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a , Is Now Doing Business With Over 1 5,000 Clients _ I... '5i9%adidt' '7 - W v "Fa. Was Mot-ta-qt-nr. The funds taken In trom the sar- llln or the people In this comm-un- ity are reinvested. as shown in the “tomcat, in mortuges, provincial, A speclal Department devoled wholly to the selling of selected tirtst. chu bond. has met with public up won! and a large bualness has been tun-acted through this Departrnrmt, Not only‘has the public entrusted I hrge amount ot funds in the Sav- lns! and Trust Department of the Company. but the "Estates" end of the business where the Company acts In Executors and Administrators of Estates has grown to a greater extent than was anticipated try the Directors and Management. and we Are very proud to know that this [art of the humans has been handled In a most “Hampton manner. All the Departments ot the Cone puny Ire progressing in a very satis- hctory manner and form an import- ant factor In the business lite of this community. A surprising feature In that we hare over 15.000 clients do- lnx huslnass with IIB. The ctmttdenee that the public has shown in this tutancial Institution is highly pleas. ing to than!) who have had to do with its organization and management. We do know in a financial centre. such as these two towns are known' to be. that the public has learned to 'be critical and discerning and " has Mm through the solidity and bust- nell prtnciples shown from year to, year by the Company that this con-1 “deuce has, been warranted. 1 1 compared with 8T,S6'l,58T.24 tor 1927, showing an increase or $1335,951.84. The Company's Guaranteed Funds, Deposits and General Investment .llmipts attain show a considerable increase. The total Knuth trom the Public In this department as at December 31st, 1928, amounted to 86,373,- 199.08. an increase of $954,574.53._ A large number or new accounts were mom gunning to the Directors and Shareholders. The continued success- ful development of the Company which is so outstanding must also be looked on with pride by the people of this County. It is with a, feeling ot considerable pride that I rise to second the motion torft"s adoption of the Annual Ite. The books and Gilmer, for the three otrices ham ly. and the Addltors’ eertitteate is attached herewith All ot which is respeclrully submitted. The warehokders of lhe Company have already received advice of the Issuing of mtttieient new shares to ‘bring the amount ot Paid-ap Capital to One Million Dollars. . Waterloo, Ontario, January 23rd, 19'29, Each month during the past 3' to administer at least two or three her ot nominations received in wi] Company's business will become i pany's activities. The Directors again desire to Company's Investments opeugl during the real.. The com-pany has been the medium Lhrough which an volume ot security sales are effected. thereby bringing addilh to ues business‘ . Alter providing for interest on deposits and other Trust Funds rev mind from the public. and defraying the expenses of management. the balance stubble for distribution is as follows:-- ”(we brought forward tmm 1927 _-------'.---" 5,008.99 Nert mottts tor the year .r_rrF...- '"""""""-'--'-e"-.-'t'.__r-r.-.t.em-...._e.-r. 104.9674: The Directors ot The Waterlob his! and Savings Company have pleasure tn snbmlttlng rherevith to the Shareholders. their Sixteenth Annual Report. thawing the result of the Company's operations tor the past you, accompanied by tho Balance Sheet, to December 31st. 1928. The business ot the Company tor 1928 shows a gratifyjng expansion. The total Assets as at December list, 1928 amounted to $9,003,5,39.08, as Annual Meeting Thursday Showed Gratifying In- ' crease of Business in All Departments; Capital Being Increased to Million Dollars, Making Waterloo Trust One of Few in This Class; Important Growth Predicted for Future. ViWs. tora! S. Kum¢fSpeaks Trunenllons Strides Made Since Foaming of Conway Only Seventeen Tears Ago The Statement Defer! us to-day is T per cent. per annum .VV.VVP.'.rt.' Dominion Government Interns Tax Transferred to Reserve Account _.. Balance carried forward "'-e._t-__rNrr_ This amount has) been disposed of as tottowsr- Theo hnmyearly dividends. Nos. 29 and: 30, at the rate of Sixteenth Annual Repori of The Waterloo Trust and Savings Company Theuarehotders of lhe Ch 16th ANNUAL MEETING OF COMPANY 2'32“} Fel Remarks about Splendid Growth ini, sorrd Financial Standing. or three new estates. From the increasing with; ed in wills, we feel that this department ot the become a most important feature of the Com- past year the Company hag been called upon the medium Lhrough which an increasing effected. thereby bringing additional profits the three offices have been audited month- attest to the excellent condition of the i I doubt whether any other institu- tin of its kind Wax launched and started from the beginnlnx with the marked success that this Company had. Evidence’ol this is proven by ylhe tact that from the trrtrt year a dividend was paid to its Stockholders and this has been increased until " reached 7% last rear, Besides pay- ing this dividend a reserve of $300,000 as unplug security to the depositors has been laid aside. I think we all have reason to be very proud or this line financial institu- tion. l have great pleasure in aecondlng the mocha” the adoption or the report. The Company's policy has been from the outset to have Security the outstanding feature ot this institu- tion and service to the public that cannot be excelled. This has been the policy ot the Company and will continue to be in the (Marie. The Company has a Staff of Of- ticery heading the various Depart. menus of which the Directors are ‘ery proud and about whom we hear most favoratrltr,cornrnent trom the public. _ Over and above all ahs money which has been invented for" our clients there is a tanker amount ot over 31.000.000.00 back of the invest- ment of the depositors' money and which Is there as extra security for these deposits. ‘municipal and other' high grade bonds'and debentures. These invest- ments are carefully chosen by the Company and closely scrutinized by the Government and the market value torday of these securities is considerably higher than the amount taken credit (or in the 'tattrment. moiSE."u-." aaraii -____- u... iii‘irum'” Viii.'" irc",,, 5.73.; Director. Dani-Ion [Mn We Autumn“ Company or no. (Io-ply of (hands. Fire Insurance my”. my, Limited; Dlrectéia uui, p, R. mused! _ _ Sement Grmparty Pmlaom. The Prom- Furniture . c M. BOWMAN Company Lltnttqd Chairman, Board ot Dlncton ot W. L. ‘HIHJARD. ID. The Mutual Lite .Amunnco ”adieu Dimer. than» hun- Company ot 1ugtadtt. at). w. [manna Company cannon: n FORBES 030m: _ '?918ml' - Prgsldgnl. R, Form Co.' but; ".1. suns. KC. ""'""'“ “m" Solichor to The Hutu) we A. Globe Purntu nuance Company of Ccnadn; J. H. G Director. hollowed Hutu-I President, Wood Plre Inmate CM. my. LII-um: I 'l‘Hos HiLLiARD, Presldent HENRY KNELL President. The Dominion Liter Dlrector. Economical Mutual Assurance Company of Clutch Fire Insurance Company E. F. SDAGRAM _ mum L, LANG lat VicePruidpnt _ Director, Mutual Life Assuranol Manutdetumyr; Fragment. Mer. Company ot (kinda. Thanh Gunny Company. FRED HALB'rBAD F, s. HUMP? Special Agent 2nd Vice-Mamet! Martaelntt-mrector, Domlnlon THOR SMGRAM Lite manna Co. ot Cum“ piroctor. ”walnuts Cum": BOARD OF DIRECTORS FOR 1929 THOS. H ILLIARD. President. $109,976.41 $109,076." .3 52,500.00 5,205.24 '5,000.0o 7,271.17 Mr. Edward F. Bengt-am Firs! VieoPresMent ot the Waterloo Trust and Savings Company. [tn-nuke ca, JiiiF,. Fai' Globe Furniture Company J. H. GUNDY mums L, LANG Director, Mutual Lite Assurance (‘ommny ot Canada. FRED HALSTEAD Speck] Agent I Mr. Thomas Hilliard. President of the Company. in moving the adop- ition or the Annual Report. referred ,tu the very satisfactory increase in business for the year. The daily papers and tinarteial Journals had during the last few weeks featured financial statements of Insurance Companies. Trust Companies and Banks. all ot which claimed to have had their best financial year. and it was a pleasure to him as President ot the Company to know that the Waterloo Trust could join the pro- ‘(essimi of prosperous Companies. The increatsuy in net profits over the previous Fear was a gratifying one to the Directors and share- holders, and the dividend rate had been raked from 614% to 7% tor the year. Mr. Hilliard also _s.stto1ro a! the growing trend locally towards having the Trust Company nominated as Execumr in wills. and indicated that the future Would see considerable development of this branch of the business. ls Pleased That Waterloo Tins! Takes Its Plate With Pros- perous Institutions of Country. President Hilliard Moves Adoption Mr. Thomas H. Hilliard President of the Waterloo Trust and Savings Company. h ls Lang. P. v. Wilson. Jacirb Utrelman. F". Halstead. H. M. Snyder, Martin Schiedel. George Alelter, Allan C Hallman, Chas. F. Mackenzie, W. K. Weber.. J .P. Jatrray, A. K. cressan. J. A. Swiss, Conrad Huenergard. J. W. Scott. W. E. Ellis and L. G. Baumam _ Thus. Hilliard. Ford B. Kumpf. George A. Debbie. Dr. W. L. Hilliard. Percy R. Hilborn, Henry Knell, H. J. Sims, C. M.Bowman. Those Present 2 Gunny & Com- Canal” " in an Institution such as ours. ‘lhaving to handle such large amounts of the people‘s savings, it is extreme Il_v necessary that such tututs be In- ,vested in the soundest of securities. The act requires that all funds re {waived by way or'ordinary savings for Guaranteed Investment Receipts ‘he invested only in uecuritieg per- mitted by law tor the investment or Trust funds. in addition to this. they are guaranteed by the Com- pany's Capital funds. Those in touch with the 1'ompany's investment policy know that the Direvtoss have tonstantly endeavored to select mortgages for moderate amounts on tirxst class improved properties. and the wisdom of this course is'disptar. ed from time to time in the very small amount of mortgage interest arrears showing on the Company's books. Waterloo County institutions have been tavora‘hly regarded tor their careful and conservative policy in the selection or investments, and-l the Waterloo Trust has been quite successful in adhering to a line of investment policy which has estab- lished the utmost safety to the sev- eral millions entrusted to its care.) Besides the investment of such Gain-i anteed funds in mortgages. a largel proportion is confined to Govern- ment and Municipal bonds. The] statement for 1928 shows holdings of {Bur-rennin; madam-oldie report. the President. Mr. Tho-u Hanna. and uno- Mr. P. V. Wil- .0). to present the Conuny‘e auto Inuit ad com-ant on the urlnu features ot the buntneu. l Mr. Wilton WORM [ The statement tor 1928 indictm- tint the (loamy has experienced another lucceutul you in the matter or blamed business and 9MB. The net trrottts show u inc-ream or over $11,000 over 1921, and general nut- ot the Company Ill lncrme ot 81,435,951. bringing the total vol. ume ot business under the Com puny‘s administration to the import- ant tttrure of t9.008.539.08. Guaranteed Fund- The Guaranteed Funds ot the Com- pany. representing saving mounts and General Investment Receipts. show a total of 86.373.799.03. or en increase ot ”54.57453 over the cor- responding ttgurus Mr 1927. These savings come trom many thousands at clients in this section of the country, _and. their development trom your to year is a continuing indication of the cotttidenee and security which the people have in the Waterloo Trust. Practically every business day or the year brings its list ot new depoulwrs in amounts ofyarious site, Invcltmont and Liquidity of Anetta Managing Dfrcctor's Comments Chi. I. In.“ , 'ir kd,ilr,ttttt Out PM... M, We“ Kltohonor. (hurt). January 23rd. "" CmNrLBMAN:-- We be: to report tho! we have omitted tho book. " account oi your Corporation tor the read "tdine Mst ot Dom-m- her. ins. and have veriNyd the qmrlt, but Minoan. and counting- ot no corporation. That “a have examined the nnnuod out“! on that it urea- vitn no books of tho eorporatiom That an" due consideration we M70 formed on him-Gout opinion on to the notation ot the corporation That with our thderpeatt%ttt opinion no found and naming to new of dttr intern-lion and the explanations given In. M eoettty that in our opinion the not“ "(I forth Mtrty ud- ml, tho slain ot the corporation, . That all trtgttqtaetiorte, of the mrrporattfort that In” -qrItttftt our notice have been within the powru ot tho corporation, To the Director. Ind Shareholder. " Th. Water!» Truck and loving. Company. FSTATEQ. TRUST AND AGENCY ACCOUNT GUARANTEED TRUST ACCOUNT Mortgages Loans on Stocks, Bonds. Etc. _ Loans on Company's own stock.-." 21,019.19 Loans on other securities .wer____rrrrte.tw.t. 229.366.66 CAPITAL ACCOU NT Office Premises. Waterloo and Kitchener. in- tlmlim: safe deposit vault. etc. _.......................,' Other Rrul Estate -. ____ _-""..-.'.."".-..'."..-......"......."..-. Mortgage- Principal .. 'Tet..-.. V _----.-.....")." "tttect rim) and art-rum! '-"'"""j"". 1.97518 Mortgages ppt....-. o-.--.-.-...-........" $07,335.00 Bonds . _._-_ _..,..-....-.............................................'... 140,885.92 Sundry Trust Investments '_.m'__.r.rt-r.rter...rrrr...rr.r.r.e. 89,M6.06 Cash on hand and in banks __'.'rrr_t_r._rrrrtrm.t_rrre.emt.... 91.054.“ Inventory value of unrealized Ihrtatotr Amen.“ 966.707.“ Cash in bank: Cash on hand Dominion and Provincial Govern- ment Bonds e.,..-...........,-.........,, Bonds Guaranteed by Dominion or Provincial Governments: .V.Fe.PtV_...VV. Municipal, School and Municipal Telephbne bonds F'te___e_'r'.w.trrm.'t.rrtF. Other Assets 'ir""."'.""-...""'----.-.-'-.-..-..'............. Advances to Estates under Admlnlmmtlon ('ash in hanks "'$'r-._e.____,"'..m_-r'r--.ttte.._rrrrr.r.e.Pm.tt, Cash on hand v.t..v '_'.m.'i_m_"_rr.rme.m_t_t.t.terrermerrtetr-...t Principal t--.tttr....-ttrrrt---rt..tt.. Inn-rm! due and accrued and Municipal Telephone bonds.... 39,948.31 Other Danae and debentures *e.t.tqr.Ve_.m 161393.19 Bonds issued by Dominion of Canada. and Provinces of Canada o.........-' Municipal and School Debenluks THOS, HILLIARD, The Waterloo Trust and Savings Company SIXTEENTH ANNUAL STATEMENT ASSETS " wills from people in this section during the last year, the inddeattom, continue to point to s much - development In the (nature for this Department or the business. It is becoming more generally recognized ’yeer by year that a greater degree of security to Fatates can be had tram corporate administration than that at private. Trust Company administra- tion is continuous. Private executors. no matter how efficient they may be. are subject themselves to illness. or death, with the result that the breaks come about in the ranks ot those private parties charged with estate administration, necessitating others being called In to carry on the work. having possibly very limited know-j ledge as to the needs and require-' ments of such administration. Bis-i lates business comes very varied in character. Each one has its own tNF culiar problems to contend with. Many estates and trusts are carried an tor years on account or the grow- ing tendency to establish permanent trusts tor the safeguard and security or widows and children. The advan- tages of insurance and business trusts are also becoming more recon- I r -n. - - n-vi-l. - In - “his .sttnr U” WM " " the (Do-pure than)”, in s low words “WIN" -. Ito then. want. expressed hie up 1 neutron-1m ”in“. at the unmet-em in During the ynnr I“. n n-onnt at cum of the diluent Depnnnents (e.iili Inn diehurud in dividends. ot the W. end outed that u "ounce-ting pennant a! I" on the long on the Contpnny continued to Jompnny'n Cnpltnl Stock. to nun Motion “on; the lines it had in the \holdern An amount oi “5..“ In. put. there should be no question u Mso trnnuerred to Insure Account. to its continued progress. In his ‘uriuzing this nlnonnt " to ”00.000. opinion the qxtiqne. ot the general ‘While it will no doubt he the II. of public was int-rennin: month by y-ttrr Cornpnny to distribute thirty month. and this dhuultl result in "ibernl returns in dividnndn. it will further expulsion for the Waterloo (also be donirnhln to toilet sound " Trust end Suit-n Company. ‘mlnistr‘tiv. mice by ad] yen: ==ait=B====r====taata==aaaria- adding to tho COUDNIY'O INN!!! " nixed. and Trust Companies are being as to bring it in time to on amount and upon to act .3 Trustees in stuat to the Paid-up “Mill- such _ to no increasing degree 1 Inennned Clonal ench yenr. People " one time used The Paid-up Cnpltnl ot tho ()0.- to (eel that while the Trust Company Juny is being “unused in 1939 to nn provided the ”tent form of BxeNeutor- amount of 81,000,000. by the inning ship in wills. their lees might be ex- mi 2500 additional shores u . price ct.tUTe. Thin tttought ta gradually 'of 5125 eaeV--Thomr will he no cont bent: discarded as it becomes known incurred in connection with this div that Trust Compnniee are allowed iribution ot the additional char-en and no (renter tom. than thou permitted he Company will rank, at the end ot to private individunls. and that the “he year. my one ot tho ten Trust ante hear n very small proportion Companies in the Province Lulu; n to the value of no estate and the paid-op Cnpitnl or $1,000,000 or over. imponnnce ot the work undertaken. Truntn and Entntnn Bortd 3‘18“." The t1gurms ot Estates and We Wd ttare ionnd durhur the past remaining in the Compnny's hands "ar that " increasing number or at the end of the ,0“ no shown nt people in this district came to the $1,5e6,218,83. While a number of Trot Comm"? tor advice tn connec- mates were wound up during the tlon with their tnrestmenta. and our year. the actual increase in ”tum Bond Depnrtment distributed a much shown amounted to “32.239"; By larger volume of securities than dur- the number ot nominations received I“! ttyr prtrtiepear. It would be , 273,869." 34,089.11 13.27 85,931.36 l,49l.704.‘4 ' 10,766.93 226,707.11 ASSETS AND LIABILITIES ' 1.560.318.” t 9.008.539.” t 8,373,709.08 ' 1.083.621." ' 106,009.68 _ 43.209469 1.091.281.“ “1777.96 89.4.6.2? 4.t 75.1“.62 250AM.85 212,708.43 1 1150.00 9,020.00 34,111.02 21168.75 393.467.75 present their nixed. and Trust Companies are being called upon to act us Trustees in such eaqs., to an increasing degree ouch your. People " one time used to tool that while the Trust Company provided the unrest form or Executor- Ihlp in wills. their tees might be ex- ecutive. Thin thought is (“dually being discarded as it becomes known tint Trust Companies are allowed no (renter a- than those permitted to private individuals. and that the some hear a very small proportion to the value ot on estate and the impomnce ot the work undertaken. lend Business We have iound during the past your that on inc-reusing number of people in this district came to the Trust Company tor advice tn connec- tion with their investments. and our Bond Department distributed a much larger volume ot securities than dur- ing the previous year. It would be entirely outside the province of the Trust Company, however, to attempt to give advice as to what stocks ight be purchased tor an immediate rise in market value. The Company cannot speculate with its own funds, and could not he expected to suggest stocks that might participate in any specta‘culnr stock exchange ripe. Their function is to select securities or n non-speculative type. having ac- tunl equities of value behind them,, tor investors who have to depend, upon the income from their scour? itiee. and who cannot atrord to lake! speculative chances. There is no; reason to believe that this section', at the Company's business cannot be: made more Important as time goes by. so that investors in this com- lmunity can regard the Company's (ai.ii.rjiej.ii. as safe places to go tor as- sistance in investment matters. Relation of Trust Company to l Community. T The variety of tunctions under-4 Yukon 'try the Trust Company means that many close and personal con- tacta are made with people in the community. People become deposit-l or: or bond buyers; others come in ESTATES, TRUST AND AGENCY ACCOUNT humanly untamed. J. P. 50mm, CA, ' I. P. MIA". CA,, Amman GUARANTEED TRUBY ACCOUNT General Guarantned Trust Reveipts Trust Deposlm t-r-t-r.-r.rrN'._ .F-F (V .rrqwrr CAPITAL ACCOUNT Trust Fund. for Investment _rwr_F .r,.e.r_.e._rr. "F-rr Advancu from Capital Funds FrFPPterr-FP"t. ._e.tr . .. Inventory value ot unwanted Ramos Assvl: Mr. C. I. Bow-n. one ot a. Reserve Account _.--..-,-",..-.....-., Dirfftsmis declared and unpaid Idue Jan, I 1929) FrWet.trttes.e Profit and Loss P. V. WILSON. LIABILITIES Ma natrlmrmtrecttrt, Total Assets '.rt.tVrVVV.6._.r.V Increase tor I923...M. Profit for Fear -.A.V,.rVtV...-_ lncrpase for 1928M.” Total Guaranteed Fund-s lncreaup fur 19'2tl..., Total Kstates Funds .rV, Increase tor 1928-., to discuss their will; Bert.iiciarim, in estates are in constant touch with the minus Manager or other om“. Taken in all. very intimate relation- ships exist with my hundred: ot people. and it uhould be the endeavor of the Trust Company to preserve the many cotttidettcea of its clients by rendering as etficient service as possible. With the increasing do. velopmenl or Canada, we have - reason to believe that this notion of the country, having such a variety o' sound industrial and ttnaneUt tn- stitutitms. and surrounded by one of the 'best agrlcultural dutrietas. should participate very greatly in the national development, and the progress of the Waterloo Trust should keep pace with Tt, Officers and Staff I want again to refer to the very tine loyal spirit existing amongst the ‘on'icera and stat! of the Company. ,They. to a great extent. through their lfaithtul and efficient service, are re- sponsible each year tor the increased business. Then again. the Directors. in the supervision of the Company's affairs. are anxious that tt should maintain iuereased expansion. and extend every encouragement and auststallce to the stair m the matter of procuring new business, and of building up the Company generally. Director Special F eatures Mr. c. M. lawman or The Waterloo Trust and Savings Company. ' 9.003.539.08 t 1,546,218.83 t 571.4011? V 9,020.00 985397.38 t 6.3?3.799.08 ' 2,103,883.39 3.669,915.69 t L083.521.17 750,000.00 300.0000!) 26250.00 7.271]? $9.003.539.08 1 135.951 ARI 104,96TA2 17,872.09 $373,799.08 954.674.53 L546,218.83 432,239.63