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«it A4 5y 2. The Eleventh Annual Mesting of the Sharchoiders of the Waterioo Trust and Savings Company was held on Thursday, February 14th, at 2 e e oo o e o e wf. _ e uaascsl _ _ wyie wo id -'Jt _V T JP V#A & ho uP se . M â€"-"_v w .V_' QQ?‘ Increase of $282,000 in Trust Déposits and General Guaranteed Investment Receipts over $141,000 in Savings Deposits. Profits for year $69,006,90, an increase of $2 Total Assets close to $4,000,000. Estatés Department is Steadily Growing. ‘The President in moving the adopâ€" tion of the Directors‘ Report, referâ€" red to the progress of the business in comnection with its various Departâ€" ments, and made special reference to the fact that the Company‘s business at Galt was developing to an extent which full justified the establish ment of a Wranch at that point. He said it was usual to expect in the opening up of a new office to have to carry it at a loss for a few years, but that the present indicaâ€" tions for Galt Office pointed to it beâ€" ing on a selfâ€"sustaining basis probâ€" ably at the end of this year. Mr. Hillfard also stated that it was gratâ€" ifying to the shareholders and D+â€" rectors to experience each year an increased volume of business, and that the progress generally of the Waterioo Trust since its inception had been all that could be desired. The mortgage investments made during the past year have been confined entirely to Waterloo, Kitchener, Galt and surrounding farm disâ€" tricts. After providing for interest on deposits and other moneys received from the Public, and defraying the expenses of management, the balance available for distribution is as follows: Balance brought forward from 1923..................$% 3,22142 Promium 6h SLO§K _. ... 1 2..1 03 cce crareersresarrsoce s â€" 179000 Net Profits for the yYeAr....::::1src:>Â¥:zr:crc:s:,+> â€" ©9,006,â€"00 The business of the Cormppany progressed very satisfactorily during the year 1923. The Guaranteed funds, consisting of Trust Deposits. from the Public, and General Guaranteed Investment Receipts show an increase of $282,000. The Company also received a number of appointments as Executor and Administrator of Estates, and the indications point to quite a steady growth in this Department. A special Committee of the Direcâ€" tors give attention to all important Estate matters, and we feel that the Company is in a very favorable position to undertake work of this kind. The investments of the Company have received careful are in good shape. The business of the Company at its Galt Office shows a considerable increase for the year, fully justifying the establishment of a branch at that point. ELEVENTH ANNUAL REPORT oF THE WATERLOO TRUST AND SAVINGS COMPANY The Directors of the Waterloo Trust and Savings Company have pleasure in submitting herewith to the Depositors and other investors with the Company their Eleventh Annual Report, showing the result of the{ Business operations for the past year, accompanied by the Balance Sheet to December 31st, 1923. In the absence of the Viceâ€"Presiâ€" dent Mr. E. F. Seagram, the Managâ€" ing Director was called upon to secâ€" ond the report, and to give an analyâ€" sfs of the bus‘ness operations for the year, and he spoke as follows: Mr. President and Gentlemen:â€" There is a sense of satisfaction in bhaving such a representative attendâ€" ance of shareholders and depositors at the meeting. It is the one occasion in the year when we have an opporâ€" tunity of fully reviewing the Comâ€" pany‘s operations, and of outlining to those not connected with the Diâ€" rectorate, _ any policy which the Company may have in view for the future. The development of our business has been ass‘sted in a great measure by the kind and sympathâ€" etic support of many of our shareâ€" holders and depositors who have taken every advantage to commend the Company to their friends and assoc‘ates, thereby adding to the Company‘s business in the communâ€" ity. Among those present were the following:â€" Thos. Hilllard, H. J, Simse, A. J. Kimmel, George Dobbie, Henry Knell, J, M. Scully, F.C.A., L. L. Lang, Fred Maistead, P, V. Wilson, Ford 8. Kumpt#, Dr. W. L. Hilliard, Oscar Vogt, Clive Bean, Charles McKenzie, Martin Schiedel, Martin Huchnergard, J. A. Hilllard, Frank Shuh, J. 8. Snider, A. 0. Potter, John Browniee, Charies Packert, A. K. Cressman, The statement for 1923 really reâ€" presents the first complete yearly report of the Company in its operaâ€" tions as a Trust Company. The Company became reâ€"incorporated on June ist, 1922, with change of name from the Waterloo County Loan and Savings Company to the Waterioo Trust and Savings Comâ€" pany, and therefore operated for a considerable portion of that year as a Loan Company. The statement here presented has a few changes in the arrangement of the figures from that of the previous year, o as to conform with the requirements of the Department for Trust Company Statements The profit for the _ year of $69,006.90 shows an increase of $2,â€" 064.12 over the preceding year, after making certain reductions for over due interest on mortgages, and withâ€" out taking into profits estimated acâ€" erwals of commissions ar profits This amount has been disposed of as follows: Two halfâ€"yearly dividends, Nos. 19 and 20 at the rate 64 per CeNL PBP ANINJIM . ... ... 220 6. 0e vel se anlerneraeneys $3 Dominion Government Income Tax..................,. Transferred to Reserve Account ..................... Transferred to Contingent Account.................... Balance carried forward ............,2...22.22.2.2... The President, Mr. Thomas Hilliard, read the following report: & _ New Galt office reported @ © gratifying total of business. _# & _ All investments of the Comâ€" @ % pany are in guaranteed Trust $ & investments as required by law @ & _ Savings deposits show an inâ€" @ # crease of over $141,000. $ from the Company‘s Estates Deâ€" partment. It has not been deemed advisable to take into consideration profits earned. in connection with this Department until they are acâ€" tually received. You will have observed that the fnancial statement. of Trust. Comâ€" panies is divided into three secâ€" tionsâ€"each with its own separate totals, which are then combined inâ€" to a grand total of the business. These are: Capital Account, Guarâ€" anteed Trust Account and Estates, Trust and Agencies Account. The laws governing Trust Companies reâ€" quire that these distinct separations be made so as to show accurately the amounts at credit of each reâ€" spective classificatton .and the parâ€" ticular investments which cover such funds. The Company‘s Paidâ€" up Capital at the end of December amounted to $729,685, an increase of $21.765 for the year. The subâ€" scribed capital is now $750,000, the amount authorized by the Board. This will be paid in full before the end of the year. It is possible that within two or three years‘ time that a future amount of capital will be issued «o as to bring the paidâ€"up capital to $1,000,000. Such a step is one for future consideration, howâ€" ever. The Guaranteed Trust Department of the Company relates to all funds deposited with us efther in the shape of the ordinary savings pass book form, or in the Company‘s General Guaranteed Receipts which are is sued for one or mrore years. This Department shows an inâ€" crease for the year of $282,000, which, in view of one or two disâ€" turbing features which _ prevatied during part of the year, and dull conditions, we consider as m. Ourt statement shows a total in Guaranteed Department at the end of the year of $2,854,178. Shows third largest increase of business of any Trust Comâ€" pany in Ontario. Stands in fifth place of all # Trust Companies of Ontario in $ point of size and importance $ 0 0 0 0 0 0 0 0 0 o o 6 Guaranteed Trust Account .$ 46,793.60 . _ 6,350.30 attention, and $74,578.32 $74,878.32 5,000,00 1,434.42 $ | _ Our province is probably taking \ the leadership in establishing legisâ€" |lation to protect the clients in our | various financial institutions, Had 1 the very strict supervision which ,preva.lls now _ been in operation )some years ago, it would unquesâ€" ; tionably have prevented two or three Loan Company and other failures ! which came about as a result of orâ€" gies of speculation in unauthorized ‘uml risky propositions. All the | legislation in the world, however, ! will not convert a bad financial conâ€" <dition into a good one, but it will at ‘least have the tendency of preventâ€" | ing future repetitions of the unâ€" | sound financing which have occurred in several instances during the past. Growth of Estates Department A gratifying feature of the Comâ€" | pany‘s business is the gradual growth of the Estates Department. During ‘the past few months quite a numâ€" ;‘hor of Eatates have come into the Company‘s hands for administration and the signs point to a large volâ€" ume of business of this kind for the future. Th‘s Department of the busâ€" iness is of great importance. Estates are taken over which consist of a | great variety of assets, and which | bring to the Company many probâ€" ; lems to consider. It is necessary, in order to insure future growth, that the best of care and service be givâ€" en to each estate coming into the hands of the Company. We believe ’ thit this can be done, and from the | number of wills being made out in | which the Company is appointed as | Executor or Administrator, we have Elndlcgtions of the importance to which this work will develop in the years to come. The public seem to be more generally recognizsing Trust Company administration as the safâ€" est form. So many lawe have come on the Statute books in recent years which relate in some measure to a | man‘s estate, that it becomes a more | complex undertaking than in years past. Income and inheritance taxes, much wider range of investments, which frequently calls for probate in other Provinces,â€" these, and other important features ehter into the adâ€" ministration ‘of estates today to an extent unknown some yeare ago. As | a consequence of this, many private | Executors, not desifing to underâ€" | take the responsibility of taking over As there are a number of the (Company‘s depositors present toâ€"day it is but fair that they should be inâ€" formed as to the security and specâ€" ial safeguards surrounding their deposits. In the first place, all funds left on deposit or in the shape of Guaranteed Investment Receipts are guaranteed, and have back of them ag security, the Capital funds, which you will observe, amount to over $900,000. In addition to this the law requires that the investâ€" ments covering such funds must be confined exclusively to those of trustee character, the same as are permitted to Executors or Trustces of Estates, and that a volume of securities, equal to. the total of guaranteed funds, must be always specially earâ€"marked and allocated as against this fund. In addition to this, a list of euch investments must be forwarded quarterly to the Sup erintendent of Insurance at Toronto, in whose Department the adminisâ€" tration of Trust Companies is unâ€" dertaken. Government Inspectors then come to the office once or twice a year and check up each security with the l‘sts as forwarded to the Department. ‘They furthermore have special valuations made on properâ€" ties where loans of any size have been made, so as to thoroughly satâ€" isfy themselyes that every possible protect‘on is being afforded to deâ€" positors and other clients. By this you will see that rather special supâ€" ervision is applied to Trust Comâ€" panies. And it is right that this should be, as the Company stands in the position of Trustee to its clients, and every precaution should be takâ€" en to see that such Trusteeship is properly maintained. _ There has been no instance in Ontario, and I know of none in any of the other Provinces where a depositor or other guaranteed client has lost a dollar with any of the Trust Comâ€" panies, and it is to be hoped that this record will be always maintainâ€" amount show mortgages of $934,/ #39.52; bonds iesued or . guaranteed by the Dominion or Provincial Govâ€" ernments, of $429,344.24; and bonds issued by Canadian Municipalities of $856,612.138, und cash on hand .or deâ€" posit of $133,376.50. It will be obâ€" served that we keep a large proâ€" portion of securities in Guaranteed Department in those of a readily 1i quidable form. This is highly deâ€" sirable in case of a deposit business, as it is necessary at all times to be in a position to meet withdrawals no matter how large they may be. Government Inspection and Security nouwnce in favor of the ‘Trast Comâ€" fas A feature in the operation of many estates today is the provision creating trust funds, which funds are kept invested im accordance with the requirements of the will, in trustee securities, and the income pa‘d to the wifeâ€"or the beneficiaries at set periods. SBo many estates have in the past been wasted, and widows possibly placed in wart thru unsound investment of trust funds, that the protection of Trust Company _ administration, having careful supervision of investments, nppeals to mang people. The Hyvâ€" ing trust, wherein a person appoints a Trust Company to take charge of Investments and other duties during the lifetime, is becoming very fayâ€" crably regarded as a means of reâ€" Iteving the private individual at very small expense, of the care and atâ€" tention of such work. yet simple record: of each estate, with each estate‘s records maintain ed together, yet with a system of coâ€"ordingted accounting which permits the handling of a considerâ€" able number of estates at a moderâ€" ate expense,‘ pany. This has occurred in our case several times within the last few weeks and will no doubt be of more frequent cccurrence in the future. Trust Company «equipment for TREGFGAL (ON 1O1S ..om.cou. uce poss rar mm snn rranarenze c siers Commissions inâ€"connection with morigage investments, General Expenses, including Provincial and Mun‘cipal â€" Taxes, Salaries, Rentals, Printing, Advert‘sing, etc., (fof $ ONIGB®) .......0c0n3sdusesries exantai3 n n ns bie Dominion GoV‘t. Income TAX ................2.0.22 0220000 Dividends Nos. 18 und 20 ..../,2..0.5.226¢rsrÂ¥reer9riwe, Transferred to Contingent Account....................... Transferred to Reserve ACCOUNt ...........22..2.22.2.2.. Balance Profit @nd LLO88...........2..222.2.22.22.2222222202. CAPITAL ACCOUNT Office Premises, Waterloo and Kitchener, including Safe Deposit Vaulis, etc., and Galt Office Equipment....$ 91,779.19 Other ReAl KStQ ...........2.0.22220 62 ks e +6k 4s ++k05+ 69,568.59 Mortgages * PFHIOIPAL +.uyseecnencnannnnaaind Interest due and aceryed ...... Loans on Stocks, Bonds, etc. Loans on Company‘s Own Stock Loans on other securities ...... GUARANTEED TRUST ACCOUNT Mortgages PrincipAl o«;..0uuurcanasirens ue TNHOPOBL .2u snn enc en deaveearae‘s ESTATE8, TRUSTS AND AGENCIES ACCOUNT Mortgnges .>..::.sunspvenrrerrenyvans ns rnasaedl BORUG .: 22 2 02 o ie en ean en uie aiale i aa y on en ae wra aaias Bonds issued by the Dominion of Canada and Province Of, CANAU® | ons . rreanime sn amradsanarareanÂ¥ipredirires Municipal and School Debentures .................... Other Bonds and Debentures .............22.2....... OMROT . AB@@E® 22. 2l l2 ll 2l ll l e se e ie e n e e a e emmeaa n id es Advances to Estates under administration ........... Cash 11. BANKS 123000 25,0srorereecersnrcasans verears CASh OR CBAKA ........, 022200 c oornceneeioee eebaeaan Domin{on and Provincial Government Bonds ... Bonds Guar. by Dom. or Prov. Gov‘t........... Canadian Municipal Bonds including those . isâ€" sued for school and telephone purposes, guarâ€" anteed by the municipalities ................ Cagsh on hand and in Banks Uash OB RAAC (....,cclccsriyrccctssentraes Inventory value of unrealized Estates Assets which The Waterlon Trust & Savings Company FINANCIAL STATEMENT TO DECEMBER 3ist, 1923 To The Directors‘ and Shareholders of The Waterloo Trust and Savings Company GENTLEMEN : â€" We beg to report that we have audited the books of account of your corporation for the year ending 31st of December, 1923, and have verified the cash, bank balances, and securit‘es of the corporation. That we have examined the annexed statement and that it agrees with the books of the corporation. That after due consideration we have formed an independent opin‘ion as to the position of the corporation. That with our independent opinion so formed and according to the best of our information and the explanaâ€" tlons given us, we certify that in our opinion the statement sets forth fairly andtruly the affairs of the corporaâ€" tton. That all transactions of the corporation that have come within our notice have been within the powers of the corporation. Kitchener, Ontario, January 23, 1924 THO8. HILLIARD, ASSETS DR. President. The Company‘s investments _elus of work, already having one PROFIT AND LOSS ACCOUNT ASSETS AND LIABILITIES $468,284.62 18,228.15 â€" 486,284.62 $898,553.93 36,285.59 $ 45,745.65 4,981.52 37,860.69 365,708.62 â€"â€"â€"â€"$454,296.48 309,781.09 119,563.15 856,612.13 17,816.05 50,069.12 $2,354,172.39 $3,800,467.76 $ 5,413.30 $133,488.18 1,285,956.37 . 133.376.50 $991,998.89 28,306.79 114,519.50 101,785.86 1,930.82 4,050.00 7,717.98 18,170.37 934,889.52 48,951.07 6,350.30 46,793.60 5,000.00 15,000.00 1,434.42 67,885.17 4,545.49 Respectfully submitted, l or two estates: 100 miles or so ].m, the majority of such appointâ€" { ments are nevertheless coming withâ€" | in our own vicinity. ‘The result is \ that our business is more or less of ! a local character, and we have | therefore deemed it desirable to exâ€" ; tend every possible service in the !vuy of mortgage loans, to our own community, even though throughout {nu last year or so it might have been possible to have obtained an laddltlona.l half or sometimes one | per cent. higher rate of interest in points elsewhere. ~The total mort Jnn loans at the end of the year, ‘ in the three Departments, amounted | to $1,412,356.05. This total was reâ€" , presented by 439 separate loans ayâ€" !enxlng $3217.19. Every precaution { is being taken to see that our mortâ€" | gage loans are based on careful | valuations, leaving ample margin of | security. ‘There are times of course when every investing instiâ€" | tution dealing extensively in mortâ€" \’gnges has to contend with certain ‘ arrears, and probably owing to cerâ€" tain conditions of poor crops, deâ€" preciation in values and so forth, has to take over certain properties. This has happened in several cases to our own Company. In only one instance in Ontario, however, where the Company has now about twoâ€" CAPITAL ACcCcountT Caplital Paid up ...sssisuns clsionsnsnennu iess es Resery@ ACCOUNL â€".s, .021 .2, .ns esate n ers naiemne‘s Contingent ACCOUNE ......a css averss ramnncze ces D‘vidends declared and unpaid (due Jan. 1, Amount provided for accrued commissions, etc... Sundry LORNS! ..,.1..0.arkascraeneneeniesnrssals Profit ANG LO#8 . ..... 2224 5. uen en nv e vainaien ESTATES, TRUSTS AND AGENCIES ACCOUNT Trust funds for investment .............0...... Advances from Capital Funds ................. Inventory value of unrealized Estate Assets..... GUARANTEED TRUST ACCOUNT Balance brought fOFWAPG.......................02002.1...§$ ©801.42 PremfUM OB StOCK .............0.....c02sssk6s ks es 2050 1,750.00 Interest on Capital and Reserve Funds, Rents, Commissions and Profits on Guaranteed Funds after providing for & interest on deposits and other moneys received from the public â€"...;022cersrecrecsrÂ¥sszsrtsxzarssrsrssvxr2«s 18701076 General Guaranteed Trust Receipts and Debenâ€" tures :s.lcs Trust Deposits J, SCULLY, J. F. SCULLY, . Auditors. P. V. WILSON, LIABILITIES | been made for any possible depre¢iâ€" | ation in the book values of such properties. The Company‘s bond holdings at the end of the year amountedâ€" to over $1,530,000. It is doubtful if an linvut!nx institution has a better ! selection of Government and Munici ‘ pal bonds than our Company, and you will be interested in know!ng ’thu the market value of our securlâ€" ties is considerably greater than those shown ‘n our statement [ Mr. Bricker ! Every year or so we find a vacant ‘chair at our meeting that has been lprevknuly occupled by some person closely ident!{ied wih the Comâ€" | pany‘s business, but who has since | responded to ‘he call which comes | to every per.on. with two exceptions sold any .z' ties that have come into the is pany‘s hands, We have still a manâ€" ber of properties in SBaskatchewan, thowever, which it was deemed wige This year our Company, as well as several others in the community, to take over into the Company‘s name, but it is expected that most of these will be disposed of duritg the current year, and you will be essary to complete foreclogure CR. (Continued on Page 5.) Managingâ€"Director. $ $49,813.77 1,504,358.62 12 $729,685.00 165,000.00 15,000.00 $ 84,537.86° 4,050.00 365,708.62 23,620.10 2.619.80 54,639.57 1,434.42 $3,800,467.76 $2,354,172.39 $133,488.18 $991,998.89 $454,296.48