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TouS lea aufras exemplalres orlginoux sent film*s/en commenpant par ia premiere page qui comporte une empreinte d'impreeaion ou d'illustration at an terminant par la dernidre page qui comporte une telle empreinte. Un dea symboies suivants apparaftra sur ia darnlAre image de cheque microfiche, selon le cas: la symbols — ► signifie "A SUIVRE", le symbols V signifie "FIN". Les cartea, planches, tableaux, etc., peuvent Atra filmte A das taux de reduction diff Arents. Lorsque le document est trop grand pour Atra reprodult en un seul clichA, 11 est filmA A partir de i'angia aupAriaur gauche, de gauche A droite, et de haut en bes, en prenant la nombre d'images nAcessslre. Les diagrammes suivants iilustrant la mAthode. 1 2 3 1 2 3 4 5 6 d A special meeting of the Shareholdei-B of the Co.muercial Bank of Canada, was lield at the Bank on Wednesday, tlie fith day of November, 18(17. There were lifty-fonr Shareholders present, liohlin.ff or representing nj.wards of ten tl'ionsand shares, or one-tourtli of the Capital. The President having taken the Chair, snbniitted statement of the aftairs of tlie Bank h.s they appeared by the Books on 31st October, 1867. Also, statement of same date showing valnation of the Assets as made by tiie S|)ecial Committee of the Board. These statements are as follow : — GEXERAL STATEMENT OF THE LIABrUTIES AND ASSETS OF THE COMMERCIAL BANK OF CANADA, AS AT 31st OCTOBER, 1867. Liabilities. Hank Notes in (-ircnlation . . Deposits, including balance of loan fn^m Bank of Montreal, nnpaid drafts and' items in transitu 2,015,996 Balance-; due to L(»ch1 Banks 40 29:'^ Balance due to London Ag(>nts 3(l3.'229 Capita! Stock .' 4,fi()o!ooO 11 Assets. . ^ 1,102,166 1| Casli, viz i—Sju'cie, Provincial Notes, Notes j of other Banks, Balances dut; by Local j Banks and Foreign Agents " % 448 475 j Government Debeutiucs '' 400000 j Real Estate— Bank jtremises 285*861 j Bonds and Mortgages ^ 109,365; i Bunds of Detroit tV; Milwaukee R.R. 1,770,220, I Doubtful Debts ^1,106,787 I Les:? Res. fund *fc Profits 470,440 636.347' Notes ])iscountent8. 40,292 303,229 Assets. specie, Provincial Notes, Notes and Iklances due l)y Loc^il Banks and Foreign Agents Government Debentures Real Estate ((bmmittee's valuation) Bonds and Moitgages Detroit ife Milwaukee R, R. Bonds, valued by Committee at 50 cents Notes and Bills discounted. Bills of Excliange and Stamps Other del>ts due to Bjink $ 448,475 400,000 200,000 109,365 900,000 3,114,876 69«1,539 '6 3,461,683ii ^ 5,86f|,25i ...x> r^ •^u? •1 Cl3^ f^X)D JSUl Xl^f 2 ■ " i ' ^ The l*re8ident j;heri read, the following Report :— Tho Directors of the Commercial Bank ot Canada, heg to submi* the forepfoliijj statement showing the position of the Bank on the 3l8t day of October, 1867. At this moment when their energies are necesBarily coueontratod upon the best means of providing for the liabilit ies of the Bank and of effecting as favorable a settlement as possible for the Shareholders, the Directors do not deem it advisable to enter into a minute investigation of the immediat* causes of the late unfortunate suspension of this Iustituti(m. It will suffice to say, that tor a con- siderable period after the Annual Meeting of 85th June last, the public mind ajtpearcd to be perfectly free from all ajviirehensions as to the solvency of the Bank. No withdrawals of deposits (exc(!pt such as were distinctly traceable to ordinary business causes) seem to have taken place until a tow weeks prior to the susjx'nsion, From that date, however, the dtmiands of d(?positoi-s became daily more and more pressing and cuntiiiuous, till at last, ai'ter an absolute withdrawal of deposits to the amount of one million and a •luartcr of dollars, and after receiving notice of further removals to the extent of six hundred thousand dollars, it became jjerfcctly evident that nothing but the active intervention of Government, or of the other Bunking Institutions of the cimntry, could avert the impending disaster. Applications for aid were made accordingly, in the above-named (juarters, but these having failed, it became the painful, though anxious duty of the Directors, in the common mttiresfs of all concerned, to order a suspension of si)ecie i)ayments, in the hopie of effecting some arrangement which would enable the Bank to resume business within the sixty days limited by its (!harter, either singly or in conjunction with some other similar institution. Notwithstanding these unfavorable circumstances, the Directors, while far from seeking to conceal the gravity of the calamity, yet cannot but feel that the position of tho Shareholdi-rs is by no means so d(!Si)erate as it was at first imagined ; and eviin should the Boarti be ct>mpelled to resort to the extreme measure of going into Jiquidation, they entertain strong hopes of realising a con- siderable surplus. The Directors have caused tho necessary advertisements to be jmblished, of their intentions to apply to Parliament for i)ower to enable them to carry into effect such changes in the position of the Bank as may ultimately Im> decided on ; and also, fora general meeting of the Shareholders to be convened for the purpose of accepting or rejecting the pro|)os('d arrangemr^nt. The Directors are strongly of o])inion that the course indicated in the prixu-ding imragraph, of applying to Parliament for powers to enable them to make such arrangements as may be nec;!ssary, is most desirabW; to adopt, and would recam- ship Co., this 39th day of October, 18()7, at which were jjresent a very large number of those interested as Stockholders, as well as representatives from other Banking institutions in the city. It was moved by Hugh Allan. Esq., seconded by the Hon. Mr. Holton, That Thomas Paton, Es(i., of the Bank of British North America, bo requeste*! to take the Chair, and Mr. Cross to act as Secretary — Carried. It was moved by W. Workman, p]s(i., seconded by George Moffatt. Esq., That tho meeting is of o])inion that efforts should be ipade, with the view to resuscitate tho Bank, either by reducing the ])resent Stock and obtaining additional' Capital, or by amal- gamating with another Bank, or by taking any other steps that will enable the Bank to resume specie paymimts, the whole sub- ject to the approval of a majority of the Shareholders present in i)erson, or by proxy, at a meeting specially called for the pnrjwse ; and further, that applicetion bo mad(! to the Legislature for such h^gislation as may be found to be necessary — Carrii^d. It was movetl hy J. G. McKenzic, Esq., sec^)nd(fd by Robert Anderson, Est)., That 'he meeting refjuest the Spedal Directors to look further ijito the jxwition of the Bank as it may be effi.'cted by the recent suspension, and t » be prepared to submit a statement of t)ie position of the assets and liabilities of the Bunk o n the (5th of November, to the Shareholders, or previously to any other per- sons or institutions from whom a loan may be iK)ssibly obtained, with a view to resume sjxM^ie i)ayment8 — Carried. It was moved by VV. Workman, Estj., seconded by the Rev. Mr. Cordner, That the thanks of the meeting lie tendered to the Hon.* Mr. Holton, Hugh Allan, and Alex. Morris, Es(juires, Special Directors, for the very great care and attention l)e8towed by theni in investigating the affairs of the Commercial Bank — Carried. Move b. t X u \ ^ ij' ^ k 9<^ u During ilio dicpusHion. Mr. E. IT. Klnjr, tho Ocnoral Mnnngcr of tlic Bunk of Montreal, intimated to the meetln(l to aHHiHt tlic ("oiiinii'i'ciiil Bunk to ri'siinit; buHincHH, provided on on exautination, by perHonn u|)i)oint(Ml by liiin, of tlie uHuirH of th«! Bunk, they proved satisfaetory, and tlmt siitflcient security was ^ven for tlie repaynnmt of the amniitted herewith for tlie information of the Shareholders. The unden>ij{ned were not lonjf in perceivinf? that the only terms on which this assistance could Ihj obtained, were such, as in their opinion, it would n:)t be for the interest of tlie Shareholders of the Commercial Bank to iigrce to. If it had been aiibrdi'd j)revioiis to, and in time to prevent tht? susjienaion it would have bet^i of the utmost importjince. but now, after the credit of tho Bank has beyn ho sc^riously impain-d, a mere temporary loan repayable in a few months, though of little per- manent beni^fit, would be hijjhly desirable if it could be obtaincid on suitulile terms — and would f^ladly have been availed of — as a means of enabling the Bank to resume business, and affording time to strengthen itself by such measures as seemed most advan- tageous. But for permanent purposes it is necessary that fresh Capital, sufflcient to restore public confidence, either by new subscriptions of stock, or by some other metho'i, must be nwortod to, and the undersigned recommend the meeting to-day to pass resolutions similar in character to those adopted in Montreal. It will then bo the duty of the T)in'ct')rs, jirior to the meeting of 17th December, to make the best arrangements in their power for tho interest of the ShareholderH, wliicli Hrnuigements must then lie sulimittcd to tlie (Jenenil Meeting for ratification. Kingston, 6th NovEMBEn, lH(i7. HUGH ALLAN, L. H. HOLTON, ALEX. MORRIS. Tlie President then moved, seconded l»y II. Allan, Esq., Tluit the two Hepoi'ts now read be concurred in, and ])rinted for the int'onniition of the Shareholders. The motion passed imaniinonsly. Robert Anderson, Esq., then moved, seconded by Edward A. Prentice, Escj., the following Resolutions : Rksoliition I. The Directors are hereby authorized to petition for and obtain an Act from the Parliament of Canada, to contain the provisions following;: — 1. To extend the period of suspension of specie paymimts without forfeiture of the Bank's charter. 2. To authorize the Directors of the Bank l)y Bye-law to reduce thc^ Capital Sti ( k of the Bank, and to raise additional Capital, on such terms as may be set forth in such Byelaw. Resolution II. The Shareholders of the Bank being present in person, or b}'^ proxy, to the number in all of 10,340 shares, take advant ige of this meeting, in the present circumstances of the Bank, to authorize the Directors of the Bank to obtain the further following provisions in the proposed Act of Parliament, viz. : — 1. Authority for tlie Directors to enter into an agreement with any other Banking Institution or Institutions for an uraalgo." matiou — and to diitermine u\mn the terms of such amalgamati(m, and the relative value of the Stock of the Bank and such other amalgamating Bank or Banks — and to agnio upon such other terms for the conduct, management, and general relations of the amalgamated institutions, as the Directors of the Bank may think best, — such agreement not to be valid, until confirmed by the Shareholders of the Commercial Bank, and which C(mfirmation may be obtained at the Special General Meortant special meeting to be held on I7tb December next. (Signed), K. J. CART WRIGHT, /*/W