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THE WATERLOO TRUST AND SAVINCGS COMPANY â€" During the past year, the Company was called upon to administer a considerable number of new estates and received numerous nominations in wills on the part of business men favoring Trust Company administration. During the past business year, general conditions throughâ€" out the country have been rather depressed, bringing as a result, slightly reduced profits for financial institutions. It is gratifying to be able to refer, therefore, to the strong financial position of our Company and the very promising prospects for its future development. A review of our statement shows that the total business of the Company is now in excess of $12,400,000. The substanâ€" tial holdings of government and other high grade securities placed the Company in a most favorable liquid position. The books and vouchers of the different audited monthly, and the auditors‘ certificate with. All of which is respectfully submitted Waterloo, Ontario, January 28th, 1932. The Directors of The Waterloo Trust and Savings Comâ€" pany have pleasure in submitting herewith to the Shareholders, their Nineteenth Annual Report, showing the result of the Company‘s operations for the past year, accompanied by the Balance Sheet, to December 31st, 1931. 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 follows: Total Volume Of Business, As At The End Of 1931, Stood At Over $12,410,â€" 082.00, More Than 20,000 Open Accounts; 1223 More Clients Added During Year. COMPANY MAINTAINS STRONG â€" POSITION; BRIGHT PROSPECTS FOR 1932; GUARANTEED DEPOSIT FUNDS $7,883,503 Nineteenth Annual Report This amount has been disposed of as follows W. L. HILLIARD, M.D THOS. W. SEAGRAM Waterloo. Directors: HARVEY J SIMS, K.C. Director; Waterico Trust. THOS. HILLIARD Waterioo. _ R. 0. MeCULLOCH Galt Two halfâ€"yearly dividends, Nos. 35 and 36, at » _ the rate of 7 per cent. per annum Dominion Government Income Tax s Transferred to Reserves ; 4 Balance carried forward ........... . Balance brought forward from 1930 Net Profits for the year FRED HALSTEAD GEO. D. FORBES GEO. A. DOBBIE Galt LOUIS L. LANG Kitchener. H. J. SIMS, K.« P. V. WILSON C. M. BOWMAN Directors : HENRY KNELI P. R. HILBORN Preston J. H. GUNDY Toronto E. F. SEAGRAM Viceâ€"Preidents F. S. KUMPF Waterloo. Waterloo Kitchener Kitchener Waterloo Hespeler Kitchener President Waterloo E. F. SEAGRAM, President ’ Mr. Thomas Hilliard, the originâ€" al Founder and first President of |the Company addressed the meetâ€" ing for a few moments. Mr. Hil liard made «pecial reference to the general eound position of the Canâ€" adian â€" Financial Institutions â€" and presented comparison with the exâ€" periences of some of the other countries. In hi« opinion The Watâ€" erloo0 Trust and Savings Company was now regarded as etanding well up in the front amonest Canadian Truet Companies, and was asaured Of continuing snceees. Original founder of the Waterioolsacli year will s Trust and Savings Company., volumeé of business. Mr. Thos. Hilliard, Founder of Company, Addresses Annual Meeting Held Last Friday. Waterloo Trust In Front Rank Canadian Co.‘s THOMAS HILLIARD MR. LOUIS L. LANG Director, Waterioo Trust offices have been is attached hereâ€" $123,542.06 $123,542.06 $ 11,524.05 112,018.01 70,000.00 11,956.59 30,000.00 11,585.47 the Companys Western farm loans| In looking at today‘s Statement Jnhlt‘h represent a total of 4.69%. there are two things | find difficult we will probably. like other instiâ€" to realize. One is that this is the tutions _ have to stand a fe® nineteenth Annual Report of the loases here, but special raserve® Company. In looking back it does Kave been set up in anticipation of not aeem possible that it is nine them. These loans are small loans teen years since this Company was which in practically all insiances organized. though we must admit have been reduced by principal payâ€" that in these nineteen years there ments since Orignally made, and the were more long years than in any feeling that with the present more «imilar period in the memory of favorable moisture conditions pre anyone presen(. The Company had vailing in the Weetern provinces, just got nicely under way when and with the economies being pracâ€" the greatest war in history broke ticed by the Western farmers, that out, and we then experienced four a change towards betterment can be of the longeet. and probably most Teasonably expected. With but two anxions years of all time _ After or three exceptions, the Western the ceseation of bostilities we had {armers hoiding mortgages from our a few years of business adjuetment, Company are keeping to their lands when we landed into an inflated nd endeavoring to put thinge in perind of prosperity. when monfly order so that they can profit as the and time took winge and literally reault of amy improved condition«. fiew. Then these wings were sudâ€" On the whole, we beifeve that the denly clipped. and almost overnight Company is to be congratulated with the world was plunged into an unâ€" respect to its mortzage invedtMment®. precedented . businesa _ depression, It is -yw aa OMe of the which has remained with ns for two Company‘a Presidents, to be in and a half long years. in spite of al} touch with the Estates as well as this, it is hard to realize that nine other Departments Oof the businese. teon yeare have passed since this and 1 confidently feel that it is proâ€" Company started business gressing along sound lines and that! The other thing that is difficult | We have recently been making an analysis of the Company‘s mortâ€" gage investments. and it is doubtful if any investing inetitution in the country can present a stronger posiâ€" tion with respect to the secnrity of its mortgages than that of our Com pany. In the Capital and Guaranâ€" tced Investment Accounts, the Com:â€" ‘pany held at the end of the year ‘mortgages _ totalling $5,420.146.00. , This total was distributed as follows. [Kitchenef~@Bd Waterloo. Galt and Preaton. including a few locrl farm â€" |loans. $2,075,317.00 or 38.795. of the total; Toronto mortgages totalled $1,856.505.00, or a percentage of 34.25 of all loans; Montreal loans toâ€" telled $836,250.00, or a persentage of 15.43; Hamilton. $104.114, representâ€" ing 1.92%,; our Western urban loans, 3 |of which $268,000.00 are in Winniâ€" peg. totalled $293,859.00, or a figure o1 5.42% of all mortgages; the balâ€" f alvo of the conpany‘s mortzages of $254,049.00. representing a figure of 4.695. of the total, are in Western farm lo@ans. An interesting feature is that the connection with the Comâ€" pany‘s urban mortgages, representâ€" ing over 9%5% of the total, interest {arrears at the present time total only lelightly more than oneâ€"fifth of one |per cent. of the amount. In the great |majority of cases, all intereet payâ€" |ments, as well as maturing principal |instalments, have been met. Our total of 1539 urban loane have been carefully selected, and 1 feel that we should not experience any loases with them. Our loans are made for very moderate amounte againet reaâ€" sonable . yaluations having in view the need‘of providing for any lower ing Of realty values. With respect to the Company‘s Western farm loans which represent a total of 4.69%. . we will probably. like other instiâ€" ; tutions _ have to stand a | few â€" loases here, but special raserver ; Kave been set up in anticipation of ; them. These Joans are small loans ; which in practically all instances « have been reduced by principal payâ€" ; ments since orignally made, and the | feeling that with the present more « favorable moisture conditions pre ; vailing in the Weetern provinces, j and with the economies being pracâ€" i ticed by the Western farmers, that c a change towards betterment can be ‘( Teasonably expected. With but two ; or three exceptions, the Weatern t {armers hoiding mortgages from our a Company are keeping to their lands nd endeavoring to put thinge in ; order so that they can profit as the a reault of anmy improved condition«. ; On the whole, we beifeve that the q Company is to be congratulated with t respect to its mortzage invedtments , _ It gives me great pleasure to secâ€" ond the adoption of the Company‘s report, and in doing so. to make reference to the strong financial poâ€" sition of the business. As the preâ€" vious speakers have indicated. the whole world has been experiencing a condition of marked depression and so it is eatisfactory to know that The Wateri0o Trust is again able to present a statement which indicates progress during the past year and one over which . the sharmholders should be quite pleased. Shareholders Should Be Pleased At Company‘s Strong Financial Position. Viceâ€"President of The Waterioo Trust and Savings Company, who moved the adoption of the report at the nineteenth annual meeting held last week Mr. C. M. Bowman Seconds Adoption Of Annual Report Company‘s Mortgage Investâ€" ments Particulariy Well MORTGAGES $5,420,116.00 Secured, He Says. FORD S. KUMPF THE WATERLOO CHBRONIC to realiseâ€"and this may > 1 (Continued on Page 7) Mr. Ford S. Kumpf Says Shareâ€" holders and Clients Should Feel Proud. Company Has Paid Dividends For 19 Years MR. C. M. BOWMAN i Viceâ€"President, The Waterioo Trust. GUARANTEED TRUST ACCOUNT a«câ€"=« ~ Mortgages ... $5,253,644.99 , Interest due and Comnany Has | accrued .. 109.294.83 bus! P. V. WILSON, Managing Director \Wr. Chairman and Gentiemen Progress In All Departments Shown In Report For Year Kitchener, Ontario, January 28th, 1922. That all transactions of the corporation that have come within our notice have been within the powers of the corporation. s explanations given us, we certify that in our opinion the statement sets forth fairly and truly the affairs of the corporation. + corporation poration. GENTLEMEN :â€" We beg to report that we have audited the books of account and vouchers of your corporation for the year ending 31st December, 1931, and have verified the cash, bamnk balances. and securities of the To the Directors and Oour strong position with respect to MAKkeT of m_e Trust can «et Out his bonds, we have a particularly sound O" b°" requirements in as compre lt of Mortgages, the company hayâ€" N#"=!ve a manner as desired. and the ing followed quite a conservative T‘ust Company undertakes such cuâ€" policy in this respect A imore genâ€" Pt"Yiâ€"iQn in accordance with the diâ€" cral analysis of our Mortzage situs. "°Cons. and makes a full statement tion will be undertaken by cne of QUafterly Or hallâ€"yearly, as may be our Vice Presidente required. There are really great adâ€" vantages in setting up such a form Estates and Trust Department _ o; Living Truct. Then againâ€"with The figures for this Department the Insurance Trustsâ€"life insurance totalled $2,554,993.00 as at Decemâ€" is becoming recognized more and ber 3ist. which represented assets more as one of the greatest protecâ€" held on accounts of Estates and tive features in the lives of indiviâ€" Trusts being administered by the dvak. Mortality figures show that company. During the vear thirtyâ€" even amongst the heaithiest men. nine (39) new estates came into the unexpected frequently happens. the company‘s hands and a great and throuch unexpected ilinese or number of wills in which the comâ€" accident. life is cut sbort. In such pany was nominated as Executor instances. life insurance frequently were filed. it is generally granted erters as a most important factor that Trust Companies will eaech in the financial provision lefl for year be called upon to undertake the the <urviving widow. or caildren. administration of an increasing numâ€" Eut the proceeds under the t*rme 0: ber of ectates. It is becoming a very the policies. have often been paid in important function in our boesiness luamp sums direct to the surviving ifimd one of great interest. There is members of the family. and as a re quite a satisfaction in the thought sult of speculatione or mismanage that the Trust Company is charged ment become entirely wasted. or at with the responsibility of aseisting leact considerably reduced in value. eurviving _ widows and children Life Insurance Truste. therefore, through _ careful preservation â€" Of with their flexible and discretionary extate assets and various forms of conditions. can be made a real proâ€" personal «ervice to euch beneficiâ€" tective force in the conservation of arics. such incurance proceeds Living Trusts. Insurance Trusts, | Many men. either in their insurâ€" Ete. ance policies. or in their wills are A feature of our Trust businese providing that such life insurance E. F. SEAGRAM, President ESTATES, TRUST & AGENCY ACC‘T CAPITAL ACCOUNT Mortgages Bonds . . . Sundry Trust Investments ... Cash on hand and in Banks Inventory value of unrealized Es tates Assets . Demand Loans against securities Cash on hand and in Banks Guaranteed Bonds 339,921.85 Canadian Municipal Bonds _ 1,410,434.48 Dominion and Provincial Government Bonds $ 363,042.07 Dom. and Prov. Gov‘t. tration ... ... se Cash on hand and in Banks Demand Loans Against Securities Loans on Company‘s Guar. Bonds ... Municipal Bonds Other Bonds and bentures Other Assets ooe Advance to Estates under adminis Provincial and Provincial Office Premises, Waterloo â€" and Kitchener, including Safety Deâ€" posit Vault. etc., and fixtures, Galt and Preston .....::co.cos.lc.l Other Real Estate . Mortgages Principal ... ... ..$183,007.05 Interest due and accrued 24.659.21 own stock ... Loans _ on â€" other curities ... ; MR. E. F. SEAGRAM President, Waterloo Trust. 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 opinion as to the position of the cor '[ha' with our independent opinion so formed and according to the best of our information and the The Waterloo Trust and Savings Company Presents Their Nineteenth Annual Statement De ASSETS $ 38.435.24 $225,604.87 268,164.82 602,664.26 109,294.83 291.110.43 ASSETS AND LIABILITIES of The Waterioo Trust and Savings Company which is commencing to develop. is that of Living Trusts, also Insarâ€" ance and Business Trusts Under the living trust. an individual desirâ€" ing to be relieved of the work of suâ€" perintendinz his or her Own inveetâ€" ments. real estate managment. etc.. can enter into a Trust Agreement with the Company to have them unâ€" dertake such management, duri sirch individual‘s lifetinte. More al.li more people seem to be interested in such plan. and we have in recent months taken over several. The maker of the Trust can set Out his or her requirements in as compre bensive a manner as desired. and the Trust Company undertakes such suâ€" perviâ€"ion in accordance with the diâ€" rections, and makes a full statement quarterly Or hallâ€"yearly. as may be required. There are really great adâ€" vantages in setting up such a form of{ Living Trust. Then againâ€"with the Insurance Trusteâ€"life insurance is becoming recognized more and more as one of the greatest protecâ€" tive features in the lives of indiviâ€" dvak. Mortality figures show that even amongst the heaithiest men. the unexpected frequently happens. and through unexpected ilipese or accident. life is cut sbort. In such inotances, life insurance {frequently epters as a most important factor $ 2,554,993.57 $12,410,082.31 $ 7,883,503.27 $ 1.9T1585 $ 199,502.64 50,323.06 1,784,236.51 2,113,398.40 167,793.79 239,371.26 5,362,939.82 1,096,433.95 22.219.16 433,575.00 189,828.72 66,435.72 80.918.62 130,145.67 208,566.26 24,690.00 39,704.73 R tfull bmitted, *""** *3 F. SCULLY, ca.. R. P. UFFELMANN] C.A., Auditors. ESTATES, TRUST & AGENCY ACCT. Trust funds for Investment $ _ 746,068.06 Advances from Capital Funds 24,690.00 Inventory value of unrealizted Esâ€" tates Assets 1.784.235.51 GUARANTEED TRUST ACCOUNT CAPITAL ACCOUNT Capital Paidâ€"up ... _ o Reserve Account ..............2l..c.l0.. Loan on account National Service Receipts Trust Deposits General Guaranteed Investment Bs â€"â€"â€"â€"cmmmmiccsoserecinenss Dviderd deciared (Paid Jan 19321 ... Profit and loss machinery and staf to handle all jkinds of estates and Agency work. ;:One of the most encouraging feaâ€" tares thal we can find in comnection Iwith this Department is that the large majority of beneficiaries con nected with estates. under the adâ€" ministration of the Trust Company. are themseives appointing the Comâ€" pany as Executors in their Wills. We believe that our companry is in an exceptionally good position to hsndie estates and jook after the needs of the various beneficiaries. A very personal contact carn be inz the widow or children, be set up with the Trust Company under a special life insurance trust. separate and distinct from the Other estate aâ€"~<ets. and the income paid periodicâ€" aiy to the surviving beneficiaries. Under this plan. protection is affordâ€" 2 against the losses which fraquentâ€" 1; occur where insurance monies are paid Over in a lump sum to memâ€" bers of the family of deceased po.icyâ€"holders. During the past year or so. we have had ay such life insarance | truSts px:ided. which will in the course of time. a§ they come into effect. provide the most deâ€"irable protection to bereaved wi dows and others. Apother form of trust with which we have been harâ€" ing a number oi contracts is the byr â€"ine~s insurance trmmst This re fers to instances where two or more partnors or aesociates in a Company. either a partnership or an incorporâ€" aled Oone. arrange for a certain voâ€" lume of life insurance to be taken out on the individual lives of such (Continued on Page 7) proceeds. instead of â€" bei direct to eay those in the beneficiary class. as a rule imaintained. ‘There is mo doubt in my mind that this end of the busiâ€" ness will coOntinue to grow yearly and that an â€" increasing â€" volume . of estates and agency work will conâ€" tinue to come into the company‘s hinde. It has now come through the acid test and the best advertising we are getling in this commection i< through the medium oi sutisfied chente LLABILITIES most of the taiking today is being done by Directors who are members of the Estates Committee You will be quite a cousi ment. We have, as you know. a very cspable Estates Manager in Mr. Mr. Louis Lang Stresses imâ€" Estates Dept. Shows Progress In Year‘s Work t You may be surprised to find that P. v. WILSON, Managingâ€"Director Company‘s Business. $12.110.082.31 $ 2,554,993.57 _$ 1,000,000.00 5 450,000.00 $ 7.883,503.27 $ LQTLSRSAT $ 3,685,314.95 4,198,.188.32 1,.784,235.51 175,000.00 35,000.00 11,585.47