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The 1llfattstiit1..1r_.'. Trust Presents Strong Financial Puma l We hear the expression "He is a solid man" " solid lawyer, or a solid phrislciart--mtsd WP at once class the person referred to as one we can rely upon. one who is trustworthy In every way, one who is a credit to the community. Likewise we hear of a Company that is a “solid com- pany" and we class it as one of stability. strength and trustworthi- ness. One that is a crodit to the community. In analyzing the Statement Pre- named In us to-day, “'0 must enn- clude that the Waterloo Trust and Savings Company is truly a solid Mr. Kumpf, In Moving the Adoption of the Report. Spoke As Follows: During the year We have taken over a considerable number of new estates and trusts. and have received many nominations in wills. Each year this department of the Company's business brings increased development in the number of trusts and agencies handled. While under present conditions it is somewhat difficult to predict the course of business for 1931, we feel nevertheless, that our Company will continue to progress in the same manner as has been experienced in past years. ,7 The books and vouchers for the different offices have been audited monthly, and the auditors' certificate is attached here- with. we feel that we can specially emphasize the high degree of protection and unquestioned security for all funds lodged with the Company. It is gratifying to report for 1930 an increase of $627,837.43 in our deposits and other guaranteed funds. This brings the total of such monies from the public to the impressive figure of $7,503,039.23. . An examination of the financial statement diécloses a strong liquid position in relation to our deposit accounts, and Waterloo Trust Sqlid Clprppany Notwithstanding the rather depressed conditions with which business in general has had to cope during the past year, the progress of this Company has been most satisfactory. The total assets as at December 31st amounted to $11.331.037.89 or an increase of $1,011,063.23 for the year. After providing for interest on deposits, and other Trust Funds received from the public, and defraying the expenses of management, the balance available for distribution is as fol- lows:-- The Directors of The Waterloo Trust and Savings Compony have pleasure in submitting herewith to the Shareholders, their Eighteenth Annual Report, showing the result of the Company's operations for the past year, accompanied by the Balance Sheet, to December 3lst, 1930. DIRECTORS' ANNUAL REPORT OF THE WATERLOO TRUST AND SAVINGS COMPANY DIRECTORS: Says F. Kumbf w. L. li1LLHRD, hm All of which is respectfully submitted, This amount has been disposed of as follows: Two lulf-yonrly dividends, Nos. " and 34. at tho rule of 7 per cent. per nnnum..‘,.... Dominion Government Incom- Tam. vv. Written " office promises and tisture. Truuforrod to Ron-'7- Ac-.........., Baht-co carried forward.-...-....,.., Balance brought Forward hon: 1929 Not Profit. for the year“ Tt__rr . (V THUS. W. SEAGRAM R. o. McCULLOCH THOS. HILLIA RD H. J. SIMS, K.C. Kitchener FRED HALSTEAD Annual Meeting Thursday Showed Gmtifyiatq Increase of Business In All Departments. Total Assets Exceed, Eleven Millions; Profits for The Year, 8t32,189.t4. GEO. D. FORBES Heapeler GEO. A. DOBBIE Gait J. H. GUNDY Toronto LOUIS I,. LANG Steady Progress During 1930 C. M. BOWMAN President: E. F. SEAGRAM Waterloo Directors: HENRY KNELL Kitchener . P. R. HILBORN P. V. WILSON . Vice-Presidents F'. S. KUMPF Kitchener Kitchener Waterloo Waterloo Waterloo Waterloo Waterloo Preston Cult It Is will. One section of the Company”: no tivltlm that bu increased "only in The Law places rtatstrietitttta on in- vestments of a Trust Company and the funds deputiited with the Cour puny. whether through the ordinary deposit book or tor Trust Remains, iare Invested separately under these (strict Government regulations and law or the highest grads and known as "Trust Investments." The amounts no invaded are always equal to, or more thin, the pooplo'a (it-poem! and. added to this security. is the 1 million dnllarn put up by the shareholdom and $450,000 or profits made hy the Company over and allow the liberal dividends paid,‘ This Inner amount ot 3450.000 is In the Statement as a Reserve and this Reservo will be added to year by year. i n is interesting to stale here that In} dopnsitor in a Canadian Trust I'nmpany has aver Ion! . dollar and The growth of the Company has 1l'll far beyond the most sanguine expectatitrms of its promoters. May " take you back to 1922, when the ‘Comnany was changed from a Loan ‘and Savings Company to a Tmat Company. where We find tho deposits were $2,060,694. Three years later where were $.3,644,'.r.90.artd In the past five years more than double. reach- ing at the end of 1930 the large total "r 832503.039, The Paid-up capital har, increased from $700,000 in 1922 to 1 million dollars. The Reserves increased trom $150.000 to $450.000. The Assets of Estates under Ad- ministration in 1922 were $73,84h97 and last year mached 32.331.414. These figures show progress that in mm! satisfactory and the Sacco“ of thp Trust Company is pointed to with pride in this community noted tor its succmsrul firmnrlai institu- lions, Company. That it has proven Itself trustworthy and strong Is evidenced by the continued couf1dettces the public has placed In It. not " all likely that they orllr' E. F . SEAGRAM, $143,049.“! $143,040.43 ' 70,000.00 9,425.36 2,100.00 50,000.00 1 1,524.05 ' 10,860.29 132,189.” President. in tho front ranks of any financial Institution for tho 1930 operations. The statement made by Mr. Wilson, the Mlmxing Director. regarding the growth ot the estates business. and the increase in the number of will: for 1930 is, In my humble judgment. evidence that tho people of this community am well satisfied in place their airtMrg in the hands or The Wuorloo Trust. Tho fact that this Company is a lanai Imstittr Mon. and conversant with loral can! "iitionir, I belim'e is one mason why it is in a position to servo the peoplo in a manner superior to any Com, ‘pnny not operating In this rommnn-i ity. This community is receiving the highest type of sorvlr‘m. and no' dnubt In years an om the Company will continua to give this high stand- nrd ot service. and will inrrms its services. in closing I must say that it glue me much pleasure to wand the tsdoptton of the aerrelary'a re- port. l One ot the outstanding features of this statement is the fact that our assets have increased ten per cent. tor the rear in spite or general busi- ness conditions havan been less itsvorahle. Another interesting tact e, that over sixty per cent. of the increase in assets is represented by the deposits. and (‘omes trom the community which " being served try ‘the onlcee of tho Watrrloo Trust. The magnificent total of the savings deposits is certainly a wonderful tri, ibuto to the community in which we are operating. There is possibly no district that can excel such thrift, The eonndeneo which the people of this community are showing every year is amply justified try the care. tul analysis ot this statement, and it.can safely be said that we stand I would like to compliment the Managers and Staff in each ottiet, tor tho excellent record Bath one has made and thereby helped to pro- duco the fine Statement we have be- fore us to-day. It certainly attords me great Nea- sure to second the adoption of this splendid report. All Estates' Investments have the supervision ot the Board ot Directors and clients are assured at the know- ledge of these buslneun men In de- clding matters at importance in con- nection with the handling of melr business. I should llke to suggest to the Shareholders that they do not lose an opportunityot drawing to the attention or their friends the advan- tages offered by the Trust Company In its Estates Department. This Department has tttOM etriciettt ut- ticem and they are at the service or anyone seeking advice regarding the handling of Estates. The reports the Directors receivo ot the boar offices ot tho Company. that is In Waterloo, Kitchener. Pres- ton and Galt, have been excellent and we cannot slngle out one over another for special prams as no one oifice stands higher than the other In the most efficient manner in which the Company's businme in be. ing handled the past few years you wlli note, is the Estates' Department. lt Is very gratifying to see the increasing use made by the public of this Important branch. The Company not only acts in the administration ot Estates of deceased people but in the manage- ment ot what we can. living trusts. By its name you will understand me to mean the management ot one's aitate while the person is still living. Wee-President of The Waterloo Trust and Savings Company, who presided at the meeting, and moved the udoption of the report. Mr. C. M. Bowman Seconds Adoption of Report. Mr. F. S, Kulnpf I tit-mt-ii-at-tmrs ' . ' ----.--.----.--C-_, -------- - let, ymr on behalf or various estates and trusts amountn to 32.331171. " has been stated that tho days of private Executom are gradually be, coming numbered. and lint an time proceeds. Trust Companies VIII b. chm-gm to an Increasingly great ex- tent. with tht, 'Nrttrntrtbiiitles ot on- late administration. During 1930 we rrceived advice of between 200 and 100 insuncos In which our Company had been nominated as Executor in wills. So in hr 1931 we am ro- caiving an oven greater proportion or nominations. This all points to a large volume or business tor the tuture, Ind we no pinned to be able to report that the Company has a very mmbiy nupervisod asthma de- pttrtmertt. and one wall yrs-pared to untIr-rtaiw the important dutie- com herwd with tho various [nulls and out-tea coming under in! rare. A special Committee of the Directors: moat from time to time to discuss Important matters. and from Ihe number of nominations in wills m: retain: from heneiirhrlel and Milan who Mme into Contact wilhtho Com- pany through their sperm] ink-ram in particular "tum. Tre must con- rludp that they are tratherted with- mnr mnthodu of handling. and with AM very moderate ndttttrtmtrattion Wharton. Many ”was, of mum. are 'httRy to tdminister. tha chief ro- quiramcnt Dying thp mum innu- ment of fund. In 'tertaritirm permitted " luv. and in! "landing of awry mm mm and "nice pouan to the whim" and other: intnrutui. other an“. my be more oomph! in attractor. inroivinc a .ottBtiMrattm trtetr at um. investments. rent 'eetato, we. Prttdta",t'tra',t.'. ty m "o... run M m 00...”. in order to In considering the I'trmparty'.s financial statement for 1930. and in tact. its whole business development year after year. we are not do much concerned with a large volume of figures. although ot course we aim to show expansion each year. as we are in the fact that our Company is in a very sound and secure financial position. Even though general busi- ness conditions throughout the mun- try have heen poor. and many peo- ple's minds disturbed in a result or depression. unemployment. and the other troubling features linked up with depressed industrial conditions. we have not only been enabled to keep forging ahead. but had the knowledge and eatisraction that thel utmost security tuts been given to the many thousands of clients luring business relations with us, and lie: wise also to those investors holding M1artss in the Company's capital' stock. At no time In our history has; the Company stood in a stronger‘ tinnnclal position than It doe.a by} day. ( Strong Liquid Petition - Roservel Fund Increased I Trust Companies. an you know. un- dertake various functions. Bach operated by law. as a special depart- mom. You will notice by our "tate-' mom that our Guaranteed Fundsi total 37.503.039.23. ot which amounll over $4,221.00!) is represented by (tr-l dinary savings deposits. Against these funds we keep a large supply of easily liquidable securities of bonds. demand loans and cash. Our statement Show: more than 33.300.- 000 of readily-harkdtable securities. The result in that it in alwaye quite easy tor us to meet any heavy with- drawals ot depositors' (nude. This is as,it should be, ot course, but it is a point that can always he em- phaelzed by our shareholders and others connected with tho Company when they come in contact with people who may be contemplating transacting their business with us. Not only are we in a strong position with respect to a large supply of easily marketable bonds. but we have a particularly sound list of mortgages. In our mortgage invest- ments. the Directors and valuators have followed a very conservative policy. and " is doubtful it any in stitution in the country has a clean- er and more secure list of mortgage loans than The Waterloo Trust and Savings Company. These are mostly tor small amounts. bearing a rea- .:unt\hle relation. to the valuation ot the property. such valuations king made on a basis of anticipating re- ductipne in real estate values. in so tar as the. strength and security ot the Company. therefore. is com cerned. in relation to its clients and shareholders. there is no doubt of our excellent position. You will not, ice that we added 850.000 to our gen- eral surplus mud. and it will he the policy ot the Company to add con- siderable amounts either to this fund. or departmental reserves each year, the aim being within a few Lymrs' lime, to have surplus fumiu ‘equalling the paid-up capital Estates Department The. Company's. Estates Depart- ment continues to grow each year. and all the indications point to a constantly increasing volume of trust, ness under thin department. After cloainz out several estates rim-inr- l the year. the total volume of meta , held by the Company at the end or , " we no going through a period when people no probebly reading with more than customary interest ithe various [1ch Interment- oi \lnotitutlom as they ere presented to ‘the public. we naturally tee! untitled at being able to submit. a report tor tLe Waterloo Truut Ind Snvinxe rCompany which diecloaeu quite a sutiulactory increese in buuineu end would tor the put your. import-m Feature. 0' The You’- Ina-inu- The net pro41ts were 8132.189“, compared with 3126.800 tar 1929, The total volume of budhlews on the Company's books as at Decem- her 3Itst, last. emanated to 811,331,- MT, or an iucreatie or 81.011362; tor he year. Tttts iueretuse, “insisted " 5627.837 " in our Depcstt and In- veetment Receipt Accounts, and $383,226 in the volume of estates uti- sets held for administration, During the year a great many new “airings depositors established a connection with the Company, and we took over about " new talented and nuns, for management by the Company Nu Ptofits fat 1930 Show Subshllisl Increase; Total Business Illnesses lure ' Than Hillia- Dollsn Over 1929 Mr. Churn]; and Gentlomen Mr. P. V. Wilson, Managing-Director, Gm. Report of Progn- ol Company during 1930. ESTATES, TRUST a AGENCY ACCOUNT Mortgages "r_r..r..-_.w. 'P.r'trrr.rsr-err.r.r_ _ T, Bonds .rrv".N. V-r..., r"Nrtt__rt....-. 'r._rvv_ li Sundry Trust Investment.-.,,, _ _ V 1 Cash on hand and in Banks.\........... _ l Inventory value of unrealized Estates Asst-Ls ,, -CCCC . _ _ V _ L8! GUARANTEED TRUST ACCOUNT Moi-I'm..- Principal .rrrrr..rt,., .......8 5.013.6l3.93 Interest due and accrued 115,670.38 Dom-ml Loans Aguinu. Securiliu Loans on Company's own CAPITAL ACCOUNT Otfice Premises, Waterloo and Kitch- ener, including Safe Deposit Vault, etc., and fixtures, Galt and Preston..8 Other Real Estate-..-.........,.., Mortgage- I Principal "rerrterrr, 't.'rtt_ee.r $222,400.00 Interest due and accrueJ 4,237.90 explanulo ' irGG (if; "i/iGrri"iiiiii"in;ir""Gin"ia"isriiriiri'inGiiii Gli, Rh? iiirGiirtitriiitii;; of tho 'JJad'd,','. . Kitchener. Ontario, January "tr, 1981 is the aim of The Waterloo Trust to extend the utmost care and atten- tion to an estates coming mm in; hands. " is try doing this that we can taped to keep such business cvmtanlly developing. Living Trusts. Inlurance Trusts. Etc. A feature or our Trust buslnesa which Is commencing to develop. is that ot Living Trusts. Under the liv- ing trust, an Individual desiring to be relieved of the work or superin- Wading his or her own investments. real estate management. etc. can an- We beg to report that we have audited the book- of account and vouchers of your corporation for the year ending 31st of December, 1930, and ban verified the rush. bunk balances. and neuritic: of the cor- pnrathn. porau'ryn H "ii-1:11 Giiaetun, of the rorporntlon thet have come within our notice have he”: within he power: of the corporation. ‘or to clean up current liabilities. {This is a point worth considering on the part of those nominating the Company as Executor, as we on- deavor to guard against any unnece-v nary or hasty sail-lace ot Invest- ments. This is a point which the members of our Estates Committee give special attention to. Where mr tates are taken over which include operating husinasdes which have to be sold. the Company endeavors to procure some capable man to under- take the supervision. until such time a" sales can in: trtrected under the most 'p,fi1g',s,1(t8, terms tor auNt WV tate. Frequent y also the Company is nominated in wills under condi< tions requiring a contract with the business for possibly sew-ml years. through the holding aw Trustee ot a considerable proportion nfits shares. The carrying on ot estates business is a very inter-wring one. and ft; To (In Director. and ill-rclloldon of Tho Wand” TIIII and "via- Conn-y GENTLEMEN:-- guard against any too hasty liquida- tion ot amen: particularly when gen- eral business condilluus are deprusst ed, to make advances to certain es- tates tor the benefit ot beneficiaries, Mr. E. F. Song-min President of The Waterloo Trust Clsh on hand and in Banks. Dominion and Provincial Government Bonds -.._ Dom. and Prov. Gov't. Guaranteed Bonds _ Can-diam Municipal Bonds "__.r_.r.r_ _.. (V tration _...............".."..,.-.."...'.], Cash on hand and in Banks Municipal Bonds o......,....,: Other Bonds and Dehem. lures ..-rtr_-r.._et ".".rr-mrrter. Other Assets .."'r.FmN... '.ev.e, Advapces to Estates under stink o..."....."..'.."..:.'....','.".'..".", 30,723.19 Loans on other securities.. 430338.85 THE WATERLOO TRUST AND SAVINGS COMPANY That we have examined the annexed statement and and that it agrees with the hooks of the corporation. Ihnt after dur consideration we have formed an independent opinion as to the position of the cor. The} with. our independent ortinior? no {onward and 'rturtrrxtitt. to the pen! oroyr intormttion and, the ErGHTEErtrTt.1.eNyyvAL STATEMENT E. F. SEAGRAM, President ASSETS 1,437,593.19 $101,635.61 282,519.00 378,775.34 374,03ii.66 Adminis, ASSETS AND LIABILITIES led against the losses which frequent~ [1y occur where insurance monies are 'natd over In a lump sum to warm here! ot tho family of deceased policy~ holdern.‘ During the past year or so we have had many such life imsuts ance Innate provided. which will, in ruume of time, as they come Into enact. provide the most desirable protection to bereaved widows and ‘nthors. Another form ot trust with which we have been having a num- iher of cuntactu. is the buainess im .surance trust. Thls talents to in- stances where two or more partner: or associates in a Company, either , partnership or an incorporated one. arrange tor a certain volume ot lite it surance to be taken out on the in- diridual lives of such parties. but with the Trust Company as Trustee. In the instance of the death ot one trt them, each proceeds no to the Ueceased's family, and his shares In the business. or a Proportion of them. are turned oVer to the surviv- ing partner or asmciatm under cer- tain definite methods ot valuation as may he set out in the special insur- ance trust document executed be- tween such Indtseduats and the True! Company. Quite an important contributlon to the activities of our offices. and to Waterloo Bond Corporation Limited tor no a m AM with." Cm to but: it. and“ such new 'ttet" cc- - wide-J'- um... In. - - people - to " W in a. pin. and I. have in no. not taken ova mud. The - or the Truumeetlor his other r. ttttir-tet, a. communal!" a manor u desired, and tho Trust (Po-pony undertaken an. nanni- eion in Accordance with the dirocs tions, and Innk- a M "igttaqt quarterly or half-yearly. u my be required. There are reelly greet " vnntaxee In letting up Inch e tom at Living ‘Tmet. Then nuln~wlth the Imurnnce Trusts-liie insurance is becoming recognized more and more at. one ot the greatest Protec- tive tenures in the lives of indl» viduale. Mortality figures show that even amongst the healthiest men, the unexpected frequently happens. and through unexpected illneu or accident. life is cut short. In such in- stances. lite insurance lrequently en- ters as a moat important (actor in the nrtantial provision left for the tsurvlving widow, or children. But the proceeds under the terms of the policies, have often been paid in lump sums direct to the surviving members ot the family, and as a re- suit or speculations or mismanage- meat. become entirely wanted. or at (ii? considerably reduced in value. Lite Insurance Trusts. therefore. with their flexible and discretionaryl conditions. can be made a reel proi lectlve force in the conservation or! u~'l'(‘h insurance proceeds. 1 Matty men. either in their insur- ance policies, or in their wills, are providing that such life insurance proceedca. lnatead or being paid direct to say those in the preferred trene, {minty close, as a rule vompriuing the widows or children. be set up with the Trust Company under a special life insurance trust, separate and distinct from the other estate assets. and the Income paid period- ically to the surviving benBtleiartetc Under this plan, protection In Alford- 311.331.037.89 ' 2,331,474.61 ' 7.508.039. " ' 1.496.524.05 l .652,865.95 2,098,889.53 274,866.09 33.129.284.01 384,995.00 163.092.04 M,M4.12 77,717.60 461,467.05 475,671.17 12,110.49 24,920.00 44,461.05 226.63 7.90 192,464.14 58,732.25 presents their Rupectfully Inbmitud. BSTATIJ. TRUST I AGENCY ACCOUNT Trust funds for Investment..... ..,,....,.8 61 Adentteea from Capital Funds....,.,.,,. 5 Inventory value of unrealized Estates . Assets m-tPr _.. ___ . ,. tFr"". _ Nr' 1.6! GUARANTEED TRUST ACCOUNT CAPITAL ACCOUNT Capital Paid-up _..... Reserve Account .... Ditidends declared _ Genera) Guaranteed Investment -ra, Trust Deposits '""'..'rerrerr...m.m. ""'e-'.'.rrtr.. Jan. i, isjiiii. Profit and Loss.... J. P. SOULLY, CA. K P. WILIANN. C.A., Amman. the gradual increase in profits of the Company. will be found in the constantly int~reaniug batsmen of Waterloo Baud (corporation. This little Company. while having its own separate capital stock. iss becoming quite actively engaged in the dtatrr button ot bonds in this section of the lri1%.U.'e'. As the proceeds. over and laliove the adminitstration expenaoa. and net dividend on their "hares. go to the Trust Company, we are tgtutgr- ally Interested in its progress. Every reasonable precaution is taken In the endeavor to direct sound investingon the part of clients desiring to obtain a higher rate'ist interest than the Trust Company Days on depoalia or Guaranteed investment Receipts. and we now hare quite a large body at people who arrange their lure-to ments through the Company. We believe that its business will con- tinue to grow. and that people will appreciate the opportunities tor non rice from the Company. Kitchener And Waterloo Community _ Foundation As the operations of The Waterloo Trust are confined vary greatly to this district, we have taken pride in the thought that our Company has made areal contribution to the “our clal needs of the communitiea we serve. and are furthermore desirous ot misting by every measure pos- sible, those charitable or other insti- tutions or organizations extending desirable services to the community life. Some time ago our Directors bomme intermted in the successful operation of some of the Community Foundations to he found mainly in the larger cities of the United States. but to be found also in one or two of the larger cities in Canada. Such foundations have as their object. the promotion of endowment funds. eith- er through the means of gifts from individuals during their lifetime. or hequmts in their wills. the income trom such funds to be used as the contributors may desire. either toe the specific tMmaritr of certain worthy Institutions. such as hospitals. or phanagee. the relief ot the poor and needy. crippled children's work. and works of various kinda. or for the Mr. C. M. Bowm- Vice-President, The Wtstertoo Trust LIABILITIES P. v. Wilson. and unpaid (Due (Continued on Page " 'nttaeinrDireetor Decumbcr 3tst, 1’30. 811.331.037.89 ' 653,68tt.66 24,920.00 ' 2,331,474.61 ' 7,603,039.23 t 1.496.524.06 , 3,281,169.88 4.221.879.35 t 1,000.00000 450,000.00 1.652.865.95 3ii.000.oo 11.524115