IMAGE EVALUATION TEST TARGET (MT-3) 1.0 1.1 Uiyi |2.5 |io *^" H^H ■u Uii 12.2 Ui lil |,. |Z0 m '•2^r-^ij4 ^ 6" ^ 0% ^ V ^V--^ ^^** > Photographic Sciences Corporation 23 WEST MAIN STREET MEBSTER.N.Y. 14580 (716) 873-4S03 '9. :.M L-. ^. CIHM/ICMH Microfiche Series. CIHM/ICMH Collection de microfiches. Canadian Institute for Historical Microreproductions / Institut Canadian de microreproductions historiques Technical and Bibliographic Notaa/Notas tachniquaa at bibliographiquaa Tha Instituta has attamptad to obtain tha bast original copy availabia for filming. Faaturas of this copy which may ba bibliographically uniqua. which may altar any of tha imagas in tha raproduction. or which may significantly changa tha usual mathod of filming, ara chackad balow. □ Colourad covars/ Couvartura da eouiaur r~n Covars damagad/ D D D D D D D Couvartura andommagia Covars rastorad and/or laminatad/ Couvartura rastaurte at/ou palliculAa I — I Covar titia missing/ La titra da couvartura manqua I I Colourad mapa/ Cartas giographiquas mn coulaur Colourad inic (i.a. othar than blua or black)/ Encra da coulaur (i.a. autra qua blaua ou noiral Colou''^ platas and/or illustrations/ Planchas at/ou illustrations an coulaur Bound with othar matarial/ Ralii avac d'autras documants Tight binding may causa shadows or distortion along intarior margin/ La r« liura sarria paut causar da I'ombra ou da la distorsion la long da la marge intiriaura Blank laavas addad during rastoration may appaar within tha taxt. Whanavar possibla. thasa hava baan omittad from filming/ II sa paut qua cartainaa pagaa blanchas ajoutias lors d'una rastauration apparaiaaant dars la taxta. mais. lorsqua cala Atait possibla, cas pagaa n'ont pas M filmAas. Additional commants:/ Commantairas supplAmantairas: L'Institut a microfilm* la maillaur axampiaira qu'il lui a iti possibla da sa procurar. Las details da cat axampiaira qui sont paut-Atra uniquas du point da vua bibliographiqua. qui pauvant modifier una imaga raproduita. ou qui pauvant axigar una modification dans la mithoda normala da fiimage sont indiquis d-daasous. |~~| Colourad pagaa/ n Pagaa da coulaur Pagaa damaged/ Pagaa andcmmagias □ Pagas rastorad and/or laminated/ Pages rastaurias at/ou peilicuiies Pagaa discoloured, stained or foxed/ Pagaa dicoiorias, tachaties ou pique Pagaa dicoiorias, tachaties ou piquias Pagas d^tachies Showthrough/ Tranaparance Quality of prir Qualiti inigala de I'impression Includes supplementary matarii Comprend du material suppl^mantaira Only edition available/ Seule Mition disponible I I Pagas detached/ n^l Showthrough/ I I Quality of print varies/ p~1 Includes supplementary material/ rn Only edition available/ Pages wholly or partially obscured by errata slips, tissues, etc., have been refilmed to ensure the best possible image/ Les pages totalement ou partieilement obscurcies par un feuillet d'errata. una pelure, etc.. ont 4te film^s A nouveau de faq on A obtenir la meilleure imaga possible. This item is filmed at tha reduction ratio checked below/ Ce document est film* au taux de rMuction indiqu* ci-dessous. 10X 14X 18X 22X 26X 30X y 12X 16X 20X 24X 28X 32X lails du >difier une naga Th« copy filmed h«r« haa baan raprcduead thanka to tha ganaruaity of: D. B. Wtldon Library Univarsity of Wastarn Ontario (Ragional History Room Tha imagaa appaaring hara ara tha baat quality poaaibia conaidaring tha condition and lagibility of tha original copy and In kaaping with tha filming contract spaelfieationa. L'axamplaira film* f ut raprodult griea k la g4n4roaitA da: D. B. Waldon Library Univarsity of Wastarn Ontario (Ragional History Room) Laa Imagaa auh^antaa ont 4ti raproduitaa avac la plua grand aoin. compta tanu dn la condition at da la nattati da l'axamplaira film*, at an conformity avac laa conditiona du contrat da filmaga. Original copiaa In printad papar covara ara filmad baginning with tha front covar and anding on tha laat paga with a printad or illuatratad Impraa- •ion. or tha back covar whan appropriata. All othar original copiaa ara filmad baginning on tha firat paga with a printad or illuatratad Impraa- •lon, and anding on tha laat paga with a printad or llluotratad Impraaaion. L4W axamplairaa originaux dont la couvartura •n papiar aat ImprimAa aont fiimia wx commanqant par la pramiar plat at an tarminant soit par la damiAra paga qui comporta una amprainta d'Impraaaion ou d'llluatration, soit par la sacond plat, salon la caa. Toua laa autraa axamplairas originaux sont filmis 9n commandant par la pramMra paga qui comporta una amprainta dimpraaaion ou d'llluatration at an tarminant par la darnlAra paga qui comporta una talla amprainta. Tha laat racordad frama on aaeh microficha shall contain tha symbol ^^ (maaning "CON- TINUED"), or tha symbol y (maaning "END"), whichavar appliaa. Un daa symbolaa suivanta apparattra sur la damiira imaga da chaqua microficha, salon la caa: la symbola -^ signifia "A SUIVRE' . la symbola ▼ signifia "FIN". Mapa. plataa. charts, ate., may ba filmad at diffarant raduction ratioa. Thoaa too larga to ba antiraly inciudad In ona axpoaura ara filmad baginning in tha uppar laft hand comar. laft to right and top to bottom, aa many framaa aa raquirad. Tha following diagrama liluatrata tha mathod: Laa cartaa. pianchas. tableaux, ate. pauvant Atra filmia A daa taux da rMuction dlffirants. Loraqua la document aat trop grand pour itn reproiiduit en un seui clich*. il est film* A partir da I'angle sup4rieur gauche, do gauche A droite. et de haut en baa. en prenant la nombra d'imagea nteassaire. Lea diagrammea suivanta illuatrent la mAthoda. rrata ;o DOlure, lit D 32X 1 2 3 1 2 3 4 S 6 The Bank of London in Canada. To tlie Shareholders of the Bank of London in Canada : The Directors beg leave to suljmit the following statement : 1. This meeting has been called for the purpose of taking into consideration a resolution asking for legislation to wind up the affairs of the Bank. 2. It is well known to the Shareholders that during last summer the Bank was subjected to a very severe run, and that the President, Mr. Henry Taylor, left the country for a time. 3. It is also well known that in consequence of his absence the arrangement proposed with the Bank of Toronto could not be carried out. 4. The position was a serious one ; public confidence had been destroyed by the previous run. The President's absence would renew the alarm, which had been lulled for a time by the lielief that the Bank of Toronto would take over the assets, and this, too, at the last moment had failed. 5. The Directors believed their duty was to the Stockholders, they did not believe the Bank's affairs were in a bad condition but they knew its paid-up capital was very limited, and in order to save all that was possible for the Shareholders and prevent the necessity of making further calls on the unpaid stock, they determined to suspend payment, which they accordingly did on .\ugust 1 9th last. 6. Their first effort was to obtain sufficient to redeem the circulation, which they did in about a month, and the amount now outstanding is aVjout $6,200. 7. Their next endeavor was to pay their debts, which was accomplished within the time limited by law, and the necessity for compulsory liquidation was avoided. 8. The present liability to depositors and others is about $5,000 only, which, together with the unredeemed circulation, makes the total indtbtedness $11,200, and circulars have been sent several timds requesting the creditors to call for their money. 9. In order to accomplish these results the Directors made satisfactory arrangements with the Traders' Bank, whereby that Bank took over the current business of the branches of the London Bank at Brantford, Ingersoll and VV^atford, and the assets were realized and obligations met at these points without loss to the Bank. Equally satisfactory arrangements were made with the Bank of Toronto with reference to the business at Petrolea. The Dresden branch was wound up satisfactorily l)y the agent there. ID. The Head Office at London only was left, and almost the entire losses of the Bank were sustained here, but good results have been achieved by diligence, carefulness and close attention to the col- lection of the assets. Litigation has been avoided as much as possii)le and the result is much better than it was feared it would be when the Bank suspended. 11. Having redeemed the circulation, met their lial)ilities, as stated, and avoided compulsory liqui- dation, the Directors turned their attention to other matters. They found the capital of the Bank weakened by losses and that it would be further reduced by the cancellations of stock which would necessarily be made to meet the obligations to the Bank of large shareholders, who were also largely indebted to the Bank and with public confidence completely broken and financial matters generally in a fevered and excited state, they abandoned as impossible the idea of reviving the Bank. 12. The Directors found it almost impossible even to get any other Bank to open at London, but finally succeeded in inducing the Bank of Toronto to open at London, in November last, and since then the Directors have been steadily realizing the assets. 13. These arrangements also enabled the Directors to dispense with the bulk of the employees of the Bank without loss. 14. The Directors and Shareholders by petition then applied for legislation to wind up the affairs of the Bank, but objection being taken that no Shareholders' meeting had been held, this meeting was called. 15. There are four classes of Shareholders : i. Those who have not paid the calls of 15 per cent. 2. Those who have paid the calls and no more. 3. Those who have paid more than the call of 15 per cent., but not the full amount of their subscription. 4. Those who have paid in full the amount subscribed for by them. 16. The Bill applied for was specially framed with the view of winding up the assets of the Bank as speedily as the interests of the Shareholders would permit, and paying back to the Shareholders all that remained after paying the circulation, the debts and the expenses of winding up. 17. The reason a greater percentage of the Stock had not been called up much sooner was because a considerable proportion of the Subscribers could not have met the call, and instead of calling up the Stock, Subscribers were invited by circular to pay, and the Bank gladly received any amounts Subscribers chose to pay on account of Stock, and welcomed any Stockholders who could pay up in full. 18. The Directors believed, and they were advised, that the law was that the losses should be borne by the Shareholders according to the number of shares held by each. 19. The Directors cannot predict with certainty what the result of winding up the Bank's affairs will be, but they are able at once to declare a dividend of 50 cents on the dollar, based upon the sub- scribed capital. 20. The Directors would call the Shareholders' attention to the fact that those who wound up the Bank did not make the situation. Respectfully submitted, F. B. LEYS, / Vice-President.