1897.
BANK OF MONTREAL.
ANNUAL GENERAL MEETING,
Held 7th June, 1897,
(From The Gazette, of June 8th, 1897.)
The levr tyninth annual meetiog cf the
SharehoV .« of the Bank of Montreal was
beld in .a Board Room at 1 o'clock yeiter-
day.
Xbere were present Hon. Georfie A. Drnm-
mond, Vice-Pretiient; Meeera. Hugh Mc-
Lennan, W. C. McDonald, E. B. Green-
shields, Hector Mackeczie, Hon. James
O'Brien, Donald Macmaster, W. W. Ogilvie,
F. T. Jndab, Angus W. Hooper, J. W.
Howard, Richard White, James Wilson, jr.,
W. J. Buchanan, M. Burke, H. Mason,
Alex. Mitchell, H. Drummond, W. Wallace,
E. Rawliogs, F. H. CJimms, John Molson
and J. McCarthy.
On the motion of Mr. John Crawford, the
Hon. George A. Drummond, VicePreeident,
was unanimously voted to the chair, in the
absence of the President, Sir Donald A.
Smith.
On the motion of Hon. James O'Brien,
seconded by Mr. Donald Macmaster, it was
agreed: — "That the following gentlemen be
appointed to act as scrutineers: — Messrs. W.
J. Bachaosn aod Angus W. Hooper; and
that Mr. James Aird be the Secretary of
this meetiog."
The Report,
The report of the Directors to the Share-
holders at their 79ch annual general meeting
was read by Mr. Clouston, the General
Manager, as foUowr: —
The Directors have pleasure in presenting
the 70th annubl report, bhowitg the result ot
the Bank's busiof ss of the vear ended 30ib
April, 1897:
Balance cf Profit and Loss Account
SOth April, 1896 % 856,348.19
Profltfl for the year ended JCth
April, 1S97. after deducting
charges of mansginicnt, and mak-
ii g full provision for all bad and
doubtful debts 1,230,561.79
^,086,909.98
Dividend 5 per cent., paid Ut
December, 1896 $(iOO,CCO
Dividend 5 per cent., payable
1st June, 1897_ 500,aO
1,ZOO,COO.OO
Balance ot Profit and Loss Account
carried forward % 885,909.98
A branch of the Bank has been opened at
New Denver, B.C.
The Directors decided to erect a building
for the Bank's use at Victoria, B.C., and ii
it now approaching completion.
All the officta of the Bank, incladicg the
Head Office, have been inspected during the
past year.
Donald A, Smith,
Preaidtnt.
SOth April, 1897.
Oenepal StMement, SOth April, 1807.
LIABILITIES.
Capital Stock $ 12,CC0.ao.00
Hest % 5,0CO,COO.0O
Balance of Profits car-
ried forward 886,90998
% 6,8E6,909.98
Unclaimed Dividends. 8,016.01
Half-yearly Dividend,
payable 1st June,
1897 600,000.00
7.494,955.99
$19,494,955.99
Notes of the Bank in
circulation $ 4,563,386 00
Deposits not bearing
interest 11,£87,662.27
Deposits bearing in-
terest 28137,088,89
Balances due to other
Banks in Canada. . . . 12,393.73
44,600.630.89
f 64,095,486.88
ASSETS,
Gold and Silver Coin
Current 9 2,495,062.59
Goverrment Demand
NotcH 3,121,192.50
Deposit with Do-
minion Government
required by Act of
Parliament for
security of general
bank note circula-
tion 2t5,C0O.0O
Due by Agencies of
this Kank and other
Banks in Foreign
Countries $ 7,750,88^14
Due by Agencies of
this Bank and other
Banks in Great
Britain 6,893,774.73
14,644.656.87
Balances due by other
Banks in Canada. . . . 18,877.18
Dominion and I'ro-
vineiiil Government
.Securities 1,410,798.07
United States Railway
Bonds 3,325,010.08
Notes and Cheques ot
other Banks 1,261,658,72
t26,M5,25&Gl
Bank Premises at
Montreal and
Branches tCCOOO.CO
Current Loans and
Discounts, (rebate
interest reserved)
and other securities
and .assets 36,725,725.42
Debts tecured by
nortgage or other-
wise. . 98,700.14
Overdue debts not
spei ially sec u r e d
(loss provided for).. 125,745.31
^ 36,950,230.87
9 64,095,486.88
E. S. CLorsTON.
General Manager.
Bank of Montreal, Montreal, 30ili Aprjl, 1897.
The General BIanacrsP>
Mr. Clouston, said: Referring to tho
balance sheet submitted to jou at
this meeting, there are ceveral im-
portant changes which it may be as well to
give some explanation of. In fact, the
tignres without an explanation would con-
vey a wrong impression. The first change of
any importance is an increase of $3,791. UOO
in deposits not bearing interest. This is
nearly all of a teropcrary character, caused
chiefly by Governmect deposits, and will
probably disappear before long. In deposits
bearing inttresc there is a large increase of
13,916,000 Aside from the steady increase
in our Savings Bank Deposits, there are
some special amouDts here which also lack
permanency. I cannot say that bankers at
present regard with any great degree of
pleasure the increase in thla item, particu-
larly when they, like ourselves, are
obliged to lend it abroad at a nominal rate.
Our cash reserves have increased §411,000, a
small amount proportionately for the in-
crease in liabilities, but as we are so strong
in immediately available resources else-
where, it is a matter of little moment,
rher-iaan increase of ,?2.610,0C0 in tho
amount due us by agents in Great Britaio,
which is an immediately available aeset,
though net a very paying one at present
rates. The appearance of the item in the
statement, of Dominion and Provincial
Government Securities, is doe chiefly to an
operation in the bonds of this province and
will very likely not remain there long. Our
United States Railway Bonds have increas-
ed $887,000. This item constantly changes,
as we are active dealers in tbem, and frequent)
participators with other banks in bond
issues, (Jur loans have increased $1,956,000,
priocipally from a desire on the part of the
business community to pay duties in antici-
pation cf a prospective change in the tariff,
paitly also from a general expantion in our
basinesa. Our debrs secured and unsecored
have increased $135,826, not a very large sum
considerlcg the trying jear we have just com-
pleted. The same remark applies to our
profits, which nhow a fallirg off of $10,635.
Altogether you will admit we are in an ez-
cepticnally strong fiDacciul position, but not
one in which we can make much profit with
the present low value of money In forelgi>
markets. lo fact, each sucoeedlng
year seems to increase the difficulty
of maintaining our profits, and when,
in additloD, we are obliged to provide for
the shrinkage in values natarally resulting
from the prolonged -depression in business, it
ia almost a matter of surprise that we are
•bl« to appear before yaa with ao good a
•t»temeDt a« the preieni
lo b»i baao laidl th»ti, like Joteph'8 klne,
baokeri have seven fat yeari and leven lean
ooei, and it ought to be abont time for the
lean ooei to cea«e, for, eioce the Baring crisis
in 1890, the world baa experienced a succes
aion of doancial shocks and disasters wUboat
parallel in its history, partly the natural re-
suId of businets depression through over-
tradio({,over manafacturiogand other causes,
bat part of it forced on the Goancial world by
those who should have bsen the buttresses
between ic and harm. Whether we are
through with them time only can tell. With
the settlement of the European question,
which seems probable, at least temporarily,
and the adjiiurnment of the legislative
bodies here and in the Uoited States, the
fausioeis commanity may have a chance of
taking brcs^b and oommenoing another
strugsle to attain prosperity. la the United
States there are signs of the sunshine break-
ing through the clouds, and a particularly
bright gleam was Secretary Gaga's »t element
the other d*y that the present admioistra
tion was determined, once the tariff was out
of the w<iy, to take np the question of plac-
itg the currency of the country on a sound
basis With our Urge interests in the United
btates we nsturally give them our heartiest
sympathies to any effjrt in that direction
Canada has fortunately been comparative
ly free from fioancial heresies, and to that
we o«ve in a large measure our comparative
immunity from the troubles which have agi-
tated the neighboring country during the
last few years.
In Cinada the future is still shrouded to
uncertainty. The past yoar has been very
disappointing, a year of increasing business
depression, full of unsettling incidents, and
there have been a considerable number of
failures. More will have to follow, unlets
some improvement takes place this jear.
The position, so far as I can read it, is this,
and it seems to me a very delicate one: —
Any fuither depression, coming on a com- I
munity already weakened by a long fight
agiiatt adverse circumstances, will precipi-
tate a very serious state of affdtirs, worse than
anything we have yet bad to encounter. Oo
the other hand a settlement of the tariff
wiih a due r»gtrd to established interests, a
griod crop with fair prices, lenient treatment
and judicious assiitanoe meantime to those
in business, may yet «nake this year the
beginning of a prosperous cycle. The posi-
tion is 00*' by an / means hopeless. Crop
protpecta are good in the Northwest, fair
in Ontario, though backward in Quebec.
Mineral development still oontinnes in the
West and is adding daily to the wealth of the
country. Thongh our lumber trade with the
United States is not in a satisfactory posi-
tion, our trade with England is good. The
manufacture of pulp promises to grow into a
most important and v<tlnable industry, for in
this oountry we have nolimlted quantities of
4 he finest raw material in the world, with
oiagniScentwaterpowrrand reasonable labor.
The cheete and butter trade promises to be
a large one, and we appear to be on the eve
of a largo development In our bacon and ham
trade. Negotiations, judging from the news
papers, are practically completed to build a
railway into the British Oolumbia minlog
reg!o;:v. This of itself will be almost tuf-
€cient to start the hands of the oommerotal
barometer towards fair weather. The posi-
tion is not by any means hopeless, but
rcquirea careful treatment and all the en-
couragement that can be given.
If there are any qnestiona from the Share-
holders, I will have much pleasure in reply-
log to them.
Tb« Vice- President.
Honorable George A. Dru-nmond, said: —
I truit that the Shareholders of the
Bank of Montreal will agree with the
Directors in considering the result of
the year's business as sa'.isfactory, and in
view of the timss as emineotly credicable
to the General Manager and staff The
stsgoation doe to the prevailing distrust and
UQcertalaty which wa have had to chrooicle
for several years piac still prevails Diubts
as to the character of impending tariff legis-
lation produced an aaeatisfaciory state of
business during the winter months, and anz
ieties on this score still exisc. The victory
of the sound money contest in the Uoited
States failed tore establish confidence, its the
successful side set itself ta a readjast-
ment of the tariff before dealing with
the currency Oj both sides of the line,
therefore, similar causes of an nosettliog
character exist, and it niay without dispute
be asserted that no more potent iofiaence is
to be fonad to retard the investment of capi-
tal and delay the progress of the country
than frequent changes in its fiscal policy.
The battle of sound money against heresies
of various kinds in the United States, which
late events would appear to have tettled, we
are assured is only postponed We are even
promiied a transfer of its malign influence to
our own oountry. Should these prognostica-
tions have any solid foundation, the end of
our bad times can scarcely be said ti be in
sight Every reflective man must, I think,
have arrived at the conclusion that we and
our neighbDrs to the south have too much
law making constantly going on. and the con-
viction is forced upon me that men of busi-
ness are far too much disposed to
abandon the political duties of evei-y
citizen, to those less occupied with af-
fairs than themselves, with the result
; which might be expected, that they only
I awake to a feverish period of mdignat.t and
anxious remonstrance when they find their
interests imperilled by legislation which
might have been prevented at an earlier
stage. Statesmen of all parties deplore the
• absence of men of weight and experience in
finance, commerce and trade from the ranks
. of those available as originators of the com-
mercial legislation of the country. It is mat-
i ter of common experience that a sense of re-
i Itef is felt in the great centres of the country
during the brief intervals when no active law-
making is going on. If these thiogs be so,
I it follows that the busioess of legislation is
, every man's business, and that it is false
: economy to shirk a painstaking participation
' in the work of lesislatioc.
No law of importance affecting this in-
'. stltntion, or baoki* generally, has been
': passed, or as far as I am able to judge, is
likely to pass this session. Oae act con-
cerning interest was introduced, which most
certainly would have brought abont far
reaching consequences and most inconvenient
results, but it has been withdrawn, and
another bill snb<tituted t? which little ob
jection can be offered. I am bound to say
that the original bill was an honest attempt
to deal with the rross evils of usury by
individuals, but its withdrawal is just
another example of the difficulty of striking
those without disturbing tfab wholly bene-
ficial operations of regulated banking.
While the Bank of Montreal cjnduots ita
affairs with a weighty sense of Ita responsi
bllity as an institntion with which the credit
and fioaooial stability of the oountry is inti
mately bound np, it at the same time fully
recognizes the fact that any policy of finality
or lack of enterprise is inseparably and sure-
ly one of decay and decadence, and the
Shareholders will, T trust, approve the pro'
gress made in the extensiona of the year.
The branch at St. John's, Xewfonndland, is
solidly establiahed there, and while a valu-
able branch to the Bank, has received a large
measure of popular support .lOd confidence,
and is, I trust, of use both to the Govern-
ment and the commercial community of that
Colony. The great mining district of Brit-
ish Columbia has also re'^eived the attention
of the Bank, and •gencies have been opened
at New Denver, l^elson, Rossland and
Vernon.
The great mineral wealth of British Colum-
bia has been proved by the discovery and de-
velopment of many valuable mines. The
abundance of fuel, labor and water and the
facilities for transport in that Province
should enable this portion of the Dominion
to compete in tbe economical production of
the precious metals on favorable terms com-
pared with any other known mining district
in the world, but I would deprecate in the
Btroogest terms the reckless spirit of gam-
bliog which prompts investment in unproved
properties. Such properties should not bs
taken on any other bails of valuation than
the ohanoe that they may turn out of no
value whatever. Fortanately, the number
of proved and valaable properties is already
sufficiently great to place the enormous min-
eral wealth of the Province beyond all ques-
tion, and the fact must be matter of con-
gratulation to every one.
Last season crops were expected to be
only fair. It was known that in Manitoba
aci Northwest Territories, the area sown
was less than in 1895. but the crop was har-
vested in good condition, and owing to the
advance in the price of wheat, probably
realized aa much as the crop of tbe preced-
ing year. In Ontario, on the contrary,
drought prevailed to the senous detriment
of the crops of all kioda. In Quebec and the
Maritime Provinces, coarse grains and hay
were a good crop For thepresent year it may
be said that in Manitoba and the Northwest
things never looked better, and the area
under wheat is large. In Ontario everything
looks well, though reports of injury to fruit
from local frosts come from various quarters,
but are evidently noo important. In Quebec
the scarcity of snow last winter unquestion-
ably killed some pasture, but the oopiona
rains, which appear to retard vegetation
now, will unquestionably, if good weather
now comes, go far to secure a good yield of
the fctaple productions, hay and coarsa
grains
The prospects of the shipping trade are
generally fair. Over five million bnshela
of grain were cleared from this pott
in May, and freight engagements np
to August and September are re-
ported, which is almost nopreoedented.
Ic is reported also that rates are as good as
lait year. la lumber, trade with Great
Britain has been in actual shipments and en-
gagements fully 50 per cent, in excess of last
year, while tbe dread nf advanced customs
duty bf the United States has stimulated
shipments to that country by rail and water.
'The facilities for handling butter and other
products by oold storage, both on land and
sea, promise to revolutionize the trade, and
may, if due care be taken to secure a uniform
and good quality in our staple prodnots, bt)
of Immenie service to this oonntrv.
I trait I may b« absolved from blame if I
make a departure from the strictly bntineii
character of oar annual meetingi. If some-
what exceptional, the ciroumatancea are nob
leia ao. I coniider my daty woald be im-
perfectly performed if no reference were
made to the approaching celebration of the
■iztieth anniversary of Her Majeaty'i acoea-
lion to the throne. It leemi to be a matter
of congratulation that Canada will on thii
oocation be represented in London by
a gentleman so intimately connecud with
this Bank, and bo well qualified to do
juitice to the intereiti of Canada, aa
Sir Donald Smith, the High CommiHioner
Every member of both poll tie U parties will
gladly agree that in Mr. Laurier the repre-
sentation of Canada will not suffer in com-
pariion with caj other portion of the Empire,
either in character or great qualities. The
occasion ii one which in the very nature of
ihingi is extremely unlikely ever to recur,
and may well be celebrated with enthnilatm
and rejoicing wherever the name of England
is known. Sentiment has no place in the
administration of a bank, but sentiment,
nevertheless, on occasion given, brushes
aside all personal interests, and rules with
overpowering foroe the individual and the
nation alike. It sets fleets and armies in
motion, and sways the destinies of w hole
races of men and the mightiest empires.
Glorying as we do in the achievements of the
great people of which we form a part, and In
their hittory which is our history, we can
approach our beloved sovereign with heart-
felt congratulations uudiminished by distance
in intensity or sincerity. We can recall with
just pride, that during Her Sdajesty's reigo
the population of the British isles has in-
creased nearly one half, and the Empire, in
area and population, more than doubled,
while its commerce has more thau trebled.
These salient facts can escape the observation
of no one, but it may not be untitling to recall
features not less important, but like the vie
tories of peace often less regarded. During her
bsneScent reign, the advances in a\l that
make for the well-baiog of every class of
her subjects have been beyond all precedent
in the past. Cruel and unjust laws have
been repealed, freedom of speech has dis-
armed and banished sedition, and the pro-
ducts of every clime have been laid under
tribute to minister to the comforts and ma-
terial enjoyment of the masses The
■lok and the wounded poor are sys-
tematically tended with zeal and lov-
ing care, which is armed against disease
and pain and death by scientific iliir
ooveries mightier than all previous ages
the world can parallel. Preventible disea
has been grappled with and the spanof huma.
life prolonged. The bonds of tbo slave tht
world over have fallen, and wherever the
British flag flies, there is proclaimed the
reign of liberty, of law and settled right.
Mighty forces of nature have been impressed
into the service of man Steam and elec
trioity have annihilated time and space, the
ocean has been bridged, the desert smoothed
and the dark places of the earth are daily
growing less. Can we, therefore, hesitate
to give our heartfelt and loyal congratulations
to our beloved sovereign, with loving ad-
miration for her life and work, for her un-
wavering devotion to the onerous duties of
her station, for her unflinching conrage, her
steadfast adherence to constitutional rule,
her unrivalled personal influence among the
, sovereigns of Europe, above all for a life
given to all that is noble and juSt and good,
Qod save the Queen.
Ttaa Dlsouaalon.
Mr. John Morrison, in r'.sing to speak on
the report, referred to the death of Mr. J
H. R. Molson, whom he spoke of as a man
cf a quiet and retiring dikposition, who did
not take the part in civic or political life
that his abilities eminently fitted him for.
They must all feel, even those who were only
slightly acquainted with him, that they had
lost, in his death, a personal friend.
Tue Chairman moved, seconded by Mr.
Hugh McLennan, "That the report of the
Directors now read be adopted and printed
for distribution among the Shareholders."
Mr. John Crawford spoke in favor of the
Shareholders being made acquainted with
th? gross profits and gross losses, and stated
that the banks in England and some
other portions of the British Empire,
were obliged by their constitution to give
the gross receipts. He suggested two ways
of increasing the dividends, 1st, by economy
in the internal management of the Bank, if
I that were possible ; 2nd, by paying smaller
I interest rn the enormous deposits. He ad-
vocated the payment of quarterly dividends,
' and considered that the Banking Act should
be amended in regard to the elec-
tion of bank directors, who should
hold office by rotation for a stated term.
He desired that the Directors would con-
sider this, and went on to say that the fail-
ure of many of our Institutions would not
have taken place if there had been rotation
on the part of the Directors. When gentle-
men were elected year after year, they were
apt to get into a groove from which it was
almost impossible for them to extricate
themselves. The rotation system would ob-
viate this, and would be a stimulus to each
Director to thoroughly qualify himself for
the position of President.
The Chairman— On behalf of the Board, I
would reply to two or three points on which
Mr. Crawford touched. As to our not stating
the gross profits and ecabling every share-
holder to estimate what the losses have been
and how they came about, that has been
threshed out preti'v fully previously, and I do
not think that I i I touch upon it. I have
not changed my views on the matter, and I
see that he has not changed Lis. With
regard to the last point on which he touched,
the compulsory retirement of a portion of the
Board and rotation of management, I think
the°*e is a great distinction to be drawn be-
tween the management of such an institu-
^'1 as the Bank of Montreal and some other
"utions in waich the service is of a more
aoiory character. I admit that in
institutions it has been absolutely
'«ite to make changes, and I myself have
-oated the matter most strbnuonslr, be-
Ca./ae the iniititutions, under the continuous
co>itrol of one class of minds, had got into a
condition of dry rot. In some institutions
in this city, the principle of rotation was in-
troduced to the greatest possible advantage.
But in the Bank of Montreal I can certify
that the Directors give a painstaking
attention to their duties, and after a while
the erperience they gain makes them more
valuable to the Bank and more valuable to
the remainder of the Board. This would be
lost if their connection with the institution
were abruptly terminated at a certain period
In the management of a bank you must have
men who are actively engaged In
buiineu. If you want really valuable
opinion upon current events in the
business world, yon must have men not only
of past experience, but of present contact
with busiu6<>s. If yon look over the business
community n this city you will see that the
number of men eligible to the post of man-
agement of the Bank of Montreal, and who
are at the same time Shareholders,
is vastly limited. Nearly every one
that possesses the requisite capaci-
ty is engaged in some other bank,
and it is a delicate matter to invite a Direc-
tor of another Bank to abandon that Bank
and come to us. The choice is, therefore,
extremely limited, and the auggestioa would
have to be very carefully considered before it
was adopted, at least heartily by myself, for
one. I do 7"' ' -ow that Mr. Crawford is
absolutely rig' t with regard to any large ma-
jority of the English Banks declar-
ing their gross profiu and losses in
their annual statements. On the contrary.
I am inclined to think that some of the
largest do not. However, that may be, it
would be in the highest degree inconvenient
for this institution, which possesses over
forty agencies between the Atlantic and the
Pacific. If such a system were adopt-
ed, a large proportion of the results
would have to be taken by guess-
work, for It takes the great pact of a
month to receive the reports from the various
agencies, and in the final adjustment of ac-
counts for the year and the declaration of
a dividend, the last month has to be taken
by estimate. This has to be done for two
reasons: Ist, our dividend is declared some
time in advance: 2nd, the final examination
of the accounts from the various
agencies is rot to hand. Therefore, if yon
had quarterly dividends, they would be
true as regarded two months out of the
three; they would be guessed in the third.
I think, apirt from any other cause, that lb
would be a dangerous, if not an impolitio
thing to consider quarterly dividends. I
can only say that the Directors have strained
every efi'ort to conduct the Bank with due
regard to economy, and I am satisfied that it
is so conducted.
The General Manager in reply to Mr.
Crawford's remark, that all the Eng-
lish Banks gave a statement of their
working expenses, said that he did
not think the Bank of England did
so, and that he had before him a statement
of the National Provincial Bank of England,
one of the largest Banks in England, which
certainly does not give such information.
Mr. Crawford said that all the banks did
of which he had any account.
The motion for the adoption of the report
was then agreed to unanimously.
Votes ofTtaiuika.
Mr. Hector Mackenzie moved: —
That the thanks of the meeting be pre
Ki'nted to the President. Vice-Hresident and
DirectorH for their attention to the interests of
the Bunk.
This was seconded by Mr. F. T. Jndab,
and adopted.
Mr. W. W. Ogilvie moved:—
That thethnnkfi of the meeting be given to
the Oeneral Manager, the Iniipector. the Man-
agers and other officers of the Bank for theik'
services during the past ywvr.
In Bupplenienting the motion, Mr. Ogilvis
remarked that he bad occasion to meet the
officers of the Bank frequently, and be had
always admired their loyalty to the institu-
tion. He thought that the Bank had reaaoa
to be proud of its offioen.
Mr. E. B. GreeDshields leconded the mo-
tion, and added his tMtimony to what Mr.
Ogilvie had said aa to the loyalty and ability
of the officers of the Bank.
(The motion was onanimcaaly ooncurred in.
The General Manager— 1 have to thank
you, on behalf of the offioera, for the very
kind way in which you have ppoken of their
servioea to the Bank. I have to regret the
loee this year of two good men, Mr. Brough,
cf Toronto, and Mr. Plummer, of Boratford,
both very valuable men, whoae lose I feel
vary leverely.
Mr. Alex. Mitchell moved:—
That tho ballot now open for the election of
directors be kept opeu uotil three o'clock,
unless fifteen minuteH elapse without a vote
being ca>-t, when it>hall be closed, and nntll
ihat time, and for that purpose only, this meet-
iiiR be continued.
This wai seconded by Mr. F. H. Simmt and
Qnaniraoaaly carried. e.tA, ^i s^.;,^. v-i.
On the motion of Mr. John Uorriion,
seconded by Mr. John Crawford, a hearty
vote of thanks was accorded to the Chalr-
The DlF«etop«.
The ballot resulted in the election of the
following gentlemen:—
U. B. Angus, Esq.
Hon. G. a. Urummond.
A K. Rauit. Ksu
E B. GREBN8HIELDS, KSQ.
^. C McDonald. Usq
Hugh McLennan, Esq.
W. W. tlOILVIE, i!8«.
A. T. Patekson. )<sq.
SiK D. A. Smith, G.U.M.G.
At rt nieetine of the new Board on Tues-
day, the 8th inst., Sir Donald A. Smith
was elected President, and Hon. Geo. A.
Drummond, Vice-President.
BANK OF MONTREAL.
(ESTABLISHED 1817).
IXC0RP0R.4TED RY ACT OF PARLUMEM::
CAPITAL {all paid up)
RESERVED FUND,
UNDIVIDED TROFITS,
112.000,000.00
6,000,000.00
886,909.98
HEAD OFFICE-MONTREAL.
BOABD OF DIBECTOBS.
Sir Donam) A. SMrxii, fl.C.M.G., Preddent. Hon. (t. A. Drummonp, Vicr- President.
A. T. Paterson, Esq. Hugh McLennan, Esq. Edward B. (hiEENSHiEi-Da, Esq
W. C. McDonald, Esq. R B. Angus, Emq. A. F. Gaui.t, Esq.
"W. W. OaiLviE, Esq.
E. S. Clouston, General Maiunjer.
A. Macnider, Chief Inspector, and Superintendent of Branches.
A. B. Buchanan, Inspector of Branch Returns. W. S. Clouston, Assistant Inspector.
James Aird, Secretary.
BRANCH ES:
IN CANADA :
MONTREAL II. \'. Meredith, Manager.
J)o West End Branch, St. Catherine Street.
Do Seigneurs Street Branch.
PROV. OK ONTARIO, i PROV. OF ONTARIO. PROV. OF tJUEBEC.
ALMONTE,
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BRANTFORD,
BROCKVILLE,
CHATHAM,
CORNWALL,
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FORT WILLIAM,
GODERICH,
OUELPH,
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KINGSTON,
LINDSAY,
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PERTH,
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TORONTO,
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MONTR R A L,
QUEBEC.
LOWER PROVINCES.
CHATHAM,
MONCTUN,
ST. JOHN,
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N.B.
N.S.
Province of Manitoba and
Northwest Territories.
WINNIPE(J, Man.,
CALGARY, Alberta,
REGINA, AssiNlBolA.
Prov. of British CoIumSiia.
NELSON,
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N. WESTMINSTER,
ROSS LAND,
VANCOUVER,
VRRNON,
VICTORIA.
IN NEWFOUNDLAND :
ST. JOHN'S, NFLD Bank of Montreal.
IN GREAT BRITAIN :
LONDON, Bank of Montreal, 22 Abchurth Lane, E.G., Alkxandeb Lano, Manager.
IN THE UNITED STATES :
NEW Y'ORK, R. Y^. Hebden and J. M. Greata, Age.nt.% .^!) Wall Street.
CHICAGO, Bank of Montreal, W. Munbo, Managei:
BANKERS IN GREAT BRITAIN :
Liverpool,
London, The Bank of Enoland.
Thf. LTnion Bank of London.
" The London and Westminster Bank.
The National PRO^^NCIAL Bank of England
Scotland,
The Bank ok Liverpool, Ltd.
( The British Linen Company
t Bank, and Bbani:hes.
New York, The National City Bank.
Boston, The Merchants National Bank.
J. B. MooKS &'. Co.
Buffalo, The Marine Bank, Buffalo.
Montreal, 1st June, 1897.
BANKERS IN THE UNITED STATES
San Francisco,
The First National Bank.
The 'Jank of British Columbia.
" The AN(iu> Californian Bank.
Portland, Oregon, The Bank of British Columbia.