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Trust and Savings Company was held on Thursday, February 12th, at. COUNTY TRANSACT BUsiNESS 2 o‘ciock p.m. 1 WITH THE WATERLOO TRrust , Among J:" present were the following:â€"Thos. Hilliard, J. M. Scully,‘~ AND SAVINGS COMPANY. Louls L. H.J.muomxml.o-e»vmc.&m.MI > wâ€"a _ A. Dobbie, Dr. W. L. Hilliard, Ford 8. Kumpf, Fred Haistead, Conrad | HMuenergard, Joseph Sauder, Henry Wagner, Menno Devitt, Thos. Seagram, . O%° Of the most notable features . E. E. Bowman, Martin Huenergard, Leander Bowman, Jullus H. Roos, !? °2D¢ction with the bullding up â€"â€"â€"â€"â€"CGe W. _ Wells, Roy Bean, B. A. Tate, E. 8. Piayford, David Sim, Jr., 3. Of the Waterioo Trust and Savings The President‘s Remarks The President, Mr. Hillfiard, in moving the adoption of the Direc tora‘ report, referred to the proâ€" gress of the business in connecuon‘ with its various departments, makâ€" ing special reference to the largei increase in deposits and General Guaranteed _ Investment Receipts. Mr. Hilliard also stated that it was a matter of satisfaction to the Dirâ€" ectors to find that the Estates Deâ€" partment of the Company was deâ€" veloping _ steadily â€" and _ showed promise of considerable. growth in the future. The question of Govem-? ment Income Taxes as well as the high Provincial taxes which Trust Companies have to bear was oomi mented on by Mr. Hilliard and he showed to the shareholders present that an amount equal to 1%% ofJ the Company‘s capital stock had to\ be expended each year on these items. These were charges which had to be considered in relation to shareholders‘ profits. Mr. Hilliard further reported that the Company‘s business in Galt was growing very satisfactorily, and that continued development would no doubt be exâ€" perienced at that point. ‘ The Viceâ€"President Speaks Mr. J. M. Scully, 2nd Vlce‘Pres!-‘ dent, in seconding the adoption of the report, stated that in his opinion the progress made hy the Waterloo Trust and Savings Company during the past few years had been greater‘ in proportion than any other Comâ€" pany of its kind, taking into considâ€" eration the conditions under which it started operations in 1913. The Directors and sharehoiders could congratulate themselyves upon the growth of the Company. The Business of the Company maintained a steady the year 1924. In addition to an increase of $525,033.f funds received from the public, a number of new estates on the books of the Company. During the past year t also been advised of a considerable number of Wills in v named Executor. This indicates a growing desire upon publl.e. fo!- 1_'_ruu§ Company protection. The bulk of the ;lor;g:ge loans taken in Waterico County. As a large portion of the represented by Government and Municipal | with respect to deposits and other guarante market value of the Company‘s securities is that of the book value. The books and vouchers for the th monthly and the auditors‘ certificate is at All of which is respectfully submitted _‘The Company .started as a Loan and Savings Company, and in a few years ago changed its status by a Special Act of Parliament to a Trust Company. One of the chief reasons for forming a Trust Comâ€" pany was to safeguard «its deposiâ€" tors. Trust Company rules require that first class securities be specâ€" ally allocated for every dollar investâ€" ed by the public. a% Waterloo, Ontario, January 26, Since the Company received the power to act as Executor it has taken over a good many estates and the amount under administration nl‘ present is almost $500,000. The secâ€" urities are first class, and there ia‘ no reason to think that any part of the business should suffer loss. The Directors had tried in every way to live up to the law in every respect. They have considered first Of all the general public and the security of their funds. They have provided according to law for the amfety of every dollar borrowed from the public. The second consideration was for the shareholder. The Comâ€" pany has tried to do the best that sould reasonably be done for them. Over $48,000 have been paid in diviâ€" The Dirsctors of the Waterico Trust and Savings Company have pleasure in submitting herewith to the Sharehoiders their Tweifth Annual Report, showing the result of the Company‘s operations for the past year, accompanied by the Balance Sheet to December Sist, 1924. After providing for interest on deposits and other moneys received from the public and defraying the expenses of management, the balance available for distribution is as follows: Balance brought forward from 1923 ......... .$ 143442 Premium on stock ...........2.22.2.2.222.2.. 1,215.00 Net Profits for the year ...................... 70,913.07 W. Scott, L. G. Bauman, P. V. Wilson. â€"* =* â€"â€" Mr. Thomas Hilliard was appointed Chairman for the meeting, and Mr. P. V. Wilson, Secretary. The Secretary rekd the following Directors report:â€" . The M Annual Meeting of the Sharehoiders of The Waterico MANY FARMERS OF WATERLOO THIS AMOUNT HASs BEEN DisrosED or °S AMYVN! HAS BEEN DISPOSED OF AS FOLLOWs: Two halifâ€"yearly dividends, Nos. 21 and 22 at the rate of 6\/, per cent. per annum ......$ 48,523.55 Dominion Government Income Tax ...>.... «.. _ 74A31.19 Transferred to Reserve Account ............. 15,000.00 Balance carried forward oo 7 ¢." L 13 Gratifying Feature of Year‘s Business Was Increase of $508,000 In Guaranteed Funds Received from Public. These . _ Reached the Large Total of $2,879,206.23 at the Close of the Year. Increased Net Profits Reported. Trust f f and Estates Department Showed Steady Advancement. Growing Desire for Trust Company Protection. : Government and Municipal bonds, the its and other guaranteed funds is excellent. Company‘s securities is considerably greater 1925 increase of $525,033.84 in guaranteed number of new estates and trusts came the three offices have been In closing Mr. Scully stated that he hoped and believed that as the Company grew older, it would grow stronger financially, and establish its reputation still more firmly; also that in years to come it would rank well with large Insurance Companâ€" les and financial institutions of the province. The deposits have increased by over half a million dollars. This shows the outstanding ability, inâ€" tegrity, and frugality of the public in this community. ‘ Mr. Wilson‘s Remarks Before the adoption of the report. Mr. P. V. Wilson, the Managing Director, was called upon to deal with certain features of the Comâ€" pany‘s business. In referring to the second year‘s operations as a Trust Company, he stated that sufficient time had â€"elapsed to prove the wisâ€" dom of a change which had considâ€" erably broadened the basis of the Company‘s operations. Capital Stock All Paid Up The profits of the year amounting to $70,913.07 represented a slight increase of $1,906.17 over the previâ€" ous statement. They did not include. however, any commissions accrued but unpaid in connection with the Estates Department. All outstandâ€" ing arrears of Capital stock had been paid up during the year, leayâ€" ing the total amount as authorized by the Board at $750,000. Probably the most gratifying feaâ€" ture of the year‘s business to N-1 port was the increase in Guaranteed Funds, Deposits and Investments Receipts, of $508,000. This repreâ€" sented the moneys received from the public at rates of 4 and 5 per cent. interest. The total of such funds as at the end of the year had amounted to $2,879,206.23. It was interesting to note the growing confidence in the security offered by Trust Comâ€" panies. ‘The efficient Government supervision, under which Inspectors visit the offices and examine the securities to see that they conform with the statutory requirements, provided a safeguard which was beâ€" coming more widely recognized by depositors and the investing public. The total anmrounts of Guaranteed Funds, $2,879,206.23 was invested as follows : + . |First Mortgages .....\ $1,162,681.69 Government and hoh ..........Y.:.. * 1,901,10 When it wum that the market value of the .ties held against guaranteed nn-,mu be about Municifal Bonds Dcmnb Loans and attached herewith. Company‘s inve.tvfients a 1924 were on properties in year the Company has IIs in which it had been e upon the part of the $73,562.49 reserve position progress during 2,607.75 cellent. The greater than 1,506,323.44 audited Funds Well Invested During the past year the invest ing Companies experienced considerâ€" able competition in the mortgage ‘field, with a tendency toward slightâ€" ’Iy lowering interest rates. Of the Iaddmonu funds which had come in to the Company, $300,000 was ln-‘ | vested in new mortgages, mainly in tWaterloo County, but repayments of loans already on the Company‘s books left the net increase for mortâ€" | gages at mbout $160,000. The bal ance of available investment funds ‘for the year was represented by ‘bondl. the â€"county... Many _of the most inâ€" ‘fluuual people in the rural districts have familiarized themseives with the special security surrounding deposits or investments with Trust Companies, and as a consequence 'carry substantial accounts with the Waterloo Trust. The 4% and 5% interest which they obtain on deâ€" }po-lu and General Guaranteed Inâ€" vestments Receipts respectively, is in line with the interest rates which they have been used to obtaining, for years, and by transacting bustâ€" ness with the Waterloo Trust they: are enabled to obtain such interest without the bother of »eraolully‘ supervising investments. The very strict Government control and inâ€" spection of Trust Companies, comâ€" bined with the fact that there have never been any losses to depositors or Guaranteed investors with Canaâ€" dian Trust Companies are points which commend the Trust Company as a convenient and safe place for their funds. s The Estates Department of the Company has already undertaken several administrations of farm esâ€" tates, and quite a number of well toâ€"do farmers have appointed the Company as Executor or Jointâ€" Executor. The continuous service and moderate fees of the Trust Company are inducements which apâ€" PMal to people desiring their estates to be carried on for some years for the purpose of paying over an inâ€" come to the widow or other beneâ€" ficiaries, or maintain properties un til children become of age. $75,000 in excess of the figures shown in the statement, and that depositors and other guaranteed investors were further secured by the Capital funds of the Company. amounting to over $930,000, the very secure position which the Company holds will be recognized. In connection with the Trust and Estates _ Department, _ Mr. Wilson stated that the building up of such a department was a gradual pro cess, but thag there was reason to believe that in a few year‘s time this Department would become the most important feature of the Comâ€" pany‘s business,. During the year just passed_ a number of new es tates had been taken over, and several, which had previously been on the Company‘s books, had been closed. The supervision of estates was a very interesting business, and one in which a great variety of problems come up for solution: There appeared to ‘be a growing tendency amongst business men to regard the Trust Company as the logical administrator for estates. The desire to maintain intact over a period of years the whole or 1 portion of an estate so as to proâ€" vide a certainty of income to the widow or other dependents impels many & man to choose a Trust Comâ€" pany as the surest instrument for giving effect to his desires. The continuous service of the Trust Contfpany, the limitation of investâ€" ments under Government inspection and the moderate fees, have result ed in a tremendous growth of Trust Company work in this Province, and will, no doubt, result in the Water loo Trust obtaining its fair proporâ€" tion of this work in the future. ‘ During the year it was expected that a very considerable increase would be made in mortgage loans at rates exceeding those obtainable on bonds. as trustee for public funds and enâ€" gaged in important work of adâ€" business transacted with farmers in It was quite a satisfaction to feel, Mr. Wilson said, that they had an institution that provided a real serâ€" vice to the community. In reading th> financial reviews of the Insurâ€" ance Companies: we find that parâ€" ticular emphasis is given to the services : rendered to policyholders. A Trust Company, also, operating Short addresses were given by several of the officers present, and Mr. Julius H. Roos, on behaif of the shareholders, moved a vote of thanks to the Directors and Manageâ€" ment for their services during the year. The following shareholders were elected Directors for the year: ninistering estates, distributing inâ€" sestment â€" securities, and similar lunctions, can well justify Its exisâ€" ence as% an institution for service to any community. Thomas Hilliard, E. F. Seagram, J. M. Scully, Henry Knell, F. 8. Kumpf, H. J. Sims, Louis L. Lang, Oscar H. Vogt, Fred Halstead, W. L. Hilliard, .George , D. Forbes, George A. Dobbie, J. H. Gundy, T. W. Seagram. At a subsequent meeting of the Board, Mr. Thomas Hilliard was elected President, Mr. E. F. Seaâ€" gram, ist Viceâ€"President, J. M. Scully, 2nd Viceâ€"President. Office Premises, Waterloo and Kitchener, including safe, deposit vault, @tc .....l..........22.22222222.. Other Real Relte ....:s23ss;r:0rslrrssrs ies vrre es @©Mortgages PrIDCIPRL c22sceul snn csrsanrcier i rnc nc +++â€" +$000,218.96 Interest due and acerued .................. 17,268.46 Demand loans against sec. of â€"â€"Cashâ€"onâ€"kand â€"andâ€"inâ€"banks == "TerereUt DNK TANKRY :; : 51 TT SSR Trrarrcrarape mm Jommissions in connection with mortgage investments, General Expenses, including Provincial and Municipal Taxes, rentals, salaries, printing, advertising, etc., (for # ONlGGE) ..:sclrvrrrerrestresressrsrsiarisprrsrerres Dominion Government Income ‘Tax ...................... Dividends Nos. 21â€"22 ...............22222l22l222l22lllll. Transferred to Reserve Account ......................... Balance, Profit and LO#s ............22.2222222000000000000 CAPITAL ACCOUNT GUARANTEED TRUST ACCOUNT Loans on Stocks, Bonds, etc. Loans on Company‘s own stotk Loans on other securities ....... Mortgages Principal= :.........;... Interest due and accrued ESTATES, TRUST AND AGENCY ACCOUNT Of CANAG® 2222......2222.2222222222.. Municipal and School Debentures ....... Other Bonds and Debentures ........... Other Assets .............2.220.22.222.. Advances of Estates under administration Cash in bamks ..............2.2..2.2222.. Cash on hand .......2.22222.2000000000000 MOPLBREOE \,.1s 00. sns ronl seaas io ue va ae wie‘v‘s 59,385.88 BOM@® \....2...l. .222 .l lc e se e l2 02e ... 19,609.81 Cash on Bhand ...:0,.slscore¢22 3i3 e. s seases 14,385.64 Inventory value of unrealized Estates Assets 404,691.21 Bonds issued by Dominion of Canada and Provinces Dominion and Provincial Government Bonds 210,538.12 Bonds Guaranteed by Dominion or Provincial Goverimmiant .._......._.. _ 22 l lll s MARrSA Municipal, School and Telephone Financial Statement to December 31st, 1924 I PROFIT AND LOSS ACCOUNT To the Directors and Sharehoiders of The Waterioo Trust and Savings Company. GENTLEMEN:â€" ber, given us, we That poration Kicchener, Ontario, January 26, 192% THOS. HILLIARD, The Waterioo Trust and Savings Company rentals, salaries, printing, advertising, etc., (for Jovernment Income ‘Tax ...................... i to Reserve ACCOURL .:::;::;25:r?,rrs.ri1k21. Ofit and LOgs ...............2.2.2.2.2..l..2.l2.2.,. We beg to report that wehave audited the books of account of your corporation for the year ending 31st of Decemâ€" 1924, and have verified the cash, bank balances, and securities of the corporation. That we have examined the annexed statement and tha: it agrees with the books of the corporation. That after due consideration we have formed an independent opinion as to the position of the corporation. That with our independent opinion so formed and according to the best of our information and the explanations 1 us, we centify that in our opinion the statement sets forth fairly and truly the affairs of the corporation. That all trangactions of the corporation that have come within our notice have been within the powers of the corâ€" Man President ASSETS DEBIT Municipal bonds Only Bkill Says Moses Luluâ€""How come yuh is always looking fer a job an‘ neber findin‘ one ?" Skill!" "Hello, Brokeby, why the worried look?" "I can‘t meet my bills." ‘‘That‘s nothing 1 can‘t dodge mine." h beenhdmlomen.th d bevter health. Scott & Bewne, Toromte, Ont. was It was while experimenting with codâ€"liver oil to unlock the secret of its wonderful healthâ€"building virtues, that the basis of its great helpfulness to mankind, the Scott‘s Emulsion, the great sttengthâ€"maker, serves &4 adults regularly,. Why not you? needs no Scott‘s Emulsion Bonds.. 986,605.62 .$ 1,119,524.00 f 43,157.69 . .$ 29,100.87 .. 73,064.86 VITAMINS ASSETS AND LIABILITIES Worse Luck ‘"Dat‘s skill, woman, ... $ 93,007.23 vx4 12,291.14 $4,349,261.52 $2,879,206.23 1,162,681.69 1,505,323.44 T5,000.00 136,201.10 $971,982.75 $137,153.00 416,482.42 102,165.73 100,278.41 112,215.64 24,469.31 719.08 5,950.00 28,851.10 15,546.69 498,072.54 55,14114 743119 15,000.00 4,435.24 | According to their deaders, there are 144,000 of these "faithful". The persed. Ail that was loft was his shack and his faithfu) little band. He had sold his home, his automo bile and all his belongings. Hopeful all through the night that the sign would come as a cloud no bigger than your hand, Reldt watchâ€" ed the heavens until well into the morning. Reidt and his flock of thirteen folâ€" lowers, who had lived through as hectic a night as may ever be their lot, were still confident today that the "promised sign" of the second coming of Christ is still not far off. Just when, he would not say, alâ€" though he had declared that the end of the world would take fully seven days. In the morning Reidt was pracâ€" ticaily alone. ‘The crowd had dis The sun rose in the east Feb. Tth, just as it has for untold ages and shone on the rude home of Robert‘ Reidt "Apostle of Doom," despite his fervid perdictions that at midnight would come the beginning of the millenium and the salvation of the ‘"‘chosen few." WORLD STILL ROLLS ON AND DOOM APOSTLE STILL LIVEs Balance brought forward .................. Interest on Capital and Reserve Funds, Rents, Commissions and Profits on Guaranteed Funds, after providing for interest on deposits and other moneys received from CAPITAL ACCOUNT GUARANTEED TRUST ACCOUNT ESTATES, TRUST AND AGENCY ACCOUNT Resorve ACCOURE ..:..s..s....20.00rsrc40mer se ds sn n+ Contingent ACCOUNL .....:0.s1csrsrrersranarraanenssre Dividends declared and unpaid, (due January 1st, 1925) Profit @Md LOB8 s..........2.2..2.22022222222222222222. General Guaranteed Trust Receipts and Debentures..$1,120,774.07 Trust DepoBits ..............22.202202202202.0........ 1,758,432.16 Trust funds for investment ............... Advances from capital funds ............. Inventory Value; unrealized â€"Estates Assets hCs , Respectfully submitted, J. SCULLY, J. F. SCULLY, Auditors LIABILITIES great majority are former Seventh Day Adventists, followers of Mrs. Margaret Rowen, . prophetess . of doom. Mrs. Rowen is an unpreten tious little housewife of Los Anâ€" Refreshing and beneficial! Give them Wrigley‘s. It removes food particles from the teeth. Strengthens children to care for their tooth] ‘after every meal" P. V. WILSON, Managingâ€"Director. .. .$ 750,000.00 ... _ 180,000.00 va% 15,000.00 25) _ 24,376.00 y 2,607.65 $ 87,431.33 5,950.00 404,691.21 $4,349,261.52 $2,879,206.23 $498,072.54 $971,982.15 $137,153.00 t