i f^QO f^-JO N On >n O* ^ -^^0 '^ >riQO u^O O 1 in O;00^ Tt- CJ^ in c" rC ""^ ' t>*(» 00 cc On t vO Tj- »- vO O t^ ON ^ rr 1^ »n in »n o 00 t->. ^ N 00 f '^ (S 00 t^ m O ("O r^ Tt" vo *^ *'9 O^ oi 0^ N ^o »^NO h>. — vO 00 On m r^ tJ- m in fo ". -H M • O nO »•-«.• O ON - » ■•^ r<-) On — '"O rO t^ O »n On r^ On -!*■ ^ NO n t^ rf \0 ini'^tN o^ — COOO N f Tf on^ O "^ rro'"'Sr^hC«oo^ri-rfidN«'-^'^ vO^NOOOOnOCI u-)vO N O "^nO C/DOC i^ininoN— roNOO OnO OnOj rrrTcTwNMrnfOfO'^fOTf'nTf mONNNOfn-t N ONino O — ^ O N Tj-ini-< r^Ttin(svo 0\^D m O Tf O ON ^ I'l N r->. m moo in Q N *^ " N N ^.w-o O O inf^O Q in^m in " OnnO On ^ M ^ O N ^O ONCO M N -^-oo o r^ Onco 't »^ -^ "^ •- -T « r^int^"-! in--! ONh*. invo on n •-■ On r^fOrONcJ'rofOrOfOTf'^^Tfin tn ON O h>. rn in f^ Q NO -n- ' I On m ro Tf O r'^NO 00 On ■-' ■ N On N OOOvOOOnO '-' r^fOM "-I On hN5 Onm ONm^OfiONN »n t^sb CO f^ r^ O ^n in fovo t^ mNO on On o •-* n f*^ . T w "AJ ^^ 'JW "^i^ "^ «^ I' J ".-t _ - ■O •-" O y^) \D in^tON •^nD On n Onn5 O I^n-^OO N pO^OnO Ot-^O^ ■«t iO OO mvO -■ N ^vOvO O-t^fOON-" in ON t'* O ^ On N invO N f^vO On ^ ^ r^ in N roOO "-I-^-OnN "-« N TfNOO -^ Tt-i^r--'-' mOoONOoo mo i^On^^O ino O ONrn-^i-t m>->vo rn— O i-^ro c>d"ND"^'"inTf'4' -r-^«vo"rr onO 00 ro O O M 00 «^ in i^o (N QO r^^ r-^ "-i '^ rnw '^Onm o^ ^ m my; ^o in r^ m «-> vo'oo' ■- d" m ci" m o" f^vo tC pf rTso n" tJ- "^nO no t>. 1^00 00 00 0\ O O C5 *- ^^g^g. TJ- m Tt" rr m in in 6 '^ < N- ro ON Tt- OsX \0 fi M m rf ■^f yf \o" Tt ov -T ri" (no N- moo N n in h.. PI in t^ -^t ODNf'^OniNxO'-'ONOON ^ O 1^ o r^y: t-^ inao ON tF^o'no" On m t^ -I ON in m N t^ On '■n M t-^xO M O nO f1 1^ r>^ O »n ON M in Ov '^O pT (5^ in m rf PI m r^sO nO t^ tJ- On "^ '-' On t^ OnnO ONO TfNO rj- in^O ^nNNO PIvOnO -^^ -I r^Pi "H ONr^ONTj-NN ONin»-^'-« O 1^ 1*^00 yJOO t^— ■rfmh-.'-O f^\0 m rj- 1-^, On N 00 TJ■lnT^OO 'tinONO '"or-^."- <-• •-• r^r>.Pi CNm^ t>, in r>. r-^o r*^ m o t-^ O ■-' •-* On '^X n tj* 't- rj-*o r^ rn o^ d-^0 O*^ O "I" ■*' Q ^ ^ ''^' '^no oo myf O-vcT rO rn 1^ O u 00 fO "T ON O r^OO 00 ON >-" u^irtrr^ ^ rf- r^ ^\0 t^ rooo ■- O ononpi OnO n mrno — mr>. ■"T « ^ ro •-«' -^ pT 'O ro ro pT pf pT pf pT pT N mO O ■- 00 nO moo ^ On On on On no O N On moO MOOO^NOrn<-tinO'tONrnPiP* ~ p) \o "N m ON ' .._.. ._ ,--_ yjOQ^iNO ■jO r^ -^ (^oo o oo ON m f-nvo *^ooo p» "no onn On r*^ ' •^ -ty; On n ON mo --__y>ONm .^ . .. .__ \0 o O ^no in p» o <4 O O m i-^o r^ ■^o oo n oo rC rn --T pT rC o^ yf vtT O*^ oo -^ — m -^ -^ On <> *f O^ 0\ m-o O 1^ "-• i-i o y) "-n »n PI in pi n t-^y) o pi oo -t fO OnO O ro rf f'^ On O r^ ^O nO — O^ r--. I^ Q moO inpT •« -TyT tCo pTyD r^'-*^ooo'inrnin>cr*"0"-^ rC r*^ «^ mo r>. h>. -« fO tj- r^o O t>»y) oo O •-< Pt o n ■,^^HH«»-. — -^N^PIPJPiPiPI o ONf N ON^Thm"-" t-oooo GOO t^oy) on '^o ■- 5 O in ino Onh "*oo r^Tj-mcjco po^« mo C^i^On-I-O O i^"- c^ Q O r-N.r>.inPi o^O — oo m in ON ""O in m 1--^ ■- iro On N Q N m Pt pi -t On '^ rn '^-inONinr'^— i^o^^^^'tO r^t->.0 — m mrfrf 8' '■o 0*00 ^ rC On oioo mb'o\dN't"rC*tTfpro\cr Tj-o <^ r^ (^00 « 1^ ro — r^oo 00 '-• 00 oo o o o fO --n Tt-O 00 On P* O mo mminmr^O •-< rO'(*"t-^ pTrnpT iiipTprtNTpTprr^mmpop^ On r^o o "-I n m m o »- »^oo Nmo*-'>J^^"^t^ rfoo r>.o >- o p< •-••-■MipiPipjNm^l--^ "^^ ys 00 Onco oooo.r^i^r-Nr>Ht^t>, rN.oo i-^y) - vO ^ s .t>t>r>t>t>t>i>o5opogogogogo5oooooo oononon ooeiooooooooooooooooooooooOQOoooooooooooooooooooooooo 408 Oakland's Banking and Financial Directory. 00 ^ ^ a. a J2 •a c u c o c o c UJ o o C/5 C u o H J 3 c .a 'c a. E o U c O Jg H u U3 H •j; > o < H O P< 04 Q u a o OQ x < pi < tft ««• .(3 00 3> o" « O 5^ On O^ ON M On 't ^O 00 rn r1 r)- On t^NO On t^ ^ NO p'ioo r-^ ^ U 4j 3 kj 3 'S w U O o O -J ;^ .-a . i> i| u j: •- 5C.2- c o S S ^ C rt Q a oj .S .c rT . iJ o c t: CJ 3 rt 5 tj n c ''• a; *- c c 5 « § -■£ c 1-1 JO'" NO 'too CO r^ On'O t^ Tj^nS _ O. r1«- (S o^ ^ a. :s --s .■a o Ji 6 o 5 .-. rj fN Tt "^VO r^OO On U ■^ Q c- a. . . p o PQ 'o .go S I ^ 5^ pi fo ■3 c a> 4^ m3 : I/) 4j I. 'x: u .2-o3 •= c 2 rt r^ *-» to '-^ C — so w a) k- ^.2 u ,, '•?; p. 3 - = S e «-' J! 3 _ ' -^ rt! ^ f 'I N 00 in N Tf r>. O ON O^'O ^ 10 ^ m ro m r>. "-Tec 00 fo pr N fO W O « "-■ "O u-i O ''f^O CO '-' 00 00 =g o CJ o 1> ^ cfl a. ^-:; uu 3 11 C ° M g > 4> i/J C 3 ti rs iS '5 O (A U c c c j: a > U S 3 3 5L O -! O H 2 3 3 3 'S C C C o ii 1) (u U D u u ti # — QOQQ^OO 00 On d ►" pi r^ 'f 3 O O E ^ a O 'A t(MN COMl'ANIES AND BuiLDlNO SOCIETIES. 409 < H ■f. ■J O "A t; J u u 00 ^ tn _ "" "" 00 't' N 00 o '«• t^ 'f N O 00 \o 'O'l o<3 r-^vo — Oi O fO r^ Tt ''^ N O >" O N 00 0\vO fO ro T»- . . . -. ^^ S c I -*-i J- ^ aj D .5.Sj= £^ «r>0 >" in tt O in Tj- in '; "-l '-t N fn n" -> moo 1^ N OS k. S" i S H o l> > 3 3 = ii ■ 5 5 n .S ^ c O-g u s = ■ U^ K '^ o o o e ^ 4j W (/J 2^ c > ^ u u £u - r* ' = ^i _-5 - _ = ■2 M £ c a. 1. ^ u g S = y 5 •O-cS 1)'— g D-p (J 1. •^ -^ ^ 2 ?i la S^"* 5 ?, c "o a c O 1> ^ 5 ; n J >. - . r: U 4J cfl O C ^ u >, IJ i « J- o s o — c " s c c c c _ 3 3 3 3 3- O C O O O _ S B S = S y < "^ < -it< X S, c c c o a c _ rt -O 3 " O So ■- ^ c ^ o 3 "1 ^5 o *^ •- /#» *^ .r >' c -r in yi 1. 13 - — O .5 41 . c '2 - b -5 — ' u g c 3 ^ O- 3 ". u O O u M f o Tj- vn\0 i^» oj i> i» n > 0\ d •" . O C« ?i Q e Pi ?. _4; o a h-l s c o U C4 "T- '+ ti ON -C no bO ffi o >-, vO S5 00 M >< 11 o ^ tr> Z o H •< S D a >J < u u. It, O i > > 3,^ ^8s ^:: t^Os N NO 8^ OS u-v so tn ?^ s^Sr SR S, PI i N N ^ Ml •■ "■ ^ ■" ^ N4 -4 * X^XN " -N '5% SI ^&, 00 in") fOMI ^§ "> 2^8 O- 8s^ & = 5^ •i? ^ ^at; i? 1^ r^ ;T2 E; =85 NO in N m u-i M :8'-? PI ro - 00 OOO "^ Pn^S N N M M N CI Ml — M •;«:ir? >f jf is; iff is ^is; " N!N ^ --n i? St"* foS- o oJ NO M sO in in ^ PI — oS8 h-OO o! % - PI fn PI m O moo N - « N ■- M "■ •-" Pt N M M Ml Ml -4 ■- ■■ -4 — s ^ iS! :^i^ iff is 1^ «- 5^ "S^ o6 •/•■ 8! On 53; ftfr On •4 r^ OS •s::- * IM B4 N PI M M Ml M M IM *■ ^4 Ml sS ^t^ ;?^ N -f* -^t N,ri 3>^ fJ,2 1?8 m \5 rl ::8n in in On r^ ^N Cv r^ in — On O^ •^% *n Os t-.© - M M 1-1 M r< •" M •« •" *^ Ml IM N- M M ?8 ^ is .« iff i*:« if; i?t iR 3,5 ^"2 5?, -.00 OO"* 3;^ }?8 58« <«&• OS "^^ 0^30 ?^ l-t M ■■ "^ PI "< M M M4 M< Ml Ml Ml M . i';;^ > i5t ^:ift is; ist , ■-ff ^ «•=§ o!^ •* N fo in - 00 r^NO N lO a^ ^5 ;3;;r i 28 - -K M M M "N .A i?;^ •^■^ -^ ^ i« i?r iflist ift ; t- "^ O N Si -i- ui 0\ t->. PI in ON ON o •* ^% - lO «^ • 00 00 - o ci - t>. m - o - o rn « On • 1-1 M ■M ■■ ♦ ^ .^:^ ^iC ^t x'is: iff~:ff is; : 2g; u^ Os %'S 00 vO Oni^ - o tt 000 PI o m • 00 • "8& M M •^ ta M M* W« M M M m ■* M '^ >!t:5t ^ i^i« NPl^ i* i?* 00 r>. rn OS'S N vO a ;r5 00 "~l o o PI t^ 1^ r^ ^t. NOOO O I^ - ON Qs li-i n O OnnO m - - o ■■ "■ t.- ■" "" ■■ — -4 "^ ■-< *m *m m -4 ::ft^ -^is; ■^fi ;«i!t iff iff ^ ?^ PI u-1 Ovw5 N ONVO inN N « s^ pnoi PI >" s;3i « o j:-^ N ~ -4- 1-4 M "■ ■■ M) M 1-4 Ml N- l-t M — H Ml ■ it '^ Nf i^ iff »3 u-i r*^ ir> r^ O t ro N •^^ O NO f) ■* t^ On vO fl g~8 M O lO ON ON rl O t>. <4' fo - PI - On 00 m 'o ' ^.^'[^^ " M <.H « iit - «^' if;i# — So. ;*S5t .:"::;* N 00 "10 i/^r^ =S^ ?N -. in O fl t^oo M m M ^ m in 00 »o "^ O 1^ On w^ O 1^ PI CO - ON O t^ •. r PI ■+ 2^8 t^O O On 00 t>. fO 0\0 00 lO O >D t - in '"O On \o in "i t^ ■* mri OsnO o o r^NO N -4 o o •-I 1-1 -t- 'O i^ist :^ if; i'^'it iS i«i^ i5t« :ffj? X ift 1^ 00 o>oo =85 8;S! = ^ Ov m ■* PI %$ 2S O m On 00 1^00 PI »• O m 00 NO 2?! M »- =:-: »^ -^ s-j ^ -J X J Kj 1 J ij xJ K-i S-i x J ~" '"^ '7^ « S. < j; t-" •s pq c o e r c c 3 c c ra U X u cr c n c i E J 0, C > H r ^ s ^ t > ^w J Yearly Highest and Lowest Prices of Principal Securities. 411 mm O ON 3 irt 5 O inoo N - o o> ■^r o ^^ <3s r^ 2 = 1 ON»n fnN 00^ vO»/^ » - MM - - S8 >t in— Nr^ mf»i »n oo>o "^ao m O ir, t •" Ov OvvO C<0>0 90 "> h«lA r"0 88^ IvO ci?? N N - - NO O l><" 00 30 ♦ Ul N VO l-s O ' )»> 06 N O mm N -• O ^n i8 28 s CI — t^ O 00 m = 2 -t TtN N N ss- Ov m "^ oio5 N "" 5^ in N it N On f^ >n m N 28 ; '■ -CI 8 s> N N -HI 00 1^ lot -iri-et '•is lA Ov t^ i/i 0000 •it N? RS, moo N NO N "" ^5 g,H 28 00 • « ri 0^^ 00 >o N N \0 "^ O>00 -let »^ -. OS p* — 2a N - -..it 1^ T)- '2> = SnSn O r^ - O ^ N 00 N «i^ On t>. -On in rn N - N -• NO t>» NO m ►" O 8 On '^vO O "^ NO ■* "> PI N « — rO (N '■'1 O *fO O On i?t NO N 5S 3 CO t N O N N 00 ■* "1 rn f^ On on 0^ ^O On fON N >" 1*1 — f*) ON On NOO N "" S Ml- N ^ t-NO » On O "> O O tv. N I r^ o 1 00 - On ■* O - 00 O N r^ - m Q On 06 ^1 >« 00 N mON h» N NO 00 N O i»x in in 00 00 OM^ in On no O 00 O NO t N « in t O ■* h^NO in N rfvD t^ M On On 00 — — N O \0 u^ c2 ON a m On ON 00 mON -« Q m «t onoo r^ m NO O t^ On On 00 ^- fn- CjN^ ff^ O^l-^ 0^0^ «ON ts« rff) = 2 ?= ^^ ?l ^^ ^ = * 2? : §; : : OnnO -• On r^30 NO «t N - on N- r^- 000 mmNO't Tj-O N m • - ; On N ON^>. n- r^ Onoo *vn oom r^ON — fo »< On fn On 0\nO mN NO fO NO 2^ : ■; I S'Sn S : : J '^ is; \Q ^ U-iQ Ol^ ITilA U^W^ 000 t^^ fo 00 r^ 00 r^ § i i ^3; S : : 8 'ti'' iriV 00 ^ "^00 ^GiO NO 00 r^ "^ OM^ Os r^ tt : ONin XO NO vO 'O r^ \0 ' N H* OS • ^* « r^N NO Not ^ m NO On* no Tf M NO N NO 22 : ro - ■■ PI ■ ^O r^ ■ vO Q (n»no CNinooo ti->. 00 00 mtj- r-.M OnOn r^m t ■^ ■^ ■^ moo Mi^hJ cMt-J Xh-] Z»-4 ShH ShJ Si-4 £U Xj X^-i SJ ShJ Ki-) X.-3 X~) 1/ bjl c c rt « c B u c rt •§ E e >5 s s X J3 M a. S? ii g o Q > rt d c- J c o c a O 13 B( 'iJ 412 a V c u X 8 c o c o 1/1 3 a. 'o c W IG C C o H < H O < O Garland's BANKivn and Fimanoial DriiECToiiv. 1 ' * : ^8 ' ' ■ M M ,^ '^.:X . . € UN 58 ! ' M M #4 iit ^^ 1 8 iri J^ N ?» M H "* r~ • >t 5 ^ i : 88. "T" i'""^" % i 8s R. 1 3 8 ^a 8! r* , ^ 28 C N O Os-S go in r< lo ro ^ l<^ ^ ^ &^ KS, ^t P> i 0^ in ON . X f in O P^ ss, 1 '^8 5 8 ''1 ? f O •>■ On in ^ "" pi mm Ov mro fO !-• cgS, *^ "* "^ ^ i^ ? in o »n O 00 N 2" « N \r\ - N - 1 • • o\ 1^ 00 «j r>. 00 "« !>. I^ 00 >o I^ 00 s J S J -- -i Wl lil y. C < c c o o O U J u 'rt a 'S ij 1 ' c c c ? 8 s c O a W Toronto Stock ExrnANOE, 1894. 418 4 s 60 e •c s •o at < ?( u ■n J3 u o "3 M u u 3 o s c ■c a. J Ml S V 3 -Sa^B- y t) 3 tj JJ it 2g> s^^s- 2g" •oO V -^ Mj3 >'.d 53 «i »» 4^ ;o'*-''' Q.5 a. s u. V fo O 'I ♦ n too r^ t^ N N » - - - t^ ». m Q IS S - - s>t; K1 N 0000 roN^O ^lomin fo '■ooo 00 !>. »^>o -o in O r^^ «-■ r>»tt^tno^m «t rooo 00 t^ t^»0 vO "I m O 0^>0 "t 0^»0 00 CC 0> Ov t r^OO 00 1^ t>.vO vO *n tri 0.d -1 m * S> • - - -p. • a- "t- 1^ ~ • M M m u^ m • - - - ->0 ; •t - O t; >o t T^oo 00 r» t^»o S >o ►" •" ^ V rJ, Z o - o m tn ■- C< 'O M OnOO 00 >o Q 00 t fooo 00 r^ r>.sO t :^ >t _ . M 00 l^*0 00 f^ fO f^oo 00 op r»>o vo m >n 00 ^ N 0^ 'O fS O t-.. f t 00 'O fioo t-00 00 r>.vO >o m ro N N 00 M 11 tn ^ ^ i^:»; N vO 00 0> "^O - ^ moo " ' r^oo r-^ r^^o ^^ ro M N 00 M M in ^ "> 0000 t^ Q "^ O Ov r^ ' Tfoo 00 00 00 t^ r^vo vO » « in* — 00 *^ C\ — 0000 fi^to^x mo N »n *vo to Tj- rooo 00 00 r^ r-.vc r^^ MNxx — x — — NM~ — »■> •3-^ vO ^ N C^vO O ^ Q On O^ 5 r>. f^ t. aoo - o 5,&22 as:* - - o 0^0^ - mN o CTv O O ^ "^ '^, Ss^S'S lis- o o sJsijEjaiJKJsjaijKJaiJaiJ sjxjkjejsJs'jkjsJ o H pa c O c H £ o c n .2 'C .5 e ■c E w := ^ B (A 3 **! ""i S '£. m o ha u c o U c 6 a. n & E o Q a rl ■»; o U ►J a, < a C « .2 o c 414 ■a 'u 3 o en is 9 c to C Oahland's Bankivo and Financial Directoiiv , :ji X ! X x: X > < ;§_ %.l :? s Li X k a :« ;^^ : j'j^jf.." vft M M ,fJ' f-T* -■^ .it f. 5S.= 2K5, :R :?1 • ^ r^%r\H^\^^ > :* « : ; : . i . , , :5Sl :=1 • . ^ ^ iTi irt m m «,: fi . . • m • M m M m ° • M M ■^•+ M M ■M . M '. ', " ;•""*"•"' • M^tf^ M ji ri ' ' ,S* -^^ ; :^ : ; :i5; ; ■ , , ivS'S. :^S- : ; 5^5;y, : : 00 w mm • '2 : : \h\ :^ : * • . . M M M M •" ^ M M • • I m • .i«« • iftist . ::;)E!;^::^, :^::ft :i^ ;«i« : ::< ^ :«5 :8^^ : • ^ -^ tr\ irt irt in ri 00 vo ^ O ^'^ •'^ iiS : .j;8 :>? ; . . ■"■"■""*""*'* M M •^ M • M M ' ** J .^:« • ^ • r«t"~.t-t/':.'»'-t ;;^ ^ : : :i< t ; ;>o vo* :?g^ . :?S.3,=^5,!? ass,? • M : :s8f>.iCS : M •- • M M M M M - M M M M . : i>t . vf. : •.-a^-X. i" . J> i.!? "i :5'5' •♦0 • 4 "1 Tf 4 t • ir> ir> iri rf - g 00 "ivo vo ! "^ "" -r »H •■ .■.;? 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Ili; I' 3 u o J -a s c o % m "A O P < H O D c O Pi > < z a C/2 5 S n S.'u £.Ci :? < i ; 3 3 : ^ ^^t . • ••= y : c s 5. rt : .^.is < ?; • •*>© 'O "^ M • in ^ t^ • : ; : iSj : : :::?:i . . . i>.^o . . ut . Tt • • • P) N . . VO • >0 i Zi S, : ; : : : .iSl : : : :^ . . • m ^ ui . . . \0 \o u^ ^ g, ; .; ! . • . iri • • • N u : : : : : :;)iti^ : . . . . m\r\ . . • • • N N • • 3 : : : '. . '. \r\ ^- '. ! 00 ■5 : : :J : : :S B 3 ■ N • i s 1 ■ iA> loo • 00 'O I'l • • • i^vO 10 lA ^ s : • • 1 :° :- \\ :b c rt 5 1 00 • ■ "1 'O . . . f^ M . . r^vo »n 72 H is > c < 5 1^ _c i : C Q "^ c rt C n I r 1 c 11 5 0. N ^> U 3 c c rj C J Jj" 2 ri >.\ ■X. c ; c OJ c c rt c J: C g -id c j c rt c : 1 ,0 c c t c > n r c £ {2 '■~) •/) u c '> rt •r. rt c rt c ■5 c u a. 8 ■r Oi C r 7- C rt c s B .C '5 4X ■ ►4 as d J C (/) C > c « c « rt c 3.- c k. r. v 5 ; ■ U u c J I/) e« 3 > rt r: c rt c 3 n c rt n s APPENDIX. ABSTRACT OF ANNUAL STATEMENTS OE THE PlllNCll'AL BANKS IN CANADA. BANK OI" MONTREAL. DIRKCTORS' ANNUAI, RKI'OKT FOR 189I. The Directors beg lo present llie 73rd Aiiiiu.il Re- port showing the result of the bank's business of the ye.ir ended 301I1 April, 1S91 : — balance of rrt)lit and Loss account, 30lh April, 1S90 $ 794.728 85 rrolits for the year ended 3olh April, 1891, after deducling charges of nian- agement and making full provision for all bail and doulitlul debts 844,999 45 $1,639,728 30 Dividend 5 per cent, paid 1st December, 1890 $6oo,CKX) Dividend 5 per cent, payable isl June, 1891 Coo,ooo - — $1,200,000 00 Balance of I'rofil anil Loss account carried forward $ 439,728 30 In respect to the reduction in the balance ol I'rolil and Loss account the Directors desire to say that in the revaluation of the assets, taking into considera- tion the unsettled slate of affairs abroad and the un- certain outlook for the lulure in this country, they have thought il prudent lo make such full appropria- tions as lo give reasonable assurance that the rrofil and Loss account neeil not again be encroached upon. As the losses and ap|>roprialions this year were to a considerable extent of an exceptional character, having been caused partly by the late crisis in I'.ng- lanil, which depreciated the value of some of our securities (iiolwilhslaiiding ill we hold are of a high class), and partly by ihe shrinkage in the value of assets of old debts now iieing liipiidated, ihe Direct- ors considered iheniselves justified in [laying the usual dividend of to jier ceiU. The deposits show a decrease in the amount not liearing interest and a considerable increase in the interes-.-be.uing portion, the latter, owing in some measure to ihe tact that in order to retain our de- posits we were obliged to meet compelitioii, and also that Savings Departmenls have during the year lieen ojiened in connection with all liie bank's liranches in the Dominion. I'rom these Savings Departments your Directors anticipate very great anil material advanlages in the future .is the country grows in wealth, and in addilion lo that il is thought lliey will be of service to and benefit a class of the coimnunily which the bank would not otherwise reach. K 'eping in view ihe growing imporlanee of Hrilish I olumbia as a lulure profitable field lor banking operalions, the Directors have, during the past year, oiiencd a branch in the city of X'icloria, the capital of thai province, which it is hoiieil will in lime prove lo be a source of profit, while it will, in any case, be 53 of value lo the liank in connection with its other business. t )wing lo the difficulty of securing suitable accom- modation for Ihe bank's business at Regina and V.in- couver, the Directors have decided to put up buildings spL-cially adapted for its occupation, and such premises arc now in course ot erection at R'.gina, while the plans for those at Vancouver are at |ircseul under consideration. As shareholders are aware, Ihe present bank charters expire, and the new Hanking Act will come into operation on the isl July next. The Directors think il is not out of place in this report to slate their opinion thai there is great need of a uniform and comprehensive Act for the better ili.^tribution of the assets of insolvent estates in the Dominion, and they hope Ihe mailer will be taken up I'lid receive Ihe attenlion of Ihe lioards of Trade of the dilTerent cities of the Dominion, with a view to legislation at an early day on the subject. The head olhce and the branches have passed through Ihe usual inspection during the year. The Directors have recently had to regret the resignation of one of their number, in the person of .Mr. ("has. .S. Watson, and the vacancy thereby caused has been filled l)y the election of Mr. R. H. Angus. During Ihe past year a change has taken place in the management of the bank by the resignation, ow- ing lo impaired health, of Mr. \V. J. Buchanan, who had held the office of general manager for a ])eriod of upwaids of nine years, and the appointment of Mr. L. S. Clouslon lo the vacant olhce. Donald A. Smiifi, President. r.BNKKAI. SlAllCMKNT, 30111 AI'RIl., 189I. I.ialiilities. Capital stock $12,000,000 00 Rest $6,000,00000 Balance of protils car- ried forward 439,728 30 • $ 6,439,72s 30 Unclaimed dividends '0,959 S-* 1 lalf-yearly dividend, payable isi June, 1 89 1 600,000 00 $ 7,050,687 82 $19,050,687 82 Notes of the bank in cireulalion $ 4,904,640 00 Deposits noi bearing inlcresi 5.2/7.564 55 „■_ . -.- Deposits bearing in- terest 18,279,884 90 Balances due toother banks in t!anada. . 80.213 45 -—$28,602,302 90 $47,652,990 72 4i8 Garland's feANKiNa and J^inancial t)iREcrroRV Assets. GoUl and silver coin current $2,178,677 16 Government demand Notes 2,103,801 50 Balances due liy o t h e r bks in CaMa. $238,011 08 Due by ajj'ncies of this hank & other b'nksin foreign c o u n - tries... 8,918,032 21 Due by ag ncies of this bank I*;: other b'nksin Great Britain 457,764 9.3 $9,613,808 22 Government bonds, India stock, etc 1,308,000 00 Notes and cheques of other banks 1,082,89192 _-$i6,287,'78 80 Bank premises at Montreal and branches 600,000 00 Current loans and dis- counts (rebate in- terest reserved) and other securities and assets $30,173,430 07 Debts secured by mortgage or other- wise 352. "02 55 Overdue debts not specially secured (estimated loss pro- vided for) 2.}0,279 30 $30,765,811 92 $47,652,990 72 1:. S. Cl.OUSION, (General Manager. ISANK (11' MOMKKAI., ^ Montreal, jolh April, 1S91. (' THK I'ltKllIDK.N r's ADDRKSS. The president, Sir Donald Smith, in moving the adoption of llie annual repurt, said : 'I'his report which you have just heard read comprises everything or almost everything that need be said on this oce.xsinn, so that my remarks will be very brief. .Mlhough we do not show so large a net profit as in some former years, yet we feel assured from our experience of the present year, as well as of past years, that the earn- ing powers of ihe bank are such as we need not have any apprehensii'n aboul. The working of the bank, so far as its earnings have been concerjuil, has been entirely satisfactory, and were it not ihal there were some exceptional losses —losses which it was impos- sible for your directors or your general manager to control— we would have been able to show a very excellent exhibit to you on this occasion. In 1885 the balance of profit and loss was $379,569 ; ever since then the bank has paid a dividend of 10 per cent. On one occasion it gave besides one per cent. of a bonus, and on another two per cent. It has, in addition to this, appropriated for a rebate on bills discounted, $200,000. It has also built the West end branch on .St. Catharine street, which, I am sure, you will be glad to know is a benefit to the bank, and is also, I have no doubt, a great accommodation to the friends of the bank doing business in that part of the city. It has, in addition, built preinises of an excellent character at Calgary, a very rising place, as most of you know, and it has appropriated an adequate sum for a bank building at Regina. With all this it now shows a balance of $439,728, at credit of profit and loss, so that we feel there is really no- thing; to apologize for on the part of your directors at this moment. Their object has been, as you have been told on several occasions, if possible so to con- duct the afliiirs of the bank that it will give a steady income to its shareholders, with the view of ensuring, as far as possible, that there shall be a regular divi- dend of 10 per cent. We have confidence that there is no reasonable cause for fear, but that the bank will be able to continue that rate of distribution. There have been sou'.e disturbing inlluences within the past year, notably that .MoKinley bill, of which we have all heard so nuich. The outcome of busi- ness throughout the country has not been good ; the harvest of last year was not ecpial to what was looked for, although it promised to be very abundant in the first instance. In Manitoba and the North- west, owing to early frost and then of a period of exception- ally wet weather before it could be gathered in, there was a very great shrinkage, and yet with all that they are now in a better condition there than they have been at any time, and with the promise, happily a gooil promise just now, of an excellent harvest, we may look forward to an improvement in the general trade of the country with a remunerative business for the bank. It would be out of place for us to [ire- dict with regard to that ; much depends on what the harvest is to be, but, as I say, if it is ordinarly good, then we may look forward to having a prosperous time : for, notwithstanding the disturbance we speak ol in respeit to tarifls, we have no doubt that ("anada will find other markets and that she will go on |)ro- gressing. Just about this time last year I had occa- sion to allude to illuslrious visitors, thei\ amongst us who had come to Canada, and to .Montreal, by way of India, China, Japan and iulo close conununica- tion with Vancouver, and we rejoiced to find it so. This year we have heard within a short time of the arrival in Vancouver of the (irst of a line of steamers which will bring us the east and its vast business re- sources. When we can find that leaving London to-day, in twenty one days after we are at Voko- hania, in Japan, I think a very great deal indeed has been accomplished for the future of Can.ida, see- ing that the journey is made so very nuich through the Doui'nion. Added to this we shall, no doubt, also have an accelerated mail service of our own across the .'\tlantic. We look eagerly for this and I believe the time is not far distant when we shall have it, and when to it will be added a direct line also from our Pacific coast to the vast continent of .Australasia, and lo the growing business of that great counuy. I think we may lake to ourselves ilu- hope anil the assurance that we are lo grow llirongh- out every pari of the Dominian, anil that Montreal and, I trust, your institution of the Bank of Mont- real will not be behind in the race. You are av/are ision. In 1885 5379,569 ; ever idend of 10 per ;s one per cent, ent. Il has, in rebate on bills ilt the West end 1, I am sure, you ) the bank, and comniodation to ess in that part t premises ol an ;ry risin;; place, appropriated an Regina. With 39,728, at credit lere is really no- your directors at i-n, as you have issil)le so Ic) con- ill give a stea the future of the bank. The late general manager who hiid conducted affairs under the direction of the Board, Mr. Buchanan, owing to ill health, was obliged to retire much to our regret. The present general manager, wlio was joint manager, and who has a thorough and complete knowledge of all the affairs of the bank, will, I am sure, so coniluct ils business that you will have cause in the futme, .as I hope you have had in the past, . be satisfied with the result of the adniinislra'' -n. One word and only one more. We need hardly say 10 you that the Bank of Montreal knows nothing of party politics ; ils only desire and elioit throughout has lieen so to conduct the alTairs of the bank as to give the greatest possd)ie support lo the industries of the country, commercial and other, and while do- ing so to make the best possible profits for ils share- holders, keeping in consideration always the absolute security of ils capital, and, may I say, ol ils rest, which we look upon really as a portion of its capital and which we trust and believe it will never be necessary to encroach on. One chief object of the directorate has ever been to jjtovide that there shall be a uniform dividend, so that the stock of the bank will ai)pro.ich as ne.irly as may be in the eslimation of the public lo that of a debenture slock yielding a regular income year by year. And in slating that we know nothing of politics, I desire lo make just one remark on a subject which is at present in the minds and thoughts of all of us, that is, in respect of that great statesman, for we all admit that lie is a great statesman, who has done so much for the ad- vancement of the Dominion. (Hear, hear, and ap- plause.) I am sure our earnest prayer is on all sides irrespeclive of parly, Ihat he may overcome the serious illness from which he is now suffering, anregnanl wilh events of M) grave a char.acter in llie financial world, thai, looking back upon Ihem, I cannot help feeling thankful that I am not called upon to explain an even much worse re.^ult than the present. We have been on the verge of a crisis, the outcome of which no iiian could foretell ; — it would probably have been Ihe most serious in the history of the world had it been allowed to run ils course, but happily it was checked in time ihrough the tact and determination of the Cjovernor of the Bank of Kngland, aidetl by a combination of the inosi powerful banks and bankers of London. There had been an uneasy feeling for some lime, the air had lieen thick with rumors, and on the 6lh November the Barings notified the Bank of Kngland they were unable lo meet Iheii engage- ments. It was not, however, until Ihe I5lh Ihat it was announced to the public. The interval, mean- time, had been employed in making arrangements to avert the panii:. which it was feared might breakout, the [larticulars of which are now matters of history. Tliis crisis was followed in December by a financial stringency in New York, caused not so much by a shortage of ihe supply of funds in the country as by Ihe locking up of large (pianlilies of gold, cither ihrough fear of the operations of the silver bill, or, some say, designedly, wilh a view of aflecling Ihe stock mark^l. But whether it was hoarding causeil by the natural timidity of capitalists, or whether it was through the machinalions of specidalors, or the natural export lo p.ay debts due foreign countries, the gold disappeared and the result was an acutely sen- sitive comlition of the market. Credit was suspend- ed, some classes of long exchange were entirely un- saleable, and discounts were so dilficull lo procure that merchants were put lo unnsual straits for want of cuslomary banking facilities. At one lime it looked very serious, and il was only when some im- portations of gold were ordered Ihat apprehension was removed from Ihe public mind, and business re- sumed ils normal condition. As you are aware, both in the United Slates and in Kngland, we have very large interests and though we lost nothing directly, during either of the two periods, but came thrfnigh with added strength to our already well established credit, yet we have suf- fered indirectly. The downfall of the Barings was brought about by their inability to market the large quantity of bonds, chiefly of the .South .\merican .Slates, which they either owned or against which they had .advanced, and though the aid afforded by Ihe Bank of I'aigland has enabled them lo lake time lo li(|uidale, there remains, hanging over the London market, large masses of securities still undigested. Until these are absorbed by the public, or written oflT by the holders, a fate which must befall a great por- tion of them, prices of securities, even the best class, must be depressed. We alw.ays hold, or are interested in, a considerable amount of bonds and other securi- ties, and in belter times have made large profits out of that class of business, and though what we hold are all undoubtedly good and of a high class, as we have carefully avoided any of a speculative character, and have not helil a foreign bond for the last three years, the market value has declineil and we have been obliged to make provision lo bring them down to the ])rice of the day. Reluming lo Canada, il was found necessary, during the last year, to place in liquidation several accounts which were not in a sat- isfactory position, with the result that we discovered that previous appropriations, considered ampleal the time, were totally inadequate lo meet Ihe shrinkage in values, caused by the last three years of agricultu- ral and commercial deiiression. It will always be my desire to take Ihe shareholders into my confidence with regard lo Ihe business of the lv\nk, to the great- est possible extent compatible wilh the interests of the institution ; but you will readily understand how impolitic il would be for me to give any details, ';'fiE1 I ■' 420 Oakland's Banking and Financial Directory. It,-;-; where the bulk of the appropriations are on debts not actually licniidated, Imt only in process. \Vc have gone ihroiiyh the assets of the Uaiik very carefully, and believe ihal very auiple ap|irn|irialions have been maile. There has been no desire to make things appear either better or worse than they really are ; but a revaluation has liieii made with (lie desire to prrive at a true result without exat;geraiion. As a general rule, when one bad year succeeds another, it is our experience that the appropriations are usually insufhcii nt, and you have oidy to look at some of the recent failures to see how dillicult it is for a banker to arrive at a true esliniale of the value of his assets, when an account, e>liinaled as ipiite [;ood last year, shows now a loss of $5o,cx« to $75,000. The leson to be learnt from our past exper- ience is that in good years it is a mistake to distri- bute all that is earned. It is much more prutlenl, in order lo e(pialize dividends, to set aside a con- siderable per centa^je of our surplus arnings in good years lo meet unexpected contingencies in bail ones, which are sure to come. It is becoming it. ore and more dillicult, owing to competition, to earn our dividends, and unless we can increase our loaning iiower by adding to our Rest, or by increasing our Deposits, 1 do not think ue would be safe, even if we made them, in distributing a larger percentage of our profits than we have done for the last few years. If we were only sati'-lied that the commercial coinnumily were fully alive to the necessity of greater economy and curtailuuiU of credit we coidd look forward with more confidence for the future. 1 can- not help feeling, however, that they are in no posi- tion to stand a succession of bad seasons arising from indifferent harvests, or other causes -there are too many in business with insufficient capital, anil their siabilily is honeycombed by too much and too long credit. If I am right in my interprelalion of the present con11>111CSS I 111' question til ii('re;»sL' in piotits lini^liiiil liis ic- wo liecii im llic down grade of late, and it is tn be sincerely lioped that mir new aajiiisiiinn in the redict, and each year they have endeavored lo do the best they could in the interests of lluir I'ellnw -shareholders. With regard to the statement of gross Insses being given, I think what has fallen frm;! the I Inn. (!. A. Drummond is ([uite suliicient, ami that it is unnecessary (or me lo say anything further on that point. Then my friend has 422 Garland's Banking and Financial Directory. If?, K' snid he thought it might have been well for Ihe Directors to wnlt three or four weeks before making the aiipoinlint'iu of a new Director. I will just (juole to liiiii what i> sai a very e coming intD coming closely the great Kast, have an ac- mlic ; that we itact with the recollect aright y company to 1 wish to pay a ling indicative larefully refrain 1 the Canadian low it has been , that both the time and now, 1 all other rail- i-d have been of ;, am willing to Now I think I le, all that was to the appoint- )nal knowledge Ives called upon the resignation I what is imper- lie felt consider- Sir John Mac- him a few days niality that hud had left us in ho was eight- colleague with ssure the nieel- 1 the condition )le difficulty in most sincerely )reserved, even )f the duties he country. Ir. man had left and sorry that It vas then unani- DIRECTORS. presented to 1 the Directors the bank, is a man in the in of this char- this. L-solution, which ■s and myself I y for the n.otion past your direct- lur interest, ant^ I have no doubt those you may be pleased to elect to-day will continue to promote the best interests of the bank. THANKS TO THE OFKICERS. Mr. A. T. Patterson moved : — That the thanks of ihe meeting be given to the ("leneral Manager, the Inspector, the Managers anil either otticersof the bank for their services during Ihe past year. Mr. U. B. Angus seconded, and in doing so said they are to be congratulated on having a (ienoral Man- ager of such un(|ueslional)lo abilily, and who had associated with him a number of gentlemen who were so thoroughly acipiainled wilii their various duties that the best results might be expected in the future. The motion'was unanimously adopted. The General Manager — I have to th.ink you for your kind expressions an behalf of myself and the executive. I know (piite well that no efforts of my own can make the bank a success unless I am ably seconded by my staff. I am glad to s.iy thai not only have I a stall very well trained but very aniliitious for the success of the instilulion. There is a thorough es/>ni dii corps throughout the bank, and I hojie it will produce good results. IJIRECTORS' ANNUAL REPORT FOR 1S92. The annual meeting of the shareholders of the Bank of Montreal was held in the Banking House yesterday at one o'clock. On motion Sir Donald Smith was requested to take the chair, and that Mr. A. B. Buchanan be the sec- retary of the meeting. THE ANNUAL RKI'ORT. Mr. E. S. Cloustan, the General Manager, was next called on to read the report. The Directors beg to present the 74th .\nnual Re- port showing the result of the bank's business of the year ended 30th April, 1892. Balance of Profit and Loss .\ccount 30lh April, 1891 $ 439,72830 Profits for the year ended 30th April, 1892, after deducting charges of management, and making full pro- vision for all bad and doubtful Debts 1,325,88703 $1,765,615 33 Dividend 5 per cent, paid 1st Decemlier, 1891 .... $600,000 Dividend 5 per cent, pay- able 1st June, 1892 600,000 $1,200,000 00 ♦ Balance of Profit and Loss Account carried forward $ 565,615 33 Referring to the preceding figures, the i)irectors are glad to be able to meet the Shareholders with an improved statement as compared with that of the same period last year. The figures in the subjoined statement call for little remark beyond the item of $135,000 in the assets — which, being a new feature in the statements of Ihe banks, it may be well to explain for the infor- malionofsuch of the shareholders as do not reside in Ihe Dominion, is the bank's conlribulion to the Government " Bank Circulalion Redem|)tion I'und" —a fund establishe.V.. The head office and all the branches have passed through the usual inspection during the year. Thi; directors have had lo lament ihe death in fune last of lliiir esleemed colleague, .Mr. Gilbert .Scott, who had served on ihe board for the long term of sixteen years -having been elected a mendier in the year 1876. The vacancy has since been filled by the election of Mr. \V. II. Mercilith to the board. It has been Ihouglit desirable to provide an As- sistant lo the General Manager, and Mr. Alexander Lang, formerly Second Agent al New York, has been promoted lo the position of .Vssislanl General Man.ager. Donald A. Smith, President. OENERAL STATEMENT, 30III ATRII., 1892. Liabilities. Capital Stock $12,000,000 00 Rest $6,000,000 00 Balance of Profits carried forward . 565,615 ^^ $6,565,615 33 Unclaimed dividends 3,020 49 Half-yearly dividend payable Isl June, 1892 600,000 00 $7,168,635 82 $19,168,635 82 Notes of the Bank in circulalion $ 4,912,415 00 Deposits not bearing 'ntere.st 7.097,563 34 Deposits bearing in- terest 19,879,44448 $31,889,42282 $5£ .o58,o5.S 64 Assets. (iold and .Silver Coin current 1,797,095 66 Ginernment Demand notes 2,479,51425 Deposit with Domin- ion Government re- quired by .\c\ ol Par- liament for security of general bank note cir- culalion 135,000 00 't' 'It S. IS It! ' IK J 424 Garland's Banking and Financial Diuectory. nrme^ht forward. $135,000 00 Raliinces line liy other bks. in Canaila$ 11,064 S9 UiiL' by ag'ncies of other b'nks in foreign c o u n - tries... 8,S5j,jii 39 Due by ag'ncies of other b'nlts in Great Hritain. 1,201,782 88 9.766,159 16 Government bonds, In- dia stock, etc 1,308,000 00 Notes and cheques of other banks. . 903,699 24 $16,389,468 31 Bank premises at Montreal and branches 600,000 00 Loan to the (.Jovern- ment of Canada. . . 1,966,666 67 Other current loans and discounts (re- bate interest reserv- ed), and other se- curities and assets .31,609,868 59 Debts secured by mort- gage or otherwise. . 331,304 02 Overdue debts not specially secured (loss provided for). . 160,751 05 $34,068,590 a $51,058,058 64 E. S. Clouston, General Manager. Bank oi' Monikeai., "1 Montreal, 30th April, 1892./ rilK rRESIDENT'.S ADDRESS. Sir Donald A. Smith, in moving the adoption of the report, .said : \Vc have before us, as you will see, the 74th Annual Report of the Bank of Montreal. It requires little either of explanation or comment from me. The balance carried forward is $125,6X7 larger than in June last year, while $135,000 have been paid to the Government as a contribution to the (' Bank Circulation Redemption Fund," a new feature in our statements. This fund may be, and doubtless is, a great advantage lo many of the banks and to the public generally, but it is not ref|uirecl l)y our bank in any way. In the careful administration which has always distinguished our atfairs the public feel they have ample guarantee of its solidity without resorting lo any such fund. Permit me to compare the position of llie bank now with what it was in its earlier years. It 1817 its capital was $350,000 and, by the way, as there was no other bank, tin-, repre- sented the cnlirc banking capital, not only in Mont- real, but of the whole of Canada, while at jjrescnt the capital of the banks osal, lo lax bank stocks and capital gen- erally. Il IS to be hoped, however, that wi.ser coun- sels will prevail, (^'apilal is very sensitive as regards any such impost, and we may rest assured that legislation of ihis nature would lend to drive from ( "anada thai which we so greatly need, the means of ccn ; oiniit inslL-ad ; cxppricncc of it would havu ;er dividend on er com. on the h the Hank of whole country and more par- •en in the com- which you will titjiires. |Kirts was $S7i- il more or less j her seasons re- learn that dur- dency has been It the trade re- t, and covering April, show an rls l)eini;, 1891, hnj; 30th .Aiiril, of $11,983,497 ast year, which ir the largest in withstanding the nil of May just in the I'ort of 5,615 in '91 and IS more than in irevious record. lows the great ■ Dominion as a I foremost place. during the past colonies sank in wings and when n the value of linion, owing to on market con- lus, shuulil the al to the Kng- u ith confidence. I back both in the misfortunes Baring in the le part of those 1, and the other titutions the ef- The shock was, not yet been ly for the future t to take all the ure success. It ition, or, at any and capital gen that wiser coun- sitive as regards St assured that il to drive from ;d, the means of itry. Better far lire money — and arry on the ad- ministrnlion of the couuliy to go to direct taxalicin, to go to each cili/en ami make hiui pay acc'iuling to his ability and mean-, throughout the coiinlry. ( I bar, hear.) I'or some years back in this province we have been spending far more of the |)ul)lic monies than our means woulil permit of, for whieli the pub- lic chesi, eipially as willi the purse of an individual, if you draw out every doll.M in iiand and be'>ides lun into debt, beyond the means o( repaying, the eonse- ipience cannot fail to be di.sasteroiis. We are pro- miseil an adminisiration of economy, and our salva- tion rests in having this strictly enl'orceil. Hy em- I'loyiiig not one individual more lli.m is refpiired for llie administration of our ad'airs .iiid assuring that everyone so employed is fully capable for the work he has to do, thai there -.hould be no drones, no supernumer.iries, is the right way to iti.ike both ends meet ; or belter still, to have a surplus which can be used to the advantage of the country, and we look forward to this being carried oul. Happily the differences with our neighbors of Xewloiuidland appear to have bei'M got over and the liehrin^Sea Iroulile, we are told, is in a fair way o( be- ing sett led. Throughout the whole province as well as extending to the I'ncilie, lines of railway have been built which ha\e been extremely useful in develojiing the great resources of the country in every direction. We have steam communicalion with japan ajid China from our own ports of N'ancouvcr and N'ictoria and the trade, both in passengers and in freight is, even now, very considerable and, within a few years nnist grow to large proportions. If to this we are able to add a line of fast steamers from Europe to tmr own ports erpial to those sailing between New \ Ork and Kurope, and we have every hope such will be the case, the advance of (,!anada in material pro- gress and all that makes the prosperity and the greatness of the nation will be such as we have very little ade<|uale conception of at the iiioment. To meet the development of the country, especi- ally in the newer parts that is in I he Northwest and linlish ('olund)i.i -you art told lure that branches of the bank have been established al l''ort William, al the head of Lake Superior, which must become a great and a very large place in the course of a lew ye.irs owing to its being the chief shipping jilace for liie grain for the North-west, and also in Nelson, British Columbia, in the mining district. There you liave placed, or are about placing, an agency, nol ihat either from one or the other, we e.specl for the lirst year to make a veiy large surplus, but to be ready there for the business that must arise at both these places, as the surrounding district isdi-veloped. We know it is ascertained beyond all (pusiion that Ihe district of the Kootenay, especially surrounding Nelson, is one of the veiy richest in minerals in the whole of .\merica. We have this before us and with all Ihe advantages that we have ihrougluuit the Do- minion- -resources recpiiring only to be developed - I ihiidv we may look forward to the fact that Canada shall, within the next twenty-tivc years, be a comilry not only of importance, but of very great importance indeed, anprea(l ami far reaching inactivity in business. Asa general rule I do not think banks have ha, have increased, the free some .$l,Soo,ooo, and those bearing interest $1,600,000, and though at present the latter are costing us more than ihey are worth, wlien the demand for money improves we will be in a position to reap the benelit of our accumul ilions. I regret to say, however, that at present, owing to the inactivity in business and general distrust both in England and the United States, there is such a plethora of numey that it is impossible to employ the large Reserve we carry in these countries at anything like a jirolitable rate, and I fear that our prohts during the coming y ar will be seriously affected. Our [.oans, etc., have increased $3.51x3,000, created chiefly by an advance to the Dominion Government and invest- nienls in high class securities. The item of $I_55,0'X), being a deposit with the (jovernment for the secu.'ity of the circulation of the other banks, appears for the first time in our annual statement and is referred to in ihe Directors' Report. The building at Kegina, mentioned in the Dircc- lors' Report last year, has been completed ; but the Vancouver building, owing to unforeseen delays, has only just been commenced, and it will be a year or a year and a li.dl before it will be ready for occupation. This is the only building we have in course of erec- tion, though .additions will re(|uire to be made to our offices in \Vinni|icg and (iuclph. The Hoards of Trade have recently framed sugges- tions for a new Insolvent Act. It has only lately come under my notice, Imt probably before the (lov- ernment are able to take the (piestion up ample time will be allowed for consideration of the subject. I will not attempt here to discuss this (|uestion, but will merely indicate the direction in wliich any in- fluence this bank possesses will likely be brought to bear on one or two pf 1 it went on to for not enforc- ; lonR-windod ; credit system ir if the l)anks n^ lonj; dated shortened but as before. IS against 2,043 lin live of the ) in 1885. ecled with the lareholders de- ill answering rison, ared to him to ith reference to unts presented. iDsilion on the lie discussion, esident had not did everything sm. With ref- hi? meeting, he 1 to say. The een of an ordi- no astounding ank. The sum 1 profit and loss this percentage welve millions. hat even if this ig than that of emphasize was to realize the in the present days of keen and cutting competition fancy dividends and bonuses must be relegated to the indefinite fu- ture. Success, he thought, could only now be se- cured through liaril work, consuiiimate jinlgmcnl, economical manageiiient and increasing vigilance. With reference lo the Bankers' assiicialiim, he ven- tured lo make one suggestion, and that was ihal they would not allow the suggestions of shaieholders to be subordinated in a \( done has been for the purpose of imi)roving the properly of ihe share- hohlers, anil giving us a full diviileiul. The resolu- tion does not require any further remark from me. I think we must all be perfectly satisfied with the staff and the manner in which they have conducted the business of the bank. Wo are also lliaiikful lo the President and lo the (ieneral .Manager for the extremely interesting review of trade and finance and the future prospects of this institution. 1 be- lieve the shareholders will concur generally in the feeling that we are indebted to the Directors for what they have done in the past. In reply, the President said : The Directors had taken all the interest it was possible for them to take in the atVairs of the bank, and they had endeavored to do everything that they possibly could lor tho.se for whom they were acting. He expressed his deep regret at the loss of Mr. Scott. Mr. .Scott was associated with him for many years, and he (.Sir Donald) learned to appreciate his worth. Ills death was a very general loss to the bank. In Mr. Mere- dith, who was apiioinled lo take his place, they had a gentleman of high ability, and who had proved to be a very excellent director. It was moved by .Mr. Hugh McLennan, seconded by Mr. W. II. Meredith, and resolved, "Thai the thanks of the meeting be given lo the ( Ieneral Man- ager, the .\ssistant (ieneral Manager, the Inspector, the managers and other officers of the bank for their services during the year." Mr. McLennan said : The Directors are depcii ilent largely in the nianagenient of the institution upon the Lxecutive, the (Ieneral Manager, Assistant (Ieneral Manager, the managers of the different branches and Ihe Inspector, that their duties shall be performed in such a manner that no loss can occur to the bank. The history of the Uank of Montreal contains the names of many men of ability, and who were devoted to its service. As one of the Directors I might say that if we can judge from the experience of previous years that in the future the prosperity of the bank will be due in no little measure to the efforts of the staff of employees who have given every satisfaction in the discharge of their duties. The motion having lieen carried unanimously, the General Manager said : Permit me to thank you for the resolution and the very kind expressions of Mr. McLennan. Wi- have a firsi class stall in the bank who are llrMoughly devoted to its inUrrests, and I have no doubt your kind inolion \vill slinuilale them to future exertions. DIKKITORS' AN.NUAl. REt'ORl hOR 189J, The annual meeling of the Shareholders of the Hank of Montreal was held yesterday, at I o'clock, in the Hank building. t)n niolion of .\Tr. John Crawford, Sir Donnlcl Smilli, President of the ll.ink, wa.-i voted to the chair. Mr. A. Macnider acled as secretary. then 75lh was TIIK KI'.I'OKT of the Directors to the .Shareholders at then Annual General Meeting held ijih June, iSoj, then read as follows: — The Directors beg to present ihe 75lh Annual Ueport showing the result of the Hank's business of the year ended 30th April, 1893. Halance of Profit and Loss Account joth April, 1892 $ 56S.6IS-33 Prolils for the year ended 30th April, 1S93, alier deducting charges of inanageiiient, and making full pro- vision for all Had and Doubtful debts 1,325,810.20 $1,891,425.53 Dividend 5 per cent., paid 1st December, 1892... $6oo,cxx) Dividend 5 per cent., pay- able 1st June, 1893 600,000 1,200,000.00 Halance of Profit and Loss Account carried forwanl $ 691,425.53 The figures in the accompanying statement show the Hank s position to be a satisfactory one in every respect, and Ihe shareholders are also to be congrat- ulated upon the very fair results of the business of the past year. The Overdue Debts. secured and unsecured show a reduclioii of $338,000 in the aggregate as compared with the stalement of the .same dale in the year 1892, The Direclors have to report that the Hank was appointeil Financial .\gent of the (iovernuient of Canada in England by (.)riler-in('ouncil at Ottawa in December last, and the leased premises in Ab- cluircli Lane have been enlarged to meet theiequire- ments of the necessarily increased staff of clerks there. During the past year a branch of the Bank has been opened at N'ernon, H.C., where it is expected a moderate and safe business will be done. The Head Olliceandall the Hranches have passed through the usual inspeclion during the year. D, A. Smith, President. If!' 428 Garland's Bankino and Financial Directouy. (iKNKKAI. STATEMKNI— 30TII Al'KlI,, 1S9J. l.iahililits. Capilnl Slock $12,000,000.00 Kesl $6,ooo,(K)0.oo llaliiiici- (if I'rolilscnr- rii'd forw.ird . ''>9Ii4J55J $0,091,425.53 Unclaiini'd diviiUncU 4,675.6<) Half-yearly (lividciid, payiilili' i>>l |mK','93 (Kxj,oiw.c« 7,296,101.22 Notes (if I lie Bank ill $19,296,101.22 circiilaliim $5,1^5,377.00 I)('|iosit.s not ^eariiii; inicrest . . . 7,556,402.23 Deposits hearing in- terest 19,542,424.87 Bal.inccs due to olher Hanks in Canada , i7j'iX 32,224,377.28 $51,520,478.50 Assets. (iold and Silver Coin Current $2,202,071.58 Ciovermnenl Demand Notes 2,747,331.00 Deposit witli Doniin'n (iiiv. re(|iiire(l liy Act of I'arlianiciu for security of (gene- ral liank note cir- culation 20O,CXX).OO Due liy agenc'es .- ' _ ■ _ ■ of this Ilk. and other liks. in foreign counir's8,905,638.78 Due l.y agenc'es of this l)k. and o I h e r hks. in Ci r e a t Britain, 2, 1 18, 244. 65 —11,023,883.43 (lovl. Iionds, India stock, &c i,834,ooo.(X) Notes and ohe<|ues of other hanks 935. 7X0. 99 $19,003,667.00 Bk. premises at Mon- treal and liranches. 600,0x1.00 Curieiil loans and dis- counts (rehate inter- est reserved I'v olher securities and assets 31,762,786.58 Dehts secured liy mortgage other- wise 45,206.51 Overdue debts not specially secured (loss provided for). 108,818.41 — — $3'.9>6.8'«-50 $51,520,478.50 INK l-HRSItlRNT S ADOKKSil. The I'rckidcMl then spoke n» follown ; — (ienllemen. In moving the adoption of I he report, which you will ohsetve is a very shorl one, my task is easy. \'ou will see hy llie report Ihal ihe pmlils for the ye.ir alter (Uducling charges id maniigenieiil and ninking full provision for had and douhlliil delils are $1,325,810.20, and adding lo lli.il the amount hrcnj^ht over from last year, .$565,615.33, makes alliigetlKr .$1, 8(11,425. 53. The diviiiends paid amount to $I,2(X),(XX), leaving as an addilionid amount lo he huMight forward this year $1 25,810.20, making allogellier $1191,425.53 at crcdil ol prolit and !oss, in addition to the rest ol $(),(XX),()oo, or 50 per cent, of the actual capital of the hank. We helieve ihat in pulling this stalenieni heloie you provisi(in has been made f»r everything in the shape of had debts. We believe llial it is an ailual sUtemenI of the condilion of your allairs, and llial you can coiiiil on having what is here shown for 1 In good of the shareholders, and looking to all the circunislaiices, we consider ihal Ihe slalemeiil is a very satisfactory one. The business of ihe past year was, especially in Ontario and (Juehec, satisfactory. There has been a very large increase in manufactures, especially in the collon and wool business. Diy goods, which had not been very satisfactory for a year or two, has shown great improvement williin llie last twelve months, and il is believed this will continue. .Some of our friends here will know Ihal Ihe boot and shoe business, one of the imjioftanl induslrirs of the country, was most iinsalislaclory al one lime, but we are hapjiy lo say ihal in it also llure is a very great improvemeiil. Lumber during the lasl year was much belter than for some years previously, and il is expected lliat Ihe improvenieni will conlinue. Wheal was disappointing, as ihe cpianlily was not e(|ual lo the promises of the early pari of the season. The ([uality was excelleni ; nothing could have been better, bul unhappily Ihe price was exceplionally low, and thai, of course, Iold againsl the farmers. Slill with all ihat we believe ihal as a whole ihey are in a very independent position, and thai ihey can look upon iheniselves as being at le.isl as well off as Ihe fanners of any other country of which wc have any knowledge. Ilay has become a factor in the exports, and il would, [lerhaps, be well that the farmers of ihe country should give even more allcn- tion lo this than they have done in the past. We know that cheese and callh- have bet 1 .1 ource of very great profil lo ihe agriculunalisls, di-iribuling somelhiug like $jo,rx)0,ooo among tluiu last year. While in ( Inlario ami IJuebec, also in Hiilish Col- umbia, and in a great measure in the Lower Tro- vinces, everylbiiig lias been successful, as I have said, il was nol so, lo llie same extent in Manitoba andthe Xorlluvcsl. '1 here they had a great shrink- age in Ihe (|uanlily of grain o\vii;g lo the exception- ally dry wealher just a short lime before the ripening of ihe crop, ^o ihat llie volume lor exporl was mm h smaller than was expeded, and when to ihis is added llial ihe price ihev " from ivventy lo iwen' less Ihan in ili |iri" w 1 .1 presenl llie 11. friend, Mr. 'in 111. .\orlhwest, and ecn a lietter outlook f(.r a than is to be found there at was somewhat late, but at liore forward than they hav Bank of Montueal m tKSii. IH ft)llllWS i- I of I he ri-|)S.<".SH. TIk' (liviili'iiiU ,is ail ailililiiiiiiil (lit ol iiriilil anil j.iKio, or 50 pir li. NVo liclifvt- (■ yiiii provisiciii he sliapf 'if linil iial staliMiu'iil iif II villi ran coiinl lit )>llll(l 111 lllc L- cirtinn^lancfs, vciy >alisfacliiry r was, especially iry. TImto has cliires, especially )iy (^(inds, whicii year or two, has the Inst twelve cdiitiniic. Some lie liuol and shoe nihislries of the one lime, Imt we re is a very ureal e lasl year was eviniisly, anil it is I coiuimie. Wheal was mil eipial to the season. The conlil have lieen Has exceptionally linst the farmers, iis a whole they ,n, aii.l thai they T at least as well intry of which we econie a factor in le well that the even niore alien- in ihe past. We liec 1 ,. -oiirce of alists, ili-uiliiiling 1^; ih.ui lasl year. ,0 ill Hiilish Col- the Lower Pro- essfiil, as I have .lent in Manitolia lail a (;reat shrink- to till' exieplion- lefore ihe ripenint; export was mm h whrii to this is ^raiii was even more, ice -ee ihat sailvantage 1 present ili« Irieiul, Mr. \oiihwesi, anil letter oulKiok fcr a he found there at ;-what late, liut nt id than they hav' l)een for tome yean l)ack, ami with ordinnrily favornlile weather fnnn now iinwards we may look upon it thai we shall havi' 11 very ^ooil showing frcmi ihe Norlhwesl. Iininigration lor ihe present year is so far at least eipial to ihal of the past, and we are having a very exeelleiil class of people coming inlo our comiminity. In speaking ol this we should jiist allude to ihc lad that perhaps due care li.s not lieen taken in some past years of sending inlo the coiinlry assisted emigrants of the very liest class. Amongst the Crofters there have certainly lieen sent some we mighl jii t as well have lieen wilhoul, Imt thai is now known on the oihor side, and we may feel assured thai very much greater allentiiin will lie given to the siilijeil in the fiiHire. Hut even the Crofters are much heller oH than they were in iheir own country. What is really reipiireil in assisted immigration is not that class who are useless on Ihe other side, Imt those who are willing In work and so liecmiie good settlers here. These are the people who should he encouraged to come to Canada. We have endeavored 111 show what was the liusiness of the last year, and what we may e\pecl during the current year in the mailer of crops. Unfortunately we liiid that one of our railw.iys in the Northwest is or will lie ol.liged to default in its interest, a fact very greatly In lie regretted. Thnl road has done a very great ileal for the counliy in iiiiining up the iinrthern part of Manitnlia, yet perhaps, it went simiewhal faster than li.e country reipiired and while we are sorry that any .liould sulfcr in conseipience of it, at the same time it will lie a warning, perhaps, to others not to altemi.i lo push forward except as the rei|uiremcnls of the country domnnd. (Hear, hear. ) We should consider very well in every case before we go to F*'urope lo ask lor money thai anything which is unfortunate in its results always effects even that which, if assisted from the other side, would lie of the greatest lienelit to us here. \ mi all know that thire has lieen in another part of 'he world a very unforliinate stale of allairs in respect In liusi- ness, and that a great many banks connected with Australia have been obliged lo (uspend. There ave been no fewer than fourteen of them, having a deposit of some £(p,nxi,ooo or $4So,oo(j,oix). Such could not possibly ocrur wilhout causing great dis- turbance in the money market. Happily, however, that is disappearing now and, with ih" very great re- sources of Australia, no doubt in a lew years it will have recovered ill it has lost by recent events. While speaking 01' this, il is a satisfaction to us lo know that we are to be connccleil more closely with the trade of .Australia than we have been herelofore. As you will have heard, within a veryshoit lime there is going to lie a line of steamers, the llrst of which will arrive at X'anconvtr within the present month, and I have no doubt that a trade will grow up between onr own counlry and .Vnstralia which will be mutually advanlagi'ous. The great benelit ue have derived already from the direct Iraile with Japan and l.'hina is «ell known, and Croin our closer intercourse for business with Ihe gieat island contin- ent of Australia we may, indeed, look for a very great deal in the development of foreign commerce. Now, coming for a moment lo mir own City of Montreal, we may take a retrospective view. In 1S44, there were sninelhing over 44,(X.io inhabitants here; in 1S71 we had lo7>'">i and an assessed value .$';o,5<)9,ooo, the revenue being .$So5,C)cxi. Today the po|iulalion of the city proper may be put down at 225, (XXI. If we count in the suburbs the iiopula- lioii will la|l not far short of .jcx),ooo. The assessed value of the city proper U $i36,cx»,ooo or there- alMiiils wilh A revenue of $2,S05,ofX). Thnl shows a very greal advance indeed lor lliel iiyof Monlnal. I.el Us look now at Ihe ll.ink of .Montreal itself. We lind ih.it in ihe year 1S17 il had a paid up capi- tal of ${<;o."<"* ! in '^7' '' had $6,f)00,cxK), with a rest ol $<,(Xio,ixxi, and in 1S95 the paid up capital is $li,iKX3,oiiiiteil for distribiilion amongst the shareholders. The motions having been lonnally seconded by Senaloi Drimimond, the (ieneral Manager sulimitted ihe follow ing statement :-- IIIK UKNKKAI. MANAONK's REMARKS. Mr. !•'.. S. Clouston said : I had intended to re- strict my remaiks this year entirely lo a few exjilan- alory conimenls on the balance sheet submitted lo you Ui-day, and I will only depart from that inten- tion to the extent 111 pointing out brielly the char- acteristics of the period which haselapsed since I last 430 Oakland's Banking and Financial Directory, had the (ileasure of meeting you. It has been a year of financiil (lisliirlance, and not without anxiety to those intrusted with the ni:ina^;ement of l)ankin(j in- stitutions. \Vc commenced with a pe;iod of (inan- cial plethora, to he succeeded by a suingency ol ex- ceptional aculeness. We have had a lianliing crisis in Australia of unexiuviiled severity, a money panic in London and a very unsaiisfaclory condition of affairs in the Ufiited Stales, arising chiefly from the vexed silver (pieslion. The worst appears to be now over, but until the silver and currency (|ueslions in the United St.ites are settled, we can hardly hope for a thorough return of confidence either there or in London. That this will he settled .mil that satis- factorily, I have no doubt, as matters have arrived at a stiige where the great common sense of the American people will assert itself, and ihe views of theorists and demagogues will be relegated to the back ground for a period at any rale. In Slontreal, also, we have verged on troubles in the slock market, but these came at a period when a little judicious lieniency and assistance on the part of hnancial institutions allayed apprehension and tided the crisis over without difficulty. In the miilst of all this unrest and linanci.\l excite- ment it was a source of relief and assurance lo those having chaige of linancial matters in Canas to create profits, and, as deposits in this country are limiled, we at one time thought of encouraging ihem from England and Scotland, but on enquiry we found that though there would have been no difficulty in obtaining them in consid- erable amounls, the .\uslralian Hanks were willing 10 pay a higher rale of interest than I felt could be made profitable here, so we abandoned the idea, and I am gUul now that we did so. In fact, though our large capilal and small deposits tell .seriously against our dividend earning power, still the very smallness of ihe laller is a greal element of security in a crisis, like that which overtook Australia, such a crisis, I am hap|iy lo .say, is never likely to visit this country, as our banking system and practice are radically different. It is my earnest desire to keep the shares of the bank entirely out of the realm of s|)eculation and place them in the same category as Government securities, where ihe shareholders may be assured of undoubled safely and enjoy a fixed dividend. With that object in view \ou will understand that it is my aim more lo maintain and increase the high standing of ihe bank rather than attempt lo force large profits. IHE niSCL'SSIO.N. Mr. John Morrison ihoughl that a detailed state- ment of the disbursements and losses .shoidd be sub- milled lo the sharehoUlers at the close of each year. Mr. John Crawford thought that, in view of the unprecedented calamity which had swept over Aus- tralia, boih the directors and the shaieholders of the Bank of Montreal might well join hands in mutual congratulation at the result of the year's operations. It was a |)leasing fe iture to see that they were con- tinually adding to their profit and loss .account, which now sUiod at $700,000 ; but he was of opinion that they should not slop adding to it until it hail reached at least $l,ooo,0(jo. The direciors had shown an ominous silence regarding bonuses. Was il to be in- ferred from ihal ihal ihe lerui was praclic.illy obso- lele ? From whal he learned from outsiders it ap- peared lo him ihal there was a spr;ulalive mania abroad, and even in that connminity. It should be vigorously repressed. lie spoke of the expenses of ihe Hank being greater in proportion than those of oilier banks, and weni on lo urge the public.^.tion of the gross losses. He also favored the paying of dividends (piarlerly, and said thai the adoption of such a policy would elevate ihe Hank of Montreal to ihe liighesi pin tele of populaiily. The I'residenl -I wouM just s.iy lo Mr. Crawfi>rd, that in ihe mailer of bonuses we shall be cpiile as greatly delighled as he can possibly be to give a bonus. lie knows very well tha^ at the lime a divi- dend of sixleen per cenl. was paid by this bank, it was no difficult matter to get eight, nine, or ten per cenl. for nMuiey througlioul Can.ada. To-day it is really no easy mailer lo get beyond five per cent, on good security, while a few years ago you could get seven and eiglil per cenl, on real estate and even higher. I ihink ihal will be one reason, as he will see, why the Hank of .Montreal as well as other banks to- day cannot make the Siime return to shareholders as they did in former years. Mr. Crawford has given Bank of Montreal 431 )f our custom- ions. n^ about the riie stalcment )n to the note stani eniploy- :id, as deposits : time thought and Scotland, ;h there would hem in consid- s were willing I felt could be ined the idea, In fact, though i tell seriously still the very lent of security Australia, such r likely to visit nd practice are ! shares of the speculation and Ls flovernnicnt y be assureption of k of Montreal to Mr. Crawford, ,hall be cpiile as ily be to give a the lime a divi- by this bank, it nine, or ten per To-day it is live per cent, on o you could get estate and even on, as he will see, IS other banks to- to shareholders aw ford has given a word of caution in respect to speculation. I can assure him that the directors would never for one moment lend themselves to the support of rash spec- ulation or anything like stock gambling, and I trust that ;n the future, ;is in the past, the liank of Mon- treal will do everything in its power to discourage these. .As to expenses, 1 think my friend is some- what in error when he speaks of the expenses of the Hank of Montreal being relatively larger than those of smaller banks. The fact is they are smaller than those of othei banks, and while !he directors know they have a staff etpial to everything that is reipiired of the bank, men of ability and experience, men in whom they have every contidence, they are aware that in many instances the salaries in the ]5ank of Montreal are not etpial to those given by some other banks. But the (litTerent members of ihc staff arc thoroughly loyal to the bank, and I do not think you will find amongst theni any who if teuiiilation were offered them in the way of salary would care to change elsewhere. Still I wish to show that the expenses of the Hank of Montreal are nlalively less than ihose of most of the banks. As to the public- ation of gross losses spoken of by Mr, Crawford, the matter has been referred to before, and it will be for the consideration of those directors who may be ap- pointed by you to-day, who may be relied upon to do what they believe will be most to the advantage of those whose trustees they are. Concerning a ipiarlerly dividend, it would be a very nice thing, indeed, if we could have a dividend quarterly instead of half-yearly. It would entail some more work, no doubt, but the first oliject of the directors of the Hank of Montreal has been to bring the dividend to that point at which it shall approach as nearly as possible in character to a debenture or bond in point of regularity of interest, that is, a steady yearly dividend of ten percent. Having, as we believe, iiow arrived at this point, it may be well for a future board to consider the subject of <|uarterly dividends. I am sure that we are glad to listen to any sugges- tions from my frienil Mr. Crawford or any other shareholder who takes as deep an interest in the affairs and growth of the Hank as he does. The Hon. D. A. Macdonald congratulated the directors and the manager on the precautions they had indicated for the coming year, as he believed that th^ -lability of the country was not such as to warrant bai ks undertaking large speculations of any kind. lie hoped that the prospects of the year which had been laid before the meeting wouhl be realized, but they must bear in mind tliat with the late sowing in Nlanitoba and the early frosts which might come, there was danger ahead in I hat province. Me had no doubt ih.it the directors did the best they could, but the shareholders should be taken somewhat into the confidence of the board. It Would be gratifying to the shareholders if a state- ment were rendered to them showing the expendi- tures of the bank and the salaries paid to all the em- l)loyees of the institution, lie wished to know if it were true that the directors had undertaken to build a re.'-dence for the manager. The President — I may, without hesitation, say that it is the intention of the board that a house shoulil be built for the general manager. After some further remarks by Mr. Macdonald re- garding the salary of the general manager and the e>pendit',;:i- on the proposed residence, which were satisfactorily replied to by the president and Mr. IJrummond, Mr. Hurnett said there were some de- tails about the management of the bank which only the directors should know, and the statement of losses was one ol these. The shareholders should have confidence enough in the directors to leave to them the details. .\s to the exjienses of ihe bank, he would think less of the directors if they had not the best men in the c;nmtry, an,nal.76o.Q2 A i sets. Cold and silver coin current $ 2,587,903.38 (iovernmenl demand notes 2,783,146.25 Deposit with Domin- ion (iovt. reiuiired by .Act of Parlia- ment for security of general bank nolo circulation 265,000.00 Due by agenci's of this Ilk. and o t h e r bks. in foreign counl'r's 8,139,893.13 Due by agenci's of this bk. and o t her bks. in Great Britain. 2,696,018.12 10,835,911.25 Cov't. bonds, India stock, &c 1,820,000.00 United States raiUvay bends 2,207,000.00 Notes and che(|ues of other banks. ..,. ,, 995,062.15 $21,494,023.03 ic Uank iuclinl- IcH (Uirin;; llic Smi 111, I'r('sik. |ircniiscs at Slon- trciil niul l]ranclic's. 0(X),ooo.uo Ciirrciil loans ami dis- couiits (rel.alc iii- Icrcsl rcscrvcil) ami olliur securities ami assets $31,437,103.84 Delits secured by mortgaye or other- wise 174, 681. (>8 Overdue debts not spe- cially secured (loss provided for) 1 50,952. 37 31,762,737.89 $53,856,760.92 1;. Hank oi- Momukai , Montreal, 30tli .\|iril, 1894. S. Cl.lH'SldN, General .Maiiagir. IIIK I'KK.SIDKN I S ADDKK.SS. The President then rose and said: (Jentlenicn, you have heard the report read, and I would move, seconded l>y the Vice President, that it lie idopted and printeer cent, of the paid up capital, a result which, makini; due allowances for the ex- ceptional eircuuislances eiicoui\tered, will, I think, be regarded by the shareholders as very satisfactory. The prolits are fully ui' to the averajje of the preced- iiigsix years, and have not been ap[ireciably larger in any twelve nionlhs since the rale of interest has lallen to what has come to be looked upon as a permanently lower level. \'ou will readily under- stand that the many millions of dollars of capital, re- serve and deposits at the disposal of the Itank, have not been eniployeil so as to proihice a net earniiiy; o( thirteen liundresible, and compelled tb^- -.hipmenl abroad of the only form of money having an inlcrnatiimal circulation. Upon the present slate of trade in the Dominion and its innnediate prospects I shall make few reniarks. The yeai has been one of anxiety to bankers because of these adverse foreign conditions to which I have alluded, and which have rellected upon our own counlry. The continuous decline in railway earnings for many months past is a sign of the times not lightly lo be ignored. These great corporations which constitute in a measure the pulse of trade, have lieen compelled to meet reduced earn- ings with reduced expenses, and as a consequence the employment of labor aiul the circulation of money are adversely affected. The farming com- munity suffer from the unexampled low ptices of wheat, and the corresponding decline in prices of other cereals ; and that important interest, iho cattle trade, has also been less pro-.perous and profitable this season. On the other hand, several branches of farming, notably pork and dairy i>roducts, have yielded very satisfactory returns, and this is, I am glad to say, more marked in the I'rovince of (,)uebcc than in the other parts of the Dominion, showing that increased attention has been paid to that im- portant industry in this province. The shipping in- terest generally, like that of the railways, ex- periences the trial of exceedingly low^ rates of freight and a slow demand for tonnage. The lumber in- dustry is in a reas. nably satisfactory cimdiliim, save as respect shipments lo the American market, where the demand has been greatly conlraried by ihe prevalent prostration of all trade. M.imifacluring industries are less active and the distributing busi- ness is cautiously conducted, Imying being largely of a hand to mouth character. It is evident that a policy of discretion and conservatism in giving and taking credit ought to be per>isled in, as affording the surest means of warding off trouble and of speedy recuperation when nu>re favorable conditions arise. The completion of the tariff revision by I'arliament, now all but aci'oinplished, should remove an element of disturb.ince who^e adverse influence has been more or less felt since the opening of the year. Re- viewing all the circumstances with which we have had to deal, we have cause, I think, to be well salisticnl with the outcoiue of the bank's business for the twelve months ending on the joth April, and as it is always satisfactory to know that we do at least as well .as other similar insti' '.ins, in providing for the sliareholdL-rs a revenue h' heir capital investments I would point to a little bit ..f information which has just ap|)eared in one of the city [lapers, showing the amounts respectnely to be paid out in li\iden(U for the past half year by ten of the banks in the Domin- ion. They are as follows ;-■ Bank of Montreal, $6oo,cxxi ; Bank of Toronto, $100,000; Merchants Bank of Canada, $240,000; Quebec Bank, $52,500; Jacssible, I would accentuate it. lie is a member of the (lovcrn- menl, and although not holding a portfolio, I feel convinced lliat, notwithstanding all the zeal, all the ability and all the determinalion ih it may animate members of a government, whether of the present Conservative ndnislry or any of its predecessors, who desire to advance the imerests of the Dondnion, in no case has Canada been belter served than by Sir Francis Snnlh. Seldom has there been a time of more anxiety for those responsilile for the atlnuni>lratiiiN of the Bank's affairs, than during the last eleven or twelve months, the responsibility resting both on the Directors, the Ceneral .Manager an the The circulation, latement, shows a general inactivity Bank of Montreal. 435 in business. The deposits not bearing interest have decreased $1,000,000. The deposits bearing interest have increased $3,700,000, chiefly from some special ileposits. Aside from these our general deposils h.-ivr 'Tlher decreased owing to heavy withdrawals I >r investment during the low prices of securities last su, imer. W'e have invested a considerable amount, $2,207,000, in ihe highest class of United Sta' 's railway and other securities, which would be read..y realisal)le at the sum they stand in our books at. Our overdue debts have increased $171,000 ; the loss on ihese has been fully provided for The advantage of our large foreign balances and investnients and the elastic character of our business outride the Dominion was well exemplified last year. \\c were able, not- withstanding the panic, to strenglhen our cash re- serves and respond to unexpected demands withovit in any way interfering will', our Can.idian business. Since I last had the pleasure of meeting you, we have passed llirougli probably one of the most trying years in the (inancial history of ihe century. The year of 1S93 commenced with the terrible banking crash in .\ustralia, anil at our last meeting, while we w ere (piielly discussing imporlnnt financial prolilems, there was hanging over the world a crisis remarkable lor its severity and duralion. The Austr.dian troubles were followed by a sudden stringency in the London ninney market. The Hank of I'nglaiul rate was ad- vanced from 2J2 per cent, at ihe In'ginning of May to 4 per cent, at the end ; the joint stock banks took fright, and iji iheir desire to strengtiien iheir reserves, aggravated the position by ruthlessly calling in their Stock Exchange loans and refusi ig to discount. In (he United States tile apprehension caused by Ihe exiraordinary silver legislation had borne fruit and brimght alxnit an api)alling stale of affairs. Several railroaw weakness l)y exacting notice. .-Vs it was we had only one bank failure, the Commercial Hank of .Manitoba, which had been noloriously rotten for some years past, and should not have exislei(k'ralily li--^ llian fur a lc)ii|4 liiiif past, and as mmc <<( llic fundi'd lirlil of the Diiniininn, "\ilstandini;, malurfs litfnro 190J, (.Canada as a liorrdwcr tn any larjjo f.xUnI in the lirilisli iniincy niarliol is liUcly liir Ciijiilal and your iiiliTc^l in llir liank, In d(i all we could for ,iuir lienitlt. I havi- no doulil llial such directors as may lie (di'CU-d today will conliniic |o do tlioir utmost, and thai the Hank of Montreal wdl enjoy the prosperity that the rircuinslances of the countr;, may permit. Mr. A. I'', (laull movid ; — That the thanks of the meeting; be (^iveii to the (ieneral Manager, the In- spector, the Managers and other oll'icers of the Hank for their services during the past year. In making the motion, Mr. (laull .said : — It is not necessary, I am sure, for me lo say anything with regard to ihe ( Ieneral Manager. \'ou are all aware of the very gnat ahilily he has put forth ever since he was connected with the Hank, hut more especially during the year which has just passed. In that period he has had a very trying lime, liut lo use a common expression, he ha^ come through with Hying colors. With regard to the In-peclor, you all know he is a gentlen\an who ha-, given a great This has been disposed of as follows s Dividends Nos. 44anc| 45 at 7 per cent. $405,944.00 .Added to Ihe " rest " 175,000.00 Carried forward to profit and loss ac- coiinl of next year 4.430. 1 1 $58S-.374ii The accompanying balance .sheet, when com|iare(I with that of last year, shows thai the business of the bank has been well mnintained in every department, and that large available reserves are held against the bank's liabililies. Deposits have increased considerably, notwith- standing severe com|)etition. Theie has been a de- crease m the total of loans and discounts, which is, however, accounted for by the repayment of larr;<' exceplional loans. The ordinary discounts and advances of the bank have increased. The total earnings of ihe bank have been eipial to the average of recent years, but it has been necessary to lake from ihem a larger amount than usual to pro- vide against losses arul deprecialions. I'arlofthis deduction has been by way of writing ofi'known losses and part by transfer of sums to contingent fund, which under other circumstances might have been added to ihe " rest." The exceptional condition of fin.uicial matters in London and New \'ork last November added much to ihe anxieties of the board, bill they are happy lo slate thai the business of the bank Wiis so caieliilly watched thai no loss whatever has been sustainctl. As the final result of ihe business of the year, the sum of $175,000 has been added to llie "rest." This important fund now aniounls lo $2,510,000, or 43'+ I'er cent, of the paid up capital. The officers in the service of the bank have dis- charged the duties inlrusleg(iw and Lon- don, with whom we were well actpiainled. We had cables from 1 ,on;lon two or ihiee lime^ a anic on the occasion of the failure of the Western Hank of Scotland and the City of (ilasgow Hank. Il was similar aclion by llie banks of New \dik that saved the United Slatev in a moment of extreme peril al the oulset of the war, and the same couiliiiiali(m has ever since been a powerful bulwark againsl an unsound currency, and a most inlluenlial foice in favor of conservative melhods of business generally. The .Scolcli banks, too, slill maintain iheir union ; and while no one can deny thai there i-. a reason.ililc comiielilion in banking in Scoiland, or allege Ihat the public are not well served, ihe union of baidis has had a powerful elVecl in the introduction and maintainence of sound methods of trading, crediting and carrying on business generally. Tliere can \vi no doubt that a Hankers Association in Canada, conducled im proper princijiles, would be of the greatest benelil both to the banks themselves, to their customers and ihe pul)lic al large. The stoppage of the house of Haring suggests re- flections also on the subject of trading beyiJiul means and ability. It is an old subject, and I may add, il is a very sore subject. Though much has been said before, I must repeat that this is at ihe root of most of our commercial and banking troubles. Our lecord of failures is almost a national disgrace, and a con- siderable portion may be attributed to this cause. Some men conmience business without capital at all. Their success or otherwise is purely a game of chance and the chances are len to one against them. .St.ire- keepers too. who have means enough |o carry on a good relail busini>s, sonielimcs branch out lo a wholesale business where far more capital is re(|uireui\ the production and labor of the country for a long scries of years to come. It was a mis- placed contidence in the resources of a country con- taining great elements of wealth, that led to these dangerous mistakes both of the borrowing govern- ment and the supprirting house. The lirni has paid the fearful penally of an entire cessation of its busi- ness and transfer to other hands after an honomable career of over a century. The governni..r:' conci . ned will pay the penalty in crushing toads of taxation. Ciovernmenls may get out of their depth just as nur chants may ; and when they do, they plunge the population under their care into linancial misery. These things have weighed forcibly upon the invest- ing classes in (ireat Britain of late. They are not, so ready to lend money either to foreign or colonial governments as formerly. The latest applicatiiuis from Australian governments have not been success- ful ; and there is a sentiment rising in Kngland that colonial governments should 'loat more of their loans at home. This will cause some inconvenience for a time, but its operation in the end will be saiutory. It becomes us in (,'anada, and specially in this pro- vince, to take note of all this. I need not say that these remarks only a|iply to loans of govermnents and municipal corporations. Borrowing for good re|)ro- ductive enterprises in the colonies has not been nuich affectel And it has been recently stated, on high linancial authority in I'.ngland, that the reason why the credit of the Dominion govc rnmcnt stands so high is because .so little luf- been borrowed of late years. CONDIIHlN III III'SINKSS i;KNKI< AI.I.V. In saying a few words with regard to the condition of business generally, I must remind you thai in speaking of this I am referring lo what is distinctly tliough not exclusively, your own affair. 'I'here is no lir.mch III business in the Dominion, froiu the All. in- tic lo the I'acilic, in svhich this bank has not an interest. There is haiilly a city, town or village, from Halifax to Victoria, the naniesol some of whose liaders are not to be found on the bills we have dis- cninted. In fact, we might take in thi' leading centres of trade in the United St.ites and (ireat Britain. The ramitieations ol our New \'ork busi- ness extend iivei all the expoiting centres of the United .Stales. In a business tour through the South this spring - in going through the wholesale i|iiarters ol Charleston, Savannah, New Orleans and Sleinphis the names seemed as f.imilar as those in the streets of Montreal or Toronto. We had them on our books, and re ports of their standing on our records. And [ might say the .same of Liverpool, (Ila.sgow, and London loo. .Ml this is perfectly n.itural. The business of Canada leads out in these directions. (I will stop a miimeni to say that this branch of our business I mean the dealing in sterling bills and bills payable in the United States -has been very satisfactory for many years back. It is not 'here where our money ha^ J[)een lost.) . lUit to come back to Canada. As we art* interest - eil in the business of every part of the country, we take measures systematically to obtain information about it from original sources. It is the duly of each of our managers to send us a weekly report on the con- dition of the leading branches uf trade in his district, W'e have advices ol crop^, markets, prices, produc- tion, sales, troni every district in Canada from (^)uebec to Brandon, and from New \'ork also. These re- ports are carefully considered and made the founda- tion for action. The present condition of business in the Dominion is very varied. There is prosperity- great prosperity in some districts of the country, in some industries, and in .some branches of trade ; and the reverse in others. We have no branches in the Maritime |iro- vinces of British Columbia, but we have inas.ses of bills domiciled in both, and we have been glad to hear that the leading I iranches of industry are pros- perous in both extremities of the Dominion. The last reports of the banks in Halifax, .St. John and N'icloria, B.C., retlcct this in a striking degree. ( )f this province and Ontario we cannot say as much. The business of fanning in the province of (^)uebec has been admirably treated in the address of the cashier of the oldest I'rench bank, who has, of course, exceptionally good opportunities of forming a judgment. His remarks will surely have received the alleiilion they deserve. If they do, the (iroduc- tions of this province will be largely increased ; and with increased |iroductioii, will co.nie increased trade and prosperity. There is no subject Ut which the altenli(;n of leaders of public oiiinion in this province, whether civil or ecclesiastical, could be belter devoted than this most iiiiporlant one. In this connection I cannot but think that the application of fertilizers, manufactured from our own ---_.__ I'lIOSI'HAIR.S Would be highly beneficial. When in South t'aro- lina dining the business totii I spoke of, I learned that many of the exhausted lands of the south were being teinvigorated by phosphate fertilizers, and that lands formerly considered worthless were being brought into cultivation by the same means. We arc yiiil dial in \l \s ilislinclly 'IhtTf i^. no Mil ilii' Allan- U has mil iin lu III villiinc, iiiiiic iif whose s wc liavf ilis- II llio Ic-uliiin I's ivnil (Iri'iU cw ^'l)rk l)iisi- ;ciilrcs of tlic li ihis sprhiR - (li Chark'sion, is ihc names Is i)f Mdiitrcal liiioks, ami re- And 1 iiiiuhl , anil I.DmTiiii "he ImsiiH'ss uf (I will slop a )\ir Imsiness 1 liills payable in satisfactory for licrt our money we arc* interest- [he country, we iiin iiifoniiatinii e duly of each of II lit on the con- e in his districl. prices, proiUic- iila from (^)ueliec dsii. These re- lade Ihe founda- III the Doniiiiion ureal prosperity ioiiie industries, id the reverse in e Mariliine iiro- have masses ol ve been glad to iduslry are pros- Jomiiiion. The X, St. John and ng detjree. ,■ cannot say as 1 the province of in ihe address of anU, who has, of ilies of forming a ly have received do, the produc- y increased ; and _ increased trade ect to which the in this province, he belter devoted this connection I lion of fertilizers, TiiK Mkrohants Bank ok Canada. 441 n ill South laro oUe of, I Uariieil f ihe south were rlilizers, and that le>s were being e means. NVe arc sending ina-ises of pliii,ph.ite out ot the cniiiilry every year, while our lands are crying out for its applica- tion 111 them. Nature has given us the mean-, of restoring our old lands. Surely we can make her bounty available lor the puipose. If the expense of fortili/ing material is considered ,in obstacle, I limy state that ihe (.inner in .South (arolina who applies $2 worlii of fertilizer per a-re to his larin aniiually, ha-,, in many cases, an increase in the value ol his criip to the extent of $|o per acre. Tlie.-,e are f.icls gathered on the spot. Any man wlin can devise means for spreading our own phosphates over our own soil will render lliii country an iucalciil.ible ser- vice, and probably serve liiriiself well in Ihe process. The great limber mamifacliire of the Ottawa N'alley that tinally centres in (^)uebec, met with a serious re- verse List year. Over-prodiiclion llooded llie I'liiglish iiiarkel, ami such a serious drop in prices ensued as 111 cause heavy losses to exporters. We had in lliis department ol trade some striking illustrations of tlie evil referred to, namely, of parties with only iiuider- ale capital engaging in enterprises far beyond their means and being coin|iletely ruined in coiise((uence. Our own share ol loss in this ipiarler h.is, however, been very moderate. 'I'liis trade is gradually recover- ing itself ihrough a heavy decrease in production. The sawn hmiber trade with the I'niled Stales has proceeded with much more regularity and there is every prospect of a good demand for another sea- son. The markets of the .Slates are not overloaded, and as there is no overproduction in Canada, there is Mil reason wliy a good season's trade may not be e\- pecled. The great ijueslion of the conservation of our forests has not come to Ihe front very promi- nently as yet, but it must receive altenlion before long. The ipiestion of how to make the best Use of llie trees of every description, largi- or small, that .ire growing in the woods, is being .solved in a practical manner by a lirm in Ontario. It could hardly be sujiposeil thai articles so diverse as lumber pa|ier, terra colia and alcohol could be produced Irom our trees, but such Is the fact. The develop- ment of our various paper making factories, the raw material lor which is largely obtained from mir for- ests, is proceediog steadily year by year. These are only examples of the various new and undreamed of u-,es to whica our forests can be turned, and doubtless as experiments .ire tried, new develop- ments will await us. The country is passing through a somewhat similar experience with regard to its farms. The old style nf devoting every possible acre to the growth of grain is passing away. The intelligence of farnuMs is -.liniiilateil in these times, and ihey are taking ad- v.mlage of new developments of trade. The whole modern development may Ik; comprised in two words, " mixed fanning." With a thoroughly iiilel- ligenl use of ilie land, every farmer making the very best of il that can be made, whether Im growing grain, raising cattle, producing cheese, or raising hulls, there is no reason why the amount of our farming products might not be increased by some twenty-hve jier cent. With this would come a large increase in ihe capacity of our whole fariiiiiig popula- tion to purcliase imported and maniifaeluied articles, and increased developmeni of trade, I cannot share in llie opinion held by some that ihc farmers of Canada as a whole are sull'eriiig. They are undoubtedly having a trying experience in some districts, but in many others they have done well and ■ire prospeiing. Hank deposits are a plain (iroof ol that. The manner in which farmers live is another proof of it. The continuous increase in cattle, 56 horses, sheep, and .ill the appliances of prosperous farming is apparent in many pari , of the coinilty. A poor crop of grain does not now mean poverty as it formerly did. It may be, anil often is, accompanied by good prices for eallle, for liotses, for cheeie, and last, but not least, foi fruit. In many counties, fruit, (iiicluding piaches and grapes,) is liecoming a staple crop. In two adjacent counties of Western Ontario last year there wa-, marketed by farmers over five million piuiids of giapes, which re.ili/ed them over .$l,5o,cx)0. This is an entirely new (levelopment during the last ten years, and it is said to be only in its inlancy. In fad, we are only beginning to lind out what the lands and loresls of Canada are cupnble of. I'lidoubledly one besetting evil of the farming communily In the temptation lo buy too in.uiy luxu- lies on credit. This is largely fostered by llie eager- ness of storekeepers to sell goods on credit, which goods have been almost forced upon him by the ini- portuiiities of salesmen from wholesale centros. The result is demorali/iiig. LoNi; Credits. The subject of long credits given by wholesale houses lo retailers, ami by retailers to farmers, has been .so often dwelt upon, and with so little result that one gets wearied talking about it. Numbers of our failures can be traced lo il, and a good propor- tion of our bank losses. Dining the American war mercantile credit was annihilated, and all gooils were sold for cash. .Since pe.ice was restored creilil h.as been resumed on a moderate scale. Where Canadian merchants give four and six nionlhs, and even renew beyond that, and dale goods ahead to begin with, the same class of merchants in ihe .States sell al thirty and sixty days, and look askance upon a customer who wants a day longer. There is some .solid com- fort and assurance of gr iwing prosjierity in a system of business like this, (.)ne could almost wish that somelhing might happen in Canada which wiuild compel all dealings to be for cash, and bring about a ratiiiiial method of |i;uling. There is nolhing more mischieviius in our system of credit than the fact that it leads to such heavy accounts being carried against retailers in the books of mercliaiits. The greater part of these are twice or three limes as large as they ought to be. I am well aware that the evil is inten- silied by the credits that ICnglisli houses give. This is an evil, however, which will cure itself in time. Our manufacturing industries are largely infected by the same evil ; especially that of agricultural imple- ments. There is one striking eNception, viz. : the Hour-milling trade, which is practically carried on on a cash basis, both in buying and selling. In some other manul'aclures even raw materials are bought on four and six months' credit, a very grcal abuse, which has led lo heavy losses. Raw materials ought lo be paid for in cash There is a certain movement going on amongst manufacturers in llie way of amalgamation wilh a view to diminishing comiielilion. Tliis movement is good if kept within rea.sonable bounds, though we want no great monopolies created in Canada like those which have troubled our neighbors in the United Stales. Competition had, indeed, run riot in many iiiiarters, and it was lime for a check lo be put upon il. Legitimate competition is the life of trade. When carried beyond that it is its bane. Hankers have it in their power to do something to remedy many of the things now complained of. Long credit inani- iV 44^ OaHLAND'h fiANKINO AND FINANCIAL ftlREClOllV Tests itself in loni; liillsnflercd for discount, unrenson- alile aiiumiils oIliTi-d on the nninus of wi ak Iradi-i^, nnd borrowing fri)in bunks ny iinportt-i'- «Nllliiiut se- curity ut nil. Tliviic things are within ib>- power nf bankers to renicily. Ol Ui»ini»s ill lilt- Norlhwesi I have only a word or two to say. The crop of List year wan heavy in amount, and surpassed expeciatioiis ; but nnicli of it was injured lo some extent before beinj; jjalliered in, and the value of the wlnde was considerably less limn was nl one lime hopi'd. .Slill the result was an aver- age one, and ihe development of mixed fanning is proceeding very salisfaclorily llieie also. The re|)orts of the practical faiiiirrs who visited the country last year, which have been published in this country, are conclusive as lo the value of the farming lands b )di of the Northwest and other parts of I'anada. I have never read anything more jirac:- tical. I couhl recommend that everyone who is interested in Canada should read these reports care- fully. They can hardly fail lo produce a str(mg im- pression in (ireat lirilain. One of these farmers sums tip his opinion of the matter by saying that if he were not so lied to his position m iMigland, he would close up his atiairs and come and farm in Canada. McKiNi.KY Tarifk. There are some certainties and some iincerlainties respecting the operation of this Act. What is certain is that il stimulated our export of barley last fall at an increased price. It is certain also that barley has generally maintained an average price since, and that eggs fetch nearly as much this year as they did last What is uncertain is whether consumers in the United Stales will not, after all, pay the increased duties imposed on Canadian farm products. I am inclined to think they will. lUit if not, I am inclined to think that if one market doses another can be opened, and that if our farmers cannot piolilably grow one kind of gr.iin they can anolhei. I ilo not think the export of hay from this province in such large quantities has been an unmixed lienefit by any means. With intelligence anil self-relianh, the railway, the ocean steamer, have done away with the necessily of risking anything on an uidvnown future. I repeal then il is not well to be always forecasting. It is as foolish as il is ilan- genius. Market prophets arc as unreliable as weather prophets." Such were the conclusions of more than twenty years' experience in the year 1866. I can hardly do better than repe.it them in 1891, I need say nothing aboui the position and credit of the Hank ; that is well understood, and we shall endeavor lo maintain it. Nor need I say anything more about competition, exccft that we shall do our best to meet it. Nor about our discounting custom- ers and borrowers, except to hope that they will be prudent as well as enterprising, so as to keep oiil of trouble. I hope nothing will happen this year to prevent our giving a good account of ihe operations of the bank in the year 1S92, and that if we live long enough lo meet you again, we may have a satisfact- ory report In pre.senl. And, as men are concerned jus! now about the position of the counlry, I may say that it is thirty- live years since I first entered a Canadian bank. Thirty-live years is not a long time in the history of a country, but during thi> short period I have seen the deposits of Canada grow from hfteen millions to two hundred and twenty millions. This fact speaks Volumes. In view of such a result in so .-.hurt a time, one would be pessimistic, indeed, lo have any doubts about the future. KKMAKkS IIF SIlAKKIIOl. DICKS. The President —If any of the shareholders have any ipiestions to ask or any remarks to make, this is the time to bring them forward. Mr. John Morrison said thai, to his mind, one of the most pleasing features ol the report was the re- duction in the discounts, but he w.is somewhat as- tonished lo see thai ;he directors thought il neces- sary almost to apologize for such a thing having taken place, and he was also astonished to see that the reductions were ascribed to large and exception- al loans. He thought that these loans must have existed for a long liiiic, as the discounts for the year amounted to $16,1 14,000 and the previous year they anuiunted to over $16,000,000. Therefore the re- duction could scarcely proceed from " large and ex- ce|ilional loans." lie thought il would be belter if Ihe report was amended by striking out these words. With the exception of the year just closed, they had increased their discounts, and each year they had added lo the "Rest," but they had not added to Iheir profits. Il was lo be ho|)ed that an elTorl would be made to keep the discounts within ,$l4,ooo,oiX). By reducing the discounts, by reduc- ing the losses, and by reilueing the expenses, they would increase their profits. I'.y reducint; tlie capital to $5,0(X5,ooo, there would be al the disposal of the bank a sum ol $799,200 to be distributed, $490,000 of which could be added lo the "Rest" and $309,- 200 to the contingent fund, thus preserving the re- The Merchants Bank of Canada. 448 ient, Ihey need f. A |)ers the biisisiness of the Merchants linnk. lie also wished to know win 11 it was intended to increase the dividend, or were they going lo continue for ever in the o|il rut of 7 per cent, whilst the "Kest" was being greatly augmented. The present general manager's predecessor once said that as soon as the bank acquired a "Rest" of $2,0(xj,rxX3 it would be advisable to iisenu nl calling the meeting, the I'resident sui'mitted the lullowing annual repoit of the 1 )irectors : — 1 IlK mRK( lOKs" KICruK'-. The nireclors of the Merch.mls Hank of Cinada b?g to report to the .Slockholdors the residl nf the business of the past year : - The net profits of the year, after pay- ment of interest and charges, and dedudingapiiropriaiions for bad and doubtful debts, have amounted to. . $530,247 17 Balance from h'st year 4.4Jo 1 1 $534,677 28 This has been disi 'd of as follows : — Dividend;. N'os. 46 and 47, 7 per cent. $405,944 00 A great, that although iio more capilal is needed the directors conchuled for convenience .sake to in- crease the stock lo the round sum of six inillicms, by allotment accouling to section 27 of the Hanking .\ct, at a premium of 45 per cent. The matter will be explained in all its bearings by the ( Icneral .Man- ager. The officers of the bank have discharged their duties during the year with zeal and eliiciency, and to the satisfaction of the directors. Montreal, June 10, 1892. .\nurk\\ Allan, I'resident. The I'resident then moveil, seconded by the \ ice- President, Mr. Robert .\nderson, thai the report of the directors, as subnnlted, be and the same is here- by adopted and ordered to be printed for distribution amongst the stockliolders. Hut before pulling the motion to the meeting. Mi. Andrew .-Mian called upon the (ieiieral Manager, Mr. (iiMuge Hague, for a fiw remarks upon the financial (Uitlook. IIIK Cl^NKR.M, MANAUKR's AIlDKIiSS. I desire to say a fi'W words in the first place re- specting our own business and various matters a|) pertaining to it, and ihen lo take a brief outlook over the business of the country generally. The lat- ter, you will understand, is just as pertinent to the bank's annual meeting as ihe fiiruier, as has been [lointed out more than once in this room. The figures of our balance shei'l will show thai there has been a slea and in\esl- il which is satis- irs and ollicers of eonipiliiion have t that we have )licy, for that is ve we resorted to kavored to con- The Merchants Bank of Canada. 446 iluct our business on the solid and honorable line of bankin)j; tradition as understood in the ^jreal centres ol bankintj in the world. I'".\perience has proved these lo be mosi advaiUn^jeous in the lon^; run. The bank has en leavored so to deal with its customers that they will remain wilh us and recomniend us lo others for businesslike Irealinent. 1 think the fol- lowing; fitjuies will jusiifv the policy : Our deposits in iSSo were $ 7,296,000 " 18S5 " 8,574,000 " 1890 " 9,310,000 " 1S92 •' 10,644,000 Our circulation in 1S80 was 2,127,000 '■ 1S90 " 2,563,000 " 1S92 " 2,731,000 Our discounts and adv nces in 18S0.... 10,822,000 " " " iiSoo.... 16,349,000 " " " iS()2 16,766,000 Our total earnin;; power in 1S80 was . 12,861,000 " " " 1890 " . . 18,478,000 " " " 1892 " ... 20,117,000 In view of this staleinent you may naturally ask why have our nel earninj^s n t increased ns steailily as the earniii); power, anil especially why do we show such small earnings this year. To the lirst I reply Ihat in banking; a., in other lines of busines-, alon^; wilh an increasiiij; volume of business there has been a clecreasin^ ratio of nel profit on the business done. Wilh rejjaril lo the picsent year the meagre show- mg, so much below the average, is wholly iluc lo the misfortune which happened us in New N'ork. Ke- speclinj; this 1 can only say that there are some events that can neither be foreseen nor guarded against. When a meiiibrr of one of the best families (jfthe United Stales, Ihe head of a linn who have maintained an unblemished lepu'alion during a long business career, every engagenienl being honorably met ; when the head of such a firm deccnds to the crime of forgery, the event can only be conipa|ed to "thunder out of a clear sky." Almost every bank, however, has had an e.\perience >if this kind, Ihe Bank of laigland itself not having escaped. Hut for this we should have had to present a better stalemeni than the average. l''or though the year iias been marked by many vicissitudes there have been few- failures in our circle of customers and the ordinary run of losses has been smaller than usual. The bank for years back has admilledl)- pursued a cautious jiolicy in selecting customers and granting credits. One feature of this policy was while atVording every reasonable support lo our cuslomers, lo prudently restrain any appearance of overtrading, or illegiti- mate crediting on their part. .\s . natural conse- (juence of this : in such a cour.-e, bill il might bedifhcull to attain iheni. If the slock were reduced lo that .sum, the surplus being creililed to the Rest account (or pari of il lo surplus prolils), llie Hank would iinmedialely be in the position of having a " Rest " eipial lo one-half of ils capilal, with a surplus fund in addilion of several hundred lliousand dollars. .-Xs ihe earning power of ihe Hank would not be diminished, dividends of ten per cent, could at once be declared. These dividemls woiilil give the stockholders .a larger incoiiu' from their stock than tluy obtain al present, or than ihey wouM obtain if ihe diviilend were increased lo eight pir cent. .\inl the larger surplus over and above an ample Rest would assure that this rale of dividend could be mainlaineil, all which could not fail to en- hance the |irice of the slock and give il a selling value ol over $20f). The (|Uolation would almost certainly range nearly equal lo the slock of the Hank of Monlreal or the Hank of Toronio. " Thus not only would the income . Compare, for e.vample, the position of the following banks of (beat Hiilain ami .-Vustralia with our own and other large Canadian Hanks : Divid- Capiial. Deposits, end !>. c. Hank of Commerce . .$(),0{X),(XDO $17,000,000 7 Merchanis Hank of Canada 5,700,0 10,644,000 Hank of H. N. .\. . . . 4,8i)7,oof.) 9,094,oaj 7 . Soilli' liilliki of S,otlaiiil : t lyde^ilale 5,000,000 44,290,01x3 10 Nalinii.'.l 5,o, 185,000 II Soihc HiUiks of l.oiiiion iompaiid "oilli the /ill Ilk 0/ Moiilieal : Hank of Monlreal. . 12,01x5,000 2(),900,cxx) 10 London and Wesl- minster i4,ix)o,(XX) i3o,3i5,ofX) 13 National ami Provin- cial 1 2,085,000 198,000,000 *20 joinl Slock 9,000,000 57,175,000 11% Union 8,525,000 67,500,000 12 !4 446 Garland's Bankino and Financial Directory. Some, flanks of Aiis- Ira/ia: Cninnnicial liank, Sydney 3,000,000 53,000,000 25 Comimroial of Aus- tralia 6,000,000 52,500,000 17 li bank i)f N. S. Wales 6,250,000 93,190,000*17.', Such instances might l)o iiiiiltiplicil. * l)i\'idt-n(i and homis. In all ilie aliove t-ases the aniount of deimsits is a fair index to the general volume of Imsiiiess. 1 am convinced ihat for the business this Hank is hkely to command either now or in the fiitme $5,ocK),ooo is an amply siitlicient capital ; while one can hardly overestimate the imiiortance of gnardinj; the capital ajjainsi all fntiire conlini^cncics hy a " Rest " of a large amount, with a fund of accumulated prollts heyond it, to secure e(|uali/ation of dividends. Meantime, in our own case, the chant;!' il the capital from the broken liyure of $5,791),/ a- to $6,000,000 will facilitate a re-adjustment, should it be deemed a lake action thereon ; also, to take such action as may be deemed advisable in protecting the in- terests of the contributories to the bank circulating credit, to thi'ir cuslomcrs getting deeper and deeper into debt. Many a |)rivale individual has been im- poveiished for years by this style of competition, and many a farmer has become overloaded with debt and lo.st his farm. Too many bankers in a given district produce grlaces where they were reilundant, and measures taken to |jrevenl the establiihmeni of unnecessaiy branches in future. .V conmiittee was formed under whose regulations all the banks in Scotland have worked their business, from time to lime, with uni- form rates for t who shall scatter lii" most money or lake the poorest securities, liat as to who shall he the most attentive, caiilioiis and vij^ilaat in carrying on his laisiness. This com- petition henelils all parties coiKerned. l!m of the oilier kino Canada has had far more than enoiijjli, anil has lost millions \ IsK.W.S. In the various branches of business connected with the export of farm produce tlicrc has been no great disaster lo chiomcle and no reckless s|)CCulation dis- played. The exporters o( grain have, probably, held lh( ir own, and little more can be said. I am s|pcak- ing, of cour.se, of legitin ate trade. (iambling in grain is not one whit more honourable than playing lor high slakes in a gnmbling house. The course ol prices has been disap|iointiiig for the last few months, liul the trade is generally in the hands of men who unilerstand it and have capital to conduct il. The export of cheese has been generally prolitable. This is one of the most satisfactcjry of our produclions, and is linking the name of Canada well and favourably known in ICnglaiul. Canadian cheese is becoming as much a slaple as Canadian timber. Hul lo carry on the export of cheese successlully, not only great local knowledge in buying is ie(|uiri(l, but first late connections for .selling in ()real liritain. The ex|iort of cattle was on a large scale, but it left little profit except lo the ships that carried them. Ofallcom- niodities shipped across the ocean live animals are the most ditlicull lo deal with. We have not had a large share of this business of late, but what we have has turned out satisfactorily. The .McKinley taiilT is working an expected change in the direction of the destination ol some other faini pioilucts. They arc going to I'ngland instead of the United Stale.s. Certain initial difficulties common lo all lines of busi- ness are being overcome by the intelligence and energy of our traders. Il was undoubteilly lor the advantage of the United .Stales to buy our products. They In.ught them because they wanted them. If they chose lo cut otT the supply of usehil ariicles lor political reasons the mischief will work itself out in time. Meanwhile, so long as we have good things to sell, we need not fear that we shall find buyers. IMIMUniNC lUAIlKS. The conditions attending these are dianieuically op|iosile lo the foregoing. All our leading exports are in ariicles of prime necessity, and llie expense of handling is small. The risks of the business aie in ihe fluclualions of the markel. In giving credit there is rarely loss. The masses of bills of exch.mge that we handle in connection with the export Irade are almost invariably good. In the importing \\.\i\i^ the fluclualions in the value of goods are slow, bit the expense of selling them, as compared with the exporl tr.ade, is probably 20 to I, and is increasing. Then there is the never ceasing liability to hjss by giving cndit. It is certain that the bulk of our wholesale merchants in the leading lines 01 imports, but especially in dry goods, liave made slender pro- fits in the last few years. It is increasingly Hue that no man can hope to succeed in the imp'irting trade without adeipiatc capital, thorough kn.iwledge of business, close buying in the best markets, together with incessant industry, sharp economy in details, and, above all, rigid supervi>ioii of credits. Mvery failure ihat has taken place of late years hail In origin in neglect of one or more of these mailers. The attempts made to curtail unreasonable credit arc worthy of all suppoit by bankers. l!ut until we have such a continued scarcity of money as to compel heavy curtailmenl of discounts, we c.iii scarcely hope that anything we can ilo will have much effect. Such a scarcity would |)robably bring about a lasting reform, and put llie dry goods trade on as geoil a fooling a^il is in the Unite(ul busines:. for years he finds him- self broughl to a stand because his books are full province which have been rather over populated lli.in olhei wise, llie farms having been sub-divined until ihey i:,.. mot yield a living. It were belter if this process of sub-division were reversed. Cerlain localilies are well adapted for one kind of prodiiclion and not for another. There are hun- dreds of farms in the Dominion on which neither wheal nor any other grain can be grown to a profit, but where cattle and dairying pay well. \ larmer in the.se times is exposed to the law of C(jmpetition as much as the manufacturer, lie cannot prosper unless he cousideis what his farm is adapted for. The majority of our farmers understand this and act accvell to do. When one runs be- hind it is invariably owing to his being in. " /Vnother, in an importani centre says: -" Last year's good crop, followed by a belter winter than usual, has left the The Mehchan'J's Bank ov Canada, 449 I thai thcto arc calilics. 'riKio ivc l)L'cn ralliiT ushaviii}; I'ccn viiij;. ll wcri' rtcic ri'vi'isud. r one kind nf rlit-re aic liiuv 1 which ncilhir wn to a |)ri)tit, ,cll. A (ariucr of CDHipi-titicin cannot prosper is adapted for. uul tliis and act lo do not ; and cssful \>y their itli their laiiien- lect a constant merchants can. pensive houses, nos, organs and .■, and a dogged ofitable style of to say the truth, uur farmers who (ilitics and wlio lont neigldioring hese will never lie world. Uap- y. I have paiil armers' business manageis of the ,,pecial attention leen supposed to mers, hut it is a •> where farmers' en of them there its. In only two only of a small is experience has in the hanks, ami lauks a year ago mt to $2.51,000,- rge iiroportion of PKS. of our managers ities, as Micli in- valuable. C)ne lot made as much ge storks. Kcnts, their prolits. .'\s >wn impression is uieiiy, but spend as with others, is ufacturers in this and. some fell be- r than the aver- nufaciuring, large ten of the farmers hen one runs be- ^eiiig indolent, in- tliis neighbor- lical manageniet;!, ,."' Another, in I year's good crop, usual, has left the tarmers in a far belter position thaii they were a year ago." .Another says of the Hour mills in his district that the lo.ss ol the Newfoundland marUi'l was ajipreci- ably fell, and the year has not been a good one. \\ oollen mills that were well eipiippeil and worked with ade<|uate ea|iital uiuloubtedly made money. Of the farmers, the "wastelul, sladless one, with fences down, and thistles growing round his machines lying in the lenee corners, has nii;vh to lind fault with here as in any other country. With th' hardwork- ing careful farmer the (losilion is entirely different. " The managei of onr Hamilton branch writes that " the crop oi grai)es is becoming second in import- ance and is a more certain one than grain. The business can probably be develoijcd to an extent hardly possible to be conceived of at present. The larmers ol the neighborhood are doing well. The variety of articles is so great that they are sure to do well in some of iheui. Distress antongst farmers is looked upon as due to bad methods." In a cheese disiriet a manager reports that "busi- ness was sati.sfaclory to all parties. The amount of money distributed amongst farmers in the neighbor- hood was over a million, h'anners here have learn ed that dairying pays better than anything else. Next in importance is raising hogs." .Another re- ports that the l.i/.y, indifferent farmers ,>re being weeded out, while the provident and thrifty ones are getting more independent. Last year larmers' ile- posils at this branch increased filty per cent. Another reports that both manufacturing and store-keeping hail an improlitablc year. This is a poor district lor farmers, and the majority of them are poor, but they hail better crops than usual last year, ami undoubtedl)' reduced their indebu-dness considerably. Another, writing from a wliolesale centre in a good farming district, says that wholesale houses and manufacturers have done well, and that the loan companies slate that payments on mort- gages iiave been far more prompt than in years back. \'el a steady decline in value of farms had been going on lor some years, owing to the peai- ance of weak concerns, and the withdrawal of un- heallhy competilion prospects are nutch improved. Another reports that there has been no deprecia- tion of farm projKrly in his section ; on the con- trary farms arc increasing in value. .Another complains billerly of fhe tax on the min- ing industry imposed by ihe government of this province as h;;vir.g brought Ihe business almost to a standstill. Several man.igers in Ontario refer to the considerable amount of last yeai's cro|)s still left in farmers' hands. Our Toronto manager refers to the collapse of two prominent c:'pitalists from lanrise carried on in this city, but a large pari of what has been said of the business of the country generally applies also lo Montreal. l'"or if the country (irospers, .^IonlreaI prospers, and "vVc i-iTsa. Overtr.aiiing ansl part, and our harbor inprovements will give still greater facilities to this. The immensely increased railway traftic of Ihe Dominion in recent years is particularly remarkable and demonstrates a very large ired to congralulale the board upon their appointment of Sir Joseph Hickson to replace the late Mi. John Duncan on the directorate. I'he appointment of Sir Joseph Hick- son would, undoubtedly extend piilplic confidence in the bank. With regard to the proposid increase of capital he might say that the universal o|)inion of bankers whom he had consulted was in favor of an increase to $6,000,000 rather than the decrease to $5,000,000 favored I ly Mr. Hague. There w.is con- siderable legislative diftieulty in decreasing the cipi- tal, while there was none in increasing it. While on the subject he wiiuld like to hear whether the in- creased capital would be called up in in^lalements or paid up at once. As to the decadence of profits, the report, of course, slurred that over very nicely, but the protits of the year were the lowest in his recollection. In tact, they were only a shade over 9 per cent. This was a serious matter to the share- holders. Touching the Field forgery case, he had no doubt that all the participants in this unsavory transaction had suffered severe nient.d chastisement for their lack ol the necessary foresight and vigilance and therefore it would be ungenerous to .add any further blame. The moral \» be drawn from it was that the managers in New \'ork should study more carefully the character of all applicants for loans, iTiore especially of those of speculative proclivities. The (jeneral Manager, in reply, stated that the additional capital would be issued at once and that as the an:ount was a comparatively small one there was no necessity for it to be called in by instalments. The shareholders could ]iay up at once if they chose. In reference to the item ol bank premises he stated that a few years ago it had lieen reduced by a very large sum, that the present properties were rated at their a.ssessed value only, which w.as surely an inside figure, and that the new jiroperties acipiired were all such as it would have been foolish upon the part of the bank to let slip through llunr hands. In reference to Mr. .Morrison's strictures, Mr. Hague remarked, jocularly, that if Mr. Morrison doubled the cap.icily of the directors to manage a bank of over two million dollars capital, in common justice to himself, he should sell out at once. As to the proposition of a reiluction in the capital, there was no legislative trouble in the way. All that would have to be done was to make an application to the treasury board. Stockholders to the extent of half the total capital of the Hank must concur, but there would be no necessity to go to the legislature for powers. With regard to the Field forgeries, he could only say that there sometimes arose contingencies against which no banker could guard. Field stood before the discoverv of his crimes a> higli in the commercial, world as the most prominent merchant in .Montreal. .Such a case had never before occurred in the history of the bank's business in Xew York, and it must be re- membered that the loan itself was a genuine one. It was the securities that were forgt-d. .\s to any decadence in the earnings of the bank, Mr. Hague said that he had kept a very careful re- cord of them for ten years back, and that they proved a striking testimony to the law of average. It was not until 1882 that the bank recovered fully from the losses it sustained from 1874 to 1879. During; the five years following 1882 they had added an average of $190,000 per year to the Rest, and during the past five years, in spite of the I'ield losses, they had added an average ol $lS7,oo per cent, of bank, the risk on y this fund. yment educt- doubt- $604,395 38 stock 90,000 00 3.733 28 $698,128 66 The Merchants Bank of Canada. 461 Added to the Rest : Premium 45 tier cent, on new stock issued as aliove$ 90,000 00 '"rom this year profits. . . . 175,000 OO —— 265,000 00 Carried forward to profit and loss acc't. of next year '3>96i 79 )ws : king 7 $419,166 87 $698,128 66 The condition of financial matters in the United .States and Australia has called for careful attention (lurinR the year, while the prevalence of a specula- tive spirit, the tendency of undue expansion of credit in various directions, holh |iul)lic and mercantile, and the condition o( the market for some of our lead- ing; staples must, in the opinion of your board, be an occasion of great watchfulness on the pait of bankers for some lime to come. The outlook, however, for other branches of trade is satisfactory, and it is to be hoped that the adverse circumstances referred to may by wise k'tjislation and con.-.ervalive action on the part of all concerned p.a.ss away without damage. In view of the many interests of tlu' bank in the neighborhood of I'reslon, Ontario, the board have thought it desirable to open a branch there. The oliicors of the bank have discharged their duties with zeal and fidelity, and to the satisfaction of the board. Anurbvv Allan, President. Montreal, June i6lh, 189J. The President then moved, seconded by the \'ice- President : — "That the rejioit of the directors, as submitted, be and the same is hereby adopted, and ordered to be printed for distribution amongst the stockholdeis." Before putting the n.otion to the meeting, how- ever, the I'resident called upon the (ieneral .Mana- ger, Mr. (Jeorge Hague, for a few remarks u|)on the financial outlook. THE GENERAL .MANAr.ER's ADDRESS. Mr. Hague said: It is not my intention to make very lengthy remarks to-day, either about the details of our own business or that of the country generally, l)ut rather to dwell upaiil siilf nics of interest for it, were driven by constant pres sure to seek einiiloynuiil for it. Unfortunately for t h( ianks of Australia, they were not under the re- striint of wiseanil ihorou^lly digested bankiuj.^ laws, as we are here. And 1 w.U |)ause for a innnient to say that, so far as 1 Umiw, there is no coiinlry in the world where liankint; laws have been so thoroughly di.scussed in all their liearings, both in I'arlianient and by bankers thmiselvcs, as Canada, and no country whose banking law is, taken as a whole, as (•ood. Bui to return .o .Australia, the elTecl of all this was an enormous Undiuf; by the banks, on lands and mines and fixed properties, this nut bcin^ con- fined to one city or locality, but extending to every locality and to the whole population. This was very bad banking, as we kiU'w from loimer expe.ience in Canada. .Mong with iliis came ine\ liably an enor- mous increase of spending on imported goods, im- mense extensions of mercmtile credit, and lines of banking acconnnodalion, and also of prodigious and rapid development in liuilding and improvements of nil kinds, lioth private and |iublic. There never was in the wnrld, apparently, such a wealthy and prosperous C(/niinunity as fdled the Auslialian colonies a few years ago. Hul the found- alion was not solid. Winnipeg and Manitoba weri' exac'.ly in the same condition ten years ago, and from the .sanie cause, viz., thai coineidenlly with the exi)en 'lial men must lose ill the long run who play against the t.ible. .So il is at Monte Carlo, ami so it is at the Chicago wheat pit, which is oidy another sort of Monte Carlo. If men had the sense to draw off alter getting their wings scorched, or after making a little money, they would save the rest of their bodies; otherwise, if they go on long enough, they will run great rl.sk of jailing dead on the Hour some da) ; dead, of course 1 mean financially. I'luniNciAl. AMI .MUNHii'Ai. iii;i:i'. Hut for certain events which 1 need not particular- ize, a portion of what I have said about Australian Ixirrowing and its consei|uences might have had its application to our own province. The Province of (Juebec had for a few years a time of free borrowing and careless spending. We are now in the sober stage after the i xcitement, and it has given a good many iieo-ple amongst us a headache. We may be thankful we got our solieriiig in good lime, and that we are now on the way to a belter state Jif things. I am afraid we have hardly gol to the sobering dcjwn stage in this city yet ; but il will surely come, and then we may look out for more headache. Not that I wish to discredit either the resources of the pro- vince or of the city. .\s far as the province is con- cerned we stopped, as I said, in good lime. The mischief done was not vital, and a new era of finan- cial man.igemenl has been inaugurated. (I am. of course, not talking iiolitics but business.) The loan that our provincial treasurer is negotiating in Europe is simply to fulfil old engagements and to repay former loans. No new engagements are being entered upon, and none ought to be for a good many years to come. .•\s to our own city I cannot but say this, that when the debt of a municipality is more than a hundred dollars per head of its po|iulalion, it is lime to pause. We are then near the danger point. SII.VKR nUESlION. One or two other mailers I must briefly touch upon before concluding. First, the never-ending ..liver (|uestion. .Some people may ask what we have to do with il, and if it is not a mailer wholly confined to the United .States.'' Well, we have this to do with il, that all the banks have a good deal of money due to them fro.n banks and mercantile people in the United .Slates, We cannot help this condition of things so long as we trade so liberally with our neighbors. Now the money we have sent to the United .Suiles is gold or its e(|uivalent. If silver should become the general current money of the United .States, lhal current money may be worth only 6o I) 65 cents in th.- dollar, just as greenbacks once were. In that case, if there were no jirovision to the contrary, the banks would lose .$35,000 out of every $100,000 they had employed there, and every U'erch.inl who had nioney due him there would he exposed to the same ratio of lo.ss. This is the silver (|uesiion in a nutshell, so far as Canada is concerned. The steadily expressed determination of the author- ities of the I'nileil .Slates has hilheilo been to make all its currenl money e(|uivaleiil to gold. .So long as that is maintained we shall be safe. Hut, if things are allowed to drift, il is extremely doubtful if this slate of things can le maiiiiained. The im- pending danger can be stopped by legislation, and il is hoped such legislation may be inaugurated. Meanwhile we guard ourselves by making all our loans repayable in gold. It would be well if all who had money due to them in ihe I'nilL-d Slates look the same precaution. OlMrKIl 1 ION AMI I'Kdil IS Ol' llUSINbiSS. With regard to compelilion in banking, I have al- ready t xpressed the opinion that il has proceeded to unreasonable lengths. Competition, in its essence, is simply a slriving on ihc part of certain persons which can best serve ihe comniunily. So far as it serves the best interests of the comnumity it is bene- ficial. I!ul it has ahead)' been shown thai to lend the community loo much nuiney is not beneficial, but the eonlKiry. Neither is il beneficial to make the borrowing of money from banks so easy that al- most anybody can get any amount he wishes. A manufacturer who was ruined some years ago, told me that the cause of his ruin was that he was once induced to change his bank account, llis former bankers, he said, and saiil sorrowfully, used to check and restrain him when they thought he was extend- ing beyond bounds, either in the total of his busi- ness, or in the amount of credit he gave to individ- uals. Hut his new bankers put no restraint upon him whatever. This freedom from restraint was a most pleasant experience while il lasted, but it in- duced in him a free and easy style of doing busi- ness, which filleib his boo! s with bail debts and finally broughl him to ruin. Ills experience, I ven- uire to say, has been the experience ol thousands amongst us. Thus far with regard to ihe most ilangerous phase of bank conipeMtion, vi/., the com- petition as to which shall lend die most nioney on the easiest terms. The competition of merchants who shall sell the most goods on credit is open to the same remarks To IliK.d the country with '00 many goods sold on long creilil is as bad as to Hood ihe country with loo much borrowed money. When traders under the force of compelilion sell their goods cheaper and chcajier until, as we hear sometimes, they deliber- ately sell staples without profit at all, one may doubt whether it is reason or passion that is directing their operations, and how long it will lake for them to lose all they have. But the competition as to which shall give the largest amount of credit Io traders, and which shall have the biggest ace'ounts on their books is more mischievous than Ihe other. Hankers, liow- ever. should have something to say in this matter, a.s their operations cannot be carried on without a free yl ■I*. 464 Garland's Bankino and Financial Directort. style of disi-nnntinjj. This lirin^s us l)ack to the point from wliich we slarlfil, that toonuich Ixirrowi'd mciiicy is (U-tiiiiicntal to Ih'- intfrrsts of Imth parlies. With iL-j^nd I" the iiruliis of hnsintss, I cannot think till- outcry ^^M^onai)U• that sonu- of our niann- factnrinj; concerns are inal\inj; too mucli profit at present. All business has its (hiciualions. There are (jooil y.Ts and li.ul years. Some of llic concerns thai are making; larjje prsliis now made no profit at nil lor many ye.irs running. There are nianufictur- in({ companies in this city thai have paid their slock- holders nothing for many years hack. If a turn in the liile came and they paid ten per Cent, steailily lor years to come il would not make an average re- turn ol live per ccni. It i-. only reasonalilc, there- fore, to look at both sides of ihe ipii-slion. And experience is shoeing thai it is more and more difficult to cany oji liu.-.iiiess successfully. There was a linie when almost anybody could make money either out of farming or any olher pursuit, la these ilays it is impossible to succeed without a practical knowledge of business, close application, the adoplion of all new mi-llrnds ami ap|)li.ii\ces, and the exercisi' of -.(vnnii judgment and selfresir lint in giving credit. I'he banks as a whole hold the purse strings of thi; supply of money for mercanlile pur- poses, and all my experience points to this conc^lu- sion, thai they have it in their power to do much to promote mercantile success or failure. I verily believe, looking back over the varied events of thirty years manngement in I'oronto and Mon- treal, that if the banks generally came to a good understanding among iheniseKes as to the manner in which they would leml money, the rules they would adopt about I he security for it, and as to lind- lalion in ainouiil> according lo the circumstances of borrowers, the number and amount o| the failures that occur year by year might be diminished one- hall. I put this on record as my deliberate opinion, and would be glad if due note were taken of il. What benefit would arise from this you c.in readily imagine. 1 for one would be well pleased to see it. IIIK DISCUSSKIN. The l're.-.ideiil having invited remarks frfim the shareholders present, .Mr. John Morrison said that if the directors had increased the rate, and lowered the amouni of their discounts l)y $2,000,000, they would have been pulling their theories into practice. Mr. John Crawford spoke of the irueitst with which he hail listened to the general manager's ad- dress. There was no doubt that competition was very difficult to offset, but he thought that bankers as a rule, had the remedy in their own hands ; there should be an understanding among ihem that they would not ciil each other's throats, though competi- tion was very tlesirable. lie touched upon loans on call and alluded to the re.i()n for (U'siri)ye(l If ri'iHirt was lUow niL' one ;ll to say thai llu- ri'diiclion uiuxpectedty cxK) was call- Ifut money. lie case. We .ind called it 11 llie circiuii- \rc invariably 1 1 never press Olio, 'lliere slocU market >l March, and were calling ind to, where- 1 from doini; l<— selling; tlie lenses, the ex- ily calculated done and the f told you that ncreasing, the isinf;, we have ar, and there r lo do it, and ire cost. The ease also ; wo hough we are making more e to make all lal distribution A'ilh regard lo they arc very ijjo. Tlierc is niversally, but lat the utmost lount of salary is men. CJreat very man does the salary he lication of the Mr. Crawfor Balance from last year 13,961 79 $644,865 28 This has been disposed of as follows : — Dividend No. 50, at rale of 7 percent, per annum. $2 10,000 00 Dividend No. 51, al rale of 8 per cent, pernnmnn. 240,000 00 $450,000 00 Added U) rest i(X>,ooo 00 Keserved for rebate (in full) on bills discounted f^').4j7 cxj Carried forward to I'rolit and Loss ac- count of ne.\l year S'-i^'^ ^^ $644,865 28 The condition of financial matters in the United Stales, which was referred lo in the last .\nnual re- port, became gradually more serious, until tlio repeal of the .Sherman .Silver Act brought about a partial restoration of confidence. Matters, however, are still very unsettled, and the business of our New \'ork office has l)een much interfered with in consc- cpience. The Hoard have thought it prudent lo pursue a policy of caution and retrenchment duiing the year, especially in the Novllnvesi, where deficieni harvests ill certain districts, and km jirices for wheal and cattle generally, have rendered it needful to be more than ordinarily careful. It became evident, as the year progressed, that the profits of the liank would admit of the rest being increased to hall the capital. Ihe board, therefore, cuncluiled llial the lime had come lor an increased distribution of profits amongst ilu stockholders, and declared a dividend al the rale of eight per cent, per annum for the secoml h.df year. The blanches of the bank have all been inspected, and the various officers of the liaiik li.ive discharged their duties with regularity and fidelity, and to the satisfaction of the board. Aniirk.w Allan, I'residenl. .Montreal, June I5lh, 1S94. The I'residcnl then moved, seconded by Mr. Hector .Mackenzie, that the report of the Director.*, as submitted, be and the same is hereby adopted, and ordered lo be printed for distribution amongst the St ckholders. The motion was carried unanimously, after which Ihe president calleil upon the geiier.il manager, Mr. ( ieorge Hague, for a few remarks ii|ioii tin- linancial outlook. IHK ciK.NKUAl. MAN\i;KK's AODRKSS. Mr, President ami (jenlleinen :- -My first words to our own stockholders will naturally be of congratula- tion, thai the bank has al length attained llu' goal ue have so long looked forward to ; of having a rest or reserve of profits, eipial to one half our paid up capital. It goes without saying that this result has not been attained without persistent watchfulness on the part of the directors and executive of the bank, combined with the zealous devotion of our stalf of officers, nul the hearty co-operation of our largi circle of custom- ers. These latter especially, we should remember at a lime like ihis ; for it is from the business they bring that the profits of Ihe bank are made. .\iid it is well for stockholders to know, whal 1 very gladly acknow- ledge, that through a long series of years, the bank has had the failhlul and zealous support of a largo body nf customers in all parts of tlie country, wlio have adhered lo us most loyally, in spite of repealed temptations to take their business elsewhere. In so doing we may, perhaps, say witlioin egotism that they have consulted their own inieresi, for if there is oik? thing we desire tlie adininisiralion ofthe li.iiik to be distinguislied for, it is, that we will loyally stand by those who stand by us, an^ ;\ \ 6^ ■V- 23 WEST MAIN STREET WEBSTER NY 14580 (716) 872-4503 4> ?i? <. i" C^x % ^^ ml: 456 Oakland's Banking and Financial Directory. urable nicotiny uf llic li.iiik in July, 1S77, amid cir- cumstances of the VL-ry j^ravosl ciiiharrassmenl, not only as regards this bank, but the whole country. At a time like this, when matters have assumcil so (lifleient an as^.eit, it may be well ;,tke a brief retrospect of what ha.-, since Iranspin After the capital of the bank was readjusted by act of parliament in 1878, we had still to encounter a series of years in which the condition of the country went from bad to worse. These were times of heavy depression, and a con- stantly increasing number of failures. The difliculty of conducting business during those years, none can conceive but those who had experience of it. The Rest of the l)ank at that time was a very small sum. And it is a fact that the whole of the large tund re- served lor contingencies at the time of the readjust- ment of the capital, was swept away by a constant recurrence of important failures and increasing de- preciation of estates and properties. We did, how- ever, maintain a dividend of si.\ per cent., not with- out grca' difficulty. The other banks of the country shared in the un- toward experience of these disastrous years. The stock of Ih;' Hank of Montreal fell in 1879 to 125, and of the Hi;nk of Toronto to IOO'4. The tide, however, turned at length, and between 1880 and 1881 a decided change for the belter took place. In June, 18S1, the bank acMed $50,000 to Its Rest ; the first addition made after readjustment. .Soon after this, the extraordinary development in Manitoba took place consequent upon the rapid pushing forward of the Canadian I'acilic railway. A great augmentation of the business of the baid< look place, and large profits were rapidly accumulated. This stale of things continued for two or three years, during which time moie than $600,000 was added to the Rest. Then succeeded a period of severe reaction in Manitoba, and heavy losses in C(mse<|uence. The business of the bank in other ])arts of the country, however, was fairly prosperous, owing largely to the developinenl of our manufacturing industries, Hut during these years we found, to our annoy- ance, that sundry customers in Ontario and this provi.i t, whose business was sound in itself, had been seduced, unKnown to us, into land speculations in Manitoba, had suffered severely during the re- action, and were compelled to suspend payment, with heavy losses lo their creditors. Instances of this kind were com. iig to our know- ledge for many years after the shock of revulsion was fell in Manitol)a itself. The general business of the b'ank, however, was being carefully dcvek)ped on what were considered to be sound lines, and nu)derale adtlilions to the Rest went on year by year, along with a er cent, in Novendici, 1881. During the last few years there has been an ex- traordinary development of banking competition, and all the care of the directors and the executive of the bank have been necessary to hold our business firmly together, while carefully taking advantage of opportunities (or its development. lo give the shareholders an idea (I think it is ap- propriate at such a lime as this) of the gradual pro- gress of the bank, I iip|)end a statem.'iU of the de- posits, circulation, available reserves, discounts and rest of the bank at intervals from the time when the readjustment took place: — Vear. ^'"''"^''- Deposits. .Available lion. ' Resources. • 878 $1,995,000 $5,590,000 $2,051,000 1881 2,835,000 8,169,000 3,501,000 1865 2,896,(X)0 8,574,000 3,631,000 '889 2,565,000 9,942,000 3,997,000 1894 2,259,000 10,376,000 4,558,000 Discounts. Rest. 1878 $11,752,000 $ 475,000 1881 12,924,000 525,000 'S85 15,133,000 1,375,000 1S89 16,335,000 2,135,000 1894 17,200,000 3,000,000 Vou will pciceive that the circulation of the bank Iws increased from $1,995,000 in 1878 lo $2,259,000 this year, which i: the lowest for a series of years, the amount having sometimes exceeded $4,000,000 in the interim. Deposits from $5,590,000 in 1878 lo $10,376,000 this year. Loans and i/;e especially that we should not be content w ilhoul accumulating a fund of surplus profits to protect our rest, and to maintain an etjualization of much in proportion to capitar, as to discounts. 1 h.ive taken |)ains to look into the matter lately and liiid that a number of very important banks, both in Loudon, in other parts of England, and also in Scotland and Ireland, have accumulated a rest of from 65 per cent, to upwards of 100 per cent, of the paid upcapit?! The Merchan'J's Bank of Canada. 457 CONDITION OK MAITEKS I)L".;lNG TJIK YKAR. Turning from the pasi lo llie present, I m;\y ob- serve that the year just closed, especially in its earlier months was one of considerable anxiety to bankers who had large interests in the United Stales. We curtaileil our loans in New \"ork to the lowest limit consistent willi c passeil for the whole Dominion. It is most important to bear this in luind. The traders complain of this, and practically of nothing else. It is clear, therefore, that what is needed to meet the case— and what would fully meet the case — would be an act to ensure that when a man becomes insolvent his estate shall be rateably divided without preferences, leaving the question of his discharge to be settled between the debtor and creditor. Of an/ further grievance that needs to be renie- called improvements. The disastrous effect of all this on manufactures and commerce I need nut indicate. A BANKING FAILURE. Ry the failure of one of the smaller banks of the Dominion— a bank which was very far from being prudently managed — the soundness of our currency law has again been demonstrated. The whole of the note issues of t'.je bank were re- deemed within a few months of the stopp.age by the operation of the preferential lien on the assets of the bank. The Bank Redemption Fund in the hands of the Government was not called upon to contribute to this result. The bank in (piestion, I may say, kept an account with ourselves from its inception ; and we often made them advances, never without good security. They had such advances at the lime of the stoppage, and the proof I hat the security was good is that after realizing our debt in full with interest, we returned about seventy thousand dollars of collaterals to the estate. I think I have now occupied sufficient of the time of the shareholders, but if any one of them desire to ask me any cpiestion, I shall be happy to place any information I may have at their disposal. THE DISCUSSION. The President having invited remarks from the shareholders present, Mr. John Morrison said that the report for the past year was one of the best that had ever been issued by the bank within his recollec- tion. It now occupied a position which had nev.r been equalled at any previous period in its history. Mr. John Crawford spoke in favor of half-yearly meetings, which, among other things, would have the advantage t)f bringing the directors and the share- holders into closer touch. He alluded to the fact that the balance sheet showed the net profits for the past year to have been about $26,000 in advance of 1S93, and said that the result of the year's workings had been exceedingly satisfactory. He thought that the directors, m.inagers and shareholders should all be equally gratified at the result, considering the mercantile depression which had prevailed on both the eastern and western continents. He then went on to speak of the rest account, and suggested that as it had now reached 50 per cent, of the paid up capital, it should stop there, and after the contingent fund had been added to to the extent of $500,000, the i^rofits, after an 8 per cent, dividend had been paid, should be distributed amongst the shareholders. To go on enhancing the rest must have one of two results. It must either lead to extravagance, or it must inevitably paralyze the energies of the best managers in the world. He contended that a 50 per cent, rest had been generally accejited by the Eng- lish banks as amply sufficient to meet all contingen- cies. In conclusion he called attention to the fact that the Dominion bank paid quarterly dividends, and said that the time w.is coming when this would be general. Mr. John Morrison spoke in opposition to semi- annual meetings and quarterly dividends. The gener.d nianag'T, in leply to Mr. John Craw- ford, said : With regard to t'lo matter of quarterly dividends, it is somctiiiies fori,olten by the advoca'es ol thrm tiiat the stock bno!;? would have to ..e closed Tiur times .1 yeai, instead of twice :'■• at present. As to the rest account, Mr. L'rawford is entire'y in error in suppo>ing that tiie principle if 30 pti cent, has been accepted generally by the English banks. I have a list before me of'^ some of the banks in Eng- W^ 460 Oakland's Banking and Financial Directory. laner cent. In ihe provinces there is the Manchester and Liverpool Pislrict hank, with a capital of a million and a rrsi of a niillion! the Man- chester and County, with a c:i|>ital of /,'8oo,ooo and a rest of ;^78o,ooo ; a Hrislol hank with a capital of ;^408,ooo and a rest ol ;^3So,ooo. In Scotland there is the British Linen Company, with a capital of /'i,- 250,000 and a rest of /,' 1,400, 000. In Irelant be an entire mistake; it is impossible to carry on a bank without such state- ments beinj^ furnished. With reference to half-yearly meetings, i' is open for shareholders to meet if they please, but nany of the things they did would be in- valid, becau ;e the Banking \cl says they sliall meet annually, and many of the |)rovisions of the Banking Act depend on tldngs occurring annually ; llicy could not be done at a halfyearly meeting, which would be merely a pro forma atiair .Mr. John Crawford moved, seconded by Mr. John Stirling ; - " That the thanks of the stockholders are due and ore hereby tendereractory to tile shareholders Your Directors have |)leasure in staling that they have succeeded in converting the perpetual lease of the ground occupied by the head oflice premises into a rent charge limited to a term of years. The ground was ac<|uireil by the bank under a lease renewable at a valuation every twenty-one years, and under the new arrangement, by payment of an increased annual sum of moderate amount, the bank will become the absolute owner of the property at the expiration of the first term of our original lease, that is in a little more than sixteen years from this date. The usual thorough revaluation of the entire assets of the bank, and the fullest provision for every item about which there is an element of doubt, have been made. All the branches, agencies, and departments of the bank have been inspected during the year. A liranch of the bank has been opened during the year at Walkerville, Ontario. In Toronto, branches have been opened in Queen Street west and Parlia- ment Street. It gives the directors pleasure again to express their satisfaction regarding the fidelity and efficiency with which the olhcers of the bank have performed their respective duties. • mco. a. Cox, President. The rejiort having been read, the President said : The statement of assets and liabilities submitted shows you clearly and concisely the position of your property as at the joth ultimo, anas to the probable results of the year upon which we are just entering, I shoidd no (loubt see in the ailverse legislation of our American neighbors, the somewhat disappointing oullooU for the coming harvest, long credits, or some ollur cause, sufficient to warrant me in joining with niany others to raise the signal of caution. I do not wish to underestimate the value of such advice as will lead at all times-to the utmost precaution in giving or accepting credit, and to the utmost care and economy in every ilepartmenl of business ; but there is another sil alM) iiave Ihe desire aji repeat the opinion of farmers and business men, we would have to report another unsatisfac- tory harvest, and another year of trade in which the profits were quite too small and the bad debts ex- cessive. There is unfdriunately no (Idul)l thai the bad debts arising from the failure of shopkeepers and wholesale merchants have been excessive, but do we not commit a grave error in deploring the condition of trade and farming, and in wailing for years of |)lenly, and the return df old fashioned profits ? While we wait do .ve apply the remedies of economy in expenditure ami 'gid scrutiny in granting credits ? Is it not belter to conclude that the present is the normul condition of things, that the harvests are not likely to improve on the average, and profits not likely to be larger ? If we faced this condition to- day we Wduld simply live within the conditi iis and so prosper. 1 dd nm a('dress this advice those prudent people who ilways live within safe limits, or lo the many who are making (|uile as large profits as they could wish. I offer Ihe advice lo those who argue that the poor harvests and lean profits are reasons which alone justify shrinkage in Iheir bal- ance sheets. We can all prosper t^ven though the harvests are nobeller than those of the last three or four years, if mercantile business is not so persistently overdone, long credit and credit without adecpiate security so persistently given, and expenses main- tained on a level no longer warranted by ihe con- dition of things. I am sure that if the superfluous shopkeepers and shopkeepers' assistants couUI be turned into farmers, there would be nothing what- ever the matter with Ontario, providing, of course, they became industrious and intelligent farmers. Every year the pressure of com|)etilion is greater, more people wisli to obtain a share of the profits of the conmmnity in some other manner than by wages, and Cdiiseiiueiitly success is more dilficull. Ijut under the severest conditions those succeed who ex- ercise the most intelligence, industry, economy, and command df capital, and with tliesc i|ualificalions, as much can be done by farmers and liusiness men here as anywhere. During the past year the Ontario farmers paid their implement notes and interest and mortgage in- stalments (|uite as promptly as in former years, in many s. Illli i.D.MHIvK I'KADC. The trade in s(|uare timber, in which, as I said a year ago, we have little or nn inlere.it, is not yet in a healthy condilinn. There is still in sight more timber than the total |>roiUict of any year since iSSi, nlthoiigli the annnint niaile in ihe past year is only about one -fifth of that lor iSSij 90. It is therefore to be hoped that next winter the ipiantily manufac- tureil will be as nearly nothing as may be possible. The work in the woods has been dine under f.ivor- able circumstances and the output is cnrrespondingly cheaper than in recent years ; part of the reduction in cost, however, is unfortunately the result of lower wages. Since the maxinuini cut of sawlogs in the Ottawa district, in iSSy-.S, the stock on hand lias been steadily falling, we are glad to notice, and is now lower than in any but two of the 'asl ten years. The denianpreciated. I can al.so assure you that your dircctnrs have the interests of the instilulion at iieart, and are giving it their unceasing and besi attention. Supported as we arc by the executive, we feel that everything th.it can be done is being done to further the interests of the bank. We are gratified to know that this is appreciated, and thank you fur Ihe resolution. .Moved by .\Ir. A. \' . Delaporte, seconded by Mr. John Scoli, that the thanks of the meeting be ten- dered to the general manager, assistant general man- ager and other officers of the bank tor the satisfactory discharge of their res|)eclive duties during the past year. Mr. (,'ox : lieforesubmilting the resolution I wish to say ihat I ihiiik the shareholders are singularly forlunale in having the services nf the gcntllaff as a whole will also much appreciate, ihc presideiu's re- marks in pulling Ihe resolution. The board are the best judges whether or not we deserve thanks, and his kind words therefore add to the value of the sharelioldi'rs' vote. REPORT Ol- illK niKEl TOR.S, 1K92. The annual meeting of the shareholders of the Canadian Hank of Commerce was held in the hank- ing house on Tuesday, 2isl June, at noon. On motion, the rresidcnt, .Mr. (ieo. A. Cox, was requested to lake the chair, and .Mr. ). II. I'lummer, the -Assistant lleiieral Manager, was appointed to act as .Secretary. The rresidcnt called upon the .Secretary lo read the annual report of the directors, as follows : — KKt^ORT. The directors beg lo present to the shareholders llie Iwenty-fiflh annual report, coveriii:,' llie year ending 31st May, 1S02, logether willi ihe u.sual slalenicnt of assets and liabilities : - The balance ai credit of prcjfit and loss account, brought forward from last year is $22,406 54 '1; 'X- l^'iH II i 11 464 OaulaniVh Hankino and Financial Dihectory. $22,406 54 lUoiii^ht /onciinl Tlie iii't profils for the yiMr iridiin; \ls\ May, lifter providing; for all l)iiil and (loiiblful ilciits, nnuiiinted to 529,642 65 $552,040 19 Which has licen a|ipriipriaU'd as fidlows : — DIvidcmIs Nds. 49 ami 50 al 7 per cent, per nnmiiii $420,000 00 Transfer to rest .ncount 100,000 on Written off l>anl< premises and furniture I2,5,ooo, with a large and steadily increasing business, with many highly valued cus- tomers and iniportant connections, wilh an able and well organized stall, and I see no reason why we should not enter upon it full of gratitude foi the past and full of hope for the future. .After the vice-president has seconded the resolu- tion for the adoption of the report, the general inan- ager will also address you, and if after that any gentleman present desires any further information we shall be glad to furnish it. The \ ice president brielly seconded the resolution and the general manager then spoke as fnllows : CKNKRAI, MANAilh^R's ADDKKSS. I'rom the report of the directors now before the shareholders, it will be seen that we have again to congratulate ourselves upon a satisfactory yeai's busi- ness. The additions to the rest account during the past live years have not been ina year we have a^ain to report a l.ir^je ^;nin, our do |K)sits having reached a total of seventeen millions, nearly two millions in exciM of l.isi year. This with our capital, circulation and other resourcis brings the entire fund we have to ailniinister up to twenty-seven million dollars, a very larjje sum, the safe and prolrtalile employment of which is indeed n u mailer of incessint care and anxiety. cRor.s. In the midst of our discontent a year ago we all hoped for a hountiful crop, looking to thai as a pan- acea for all connnercial ills. We arc indeed apt to think that if nature would hut dosomething luuisual lor our lienetil all troubles would disappear. \Vc have had a magniliccnl harvest, and nature, in connei' lion with all agricultural pursuits, did her best for us, but it is doublhd if we gruiidile any the less. Il is true that a very large amount of grain was held over by the larmers in Ontario and the North-west, and the effect on trade of the marketing of this has yet to be experienced. However, trade and clearing hou.se returns in both the United Stales and Canaiiin;hl al a margin of ptolit which is ruinous to the sn\allt'r (lonU-r. UnfcrliiiialL'ly some people view these chanties as alinornial, ami seem to he wailing; for a return to former conditions. In llie uieanlinie tlie merchant, manufacturer or shop keeper who linds himself at a ilisadvanlajje tries to meet the situation liy the same old niethol the great cenlrnli/.alion in commerce, labor, and so many things, which is one of the most prominent developments of the last decade or two. We have a|)plied the wonderful machinery of the age to the better organization of trade, and as this goes on with remorseless strides the small centres of the world lose their importance, and, distance l^ing practically lessened, the area controlled by larger cities this, nnd there nrc no shnreholders iiiori' s.ilistk'd lh;\ii lliosc I spciik of. 'I lie Imnk hns hiiii very prosporoiis for iho past five or six ycnrs. liidttil it could not lie olhi'rwisr ihan prosperous, lici'DUse il slarli'i! out then on a ^>ood Imsiness li.isis, had pood men for directors, and wns well ofticcred. Hul I need not say anylliinj; in retjnrd to the ■-liitT, because the reputation of llie (general manager and aiisistani jjeneral ni:in.i^;er extends ihroujjiioul the Dominion and even lo the other side. In speakinj; of the junior olhcers I need only refer lo the remarks of our al>le president, who slates Ihat ihe hank has been thnrounhly inspected and that he and his co- directors have liio highest confidence in the staff. 1 trust that the inslituliou may lonj; be spared the ser- vices of the able men who now comhict il ; there is not n weak link in the whole chain. I predict that next year we shall have as t,'f)od a slalement as we have now, iiolwilhslandin(j ihe remarks of Mr. Walker in rejjard to llu: plethora of money. I beg lomove "that the ihanksof the meeliii^' bi' tendered lo the fjeneral mananiT, assistant general nianayer and olher olhcers of ihe hank, for ihe s.ilisfaclory discharge of their respective duties during the past year." This resolution was seconded by Mr. George Rob- inson. In pultinj; the motion lo the meeting ihc president said : — I would like to say that I am not disposed to undervalue the c.ireful deliberations of the board, or their sound judgment and wise counsels in directing Ihe |)olicy of the bank, but I am sure the diredors will all agree with nu.' that it is lo the care and watchfulness, to the Zealand energy and to the ability of our general manager and assistant general manager anil their slatf ihal the shareholders are inproval. The motion was then carried. Mr. Walker : —On my own behalf and thai of the entire staff I have to thank you for thecomplimenlary resolulion C)ur managers now number nearly fifty. They are ihe confidential friends and sometimes ad- visers of thousands of business men throughout Ontario and elsewhere, aixl while faithfully guarding the inleresis of the bank, I am sure no body of bank managers could exercise more care for the true inte- rests of their customers. As lo our officers occupying less prominent positions, we do our best to make even the youngest believe that the success of the bank depends partly on his zeal. Whatever success we have had is due to the staff as a whole, and I am sure they both deserve aiul appreciate the thanks of the shareholders. Mr. I'lumnier also briefly replied on behalf of the start. REPORT OK THK DIKKCTORS, 1893. The annual uueting of the shareholders of the ('anadian Hank of I'ommerce was held in the bank- ing-house on Tuesday at 12 o'clock. On motion, Ihe President, Mr. (!eo. .\. Cox, was recpiesled to take the chair, and Mr. J. ll.l'iunnner, the assistant general manager, was appointed to act as secretaiy. The president called upon the secretary to read the annual report of the directors as follows ; — RBPORT. The directors beg to present to the shareholders ihe iwenly-sixih annual report, covering Ihe year ending Jlst May, 189.}, together with the usual state- ment of assets and liabilities : — The balance at credit of profit and loss accouiil, brought forward from last year, is ,. $ 19,54') 19 The net profits for the year ending Jlst May, after providing for all bad and doubtful debts, aniounled lo 53^>5" 93 $556,061 12 Which has been apjiropriated as follows :— Dividends Nos. 51 and 52, at seven per cent, per annum $420,000 00 Transferred to rest accounl 100,000 00 Wrilienort'bank premisesand furniture 12,500 00 lialance carried (orward 23>S6l 12 $556,061 12 The usual careful revaluation of the entire assets of the bank has been made, and all bad an'>.'vious year, the payments of two half yearly diviunmier's output ; and unless financial (roubles in the United States interfere very seriously with consuujption, a very much larger amount of money than usual will be returned to us for lumber alone. The cut of saw-logs in the Ottawa district, and the stock held over from last season, are about the same as last season, but owing to the handsome advance in price the yield in money will be tnaterially larger. Indeed the output as a whide is said never to have been sold to yield a higher |)rice. The amount of squared white pine timber is about the same as last season, while the waney timber is about doubled. .'\l the moment the market is very dull and the out- look not so bright as for lundiei. The market for deals, however, is all that could be desired. The conilitinns both as to lundier and tiud)er in oilier distriels are not materially different, except that, apart from saw-logs cut in Canada by Michigan firms to be sawn in Michigan, a considerable quan- tity iif saw-logs taken out by Canadian firms have been sold i.i Michigan insteail of being sawn into lumber in f'anada as heretofore. It is 10 be hoped that before very huig the demand from the east and better railroad laeilities will make it more profitable to cut all these logs in Canada, instead of lowing them across Lake Michigan. I'erhaps, indeed, the scarcity of white pine hnnber may have the effect of removing the duty within the next year or two. ACRHl'l.TtiRAI. INTERESTS. If we turn to the agricultural interests of Ontario, whether the farmers complain or not, we can find little that is not satisfiictory. Every year is a banner year in cheese, liecause II ij Is^llls dm 470 Garland's Banking and Financial Directory. thus fnr the trade has steadily increased. The figures we quoti" are for Canada as a whole, luit as yet ninst of the cheese is made in t)nl.uio. The great growth in this industry may he best shown liy quoting ihe money vahie of the yearly exporls at intervals of ten years, adding the year just past. The cheese year is made to close Jlsl March. lS6o $ 13,675 1870 674,^86 1880 3,893.366 1890 9,372,212 1893 13,687,851 The pa«t year has been favorable to manufacturers and middleuien alike. The average price was slightly less than in the jjrevious year, but the yield was larger and this more than made up any loss in price. Till ' ireign market for cheese is, as far as we know, almost unliniiled, and with the low i>rice of wheal, and the growing uncertainly as to (he average price of wheat even over a series of years, we are glad to notice that every season new districts are beginning to produce cheese. The coming year, owing to these facts and the favorable weatlier (or grass, promises a large increase. The cr.'.tle trade grows, and while it has not yet become for the exporter a business free from nl)nor- nial risks, the grazier obtains i)retty fair results and the volume of Inisiness steadily increases. For the monienl the drovers and shippers hold lack until the difliculties attending the scheiluling of Canadian cattle in Cireat Hrilain are removed. Fortunately our cattle aie free Irom disease, but it is «ell to re- meudier with reference to cattle, cheese, apples, or any of our products, manufactured or unin.inufactur- ed, thai we create our f(jreign trade with ilillicully because we are a small body of people, aiul therefore we cannot afford to send aliroad anylhiiig but our best. Wherever Canadian products are known, es- pecially in the United States an wliere he hopes to lend his principal sa/c/j' and to ol)lain ///,// rate of interest at the same time. In Italy we have seen almost a complete faihire of the entire banking system, the gravest evils being temporarily averted by amalgan.aling several large banks into one stu))endous whole. In Rome a real estate speculation of extraordinary magiiilude, to which we have before referred, came to its natural end some time ago, and it now appears as if this real estate building and speculating had been largely aided by the banks, who also assisted equally wild ventures of other kinds. The country which, having almost no manufactures or diversihed inast two years, and the addition to the rest is the same as we have hern alile to make for the past seven years. The only chaii(jes in our statement which nii(;hl call for comment arise from the jjeneral shrinUnge of Imsiness which it will l>c seen has not atTccleil us very seriously. Our notes in circulation are always at a low point in May, but this year llie amount is smaller by $330,000 th.in last year. During the year, deposits of the class which are lodged with banks until mortgage or other invest- ments can be secured, were withdrawn to a very large extent, but by the natural growth of our busi- ness this was almost made up by the end of the year, our deposits being now but $400,000 less than at the close of the prinious year, whicli was the highest in the history of the bank. There would have been ni) difiicuUy in largely increasing our deposits had we been wilhng to meet the competition in rales, but a,-> our current loans and discounts are over a million dollars less than a year ago, that would have been an unwise course to pursue. The immediate outlook is not very promising for the banks in the matter of making protits. During the first half of the past year our earnings were very good indeed, but the period of financial strain and the subseijuent li(|uidation in the volume of general l)Usinc.ss have conipletely altered the situation, as was to be expected. In the struggle to obtain de- posits during the period of strain some banks and other institutions paid rates for money which, if war- ranted at ;dl, were only warranted for a few weeks. The elTecl of this on tho,-e win; had deposits likely to be withdraw 11 by such oilers, and who felt obliged to meet the compeliiion, wa-^ to raise somewhat the average cost of deposits at the very time when it was clear that we were entering upon a period of liquid- ation, and therefore of easy money. For a few weeks the borrowers from banks had to pay a slightly in- creased rate, but this not only lasted a very short time, but in addition the li(|uidalion of mercantile discounts which followed has largely increased the amount invested in loans on stocks and bonds, the average rate of interest on which at the moment is very unsatisfactory. The borrowing public of Canada will doubtless never know just what they owe to the banks for the policy followed by the latter during the suuuner and autumn of 1893. Hankers are supposed to be as willing as private individuals to lenil at the highest obtainable rates to whoever will give the best secur- ity, and where they do otherwise it is presumed self interest is the only reason which causes them to re- frain from selecting whichever business will at the moment pay the best. No doubt this is (piile true, l)ut it is well to remember thai some credit is due to those who see their self-interest in a broad, ijislead of a narrow policy. During the sunnner and autumn of 1893, the applications for loans from private indivitluals and firms, industrial comiianies, municipal corporations, banks, and in lad every kind of business concern in ihe United .Stales, from the Western States to the Atlantic .sea!)oard, were simply without nund)er, and those who came were but the select few who felt because of the sufficient security they had to offer, and the high rates they were prepared to pay, their wants would surely be supplied. As a rule the answer from all Canadian banks was the same, and il was, that al the moment they were taking care of their own country. Trivale individuals in Canada availed ihemselves largely of the chance to obtain high iiic-, but the banks did not. Some Canadian Ijorrowers were annoyed at the slight advance in rales, bul they did not reflect that the money lent to them could have been lent elsewhere at very much higher rates of interest, nor did some of them reflect upon the dilTerence between a country where the solvent boriower could not ob- lain a loan, no matter how good the security, and this counlry, where it may be safely said that no worlhy customer of a bank found his banking lacili- tiesin any way curtailed. The general manager will have something to say to you regariling the critical time through which the world is passing, and I will not say anything further upoi\ ihal point, but in this period when so many in making up their annual accounts have losses to reckon with, instead of gains, I may be permitted to say something regarding a class of losses now being borne by many Canadians, which are to be regretted for the unsound business iileas they indicate more ihaii for the actual money losses sustained. We hear every now aiul then of large sums of money having been transmitted through brokers' offices to cover margins on adverse speculations in Chicago and New Vork. I would be afraid to repeat some of these statements, because no matter how true, many people would refuse to believe them, but it is certain that in the aggregate the stock and grain speculating public of Canada have had to bear losses amounting to many millions of dollars — a very serious and direct burden upon the industry of this country. We are not likely to fail in sympathy for those who make losses in attempting to build up an industry, or to carry on any real trading venture; they have perhaps helped the counlry although they have failed to make money for themselves, bul this species of gambling which year after year only results in taking money out of Canada to helpsup|)ort Ihe brokers in Chicago and New Vork, is very much to be regretted. It is a pity the law is powerless to restrain them for their own gooil, and to protect the business morals of the community. Many a Canadian who by attention to his legitimate business was developing habits of thrift and industry, which would make him valuable to the Community and useful lo himself, has been in- iluced to deal in Chicago, has early in his experience ii.ade a little money, and has thus been led to feel ihat the old methods of moderate protits for daily loil were slow and wearisome, but later on, when his speculations went against him, he lias found that he has not only lost his money, but has also impaired or lost his habits of perseverance and industry, and in many cases becomes discouraged and joins the already overcrowded ranks regret that we have to record the removal by death since our last annual meeting of Mr. Cieorge Taylor, who for a period of twenty-three years, was a valued and highly respected member of our board. I lis prompt and regular attendance at the meetings (until prevented by impaired health), his kind and courteous disposition and his devotion to the interests of the bank will long be remembered by his colleagues. A resolution will be submitted for your approval, fixing the number of directors at seven. In conclusion I want to say on behalf c)f my fellow directors and myself, how nnich we are indebted and how much the shareholders are indebted for the un- ceasing care and attention given to the interests of ihe bank by Ihe general manager, assistant general manager, inspector-., local managers and entire slalf. The safe and iirofitable employment fif over twenty- eight millions of dollars during the most prosperous times and under the most favorable circumstances requires abihty, energy and unremitting attention on il nut rcllccl ve lieen loiU inUTCsl, nor cnco bL-lwcon oiilil nol ob- scciiriiy, ami said that no anking lacili- Mliin(» to say j;li which the ^•tliiny liirlhcr hen so many liave losses to .• iiermitted to es now being o be regretted indicate more netl. We hear money having iices to cover cago and New ioine of these V true, many ml il is certain lin speculating ses amounting ious and direct try. We are ise who make industry, or to ,• have perhaps failed to make s of gambling king money out in Chicago and retted. It is a ihem for their ; morals of the by attention to ling habits of him valuable f, has been in- his experience ■vn led to feel irotits for ecui;:tion in business, we were all e(|ually astonished at the terribly i/rolong- ed period of actual |ianic which resulted. A panic is generally short lived, no matter how extended the period of depres^ioM which follows, but this pariicu- iar panic lasted from May until the close of .\ugust without any abalement of its feverish condilions. During the year 1893 about 6(X) National State sav- ings and private banks and trust and mortgage com- panies suspended, with liabilities of about $170,- 000,000. At the close of the year less than 200 had resumed. Hundreds of savings banks were obliged lo avail themselves of the notice rerpiired from de- jiositors, although it is but fair to state that this was in many cases resorted to as the easiest way of allay- ing the panic in the i)articular town or city. The failures in general business, including the banks, as recorded by Hradstreet, reached, in ihe nine months ending isl Oclober, 11,174, 'he liabilities amounting to the astounding sum of $325,(XX3,ooo. Apart from this, railroad companies representing one third of the mileage of the United .States, passed into the hands of receivers, and manufacturing estab- lishments throughout the entire country either shut down entirely or enormously curtailed production. The manifestation of the extent of the over supply of commodities which had been (iroduced, condiined with the intense pressure tosell at any sacrifice ; the suddenly developed inability to buy even for ordinary wains, and the prospect of a much diminished pur- chasing power lor a long period, brought about a collapse in prices such as few nations have been called upon to bear, and indeed such as few nations could bear without absolute ruin. If we realize that most of the loss is irrecoverable, that in the aggre- gat(; it reaches some billions of dollars, that a very large part ol the community has no capital .accumu- lated, and, therefore, docs not share in the mere loss from fall in values, we can understand how enor- mous the losses are which must be borne by indivi- duals. Those who d(, not share in the loss, from the fall in prices, ex|ierience in many cases the loss iiuohed ill lower wages, while hundreds of thou- sands have been thrown altogether out of eniploy- menl. The punishment for political and commercial un- soundness has been terrible, and will doubtless in- volve some years of trade depression, but if the lessons incident lo the disaster were accepted by the people of the United States as a whole, even such a terrible trial would not be an unmixed evil. Un- (ortunately Ihe party which governs from time to time in the United .States is not the result of a diver- sity of opinion in national matters existing in every particular community, but a party of which in many cases come from sections where the feeling or self- interest is all in one direction. In consecpiencc, questions of great national importance are apt lo be settled in accordance with the benefits, or supposed benefits, to be derived in certain sections from fol- lowing a course which nevertheless may be to the last degree hurtful to the nation as a whole. This is doubtless true lo some exlent in all countries pos- essing representative government, but surely in no country does such absolute blindness to national in- terest exist, owing to the habit of viewing all legisla- tion from the geographical standpoint, as in the United .Stales. By a great political effort aided by the panic as a terrible object lesson, the silver pur- chase bill was repealed, and it was hoped that lliis would convince those who extend credit to the Unlli-'(1 .States, that honesl views had triumphed for all lime. This was a vain hope, however, and il is as certain as ever ihat even at llie risk of absolute ruin lo ihe national finances, the sections interested in silver w ill continue to agitate for free coinage. A complete refoiin of ihe banking system is also neces- sary, and for at least Uvo years past the |)ress of ihe Uniled Slales, east, west and south, have published articles without number on the subject, while at every convention of bankers, it has been the burden of discussion. The pliamphlcteer has been busy and the students in the universities have made it the subject of debate or essay, and yet as between reform of ihe existing national banking system, or return to stale bank circulation by the repeal of the tax, or the isis I ,'^ L 476 Oakland's Banking and Financial Directory. creation of a new system freed from the evils of both there appears to l)e no sellli'd pulilie opinion and no l)a.sis of discussion which docs nol involve sectional as opposed to national inlcrcsl. W c all know ihe reciipcrnlivc power of that yrial country and the enerjjy of its people, and whether we look hack at the s|)|endi' of course depends very much on the power of other countries to buy, and we cannot expect that our for- eign export trade will continue to grow as rapidly as il has during recent years. The main (jueslion for us is one of ])rices. On the import side we are benefited by the lower jirice of the manufactured articles and raw material we import. We are also likely to im- port most carefully, because the spirit of economy for the time being is very strong. When we turn to the export side the (piestion is, do we export products of the kind at the moment not being over-produced by the world, and we are turning our attention to the products in which there is apparently the most cer- tainty of a favorable market ? For the year ending June 30th, 1893, 'he value of our exports of woods in all conditions, iuanufaclurcd and unmanufactured, was about $29,000,000, against $25,000,000 five years ago. \Vhal Ihe year which is just closing will show we cannot say, but one of the features which showed conclusively in what sirong hands ihe business is generally held, was the promptitude with which the United States firms, who had contracted to lake our lundier, carried out their obligations, notwithstanding the financial storm. Had il nol been for this, our lumbermen would hardly have known what course to pursue during the past winter. As it was, they doubtless intended, as a whole, to lake out about the usual quantity, but the early mild weather broke up the winter roads, and, as a eonsecpience, sonu- hund- reds of millions of feet are left in the woods. In ihe Ottawa ilislrict most of the logs were got out, ane been made, the actual shipments are smaller than at any lime recently. While this is due partly lo the very liad condition of business in the United Stales, the settlement of ilie tarilT will iloubtless make a market for our lumber, although perhaps with a slight con- cession in price from last year. .Stocks in Ihe United .Slates are said not to be large, and our supply will no doubt be re(|uired. Ai;i!irt;i.l URAI. INI KRK.STS. Turning from the forest lo the dairy, we have once more exceeded any previous record in cheese making, ami by our victories at Chicago have ad- vertised Canada as beyond doubt one of the greatest dairy countries in the worl'l. Kor the year ending 31SI March, the value of cheese exported was $14,647,000, a gain of about one million dollars on the previous year, and while we increase, the ex- presenl somewhat iiniiroved price has to the actual cost of produclinii is a matter not easy to learn. JAeii if llie liritisli restrictions were removed il would doubtless lake some lime for the business to enlirely recover. Meantime ihe country is full of fat cattle, and in many parts the fanners' slowness in paying the store- keeper is doiiblless due lo ihe greater (piantily of stock progress satis- factorily. The various offices of the bank have been carefully inspected during the year. The directors have satisfaction in expressing their approval of the manner in which the ollicers of the bank ccuitinue to perform their respective duties. James MacLaren, President The Bank »»k Oitawa. 479 I.IAHII.IIIKS AMI ASSKIS AS ON 2(/ni NOV., 1890. LiahUitUs. Nutcs in circiilntion . . $^57>374 00 Deposits licaritif; inl'rst $2,(')()6, 121 90 Deposits not liiMrin); in- teresi 479.09I 57 J.i45.-'3 47 Total lialiililics in llu- piil/lic $4,002,587 47 Capilnl paid up $1,000,000 00 Rest 425,000 00 Uividcnil No. 29 40,00000 Former dividentls un- paid 404 (X> Reserved for interest and fxcliantjc 26,520 00 Relrnte on current dis- count? 27,426 26 Balance of profit and loss account carried forward 31,079 8j Assets. 1.550.430 09 $5.S53.o'7 56 Specie $115,461 14 Dominion notes 95.497 25 Notes of and chccpifs on other l.anUs 92,11s 73 Balances due from other banks in tanada. .. . 86,726 71 Balances due from other bks in foreign coun- tries 49,828 07 Balances due from other l)ks. in United Kini;- doni 25,752 22 Dom. Gov. debentures 122,640 00 Loans on call 388,046 18 Total assets immcdinloly available. 976,070 30 Loans and bills discounted 4,465,544 73 Loans overdue not specially secured.. 6,662 28 Loans overdue secured 12,916 jj, Real estate, the properly of the bank, other than the bank piemises 29,713 92 Mortgages on real estate sold by the bank ^,7 10 00 Bank premises 53>40o 00 $5,553,017 56 tlKO. liURN, ("ashiei. The following resolutions were then put and car- ried luianiuiously : — Moved by the President, secoiulcd by the Vice- President, that liie report of the directors and state- ment now read be adoi>tcd and printed for the infor- mation of the shareholders. M(>vt2 37 Leaving a balance to be carried for- ward at the credit of profit and loss account of 28,678 62 And making the rest account 500,000 00 To which has to l)e added the premium from the new stock paid in 74,468 50 Total rest account .$574,468 50 Tlie business of the bank conlimies to grow stead- ily, and in order 'o meet its incieascl, at a premium of $42.50 per share. The very prompt acceptance of the new issue by the shareholders, has been a source of much satisfaction to tlie directors. The usual careful inspections of the different ofticcs of the bank have been made during the past year. The ofiiccrs of the bank have perforiued their re- spective duties diligently and to the satisfactirm of the directors. .\ll of which is respectfully submitted. Jamics MacLari'.n, I'lesident. i;KNKRAI. si Al'KMliM' Ol I.I Allll.Hl KS AMI ASSF, I S AS ON 30111 Nn\KMiit';K, 1891. Liabilities. Notes in circulation. . . , $1,031,468 (X) 480 CIaIII,ANF)'h f.533 39 3.224.477 38 balances duo in oiIilt Cannilian Imiikn in (Ifiily exchainji's 804 91 KalniiccsiliR' l Kel)ate on current dis- counts ^5.762 00 Halancc of profit and loss account car'ed forward 28,678 62 1,872,645 49 $6,144,837 03 4ssets, Specie. $115,715 29 Dundnion note.s 1 11 ,358 00 Notes of and chcipies on other Canadian liaiiks. 85,042 96 Deposits in uilicr Can- adian banks 311.131 55 Halance i furliiiiale in having a series of suceesiiful balnnce hlieel.s. Till' net profits are over 15 per cent, on the [.aid up capital this is alter making provision for every debt ol a doubtful character, and wiiliiig off $2,900 from bank premises accounl. The head ojlice building, ini hiding safes and lit- tings, now slamls at $40, (xk), ibr pioperty at Carle- ton I'lace at .$S,ul llieeiienlnlioii of any mis- |ienilt'il bank. riicre are slill simie aiiieixlnu ills of a niiniir iliaiacUr Ihal ean will) aiUanlage lie inaile. Al (Hie III llie liaiikers' iiiieliiigs, lielil ulien the new liill was lielnre |iarliainenl, sle|i-< were taken fur llie liirnialiiin nl a Hanker^' A ^uiaiiun, ami a emn inillee was ihen apjiiiinleil In ilralt a eiinsliliilion, mill allliiiiigli tills eiiininiltee have I een suinewlial slow ill gelling III vtork, lliey are now re.nly In re- iiiirl ami a meeting i^ to lie liilil al an eaily ilale In Sliinlieal, An association lit iln> kind is niiieli needed, and in limes of financial disUiili.inee, ur wlun danger is llireatened, the Canadian lianks liy aeling logelher Wdiild lie ulile Id slreiiglhen and aislaill the inerean- lile eredil of ihe cminlry. 'llie iniporlaiiee ol iinili d aelion on llie pail ol the Itrilish lianks was recenlly seen when llie great liinise of llaring liros. w.is in difliciillies, and a greai disasler \\a> mdy averted by ihe proinplilrde of Mr. Lidderilale, llie guveiiiDrot Ihe llaiil. of laigland, in making .irr.ingeiiunls willi other large banks in lake u|i all liaiiiig saceeplaiiii s as they fell due. This assDtiaiiiin eoiild also wntcll legi:.lalion af feel- ing banking and iiiereanlile interests, Al llie present lime Ihere is a v ry general di iiiaiid for a " Dominion Act " In deal with Ihe ilislriluilinn ol insolvent eslnles, and im ela.ss of business nun could give beller advice in llie (raining ol such an Act than represenlalives oi ilu' banking inleie.-l>. Such an associalion eoiiM aid in devising sonie means of preveiiliin; the einidalion of Aiiuriean cur- rency Id the loss ami delrimenl of ('aiiadi.iii banks. 'I'lie .\nuiicaii government having placed an embar- go of lu per cenl. on Canadian currency eiilering llie United .'^lales, I lliiiik a little reciprocily in this direction would do no liaiiii. I ii.'ed mil take up more of your tiine in coiiimenl- ing on llie report, but will move, secoiukd by Hon. (i. Hryson, llial the lepoil of ihe direclois and slate- iiienis now read be adopted, and piialed lor Ihe inforinalii u of llie ^hareholdirs. Ileliii ■ pulling llii.-. inotion to the met ling, linwever, I >li.lll di l.iy, in order to give any shareholder present an opporlunity of cDiiiiiienling upon the report, or of making any inquiries he may see lit. lion, (leorge liiyson having seconded llie resnlii- lioii, .\lr. J. (i. Wliyle inipiired wlielher, under ihe new lianking Acl, llie b.inks were obliged to hold a slated peiceiilage of iheir public liabililius in specie and Uominion imles, Id which llie cashier replied in Ihe negalive, but he explained that Ihe law re(|uired each bank to lioUl nol less than forty per cenl. of its cash reserves in DDininion notes. No further remarks being offered, the molion was put, and carried unanimously. It was then nuived by .\Ir. T. C. Keefer, and seconded by .Mr J. (1. Whyle, "That the thanks of ■he shareholders are due and are hereby tendered to the jiresident, vice-president and directors for their 1 careful allenlion lo the interests of the bank during | the past year." — Carried. | .Mr. Cieo. Hay, on behalf of the board of directors, thanked the .shnrehulders lor ihe resolulion just I adopted. i II was then moved by Mr. Kavid Macl.aien, sec- : onded by .Mr. j. C. Kdwards, "That the thanks of I the shareholders be tendered to the cashier and other I officers of the bank for the eliicienl manner in which j they have discharged their respective duiies." Before moving this resolution .Mr. MacLareii said that his I 6i falher, Mr. |aiiie> M.icl„iien, li.id iri|iie-.led him lo say llial he regreiteil he w.nt unable lo Ik' ptcMHI to iiieel llie sliareliolders, and that he wishi d lo ciui- gt. mil. lie lliem on llir success which liad allemUd the bank's operalioiis dining the past yeai. The resohili'iii was iheii pill to llie meiliiig and iMiried illi.iniiiioiisly, Mr. Iliirii leplied as follow, : I ihaiik you veiy sincerely on behalf of ihe oilur ein|iloyees of llic bank, and of myscll, loi the coiiipliinelilaiy iiiaiimr in which ihe molion, just carried, was received, and ihe wolds of kindly appreciation which .iccoin|iaiiied il. I do Hot hesitate lo say thai we liavi- .i -.talf of officials who are diligent and /.ealoii-, in the inleccstH 111 the b.iiik, and liustworlliy in the highest degree, While we caiinol hope always lo show such good re- suits a» lliDse now presenled, we can, I Iriisl, by prudeiueand i are in ihe cariying mil of the policy inillcated In in lime to lime by the directors, hope to deserve- success, niul to meet wilh coiiiparalively few reverses. lie llicM made some remarks regarding Ihe new Hanking Acl, i|iioling h.'iii a paper read betoic the receiil coiivenlioii in New Orleans of the ,\meric.ui Hankers' Association, in which a Uiiiled SialCN banker spoke in leriiis of high coninieiulalioii of the CaiK'diaii banking sysleni. .Mliisions weu also made by Mr. Ihirii In a decision of the Uniled .'ilales Uevi ime depart iiieiil. In tilling llial a bank in the I'niled .Stales which pays oul Canadian bank bills happening Income iiilo its possession in llieonllnary ciiurse of Its business, even to an imlividii.d coining Id Canada, is liable to a la\ of lu per cent, on the ainouni so paid out, while on the other hand United Stales cuirency of all kinds passes current at p.ir in Caii.ida, even silver certificates, when the silver on which these ceilificalus are based would only be taken al a discounl. In Ihe absence of legislation on the subject he urged ihal the public should aid in reducing the circulation of American inuiiey lo a ininiinuin, by depositing in llie banks any such currency they receive instead of paying il away. lUKKCniRS' KKI'OKT I'OR 1S92. The Annual Meeting of the .Shareholders of ihe Itaiik of Ottawa was held on Wednesd.iy, iJeceniber 14, ill the board room of the b.iiik al Otiawa. On iiiDiion the presid^^^nl took the chair and the general manager acted as secretary. The chairman asked the secretary lo read the The directors are called upon lo record, with deep regret, the loss which the bank has sustained since the last annual meeting, in the death of .Mi. James Maclareli, who presided over ils aflairs from the lime It coiiimcnced business in 1S74. His constant and untiring interest in its welfare, logelhei with his long and varied business i\perii'nce, coiilribuied in no small degree to its past success. To hll the vacancy occasioned by his death, the directors elected Mr. Oiuid Maclarcn a nieiiiliei of the board. The balance al the credit of profit and lo.ss account oil 301 h Novendier,i89i, was $28,678.62 r:- !! 482 Oakland's Banking and Financial Directory. Brought fontiard $ 28,678 62 Net profits for the ending 30th Nov- ember, 1892, after deducting ex- penses of management, reduction in bank premises, and making neces- sary provision for interest :lue to de- positors, unearned interest on current discounts, and for all bad and doubt- ful debts 182,705.10 $211,383.72 Appropriated as follows : Dividend No. 32, |)aid tsl June, 1892 $48,838.26 Dividend No. ^t,, payable 1st December, 1892 50,246.17 Carried to rest account .... 65,000.00 $164,084.43 Leaving a balance to be carried for- w.\rd ?\. the credit of the profit and loss account of $ 47,299.29 And making the rest account $639,468.50 To which has tube added the premium from the new stock paid in since last statement 68,080. 75 Total rest account $707,549.25 The bank has done a satisfactory business during the past year, its net earnings showing a consider- able advance in amount over those of the preceding one. A branch office was opened at Ilawkesbury, Ont., in April last, and the result so far h.is been fairly satisfactory. :\i the e: piration of six months from the date of the recent allotment of stock, the directors decided to sell, as authorized l)y the Hank Act, tlie balance of fractional and unalloted shares, hfly-four in num- ber. Tenders were asked for, and the price realized was at the rate of $155 per share ; the extra prem- ium over the rate of allotment ($737.50), being in- cluded in the protits of the year. The late revision of the Bank Act, which came into force last year, autlioiizes the formation of Guarantee and Tension I'unds for tlie employes, and the contributing thereto I'rom time to time out of the funds of the liank. N'our directors deem it .idvis.ible to recouunenti the adoption of this measure for The UanU ol Ottawa in so far as a gurantee I'luul is con- cerned, and a resolution to this affect will be sub- mitted for your consideration. The usual in.-pections of the various offices of the bank have been made. TI.s directors have pleasure in testifying that the employes of the bank continue to discharge tlieir respective duties satisfactorily. All of which is respectfully submitted. Charles Ma<;ek, I'resident. GENERAL STATEMENT OK LIABILITIES AND ASSEIS AS ON THE 30TII NOVEMBER, 1892. Liahilities. Notes in circulation $1,069,857 00 Deposits bearing inter- est $3,270,248 02 Deposits not bearing interest 569,305 98 3.839,554 00 Balances due to other Canadian banks in daily exchanges 1,487 40 Balances due to agents in United Kingdom 76, 1 7 1 87 $4,987,070 27 Capital paid up (sub- scribed $1,500,000) $1,335,410 00 Kest 707,549 25 Dividend No. 33 50,246 17 Former dividends un- paio 79 50 Reserved for interest and exchange 25,80/ 05 Rebate on current dis- counts. 30,779 12 Balance of profit and loss account carried forward 47,299 29 2,197,170 38 $7,184,240 65 Assets. Specie $114,48802 Dominion notes 126,397 75 Notes of and cheques on other banks in Canada 91.357 45 Deposits in other Can- adian banks 128,866 92 Balances due from other bks. in foreign countries 249,453 25 Dominion government del)entures or stock . 172,300 00 Deposit with Domin- ion government for security of note cir- culation 45,800 00 Canadian numicipal and other debentures 120,075 82 Call loans on stocks and bonds . . 301,600 00 $1,350,339 21 Loans and bills discounted. ....... 5,733,186 74 Overdue de'.ts (estimated loss pro- vided for 22,87513 Real estate, the property of the bank other than the bank premises. . . . 24,339 57 Mortgages on real estate sold by the bank . 2,500 00 Bank premises 51 ,000 00 $7,184,240 65 Geo. Burn, Gen. Manager. The Bank of Ottawa. 483 THE president's ADDRF.SS. Mr. Magee — Since our last meeting in this room the hank has siistaineil a severe loss through the death of our late president, Mr. Maclaren. At the time of the last annual meeting we had hopes of his rccoverj', hut it was otherwise decreed hy a Higher Power. Mr. Maclaren's first subscription of one hundred thousand dollars to the capital stock made it possible to establish a Bank of Ottawa and render- ed the obtaining of the balance of the capital com- paratively easy. From the first day of the opening of the bank he exerted himself to bring business, and his sterling integrity and great wealth and resources were a tower of strength, more especially in the earlier days of its existence. .\s a direclor, Mr. Maclaren was a wise counsellor, remarkal)ly clear in his judgment on business matters, and although hold- ing such a large proportion of the stock he was always willing to give each of the directors an etpial voice with himself, and ready to abide hy the de- cision of the majority. His loss has been keenly felt by the other members of the hoard of directo;s. A reso- lution expressive of the feelings of the shareholders will he appropriate at this meeting. The statement of the earnings for the i)a.st year, which has just been read, will, I am sure, be quite satisfactory to the shareholders. Compared with the previous year, the net earnings show an in- crease of $29,143.94; 'in the great majority. Their works speak for themselves. Time is passing rapidly, and it is now 18 years since the hank was started, hut Provi- dence has been kind to us in sparing in our midst so many of those gentlemen who formed the first directorate of the hank. I have no doubt thai Mr. Maclaren's removal from our midst has been for the best, and we must not repine, for we have not the disposition of life and death, and nothing remains for us hut to bow to the divine will and say, " Thy will be done." I beg to move the resolution which I have read. Mr. Kenny, of Arnprior, seconded the resolution, briefly hearing further testimony to Mr. Maclaren's worth. .Senator Clemow — I heartily endorse the remarks which have Ijeen made in eulogism of the late presi- I! 484 Garland's Banking and Financial Directory. (lent, who devoted much time and thought to the interests of the hank, and whose large resources and varied experience maleri.itly assisted its growth. Hut, sir, wo niii-.l not Inrgel that the mantle has fallen tipon a worthy successor, and the statement which has been sulimilted ii. good eviilence that the present hoard are likely lo continue on the same lines, and exercise the same rare in managing the affairs of the liank as has characteri/.ed the adminis- tration of the past. The fact of a reserve fund of 53 per cent, having lieen accumulated in so short a time is satisfactory evidence of the care and al)ilily of Ihr directorate. I have much pleaMire in moving, seconded liy Mr. Kphraim Mohr, of Arnpiinr, the (ollowing resolu- tion : " That the thanks ol the sliareholders are due and are hereiiy tendered to the president, vice-presi- dent and directors for their careful attention to the interests of the bank during the past year." It was then moved liy Mr. T. ('. Keefer, seconded by Mr. .Vndrew Masson, that the thanks of the shareholders be tendered to I he general manager and other officers of the bank for the efficient nianner in which they have performed their res[>eclive duties. The geneial manager replieil brietly on behalf of the staff. directors' rrpori i'or 1893. On the motion of John Mather, l'"s(j., seconded by by .Mex. f'raser, Ks(|.,tlu' ['resident, Charles Magee, I'"s(|., took the chair, and the getieral niannger acted .as secretary. The presiilent then called upon the general ni.^n- ager to read the following RRI'OKl. The balance at the credit of profit anil loss account on 30th November, 1892, was ■ $ 47,299. 29 Net jirofils for the year eniling 30th November, 1893, after deducting ex- penses of management, reduction in bank premises, and making neces- sary jirovi^ion for interest due to de- positors, unearned interest on cur- rent discounts, and for all had and doubtful debts 191,712.55 To which has been added amount trans- ferred as above 75,000.00 IVeinium on new stock paid in since last statement 60,987.50 $239,011.84 Appropriated as follows : Dividend No. 34 paid 1st Jii'ie. 1893 $53-7t7-'''S Dividend No. 35 payable Isl Decendier, 1893 .... 56,557.00 .\pproprialed for ofiicers' guarantee fund, as author ■ iztd at last meeting of shareholders 2o,ooo.cxd Carried to rest account. . . . 75,ooo.oS49-2S $843.5.?6.75 Branches of the bank have been opened during (he year at Parry Sound and in Kideau street, Ottawa, and the results so far have proved satisfactory. 'I'he aecommodalion alTorded by the premises at Ottawa lieing lound if-.defiuate to the rcipiiremenis of the business, your d, cetors decided lo utilize the space occupied by the foiiiier board roiuii liy adding it to the general office, thus necessitating the erection of a new room for the meetings of share- holders and directors. Consideralile difficulty having bnn ex|)erienccd from time to time in renting preui'ses - lita! le for our Winnipeg business, it has been tlio\i;^!it advisable to s> cure a permanent location in that city. A desir- able business site on Main street has been actpiiied, and a building is now being erected thereon. The usual inspections of the oflices of the bank have been made. The officers of the bank continue to perform their resp.ective duties zealously and to the satisfaction of the directors. All of wliich is respectfully sulimitled. CtiAi;i.RS Macike, President. uiAniin ii;s ami assi.is as on 30111 novkmiikk, 1S93. Liabilities. Notes in circulation .... Deposits bearing interesl$3,438,446 Deposits not neari'ig in- terest 651,856 $1,129,439 w> 75 49 Balances due to other Canadian banks Balances due to agents in United Kingdom .... Capital paid up (siib- 4,090,303 24 100,079 07 133.945 29 $5-453-766 60 .scribed $1,500,000). $ Rest 1,478,910 00 843.536 75 56,557 00 540 (X) 26,454 27 Dividend No. 35 Former dividends unpaid Reserved for iiii. rest and exchange Rebate on current dis- counts Balance of jirofil and loss 34.725 00 acconnl carried forw'd 33.737 19 2,474,460 21 $7,928,226 Si As<:rt<. Specie $iiS,,|04 96 Dominion Notes. ... '53.149 50 Notes of and chetp ?s on other banks in Canada 85,810 53 Deposits in other Cana- dian banks 244,31998 75,000.00 60,987-50 843.536.75 1 (hirint; the et, Oliawa, :tory. prLMi\ises at ■qiiiroiiienls 1) utilize Ihe 1 liy adding iiiming the igs (il sharc- ex|)erieiicc(l a! U' for our advisalilo Id y. A dtsir- L'n ac<|iiiicd, eon. of the lianU )erforni their itisfaclion of \1.\(;I':k, rrcsidonl. Mn'KMni-;u, ,129,439 00 ,090,303 24 100,079 07 •33.945 29 ;,4S3,766 60 2,474,460 21 7,928,226 Si The Bank of Ottawa. 485 Balances due from other hanks in foreign coun- tries 302,216 98 Douiinion Government debentures or slock. . . 172,300 GO Deposit with Dominion (jovernni't for security of Note circulation . . 50,000 00 Canadian municipal and other debentures 222,047 85 Call loans on slocks and bonds 246, 100 00 $1,594,349 80 Loans and bills discounted 6,159,708 61 Overdue debts (esiimaled loss provided "It) 45.397 04 Real estate, the propeity of the bank, other than the bank premises 25,263 94 Mortgages on real estate sold by the liank 200 00 Hank premises 103,307 42 $7,928,226 81 ClEO. UHKN, General Manager. In moving the adoption of the report the President said : It is my pleasing duty today to congratulate the shareholders on the statement of net earnings for the year, which has just l)een read. The amount of net IHdfits is greater than lasl year, although the percent- age of earniiius is fractionally less on account of the increase in the capital. /Vnolher sui)siantial addition has been made to the rest, making that fund -when the few remaining calls on the new stock are paid — $852,500, or nearly 57 per cent, on the full capit.al of $1,500,000 and aboul 14 per cent, of the total loans and discounts. The past year has been one of financial ects for itext year's business are very encouraging. The square timber market has been as a rule dull. The demand for this class of our products ajipears to be steadily diminishing, and it is to be hoped that manufacturers will not again flood the market with larger i|uantities than the demand warrants. The pro|)osal of the Ways and Means (ommitlee of the United .Slates Congress to put lumber on the free list has not the same interest for our hnnbermen that it would liave had a few years ago. It is well known that Canada posses.ses the surplus white pine end spruce of this continent, and whether the United States exacts duly or not will -iiake but little difTer- ence, as they must have our lumlier and pay the price asked, as regulated by the laws of supply and demand. The abolition of duty will cheapen it to their own people and will probably obviate the neces- sity for Ihe Dominion Government putting an export duty on lumber in the log, as the .American owners of tind)er linnts will have no advantage over our own lund>ernien and will most likely manufacture their lumber in Canada, instead of towing their logs across Lake Huron. General business in ihe lowlilies in which this bank has oflices has not been, nor is i' likely to be, nnich affected by the depression in the United States. The low price of agricultural products must, however, seriously aflect business, particularly in Manitoba, where Ihe last two crops of wheat have been lalher under an average in quantity, and uw ing to the world's surplus being larger than usual, farmers have had to accept unusually low prices. Ttie Dominion Government have announced their intenliiin of making alterations in the Cust(jms tarifT, and initil these changes are known and sanctioned by parliament, the business of the country will be more or less restricted. I think, therefore, that the present is a time when business men of all cla.sses would do well to act with caution. The par.igraph in the report referring to the two new branch offices opened this year says the results have proved satisfactoiy, and I may say further, ihey have exceeded our anticipations. It will not be necessary for me to add much lo Ihe information contained in the report about the im- provemems in this, the head office, as the sharehold- ers who aie present can judge of Ihe effect them- selves, excepting lo say that the cost of the alteraticms in the banking room have been paid out of the year's earnings and only a small addition made to the real estate account for the cost of this room. It is not the policy of the directors to invest much money in real estate, but they found il impossible lo accommodate the requirements of our business at Winnipeg except by building, and an otTice is ap- proaching completion at that place which will do credit to the bank and enable il to transact its busi- ness elViciently without being unduly ex|)ensive. A new and handsome building is ready for the occupation of the branch at I'embroke. The bank is also occujiying a new ofllce at llawkesbury. Both of these buildings were erected, according lo our own plans, by enterprising citizens of these towns, from whom they have been leased by the bank. I have only to add that, on behalf of the board of 794i759-'9 Overdue debts (estimated loss provided for) 16,832.96 Keal estate, the properly of the bank other than bank premises 20,177.85 Mortgages on real estate sold by the bank 100.00 Bank premises 133,500.00 $8,505,376 14 Gro. Burn, General Manager. In moving the adoption of the report the president said: "We have again to deplore the death of a member ol the Board of Directors, .Vtr. Blackburn, the late vice-president, an event which, though not unexpected, on account of his previous state of health, was a severe loss to the bank and the cause of very great regret to his fellow directors, as I am sure it was to every genllenian in this room. .Mr. Blackburn was a business man of sterling integ- ity and of great ability. He was one of the original subscribers to the stock of the bank, a director from the first, and always took an active and intelligent interest in its business, and it is not too much to say that the institution has profited largely by his advice and experience. To u,yself, who had l)ecn intimately associated with him in business enterprises for the last twenty years, during which time 1 had learned to esteem him as a kind, generous and true friend, his death was a great personal sorrow. "The directors, in the exercise of their best judg- ment, elected Mr. Denis Murphy to fill the vacancy at the board. Mr. Murphy is a successful business' man of wide experience, who has identified himself in recent years with most of the new enterprises which have done .so much for the development of the city, and I have no doubt he will make an excellent director. "The statement just read shows that the net earn- ings of the bank were $3,616.53 less than lasl year, and this on an increased capital and rest account, the last issue of the slock being now all paid up; but when it is considered that this has been a year of great business depression, not only in the United .States, but in nearly every country in the world, I think the shareholders have every re.xson 10 l)e satis- fied with such a good showing. "The deposits for the past year show an increase of $714,844.52, nearly the whole increase being in- terest bearing, whilst our loans have decreased $304,949.42. Call loans on slocks and bonds have increased $228,452. Our total holding of govern- ment, nuuiicipal and other debentures is $550,766. 53, an increase of $156,418.68 during the year. As will be seen from these figures and from the statement of assets and liabilities in your hanils, the available re- sources of the bank are considerably greater ihan they were a year ago, the perccnt.ige of wlial are familiarly described as '(puck assets,' being nearly 43 per eeiit. of the total public liabilities. While the prevailing depression is thus to some extent re- flected, it will be seen that the l)ank is in a position to avail il.self of any o|)porlunity for actpiiring desir- able business which may be offered. " The three new branches opened this year are all doing woll. The one in Kemptville filled a much felt public want in a good agricultural dislricl, and a growing centre for dairy produce. " In the remarks I made a year ago, I slated thai the prospects of the lundier business were good, and I am glad to say that this has been b( rne out, as the results of the year's business have jeen generally satisfactory. The outlook for the present year in that industry is very encouraging ; the whole ol next yeat's cut of deals being sold at slightly increased prices. " Farm produce still rules very low in pi ice ; the farmers in Manitoba and the North-West realizing an average of only about 42 cents per bushel for wheal, but it is gratifying to know that they are de- voting more attention to mixed farming, dairying and live stock, and thai, by economy and care in con- tracting debts, they are holding their own and even improving their position. " In the counties of the Ottawa district, on both sides of the river, farmers are giving more of their attention to the uianufacture of chee.se and butter, and with very satisfactory results. " When the directors obtained your sanction two years ago to the establishment of an Officer's Guar- antee Fund, it seemed to be the general opinion lliat a pension fund should also be founded, and the directors have thought it advisable to recommend that this, the anniversary of our twentieth year of successful business, should be marked by ihe starting ol a fund which should not only provide a pension, but if possible take the form of a benefit fimd for the widows and orphans of deceased officers. We have not yet matured Ihe iletails, and until these have been fully considered and subjected to the revision of an actuary, we can only now ask you to authorize us to appropriate the sum of $20,000 in lour yearly payments of $5,000, commencing this year, but the ofticers will not be asked to contribute liefore the Ije ginning of another year. " I shall now move the adoption of the report, and after il lias been seconded by the vice president, I shall give time for Ihe asking <.il questions and the giving of any further explanations that may be need- before pulling the motion." It was then moved by the president, seconded by the vice-|)resident, "That the ropoit of the directors and statement now read lie adopted and printed for the information of the shareholders." —Carried. Mr. T. C. Keefer thought that llie shareholders had every reason lo be satisfied and pleaded with the statement which had just been |)resented lo them He moved, secondetl by .Mr. John Bryson, .M.l'., " That the thanks of the shareholders are due, and are hereby tendered to the president, vice-president, and directors, for their careful attention lo the inter- ests of the bank during the (last year." — Carried. Mr. Cieo. Hay, vice-president, in returning thanks for the re.solution just passed, said that while the directors tried at all times lo consult the best inler- e.sts of the bank, and to guide its allairs as wisely as po.ssible, it should not be overlooked that there was an over ruling I'rovidrme which -hapeil the destiiili's alike of iiiLii and iiislilutiiuis, and th.il lliig fact had to be acknowledged in all enterprises. It was undoubtedly a great source of satisfaction to the . IJaliantyne, seconded by Mr. J. (;. Whyle, "That the thanks of the shareht)lders be tendered to the general manager and other olliccrs of the bank for the elfu:ient maimer in which they have ilischarged iheir respective duties." (allied. Sheritf Sweelland, in moving a resululion author- izing the direclurs to fomi a Tension I'und .so soon as in llieir discretion lliey deemed it advi.sable, anank on the satis- factory showing which tiiey were able to make, lie enlarged upon the desirability of such a fund as it was proposed to establish, to which the employes and the bank should nuitiially contribute ; moving the resolution referred to, seconded liy Mr. Alexander Maclaren. After remarks and enquiries from Messrs. Ballan- tyne, Kenny, Edwards and John Hryson, M.I'., to which the presilesin our favour. Halances due to agents in tlie United Kinj^dou), $366,748.14, represLiits our indelilidness to our curre.^iHindents in London, The Hank of Scot- land, which is amply covered by Dominion (jovern- nient and other sterling bond.s and bills ot exchange in their hands. Having passed in review all the items constituting the " Liabilities " of the bank, I turn to the state- ment of .-Assets, conunencing with the items " (iold and silver coin current," $85,270.07, anil "(iovern- nienl legal tender notes," $580,372, whicli, taken together, constitute an ample reserve to meet all demands that may be made upon the bank here or at its branches. The item, " Halances due from other banks in Canada," $10,816.11, has aheady lieun dealt with in connection with that in the statement of liabilities, "Due to other banks," $45,075.78. " Halances due from agents in foreign countries," $133,386.49, needs no explanation, being balance in the hands of bank's agents in New N'ork anil other amounts on call. " Notes of and Che<|ues on other banks," $149,067.84, has already been considered in connection with the item in liabilities " Halances due to other banks in Canada."' We have now to consider by far the largest and most important item, viz. : "Loans and bills dis- counted, securities and oilier assets," $8,095,789.04. An old friend of this b.tnk, for many years a director, Mr. Henry I'ry, after a careful analysis of the state- ments of the several banks in i8go, winds up his re- marks thus: The true test of a bank'> positicjn, how- ever, is not the Profits, is not the Chrit/nlioiiy nor the Deposits : but the Cliaindei of its Loans. It is with the.se I have now to deal. Our loans may be classified as follows : — To lirms connected with the timlicr trade and lumber business $2,177,760.30 To lirms connected with general busi- ness, dry goods, hardware, groceries, *c 1,458,481.30 To firms connected with manufacturing interests 1,041,890.00 To firms connected with produce busi- ness 5*^5.070.35 To firms connected with contracts for the construction of canals and rail- ways 210,660.00 $5,482,861.95 Call loans secured by bonds, stocks ot undoubted character with ample margin 1,118,586.04 Time loans, secured by bonds, iS:c. , safe beyond all (|uestion, 260,810.00 Loans to municipal corporations con- sidered quite undoubted 401,755.31 Loans to other corporations e()ually good 307,723.00 Dominion of Canada sterling bonds and other high class municipal ster- ling bonds 524,052.74 $8,095,789.04 The next item, " Debts secured by mortgages or glherwise," $66,776.85, consists of undoubted secur- ities held at head office and branches. Then "Over- due iu)tes not specially secured (estimated loss pro- vided for)," $44,252.48, needs no explanation. " Keal estate (not bank premise's) and mortgages on real estate," $40,783. ()9, is an altogether mido\d)ted asset. The last item to be considered is " Hank premises and furniture in Provinces of (Quebec aiul Ontario," $169,908.99, is well re|)resented by the banking houses in (^)uebec, Ottawa, Toronto and Three Kivers, all held in fee simple. I am, as you are aware, gentlemen, in constant contact with the staff at head ollice. It would be iliHicult to find men more devoted to duty or nuire accurate in their work. I may say that I keep in touch with the whole stafT throughout the bank. Hy desire of the directors, I visit the branches, from time to lime, and make the acquaintance of every mendier of the stall, and endeavor to form an esti- mate of his ability aiul fitness for promotion. Moved by K. II. .Smith, Ivs(|., president, seconded by \V. Wilhall, l!sq., vice president, and resolved, that the repor' and .^tatemenls now read be adopted. Moved by J. W. Henry, Escp, seconded by John Laird, E.S(|., and resolved, that the thanks of this meeting be given to the president, vice-president and directors for their valuable services during llie jjast year. Mr. .Smith and Mr. Wilhall each acknowledged the resolution in suitable terms, and Mr. Wilhall in doing so, said : — Mr. Chairman and Centlcmon, — In the directors' report it is mentioned that lliis bank obtained its charier seventy-three years ago. It must be gratify- ing to lis all that noiwithslandiiig the financial storms that have occurred dating the interval, this bank has continued to pay regular dividends to its shareholders with the exception of three years, viz., 1S34, 1835 and 1836, when the conn ry was in com- paralivi: infancy. The general manager having fully explained to this meeting the financial posi- tion of the bank, I need not .'^.ay any more on this point ; but I do say that it must be a matter of gratification to the shareholders to know that after passing through such an eventful financial year, this iiank, a'ter providing for all l)ad and dirubti'ul debts, and paying its customary dividends, retains its rest intact, and carries a fair amount to credit of profit and loss account. I eonsiiler lliis bank as solid as ihc okl rock city, and I trust that in the future, as in the past, it will continue to jjiosper, and hold its position among the leading monetary institutions of the Dominion. W ilh these remarks I beg to thank the mover and seconder and this meeting, for the gratifying expressions contained in this resolution. Moved by J. H. Simmons, l^sip, seconded by Joseph Louis, Ksip, and resolved, that the thanks of this meeting be given to the general manager, in- spector, managers and other officers of the bank for the elficienl manner in which they have discharged their duties. REPORT OF THE DIRECTORS, 1892. Proceedings of the seventy-fourth annual general meeting of the shareholders of the (^)ucbec Hank, held al the P.anUini; I louse in '_)iieber, on Monday, Olh June, iSoJ. Tlie chair was taken by K. II. Sinitli, Lsi| , |)resi- dent, and W. R. Dean, Inspector, acted as secretary of the meeting. The president read the report of the directors, and The Quebec Bank. 491 rectors, and fames Stevenson, Kst],, gencrnl manager, read the statement of the affairs of the liank ns on 14th May, 1892 : - REPORT. The directors have pleasure in siil)mittinj; to the shureholilers the slaleinent of assets and liabililies of the liank, as at the close of its fmancial year on the I4lh May last. Also statement of profit and loss account. They report that the net profits of the past year, after making provision for bad and doubtful debts, and after deducting all charges connected with the management, Amounted to $160,488 64 The balance of profits from last year is brought over 112,382 61 $272,871 25 The half-yearly dividend of Jz-z per cent, paid in Dec. last, amounted lo $87,500 And a half-yearly dividend at the same rate is payable the 1st June 87,500 There has been a transfer lo the rest 50,000 $225,000 00 Leaving a lialance at credit of profit and loss 47,871 25 The rest is now $550,000 00 The business of the bank generally since the direc- tors last had the pleasured! meeting the shareholders has been maintained, and although (he statement of profit account shows a less amount at credit than that of last year, the difference is more in appearance than in reality, inasiiuich as the existing loans pay- able with interest on demand are greatly in excess of those of 1891. The directors, after due consideration, have felt justified in carrying a s\nn of fifty thousand dollars to the rest, leaving amply sutlicient for its protection at the credit ol profit and loss account The directors are unable to speak with any degree of certainty as to the prospects of the limber trade in Quebec this season. It is currrnlly rejiorled that our merchants connected with the exportation of wood goods were fairly successful last winter in effecting sales in lirilish markets. The arrivals of deep sea tonnage so far, are in excess of tlm.e of List spring, and as the supplies from the Ottawa and other points arc likely In be limited this year, it is reasonable to suppose lliat both scpiare and waney pine timber may meet with a ready sale on arrival. In December last the (an: lian Hankers' associa- tion for ihe Dominion of Canada, with which we are connected, was organized in Montreal. The objects of the association are mainly to watch proposed legislation and ilecisions of the courts in mailers re- lating to banking, pnd to lake action Iheieon ; and generally to take cognizance of all other matters affecting the interests of the chartered banks. The best results are anticipated from the operations of the association. The head office and all the branches have been duly inspected by Mr. Dean, the insjiector of the bank, and found in order. The directors have pleasure in expressing their satisfaction with the manner in which the several oHicers of the bank, have discharged their respective duties. All which is respectfully submitted. RoBF.Rf 11. .Smith, President. STATKMKNT OF TllF. AFIAIKS OF 1 IIK gUEBEC HANK AS ON THE 141lt MAV, 1892. l.iabilititi. Capital stock Rest $ 550,000 00 Reserved for interest due de|)ositors, Sic. 82,405 74 lialance t)f profits car- rie,946 17 $8,800,893 24 Hank premises and furniture in pro- vinces of (luebec and Ontario 171,470 54 $9,689,824 68 James .Steven.son, General Manager. 492 Oakland's Banking and Financial Directory .^i The General Manager, Mr. Slevenson, gave fur- ther inrDrmation concerning the nHnirs of the hank anil salil : It has l)fen my rustoin to explain lo the share- holders the several items in the Imlance sheet in order lo convey to them a knowli-dne of the Imsi- ness of the bank generally. I shall begin with the debtor side of the sheet, /'./•., the liabililics, consist ing first ol the capital $2,500,000, which has not undergone any change. Next in order is the rest account, which I am glad to say has been increased this year by an addition of $50,000. The third iten) is an amount of $82,405.74 reserved interest due to depositors, which needs iiu explanation. The lourth is balanre of profits carried forward $47,871.25. This is a considerable amount to carry over. As the directors are not apprehensive of any losses in the current loans, it was a (pieslinn whether they would not have been justified in reducing it by adding more to the rest than they have done ; but they ilccided to leave at credit of profit and loss account an amount amply sulficient to guard against contingencies, and to protect the rest from any future invasion. The second section consists of two items, viz : Unclainud dividends $2,572.90, and haif-yearly dividend Ni>. 140, $87,500.00- neither of which need any explan- ation; but the third section comprises items of ini- jxirtance, to wit : Notes in circulation .$598,753.50, which are rather in excess of those out last year at this time. Deposits not bearing interest $508,963. - 91; deposits bearing interest $5,103,540.87; bal- ances due to other banks in Canada, $24,996.49 ; balances due to agents in the United Kingdom, $183,220.02, ncme of which need any explanation, save the last item which repre-^ents our indebtedness to our correspondents in Limdon, the Bank of Scot- land, who hold our Dominion Government and other sterling bonds amounting to over half a million of dollars. Having passed in review all the items constituting the liabilities, I turn to the statement of assets, to the gold and silver coin on hand $86,663,58, to (Jov- ernment demand notes, i.e., legal tenders $407,275, together $493,938.58, an amount which we consider an ample cash reserve to meet demands that may be made upon the bank, under any circumstances, here or at its branches. The following items, viz : balances due from foreign countries $59,387.98, notes and cheques on other banks $149,277.34; deposit with Government for security of note circulation $14,857, need no comment. The second section of the assets column includes, first : loans and bills discounted, securities and other assets $8,675,800.99. On referring to the statements respectively of the fiscal years, 1890 and 1891, it will be seen that this suin is largely in excess of the similar items in those years, showing that the business of this bank, so far from shrinking, is mani- festly increasing. Allow me to submit an analysis of this important item in the balance sheet, in order to show how the resources of the bank are employed in connection with business in the jjrovinces of Ontario and (Quebec. Advances have been made as follows : To firms connected with the timber -ade and lumber business $1,222,659 00 To firms connected with general busi- ness, dry goods, hardware, etc. . . . 1,584,559 00 To firms engaged in the shipment of grain ane proi946 17 Ail su..iciently defined. The item, bank premises, etc., is well represented by properties held in fee simple in the provinces of (Quebec and Ontario. Having completed my remarks concerning the business of the bank, I take pleasure in alluding to the staff, which consists of fifty-four employees, com- prising several men of experience in the business of banking, and also a number of young men who, in the discharge of their duties, ate acquiring a knowledge of the business. The directors receive semi-annual reports from the several managers respecting the capacity, industry, habits and conduct of those under them ; not only of their conduct while on duty, but, as far as can be ascertained, also when off duty. The Dominion Bankers' Association have offered prizes of some value for the best essays on financial subjects, to be competed for by junior members of the associa- tion. It is to be hoped that some of the younger employees of this bank may be induced tc enter the lists as competitors. Moved liy R. II. Smith, Es(|., president, seconded by Sir N. V. Helleau, K.C. M.G., that the report and statements now read be adopted. The president, in moving the adoption of the re- port, said he could add nothing to the able and lucid remarks of the general manager on the statements of the bank, beyond expressing the opinion that it must be a matter of gratification to the shareholders to see the bank in such a strong position and its business gradually but surely extending. Moved by Major Morgan, seconded by K. II. Taylor, Esq., that the thanks of this meeting be given to the president, vice-president, and directors for their valuable services during the past year. Moved by K. Jones, E.sc). , seconded by Joseph Loui«, Es(i., that the thanks of this meeting be given to the general manager, inspector, managers and other officers of the bank for the efhcient manner in which they have discharged their duties. f o which Mr. Stevenson replied : On behalf of The Quebec Bank. 493 ihe slnff I hftve to thank you, gentlemen, for this friendly expression. I assure yoii that, noiwilhstand- iiij; the apparent formality of the ri-soiiilioii, it is al ways urcntly appreciated, when adopted, and I nni thus afforded an opportunity, as chief executive olfi- cer, of confirminu the lavoralile ..latement in the report relalinj; to the sialf, and of as^uring you that 1 helieve every employee in this hank, in his special sphere of duty, docs his hest to tirolect and to pro- mute the interests of the shnreholdem. REfOKl OK rilF. DIRECTORS, 1893. rroceedini;s of the seventy-fifth annual (general meeting of Ihe shareholders of the (Jueliec liank, held at the Hanking House in (,)ueliec, on Mcmday, 5th [une, 1893. The chair was taken liy K. II. .'suiilh, Kscp, presi- dent, and W'm. K. Dean, inspector, acted as secre- tary of the meelini;. The president read the report of the directors, and James Stevenson, I0s(i., general manager, read the statement of the affairs of the bank as on the 15th May, 1893 :— KKI'ORI. The directors Leg to present to the shareholders the seventy-fifth annual report of the Inisiness ol the hank, showing the result of business for the fiscal year ended the I5lh of May. The balance at credit of profit and loss account on the 14th May, 1892, is brought forward $ 47,871 25 The profits for the year (after deducting charges of management and making full provision for bad and doubtful debts) amounted to 188,795 41 $236,666 66 Dividend 3^ per cent, paid on 1st December, 1892 $87,500 Dividend 3|^ per cent, paid on 1st June, 1893 87,500 175,000 00 Leaving at credit of profit and loss 61,666 66 The rest remains intact $ 550,000 00 behalf of The statement of the business of the bank since the directors last had the pleasure of meeting the shareholders shows a fairly satisfactory result. The amount of deposits has increased, testifying to the confidence which the bank enjoys in the estimation of the public. The loans have increased proportion- ately ; and, notwithstanding the low rate of interest which the directors had to be satisfied with 2 71,462 24 Bank premises and furniture in I'ro- vinccs of Ouehcc and Ontario. , . , 9,403,422 45 171,284 38 $10,533,604 38 James Sticvknson, (ieneral Manager. liBMERAL MANAC.EK's ADDKESS. The gciicrul manager, Mr. Stevenson, gave further information relative to the affairs of the hank, and said : — It has heen my hahit to explain to the shareholders the several items in the balance sheet in order to convey to them as much knowledije of the liusiness of the hank as can he conveyed in the lirief term of a meeting. I shall hegin, as usual, hy referring to the debtor side of the balance sheet, viz., the liabilities ; tirst, the capital, $2,500,000, which undergoes no change. Next in order is the " Rest account," which is now $550,000; the third item is an amount of $102,053.82, being interest accrued on deposits and due to ileposilors. The fourth is balance of profits carriee years, showing that the businesii of the bank, so far from shrinking, is manifestly in- creasing in amount and impoi lance. .Mlow me to submit .111 analysis of this important item in the balance sheet, in order to show how Ihe resources ol the bank are employed. .Advances have been made as follows: — To linns connected with the timl)er trade and lumber business $1,608,340 OO To firms connected with general busi- ness, dry goods, hardware, etc.... 1,542,200 OO To firms engaged in the shipment of grain and prod.ici- generally 704,300 OO To firms connected with manufactur- ing interests 1,366,300 OO To lirms connected with (iovernment contracts and railway business 357,200 00 To corporations ami municiiuilities. . . 833,019 00 Then we have Provincial Government bonds $100,000 00 Doininiim (iovernment is indebted 4,600 00 $6,411,359 00 104,600 00 148,433 00 And we hold Dominion Government bonds .•\nd we \\.\\i: out in call loans secured by bonds and stocks of undoubted character with ample margins 2,547,637 43 $9,212,029 43 In 1890 the loans amounted to $ 7,998,017 1891 " " 8,095,789 1892 " " 8,675,800 1893, as above 9,212,029 I ihink I mentioned, incidentally, to the sharehold- ers last year that when I was appointed cashier of this bank, -or general manager, — the total loans amounted to $2,512,000 00 The circulation of its notes 384,000 00 And ihe deposits 957,000 00 Continuing my remarks on the assets, I have only four items to refer to, viz.: — Debts secured by mortgage or otherwise$ 47,445 66 Overdue debts not specially secured, but estimated loss thereon provided foi 72,485 12 And real estate, not bank premises, etc., amounting to 7I1462 24 »h riiE QuKHKc Hank. 406 Kank iircminvK and liirniuiri' in Pro- vincck of Quel)cc and Ontario $ 171,284 jK Well ro|ireKenlcL-riiux hold in fee shiiple. Till" iliri'Clors h.ivf rcftrrrd in llu'ir ri'|">rl to llii.' tiiiancial |iii-iitiiin mid iiionclary »)'sIl'iii nf llu' Unilod Stnl>:s. Ah I liavc ^ivcii sdiml- iiUeiitinii to tin.' iirin- ciplcH of I'lirtcncy, 1 must a»k yon to dome tlio favor tu listen for a few iniiiiitvs to wliat I have to say on the snl)ject. The currency proMeiii occn|ili-s at llu' present ilay the attention nl eveiy oneconneiled wiili the hnsiness of Hanking' ; and not a lew cmnnu'riial men and iicicnliits liave ilevoled their attention tn llie snhjecl. An International Monetary Conference was In Id last year at iirnssels, in .vliich .statesmen and authorities on sulijecis of linance froni many nations took part, and at which they expressed their views, without, however, arriving; at any agreement as to the future nionelary polity which shonlil j;ovread and meat. Now, who has ever inain- taini d that so close a connection exists between these two products that the price of the' one l)eing given, thai r of the Hank ol Lngland, visited Can.ida last yi'ar, and I olitical economists that successful agriculture is the healthiest siiimilant to manufactur- ing enterprise. It follows, I suppose, as a mailer of I 496 Oakland's Banking and Financial Directory. course, that unsuccessful agriculture has an injurious effect upon manufacturing enterprise ; and may not the fall in prices and the depressed state of agricul- ture in (jreal brilaiii l)e ascrilied to some other cause than the scarcily of gold P—perhaps to foreign and colonial competition. Mr. Uawson, in his argument for bi-melallism, says : " Capital is abundant, interest never was lower, farming land is cheaper than ever ; but, in the face of a continuous fall in prices, with no prospect of a ciieck, the borrowers and users of capi;al and managers of land can see little promise of profit." The late Hon. James G. Koss, president of this bank, predicted many years ago, that the great ocean steamships would ruin the agricultural interests of Great lirilain by carrying grain across the Atlantic at a mere nominal rate of freight. This prediction, it appears to me, has in a great measure been verified. The United States and (.'anada are great exporting countries of grain. Grain is wanted by th"" steamships for ballast. Wheat is carried across the ocean for nothing. The nominal rate of 2d. per bushel scarcely pays for the handling, and American and Canadian wheat is laid down in Liver- pool and .sold as low as 2Ss. per imperial aid on the 1st June, 1894 87,500 $258,739-48 175,000.00 Leaving at credit of profit and loss ac- count $83,739.48 The rest remains int.act at . . $550,000.00 The statement of the business of the bank since the direclors last had the pleasure of meeting the share- holders, notwithstanding the prevailing depression in trade, shows a fairly satisfactory result. The pros- perity of the bank is closely allied to the pros|)erity of its cust(uners. In order to promote that prosperity the dircclo.s lasl year consented to a considerable reduction in the charge for interest. They fully realize the fad that banks are far more interested \\\ the safe business conditions of their customers than in obtain- ing increased rates of discount and high interest on loans. Having been encouraged to open a branch of the bank in Upper Town, the erial <|uarl ,r in Kngland, no doubt the pursuit of agriculture is rendered wlioUy unproHtalile. Farms in various parts of England are offered to tenants free of rent provided they agree to pay tithes and taxes. In- comes, therefore, in many cases formerly derived by landlords, are wholly wiped out. In the great wheat ^t La Ianque du Peuple 499 ifi 'I producing West and North-west, the prices olitained for wheal are so low that it does not pay to cultivate the crop. Freighls never were lower than they arc now, and the shi jjpiiiy intcresl is siiflering accordingly, w liile the adverse eticctsof lhedei)res ion are manifest in the reduction of railway earnings. As regards the strikes there cannot be a (juestion as to the injurious effect which they have U])on industrial interests and trade generally. I believe that no one of those causes speci- ally accounts for the existing depression, but that they are some of the incidents combining with others and trending in one direction, i.e. to the restriction of enterprise. There is, however, one class of goods which does not appear to fall in value nor fail in de- mand to the same extent as other goods. I refer to our wood goods, our staple article of export to Europe and the United States. The demand for deals is good, and all the square and waney pine tim- ber manufactured in the Ottawa Valley will be wanted this year. There is a limit to the production of wood goods ; and that limit is almost within sight. Our forests are being denuded of tindier, some far seeing men are securing timber limits which they are holding without working tiiem. They are aware that the natural annual growth of standing timlier is not less than 5 per cent., ami tliat it pays to let (ore;,ts rest and grow. The bank continues to foster the principal manu- factiirir.g industry of Q',;e!"jc, •li-' l>"iii and shoe in- dustry, which h-is of late been fairly prosperous. The skilled labour required is cheaper in Quebec than at other points in the Dominion. Our goods are shipped to the East, the West, the North-West and to Hrilish Colund)ia in considerable parcels, competing successfully in most markets. Kecemly the Falls of Montmorency -at the expense of the picturesque perhaps — have been utilized in driving exten.sive cotton cloth mills; and as there is still water power 'o spare, it is not unreasonable to sup- pose that oiher factories will ere long be established at Montmorency. I might say a few words about bi-metallism, which continues to be a subject of controversy ; but I think I said sufficient in my last address to the sharehold- ers. All I then said on the subject I believe to be sound ; consequently there is no necessity for repeti- tion. The directors have infornied you that arrangements have been made for opening a branch in the Upper Town. Every eflort will be made to render the office a convenience to the public, and we hope to be successful in our efforts. I have now only to thank you, gentlemen, for hav- ing listened so patiently to all I have said on this, I may say, pleasant occasion of our ann\:al meeting. James Stevenson, General Manager. Moved by R. II. Smith, Esq., |)resident, second- ed by (j. k. Renfrew, Esq., That the report and statements now read be adopted and published for the information of the shareholders. Moved by T. II. Dunn, Esq., seconr. Dividend, 3 per cent., paid September 1st, 1890 $ 36,00000 Dividend, 3 per cent., payable March 2nd, 1891 36.000 00 Amount carried to reserve fund ....... 25,000 co Balance carried to profit and loss acct. . 3,141 43 $100,141 43 Cr. Net profits of the year after paying ex- penses anoui;ht the two adjoiniiij; properties. An agency of this bank was opened in August last on .St. Catherine street east. The large amount of business and the various industries, now progressing in that section of the city, leail us to believe that a profitable banking can be carried on. .\ savings de- partment has also been attached to that agency and the success realized, so far, has reached our expecta- tions. During the year, the Hanking Act has been con- sidered by the legislature, and renewed for ten years. We beg to state to our shareholders that a renewal of our charter has been granted. The government, however, in granting a renewal III our charter, h.is judged it advisable to insert a elnuse, limiting the power of issue of our note cir- cululion to seventy-five per cent, of our capital. Hut tlie bank may issue such notes in excess of the said seventy-tive per cent, upon dejiosiling, witli respect to such excess, with the Minister of Finance and Re- ceiver General, in cash or bonds of the Dominion of Canada, an amount etpial to the excess ; provided always that in no case shall the total amount of our notes in circulation at any time exceed our jiaid-up capital. Our agencies have been inspected during the year, and are working sai!sfactorily. We beg to .ickiiowledgo to the sharelx^lders the good services rendered to our administration by the lidelity and attentive woik of our ofticers. The result of the year has not reached our exjiec- tations, but taking into ccmsideration the s^unewhat diHicult conditions under which banking operations had to be carried on, we hope the shareholders will be .satisfied. J. CiRK.NIER, President. GENERAL STA1RMENT AT CLOSE Oi' BU.S1NESS, 28111 I-EBKUARV, 1891. Dr. To circulation $ 709,824 00 To deposits not bearing interest '.SSOiSS'*^ ^8 To deposits bearing interest 2,41 1,254 45 To amount due to other banks. ... 7'>55l 78 To capital paid up. . . .$1,200,000 00 To reserve fund 425,000 00 To profit and loss 5.?i349 82 To dividenil No. 90 payable 2nd March, 1891 36,000 00 To unclaimed dividends 5,798 67 Cr. 1,720,148 49 $6,463,317 00 Ky . K'cie $ 50, 1 89 By Di minion notes 324,507 Hy notes and che(|ucs on other banks. 210,471 Hy balances due by other banks 43,288 Hy call and short loans on slocks and bonds 447,206 Immediately available By loans and discounts current. .$1,075,662 • 5.100.928 By notes and hills overdue, secured . . By notes and bilks overdue, unsecured By mortgages and hypothe<|ues By real estate By bank premises . 26.115 27 18,967 14 85,271 IS 89,611 79 66,760 44 $6,463,317 00 J. S. HOUSIJUKT, Cashier. tllE MANAIiERS ADDRESS, Mr. Bousquet .saiil : I have very few words to add to the directors' report, which covers all_the ground with regard to our own affairs since the l.ist meeting of the .shareholders of this institution. This year has been conspicuous by the great number of disasters in all branches of trade. The total of lur lo.ins, now amounting to $5,593,217.33, will ltd you that we are interested in the .success of almost every line of trade in tliis province, for the whole of our advances are made within it ; and that the risks and responsi- liilities of your directors in the administration of the bank's affairs have been a cause of anxiety to them iluring the year. The bank has now over fifteen thousand customers to whom money is lent, six thousand depositors, and its yearly money transac- tions passing through the hands of its fifty-five oOicers, amount ton sum of over $140,000,000. To deal and carry successfully, without a loss a banking business of that size, uniler such adverse circum- stances as the field of oiu' o|)eralions now lies in, is practically impossible, and it is useless for me to rep- resent to you that we have not made any losses. We have had amongst our cu.stomers a few failures, which have been more or less disastrous, and we have ex- perienced our proportion rata in the general losses. The decreuse in the net results of the operations of this year may lead you to the belief that a tlecline in our volume of business has taken place ; but such is not the case. Although a decrease of $80,000 in the amount of our loans is noticeable, our deposits stand now at $3,961,792.73 against $3,911,638.50 last year. The decrease in our circulation is accounted for by the sr.iall movements of our crops. The gross earnings, although not (piite as large as for the last twelve months, have exceeded thirty per cent (30 p. c.) of our cnpital, and the diminution in net follows entirely on an increase in the interest paid on deposits and heavier losses in failures. Taking all things into account, the report of affairs now submitted, although not to your clirectors' satis- faction with regard to net profits realize;!, will, how- ever, show that the forward movement and the legiti- mate progress of our afl'airs has been well maintained, considering the general depression of business. (iKNKKAI. RK\IEW. The year 1890 was for the financial, commercial and agricultural ciiMi we have paid dividends at the rate of 6 per cent, per annum, and carried to the reserve an amount of $25,000. Our repoit shows an increase of deposits, loans to the public and circulation. We are happy to stale that we have during this year completed ihe selllemeiil of the balance of old afi'airs that wen- in liquidation in 18S5. A balance oi $42,441.21 being left at the rredit of profit and loss account, we have out of thi^ .iniount carried to the reserve fund $30,000, which raises that fund to 40 per cent, of our capital. Our agencies have been thoroughly inspected, and they are working satisfactorily. We have also to acknowledge to the shauholders the efficiency anil good services rendered by <,iir staff of oflicers ; their attentive work and lidelil) have reflected credit on the institution. Although the report of our yearly transactions has not been as profitable as we would have, perhaps, reason to expect, we hope that the shartholders, after having considered the stagnant state of trade, will be satisfied with the result. J. C;reniek, President. STATEMENT OF PROFITS FOR IIIE YEAR KNDINC 1ST MARCH, 1892. /v. Dividend, 3 per cent., paid Sept. I, '91. $36,000.00 Dividend, 3 per cent., p.ayable Mar. 7, '92 36,000.00 Amount carried to reserve fund 25,000.00 Balance carried to profit and loss account 2,083.28 Cr. $99,083.28 Net profits of the year after paying ex- penses and i)rovi(ling for all bad and doubtful debts $99,083. 28 $99,083.28 i;ENERA1, .STATEMENT At CLOSE OF HUSINESS, 29Tit februai'y, 1892. y>r. To circulation $ 734,854.00 ■ 1,168,104.34 . 2,833,890.36 29,500.34 " deposits not bearing inlerest " Deposits bearing interest... " Amount due to other banks. " Capital paid up. . . .: " Reserve fund " Profit and lo.ss " Dividend No. 92, payable 7th Mar., 1892 " unclaim'd dividends 1,200,000.00 480,000. CX) 12,441.21 36,000.00 ^,053. 67 ■$".736,49488 $6,502,843.92 Cr. By Specie $ 48,245.86 " Dominion notes 287,743.00 " Circulation redemption fund 18,873.87 " Notes anil cheques on other banks. 180,983.19 " Balances d\ie by other l)anks .... 20,712.87 " Call and short loans on stocks and bonds 447,875.18 Innnediately available $1,004,433.97 " Loans and dissounts current 5, 222,911). 39 " Notes and bills overdue, secured. . 24,732.16 " Notes and bills overdue, unsecured 12,687.72 " Mortgages and liypolheques 86,451.45 " Real estate 84,861.79 " Bank premises 66,760.44 $6,502,843.92 J. S Bou.S(juKT, Cashier. IllE I'RKSIUENl'S ADDRESS. The President— Gentlemen, yiiu must have noticed in the directors' report that a .sum of $30,000 has been transferred from the [irofit and loss account to the reserve fund, which aililee felt in the near future. This arose from c< nsideralion of the fact that agricultural interests were in an unsatis- factory condition owing tt> the bad crops in Micce.ssion for the last three years and iinheallhfid eA|)ansion ex- isting in certain lines of trade. Vxom midsummer up to towards the end of the close of the year, in all parts of the province, there h.isbeen a radical change in .sentiment, and a most decided hopefulness in lone was felt in business, based almost entirely on the superb crop prospects of the Dominirm, the report of failure of crops in foreign countries leading to antici- pation of high prices for our cereals with prospects of an immense surplus to export. The products of the soil last year far exceeded in abundance those of any previous year, and most fortunately for farmers the heavy yield was not accompanied by low prices in the market, as is too often the case. Although our crops have been abundant, never did the result of the harvest have ro ineffective influence on business interests lhrout;h the country. With a surplus large enough that the marketing of it should have lifted the whole carrying industry up frimi a state of dejiression into a state of prosperity, and al- though we have been selling our products just as rapidly as we could hurry them to the .seaboard, a fact evidenced by the amount of our grain exports, which according to the report of the Montreal Hoard of Trade, compare wilh 15,261,000 bushels last year, as against 10,061,000 in 1890— in the face of all this, the business expectations have not been materialized, and although stock exchange securities were booming at times, general trade was dull, col- lections from rural districts bad, complaints from manufacturers down to retailers, general small profits, failures lumierous and a reduced volume of business everywheie : and notwithstanding the large amount of money that has gone into the interior to pay for the big crop, enterprises were paralyzed and indust- ries stagnant. .Such a condition of affairs following large crops and an uni)rece(lenled export demand, has not only disappointed but surprised everybody. Tr.ade was naturally expecting an era of prosperity and the full beiu'fit of a bounteous harvest when, in its stead, a most disastrous crop of failures in every line and every district has taken place since January last. In looking for the causes of such a dece|)tion in business, we trace first that the crops have not been fully disposed of, and, second, that the first moneys that were sent to the interior have been devoted al- most wholly to the payment ol notes discounted in banks and to the licpiidation of mortgages and in- terest thereon that had piled up for the last Ihree or four years on the land of the farmers ; and these moneys instead of going into general trade circulation as was anticipated, have gone into the hands of capi- talists and banks, explaining, therefore, the abnor- mal position of a plethora of money existing in the banks and compl.iints of siiiall remittances and the small demand for goods of all cl.asses by the country trade. Money has been easy with the wealty people. The trade of the province has then, as a whole, been poor an5Sj.o7. l''ail- iires have to be expected every year, even in ilio most prosperous years ; for inuiiiuiily from faihiies will never be seciireil even il all ihe bankers" advice was to be followed ; but when the failure list is swollen to the extent of that of 1892 one may really ask if in a certain measure, remedies to cheek the increasinj; evils, could not beap|)lied. That too many merchants in almost every line crowd the field is cer- tain, and in years ol poor returns when private expen- ditures have to be curtailed by everyone il tells hard on the surplus of merchants which invariably must be pushed to the wall. The lonj^ credit system, shrewd competition and too many men crowding; the lield, are as many evils, accountin^j in part for the above failures ; but there exists actually another evil which is perhaps more injurious in the lony run than any of those mentioned ; it is the leniency shown towards those who assign. That symi)athy and consideration should be extended to merchants having the reputa- tion of good business men and well known honoly, who would, through unfortunate circumstances or acute depression of trade have been conri)elled to assign, is only just ; but to be lenient with a mer- chant whose incompetence as a business man has been clearly demonstrated by one or more previous failures or any other reasons, is a guilty practice which strikes al the rout of sound principles of trade, and the results of which bear disastrous conseipienccs to those who invite it. Wholesale traders cliielly ought to be very cautious in accepting compromises, lor a compromise does not involve only the (piestion of losing more or less from the retailer or merchant in actual bankruptcy, but it also involves the (piestion of right and justice for your oilier clients who pay dollar for dollar. During last year new life seems to have been in- fuseapers which, by their judicious and constant editorials on the neces- sity ot new developments to be brcjught into agiicul- ture in order to relieve the trade, have certaiidy con- tributed much towards the advancement noticeable in many districts of improvements in agriculture. The production of cheese is increasing very lapiilly, and the trade in 1S91 has been done with prolit ; prices paid for it as a rule were satisfactory, and far- mers in this line are devoting their attention to suit the exigencies of the liritish market, where Canadian cheese continues to hold its leading position. A decided movement lor an increase of produetiim and improvement in (piality is noticeable in butler and the export demand has been good at remunera- tive prices. l''armers should then devote their energy in that direction, where a constant anil uidiuiited outlet is opened for line butter, and thus produce more in order to reap Ihe profits olTered that only await their energy. Experience lias shown during last year that eggs could be transported to the liritish maiket with as low a percentage of breakage as from any other ])lace from which England gets her siijiiily. Our Canadian et;t^s.i>o :'.;!iiiiiied to besu|]eiior in ciualily, a tact evidenced by their price, which is always eigiil to ten cents per hundred more than is obtainable for ihe Irish product, and successful experiments in ex- porting have been made since their practical exclu- sion from the American market has forced farmers to look into another market for placing the same in a 64 large volume. Mere is another opportunity ollered to our farmers th.il will euidile them to increase their revenue, feu all that can be raised can be sold at good prices. In the cattle export, which is for the Dominion an immense source of revenue, we do not take our share. Kor instance, in 1891, out of a ti>i,\l export of 140,000 cattle and sheep, which aggreg.U' in value nearly ten millions ol dollars, our share I il was 5,500 head. Hut during this year gieat interest has i)een manifested by our farmers in cattle breeding, and the number of the increase of our cattle has been considerable. Of course it will lake a (ew years be- fore the benefits to be derived freen limited, with but few exceptions, to small manufacturers without capital, whose sole ambition was to swell the amount of their sales without regard to l)usine.ss principles. Those disasters were anticipated to a great extent, as it was a well-known fact that too many manufacturers were crowding the field, and the excess had to be swept away. The work of mon of the banks to be such that they need have no fear of the con- tinuance of the ilividend. lie hopeil that in a short lime the directors would see their way to increase it, either by jirnntin^ an exira dividend or by increasing; the regular dividend, when the rest was of such di- mensions that they niij^ht deem it safe for them to do so. Other banks in the city mijjht declare lar^jer dividends, and their statements mi|;ht make a better showing, perhaps, than the Han(|ue du I'eupic, but still he found that the old I'enple's Hank was reliable, and everyone seemed to be perfectly contented and satisfied with the mana(;onienl, which was in the hands of gentlemen who ha2,44^> 00 i.!).»7..<«J 27 3,825,383 10 17.224 99 Cr. -$1,816,604 35 $7,969,041 71 SiJecie $ lo(),539 03 Dominion nolos 288,430 00 Circulation redemption fund . . . 38,570 42 Notes and rlit'<|ucs on ullier lianks. . . 160,912 (w Balances due liy other banks 67,83505 Call and short loans on slocks ami lionds 1,230,30404 Innncdiately available $1,892,591 13 Loans an>ist admit that for the amount of business we are nol large enough. Many of yon are aware that we have acfiuired tin. iii..xt Iv.n sto;,:.-, and have had a plan prepared and given out the principal contracts for the building next year. I hope every stockholder will look at the building and will say that it will be a credit to the institution. It will also brmg revenue to the stockholders. The building, including the cost of this bank, will cost in the vicinity ol $200,000, and as we shall have at leat thirty offices to let we expect to derive at least 4 or 5 per cent, dividend and have the location of the bank free. The cashier will .address you on the pro- gress made by the bank during the last ' years. If any of you gentlemen have any que' o put afterwards we shall be glad to answer tl THE manager's ADURE.SS. Mr. J. .S. Dou.s(|uct then made the following state- ment : — I have thought it desirable to shorten my remarks on the gener.al trade of the year in order to enter, with probably wearisome minuteness into the details of the growth of our bank since I first became asso- ciated with the responsibilities of iis managetnenl ; but such elaboralinii, I am convinced, will meet the approval of all Ihe shaieholders who watch our pro- gress with kindly interest. Any one wlm will contrast, however cursorily the report and accounts now sidimitted with the similar docuntenls of 1885 can hardly fail to be struck with the remarkable development which has been going on in this institution through good and bad year.s ; and this progress has been accomplished in Ihe face of keen competition. It is owing to tins most careful atlention to and supervision of our business that we have been able, out of surplus profit year alter year, to efiecl most important inlernni "betterinenls," to establish and to nurse during their infancy our branches, and to attain, as we now claim to have attained, a high position amongst Ihe soundest banks in the Dominion of Canada, as we believe in the security we oflTer to our customers, and in the class and pro|)orlionate amfiunt of our invest uienls. Of course the diviileivls declared have not bee 11 La Banqtte du Peuple. 609 i \atf^e, but ynur directors fell mire Ihni it wan wiser Id Milxirilinnte llif >|uesti2 (^ur "reserve lund " of $550,000 is increased hy $7o,fKX), and our net protil is $56,137.44 larjjer than thai of last year. Turnint; 10 mii as.sels we have specie and le^al tenders on hand, $394,969.03, or $5S,9So. 17 more than last year ; in money at call and short notice, $1,230,304.03, an increase of $782,428.85. These immediately availahle as.sels, cash and call money, re|iresenl over 30 per cent, of our lial'ililies of $6,152,467.36 to ihe" piililic. On our loans and discminls current, amoui)tin(; to $5>793'9J2. 33, Ihe increase for the twelve monlhH i.s $571,015.94. Now, if we conli.ist the iKisiiion of the hank with ihal whirli il l.wl pii^ir,..,! !n 18S'',, the interval rep- resenting; eifjht yeiiis, one may lei I strnnj;ly impressed wilh the success that has liecn achieved. In order to show at a glance the results olilained, I have pre- pared a comparative lahle of the three most import- ant items of our sialeiiicnt : C'iroiila- I/inns and tion. Deposits. .Advances. 1885 $277,359 $i.3o5.«<''*-37 $2,765,284.39 1887 944.544 2,340.9'9-76 4,021,074.62 1889 833.284 3.fMi. 506-28 5,130,191.66 1891 709.824 3.961,79273 5.548.13492 1893 752.446 5..>62,76< 17 7.024.236.36 Therefore, the growth of onr dep '-jfrom $1,305,- 868.37 lo $5,362,766.37; our ulation from $277,359 to $752,446 ; our loans frc 2,765,284.3 to $7,024,236.36, and our profits (n $76,000 to $155,000, are matters to lie yraleful for. We have now i8,onil new l our capital fully employed at rumuneralive rates of interest. All our agencies have been ihomughly inspected during the year, and we notice a large increase in the volume of transactions; they are working very satisfactorily. We have also to acknowledge to the shareholders the cfiicacy of services rendered by our stafi of offic- ers, their fidelity and attentive work have rcllecled credit to the institution. The whole respectfully submitted. J. (Jkenier, I'resjdeii, GENERAL STATEMENT. The secretary submitted the following general statement : — statement 0|- I'ROFnS lOR IlIE YEAR KNDINCi 1ST MARCH, 1894. Dr. Dividend, 3 per cent., paid September 1st, 1S93 $ 36,000 00 Dividend, 3 per cent., payable March 5th, 1894 . 36.00000 Amount carried to reserve fund 50,cxx3 00 lialance of profit and loss carried forward 12,577 42 $'34,577 42 Cr. lialance of profit and loss account, 28th February, I S93 $ 25,661 93 Net prolits of the j ,u after paying ex- pen.ses and providing for all bad and doubtful debts. , 108,91549 $•34,577 42 GENERAL STATEMENT CLOSE OF BUSINESS, 28TII I'EHRUARV, 1894. Dr. To circulation $ 813,95000 " deposits not bearing interest 1,543,680 21 " Deposits bearing interest 4,3(39,928 38 " Amount due to other banks 156,967 84 " t apital paid up. . . .$l,2(X),ooo 00 Reserve fund . Profit and loss Dividmd No. 96, payable 5th Mar., i«94 unclaim'd dividends 6oo,cxx) 00 >2,S77 42 36,000 00 4.1" »7 1,852,688 59 $8,737,215 02 Cr. By Specie $ 64,988 35 " Dominion notes 290,34000 " Circulation redemption fund 40,cxx) 00 " Notes and che(|ues on other banks. 184,628 72 " Halances due by other banks .... 31,657 66 " Call and short loans on stocks and •'"inls 929,315 38 Immediately available. $1,540,910 1 1 Loans and discounts current 6,827,608 53 Notes and bills overdue, secured , . 21,014 18 Notes and bills overdue, unsecured 18,627 32 Mortgages and hypolheciues S3>4''S 06 Real estate 58,77938 Bank premises 186,810 44 $8,737,215 02 J. S. BOUSfjUET, Cashier. La iiANQUE DU t*EUPLE. 511 ^ THE PRESIDENTS ADDRESS. The president then rose and said : As you will have oi)served, genllemon, I have taken the same |)osition as other hanks do. Ileretolore, we used to iiave a nieelinjj to appoint directors, but there is Motliin^; in die charter whicii binds us to do so, and 1 thought that, hke the presi(U'nl of other lianks, I wouki take the chair. I liave ask- ed the cashier to act as secretary. With re- gard to some other things ! want to do the same as they (k) in other banks. It lias lieen usual in this bank tliiit the adoption of tlie report of the auditors, as well as that o( the directors, be moved by indivi- dual stockholilers ; but, as you are aware, in other banks, the adoption of the report is moved by the president and seconded by the vice-president or one of the directors. I will take the same course this year, and hereafter it is underslo(jd that this will lie followed. I will move, seconded by .Mr. Brush, tho vice-president :~ "That the annual report of the auditors, as well as that of the directors, now submitted, be received and adopted." And to save as much of your valuable time as pos- sible I will subse(|uenlly ask the cashier to give, as usual, his annual address on the general business transactions. I will only lake the opportunity to give you some comparative (igurcs with regard to the progress of tlie institution. Although you nnist have observed that increased securities generally have di- minished among some of the other lianks some $2,- 0(X),ooo or $j,ooo,ooo, the circulation of this bunk has increased $61,510. The deposits not bearing interest have increased only a very little ; but when you consider the hardness of the limes during the year, and that cash was scarce, you will see that the object was to try and keep as small a balance as pos- sible. The increase of the deposits not bearing in- terest was $6,297, •■>" amount which shows the progress of the bank and which also shows the con- fidence the public have in it. The deposits bearing interest amounted to $544,595 more than ihey were a year ago, which shows that if money was scarce for ordinary deposits, it seems to have been plentiful with those who deposited at interest. This year the deposits bearing interest amounted to $4,369,928, against $3,825,333 last year, which shows a suiplus of $544,595. I think that this is veiy satisfactory, anil it shows the conlidcnce that there is in the bank. I am now going to enter ujion some cxplanalions, which, I believe, have been refused by some other institutions ; but we have nothing to hide. The whole responsibility rests on the directors of this bank. The stockholders are fortunate in not having any double liabilities, neither have they any respon- sibilities. The gross receipts this year amounted to 16^ per cent, on the capital, against 14 per cent, last year, which shows that we are also making some little progress with regard to profits; but it does not look so well on the net profit side, which this year is only eipial to 9 per cent, on the capital, whereas in the previous year it was eipial to 13 per cent, on the capital. Vou can understand the difi'erencc. Vou will remember that last year I made you aware of a judgment made against us from the I'rivy Council on the other side for some $50,000. That judgment came just on the eve of our last annual meeting. We have kept $25,000 to meet pari ol this, which we had to meet this year. Lhdortun.Uely I have to make you aware of anoiher suit which we have had in Three Rivers, in which we were successful in the Superior court, as well as the Court of Appeals here. but we were defeated in the Supreme court. We made application to have recourse to appeal in Eng- land, but we were refused, and we had to pay. During the year the head ofiict has not lost anytliing on delientures, but, unfortunately, simie of our branches have made small losses. We have distri- buted 9 per cent, this year, that is to say, 6 per cent, to the stockholders, ane that the remainder will be let by May I, as we have applications for some more. If we sliould succee this source will be $18,000. What we have let we have rented at the rate of 80 cents a foot; the New York Life lets theirs at $1 a foot. We have rented ours on the >ame conditions as the New N'ork Life, viz., to supply light, fuel and cleam'ng. We calculate that $8,000 expenses will cover every- thing, and out of this I tliink we are justified in de- ducting 25 per cent, for the bank, which will leave, including two stores which I think we can rent easily, a net profit o( $12,000, or 5 per cent, on an expenditure of $240,000 We are satisfied that the expenditure will not be more than that. Having our bank, which will be nearly three times the size of the old one, and with a revenue ol 5 per cent, for rents on our outlay, I think we shall be doing well. We are satislied that for the shareholders the invest- ment will be a good one. Well, gentlemen, with these few remarks I will call upon the cashier to make his animal address on the general business, and after that I shall be liap|)y to answer any (|ues- tions which any stockholder may be pleased to ask either myself or any of the directors. liiK cashier's akiiress. Mr. J. S. Bous(iuet then spoke as follows : — During the last year we have had a period of what I may call prosperity without any great infiation; the trade of the country is not growing b/ leaps and bounds, but it is showing steady [irogress. Our con- stituency, I am glad to say, continues to increase and a large nundier of new accounts have been open- ed during the year. Shareholders have got now a very valuable property which is jiroducing a consid- erable revenue, in fact, the gross profit last year amonuted to 40 per cent, of our capital We have built up a reserve very large, and the board might be content in the fiiture to add very little or nothing to that fund, but it would be a wise policy to consol- date our reserve by a substantial profit and loss ac- count. The bank is now in a position that the directors can alTonl to distribute a larger share of the yearly profits to its shareholders, ami as the presi- dent just said, they [iroposed to do .so on the lirst of September next Turning to the statement of ac- couiils before yoi^ very little variation will be found from the ligure> ol last year's report, and under the head of liabilities, there is nothing calling for special remark. It will be observed that the amount recei- veil from the public on current and di'iiosit account, ' 612 Garland's tiANKiNG and Financial l)iRECTout. shows a mdileralc increase. On llie other side of the statement it will lie found that tlie li(|ui(I assets of the l)ank show a slij^ht decrease. Advances under the head of liills discounleil, are, as might lie ex- pected, somewhat increased: our desire is to alford every reasonalile lacilily for ihe eiicouragenienl and liromotion of tlie trading; interest nfthis province and we are prepared to employ our funds for .such a pur- pose whenever suitable opportunities offer. Hank premises account has lieen written as .$lS6,ooo. As our liuildinj^ is in cour.se of consu action, this amount will therefore increase again during this year, and we consider the Imilding to represent ample value for the ligures at which it will stand in our liook.s. Besides proving to be a very .sound investment, paying a good return on the money invested, it will be a source of credit, and we intend to establish a savings departntenl in our new [)r(;mises, from which we expect to derive additional business and benefits. There has been a steady increase in the lunnber of new accounts opened, both at the iiead office and the branches, and it is satisfactory to stale that the hank's general business has been fully maintained, while the local faciliiies afforded by the branches continue to be appreciated by our customers and liie public. KEVIEW 0|- IIIK YEAR. It has heen the custom during recent niontiis to contrast the happy conditions of the mercantile affairs in Canada with the distress which has niark- eil all classes of trade in the United .States. The record of the in.solvencies sums u|i the contrast in a striking way; of course, we could scarcely expect to escape absolutely from the adverse intluences which have wrought so much havoc among our neighbours, trading with them so largely as we do, anil affected in our financial operations as we must he by the financial crisis there. Up to the present, at all events, no C^'anadian interest has perceptibly suffered from the cr ish in the United States, although as 1 have already said, the business relatilood the lust of l8<)3 remark- ably well, they were not shown lo have been loo largely inleiested in credits and the failures were less than might have been expected, considering the par- alysis for a lime in the demand for goods and the Strangulation caused by the closing of the banks. Manufacturing and industrial establishments fared badly and the closing ilown in July and August was one of the characl eristics of the panic year. The Sock l^xchange in New \'ork and other cities hae have been the first and greater factors in the general prosperity. This province, being an .agricultural province, the whole commun- ity, more or less, ilepeiids on these relurns, for they are the supplies of the necessities of life, that deter- mine the movements and channel the volume of La Banque du Peuple. 51S business, and prices and profits thereon. In fact, everything farmers have raised this year has yielded profits ami given good residls for their labor ; there the value ol the production of the year from that source has heen considerably increased and for these causes the business of ihe community at large and its general trade which directly depends for activity on the return has been good. The power of purchasing has been increased by the good return, and, as a natural consecpience, farmers budgets all around have l)een replenished. Country storekeepers have pur- chased very freely, and remittances from the country have been satisfactory. The sales in wholesale trade have been maintained and the volume of business has been materially over the average of last year. As a whole the situation illustrated from Ihe balance sheets shows that returns liave contributed to add something; to the capital of last year. AC.RIIUI.IURE. It must be gratifying to every one who has the interest of the farmers of the |)rovince of (,)uebec at heart to have learned what a splendid success has been made by cheese and butter from the province at the World's I'"air. Mixed culture has been advo- cated since many years in this room, because it was felt that progress in culture meant progre s in busi- ness ; people live to enricli themselves, and in an essentially agricultural )irovince liUe ours wealth must first come from the land. The fatal mistake ol our farmers in depending entirely (m one crop for their living is rapidly disappearing, to iic replaced by a variety of products, and this year has been a year of rapid advance in Ihe dairy industry among farmers. There has certainly been vigor on the part of the Government, or the Department of Agriculture, in fostering the necessity of improved methods in the general working of the farm to be adopted by far- mers, but even the (iovernment now would show ineagre results without an active co-operation among farmers themselves. As said a well known professor whose energy, ability and devotion to the advance- ment of progress in agriculture makes him an author- ity, in answer to the (piestion of where should the farmers look for guidance in making changes which imply progress. In reply he would say: — 1st. To the agricultural .societies and exhibitions which had furnished object lessons and stimulation ; 2nd. To farmers' conventions, meeting of clubs ind farmers' institutes, which had ma rest account. . . 50,000 00 $ 5S.<30o 00 Balance of account carried forward. $ 32,638 27 RKST ACCOUNf. Balance at credit of account, 31.SI May, 1893 $1,100,38500 Transferred from protil and loss account 50,000 00 Premium received on nowcapilal stock 1,867 00 Balance of account carried forward. $1,152, 252 00 I9III ANNUAL liAl.ANCR SlIREI', 3ISr MAY, 1894. I.iahilitics. Notes of the Hank in circulation $1,201,166 00 Deposits not bearing in- •t-'resl $1,352,993 29 Deposits l)ear'g interest (mcludg $48,426.11, being amount of inte- rest accrued on deposit receipts to dale) .... 7,350,925 11 8,703,918 40 Due to other banks in Canada 328 12 Capital stock 1,954.525 00 Rest account $1,152,252 on Contingent account. .. . 31,645 86 Dividend No. 38, pay- al)le Ist June, 1S94, 4 per cent, and bonus oiie per cent.. 97, 723 50 Former dividen, Telephone 1795. FT { ji.i.- V iy/[c( ; 1 P. Ho X \ I ) A \" 1 1 )S( )N7 >'' ^ '*• A.. : Advocates, New VoKk Liik Huiidinc, MONTREAL. Solicitors (or Mcrcliaiils' l'>;iiik of Halifiix. K. I). McGibhon, (J.C". I'cers Davidson. QllOSS & BERN AH I), , Advocates, &c., New ^■oKK l.iiK Insukanck ("o. I?uii,i)ing, MONTREAL. Hnnking and Company Law and ( 'olluctions. Alex. O. Cross. L. Kdmuur Uernard Q MILLAR cVj CO., Barristers, Solicitors, Notaries, &c. 55 i*^' 57 YONCK SlREET, TORONTO. Telephone 673. (alile — " Rallim," Toronto. C. Mill.ir. Ch.irles Macdon.nld. \V. N. Kcrguson. J3KAKE, -1A(/KS()N A: IIMLMCKEN, Barristers-at-Law, Notaries Public, VICTORIA, B.C. H. D. Helmckcn, Q.C. 11. I'.. \V. Aiknian. H. II. T. Dr.ike. ]Vj;. & D. C. McLEOl), Attorneys, Solicitors, Sec, CHARLOTTETOWN, P. E. ISLAND. M. McLeod, Q.C. V>. C. McLeod, B.A. QEOliGE \V. IJAKEli, Barrister, Attorney, Solicitor, &c., 416 Main Sr., McIntvnk, IJiock, WINNIPEG. |i T JOHN T. ROSS, lvs(j. TllOS. .McDOUOALI,, Oknkkai. Ma\^(;ick BRANCHES AND AGENCIES IN CANADA. Ottawa, Out. Toronto, Ont. Peiiihroke, Ont. Montreal, (^)ue. Thorold, Ont. Three Rivers. AdKNTs IN Niiw N'oRK -P.ank of I'ritish North Anieriea. AoicNTs IN London — The i!ank of Scotland.