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MICROCOPY RESOIUIION lESI CHART 
 
 iN'ji ,:rt ibO TEST CHART No 2 
 
 1.0 
 
 
 I.I 
 
 Mi iiiilM 
 
 1.8 
 
 1.25 ill 1.4 111 1.6 
 
 A r^PPLIED l^yMGE Inc 
 
REPORT 
 
 OPERATIONS OF 
 
 FLOUR-MILLING COMPANIES 
 
 IN CANADA 
 
 i 
 
 DEPARTMENT OF LABOUR 
 
 Issued Dy authority of the Minister of Labour 
 
 I 
 
 OTTAWA 
 
 J. l.K LAimOQUKRlE TACHK 
 
 PRINTER TO THE KI.NCrS MOST KXCELLEXT MAJESTY 
 
 ltl8 
 
REPORT 
 
 ON THK 
 
 OPERATIONS OF 
 FLOUR-MILLING COMPANIES 
 
 IN CANApTK^ 
 
 L 
 
 ►J»-ONAL IS? -if 
 
 COuftTiON 
 
 zr 
 
 ful!. AM NS CO OOUVUNEwtNT 
 
 DEPARTMENT OF LABOUR 
 
 Issued by authority of the Minister of Labour 
 
 4;!51G— I 
 
 OTTAWA 
 
 J. l.E LAHUoyl'KHlE: TACHi': 
 
 PRINTER TO THIi KINCiS MOST KXCKLLENT MAJESTX 
 
 I>1« 
 
{}0J^^2^l 
 
 i 
 
I'h,' 11. >n T. W (^i^.TllH;-, K.'C, 
 
 Milli-lrr nf |.;||i,ilir. 
 
 Oltawii, 
 Silt. I have till' hoiMiir t-. -iil.init Im v...: a r.p..rt, iiia.l.- .il Juur rr.iur:,t, .-u tli'' 
 i'lprratiuii-. nf ll.iir luilliPK cMiriiialiic^ in Canada. 
 1 liavii the li..n..ur to l>\ Sir, 
 
 Y'Mir uhcili.nt -crvaiit. 
 
 |{ .1. M.KKNNA, 
 
 ( Mrs. (!f:.ii!i;K 11 \mhiiton) 
 Sin'ciiil I II ri .tliiiafiir. 
 Cost of Livinrj Branch. 
 
 Ottawa, May 2, lOH. 
 
REPORT ON THE OPERATIONS OF FLOUR-MILLING COMPANIES 
 
 IN CANADA. 
 
 'I'lii' ri-|»iri ...MI- 111. ■.|"-rutii>ti* of all the millitiK comimiiicH in Ciiiiudu iim- 
 (iiK'iiiir .''i<Hi,(KN> liiirrcli* uf tidiir u your mid over. Thin ini-ludc* nine I'onipanicii, 
 imiiii.l.v. the Oirilvir Kl.nir MilU ('.niipuiiv, tlic [-iik<> uf tlm W.mmIh Milliii»f Ciinimiiy, 
 llw Wc.-tcril Cniiiulii Kl..iir MilK ( ".unpiiii.v, llir Miiplr l.i;it' Millili;; ( '.iliipiiii.v, tlic St 
 l.iiwnriic Fi..iir MilU ( 'i.iii|iuii,v, tlic I •.iriiiiii.ni I'Liur Mills ('umpaii.v, tin' l<..liiii 11.. ...1 
 I''l..iir MilU ('..inp'H'.v. the (iimkir ()iit» Cuiupiinv, and tin' Cimiplii'll FLmr MilU 
 C.iiip.ii.v. 'I'll.- lotiil prodtii-tioH nf lli'ur of thi-Hc nine ronipnnic-* in I'M.'i wii-. iM'twic-ii 
 7" and 7."> per rent uf llic ti.tiil pr..ilii.ti<iii of Hour in Canaila. Thcrt' arc in all almut 
 
 ftWI niill* in Cnniida pr..diiiiiin ll .ir Tin' ipiantity |.r ..lii. .d hy tlifSf nin uiip^in- 
 
 i("< format tlii* year pr..l..il.|\ m laiyi i- pr.. portion of thr total lloiir nianufa<'tiiri'd than 
 wiiH thi- cMi.il' in r.M.'. ; :i- in u.if tiiiii' thi' hnsinosK of tho liirK)' food companies inrreinioii 
 inn. h ni..ri- r:ipi.lly llim that of tin- >nuillrr ont-s. Tho reports of six of fhcst' coni- 
 pani.- ar.- an:ily/i.l ni . I. tail; tho-rt' of the other three are not shown in detail, lint 
 have Imcii n-..| fnrtln r l.( verify the eonclnsi )ns in the lust j.art ..f this rep.irt. In 
 the drawiiifr np ..t these coiicliisioim the reeonis of all the nilllini.' .■.iinpjinie.i in Can- 
 a.la ri<'eiv(.d in tin- C.-t ..f l.ivin;.^ Uraiii'h it{ yonr .1. |iartni. nl h.n. hern .-.in-iiliTed 
 ill -.. far as thry atli.'t tli.' -iiininary at the end. 
 
 'I'll.' -ii|.|.lyiii^' i.r ill., ill r..npal i..n r.'.|uiri.l iii'.-..-.iiaii'il .i.n-i.liral.le ctLirf ..n the 
 part .il the !arj,'e inillintr e.inniaiues winch was, no d.iulit. at liin.'' in.-.mvcni.'iil f.ir 
 those in eharne of tho dirtx-tion of thcitc companies. Neverthele«s th.' iiil .rinati.m 
 was snpi>l;i'.l with tlii' ;.'rcat.'-t i-.iiirr.'-y atnl. 1 helieve, frankin-ss. 
 
 'I'll.' lii-iliiafy piirp..-.- ..!' lli.- .Iiii.ili.l iiiv..»tif;iltioli int.. tli.- .apilali/alinh ni.l 
 |.r..lii- ..I' tli.. inilliiiu' .i.iMi.aiiiis ..f ( aiiaila was to disi-ov.T th.' pr.itit per harrel ot 
 ll..iir 111,1.1.- liV th.. Iiiru. ~I an.! in..-t rcpr..>cntative of the milling coTii[ianies ovit an 
 .■\ti.n.l.'.l pi ri.i.l .it' liin.. ami th.' ii. t pr..tit aiiiinally. l'..r ihi.- purpose an exhan-liv.' 
 report was rinpiircd f-oin ea.'h cmpaiiy sh..\viiitr full details of eapitali/ati..ii and 
 y.'arly r.'\.'ini.- in.-ln.jiim' lli. ~..nr.. - an.l .l;-p..-al •>( ihi' lult.r. an. I lli.- aiihiiinl ..f 
 pr.ilit t'l.r eai-li y.ar. rr..ni lli. niiinnta.-tur,' ..i uii,-at int.. iL.nr. In. in tr.l.lln^; in ..lli.-r 
 liii.'- >\>f\[ J- ill.. vari..n- ni.aU, an.l lr..ni ..pti..ii Ir.i.linv in wli.-.it. 'I'lic tra.lniK in 
 .. .111111. iilitl.- i.tli.T than til..-.- in.iiint'.i.tnn-.l tr..in 'Lair i- nvnally -mall in extent. 
 W'li.re ..ill. r iMTcaU ar.. !n,.nul'.i.tiir...l in .■..n-i.!<ral.l.' ipnintiti.'- the pr.ilil fruiii -ii.'li 
 
 an. I .i|i.'rati..n< •.■.nil I..1 with ~ii.-li ar.' .'xamim'.l -.paralily. 'I'll.' i.T'.tit- Irniii ih.- 
 
 Ir.i.lini: in ..pli..ii wlaat \\.r.' in many .a-.- lai':^.' |.arti.iilarly m th.' y.ar- I'.ll.". iiml 
 
 r.MT. -.. lar;.'.' that it i~ . -.~iiiti.il that th.-.' I..' cxaniin. .1 -.'iiarat.'ly. This s.inr. I 
 
 r.'Viiiui' i- II. .w .'lit iilT l.y tixinir ..f th.' |.ri t' wh.at. .\..t all tlu' .'..iii[iani.'- .'..iiM 
 
 -li..w -ati-t'a't..rily th. pr.'lit- lr..in ihair inannl'a.lnrc a- .li-lin.'t fnun thesi' on d.'al- 
 
 iiiL'- 111 wlii.it. '111.' r. r.U i.t -u.'li .'..iii|iani.'- ar.' -li..wn an.l analyze. I -eparalily 
 
 an.l ill.' pr.itit per harrel of iLnir i- .'.il.'iilat.'.l a- il.rive.l t'r.nii th.' t..tal n.'t ri'Viiiu.'. 
 Wh.'r.' this profit p.T harr.'l vari. - t.. any ...ii-i.l.ral.le extent fr.iin th.' normal i.r.ilit 
 )..r th.' ^rivi'ii year a- iiia.li' l.y ..th. r ...mp.inii'- tlii' variaii.'.' is a.'.'.mnti'd lor a-- tar 
 a- p.."ihl,'. 
 
 'I'll.' i.r..tits ji.'. harr.'l .>i ll.mr ar.' lal.nl.il.'.l al'tir all .-har).'."- havi' h.'.n made 
 an.l .Jivi.liii.U payahl.' tli.Ti'hy arc shown al't.r ihi' .li'.lucti.>ii of a rcsi'rvc t.. ll'.' -urpliis 
 pr..Kt> .icc..nnt. If tin e is, however, a siiikinjf fund, the dividends payabh' ari' eaU 
 ciliated aft.T tliat ri'-crv.' ha-; nccii iinnl.'. Wh.T.' the amount set asiilc for th.' snr|ilu8 
 
 t.351(i— -' 5 
 
Ill r\u 
 
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 ll 
 
 til.-. 
 
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 ,,,,lioa l.y , "MKiny wa> .a.-.aut ^^^ ^ „„,„.,. ,„ ,,,,,„ ,, ,1„. nl: 
 
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 ta 
 
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 rt ol r.irii rniu- 
 
 lll|iiiliu- -if'W- rx;l.-tly 
 
 .niin'.n '>!• 
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 Miu.ly-.-a- t'H- ^'•""•".-■■"■" \ ,„. „, „„n.ln. ,- -via.,!., l-rti 
 
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 ^ ' . ,. ,,„. ,,,„„l.will ;,.-.... u, . I. th.,t ,- tl... .iiii..'.ni 
 
 t.:r;:::i"..;J .:...-l..;. 'ir'-,!:;;;:-.:;:;:,:::.";! .,.-.....=...:.... = --. .- 
 
 u.iuiUy n..-o«ni/,.a i.^ ^....a-u.U. 1-. '■''., ,,■ „. ,.,,„„,,1.., .•..niin.... -l.^.''.- '" 
 
 ,i..t n.....tii-i ... ,.:..■- ... 'I..' •"■' "i^; ' ; ::;;;L, ,■„,. ...-1.. *^-.. .-• '■.-''•''• 
 
 till, -xt.ut ..f *::.."-'. ''^?".:' ' :, l:,",„„.k .■:„.i.i.i i- .•.a.-..;,.t..,i ,.- s,.....i.iHii^ 
 
 ,„...t-a.uir.<HM«i.M..r.....a-w.ll.tl .....i.i.i ^ .^^^^ ^.^^_.,_,_ ,,,,, ,.,,^,1 
 
 ,.,i.....i.t ill -'-1. "-■ ^'"'■'- '-;"^"' 
 
 ^■' '""••,"'"' " ' ■ ;,1 ni'iir- «.-..i.it .•..vv.v.l n,v..-a..y f.ra..- a.ir,,.. 
 ....i.l.:...i. In -..II... >--''^ .'-""■" ■ „,.„,„,,„,,,■„,;„ ui,t f,.v r,-...i.-tr.i.-ti..ii 
 
 ,1,.. y...... .....1 '•"-!- -'•'■ '"'^r' ';■"" ;;:v:.;: .,'; u,- .i.,„ ;a,i..n .■ .-v «- 
 
 of 1.1. .1.1 ..I I.-.-.-"'-' .'i'.-.^..'-^ '" " ^j. • ,1„. \Vnn,l, Milling;- <■... "i'^'.'^- 
 
 1..V ..xatiirl... -.- -"''• '■"'>■ ^":"" '^ , , .„ „ ...n ,1.; u.,.....y .-...n..! 
 
 ,!„, Mi.a, a. I ..........I' «:i- t.... U . I 'I ',' ^,.^.,.,. , ,,1„,^„ ,„„k ,.1: l'la,.N. 
 
 -..■^..i..''"--t''"'''''' :i:':;:'r"'r.i.in'^^^ " „..„,■ .1... .i.-. 
 
 ,,,, ,,;,,,,i .ii.a iiK..ai;ii..ry ":.- ^i.-.iK'- ■ . I ,.,:,, ,,,u; tlii- a:.^ ^t:..!""'; ... 
 
 "" , ,.,. , ,■ .,|,,,,it it;-'-.T.i'iiii w..- n.;..i..; Ill'- I-"-' "■ "■■ 
 
 V.MTa >.'r'Y'' ' ri , Vm; ^lUni-.i r„r v...-..i.-..-.i"ti..i. "^ ..." 
 
 „„J in ahn..st all -a-.- tl... .l''l--'"'- /",,:' ;;,,„, ,,,„,. ,1„. a,,. 
 
 „,„„„ ,. ,„., ,...„. ..t ,1... vain,. .. ,1.. ..... ^ ^ ^ ___ ^. _,^^_.^,^ ^,,,. , ,^^,,,,,. ,„„H,, 
 
 „,,,„...,.,..,. in rilT. ""-"'^ ■;•';;, ':;„„, „„„,„.van.lval. fi,- plant. 
 
 t It- n. 
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 r.Mit |.r..ti.- 
 „..■,. i'.. r.MT 'A.-re 
 IT in...-..a-|.a 
 
 „c....n... 
 
 l,;,vc 1 11 ..aiil i.'i'l I't'...- pr.ivi-. 
 
 „-l,....,. .iia.l.- !■...• .livi.l.ai.l-. h -..■..- ".". '■.'■" 
 
 x,-ii uli...-.' ill...'.- 
 i-rriati.... ai.a 
 
 i. , .„.„1 n..,ti.l^' ^v,t,...., ...I p.."V.-^...ii .- Ill- 'I' . "." ■ 
 
 ;..-..- ■■ ".-; ::'v:;:::t;:;;;::.™"r; .......■....*- 
 
ri.ni n-Mii.i.iMi ri,\ir\\ //;>■ 7 
 
 i- al-'< iitTc.'frd \>\- llir |iroMMoii l',.r r.ili iii|.l mn ,.1 In. ml-. S..ni.' .■Miiipiniir- Imvi- a 
 -iiikin;; liin.i \>'r the r. .1. iii|itiMii ..I l...niU :iii'l ii r.-rlniii -|icrili, .1 .niinunt i- -rt .i-i.l.' 
 ,.;,,. I, y.iir. tltiii-r w.ii I -i.iiiii-iuii c-.irii|iiiiiii- Ikim- ii" -inkiiij; I'iiihI I'lr li..- nMlniipl inn 
 
 ,,| l..,iii|- l,ut l.\iilil \i|i ihrir -iirphi- |in>lil- a. iinl- frniii wlmli th,' l.iniils will lie 
 
 r..l,-iiin-.l will II iliir. Til.' (»^:ilvii' I'loiir Mill- I 'Miii|.aii\ ha- im -iiikiii).' t'uml Imt its 
 
 -iir|ilii- prntit- aiTniiiii alri-a.l.v iiHirr llu \ir- llir l.i.iid- i— iinl altliiiui;li tlii-.> i|.> 
 
 ,,,,t tall due until i:t:!L'. 'I'Im' \\'.-t. rn Canada llour Mill- CdiniianA lia- a r.rnlar 
 -iiikiii:;- fund in adilitiMn t.. it- -urplii- pftil- a.T.uinl. Tlir l.ak.- mI' tlir W 1- Mill- 
 in,- (■.iiniiaii.v i-.-dr,an- it- 1 1- I'nun tiiii.- t" limr tvun it- -urplu- [.f'tit-, 
 
 TlIK oiill.VlK KLMli; Mlld.S ( uMl'A.W. 
 
 'Ilii npiiiiy. lii'cau-.' "i tlir iiiaLiiiitud. nt It- ..|irrat n.ii-. i- on,- nt' llifrr nr four 
 
 larui'-l iiiaiiufafttiriiif;- (•.UM-.rii- in Canada and viiw.d ffimi tlir -tandpnint ..t a 
 natiniial iiidu-tr.v i- .-..inpafalil'' Mitli tlif X.iva Srntia SPtI Ci.inpaiix' and a- a iiiillilifi 
 
 inrn i- a w.irtliv .-..mpi'tipu- ,,|' tin- laf,L;i-t Ainrri.-aii mmi'anl.,-. Tlic daily luaxi- 
 
 inuin ■■apa'aty i- IT.i""! I.an-rls. 'riir a\.ran,. dail.s ■•apa'dty i- lt,t.'.:i liarr.l- "t llnur. 
 
 I'AI'fl'Al.l/ATP i.N 
 
 T'referr^fl siians . . 
 f'i>Ti;nuMi shart-s , . . . 
 Uniiils an.l .l.-li..|i!uri' 
 
 Aiillionz-i'. Issued. Fully paiil. 
 
 $2.11110.111111 $2,11(10.111111 }2.iiiio.cin(i 
 
 2,r,(io.ftiiii 2. .'.(111. lino 2,riiHi.oiio 
 
 2.:)r.o.iMiii 2.3riO,iHi(i 2.a.'iii.oiiu 
 
 I'lir ra|iiiali/atiMii "\ tiii- rnnipany i- iiiadr u]! in tlic f.dlowin- way: rrrtVrml 
 
 >liafr- ani'iuiitin^i Pi .■^l'.ihhi.i""' wrr.' i--iird f"!' i-a-li '■;■ tlh- -a amount. ()f tlir 
 
 , n.,..ii -han- $L',al"l.(MMI— ■tl.:ial>.<HMl wlr.- i— lud f-r i-a-li and .tl.L'ail.dlMl f,,i- u,, id- 
 will. Thi- i.'iMid-will iiTiuiiit wn< wiped mit in I'.M.'i iXirpt fur the iiiuiiinal aiiinuiit 
 (if$l liv till- pa,\ till lit III' $N:i<l.:i(i4 " 1111 iiicn-asc in valuatinn nf prupirtii'- i after writiiii; 
 off till' 'li-t nf ..]H iMtiiiii.i and all Pal. nt Kijjlit-) tran-fi-rn d t.. r.ipital -urplu.- 
 
 account " and nf *lii'.t.fi'.ii; uiade up ■•( .*:'i7,'.'iii I -iifplii- pr-ilit- ai-.-MiiiiT a- it -t 1 at tlio 
 
 lii-^'iiiiiint; nf the i-niiipaiiy'- li-i-al ,\n.ir I'-Mn and ^l:! l,T:'iii fmiii imt pmtit nf that year. 
 Tile dividi ml- li.r the year- I'.M:; tn P.MT were a> tnllnw-: - 
 
 i;.\'ri: I It' 1 1|\ 11 iDNliS 
 
 r.Mi. I'.'i.: f.ii:'. I'.Mi I'.'t.'i, I'.ut; iniT. 
 
 I'referrt'd sliari's inr ecnt. T T 7 . i i . 
 
 I'nTTiniO!! stlari-s ■' ^ ^ ^ ^ ^ '- - ' 
 
 The preterred -hare- dividend- fer i aeh year tfmn I'.il:; ti. II'IT aiiinnnled In 
 
 SI 1. I.I MM I, 
 
 The enlinilnn -ll.ir.- di\iilelld- alllnlinted ill T.']! tn .•<_i| H 1.1 II II I ; in r.tl-J tn ijil'l II 1.1 11 II I ; 
 
 ill r.lln tn $Ji"i.iitiii: ill IIMl tn .*Jiiii.iiiin ; in IPl.. tn •*Ji"i.ii"ii ; in IMi'i tn .tniiii.iinii ; and 
 
 ill I'.IIT In •*l'iL'."i.l""l. 
 
 'I'hi dividend- nil preferred -h.ire- have In en eiiiniihitive and are 7 per cent 
 tlir<iiif;hnut. There i- nn interot nii prel'erred -hare- in arreav-. The -iirplii- |irntit- 
 accmiiit i> ciiliiulative and -Imw- the fnlli.wiiii;- aceinnulatinu^ hy date: 
 
 mil 
 
 li<12 
 1!M3 
 1»I4 
 litl.'i. 
 
 litit; 2.u'.in.;ni 
 
 11,117 2,fi9ii.i; 
 
 Surtilus jiriitii.s. (.'oiuiiiKeiit accounts 
 $ 4:l4.ll.'i2 
 
 .■.io.4s:i 
 
 472. .523 
 
 r,S2.4fi7 
 
 1.7B2,0B1 |r.l2,ilf.l $l,2ri(i,000 
 
 N4«,:!:il 
 i',iii.f; 
 
 1,2.'. 
 
 The -ufplii- iiriitit- .leiMiuiit ha< iiicroasrxl fmni .t47i'.."iL':! in I'.M". tn i*l'.i1'.ii).1TT in 
 l',il7. .\ detailed analy-i- fiirlher dewii will -Imw the ,iiiiie,iiil nf -iiridii- pmtits made 
 
 -|:lal(i— :^* 
 
net 
 
ii.iii i; \fiii.i\<i coi//*.i\// :>■ 9 
 
 profits for tlip vi'iir mid Iciwos the nrt pnititH nvniliiMc f-r (llvl<lrii,l-. Tlir amount 
 -,t ,,-i.l.. for %v,n-tiix ill r.tll! wii> !*:!s0.l'(;1. Tli.' lunouiit set ^:~\,\.- in HUT for wnr-tax 
 
 U-11S .*7ri( 1.(11 Ml. , 
 
 Till- following lal.lr -l.ow- llio II. t |.n t'-- aftor all Iriritiiiun,- .-liaryv^ hav,. Urii 
 tak.-n out but a.Miii- ll.r S". ial .Lrroria: ami war tax p -.rvr- whi.-h a|.|Mar tor 
 
 the fir-t tin:c in HMC ami I'.'iT: - 
 
 t 4Tl.;:i:. 
 
 449. '.114 
 
 I,r,i9,j9:i 
 
 r.nn— Nit i.idius 
 
 1911— ■• 
 
 isir.— ■• 
 
 191f!— '• 
 
 War-tax reserve . . . 
 
 Depreciation account. 
 
 774.2711 
 
 :iti0.2iil 
 
 75,000 
 
 Total. 1910 . . . . 
 
 1917 — Net profits 
 
 War-tax risi i ve . . . 
 Depreciation :;c<(nint 
 
 Total. ^'■<\^ 
 
 $1,229,531 
 
 l,3r.!i,S47 
 
 7r,(i.ooti 
 
 2S6.860 
 ^■2 395.707 
 
 Thr pioiit- p. r l.arr. I of lloiir havr hern iimto r.infiiU.v .nial.vzr.l !..v tlii> .-Mmpany 
 tliaii K.v aii.v othoi- .•oinii.in.v iinoti-alnl. 'I'la- cl.'vator i-arniiiys liavi' bcrii -cparatcd 
 from tlio-,. ,>f tla.' maiiilfactuiv of llour. Tliu rrroni- of tlii> coinpan.v were k'pt 
 in siR-h a wa.v that it i.-< possible to .submit this tifruro with alnio-t al.-.luto accuracy. 
 
 The ()i;ii\io Flnur .Mills may he tahcu as n tM»c ..f the very lari:..- milliu'-' i-nm- 
 panies competing witli the hl^^'^,-t .Vnarieaii conocrii-. 'I'lio cipital inv.-rMl ii,^ the 
 business durini.' tla' pni.i.l in\ oti^Mted was inerea-ed hv the surplus iiroiit- troin 
 
 $4,tt7:2,.">L';3 ill V.ni. eoiiM-tint; of fl,,".tHl.o f (vmiiion and pr, f. m .1 -haP- I'lu- 
 
 $47J.a:.':j surplus iirotits account to .*(!,,">'.••;. ITT in HMT. 
 
 rolluwiiiK is an analysis of the prorit- ..f thi~ company yearly from MMo t.. HUT; 
 
 Kkvlm k ItU:;. 
 Thi-^ data I:- supplemented heeau>e it i~ Hot ;,> full as that supplied for the 
 
 suceeediiiiT year. 
 
 $i^.i''4,ii;n 
 
 I71,7:!i; 
 
 Total sales 
 
 Net profit avail:iljle for dividends 
 
 Iiisposed— I'ivideiuls on preferred shares (7 per cent) . . $14", 000 
 
 common " ( ■< per cent . . 200.0011 
 
 Tmi.I off ^cdwill account 131,736 
 
 T..tal $171,736 
 
 XoTK'-TnMead of addiiiu- the -urplus this year to the siiriilus i.rotits account it 
 wa> used to iiay th. -ood-will account, iflCii.C'.a; wa> taken fr,.m the -urplus proHts 
 account and the increa-e in value ,,f proiiertic- above relenvd to. .'Iom- the food- 
 will account except for *1 in the .\car I'.n:!, 
 
 Derived.-The flKures do ,:..t show th,. s, pantte anauna drivcd as reventa' from .lev.aor. 
 Kate of protlt : ..,.„, 
 
 Net prod avnilalde for dividends. }4.1.,3t.. ,,„,..,. iinnnnian 
 
 C;,pitMl. $3..-ai0.iMai uhe K'oodwill iiccount at llie t,,! of 1 '.• I . H.,s H, ml". 000). 
 
 Surplus profit acA'onnt. J.Ma,4v;i. 
 
 tin total investment, $4.O10.4n3 .117 p.r cent). 
 
 Profit per barrel of Hour in 1913 is estimated at 14 cents. 
 
 ki:\i:ni'i;. loii. 
 
 Total sal.- 
 
 $lS,44f,,ll.-i.l 
 
 Net iiroflt availaM.' .'or .lividends ■ ■■ ■■ 1449.944 
 
 Disposed — Divid.'H.ls on preferred shares l7 per cent).. J140,r,00 
 
 common " i ^ per cent ).. . 200.000 
 
 Added to surplus profits account 103,944 
 
 IP... 944 
 
 Derived — From llour nianufacturt I39;i,882 
 
 liev. nu- from elevators 54.002 
 
10 
 
 iii;\ I':m K, i:.u —'•»""'""'■''■ 
 
 Rate of IToflt - J. . , 1 « If'U 
 
 Net profit iivailMl)U- f.'i divi.icii(i> $4.:,nn nO" 
 
 Capital . . . 472.:.:!^ 
 
 Surplus pn.nis a.-<ciunl 
 
 ,aM„v,.st „t -->,„., n... .OT=,. = ^' 
 
 ,.,nfl, p.., ..n,,.., ..r ,l„u, 1 ,Uvale,.ls „„ stu.U pa^ a,,.. ,.,e, .lo - 
 
 Total .i.t prnilt from tlour jr.t.-..';^:;. ,,,,-rels, 
 
 T..l,l tli.ur anil ..th.-r c.-reala proiluci-.l. -...-.^f- l''"^ 
 ITollI |.. I l.anvl U-Til i-tnts. 
 
 ,. . , 1 I- ,...,.1 l,ir,.~ *110(""I. and -ritiui-' a-iil'- <■' 
 .uri.h,- i.n.rits *lu-...;.ll. th- rrtnaiiHlrr. ^1 *.■ 
 
 r|.l\i- I' 
 
 CnllllU'iU -tnrk. 
 
 Ki;vi:.M'r. \'n'' 
 
 Total saU-s ■ ■ ■ 
 
 Net prolit available for .hvnk-nil 
 
 l"ti,lh9.0sn 
 
 i..-ii).r.93 
 
 Uisposed-Ulviclends o.i pr.ferr.M shavs . , i..'r "• ■ .,„■ , 
 
 I'Oiumori 1^ I"' II"".- .-,,-,,-, 
 AiM.mI to surplus profits account ■■■■■■' j-ij-, 
 
 l),.rivi-cl From Hour inanufa.ture .. ■■ 
 r.-veiuie from elevators 
 dealiiiss m «-lieat . . 
 
 Itat.- of |>rofit -fapital 
 
 Surphis protils . . 
 
 421.r.4T 
 
 38.23:1 
 
 1,059.M:1 
 
 i,r.i3.:.93 
 
 . ,$4.rinn.<ino 
 
 ' . r.s2.4tH! 
 
 (Ill total iiivi'Stilient. 
 
 ;3n per eet.t).$r,,n-<2.4fifi 
 
 ,..„„ p..r Larrel o, ,1 • aia. divaleials^ on , o„ stocK pa.aMe tltere.iy .- 
 
 Total net pn.tit from il„ur * li: 1 ,•• 1 7 .,.,,,;-..- i.irivls. 
 
 Total Hour and otli.r r.r.-als produ. . o. -.-•. . - 
 IToflt per Parrel. lvs4 cents 
 
 ,. f.rr..,l shares *14ll.iHHl, anil >i'ttinf: a-iil.- tor 
 
 ,„,,ii^-:j;;rK,S-;:';i::n:;,:;;,;;::s;l,«:.:... -- 
 
 'T^r;w1l,^:;:';:^':;;:;i.:i«:;;^:;""■;" 
 
 ' 1 , 1 K ,e .;t ,„ llnur lu.l *1 I'.v.i.-l:; wa- coutnlmtoil l.y ,,n.t.t- 
 
 il- 1 111 ». 1 11- . ,-, , 1 1 1 n III t I'd 1>\ Iili'i '^^ I'll n'Ull .iini , i. • , . , ■ 
 
 ::;'a'.;;;;:-i;;::l::.. ..'-■ .n..n.n..o,,- „r,.^u ■Y'\':fT::'t^::z 
 
 tli. ra„. „f i.r.ft o„ ,l,e inv.Mi.l captMl - lar^- 1 1- -'" '■','"■"" ' '.' , 
 
 luiactur.- wa~ te.nnal. The exact H.t.rc- Nvere 1->1 cent. \^v iKirtvl 
 
 the -aii.e, r, 17 per cent on c,„„ni.ai 
 
 ineiit in ll"Ur inai 
 
 ,,r,,tit w'ni-h WMuhl pa.v. all ehat-e- reinamih 
 
 ^tnek. 
 
 IjKvr.Mi: r.'lil. 
 
 X,,TK.-The ,,,.,. lit ava,h,hhMo,.,,,c,,,e,,a-.,,Kn.an,>...T.-^^^^ 
 
 net ,u..li, l.eca„-e provi-na. lov uar-.ax ';';-'';■";.;,';.,:: ,U a- Pfovi-on U 
 1(117. In r.il'; llaa-e wa~ -et a-nle .a.t ..I tin' ... t 1""'" •- 
 
 (■ a- the 
 i 
 r 
 
 f,.r \v.ir-la\ i.. l''l''' 
 
 n;;:pis;;i-DWid;i.da on preferred >*"--, ji '''J^'^fi;;; ; ; 
 
 common * 1- P^' leiii;.. 
 
 war tax f-r I'.M.-.. an.l *-1'.:;T.". a- provi- 
 pr' 
 
 N.t profit available for ^-r'-'T ..;:^'r ;';"ir ';:^,t;:"*"u...o.n. 
 
 3011.11(10 
 Added to suriilus profits account ^''^ "' 
 
 % 774.270 
 
 $ 774.270 
 
yi (II I! \iiit.iM. I n\ir\ \ii:s il 
 
 UKVKNLK. I'.Uli.— (i.ii/ihiik/. 
 Mern'.il -I'lcHii lie. lit- Tiiiiruifiirturp ' Jl'Mil^ 
 
 ,,.^^,^1 t 7T4.'J7» 
 
 N,., „r„,H ,,vnl.,l,l,. f.., H,v.l,.,„i. » ^^J.-^ 
 
 \V,ir-l;ix ri-siMvi- 
 
 To,:,, ,„., „rorU »'■'■•■'■■■•" 
 
 .1 . . .$4.r."'i.iinii 
 
 s:;.;.ri;U. : .•:.■:,■..■.•.■;.•.■./ ■.^"^■'"" 
 
 (,„ lut.l inv.M.Ml .MPital '17 p.r rent). $6,262,061 
 
 ,.,„„, ,„„■ ,,.„-,..l of Hour ;,„.l .l.vnl.n.ls o„ , om.non s.o. k ,.,yal.l,. tl„T,.l,y ,.,ft..r ,l.Mu,t„ B 
 ilcpniKilio" re.xervi' .inil \v:ir-t;i\ n-servi') :-- 
 
 Total lift profit from tlour. $i;i9.1'.l6. 
 
 Total Hour ;iiiil otlwr <-.-r,':ils pro,Uu'.-.l, :•,. I.'.c;.h:m l.:,rr,-ls, 
 
 rrotit liir l.arri'l, 17 '.'J ci-iita 
 
 AftiT pavintr !!»■ .Iivi,lrn,l m, pivf.Tr.al -.liar.-s. *14tUI(HI, ami -oftiiin a^iil.' *110.- 
 (MIO •,, til,. MU-plu. prulit- ..•,-,,uiit. tlir rcinainiliT. li!:!i;!l.4'.Hl, would amount I i UT-> 
 
 |i(T Olllt oil tllC coIlllMoll -toi-k. 
 
 It will lie oliMTvnl that tlir oal.-ulati..ii of tho protit on romiiioii Mook tfoiii tUo 
 profit |ior l.arrrl of IT '.'J o,iit- pop l.arivl i~ arrivc'd at in ii tlitTrrcnt way from tliat of 
 prc'vloii- vrat I'or I'.H I and I'.M.-. lli.' proHt on oomniou ^to^k ua- .Ml.Milatcd from 
 ill,, amount left aftor -ul.fr.irt in- tho dividend on lUofiTrod .han- and tho amount 
 set ii>idc for tho Mirpji- profit- aooount from tho mt profit dcrivod from flir manu- 
 fncture of tlour. In I'.'li; of tho flour milliim luotits 4u-;:;4.L':i> wa~ addod to tho -iir|.lu> 
 profits aooount. lint a. oX|.lainod .ihovo $llii.nitii i- a >utlioiont amount to oovor 
 iMiml roiloinption; honr,. for tho piirpoo- of oaloulatimr tho nlatioii of tho |,rofit |.or 
 barrel of Hour to eoiuinon -hare- dividoml- .tll<>.fX«i may ju-tly ho Mt a-iih' each 
 year to tlie -iirphi> jirofit.- aooount. ( .\ny amount in exec- of ihi- i^ pure profit aud 
 
 mav justly 1k' <lisfriluite,l a~ .-m-li .u minon shares.) Honoe that amount in-tead 
 
 of !ti:i.!4.L':'o is suhfraeteil from milliiii;' l«rofits to dis-over the late payable on i-omnioii 
 'shares when IT Hl' oent< a barrel lu-ofit i- made. 
 
 ui;\i:Nri:. 1917. 
 
 Tonil sales Jlio.fjS 1 .^Hfl 
 
 Net profit avaihilile for diviileiiMs oi fter .le.luitiiiK war-tax ) .... I,.,..v.v4. 
 
 Disposed— I'referre.l shares (7 per cent), $1411, "00 
 
 Conimon " ' -'■ P»'>" eent). 62.1.000 
 
 Ailileil to siii]ilus protlt.s account l $190,177 
 slinillis prollts aociiunt, $4o:i.670 contin- 
 K.iit aooount I r,9;!.,S47 
 
 Tot.il » i.;r.s.M7 
 
 IJerlveci — Kroin Hour m.inuf.o tare $7-1. IMS 
 
 From sonn-es other than milluiK. chiefly lieal- 
 
 iim's in wheat 6.37. S09 
 
 Total J 1.:!7V.S47 
 
 N'nTi;.— It i- observed that for I'.MT the elevator profit.- are not -iiown -oparatoly 
 but the main inirpo-e is aidiieved i.e.. tho -oparation of reveiiiio from llour, and that 
 derived otherwi-o ohielly doalilii;- in \slioaf. 
 
 U.ite ..f iiroflt - 
 
 Net iiroflt avail. ilile for diviUenclB --nn A 
 
 War-ta\ reserve '■'"■""" 
 
 Tot.,1 net prolit ^-■""'■^■'' 
 
 rapital »4.r,oo.noo 
 
 Surplus profits anount 2.096.177 
 
 Ua total invesieii capini i~>- pei leii'i). ;i;.o;ru,; .■ ; 
 
12 
 
 ill" 
 
 /)/ r\i:i 1// \ / "' ' "■■"' '' 
 
 ;T~iTSi' wllil-ll 
 
 ;.>,;...;„ u,.,-,. ..1,1, a lo tl,i~ 111. r.t- "f l-r^'tit ^v..>,U W huTO 
 
 ,. , „,, ,l,nr,.,-l.li,.n n-TV w!ri>-l. l.a- aliv:„l,v l,.,i i|"'l"l 
 
 Xi.Ti;, ll ill,' iniu-ii;il ,ir|,i,', i.ni,,ii i, ■> ,., . 
 
 I-Lil'iv \:\VJ.f n-lTV>" 
 
 isi'il bill ;i- tluri' 
 n \vi\r tiiiio thi- ,l,-i"'",i.itiMn 
 
 U 11 ,-i-r!iiiH ,iu-tili,Mti.in l,,r im" 
 
 'r^rruuut hnsilut luTl, ,h1,1.-,1 t,. th,- 11. . l,r,.lit-. 
 
 ,..,m „..,. „i.,.r... or ...,ur .„., '^-^^^^.-'^:^z:'^:^:'^:^'ru:::^^ "" '■ " ' ""^ '^ ''' ' 
 
 ,ulat..<l afLT .l.nre.i:.tU.n r.s.Tve and war-tax reserves n.ve 
 
 Total n.t i.n.nt from Hour. J'-',"^"; „ -,^ , ,,;,rr,.ls. 
 
 T<)t;il Hour aii.l nIh.T .-enals produced, X. .,*>..<>" 
 l'r,,tU i,.-r l.irr.l, ■.'».:'..; <-,'il« 
 
 Aft.r paving .1.- .liv.l.n.l „u ,,.,i..r,,l -Iwin-. ..,1 -, -t .J U 
 
 ll.c .•liinlii'ii, 
 
 -l.„-k. 
 
 ;, ^,M^„^ ,,1 l;,l-.:l- "l- <t,.IIAIK 
 
 F|,.( 1! "MlMS C.MI'VNV. 
 
 , ,, . , , „v..,- *.-,n,:.,.i. i„ r.MT. that i~ th.,v lu.vo nearly uM IW 
 
 „ ,.,:,,, ,:, 1 n.,,v,,-,.,l fr.„n ..^-. barrels in VM:'. to n,„r,. 
 
 i^ uar-tax) aii.i ,, .j ,-.i • „,*, r'.n imn was set aside f.ir war- 
 
 Til.' al 
 
 ;l]^ ,-,! 1(1.1 ,IK, 1 
 
 nai'iiluT ,,f l,anvl- ,,| ll,„ir pi 'd m,-r.'a-,l fr.„n l'.. 
 
 tliaii :;..Mi. 
 
 ,1. '.hi, -till 
 
 ill.' I'l-.iHt ... . 
 
 tax a.„l a .a-w ,1, ,„■,■,• .r,„n a, ,ini aiii.amt,,.^ )i, l.'l, t,, a t .,,,,r„Nimatelv 
 
 was „,„..„.,1 „„ in VMV,. TW -„rplu- pv„fit- a un. '";7-'',j ' ; '^1 i;, „.,. 
 
 ,.o„tril.n„.,l l.,v .'a.in- nia.l.. fnau .l.alin..^- i., wlH-.it ,n I'.Ma ^""1 ■';• .,_,„,,,,, 
 
 A<i,l.. |-n„i, .11,-, h,.w,.v,.i-, tl„. pr„.i.- ,.n ,!„nv have l,,.,.ii ver.v ^ Y; '•. ; ' x... tiie' 
 
 •'X -I"' ^.''- — T,,, P,.„m p.. .,a,.,.,.M,a ,n,.r,^ :,-;„-: ;^;-:^,; :.„ '.L. 
 
 I'.Ui; wh..n an appa;,>„: ,h-!, tn,,k pla,-.. in ,lia, .' , ar 1 l„ K n _ ^ 
 
 ,",— i-'-'"-;;> •'■■■"■--;; .:r,':.,::"u;'':*.;': ;;.,■.,.»,.;:,. 
 
 !::::;: I;::;,",;:;,;,;: ::;.;;::, ;;,;,.,;: ^.;,:;' .,„;..»- ,■,■■*■ -■•:"„}■-:::: 
 
 I'.ii; 
 
 a 1,1 
 
 ill . . . 
 
 th,, pr,,tit |„-r harivl ,,t' tl,,nr ha^ in.T.'aM-.l tr.,ni l.-l 
 
 :i;\::'::, : i'::';:,.':r:h;. :;.;;:.; airea.,, s„„w, the rates <,„ eo:nn..t st^eu ..- 
 
 ,,. ,„„„ ,„. ,,,„.. ,.,«,. ,..r l,arn.l .,f .l„n,- annua y -^^ ^ f;;; ^ „ '^^ ^^n.;' 
 V.n-i: r, .17 p,r .viit ill l'..l.-,; 11 ■> P.T .-n .„ 11". !■• -| L";,;'.! ', ,vnt Th.' 
 
 ,,;:„i::::iV':',:;;::::.:L"::::^!:™:::'::-::n;,.r:,.;u;;^::;y;;:,--;^^ 
 
 , ..L 'I'lii^ 1~ ,il,vi,ni.~lv .111., ti, tl,,' 
 
 ;:;:::,.,-r;:;.::;,;:,,;i;,,:^;::::r,:i;:::;:;.';,:;^ 
 
 ■ i : adu^ ' ■ . vi.l,.,,..,. „f th,- h„.t that ,1a. tixii,;r „1 tl „n.h, ;„, tin- n.mn,,,.!, 
 l:,:,,,,,, It. ,„•„„, P..r hanvl ,.f H„nr l„.l„r,. <!- -- ^ax^ n.s,.rve was ^ntad.>. ^ Ih,'. 
 
 ,,l,vi,,u- ,litirr,n,v- aiv ,.nl:. .•xainpl,'- ,■! "iner <ai, 
 ■ „ ,■ ,,init >vhi,h taki's plii.'e. 
 
 ;,- ;n i:a" ;■;::. u. 
 
H.oi i; mii.i.im: fn\ii-\\n::. 
 
 13 
 
 Tlic uiiif.irm di'maiid- m:\'\>- I'.v tli.' Minister ..f I,;il)niir iiii.l.T :mlli..rit.v of Unler 
 ii, Ciun.'il No. -'777 of \M%,iiil,rr in. I'.'lii, air ^rraaually i.rli.)/ini; ll..' niilliiiK com- 
 panies into line. altiioiif;li tlio work ot l.rintriii^' miwii'My <'o>t ar.-uinitiiic systcnw in 
 >.)inc- onso:', and in fViTy caso varying ^v^r(■nl■> to m nniforni l.asi- lia-^ li.vn wry sl.,u- 
 nirl ditti'-iilt. 
 
 L.\KF, OF lllF. WOOliS Mll.l.I.VC. COMl'.X.W. 
 
 Th.' Lake "( tlic \V 1- .MiUiiit: ('(.iii|.aiiy i- tlir >.r,,nd Miilliiii: loiMpany in noiiit 
 
 of magnitude in tlir l)..ininion. The full daily i-apacity of tliis milling company is 
 I 1..-IMI li.irrcl-. 'I'hat of tlic Ofrilvic Flour Mill> Company i.s 17,000. 
 
 Till' I.akr of the Wood^ iiillini,' (^.mpany owns two otli.T nlillin^' concern- the 
 Kcowatin Fionr Mill, Company and the -Medicine Hat NFiUinj; Company. The 
 financial records of the former of these two coneerns are kept .-eparate in some 
 aceount.s. hut are ineorporate<l in others. Tliis slifrhtly complicates the nnitter; the 
 total reven\ie for eai-h yiar i~ -liown eoverin^r the entire husiness, and the iirotit per 
 barrel of flour ealcidat.'.l on the entire output. The Fake of the Woods Company 
 proper has no retrular sinking' fnnd. iiond redenipti<nis arc made irrej-'idarly from 
 time to tim.' from the sur|ilus proliis re-rrv.'. For the Keewatin Flour Mills a com- 
 paratively larf;e amount i- -et a-id." annually nominally as rental, hut in reality to 
 cover bond interest, depreeiation and for redemption of bonds, where a distinction 
 of these aeciumts has been dermi'd me, —ary for the imrpo-r of frreater clearness 
 such as has been made. 
 
 C.^1'IT..\1,1ZAT10N. 
 
 I'refprrt'd shares . . . . 
 
 Coniliion -ehiireH 
 
 Bonds and detuiituri's 
 
 .Vulliori/.rd. 
 
 1', ram. (hill 
 1,000,000 
 
 Issu.d, 
 
 }i.ra)o.niii> 
 
 Ll.lfio.iinii 
 700,000 
 
 Fully 11^1 ill. 
 
 Jl.,"iiii.oiin 
 
 2.11111.(11111 
 
 700,000 
 
 .\\,-r|.:._I,i V.Ul. 1 d> i-.i.d and felly paid were .*l,(HKl,(M»(). In IIM'J these wcru 
 
 reduced by .tloO.lMK). In I'.'M they were atrain reihwed by *l'(^>,(KH). 'J'he Keewatiii 
 Flour Mills Company wa- taken over liy the l.ake of the Woods Company .n I'.KiO, 
 and additional bonds were issued and fully paid to the extent of .$750,000. In 1010, 
 ifS.'iO.OliO worth of these bonds were redeemed. The remainder, $400,000, was converted 
 into a bank loan. 
 
 The eaiiitali/.ation of the Lake of the WoihIs Company i- made up as follow-: Ot 
 common and preferrefl shares. .*L'.t;(iO,0<M» were issued for easli ami assct.s: of tin? 
 remainder .$!»9:i,:i;i.-., or approximately .$1,0< 10,000, was i-.-ued for pood-will. This 
 Kood-will account is now reduced to $,^,-0,0<Xl: r>0,iMM) is paid olV the account annually 
 from lOU to 1917, inclusive, from the surplus profits account. 
 
 KATK OK DIVUiKNDS. 
 
 i!iii vnz. 1'.m;i. \:n\. I'.iir. 
 
 Preferred shares per cent 
 
 Common shares 
 
 I'.MH. I'.MI 
 
 s s 
 
 S Si 10 8 ! 
 
 The preferred shares diviileml- for eaeh year from l'.M:l to 1917 amnnut.^d to 
 $140,0(K>. 
 
 The common almres dividend.s amountixl, in 1911, to $l'N,fKX), in 1912 to sflC.-^.iHxi. 
 in 1913 to $210,000, in 19U to .*lt!-<.llOO, in 191,". to $l(;S,(i<M>, in 1910 to ^ICS.diM). m 
 1917 to $10S,000. 
 
 The interest on preferred shares hs 7 |ier ci-nt and is cumulalive. There is no 
 inlere-i on preferre<l .shares in arrears. 
 
 The profits from the K'eewatin Flour .Mills are not incoriioratisl in the surplus 
 profits account of tlii- comjiany, but w.tc previou- to 1910 apidied as reserve for 
 r.ileniption of bond- of the ICwatin Flour Mills. Thee profits accuniulatius: sinc« 
 
 4<>0ii) — ■'> 
 
14 
 
 III l-\lt 
 
 11 I// V7 III- I \IKil If 
 
 I'.hm; w, Tf I iirti.Miliirly liirt;.' ii 
 wii:. $T.Vi,ii(Mi. Ill I'-'li;. Ir-iii I 
 WCTV ri ilrilllc- 
 
 ,1, vr,r- I'M., .in.i li'M. Thr nrijri.ml i-^.K- "f l"""!-; 
 
 '\int 
 
 I'.M-j ami r-'i"; 
 
 ril»'""''^ , , , , , .,. ,,nl l.ut in III'- vi'iir- I'-'l-J.nnl l-M. 
 
 ,uin«nMlriMpt,nu„t l«.n.l-.t,.nkpl..M tnn . 1 ,„lv,-M,l,.. ,in.l i.^ 
 
 ,, ,„ ,,,7. ^:^>HU>.m. Tin- r^'l.-ni.t-n n !■ 1- .- ____^^_|^^. ^^^,^^.^ ^,,,,,.„ ;„ 
 
 Tlw intcTi.r.lali.m ..I' tlir -ur,ilu- i.r..(,u .ht,. 
 <-i.ii>iilrri\tion-: 
 
 I n 
 
 th<' !■ 
 
 v,.:,r- «ln-ii tluMV .- an unu-iiall> '■"^' '^ ; ,„,„.r,,,„. w...,l,l I.'. 
 
 ij) .*.-,(i,i«Mi 1- ; iially iMiHl '•" til' - ' "'" 
 
 ill,- -iiri.lu- pnitit- vai'l: 'yr. 
 i.:) $."i 
 
 '^'^'''''"^':^^^^^^^ .aU,„ ...r .I... r ii-.rnHi..n ,.r .l.^ 
 
 ,■,,„„ ,!„■ Miri^lu- iiP.tit- r. -. iM ,11 . ^ _^ ^^^^1^ ,-,,r ai-i.rrriatinn, ra.l. v,ar. 
 
 ,t. Ill view .'f tlii- I'a't. th- 
 ju-titiaMr, altliMiii'h it 
 
 II 1 1. .1 .T>i.i>i ,1 1 II II I I r^i 1 I ' ' ■ I 
 
 limi~u: 
 n.hic 
 
 ;;;;:f;:::;;;':.:i.r,.nM. !'^■''^v•1'a::tr;r;";;;^nul:i^.^: 
 
 ,.vo-,liinlM..r,.,.ii.P;.-..n.n,n .K.^-..n.^ ,,_,,„- 
 hinrrv licin^' aiilir.isiiiiatily ^i.iH'O.iMKi. In rai ^ ^_ ^. ^,^^ 
 
 M„ai,.,ii.. Hat mill. ■falar..rr.~.na„i...haa ii.n 
 
 „„uMially hiruv ili-pnTiatinn n-m. .' ■.„.,„, ,,i,u funiiiT yrar-. 
 
 ''■-'^--t';!::^/i::::;::'t;:;;t';;::.::.;"-;:--'- » '- " 
 
 t.u. Tl 
 
 -un.lu- l.rotit. a.-.-nunt i- -Irnvvn i-umulativrly. 
 
 1911 
 1912 
 1913 
 1914 
 191 -^ 
 191fi 
 1917 
 
 l.akf iif thp 
 
 Ki 
 
 ,.\vatin Kliilli 
 
 Wooiis Co. 
 
 
 Mills Co. 
 
 js:,7.4r.7 
 
 
 
 M7.4ris 
 
 
 
 >ri3.isr. 
 
 
 
 ss9.n74 
 
 
 
 93ri.<»S4 
 
 
 
 SS9 ISTi 
 
 
 $L'r.;,..'.i'.i 
 
 v31.«S3 
 
 
 392,364 
 
 Tin. ,h. ^un,luM-.li.--.nn. l.a- rially ,ii,.n.a-,a .riin. nn:W,, I.IT: 
 
 lionils paiil off in <:isll -^ ■■ ■■ ■ 
 Good-will account paid oft in rasin 
 
 $200.01111 
 
 2ri0.ono 
 
 $4riO,"00 
 
 lit of 
 
 , liffi-rinii- lii'twccn amoutu shown to .rnlit oi 
 's,; !I;,s „o.i.s aivoun, ,n .».7 an.l anioun, shown 
 ,o '■r.-ilit in I'.'U. J>-r,.1,i;i., niinns *^31.^-.^ .... „ 
 
 Kicwatin snililus ,.rnllts account. It'll 
 
 J42S,74S 
 
 :t92.:!t;i 
 
 \. in tin- ca-c "f tin- O^ilvc FUnr Mill- ("inlianv -l- '■'■'?, J: 
 ,,,oti,; a,-"unt iiii.iv tliati -'ivcr. .lie U>n,h now outstniHlm, ami n-t .iu'- 
 
 JVJ1,11-J 
 
 lit Iif till' ^iiri'liw 
 until lf>23. 
 
 TOTAL SAl.KP 
 
 1 '.U 3 
 r,l 14 
 1 II 1 :. 
 1 '.U (1 
 U' 1 7 
 
 $u,s6H,:n7 
 I2.6r.4.n7 
 
 13,S4S.141 
 lS.071,r,72 
 22.702,>l>i'i 
 
 . 1 ■ .1 > „..r tl„. tiitil -all- I't thi> ciiiniiaiiy have diml>U-il. '■"In' 
 
 pro: 
 
 other c■"^lllaIa^;^ an 
 
 alyzod l^ <luf tu tuc 
 
 VasIlN llirlia-ci 
 
rim i; MiitiM, cuMiwsir.s 
 
 IS 
 
 Nkt I'UdriTH Mv.nl;il.l.' fur .IivuIithIh .umI \»r ., i i i.rc.ni un Kptal nalti. 
 
 1 ? 1 .1 
 
 1»11 
 
 i9ir, .... 
 
 I9I<1 .... 
 1917 
 
 •Afler payment of wnr-lax. 
 
 tAftcr payment of war-t;'.x an. I tllii.oiui for moii.struftioii. 
 
 
 I '<T cent 
 
 »:i;i.'..7i;'i 
 
 .:.x3 
 
 293. 9SS 
 
 2.32 
 
 47r,.o2:. 
 
 3.43 
 
 4.-.: 131 
 
 2.S1* 
 
 tUH.^r.s 
 
 2.72t 
 
 'i 111' hit |ir..lil f.ir l!MT i- .■..ni|M.-i'il : — 
 
 Seven luinilrnl Mini ■.ixt.v-..ii. tli.iii-aiid live bumlreil iuiil tliirteeti iln||ar> li'?« 
 $1111,011(1 t!ie llMl"\lllt written niT l'(,r Meclic'ille Hat mill rCi-Mll-tnictiMll, le^-l $.'!!', 2.1.1 
 f.ir \var-ta\. It kM lie Mli.iT\e(l that altliuii':li the i.r..tit in I'.MT i- aliiiu-t duiilile 
 the pretit ill i;ii:!. the |i.reeiilai;. |ir.itit eh the tuni-ever ha- aetiiall,\ deeiea-eil. Till' 
 profits from siiuri'e- etler than Ihiiir wire n.it ver.v e,.ii-iiler.ihle in anv ,\ear e\..e]>t 
 I'.tlT anil in tie Var ile tlie.v i'..ni|.are with the pretit- ef the ().i.'ilvie l-'hmr .Mills 
 (■..in|ian.\ in the .veiir-^ I'-'l'i ainl I'.tlT. |-'<.lh.win^' i^ -h..wii the re\enMe .leriv.'d from 
 the liiatuil.ietiire et' llnnr iwiii|Mreil uith reM-niie I'ruin ..thir -unree-. A> i>..inte(i out 
 several time-, the liir;;e laetur in ii \enne tr..ni .tlier -.iiiree- i- wheat dealing-. 
 
 1913— Flour 
 
 Otht-r sourceH 
 
 $2».ri,7i;'i 
 
 »33r,.766 
 
 j;.14 — Flour |2,^,S.9xs 
 
 Other sources 3ri.000 
 
 $293,988 
 
 IJirj— Klour $41.-.. 02:. 
 
 Other sources (in.oiHi 
 
 »47r,,02:. 
 
 191(i_Klour $416. .'■j7r, 
 
 other sources 7S,000 
 
 $494.r,7r. 
 
 l<ll7_FIour $4.'.fi.r.l3 
 
 other sources 194, "iio 
 
 J*ri0,r)i3 
 
 Ties p'.itit .or I'.ni; and 1 HI 7 Includes war-tax. 
 
 The net i.r'.tit^ availahlc for divideiuU a> previou^l.v -howu iiielude tlf profit.^ 
 from the l\eewatiii Flour Mills Coiiipaii.v, The net profits availiihle for dividends as 
 shown in the iinniial .statement d.i not iiielude the latter. 
 
 The net profit- availahU' for divich-nd- lltUi-liHT wore: — 
 
 1913 
 1914 
 1915 
 1916 
 1917 
 
 $33ri,7fi6 
 293. 9S» 
 47.''i,02r. 
 4r,2,131« 
 618.2581 
 
 •$494.579 -142,44S war-tax. 
 
 + $761,513 — $11 l.oao reconstruction exi>enses, $32.2.'.'. war-lax. 
 
 The interpretation .,f these profits must he atfeeted hy the followiiip eonsider- 
 ations; (1) f)iit of the pr..-s profits i^i.lO.OOn is taken .nnnually to rodei'iu watered .«toek 
 amounting ori>rinall,y to !fl,tK)0,(M>0. (-J) The depreciation account is soinewliat too 
 low — it ainounts ajiproxiinately to one and two-thirds per eetit — a depreeiation reserve 
 of at least i i>er cent would 'e justified, an iiierea.se of $l(t.(HMl a year. ( :!) .Vlll.OOO 
 of tlie -iirnlii~ preti?- in HUT were apiilied to re<'on.-truet the Medicine Hat Plant 
 
 4:i.lUK-:!.J 
 
;/) I- Ml I ui \ I "/ ' "'■"' '•' 
 16 
 
 .1 .,r rit* M. I'.MT W..U1.1 li.ivo l.«H-n $-ii1..-.i:'. M com- 
 
 ':^':^ ,:'^i;.r ?i;'i;i!;t;™rz.:r " :i:;;'-i^- .^ -•* 
 
 1„ r.iu; iiii.i r.'lT. ,„ n„.rof,>r,- ^l ,„ .v,-, - ..f tlmMi sJiown— or: 
 
 Tl,.- r...l proHt. f..r rM-U y.-ar iirc th.-rof..r. ^^__ _^^ 
 
 i»u iiii'h 
 
 1*14 .. r.ii..«i' 
 
 «t5 ... i»;-!,?i 
 
 Tbo lut.a u.-t I>r..lU .... tl... y.ar, u.-.ut„..,. 
 „.od f..r ro<-.„..,ruct,un of pU...t ;;'^ ^^ ';' ;;,i,f^^,,,,,, H^un-s from wl.i-h the ,.r...i. 
 
 ,.., ,,arr..l ..f il.a.r may .,• ■';-';;,,/ I, , i'l^'^,'.,, ,„..r,..,-...l. an.l a r,li„. t., 
 
 th,- -urphi^ |.r..tit-. a.-.'..u..l. v.,ri,.u. var- l" -<"■'' a..al>-i- 
 
 K„ll„w,nu' i- a„ a..aly>i. nt tl,. ..•s.a,,. _• t . ^ ^ ^^^..^^^ l,,,, U.,.n all..w,Mi. lu.t 
 
 ,,„.. *.-,o,(H«. UM.,1 yearly from ,.r.,t.ts to ,.,.,v ..I '■; ; ^^^^^. ^,^^^i,.„^, 5,.,, 
 
 ;„ „,,Km. of ,h.. rat. ot prottt -"-,' "^f ''; '•,,,„: a .,f not r^vcuo i. .>.ow„ 
 
 a,.cor,l...« t., ,1... a,„ 1 >'^•'•7'■;'^i;:': ,;^:: ^ ' jr'" H.l. a„aly-i. F.,r all o-U.r 
 
 :t;;;:;:^.;;:,:r;:.:^^^ "'" 
 
 ,•,„„ K,.,.«,,tii, n..ur MilN ('..n.|.at,y;- 
 
 IlKvn.NlK. l'.M;i. 
 
 $U.»6S.31l 
 
 Tot.il sales ■■,•• ■ '. '. '. '. . '. .. a:)3.7>i« 
 
 Net i.n.ltl uvaihil.l.: for divi.lcn.ls $;ir,a.rt:T 
 
 reserve . — - — 
 
 J3'' '1.766 
 
 . ,. 1 I,, res i7 ii.r i-Mii. lior,,non 
 
 TM.spuse.l- l.iv.i.n.l .... ,.r,...T|-e,l .l.ar.s. . . ,j„ y„^ 
 
 eoniiMOM . . 1 I. I • . J J J.J. 
 
 A.l.l.-.l 10 surplus profits account ' 3:.ii.t'i77 
 
 $2sr..7fi'; 
 llcnvcd- Kn..a "■""■ a>^".il...^tur.- . . .-^^ ■• •■ ■■ -„„„„ 
 
 $:«:.. 7116 
 
 Total — 
 
 „,.. „, ,™,„_T1. ne. „r,.,U ...for. pa.l-. V-. o« ..,s .:.^.7.1.1 ^ ^^^^^^^ 
 
 Nei profit available for ill vi.h-n.ls •• •• •• y '_[ J.sOO.onn 
 
 1)11 Gipital .' .'.'$i,.->oo.nnii 
 
 I'refcrred shares ' i.iiiil.OiM) 
 
 Common " 
 
 $;,.6no.oi)0 
 
 snn.iHio 
 
 1..SM ir.i.iil-wiU 
 
 $2. SOI), 1)00 
 
 M7."').l 
 
 Surplu.s l.iolUs I iii.7 pir cent). 3.«;17.".1'> 
 
 nil total invested capital 
 
 ,.,,,„ ,„., i„,,„., „f tl.ur and divido,,.! stock payable tl.cvl.y : Att-r 
 
 •''^^'''r":;.^';;;:'l^'^S;t^;a:^e'Fi:r'M.,U ro,.,pa,.y tl.c ...reaU mauufa....... 
 
 „tlaT tha.. iL.ur are comparatively small in .it.a..tity : 
 
 ?:;;al :;ou;'a;ro;i::r\'r:^is'p;o;u:::... t...:^.«00 ..arreu. 
 JTotlt per barrel, ..'.."s cents. 
 
I l.dl i: Mil I l^'i < "'""I w/ - 
 
 17 
 
 Aft..r ,mvi„^ .1,.. .l,v,.l,„.l vLrr..! .l>ar> -. *in:,/K.o. :„„l ...(ti>.« a.i.l.- fr 
 
 ,uri.lu- -.rolilH IH\:,M" nu-l #:.«MK«. f. pny off w..t.T.-d ^tovk. th- r.n.a.>,.i.r. #14;....-«. 
 will. I ;u'i|..in.l t.. .,1hmiI 7 |»T .■••lit nil .•..minuti ^tock. 
 
 . lir-VKNTK. I'M! 
 
 Total *ti\r» 
 
 Net prom .iv:ill:ilil.- for dlvldmils _ 
 
 I,ak.. of Wooili. ii.'I prolli • •■ •• •• »->"\"» 
 
 LtK- K.(.»..lli. tnillB l.m» nft-r .le<luctln« depreciation 
 
 reiierve 
 
 Net prottl for ypar 
 
 Dlspoaed— Lake of till- Woo.l» I "»' • •• Vin-nnn 
 
 •^ Dividend on preferred M,ar.« .7 l-r cent . . »"••»»» 
 
 common " t H per i<-nt ) . . IBS.noo 
 Tran.ifcrrert to mirplun profits account . . 
 
 »l J.tir.4.in 
 
 Z93,tkS 
 1308,939 
 
 :ir,.»39 
 
 T.M.i 
 
 PtTlvnl — From llinir manufacture 
 
 From Mourcm other thiin nillUnK 
 
 IL'.'.S.'JHS 
 
 ari.iiiio 
 
 Tolal 
 
 |3n!l,939 
 
 $293, 9SS 
 
 Rate of prom-The net profit before paylm 150.000 off .ood-wlU account »a«»343,98S. 
 Net protll avallal.le for dimlends *., v-nnno 
 
 \et I>rol 
 
 O.pltal 
 
 Preferred whare: 
 ('ommon »hare>^ 
 
 KesM K<»ofl-wlM . . 
 
 k5O,0OU 
 
 jl.snn.oofl 
 :m 110,000 
 
 13,800,000 
 
 7:.o,i)oo 
 
 SiiipliiM prorttj* 
 
 Tiilal iiivented capital 
 
 12,8.10,000 
 
 STiS.OOO 
 
 . , I !*.:l per cent) 3."":i!iiOrt 
 
 l'r..r,t p.r 'Mrnl of tluur iiml diviiliMiil^' on .■omiu'oi, -.t<"'k pav^iLlo tli. rrl.v (after 
 
 a.iluctiii- 11 mil iwiil otT K l-\vill iircoiiiit). 
 
 Th.. .•,r.al> iiuiiiufii.'turr.l otlirr tliaii Hour i.rc .■..inparativ.ly Miiall in MUantity. 
 
 Total net !.i-..ni fn.iii Hour ami other c. reals, t^'.v.O^s 
 
 Total Hour and olli.r .en^alx produced. 2.0211.0 arreU. 
 
 I'rolU per liarrel, 12.s2 cents, 
 
 Aft.-r luviiif. til.. .l.vi.l,.n,l ,.11 ,,r..f..rr,..l .lum-, $ln:..u.i(., i„i,l -..ftin^r ^>^;;l" *;;; 
 Mirplus iirotils .*:!,"-.'■':'.'•' mh.I ^.VMHHI to ,,a.v otf watiT...! st....k. tin- r..niaiii.l..r. ifllN.M.t, 
 would I'liioiint t.. .'■. 7 l"r .-..nt ..n ....niiii..ii <t....k. 
 
 uKvi-;NrK. r.'i.-i 
 
 Tiit.il .^al.s 
 
 Net prulU availat.le for dividends 
 
 Lake of -.t'e Wiio.ls net prom 
 
 Keewatin mills net protlt. aft..r .l.'.UntmK .lepreeiation 
 
 tl3,K4S.I44 
 47.'>.025 
 
 niP.i'^ii 
 
 Total 1 . 1 pn.tit for y. 
 
 l.i.spusu I'l'j'^.j'j^l,,, „n preferred shares. . (7 per cent) »105,000 
 
 oniinon " . . i ^ per lent). Ifix.OOO 
 
 Addeil to siirplus protlt.s account 4«.!>20 
 
 Total 
 
 $319,920 
 
 319,920 
 
 Derived— From Hour inanufa.-ture 
 
 From sounes other than milling 
 
 (415,0^5 
 60 000 
 
 Total 
 
 J47.".,n2r. 
 
 
 h.. .,..t I,.-., lit liefore pavillK tr.0,1100 off Ih.. KOO.l-will account was $ri2r.,025. 
 
18 
 
 1,1 r\i;i Ml \ I 'ii I w.'"' I! 
 
 UKVKNl'K. \9\:,—ronll«ued. 
 
 N.l l.rnllt avBlliibl* <op dlvUlrn.l^ 
 
 Ol' fniilliil 
 
 ITffi-rrrtl nhjiri-n 
 t'nminoii shiirnn 
 
 I.t'Mii K'>™1-*"1 
 
 HurpluB pronm 
 
 On totiil iiivnit»tl ca|)ll:>l 
 
 li,:ion.ni)ii 
 2,li>n.»«" 
 
 tJ.tnn.oofl 
 
 7I>(),()IHI 
 
 fji, Don, 1100 
 
 l».r .-.■111) 
 
 I .-.•.• ..o:"« 
 
 J. too. 000 
 
 KH»,«on 
 
 ,V„rit ,H.r l.arr..l oft, 1 ,1. ,.1,.„.U ..„ , ....A ..y.l.l. .l.,.r,.l.y af..T 
 
 .l,.,l„..t,nu'iU.i..unt |.m.l..tf th,'*: l-wiU ^m- it. 
 
 Tolal .,et profll from flour a n.l «»•" ;"*-i'';- ',J,','„;'r'rl.l. 
 Tol.l Hour an.l ..th..r r^T,-.i\» |.ro.lurr.l. l.,»».M>o Lurri-i.. 
 I'H.nt r-r l.:.rr.-l "f iLuir. JS.Ol cftUl.. 
 
 prr 
 
 lit nil .i.mllli'H -l'"'k. 
 
 i;K\'1'.nii^. I 'I It;, 
 
 ^''p;^r,.v;.iii.me f.: .nvUIemU . >,..f„r. .....U.t^n*- war-tax, ^ ^. 
 
 I.;ik.' of WooilB ml l>ront ■• ■■;,•• '■ 
 
 Kel;w:>tln mt ,.r„mH, after deductln, depreciation re- ^^_^^^^ 
 
 Horve ... . 
 
 $•94. .'.7» 
 42.44S 
 
 |lS.071.r.72 
 t4r.2.Ut 
 
 l.rHJ* w.u-t.ix 
 Tcit.il ii^-t prolU for \. 
 
 Ulapoaed- I ;iWe of Woo.ls lu i ir m ,.ont).. »li>''.' 
 
 "^ l.lvulfo.l on ,,r..f.-.r.-.l »1.. ■.» . er m^h ^ ^^^^^^ 
 
 ArliU-.l to .mirtititx lirofltH iui-ount " ' 
 
 Tol.il 
 nerlved- N.'l lii"tit < 
 
 uni Hour m.inufiu'ture 
 other sources . . . 
 
 $J-«.U1 
 
 7.H.000 
 
 t4:.2.ni 
 
 »:i2>i.Ul 
 
 t32«.ltl 
 
 t4:>2.m 
 
 Rate of „ront-The -' >7«' .'';/;-; '■';;.;;;:;„f. ^;;':u, X 
 
 conil-will ^ueollMt ali.l l-fore p.l>."«t W.>r lax ^.^^ ._., 
 
 $42. 44S. plus $:.<!. ("»i> wa.- 
 
 On capital 
 
 I'referrert sliares 
 Common shares . 
 
 Less KOdil-"!!! 
 
 . .$t,:.on,n»o 
 
 .. 2.100.000 
 
 $.l.Boo.nou 
 
 650,000 
 
 t2,6.'iO.0O0 
 
 Surplus i.rotUs 
 
 (Ml tolal invested iMIiltal 
 
 t2 STiO.nOO 
 
 ' 93fi.0in> 
 
 14 tier cent). IS.HXR.nmi 
 
 .livi.l.Ml.l- nil r..l|lM|..ll -t.M-k l.a.Vlllllo tll.T.-li.V illt.T 
 
 l'1-..tit inr (lurr.l "i ll'"ir •""' 
 .l..,l,„.tl,i. amimtit pai.l ntr 1-w.ll , un, ami u.ir tax : 
 
 Total net profit from tlour and cereals ».f!<'"; ,^ 
 
 Total Hour ami other cereals produced, 2,.,S4.o»» i,..ireis. 
 iTnm iMf l.arrel. 11.'. cuts 
 
 Mtrf pilVIll^' till' illVl.lnlHl n|, |,l,t I 11.11 . 1 • 1 ,,, in . ,^.r 
 
 ', . .:.-.. Ill .1,.. ,...,„., In, I, .r *'l. "..'.''." I. \\..lllil liil.\' lll'.'llt ill-' IXT 
 
 ^urpiii- |.li.nti ;ii-r- ::;::■, r •■• 
 
 rent nil <-..nniinii -t....k. 
 
fini /,• Mil » / v. I "i"M V nn 
 
 UKVKNIK. uni- 
 
 ty 
 
 Totttl •ftt»« • ■ • ■ ■ ' .' ■ * '•. * 1 'ai 1 1 ■•■Ki u til I" t-ii 
 
 ''•'.&;r"^!:...::uurr^'M:^x.*iu."n;mi::; 
 
 («niT ilnluctloii i>f w«r-t;»x» 
 
 (•omi>o«f(l-Uil<t. of Woo(l» iiM prolll . • V , r ,„^ 
 
 t.ru wur-t;i« ri-Mrvi- i nominal > . • . . 
 
 rr« "ii»truollon 
 
 111. 1100 
 
 ||)l«.iMlil 
 
 Tola I 
 
 |!2,730.*II5 
 
 ri«i.7«s 
 
 415. 74» 
 
 N,.t luMiii |....>.- <>f WiKxIi.. l.»lu.llnB wur-lttX r*«»rv. 
 
 • |'::.,HH.. ,.„,! aft.r pay.nK off "ron»tructmn co, u. ■ 14, "...^ 
 
 Net prnni K.ew..lln Kl.mr Mill., afl-r .l«luct.nK .l-l-r^- ^._^.^. 
 
 clutlon reservi- 
 
 L«n war-tax <.i.tu.il> 
 
 Total net pront for year 
 
 tKjO.'iU 
 
 t«is. 2r.it 
 
 IC^^i^^".;;:;i^;pr.f.rr«.-.^r.. .7 P.r ...:: ..oM;.;; 
 
 AildeU to MurpluM protliK ^i.iouiit 
 Total 
 
 v.,1 Kr»n. tlour manufacture, after .Iwluotlnn 
 1111 OOU for recoiMtructlon of Medlc-lne Mat 
 . ' It ••i...I 1 
 
 Froiii Houne» ntl»-i than milling ^**''""* 
 
 Total . 
 !,«■■ war-tax 
 
 |4'.:.,7«8 
 
 4U.7«!t 
 
 f«IH,25S 
 
 Kate of proflt-Nei pr.n.. ...Cure payln« $50. oft t.u- -...M.-will a.-cou.t ard befor. p.y- 
 
 ,„g 4ar-tax \iiix.V.H plu- 132.2:.:.. plus ♦r.O.OOO). *a. :- 
 
 Total n> t protlt . . . . . 
 
 (iliiapKal ■ •■ .»i,.-.un.OUll 
 
 liifirred Kharei. .. ., ,„„„„„ 
 funinioii shiiTv^ 
 
 % 7UU.51J 
 S.tlUO.OOO 
 
 I,<!!S i;""'l-»il' 
 
 Surplus prollis . . 
 
 (..11 lulal Irivtstid I apilil 
 
 ♦ 3,fi»0,0(M) 
 'tiOO.OOO 
 
 }3.no{i.nno 
 1 l^ p.T ceni) . 
 
 S-'.l.llIK) 
 
 3.»i!>9.000 
 
 I'rolit iwi-'l.anvl ,.l I'mir .iii.l .Um.1. imU ..k . ,,„,in"U -t..,-k lu.sal.l.- lii.ivl.y att.T 
 
 ,l,,luHi,W aa,..,mt |.ai>l ...T >^ l-uiH a.-...ui,t ,u,.| .*111. t-r r -trurf..,, M plant 
 
 ,111.1 war-tax (,.t4:.ti,.")i;J-!f:3-',L':'5). 
 
 Toi.il net protlt from Hour. H24,2.')>. 
 
 Total (lour and other cereals produc-d. ::.l'ij.iii.i h.irr.-ls 
 
 ITcilit p.T l.,irrel, 20 cents. 
 
 Aft.r l.avinK tin- AlvuUA mi i„Tf,.,T.-,l -haiv-. ^Mo. , aiul ~, t.ini: a.ul,- *tJ.;.ln 
 
 t„ .uri.hi> prutits a,T..,nt i,;Mra,l ..f .$1 U'.T 1- ul'i.-l. "as set nsi.l.-, a„.l ,lc,lurt,ng tlif 
 war tax .t:l-'.L'-.:., tin' r.niai.i.l.-r. .■fL'T.l.:;;;'... u..,il,l |m.v ain.ttt 1:1 por > .'Ut on n.iuiiK.n sf.rk. 
 Tlu- rt^erv.. of $4-.'.'.>l!) U tlu- avorug.' <•< ti„- y.-rrv,. s«t aMih annually duruig tlui 
 p,Ti..a r.tl:! t,. V.MC. Thr aiii.dint st>t a-M.' t., -urplu- pmti;- ar.^nunt in VU, was 
 tin.i^nall.v lart;,- aial in.jrht .ju-tly liav,. 1.,,.,, api.H.a !■■ .i.vi.l. n.!-. 
 
 •ria. <li-lM.>al of acHTuiiij: surphi- profits fr..„, th,. Kivwatin Umir .Mill- I on.- 
 panv 1- not an.ilvzod in .l.tai, al.ovo. It i^ M.tfi.-i.nt t„ -tato that aft.T duo .l-pfou.- 
 ,i„„ .,i„l .,tlur riuiiMr, hail luvn pni.l tlio proHt- fr..in tlio op.Tations of tin- t.iill were 
 u-..l't., .vd.rn, l.on.U to tlu. exteut of ^\:AKnm in li'll! an.l that the ann.unt to the 
 ,.rj.a;. .-,f ihr. .nrph:^ profit, a—unt w,w A-]-.:.W in V.n>\ aiul ^:;i'J.:;';4 m 1!>!,. 
 
hi.r\i:i \n \ i "/' '■ ^'^"' ''" 
 
 , fill vv.ii.lf* MIIII^'- i""Ml'ANV. 
 ., MMMn .'I inl. KlPnin .., Tin I MO. ..I MM. Un,.,., ^ 
 
 ■11.1... M...W .-Nni„... .--•v;'';:;;:;:::i''v::ra::::;;n::it 
 
 ,. • X- . . , r li III -ti.ck r ■niuiiiii anil imnuiu. i .. . 
 
 tins mvi-stltjatP.u .-Mr- Hail . ,,,,.i„:,l amount M tl;,- a-.. ant «a, 
 
 „„e ntilliia, ,l.nar-. 1. .- v..lu,.,,l a. '- ; '"^ ., ;,„., ^;, ,. ,,u iint-t.nilin.. 
 
 |„ ,i,h,.r ..>.!. or ta,>f:.U.. a-it- It .1.. „x,ln-,v,. nf ....a-uall. 
 
 „,.. „,. of ,.rotit ha, iKvn wi.rko.l on on ■ > ^ ' ,„ ,,,-, ,,,,, ^...iT.otH, 
 
 in UM:;. *:!.T»>:!. > in VM\. i^i..^i .<«"• mil.. ■ • ■_ ,., „ ,„ ^.^,,i,,,„„ ,,,t,,,.l 
 
 „„T. Tin. total uat ,,rotit, lor .-a-h >;;-;■ ';■';; ' ' ^^,;, ,,.;,,,,, „, i.,:;; *:n:l.i.^S 
 
 -t.i.-U anil lar.iiv .l..lu.-f.iitr '■'■■f_}l'\[]' 
 
 in I'.'M 
 
 ,•„„, ,v-.rvr wa- -..in. >vhat t 
 
 ,in,;;,n.l i;>i7. u.r. ^:^:..T'.'^ i" i-;'-' • f"''- 
 ,,„v ^>u:.7;. tn i:h.;; 1 *:-.■■ i^' ••, l:>'. la. .l.rn-a. 
 
 «• nn.vi.aw t.i V.'IT. Lut tin nnn-n.llv laP-',. P -a 
 
 ,, /^^l -ot-*intH.iw:,-.l...ln......n.-n. lal7,a.,hU 
 
 f..r a. r. ia.i..n atal n...o.>-trui.t,on n, 1' '^^ ^. „, .j,-,, ..,,,,1, „„„.,. ,.,,u,,:,l.l, 
 
 ,l,n-nK,ki>,L^t'..t..tal a..,.re.■nmonr.-^.■.^'..o^,^n. tn_ I_ _ _^ ^ ^.^ 
 
 Till, not i.i'.'lit I"'' 
 .,,-,,, lo 7 |...i- .'rnt in 1 
 i",', rair,, ana 1- l"r .•'•nt in ''.'17 
 
 , ,.,,re<.nilion rc^'iv-. ,„,..,..,- ■- . ti..,u..s 
 
 ,.,',„ „„ ,!,.. total i,.v..^t,„.,tt. i-akulato, o„ 1 _.,1.. . ,.- 
 ,,:;, .,,,:; |„.r rmt in I'.'l 1 ■ 1-'' V'a' 'aait ... l.M... 1! I'' > 
 
 Tlu. surplus i.r..lit.^a.-....untwa~ 
 
 s.-,;;.i:;.-. In r.U:'.: in l-'l. t'aiv u 
 
 ,, .<s:;i,ss:; to tli.' 
 h,. Ko..\v;\tin 
 
 '■'■'■■''' "f ""■ '"''";'* *n- " ;, '-,'noo.i „f l,..,nl- wi.,... r,.,!,....n,.l .lurin. tins 
 
 Mirnlu.^ a.-.-ount. In aaihtn.n t.. tni- ,.. ■ ,, -.rvi. wa- nia.l.. l-r «ai- tax. 
 ;:::,,a;*...M-0.at,.r..,l-,...-k.asrpl.^^^^^^^^^^^ 
 
 iiirna-...! tr..'.ii l.<\-> to i. i . . l„a,il- nai li' •" ai ai-....unt. 
 
 .I.'- viu^ , tit. -;;^;:;;,:i' ;:;::: r;;,!!;!.:;':',,,,.,. in r...A. u. .- ..,,.- a-n, 
 
 •n,;, ,.„nn.anv - t!a - . 'U . ^^^^_^ ^^_ ^,^^ ^,_,^, .^^,^^^,^^„^. ,,„,„ „,. 
 
 r^::::ti;;:::--:-^^^^^^^^^^^^^ i..r„n.a,.,.,.,-..n,.,nr ,„...,, 
 
 .il.iiv..xilliatc'ly; Barrels. 
 
 l-.'l.-! 
 191't 
 1 '.( 1 .". 
 191f. 
 
 l.jnu.iion 
 
 2.000.000 
 
 i.soo.ooo 
 
 2.600.000 
 
 2.\0".iiiiO 
 
 . .. 11 -„ „ wriv -liirlitlv loss than .$12.tKMUiiHI in IHU! ami alni.-t 
 
 "'•■ ':;'■:■''';:, -''tlvif is ;, V 'vo .marly aoubW. w'ulo thoso in „m la.-.L-t ...m- 
 
 '■"'• n '"V'Hr'u'an'-i'air tla.r than th. ,n: fai-tar.. ..f tlm,,.. ln..,ly whi.at ,!,.ah 
 
 1!„, pri.ht- lii.in „,,„,„rti.ms of tin- .u't profits .f this oo.npatiy oxi-rpt 
 
 „„, .->----^;-; >;,.;7 ^ ::;;:. ,; .aUi,,. Aoht ..., the ro-sal.. of snoh In. 
 i„ ion. I"-".'"'- ' ;;; , ;;„f i,,',„,atio„s ,..■ ,his ,.|„upaay. The profits tr,.,n 
 not been an >'"'''''^'f,'' ;,;",, ,, ,,,,,,., .„l„.r than tlm tnanufaotnre of tionr w.-re 
 ,,,„i„„ d..al....u' m ^^>"''''/""' ;'%,;;;,„ ■„ ,„,,-. .*T>.n,).. in ILK!, atnl .$lM.(Mio in 
 il.,n.iHHl HI l.H-i. •>. I. I ,,. ,,,(-^ ,|„, ..,„„|,any. as wa^ 
 
 i:uusir.ri:'i;;;:;',vi .:..., ---""-' • - 
 
 '^■'t.zi.:::i::i,t,t:::::t;!:^''::L. ,i,„. ..,...,.„,, . 
 
 Hu' piotit p. r an ;,-.r, .s,.,l In IM-I, th.To wore 1 .'.""i.i'^Ni liarrol:^ of 
 
 I'.'l-- "hih. thi- pr,.a.n.t,..n ha. --;'■;' .^^''^/^V.^nts . barrel; in VM I tlmro were 
 
 ""—'-'"; rt r;: om o 1 ns ;:n.r,.h .„ v^v,. ,h,.,v .,-.. ,..>o.ooo 
 
 ooiKl.CKHt iiri.ilii>.i..l at a protit i.i i > ■ i 
 
 ,arri.|- |0 
 
 „i„...,l at a !.r..t-.t ..f S.) ronts a harnl: in 1'. 
 
 lliir,. the maximum proilu<-tioii of 
 
Fi.oi i:-Mii.i.n<: 'ci//"! v//.n 
 
 21 
 
 w;ir-t,ix. ..f HI <-,-utv pir li.irr.l. 
 
 ;,,i,KUHl<. hnrn-U u,i~ r..a.'l..a at a prntu. alt.r i.av.nu 
 
 1i«i.(m:ii l.-AVTvl- pr.-lii.-r,! ;.t a l.P.tit. attrr ,,;,wn^ uai-tax, . 
 
 ,,,-,l Ait.T pavmtr all Hi.r.^.-. an^l ...akin;, tli- -auu^ n.^.Tvc .M>-h nv 
 
 ccpt in r.tlT wli.ii lliL' latter was unusually larta 
 
 111 litlT, tlicn- wrrr 
 
 .-rut- 
 
 tlir viirulii-' prntit^ arrdiinl excel - 
 
 '.,„,i,;,„..l prutits per l.arr..l of llu.tr, ...x.-h.-iv. „!_u.lu.r .-.mr-r. of r.vrnuo w 
 •llnwiiife' (livkleiiiis nn .■oiiinam Aock: l'.tl:'>, . l"-r- 
 li>ir,, 12-5 per eont ; lO.y per ee.it in lUl"!. l.'i P«-r e.'-it in I'.H , , , , . 
 
 ,,r„Ht was -,im-ient tu pay seven per e..nt ilivMeiids „n .■einiimn sto.-k before tlu 
 witl, ainpl. .v-,.rv..s; 14-5 eent- a l,a-.vl profit, in V.W was sufteu-nt ,,. ,,:,y al eli, 
 i„,.ln.lin^- war-tax ami mako an unuM.ally lar^^o .urplus profits le-orv ;,„.! .li^tr 
 1,,,;! i„,. ,..„. ...nnnnn .tu.-k. Still th,- prMit inrroaM.l in HUT to lM, ,.,.„t> a 1. 
 
 .itinVe-llH 
 
 pay the 
 
 ■nt: r.'l I. -'i., [ler . 
 . b'ifteen eents a I: 
 
 t I'll 
 
 r to 
 
 tlie 
 
 ..uia 
 
 ■i-iit ; 
 arrel 
 war 
 irjie- 
 ilmte 
 
 WF.STKUN CANADA IM.oril MII.l.S (((MI'ANV. 
 
 Tl,. \V..~t.rn t'lna.la Klnur Mill- rninpMi.x. tlio Maple baf MilliiiR (-ompany 
 ,,„[ tl,o St, Lawreiav ,l..ur Mills Company do not >how separately the revenue irom 
 ,1„ araln.f.- ... wheat a.M ih,- .vv,.„u. fp..,. th,. nianufaoture ot tiour. Phis does not 
 M.rinu^v airert the ealeulation, of the yearly profit por harnd ot flour except when 
 the dealh.frs i.. wheat heeome so distinct fro,,, the h„yi.,- of wheat for th,. inannfa,.tnre 
 „f flour tl'ut th,>y e„nsid,.rahly affect th,. y,.arly divi,l,.„.U During the p,.nod covered 
 hy this report, the (1i;ilvie Flour .Mills f„n„,anv .how- the ,.,.venu.^ fr,.,.. the ,1,..1.,.?> 
 
 in wheat ,tiit.. distinct fro,,, the „ther -..,„■ f reveoue. 1 h,; Lake o the Woods 
 
 Milliner Con,pany-s d.>alin,^s ,„ whe.. i„ the year l:M7 .n-eatly :„er,.ased the profi s. 
 The profit; of thi. .-oinpanv from M,eh d,ali.,L^- i.. la-exi,.,,, y,.ar. w-a^ ii,,t ,.ons,der.ihle. 
 rn.rits per barrel of Hour, a^ -l.ew,. hv the W.-tev. Ca,.ada flour Mills (_,nnpany 
 are somewhrt hifrher than they w....hl he w,.,-. th,. p.-e.it fro,,, epti„„ trad.inr l,. wheat 
 shown separately. There w,.re .,o -i„..tae„lar de.U ,., wheat by th.- e,„„ .„,y. 
 Mthoueh there -vr- ,, coii.iderabl.. amount of option tradiiifr. yet th,^ p,-ohts or losses 
 ;;!!;r=nch tr'lin, bore so strh.fly o,. ,1„. actual c, .t of wheat for ! loir inanu ncture 
 ,l,,t th,. fa.-t „f the revenue f,...,, tleur a, el M.,- r.v, ,„.,. Ir..,.. wh,.ac .lealmcs not b..iii? 
 shown s,.pa,.at,.lv do,.s not atle,.. -,rie„-lv ,h,. a,.eura,.y el th,. return made by the 
 conipanv. The ....t r,.-..lt i- -hat th,. pn.Ht p,.r b.,.,-,.! ,.f tlei.r a- -h..w., ... ,f- - ate- 
 rnc.t is .omewhat hiplu.r tha.i it wouhl b,- had th.. proht,- t.-,.,,. ,,,h,.r -..,.r,..^s been 
 
 .,.,.recat,.,l. The difT,.rc,„.e s ,u-,-d wonl.i ,;ot an,eu.,t t,. niorc than two ,.e,,ts per 
 
 bii^rel for auv of thee y.a.-s. F ifxuivs subn.itf.d bv this ,.„mpa„y .l.ewu.L' prof.t- per 
 U^ruA of flour ror annum w.-re irn'orn-ct in th.,t th,- ben.l ,ot,.,-,.^t wa^ not .Iclu.tcl 
 The ii,.<.,."ary ,.,.rr,.cti,.n has b,,.,, mad,.. 
 
 CAI'ITAI.f/.ATinN. 
 
 l.stiU.-.l, 
 
 rreferrefl shares 
 rommon shares 
 
 fullv ii.,i,l. 
 
 Authorized. 
 
 None. 
 
 $2,500,000 $2,124,71", 
 
 Ifmil I'.'H. J1..M,0,00,), 
 
 ,i,„„N act ,le,.enu.res $2.r,00.'>U(i f,,^4.-..nno $,M.-.n„.. 
 
 Th,f ,.;i|.it;,lizati,.,i of thi.s comiMtiy ..v made up.— ..46 74' 
 
 (■i.m,m>ii shM,es i?sucil for east, is^'s-.r. 
 
 : :: «"™';""' ;: iJ^iooo 
 
 Hon, Is issue.t for cash 
 
 Divi.lend: : Common stock, S per cent throughout. The amounts are: $120,000 in 
 I'.tl;',. .fl.■M.4^2 in liU4, and $lc.'.t.'.'Ti; f,.r ,.aeh sucee..din^' y..,.r. 
 
/.f ;m/,'7 1/; \/ III- lAKiii i> 
 22 
 
 Tl„-.un.luM.r..tit. ..■.•.„,,.. an.i -.UK,,., iun.l,.-.n. 
 
 l.lti..n- by ihlt.-:— S.nkiutffuna surplus prolUs. 
 
 1914 -^^-^.'-'^ ;;;;^'JJ* 
 
 I'Mf. '.'.!'.'.'■ 36fi,3Ti< >)4.<...- 
 
 ,,,. '1: il^.- -1' N— ' M-U in .uk,„. tund. 
 
 nKVKNri:. I'.ti:!. 
 
 ,T„.. .Va. sup„h-d ..> .'- •->-"> i- uuun-p.ere for ...:>,. ^^^^^^^ 
 
 Net pn.flt avail.iM,. f"r divi.ieiuls ■ $t79.2r,n 
 
 N.t pr.Mlt 4J.JN« 
 
 ^'"'""« '""" ■ ,221.^39 
 
 $221,539 
 Dl.l.osed-N.t profit available t"'' ;^^";]: .,„ ' ^u [ [ Vl^V.nMO 
 Dividend on fommon shares 1 >> l>tr i ei r.9 jr.o 
 
 Added to surplus proflts account • • 43.289 
 
 Sinkiiij: fund 
 
 $2Ul..'.:i'J 
 
 i>pr thai ll.iur luaiuifartur- are not 
 ,, ,, i The r,v,-nues deriv.-d fr .u, soure. her than 
 
 Ii.Mn.d — in. M.\niui relative V small 
 
 shown separatelj, I'Ut are leiai. 
 
 i:a- of Piortt-- , ,. .,„,. '. ■■ $221. ''39 
 
 Net pr.itit available for divuh-nds 
 
 Capital— .. . .$l.Miii.»"'> 
 
 Coninion shares :!>;:>, 719 
 
 Surplus profits __ 
 
 $l,ssr).719 
 183.01'ft 
 
 Less Kood-will 
 
 . , . I 13 per cent). Jl .T'lJ, . 1' 
 
 On lolal invested oapital 
 
 ,,.,„U p,.r l,arr.l of dour: .bis is not d.s.overahU. f, , the records of the panv for 1. U. 
 
 , 1 1 ,; , f ,l.vi,l,nil- iiaval'lf from thr jirohta 
 
 ,„,, l.arn.l nttlMW. wh..rr tl.orr ,s a M.,ku,r tuiM ,.-.M,.,. tlu. 
 
 1, ina.l.- 1-1- -iiri.lii- i.r.dits:— $ll.:!7s.f.;;i. 
 
 T.ital sales ;.' ',■ ', - " ■'"'' 
 
 Net profit available for divulends . . .... $214,775 
 
 Net profit . . . ■ 42.2sy 
 
 Sinkinc fund 
 
 $2.'i7.tifi4 
 
 . , , $257,064 
 
 Disposed-Net profit available f'-'/'^'^f „,,■ ,.^,u ) .' . ' »i:;7.4N2 
 Dividends on comiiion sliare.s i^ pel tenw.. . .,093 
 
 Added to surplus profits account • ■ ■^,,■7,^^ 
 
 SinkinB fund , 
 
 $257.1164 
 
 n . , The revenue derived from sources other th.,n Hon, nvT^I^T;::^ are not 
 Derived. — me ri venue i>^- relativelv small 
 
 shown separately, but jre reiauv.i.v 
 
 Hate of profit- ^ ,. ,. ., »257.0(!t 
 
 Net profit available for dividends . 
 
 Cipital— . . .}:;.l:;4.""ii 
 
 Common shares 444. .i«9 
 
 Surplus profits 
 
 $2 569.669 
 '183,000 
 
 Less (jood-will ^ 
 
 ,1" V P^r cent). $2,.1s6.6.i9 
 On t.-.ta! 'nve.sted capital 
 
/.•/,«/ I! MU.I.W; ,-uMI'\\ll.6 23 
 
 ILI-AIONTK, V.nS.-Ciinlintod. 
 ITont per l.^w,..; nf ,!,.,.,■ .,,1,1 ,l:vi,U-l„ls ,.,y:U,l,. ,l,.-.ehy:- 
 
 Total net I.rutit $-:.T.n.l4, ,,„„,j.^„,, j ,-,„v :.v.. lurrels. 
 
 Total Hour ai„l I'tli.T ti'real>* i.rodULed. i,. 
 IToIlt per I'arr.l. 1 >■, '••ntK 
 
 • , ■ »■ 1 -.. ..rv,. nil i.tlirr fluirui- r,'inaiiiiii'-;' tin- ^aiii". Imt 
 
 ™k^?',:::r:;:r,;:t;;;.;';:i^;:::^:.;:" -■ - -'- *-■-• --' • 
 
 .„. i;:;::;^'i;;:";:,:;:r:!;r;;,:";;;;:;;;::':;;;;;„ - ^.* -- ■ < "^ « ■ 
 
 y^**""' Ki:vF.NiK, iiur,. 
 
 $13.s74.Kn 
 
 Total f.al.-s ; ■ .... 2sr,,4S6 
 
 Net profit HViiilable f,,i- lUvliieiidP '$243.19: 
 
 Coniponeil — Net protil 42 2S» 
 
 Sink,,,*; final ' 
 
 $2s.'..4s>! 
 
 DUpos..,, ^^^^J:':\^-„^,,;, „i,-^ ;s per-cent.:; \^ 
 
 A,l<|,il to surplus profits aceount "'■-' 
 
 »285,486 
 
 I,erlve„ -Tin- rev.-aue. .,, iv,, from sources other t.,a„ rt,.ar „,a„af..wur.. are not 
 shown s.i.r .-l.v. lait are relatively small. 
 
 R;Ue of pront , , ., , $2s5.4SR 
 
 Net protU a\:,,l.,ljle for ,l,v„len,ls _ __ 
 
 • 
 
 Capital— J2,12.'i,00i1 
 
 Cotnnioi, stock 502. 2H0 
 
 Sur|)lus pri,tits 
 
 $2.fi2T.2fii) 
 
 , .,, .. ISS.OO'J 
 Less KOOil-\\ ,11 ^^ 
 
 . , , ll.nx per centl $2.444.2B3 
 (In total ir,vest>,l capita, 
 
 Profit per Larrel of tlou, a.al .hvak-nds payahl- th.rehy :- 
 
 Total net profit, $2n.',,4Si1. ,, , i ,m,, flv hirrtls 
 
 Total rtour and other cereals pn„l,ne.l. I.hl„,l..^ nan., 
 I'rofit PC,- liarrel. IT.T edits, 
 
 ■ 1 ■ •■ 1 „ ..r,-,. .,11 ,,tlicr I'liarucs rciiiaiinnt: tin- --anif. Imt 
 
 Af„.r ,i,auc,n,. -;"><;;■-;;:;;,-;;:'',.::;:,;,, ,u,^.,.,„ain,l,..■. ^.4..,.:. m 
 
 making' la, iia.vincnt t., llu- -iMnu I'l 
 amount u. 1111 in r ■■, i>t ..„ ,w,unnu -t-ck. 
 
 i;i:vi:Nri;. r.i''. 
 
 ?;:V'Uflravai,able- for div.aenaa (after pay.n, war-tax,^ .. ... ' "aaoioSO 
 
 Composcil- Net iirofit 42.2s» 
 
 SinkinB fund reserve .j. nmj 
 
 VVar-tiv ___^^_ 
 
 {360.0.'>0 
 
 Disponed— I>ivideiids on ^■o'""""' *"°''''„,„, , 'l'l2'7« 
 
 Added to surplus profit.-, account ['•['ml 
 
 SlnkinK fund 35000 
 
 War-tax ' 
 
 »360.0.')ft 
 
 Derlved-nevenues derived from sources other thatt flour tnanutaCure are not showti 
 separately, hut are relatively small 
 
24 
 
 l;l.;vi;.\ri;, l'..lf,.^f.'»'ini<r,(. 
 
 Capital— »;.i2r..(><>« 
 
 (-omirum sKhU -. G7"..4S4 
 
 SuriiUis iiriitits 
 
 $2,700.4X4 
 iss.oni 
 
 I.fss pood-will 
 
 .,11.3 lier cent). ? --"''"-'^ < 
 (111 total cai.ilal inv.-l.'l 
 
 rroflt p.r barrel of Hour and dividends P« .Mo thereby :- 
 Total net i.rotlt less «-":V,\^'. *f i;-"^'',' 77'.! barr.ls. 
 
 ??:;;\^^'bar;irHis;:r"-- 
 
 .vf.. a,.,M,..„. .iiiui,,. r i^''';f-;:':-: /■™:,;';::!::;.^r;;::;'r 
 
 „„ ,,,v,n.-n- tn Mirplu- ,.r..tl.~ „„., .!..■ r....,..,..!. . 
 
 I'.r .■•■"! ..!• '•"'" " -'■"■''■ Kl-VI^NIK. I'M-. 
 
 $ir,.9i.>.Sl2 
 
 :^V';>^ravai{.;..le- f;.r ;iivide,i.l. -i.^rter p.^M.^^ ---';' .......^ ^"^'•"*^ 
 
 ronii...s^-.l— N'*' I"'"*" , 42.J>-4 
 
 SlnUlT.B final rei-crve _ ^._l,„„ 
 
 \Var-t:is 
 
 $113, «4S 
 
 insnosed-I.ivirtetuls On ^""'"'"1,^'Z^'^t '"' ""''■■ ^"^^^^ 
 ' Ad.led to Mirplus iiroflts .-.ccount ^^,289 
 
 SinKinB fnnd ' ' 4:1'.""" 
 
 War-tax 
 
 ?4n,i'.is 
 
 r - r.th.r than II. air niaiuifa.tured are not .-aiown 
 
 ""•nk ';™oml,v.aia..le for ..iv.len.l.. . hefore paying war-,ax) . . _^n^ 
 
 . .$2,l'J"i."i)'1 
 
 Capital— Common pto.k 6S>.2fiS 
 
 Surplus profits _ _ 
 
 $2,S13.26S 
 
 183.0U.1 
 
 Ia"^s pof).l-\vill __ . 
 
 ,,-. :■'■ per cent). $2.*i30.26S 
 ..„ total Invested capital 
 
 ,.,„fi. per barrel and dividen.ls payable '"ereby :- 
 
 ITont per l..irr.l, Ih.*"-' >-™t»- . 
 
 , , ■ ■ 1 ■ , f,„„l all ..tluT .•li.ir;."-^ r.'iii.iinii.i^ H"' ^=>""'- '"" "'•''^"'- 
 
 „„ ,;r,**™s:;t;" '::!.»" .: i- *»-■- ■■ ■■ '^■^'" 
 
 '"■' "•;;;;=:;;::■::"" -r,:::.'-;^;^;: ;i:;; iii:::::::' :^:r:"';:;:; 
 
 |.laiit ill I'.'l"- 
 
 ,, ,,,„,|,^ ,.K vv.-T, Hv . \NM.\ H...IU Miii.s r..Mi'.\N^. 
 , ■ ,• ,1 V, ..r I'llT till- .■..lupaiiv i^ .lif f..virth larfj.'st. in (^111- 
 1" a.--.ual ,,r,..i.un>..u ... '".>' ''J; ,•,;,..,. • ,,.. ,„„„l,..r of ln.rr...ls of Hour ,:- 
 ,,,1;,. althouirl. lu totnUal,.> .1 .> tl ^ ^^^^^ ,,,^ ,,M, ,,,100.000 ,,r.Hl,u.,.d by 
 
 .!,.,,...l u> 1017 wa- ai,|.r,,xiniat..b. l..l"<'.'""' ;' ^'.'"" ' , , , ,„ ,, ,. n^^ilvl,. Flour 
 
 ,1,,. Lako ..f tl... \V.....l- M.lln.^ t .uupnii^. ;'■':' T'.,;,,;,,: ./s ,„„, l„„..l- a^ .•.uu;mr...J 
 ^,i!l- (■„un..niv, Th.. nv.raL'.. da.l.v <'ai.M.-,t> ..t .1^ um 
 
i-riii i; \iii.i.i\'- (•'i\ir\^n'--' 
 
 25 
 
 wm. u. r .''•■ <..iivi.'.>;i-!', ^•'!;;';:;;;;;i:;'r,,f';;;n:;::.nirp::ii::'.r;;;^f^^^ 
 
 war Ik,. u..t li—i v.ry .-.msulrninl-. • ,.„„„, -i-,,,,,! .,1,.- i,:n.- r. tl-,..:i 
 
 i„ 1914 won- app.-x.n.aU^y $U.ln,.,(H „ ^ ^^__ ^,^|,^ ^^ ,„„,„„ 
 
 less $l-:!.<-'"' K l-^'ll. "■'- '--'"' ' ', , 1,,,. ,1„. u'oo.WiU ac'cuunt. I hr ^a.^nial 
 
 amount, wliifb i- rxa.-tl.v iM>--'..>--. -t' l ";,;,',. ,.;,„.„, .U- .*1-J.i""' I'lu- int.r.-t lak, - ,;„v 
 to $l.M.\OfH'. .\n annual -inkin- tuna M|ri"^"".""> ■ 
 
 of these. .,. ,■, ,,,,1 p., .nv. tlir -lU'i'lu- !"-"ti<^ "'•"■"""^ 
 
 I„ ad.ll.i^'n ... an a.n,.l.. ^'""/'■'l^ ■;''';' , 'I,,;; f,, i?M,-.,nu.) in I'-HT- Suffi.-ient 
 
 ,,,, in,.r,.a-M fr..n, a,,pr..xuaatoly '^'»;; ; ,. ^ /, ' / ,, , „ .Ui„„„.,l. Kirht vr 
 
 ,,,„vi.io„ ,- n>a.i. l..r d,.,.r,rn>t,on .;>'',,'",.,,„,, („vn>ent. wcf. n,,ul,. t.. 
 
 ,i„. .„-,.lu- profits a,^.o«nt ,n '"-;'•;, •','"',; ',...,;, iu 1.15. U-.^ ■■.-<... 
 
 ...10 a.al l>.>r. .-cnt- .:. I'.'l , 1 h- nMu 1 - a - ^^^ ,^ .^ ,,j^^^„,^..,j 
 
 .ource. ana i. hi«.a.r than , ,- aotua ;;»'';, ^'I'-L^.^ ,;„,„ ,,u. Produotio.t ha. 
 that thopvoh. per ham ot '■";''- j„j', ^,,., „„,v aividemls. a MnU-n.^"-!- 
 
 i.u.reasecl. Sixteen ,.ent. a harr, 1 I '■'" l^.^_ ^„ „„t. Kifteen emt. a. harrel 
 
 „„, , v,.ry .ati.faetory reserve to tlu- ■ H-U 1- ' ^^^_^,,_ ^^ ^^,„. ,,„„ .lepre- 
 
 ,,,„nt ,„ liU.! ,.„ahle.l this e.>mp"ny to V-^> ""^ "I. ; ^,^ „„, ,,r::..r 
 
 !,;,„„, ,....rv,.. a war tax of *:O.00.. h,U a ---;'; ■ >;^^ ',^^^^|„, ^,„ ;„,„,,,,„, in 
 „,^„. „,„ ,, ,„v previou- year^ .^7';^'^. ,^:, ^ , le^s, and produetion h..en .r..ater. 
 
 ;•:::■„„;:' :inr=h:"in::i'' .:.ve ,,, th,. ..rph.- p.. 
 
 IIMT. 
 
 MVPLE l.KAF .MU.LlNti (()^U'A^^ 
 
 1 1 V tl, . Manle Leaf MiUini-' ConipanN arc 
 
 Profits per harr.a ..f Hour as ^'"7':, !? ,, !' 4;' ,„u. fr.uu dealings in wheat. 
 
 .orionsly atTeeted in the yoars 101a and ..1 > ' [f^/ , ^j,. ,., „Hve at the profits 
 
 U .as „ot possihl.^ without pun. * --J/ ^^ t a ,. that the prot^ts fr.nu U.cso 
 from wheat and Hour separately, altleuifrh it n, -u . ^^^^^ ^^^^^^^_^_ 
 
 ;::rees .houU he separafHl for the >-- "'V^;'--', J\^;;;;\.r harr..l of tiour 
 cedented protit fron, opt.ou tradn.^r n, .hea l^;' ';^,.„; ],^,. i„ t,,, ,oar 1017, 
 
 was raised to ahout 50 cents - --l'-;;; , ^^ „ „,.., ,,r,.. udllin, e.unpanies, 
 
 this eon.pany was aga.n fortunate a. ^^ ','■ ' ,,„^,^ onee more this ac'ted upon 
 
 i„ ,,..rivin,. a very larp.rever.ne Iron, ^^'^ ' ' . 1^,^ ,,, ,„ „i,„ut HO eents. Had 
 Uh. profit per harrel of rtour, ^'l^\{^^;J'\,: ,,^..^t to say exaetly how unteh 
 tl„. pr..tits from wheat dealln^- 1. -n ,l.,lu t-xl ii , operations of other 
 
 U... Uo.it pov harrel would have heeu ^f^^-J^'^^^^.M ,'obahly have heen 
 ,,„„panies. and the f.,rnu.r operaf...- ..t tin- . . n„ , ,^ 
 r,.dn,c.d t.. ■a...n. 1. or lln.ont. per ''^"''•■■l- 
 
 l-ArlT.M.l/'--^TP)N 
 
 rrer.TriHl slKiris . . . 
 Cninmon shares . 
 HniKisaiul debentures 
 
 Autlioiizcit. 
 
 $2.-,no.(Hio 
 
 •.i.rioo.ono 
 
 None. 
 
 .,.,,,, ,,„,;„li„„i..n ..r this oonipany ,. made up: 
 
 (•referred shares . 
 (•(iinmon shares . . 
 
 issued 
 
 J.J -.int.Oit.) 
 
 2.500,01111 
 
 Assets. 
 $:!.7T».'.':4 
 
 Kully p.ial. 
 $._>.r.oo.noo 
 
 ^.TiOO.OOO 
 
 $.>.r,oo,ooo 
 
 •2..".oo.i...a 
 
 UoodwUI. 
 
 $-J2i>,fifil 
 
 Tw 
 
 "'^"^'*'"' , " ■' ' ,1 . a h.mus ,vith preferred st..ek, 
 
 ,,,,,.,.«,.,, ,K.r It (.onun.m stock was i-suc.d a- a b..nus 
 
26 
 
 HI r u;t \ii \ ; nr i. \iini i; 
 
 hitiiUnd.f.- I'nlVniil -In, I, 7 |,rr .nit thrMutiliMut. Thu i- run 
 ;ilni. lints to SflVO.OOd per vciir 
 
 ('.)tiiiiiiiM ^tnck : Nn iliviilriiil \va- I'^iil •111 (■■Piiiiuiiii -tiirk imril I'-Mil. 
 
 ihitive mill 
 
 1 ',' 1 1; 
 
 I'M 7 
 
 :■. i„T . ,ni I J 7r.,nn« 
 s» •■ ), L'l'.'.r."" 
 
 'I'hr Mir|ilii- pr^.tit- an'! '■nntinymt :icc-.,iiiit- ~h.iw tl.c fiillnwiiifr ai'c'Uiiiulatioiw 
 
 I..V .Lit,-: 
 
 I'oiUniKi'nt aiicmnl, Surpius inolll.-^. 
 
 ,.,!.. $ tii.ngri 
 
 litis * in.n.is 
 
 1914 ; •■ :*■•■;"■• 
 
 I9ir. iid.izi 
 
 I9l(i -.'Slum 
 
 19IT 
 
 riin.iiiiT 
 
 Tliiri' i- in aililili"!! 1^' llii- a -ii-|.rn-r aiTdimt uf .'fi:..00ii in I'.ilT. 
 
 ■J41.HH4 
 
 333,968 
 
 1.iV34.4n« 
 
 1,210,760 
 
 l,|ii2,3.12 
 
 i;i:\'i:Nri':. hm:'., 
 
 T4»t.il saU'S iliar.i not availaMr) 
 
 Nit profit availalilc fur divltlenils (after making a depreciation 
 n-siTVH. approximatel.v L' per cent on value of plant, of 
 
 *P"l,lllMl) . . . 
 
 Net profit available for diviilends, as shown hy rompany — no 
 fti-pieeiation rfscr\t' ni;nii' 
 
 liis]iosed — liividends on preferred shares i" per cent).. Utr^ftort 
 t'rediled lo surplus account I3(t,79» 
 
 $20r,,790 
 
 sii:>.790 
 
 »30ri,790 
 
 Derived — Data not satisfactory 
 Hate of protU — 
 
 Net jiroflt avallalile for dividends (after making liepreciation 
 if.-^ct \p of ,iiiiiro\iinatel,\' - ptT cent > 
 
 I'apital — freferrtd and coinnion stock ,. .. 
 Surplus profits 
 
 .$3,770, ,-,24 
 111,09s 
 
 I In total ilivrstcd capUal 
 
 . . ..(.". 3 per cent). 
 
 .?20r,.790 
 
 J3. RSI. 619 
 
 I'roflt per liarrel. — The flKure sulmiitted for the profit per liarrel of flour for the year 1913 
 does not account for depreciation. This flfture, sulmiitted hy the company, is 173 cents, tiut after 
 2 per cent depreciation charKc is made, the profit per harrel is reduc.-.l to 12 cents. 
 
 Total net profit (after deduction of depreciation reserve), f 2ii.'i,7i'0. 
 Total flour and other cereals sold. 1,721,17(5 barrels 
 
 I'roflt i» r iMrrel. 12 cents. (This profit per barrel includes other minor revenues not 
 distinguished frotii revenue froiti flour m.mufitcture. ) 
 
 ni:vi:Nri:, r.n i. 
 
 Tolid sale 
 
 Net profit available for dividends (after making a depreciation 
 reserve, approxinijitely 2 per cent on vjilue of phint. of 
 $10(1 niiKi 
 
 Net profit available for dividends, as -hown by company — no 
 depreciation reserve made 
 
 1 iisposed -1 (ividetids on preferred shiires (7 per ^ent).. $17-'',(ni(( 
 t'redited to surplus ace'Ount 1(2, OMl 
 
 $7,3'<2.423 
 
 $l>;7.nv3 
 .«2(;7,(l.s3 
 
 $267. OSS 
 
 Derived — Data not satisfactory. 
 Rule of profit- 
 Net iirofit ((vailiilile for dividends (after in.il<iii»; iipproxi- 
 inidely 2 per cent depreciation reserve) 
 
 (.'apital- ITeferred :ind 
 Surplus profits 
 
 crntnon stock 
 
 ,$3,770,;-)24 
 241.88.-. 
 
 On total invested capitiil (4,1(5 per cent) 
 
 $167,083 
 
 $4,012,409 
 
I'll, I I! Mii.r.iM: r<(U/M\7f;s 27 
 
 uk\i:ni'k. r.ii i - cn,iiiini',i. 
 
 "'tou! n'l't prom .Mft.T ,l.-,lu.tH.., of ,l..|,re.iM.i.M. f.s,-rve. fion.noo), $lfiT,os3. 
 Totiil flour 1111(1 otli.T ci-reals proiluce.l, l.r.il2,i; JJ iMrr.ls. 
 
 E'n.nt iicr l.arr.l. 1 1 . L' c-.-iits .Tins prtifll p-r l.arr^l iiulu.U-s othfr minor revenue not 
 (l;stiiii;iiisliiMl fri.in i. vi-nm- lioin lli.iii lii.imifii. nin- i 
 
 iii':vi-;.Nri:. r.iKi. 
 
 T , s:„,.s , , „ *M.^S,.r,^3 
 
 N.I piDrtt .ivail.ilil,. fur cliviil.n.ls (after makInK a ilcpruuiaUoii 
 
 l>.s.rVf. api.rnx;in:,t,ly L' per (■••lit on valll- of plant, of ....,,, 
 
 $11111.(11111) . . _ • •■ »»(•>. I'" 
 
 Composcil- I'rolU from tratliiiK , $1 .^(H.SKO 
 
 Lfs.s il.'pr.'iiatlon reserve (JlOO.OOn) ami 
 
 lc.«s li.iiik iiitere.st ( »17;t..Mi(l ) JT-l.-'ifi" 
 
 $931.1211 
 
 N,l pinlli from ir.olinK $931,120 
 
 I'rollt ir olll.-r soiilces 44. 3U 
 
 »97r>,43S 
 
 Net profit available for riiviil.'nds, as shown by rompany— no 
 
 depreciation reserv.- m:nl,- *'''^^-"'' 
 
 Disooseil- Divirteiuls on preferred shares 'l''''','"" 
 
 Credited to surplus aeiount T(i(l.43s 
 
 Credited to i-onlinBent aivount 20li.(iOO 
 
 $1. ()■:.. 43H 
 Derived — Data not satisfactory, ~ 
 
 Rate of profit — 
 
 .Vet profit av.illat.lc fiir divi. lends laflir ni.il<inK approxi- __ ^ 
 
 iMat.l> J iier cm di pr.-ciation reserve) J97.).4.>S 
 
 Capital I'referreil and common stock $3,7TO..i24 
 
 Surplus profits :i33.>i«< 
 
 On total inve.sted capital , 2:! . 7« per cent 1 $4.1.i4.4;i2 
 
 I'roflt per barrel — 
 
 Total net tradiiiB profit (after deduction of depre- 
 ciation reserve) $H7.'..4:is 
 
 Le.ss profit from sources ollur th.iri tradinif .. ■• 44.il>' 
 
 .Net profit from Mour. etc ^_»93M2n 
 
 Total flour and other cereal.s sold. 1,S3H.3HS barrels. 
 
 Profit per barrel, .in.fi cents, l ThLs profit per liarrel includes large profits I rom wheat 
 dealings not distinRUished separately.) 
 >;,iXE_It Is obvious th.it the profit on a fairly staple oomniodity such as fiour wo.ild nm 
 vary from $lfi7.ii(iii in ll'M to SltS(l,(i(ili in liur.. The source of the unprecedented profit in liil.. 
 was highly successful deal us in wheat 
 
 iii;\i;NrK. r.'ic. 
 
 Total sales J I 2-i.;:l,-„; 
 
 Net profit available for dividends (after niakinR a depreilation 
 reserve, apiiroximately 2 per cent on value of iilaiit. of 
 $1(111,111)11) $3.16.3.1.1 
 
 Composed— I'roHts from trading $..2..,'.<40 
 
 Less depreciation reserve 1 $inii,iliiO ) and 
 
 less bank interest iJ1(i4.I71) 2ii4.171 
 
 .Net lirofit from trailing $321,7(1'.) 
 
 from other soui'ces 34..">S(i 
 
 $3r.t;,3.-,.-. 
 
 Net profit available for dividends, a s shown by company — no 
 
 depreciation reserve made _ J4.i(i,.)i).) 
 
 Liisposed — Dividends on preferred shares. 1 7 per cent) Jl,...iiiiii 
 common stock ...(3 per cent). I'',-""" 
 
 Credited to surjilus account 17ti.3.'».'> 
 
 contingent account 30,(iOO 
 
 $456,35,-1 
 Derived— The sources of iirofit fluriiig 1^16 were almost entirely from Hour. 
 
28 
 
 III r\i:i Ml \ / '"■ / (/.•'!' A" 
 
 i;i:\ lONLK. I'JlC — CuiKiHUKl. 
 
 Itutf of iirntti 
 
 Net iirnm :iv;iilal.|i- liT .livideiulii (lifter inaklriB :i ileprecla- .,.,,.. 
 
 lion ifxervc of api>ruxiiiiat<-ly i per cent).. ■■■■••■ »3'».3->-> 
 
 (•.ipllal ITfferr»-ii :iml loiiiiiioii Htwk *?'ii:':i;. 
 
 SuriiluK protlts . ■ ■ l.OJ*.^''" 
 
 <■„ loUl i„ves|,-.l ..M'i.al '•■' l""- «"'>• »«-''"*'^''" 
 
 Profit iwr Imrrel — 
 
 T;'tal lu-t piolil ami .l.-.liiitiiiii of ileiiri-cialloii re- . , „., 
 
 'lerve fii'Riiil 
 
 Less profit from Boun-en otht^r than trajln» '*'°''' 
 
 .\et profit fniiii lluiLr. .•!(■ *^^''''''' 
 
 Tolal Moiir ami other i-ereals nol.l. l,TUi.-".i l..irrel.i. 
 I'roflt per barrel. IS. 4 cents. 
 
 N.iTK. — No war-ta.x was paid IhiH year. 
 
 ki;vi:ni'i;, ihit 
 
 .J.,,,.,, ,.,,^„ *14..-.ilT.74'l 
 
 Net profit available for dividends (after niakliiK a depredation 
 
 reserve, approximately •■' per cent on the v.Uue of thi- plain. ,,,,,-.. 
 
 of j:::.o,uiui) ia'du'-' »i'--.''- 
 
 Coinposed -riodts from trading ■ »»!'i*.9'>" 
 
 IxA* depreciation reserve ($250,000) and 
 
 les.s bank interest i ll.'ilt.r.T:!) 4n»,;.73 
 
 ,\->t prollt fiimi ti'adiliB <l»0.!lii 
 
 tit'lH i>lhtr sduices .3b,t!y.> 
 
 Diaimsea— I'iviileiiils on preferred shares.. (T per cent). $175. MOO 
 
 common stock . . t ^A per cent). -''■■;'J" 
 
 Cr.-ihteil n> surplus account iai.rii2 
 
 coiiliiiKent account • . .mi. 000 
 
 $629,072 
 Deriveil — I lata not satislaclm i 
 Xdi-K.— A depreciation ivscvvi- Wii> >ct a-idr i'.s Uh- r,.iii|ian.v rlii.-, .vear for the 
 !ii--t tinu-. It was iiiailc at al.oiit .". !»r .-.■iit. ami aiiiniiiits to $l.-.ii.iHKi muri. tlian tliat 
 .alrulatctl fiT the |iiiriio.-e,- of tlii^ iri"'rt, toi' iu'evinis years. 
 
 Hale of profit— .„ 
 
 Net proHt aviiil.il.le for divideiiilK •.-••..■; »»i-»."i- 
 
 I'apital — I'referreil and common stock $3,"70.j24 
 
 Surplus protlt 1,210.760 
 
 UN lot, il invested capital i 1 2 . 1-I jier cent ). ?4.9xl,2H4 
 
 I'lolll per barrel — 
 
 .Net profit l.iftiT a.-.lui.,r)ii of ihpreciatioii reserve) $ti2!t,0iL 
 Less proft flom sources other than tlailiiiK :is.fi9.? 
 
 Net profit from Hour, etc $.i'.>ii..,i . 
 
 Total flour and other cereals proiluced. 1 '."T 1 , 1'.'v b.irrels, 
 
 ITotir per barrel, 30.4.'i cents. I This prultt |ht barrel includes l.irKe profits from m li.Mt 
 ilealinea not distinguished separately.) 
 
 X,,ii..._Svil.-iK|iieiitly !*il.".1Ui \va> paid in war ta.\ "ii the pr..tit- for the ti-eal year 
 
 r.'i:. 
 
 >IMM\li^ MM'li; ll-.\h Mil. 1. IN .\|1-\NV. 
 
 1,1 ]»iliit of laudtietinii. thi- ciiiiiaiiy wa> tlie third lar;:e-t '.u Ciiiada in I'.HT. 
 •ni,> nuiiiher of han-el^ of tiour pro,lii,-ed «a- appp.ximat.ly I.'.^TiMMHI, Tlie total .sales 
 ,,f this eoiiipaiiv fur tlie satne vear atVci'd an intce.ting UliiMratiMii ,,f the speetacular 
 
 M-r 111 tii(^^ j.ri. , ..T TMUr ;:: :.■;;■ \:::v^ :tii-! -■.>:ii!it<- 
 
 Flour Mills Cuinpany ^old al-ul 1.-.,()1H) barrels Jess than tia- Ma,.le l.af Milluif; 
 
nil' i: ^111 1 l\u r()i//M\//..s' 
 
 29 
 
 (•„„,pn„y .,,.1 it. total r,.,..M,>t. n, ,l..ll:,r, for tho y.-Mr '■'f\^^'XJ'\\M'u^ 
 
 ,,iff,.!o„..e in m-oi„t, is duo to tl,.- fa- that .1.,. p, - ; /J"' '" l'' /2\J^ " f, 
 
 ,, .1 iPao ,v oC ,,- null-, tho Mapl- I-^.f MiH".'^ ' ■■"M..n,y aU. ranks a- tho 
 
 ,1,1,, .„..o,t in Cana.la. Tl.o ,i;nlv niaxMuun, .apaoity i^ lU- l.-nvU a. rnn>,mr.-. 
 
 im .: rol of tho i,ako of ,ho W 1- MiUin. ('on^pany a,M 1T.(.h> ,,ar..ls .^ 
 
 „„. o.lvio Companv. 1.- p,-o.luo,ion of Mou,- has. how..v,;r. „oM:roatly uuToa^.d 
 
 ' H,o war. In 1..:;. ..To,MH,n ...vK .0,0 p.Muoo ; ,n l.U. thw dn>pp.Wn 
 
 ,1„„„ l.llOO.r.K. harroN. Total -:,lo- ,n l!Ml :,n,onnto,l to approxwnatoh .+ . ,4fHt.0<^ . 
 Ill I'.MT. tlii^* nnio\int was ahont tlonhl.cl. , ^ .■ 1 ., .,.1. .,,,,1 
 
 Tl,;. total -took of ,hi- , ,.anv i, >|.-...h«,,nh. : $:;..VHMHh of pro„.,To,l .took and 
 
 *-..-„«.(„.. of oonnuou -,ooK. Of tin. amount. *:!.-T0,VJ4 hns Wn ,.a,d '''';■-'■'-' 
 ,h;. ..alonlation. of n- oap,tal ahove *:;.7To...4 i. takon as -VT' lal Th ' - 
 
 ,,rofit. a nnt i< a.Mod to thi. in .■alculatin^ tl,o total mystod fai>>t»l. Ha .ou 
 
 '.'"'/ , , , , . „,„ „|,|,„i r,„ll ,1„. voar 1:11.-.. tho <M,ntnitront ao-^onnt wa< 
 
 til,U'i'nt acc-ount ha- not Ih'oii .iUMi 'I. . nin un > .0 . 11,1,, .,1,1 
 
 not <.on>id,.ra!.lo. Ila.l ,. hooi, ...l.lo.l ai„l ha,l not pro,,,, h.-o,. -J;;'';'"; '; ' " / 
 
 invosml oai.ilal .,- al...vo. plus .lio .-ontin^ront a nn, ,ho rato of profit >n 1 >" " • ' 
 
 ,„ivc. ho,.n 71 poi- ooiit in-toa.l of 74 por ,v„. and. u, V.-l,. ,t would havo hoo„ 1_ 1 
 
 '"■^ ',';:' :;;;;:,:! ;i;^ :o,::,;'i;:,...a-o., f.on. ..4,.>m i,. .m. to .,.„... ;,. -..7. 
 
 Th ntinj.n, a- ,n, inoroa-.l f,-o,n *lo,(.^ in l'.M:i to ^;.U->, tn r..l ( llu:- 
 
 total -.urplus protits ^nonntod i„ r.n7 to $1>;V-".) N" <H.r.-n.t>on ao<-ount ..Mst. 1 
 >n:viousSo l\tl7. In ,hat yoa,-. ^.r.>.(HK, was set a-id,;. >p n ,.. -";''""::: 
 L.o h....n paid on ,, vforn.l -ha,v- throuKliout, No d.vnlond- w. av pa,d on oo,i in. n 
 -to..k until 1,U.;, wl.on th.v ,.,,■ .ont wa- .holavod. In I'.U,, >^ ,.■,■ oont d, ,d. d- 
 w.To paid on .•omni.n sto.'k. Tho reasm, thai no divdon.U w,,.- paid on . onnno, 
 -han- iiroviouslv was no douht duo to the tVt tl,at thoy ,-un-to,i, to thr .xtont oi 
 M.ont tiftv por oont. of "watrrod ..took- part of which amount -'- ;."";;^ ^ '"'""■' 
 to pun-hasors .>f proforrod stook and *:ioO,0..> vprosonts ko,.I^w,11 drr.vtly^ _ 
 
 The tron.ondou- iiuToaso in tho M.rplu. jirohts aocount ot tro.n *l'..1..»- n, ■ lo. 
 to $1, ■«;.•; .■!••!!. in 1017. -liould rit'htly he di^TCascd hy $U«','«H, a yoar tor dopr, o,a, .on. 
 whud. wonhl loave about $t.l<«l,<VK>. lint, oven after making: that ivdu.'tion. tho 
 
 increa-o in the aeoount would -till he very lar^re indeed. The -oun t -,n-. ■:'■'"•""■; 
 
 profits wa- the hn.-e r ,n,o from doalin.^- in wheat in VM:. and a -uh-,an,nd p.oU 
 
 from the same source in 1''17. i ,.,,,■ 1017 • 
 
 X<,T.K.-Sul.se<,uently .tCo.H'i wa- paid ,n war t.,x o„ p>-oht- tor h-. al >>ai l.U,. 
 
 Tho protit per harr.d of Hour a- -hown hy this ,.ompany i- of oour-e atToot,.,! hy 
 tho larf-'e revenues from wheat in HM.", and 1!I17 ahove retorrod to. It ,- lor th,- 
 
 rea>on that the profit jun,i»s from 112 oents ix-r barrel m l'.>14 to ..(> '■-:'"-';'.• 
 
 harrel in I'.Hr.; from 18.4 cents per barrel in lOlC to ■■W-V, .■en.t- por barrel ,n l.M,. 
 MthouRh. as explaintvl previously, the information repardiiiL' tho aotnal amounl ot 
 revenue fro,u wheat dealinf-'s in Ifl.", and 1017 is not available, it i- very probable that 
 the profit trom Hour alone in lOI.'^ an.l 1017 was below 20 cents por barrel. .pure, 
 -ubmitted bv th,. .•onipany tor this ealeulatiou ..v.-re in.'orr.-ot tor the year ML. o 
 1917 in that no depreciation reserve had been made. In this report, a s._.-a>pl,t 
 depre«.iatiou reserve of $l(X>,0(>l) per annum until 101, has been allowed. 1 hi- , 
 av-proximatelv two per cent of the value of the plant which was the percentage of 
 depreciation reserv.. normally show,, by the milling' eompanu's until l.tl.. 
 
30 
 
 III I' Mil Ml \ I <<l I w;"( /•• 
 ST. l.A\Vi;i.N< K 1 l"l i: M1M,> I <i. 
 
 „l,h..u«l. tlK. .v..ar Y.m show, tlu- a.lvantn,'.. a.-TU..m to th., '"i"". V ,.,,,, 
 L. .... 11... pri.-.. ,.f wWat. I.. l'..i:t. a ..Tio... 1..- .....U pla..-; ,h l.'l. .. "•■'';'' 
 
 Hour n* sl...w„ n, .1,.. r,,...rt. ar- M.l.st,.....all.v .•...-.-• In l.'l , 1 1. 1,. 
 sti,.wn ns l.i-l..r tlmn if p.-..tits fr.,... ..th-T -...r-v* ha.l L.vn .l..lu. t, 
 
 I- \iri \i.i/.vi-i()N. 
 
 Aulhi.nle.l 
 
 |.r..f,.rr.-.l »l.:.r.» *,,.„„:,„„. 
 i-ornmoii Bhiires ■ 
 
 .„..i!::;;;i: ^;e'af';:;^"e.iu.-e;. ua;..r ,h.; .,.,„. r...... ... .-.. 
 
 Th.. .apltHliiatloii of this .oiniwtiy Is made u|.^- 
 
 IT.'f.rr.il ghiires ins.n-.l for I.-.T..,...).) 
 
 Comtii.)'. " „*'""' 
 
 HoiulH *' 
 
 lHvldeiidu — 
 
 tjoo.nno 
 
 111 iirefi-rr.'.l stixVifl 191^ 
 I'.ill 
 
 ii.n; 
 1 ;• I T 
 
 iK^ll.'.l 
 
 K.ilh |.:.l.l 
 
 1 -J.Hl. (1.111 
 
 % riTri.Di.ii 
 
 l,2.ll>.*H... 
 
 :;ini..n.(i 
 
 :io(.,i>o.i 
 
 1 .11 tu:. ........ 
 
 
 Assi-ts 
 
 Cuoilwlll 
 
 lliiu.uoo 
 
 fl.ll'iU.OUU 
 
 I'lT i-eiit 
 
 
 3t 
 
 Jis,.l7.-. 
 
 Nil 
 
 
 Jl 
 
 I iss.r.fi.". 
 
 
 ( si.l.^n* 
 
 7 
 
 ....:; r. 
 
 7 
 
 i",-'J. 
 
 Til.- i.n I'-rrnl Av.wv- \wvv: 
 
 <.'.7.".,."li> in ll'l"- 
 
 ()i, r III. II, '\-<fk iiM .livi.ii-iul liii- I'.en I'.ii'l 
 
 Hi. nils, i.r.-l'frr.-.l sliir.-s. 
 
 i.,-,l fp.Mi .t.V.'.-.iM'l ill V.m tn $.".71.."..". Ill I'-'l." 
 
 i.d 
 
 rin. -iirplus pn.lit^ ii.-.-....iit aii.l -iiiki.ii: lui.-l .v..r^,- -li..u 
 
 hitiiiii- I'v iliites:- 
 
 Ii,,u ill. iMllnuiiii.; a.viiiini- 
 
 .Sinklin; fun.i Suriila^. pn'rn- 
 ti:i. 11117 
 
 1 ;.. 2 
 
 IS. I! 
 
 r.i u 
 
 I'ji:. 
 
 l;. IT 
 
 
 - (11 >:!4 i( 
 
 Id, 11 1 
 
 . 11,0(111 
 
 :;i.::'...; 
 
 
 •J.I..'illO 
 
 :;i.:i.;:. .. 
 
 .<iiit 1 
 
 :i 1 .r.on 
 
 r.i.i i.; 
 
 
 l.;,iiiia 
 
 i:!s.l.".T 
 
 
 i:KVi:.NTi:. i'..i:i 
 
 Total s;iln« 
 
 Net loss (iiHUi.lliiK .lepredation. ri-serve 2 per <-ent. valut of 
 
 estalilishtnt'iits. $s.ril3) j.'",^- 
 
 Composeil— MilliiiE loss i«'7-,ii 
 
 Honil iiitcrrst and disoouiit ■■ .■...•>" 
 
 Denre.latioii rest-rve at 2 per cent on value 
 
 of l.ull.liiiKs. e.o.— value of properly "•"■' 
 
 J2.3"r.,071' 
 
 $.;i.',>:< 
 
 $«t.97S 
 
 Loss per t.arrel. Total Hour ......lincl, lll.vri l.i.rrHs. 
 
 I,oss iier l.arrel. 1.'..7^ cents -o-onn 
 
 Capital — Preferred sliavi-s * ■'-''• 
 
 ComiiKin shares 
 
 Surplus profits . 
 
 $1 7S*.ai17 
 
 1.2(1(1.00.) 
 13.00" 
 
 Less jEOi.d-will 
 
 1,050.0.10 
 
 $6SS,fl07 
 

 31 
 
 TolLil i>al«'» 
 Net 
 
 „r'om »v..,l..l.l,- for ,.,v,...n.l« ...u., m«kln« provl.lon for 
 rpr«l..n;..'. 2 ,..r cent on value of e,t.....t.hment, »»-,Y.i«:. 
 
 Net prom 10.000 
 
 Slnklnit futi.l 
 
 Net proHt inv.illal.le for .lividen.UI n. »hown by comi»ii.>— no 
 
 provlnlon for ilepreilalion iiooon 
 
 l>l»|K»ed— HlnklnK funil ■ hj"|29 
 
 A.l<le<l to Kurplu. pronm account • ""» 
 
 t3.l2».H'i3 
 }H4.38r> 
 
 tita.izt 
 
 J9S.139 
 
 V„ divi.l..>.,U w..n. ...Hi .l.i^ y..ar. ^^^A^^> w,,,,-.! ^.n .l.li. . ..I *.;i.«->*:! •■< -I-Imh 
 ' |,,.r,,,.,l- S,,ur..-..tn.v..„n,. . .,!„■, .I.MH ,l,,nr „m„u1.„ tun. n.-.h.'il,!,.. 
 
 It. Ill' III prom 
 
 Net profit iiviillalile for lUvlileml^ 
 Sinking (uii'l 
 
 lU.llUO 
 
 Total net iirofli 
 
 fg4.185 
 
 Capital — I'referred shares 
 Common Kharen 
 
 hl-HS K"0(l-\\ ill 
 
 l.eBS Burpliis pri'lll •l.-bil 
 
 cm total iccl invi'stfil I'aiilt.il 
 
 J r)2:..ono 
 . l,2«o,ono 
 
 Jl.72ri,noo 
 
 . l.OSO.OdO 
 
 teu.iiA 
 
 1 I ii.'- cent). 
 
 $613,116 
 
 rrom per barrel of tlour ..n,i ,l,vl,I..,„l, on , >.o.U i.av.l.l- .l."rH,> ...fr .l.-.lu.t,n« 
 
 depreciation reserve ax estimated above) : 
 
 -r,„„l „el profit from Hour .after ,l,.,lu.-llnK ,l..pr,.oiatu,„ reserve,. $S4,31>... 
 Total tlour ami other i-ereaN pro.hli-wl. ..•....».. iMirrela. 
 IToflt iier t.arrfl. 11 .!' ''enls 
 
 ifter c 
 
 v,.l..„a ..,: pn„.,-n.,t -l.a,,- „.,y.,l,l,. llnT.-Lv all Ml,,, .hair- -"-"-'l^ -''j;;; 
 
 iiMli-r. *T4,:!>-''. \v..iilil aiii^iim Im Ul . | 
 
 MT iH-r i-.iit nil prcfrrri'd -hare 
 
 iti:vi:NrK, i'.m- 
 
 Tot.il s.ile.s 
 
 $4,::7T,o"n 
 
 N,., |„„tlt :,vailaWe for .UvUlen.ls .aftnr ""'<'"'-- \"'^^!'^''"'' $72 751 
 
 depreciatino. 2 per cent of value of e.-.tahhshment. »'->".,: ; »7..7bi 
 
 Net lirolll 
 Siniiilit.' fnTuI 
 
 in.r.oo 
 
 .N-H i.r.itit .available for <livl.len.ls I as shown by rompany-no 
 
 provision for depreciation $in '.oil 
 
 Disposed— Sinkint; fund Ti'nr,!., 
 
 I'referred shares, diviilcnils .i.u.i.i 
 
 $72,751 
 
 $S1.555 
 
 $81, SI 
 
 Th.. tutal .iiVMl.Mi.U pai.l n„ ,,r,.t..rr,..l -har,- tl,i~ y.ar a,„..,,nt...l . .1 I a r .-..nt. 
 
 Iio *n:!.71«l. Of thi- *71.<'.V-, wa, .uiitriliut..! l.y ,1... .v..nrV pr„nt~: .-.' .Jm, rn„, , luj 
 ,ur,,lu-- proHt. ..f the i.r..vi..iis .var. i..i,l th.- .-ur,,!.,- ,,r„Hts a.-.n,t wa, .irlMt,.! *ul,.,i.o 
 
 fur the ri'iuaiiHliT, 
 
32 
 
 III /• I/,'/ \ll \ / "I I \Hiil /,' 
 
 IlKVKXfK, l»ir.— C'o«(lnm-<l. 
 
 I'rrlvecl. — Mourci'a of revenue other than tT^itn Hour munufiirture nrt nrjcliKltile. 
 n«to of jiroflt — 
 
 Net pront iivullalilr for ftivldeiulii <rftrr ninklim 
 provlHloti for cipprprhitiori, 3 p#r ri*n( on vtiliir of 
 FHtutitlKhnii'ht I t«2.2:il 
 
 Hliiklnv funil . 1(|,5(IA 
 
 Total Mi'l proflt . . 
 
 •.ipltnl — rri'f^rred nhiirf 
 t'oniiiion Mlork 
 Surplua pruntn 
 
 LeiiH Kuo<l-Aill 
 
 On total InviHti-il lapit.il 
 
 l,2ftfl.000 
 2I.29« 
 
 il.T4«.:'B« 
 l.OiiO.OOO 
 
 $«K«.29ll 
 
 »72.;&t 
 
 (in.4r. per irnt) . 
 
 t«S«.29( 
 
 1 barrel of flour and ilivldeiid cii common »totk puyablr thereby (aft^r deducllns 
 di , .viallon reserve an cntiinatei) atKjve) ■ 
 
 Total lift profit frt»m flour (after deflufltnic ilepreiiatlon reHt-rve), I73,T'»I. 
 Total flour atid other cereal* produced. ^M.IHH Imrreln. 
 I'roflt per liarrel, 10.99 ccnti' 
 
 DiviiliMitl iiii prffrrrcil fliiirc* I'.i.sablr llimliv all nthir i harf;i~ n^iiuniiiiit; tlie 
 simu', (IctliictinK r<><(rvi- for >iiikiii>r fiiiiil. Imt pu.viiKf tiotliitifr tn -iir|ihi« |iri>tits iic- 
 rouiif. tlif rcMiiiiiidir i!''i'.'.ii"il wcnild aiii'iUiit to 11. Ml jii-r crtif ■>ti )in'fiTrc<i >liari>«. 
 
 IM'VIMi:. l''l> 
 
 Total nalen 
 
 Net profit available for dlvldeiulM i after itiakliiK provlnton for 
 depreciation. 2 per cent of value of eFtabllshment?*. |M,S70) 
 Net proflt . Ilii:i.s27 
 
 HinkhiK fiiixi ii.non 
 
 Nft prittil a\.i]lal)U- for iti vkJcimIh a?* shown l>.\ ('otnu<'iii> no 
 provl.sion for depreciation . . . . • 
 
 rt|»pof<ed — SinkiriK fund $11,001) 
 
 I'referrefl dividends i7 |»er cent). 40.2I.'> 
 
 Added to tturplUH profits atvouiit 72.4S2 
 
 »4,24«.97« 
 
 tll4.S27 
 
 $114. S27 
 
 $123,697 
 
 $12».«97 
 
 Tlii- ii(lilili..u t.i the -iirplii- iii-utit- :i( lint ccVi icit a il.-l.it ^i .fjl. :;<;.", .m,! left 
 
 •*.■■]. 117 t" till- .rniii of this acciiuiit at tin- cimI of IHIC. 
 
 ncrivcd .Sources of revenue oth'-r liiaii tliat ftntn nianuf.ictui c of tluur .trc nt-KliKilile. 
 
 Kate of proflt — 
 
 Net proflt available for dividends $114,827 
 
 (."apital — Preferred shares . ..$ .'174. .^>n« 
 '"oinmon stock 1,200.000 
 
 J 1. 774. .".00 
 
 Less stiriilus p?-otits dtliit 21.oti,'i 
 
 Leps Ki'od-will 1,030,000 
 
 On total invested caplt.il i 1 fi . :! per cent). $7ii:!.i:r. 
 
 I'roflt per barnl «{ lliuir ami ilividincls i.n i (inunon fXi.rk pa.vabl«f thereby lafl.-r d. ducting 
 depreciation reserve). 
 
 Total net proflt. $114. S2; 
 
 Tot:il flour and other cereals pruiiuced. (t.'l4.-l^ barrels. 
 
 I'rnlU per barrel, 17.."'^. cents 
 
 .\ftir iliMliictiiiir till' .^iiikiiijf Kuiiil n -iTVf l>ut no reserve to Surplus Pr.ifits, tlie 
 reni.iindcr, .t ]o;i,N27. w..uld iia,v l^OT jxr rent on prefcrreU shares. 
 
iijii /.' \iii 1 1 \ii I iiur I \ if:s 
 
 HKVKNt'K, I9lt 
 
 Total Mltr- 
 
 33 
 
 t«.«li2.4ll» 
 
 Net profit iv.nCiiM.- l-n ilivnlrlHla ■ ilui iniiMio 1,1.. ..-.»i, n>r 
 di>pr»cl»tloii. .". iM-r cmt value of «it»l>lliihmeiit. l2J.J«ri. iinil 
 iift»r luiylnif wiir-tax) Ill»,4»> 
 
 fompo»«I- Nn profit (l)»fore puyln* war-ton nnrt »x- 
 
 ctualve of dt-prpct.ii luti r*»i»'j.'<«> 1114,432 
 
 Hlnklns fund U.r.no 
 
 Net profit iiv«l1abl« for iHvlilmiln as tiown by ronip«ny— no 
 provlHlon for ili-prfclnllon . . 
 
 I'l«|,>.«i..l — Hinklrm funJ .. .. 
 
 War-tax 
 
 ITi-ferreil illvlrtrnds 
 AilUi'il ti> niiriilliii pri.lic 
 
 «1 4.101) 
 
 t«.4:i:i 
 
 I>erlv»d — SourcM of ri'VPiiue other than from flour iir« ttecllgihl*. 
 llatp of profit — 
 
 Net profit avallalile for dlvlden<l^< . ■ 
 
 Capital — Preferred iihare» .... f MJ noi) 
 
 ('ominon Kttwk . l.:i»).i)Oi) 
 
 SurpluK prorttM . .'•1.1 IS 
 
 l^»»i» k'xmI-wIII - 
 t.>ii total inviiitt^it c ij' 
 
 «1.S2A,U< 
 
 . 1. ".'ill. 1X1(1 
 
 tUI,1»ll 
 
 li.'.i.rj'- 
 
 <r.'H.»32 
 
 t;'t.ii6 
 
 F'roflt i«-r barril of rtmir and dlvhli-ii<ls on preferred atoek payable thereby: 
 
 Net profit, after payliiK war-tiix. »U!»,4!>!i. 
 
 Total Hour and other ' , reol» produi'ed, 707, »1'." Imrrels. 
 
 I'rofit per barrel, 16. ■im. 
 
 After pii.vinK Hinkitifr luud r> 
 mnkiner nn rrscrvo to surplu.«_ profit 
 per cent "H prifiTrcd .xlmrt'-. 
 
 all (itlior cliarffO:* reiiiaiiiiiig the same, tiut 
 
 ■•iMindiT, lIlit.iMW; w.nild Mini.iuit t.i 1- l»»; 
 
 SlMM.Mi\ iiF "-r. I WMSKM I n<iM: Mil: ^ "Mi'VN'i. 
 
 Tin- total iiuiiiUt of barrub* ul tlnur prodiictii by this cunipaiiy in UU7 was 
 api^i 'xiiimtely VlHl.WO, There In.'* brcv •■> <';iiiiiderable and .sternly iiicri'iise in the 
 priaki.tinii of tluur .since ]!M;!, wlun the total iiuini)er oi l..aifls ji.-.xlueei. „.io 41 1. s.!:',. 
 The tiita! revenue from sales in 1!UT wiis $<l,iiH:>.450 as ennipared with •$2.'!7.",OlHI in 
 
 idi:;. 
 
 Tiic i-.ipital (■!' this ei.nipaii.v .-..n-i-ts of |.r.-t'.Trrd -ij.iri-,^ aiii..iiiitiiii; t.. .t,".T.",iMMi 
 and cumuioii shares aniountiiitr to ifKJtMl.OOU. I'ractieally nil the former has been 
 paitl fur ill eash. Of the l.itter. -t I .'.( l.( H M » wa- paid f..r in .i»et.-. The remainder 
 if 1. 050.0011, is jfood-wiU. I'p to the end of the H.^cal yi-ar I'.'IT, no diiidiiids had been 
 paid on the eoinnion >toek. Should u dividend U- dwlarid on the eoinnion stoek, it is 
 obvious that it will be paid not upon bona tide but upon " watered " stock. I'oiids have 
 b<'en i-sucd an<l fully paid to tlie extent of $:i(»0.00(l. reduced by tile »inkin>r fund to 
 $2r)l,o(K) in 1917. 
 
 Kroni a debit ol ijiiU.lHMi in lul:!, the >nrplus profit aee.iunt of this conipan.v lia- 
 inerea>ed to a credit of !fl.'!^.000 in HUT, The largest a<l<lition to the surplus profit 
 account was made in 1!M7. TIio amount now standiiiK to the credit of the surphi- 
 protit account is not ahiionn.il. It will, however, be observed that, in the calculation 
 of dividends payable from ])rofit> jier barrel of (lour, the dividends are state! as 
 jiayahlc on pref rrcil shares. This is for two reasons; (1) beiMUse this cninpany had 
 not. up to r,»17. paid any dividend on its ci>mmon stock and {'2) only a very -ninll 
 anioiin; of it- connnoii sti«'k ha.- Iwcn paid for in casii or assets. 
 
34 
 
 III r \i:i '.II \ I III I I /,■'// /,' 
 
 nil-. i;i)i;i\ ii()(iii .Mii.i.iM. ( mmi'anv. 
 
 Till' i-iipitiiliziitioii of this cimiiniu.v cniKists i>t' sfJiio.oiKi .•luimiun >t.n-k. 'I'lii-- is, 
 liiiwwcr, only a iiiiiiiiiial I'lipitalization, rcprt'soiitiiijr a loan of the Iiit('rniitii)ii:il Mill- 
 ihjr ('(Miiiiany wliiili npcriitrs tliis cuiiccrti iiiid own- nil the capitnl. 
 
 CAIlTAM/.ATIti.N. 
 
 Authorizt-d. lasuftl. Ful!> pai«I. 
 
 $::()0,IMMI $1MMI.(MH> i^l'OO.OOO 
 
 Common stork 
 
 This was issucil Cur a-scts aiiKPUiitiiiK to ^I.l'TT.imi". |{tiit ni' Mpproxiniiiti'ly 
 S'.i,".(ioii a year is paid tlu' liitfriiatii'iial .Milliiit; ('uiiipaiiy liy tlif lti>l)iii Ilnml Milliiur 
 < 'iiiiipiMiy. This cDViTs iliprcriatioii. tojjitlirr with ntlur rental lo.-t-. 
 
 Dividend.-: 'I'hese are all en I'oniinon -tnek ami were: -l!tl:l. nil: .■i^ir.ii.iiiiii in 
 I'.UJ (Ml per cent.): $:.'( M (.( i( in in i;ii:, (inn |„t c-cnt): and !f;l:'.n.nnii i,, pm;. (i;:. per 
 eciit). No <lividi'lid was paid in l!*!". 
 
 Tile -nrplu~ |iMtit> aeeiiiinl slinw- till' tellewintr aei'unniliitions hy date: — - 
 
 1912 
 l»i:i 
 1914 
 191.-. 
 I » 1 f. 
 1917 
 
 .'.■.7.(9:! 
 ::iv.O(;x 
 
 -■7S.N44 
 
 :' 2 3. (!».". 
 :il7.iM:! 
 
 $i);!.n((n in I'.MCi; 
 
 In ailditii'ii lliei-e i.. nirulr the lelLnv mi; war la.\ re-ei 
 •*in().nnn j,, mi;. 
 
 In ealeulatiiij: tl'i' r:ite of profit t:.e net invi>>tnient is taken as sfl.-TT.noo |,hi< 
 anioiint at <redit of siirplns protits aceoiint at the hefiinniiiK' of the year. 
 The net profits for eaeh year wit<': 
 
 In I9i;'. Ill*' net prollt front Hour vas $127.01);. 
 
 Tlie total number of liarrela of flour laoihucd was .'. l:^.3^n. 
 
 Till' net jirollt |KT Ijarrel was 24.7 ccnt.s 
 
 The total rii'l ,.rotlt was $2.'!". .'4.'i. or l^ per cent on totiil nivestment. 
 
 In 1911 til. net profit from Hour wa.s *12:!.(il4. 
 
 The total number of barrel.s of flovir produeed was .'i.'>2,:i.'i^. 
 
 The iirofit per liarrel was : J :i cents. 
 
 The total net prollt was $ .ca!,.')7r.. or about i:U per cent on total hivestment. 
 
 In 191.'. the net proHi froi.i Hour was $4:t.2'-:! • 
 
 l"he total number of harre s of Hour pr:<dui'iMl was 4t'.l.7'>2. 
 
 The profit per barrel was '..3 cents. 
 
 The total net proHt was f I (',9. 771'.. or al.»ut \"-\ per cent uii total Investment. 
 
 hi 191<; the net proHt from Hour was $l.'..72r. 
 
 The total number of b.irrels of flour produced was 79."i,.'..si . 
 
 The profit per barrel w.is about 2 cents. 
 
 The total net profit was $142.'».'!7. or about 9A per cent on total investment. 
 
 In 1917 the net loss from Hour was $7,957. 
 
 The total number of barrels of Hour produced was approximately 7'. 2 
 
 The total loss per barrel of Hour was sliyriitlv over 1 tier cent 
 
 The net profit was $19:!.:!2x, or about I :i per cent on total investment. 
 
 ,r,00. 
 
Il.nl I! Mill I ■>'. rimr I \ lh:ft 
 SI'MMAKV AMI i ( )N( l.fSK i\S. 
 
 35 
 
 yUr :iIh,v.- iv|.urt >!...«. that tli.- profit^ .if tlif Urtxr liiilliiiL' coiiil'iiiiifs llav.' 
 
 trciiirn<lMii,-U- iii.Tru-.il -iii.r tlic uiir. 'I'lir iM.r.'MM..l profit- haw bcni .H-pcmmI ..f in 
 vari'Hi>< way- : 
 
 XmTI;. -Till' riKiirc- Mow arc -ivi-n in liiM-f ca-f- to tlw noan-t tliou-ainl, 
 
 ((() In sonio casps. ns witli tla- Maplr L.at Miilini; ( ■omi'aii.v. .Iivii|rn<'.- liavi- lie. ti 
 paiil on <'onimnii stm-k for thi> tir:.t time. In other las.s, alr.aily suh-itantial divi.lcMtls 
 have lieen in. reaped, as in the nxM' «f tlic- Oirilvi.' KI.Mir Mill- Company. The re^'nlar 
 .livi.ii'n.K ..n .nnniioH st.i.'k .>f this .'.impany up t.i t'.M.") w.Te ^ per .-.•nt i in )'.>\Ik lli.-y 
 Were in.'r.'a>e.l to li' per .cnt : anil, in I'.tlT. to iT) Jier ei'nt. 
 
 <h) The surplus pmlit- a.'.-.,iint ha- h.^.-n nr.atly in.-r.-a-i.l. In I'.'lo. ih.- -i:i|.1ii- 
 pr.itits aeeount ..f the Maple Leaf .Millinu Company was ah.uit JfiTiiMMM). In lOlT. it wa- 
 over *l.Ti'.i».i)Ol). (Suh-e.iuently .tli.".,! HI war-tax was paid .in pr..tits for the tiseal y.'ar 
 PUT). 'I'li,. -urplii- profit a.'.'ount ..f the WestiTn Camula Kl.uir Mills C.iin|iany w.-.s 
 ijiU:.,.""! ill I'.il:;; in i'.UT. it was i«s l.'i.niin. 'I"h.- latter is in a.l.iiti.)!! t.. a sinking' fund. 
 
 The sur, n- profits a tint oi' ih.' St. l.awren.'" Fl.iiir Mill- Company has incr.-as<-d 
 
 from a .l.hit of .1i<;-_>.iHH) in UHo t.i a i-reilit of .$i;!s.(KMt in lltlT. in addition to a -ink- 
 
 ir.„- fun.l. I'll.' surplu;. proHts a.M'.Mint ..f the K.ihin 11 1 Mills in 1!H:3 was $i>r.:.(iiiii; 
 
 in HUT it wa- •tolT.OOi) in additi.m t.> an ae. uniidati'il reservi' for war-ta.v ..f !t!l(!;;.iil|{i; 
 an.l V. rv suhstantial dividends \vt>re paid during the i)priod. The sun)lns pr.itits 
 a.-...unt ..f the (Vilvie Kl.mr Mills in lilKi was *4T:!.(l(l(i ; in liMT it was $L',ii!t(l,(MM». in 
 additi.m to th.' imin.'nse reserv.;s of .■i;:!MM)(i(l f.ir war tax in I'.iH; an.l of *T.")(t.iMlii f..r 
 
 war-tax in HUT. Th.' surpln:; pr.itits a unt of th.' I.ak.' of tli.' Wo.ids Jfillin^r Con - 
 
 pany has materially iiwr.M-.'.l. In lUl:'., it was .1<.N>:;,(HHl; in I'.llV. it was !|!.s:!J ()(((( phis 
 $;V.t:.'.tMl() at th.' .r.'.lit ..f th.- siirpln- prnfit- aecmiit .if the Keewatin Fl.>\ir Mills whi.'h 
 the I.ak.' of -'a' \V."..ls ('..nipany .'Utirely owns. This is in addition to the re<Ienipti.in 
 ,,f K'l . v; i.ls t.i the extent .if $.'!ri(l,iH«». in UMO atid th.' ri-il«>mption of honds .if tho 
 
 I.ak.' of .,,.• Woo. Is C.mipany t.i tli.' .'Xt.'Ut ol ifL'Od.ilOO in I'.'IT (an.l r.'.I.'niption .if 
 piod-will a.'.'.i'int $l'.'i().imhM. Ki;'ht p.r .■.nt divi.l.'nds .in eoniinoii -Lu-k wer.' p.i.l 
 throuirhont. as w.'ll as tin' r.--iilar 7 p.r .'ent on preferred shar.-.. 
 
 In till- >..ir- I'.Mi'i anil I'.MT, -uli-tantial war-tax reserves w.'r.' -.'I a-i.l.' hy the 
 e.im|)aiii.'- making: ih.' Iart;i-t profit-. The amount of this i< -howu individually for 
 
 i>ai'h .•.mipany. ('online, nt .n-.-ount- liav.' l..on oji,- 1 ii|i. .\s these, however, are 
 
 r.'ally auolli'i form of -urplu- protit- a. unt, tiny ar.' rrikon.-.l a- su.-li in th.' ahov.' 
 
 .•al.'iilati"n-. 1 l.-pre.'iati.m a.'.'ounts of unpr.'.'..!. ni. .1 .iniounf- w.'r.' <.t a-i.l. ' in !!U7. 
 lint it may li.' said that, !zi''ierally speaking.', the depni'lation r.'serve set aside hy tli.' 
 vari.ius .'.imp mi.'-, whi.-li am.iunt.'.l on an av.'ratr.' lo almut i' ix-r cent, was to..i -mall. 
 Thi- ua- niit.uati'.l. Im\v.-v. i-. li\ tli.' ta.-t tliat tli.' -niji'ii- pr.itit> a.-.-.unit was ahle. in 
 ino-t la-i-. ti take '-ar*' of' .l.'pr.i-iation. In I'.'IT. li.'iM-rally. the d.'pre.-iati.in aeeount 
 wa- in.T.a-.'.l from ah.iut 2 t.i ."i per cent. In -oine eases it was not so iner<"a.sed. .S.mi.' 
 .'oinpaniis ma.l.- no .lepreeiation r.'s.>rv.' until I'.MT. Th.' iiinisiially Urtxv .l.pr.'.'iatiou 
 roservi' nia.l.' l.y tin' maj.irity of tin- lompani.- in I'.'IT \ , r\ i:i-'atly ,1, .'rea-.d fleir 
 njipari'iit profit-, liiit. with in.'r.a-.'.l produ.'tioii in I'.M.'. an.l llUT, a larf:i'r I'e-.'rv. for 
 d.'lin oiatioii than in iir.viou- yi>ars was necessary. 
 
 |.;x.-c|it in th i-i- of th.' \Ve-ti'rii Cana.ia l-'han Mills Coiupany ami tli.' St. 
 
 laurene.' I'lonr Mill- I onipany, tli.' -urplu- profit a.-.'.iunt does not |iroviil.' for sink- 
 ing; fun.l-. 
 
 n. 
 
 I'ro.lmii.iii of flour hy th.' nin.' lar;:.--t inillini; .-ompani.'s in ('ana. la lia- greatly 
 inerea-.'.l -in.'.' i'.MI. Thi- pro.lui'iiou in t',U4 was apiiroximat.'ly tin million harr.'ls; 
 u. I'JIT. it wa- aiiproxiniately fo.irteen million harrels. The lart;.-t flour milling .'.mi- 
 
36 
 
 lil.r \i;i Ml \ I III I. \i!i)i i; 
 
 pMiiy ill (';inail:i, tlir Oi^llvic I'lnur MilU ( 'oiii|>miiv. priMliii id in IHI t al>iiut (iiR'-(|iiMrf('r 
 of the total iiiiiouiit iiruiliiccil liy tlicsc loiupniiii'-'. iiiul. in I'.MT its iini'lurtimi >till hild 
 aliout the siinie iiropnrtion to tlie total jiroilucod by tlifr-o iiiiic coiiipaiiiis. lint tin- 
 Ouilvie Flour Mills Company is not. by any moans, in a jKjsition to iiionnpoli/o the 
 iimnufacture of Hour, as there are three other eonipanies of the first rank projiicing 
 over one million barrels of tlour per year, ami live eompaniea, of the seeond rank, pro- 
 ilueinR betAv«>en oim.OiM) und l.(i(«l,(MMI barrels "i tlour p<r y<ar. Xevertheless, the 
 
 annual iner<si~e in produetion liy this company bi- 1 n -o nnieb frreater than that 
 
 of any otlu'r company that it holds a towerinn position anion); its rivals. Its produe- 
 tion for 1917 was aliout one and one-half time^ unniter than that of its larjrest compe- 
 titor, and the receipts from snli's in cl..ll;ir- wire :dH'nt twice n^ Jarfre as iIm-c of ;\)iy 
 other company. 
 
 III. 
 
 The source of increased profits made by tlie various eompuuies is due to t'le follow- 
 ing causes: (a) Increase in sales, ('/) increase in profit per barrt I of tlour: and ('■) 
 large revenues from dealings in wheat in the years r.il.'i, ll'Ui, and 1IU7. 
 
 The increase in tital r<>eeipts from sales annually i* very striking. In ncaily every 
 ca»c it has been doubled, and in some cases Ireliled. ilie increase in tlic number of 
 barrels sold is also considerable, and the price of Hour lias almost doi:bled .-inei I'.Ut. 
 The profit per barrel of llour made by the various companies between 1''14 ami I'.'IT 
 did increase. It will be observed above that the profits per barrel of tlour in I '.Ml 
 were as follows: Ogilvie Flour Mills Company, l.") cents; Lake of the Woods Milling 
 Company, l.'i cents; St. I>a\vrence Flour .Mill^ Com|>auy, l.'i cents; Western I aiiuda 
 Flour Mills Company, IC cents; ifaple Leaf Milling Company, 11 cents; Robin Hood 
 Milling Comppuy, 22 cetits. In liMT. the pr "tit- per barrel were: Opilvie Flour Mills 
 Company, 20 cents; Lake of the \V...mU MiihiiL; (oinpany, 2<> cents; St. ' awrencc 
 Flour Mills Company. IV cents; \Ve,-tevn Canada Klour .\Iill> Compaiiv. I'.i eent>; 
 ^la|)lc' Leaf Milling Compan.v, IM) cents: Kobin Hood Milling (^oinpaiiy made a loss 
 of 1 cent per barrel of fl<iur. The IJobin Hood Milling Conijiany netted on all its 
 o|)erations a prollt of 2.") cents per barri'l in l'.*i7. iuit the sources of this profit wc-re 
 wheat di'alings, elevator earnings, etc.. and were not from tlour. The increased profit 
 of the ?,!aple Leaf Milling Compan.v was due largi'ly to dealings in wheat. 
 
 • 
 
 IV. 
 
 Contrary to general belief, the i)rotit jier barrel of tlour nnide by the various 
 milling companies Is comparatively ver.v small. Kigbtei'U to twent.v cents jier barrel 
 seems an extremely snnill amount for millin<; companies to make, considering the high 
 price of Hour at the present time. Xcvertb.eless. the net revenues froni siieli orofits 
 per barrel have been sufficient !" pib \ip inunense surplus profit aeco\iiit-. n d' em 
 biMid~. and p.iv d'vidi'inls either larger than b.ave bitlievtc. been i>aid. or on -tn'k which 
 received no <livi.|end- previous to the la-t few years. 
 
 V. 
 
 I he above report al>undantly allows tliat it lui^ iio| been po>r-ible to r. mh ih.- profit 
 of the milling companies by setting a limit "ii the profit of tlour per barrel. With 
 increased production, even were the profits jter barrel of tlour limited to. ~ay. fifteen 
 cents, still ample dividends might be paid and reserves set aside. With the ti.xing of the 
 price of wheat, the source of revenue from wheat dealings, which largely contributed 
 to the dividends nf tl:i> milling eonipanies in I'.'l.'i and li'lT, iiarticiilarlv. will be cut 
 off. 
 
run i: \iil.i.l\(. ro.i/r.i \/;,n 
 
 37 
 
 To show the profit- hikI diviiliMuls p.i.valile from tl.ur iii.iiiiihui'irc iilniif. the 
 reports of flie conipaiiips have heni Hiiiilvzinl in (ietiiil. ['i-.>tits frcm flour nlme have 
 in most cases heen very satisfaetiiry, and allowed ample and sutlieient re.-erves. In 
 the ease of thri^' or fonr of the larp'-l einiiiMnies, the piotit would ivi ii he aliuorTiial. 
 Net profit on the turnover has been in n -t cases het\ve<'n two and three per eenl. 
 It has Ik'CM r.howu that lhi> hear?, little nlatiou to the rati- of pnitil <>u the total 
 inve-ted capital. It is clear, therefore, that the only way to reach the profits of the 
 niillinsr eonii)anies i> to increase the tax on the net profits on total investmt ■ ■ . the 
 year. 
 
 The reports of all the ditTerent ilns-cs of milling: c-oin|>anies, considered togcthor, 
 show that the smaller mills, making from 1Im),0im> to ,'iii().i(Oi> barrels of tlour a year, 
 could possibly exi-t makinir a moderate revenue from a profit of -J') cents a barrel of 
 tlriur; that the smaller mills, makinjr h-ss than 1(K),(HK) barrels a year, would find 
 difficulty in survivinji on this piotit, whereas the nine larsrest companies can, on less 
 than this jirotit, make a net i>roHt yearly of unprei-edented amounts. This is due to 
 the increase in i)roduction. 
 
 The increased profits of the lar;;e-t comi>:inii- i- ii.t due directly to increase in 
 profit per barrel of flour he<'aiise :ii) cents jirotit per harrrl of fhmr, when a barrel 
 sells at J*!! wholesale is a smaller rate of i>rotit than 1.") cents profit i>er barrel, when 
 Hour sells at $4 per barrel. As a mafT^T of fact, the rate of prolit on the annual turn- 
 over in some <>ases has deerea.-eil as. for example, that of the L.ake of the Wouds 
 MiUiuK Cimpany, althiaish the net profit on investment lias increased. 
 
 It is therefore evident that the profits of tlic> lawe llcnn- tnilllnir cmpanic- em 1,,. 
 ri'achi'cl eiily by a Business Profit.-. War Tax. 
 
 II. .1. -U. KKX.V.\, 
 
 (.\Il-. (^lEORGli HAMHr.KT(J\.)