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â€" THE WATERLOO TRUST AND SAVINGS COMPANY: The books and vouchers of the different officen have been audited Of interest to shareholders is the increasing development of the Comâ€" pany‘s Eatates Department, During 1983, many new estates or trusts were taken over and a great many willa filed in which the Company has been named ns executor. This is a department which should become increasingly active, and while estate fees nre extremely moderate, the inâ€" crense of volume, from time to time, should bring additional profite. by improved urban proporties, the most of which mre now rented at amounts upproximating yearly interâ€" est and tax requirements, and which should, in the aggregate, be disposed of with little or no loss. The Comâ€" pany‘s policy of setting aside subâ€" stantial amounts from profite as special reserves for depreciated 'upluvs. as distinct from the reserves shown in the statement, will be conâ€" «idered, we belfeve, a sound one. totalling $5,182,198.00 have interest urrears of $40,377, or approximateâ€" ly threeâ€"quarters of one per cent. Ontario farm mortgages totalling $143,561, have arrears of $2,642, or 1.84%. In connection with Western louns totalling $224,261, but little hus been collected on interest for the past couple of years. This has been due to the severity of drought, and price conditions. Quite a liberal provision is being made, however, by the Compuany, in the matter of conâ€" tingency reserves to offset any perâ€" maunent shrinkages in values. The Company‘s collateral loans against securities are in very good shape. With respect to bond investments, the â€" great _ proportion â€" represents those of n highâ€"class Government ind Municipal type. To the extent tnat corporation securities are held, we believe that investment reserves should be more than sufficlent to offset any permanent reductions in values that might be effected. While the Company‘s sundry real estate wccount is greater than last year, the larger proportion is represented Investments of the Company are being selected from those of the highest grade, and the liquid posiâ€" tion in relation to deposits is strong. An analysis of the Company‘s mortâ€" guge records shows that urban loans The shareholders will again be inâ€" terested in knowing that Guaranteed Funds, represented by Deposits and Guaranteed _ Investment _ Receipts, have kept up particularly well durâ€" ing the past year. While the totals show a slight decrease, the â€"records show â€"that there were 700 more nccounts opened during the year than _ closed. _ Improving industry whould benefit this department. Shareholders have been sufficientâ€" ly familiar with business conditions throughout the country to recegnize the need on the part of institutions of undertaking such precautionary methods in respect to dividends, strengthening ofâ€" contingency reâ€" serves, and other matters, as to best insure a continuance of strength and security to all financially inâ€" terested. Your Company has been endeavoring to follow such course. The note of confidence which now prevails, and the increasing evidence of business improvement, both bear promise of gradual recovery from the more pronounced conditions of business depression and uncertainty, which for the past several years buve existed. Total Volume of Business At End of 1933 Stood At $13,110,540.50, An Increase of $97,500.00;, Over 21,300 Separate Savings and Guaranteed Investment Receipts Accounts. j This amount has been disposed of as follows: The Directors of The Waterloo Trust and Savings Comâ€" pany have pleasure in submitting herewith to the Shareholders, their Twentyâ€"first Annual Report, showing the result of the Company‘s operations for the past year, accompanied by the Balance Sheet to December 31st, 1988. After providing for interest on deposits and other Trust Funds réceived from the Public, and defraying the expenses of management, the balance available for distribution is as follows : COMPANY MAINTAINS STRONG POSITION PROFITS FOR YEAR AMOUNT TO $102,462, GUARANTEED DEPOSIT FUNDS $7,724,048 Twentyâ€"First Annual Report t14 Growing Eatates Dept Balance carried forward Balance brought forward from 1932 Net profits for the year ... Two halfâ€"yearly dividends Nos. 39 and 40 (at the rate of 5 per cent. per ANNUM)..................l...... Dominion Government Income Tax, including acâ€" ¢rued for 1988 ......... ooo ooo rreetremenoeeritsrmees Transferred for Contingencies and Depreciation Company‘s Investments Directors Report The Company is in an absolutely scund position, unkinf with _the leading financial institutions of Canâ€" ada, and with im;fioved business conditions will contifnue to hold its position in the front ranks. I think it will be conceded that the past due interest item of $40,â€" 877 on $5,182,198 of City Mortâ€" gages is an extraordinarily good showing. It reflects credit on the Company‘s selection of mortgage loans and also on the close attention given to this department by those in charge of the Head Office. The item of arrears in Ontario Farm loans is also exceptionally small, and the itatement â€" also swhows that the Western Farm loan situation is well in hand and the standing of thcse‘ mortgages compares most favourâ€" ably with like investments in the| assets of any Canadian Company. Reserves sufficient to take care of any ultimate loss in Western Canâ€" ada are set up. The greater perâ€" centage of our mortgage Investâ€" ments, of course, is placed within this county from where most of our deposit business is derived. I have much pleasure in moving the adoption of the Directors‘ Anâ€" nual Report. Office Premises, Deposit Vault, etc (Kitchener, Galt, Waterloo, Preston) Other Real Rstabe ...s..000000iimmccmurmins. Advances to Estates and other Assets...... Corporation Bonds ..:...ssscccsscocccslss. 544,761.73 Collateral Loans, secured by Government, Municipal and other bonds or securities.. _ 474,090.04 Urban Mortgages in Ontario............ 3,823,880.00 Farm Mortgages in Ontario..........2l0l000 143,561.00 Winnipeg City Mortgages .........c...lcl220. 243,578.00 Other Western City Mortgagen ........0,.. 24,884.00 Western Farm Mortgages ........cucllll _ 239,261.00 City of Montreal.:..s.....0 ssmc â€" 158,847.00 Direct or Guaranteed) Canadian Municipal Bonds Public Utility, Railway and Cash and Guaranteed Bonds The assets covering the capital and guaranteed funds amounts to $9,167,9062.07, and their distriâ€" bution, I believe, would be of inâ€" terest. I find that in There are concrete gigns of better business development as evidenced by bank clearings, commodity prices, car loadings and so forth. Our two great railways report an increase in business in January surpassing any previous record in the past few years. I feel that the Directors have every reason to express entire satisâ€" faction with the reports presented to this meeting. Having met the many difficulties that naturally turned up during the past four years of severe business depression and be able to show the financial statements just read is indeed very gratifying. Directors Are Gratified With Continued Steady Progress Waterloo, Ontario, January 27th, 1984 monthly, and the auditors‘ certifiâ€" cate is attached herewith. All of which is respectfully subâ€" mitted. Ford S. Kumpf Moves Audoption Annual Report Of The E. F. SEAGRAM, $114,718.96 $114,718.96 $ 50,000.00 $ 12,251.03 102,462.93 87,000.00 18,918.58 13,800.88 President. At n time like the present when those of moderate means and those who have no wills are seeking reâ€" sponsible and efficient management of their property, the character of trust administration by trust comâ€" panies should be broadcast to every community. _ The record of our Company give am#urance of a type of service which deserves public conâ€" fidence in the midst of prevéiling doubts such as we have experienced during the past fow years. We The greatest gain our company shows fs in the number and size of estates that are given into our hands for administration. Our trust companies have a record at least equal to any of our banks or other financial institutions in Canada. â€" True, our dividend is less than we paid in 1929, but your directors believe it is better to err, If at all, on the side of safety. In these times conservatism | appeals more strongly to thoughtful shareholders, and they agree, I know, with the policy of conservation of reserves or surplus. sufficient reserves to take care of any contingencies that may arise. When considing the increase of total assets it is well to bear in mind that our Company has disâ€" tributed during the period, due to estates closed out, at least another million dollurs. We find at the end of the four year period our capital intact, and we have in addition N Before seconding the motion to adopt the report, I will review briefly the history of this Company and its operations through four years of depression. The latter part of the year 1929 marked the beâ€" ginning of this trying period, and the comparison can be made as at December 31st of that year with the statement presented to you today. LOUIS L. LANG SECONDS ADOPTION OF ANNUAL REPORT Mr. Chairman and Gentlemen Reviews Progress Of Company Through Trying Period Of : Last Four Years. E. F. SEAGRAM President Waterloo Trust and Savings Company. $9,167,002.00 $1,055,054.03 1,409,869.56 199,935.00 200,8345.00 50,994.00 15,111 2,070 2,006,302.00 10,319,974.66 100 % b.1 41.7 1.6 2.0 11.5% 16.4 2.2 2.2 2.0 R.2 6.0 realize in our trust department that there is no such thing as divine or legislative dispensation which makes corporate trust service infallible or less liable to err than the individual trustee or executor, but a trust company has the virtue of striect adherence to the fundamentals of trusteeship; to sound, legal, business and accounting practices. All of these make up a combination of safeguards which exceeds anything that the average individual may bring to the stewardship of estate or trust funds. It gives me pleasure, Mr. Chairâ€" man, to second your motion adoptâ€" ing the report. _ Reference has frequently been made at past meetings to the deâ€" sirability on the part of Trust Companies and other institutions accepting deposits from the public, of keeping a liberal supply of Government bonds and highâ€"grade securities of an easily liquidable type. Such a precaution enables a Company to meet any exceptional demands that might be made upon its deposits. Your Directors have always borne in mind the importâ€" ance of a stromg liquid position, and an analysis of our statement shows The total volume of business as at the end of the year amounted to $13,110,540.50, or an increase of $97,500 over the figures for the preceding year. Guaranteed Funds as at the end of the year amounted to $7,724,048.49, represented by Deposits, $4,166,809.92, and Guarâ€" anteed Investment Recepits $8,567,â€" 238.57. The volume of Estate and Trust assets under the Company‘s administration totalled $3,717,578.â€" 48. Progress In Various Departments Shown In Report For Past Year You will have noticed that the . Digectorsa‘ Report dealt rather comâ€"| prehensively with the Comppy‘s Profit and Loss statement for 1988,| und the distribution of investments. It is with some satisfaction that we are able to report that, notwithâ€" standing the rather low ebb of busiâ€" ness in general during the past year, cur Company has held its own exâ€" ceedingly well. With quite distinct evidence of improving conditions in many lines throughout the counâ€" try, and an accompanying feeling of greater confidence amongst the people, we can quite confidently, I believe, look forward to a gradual recovery from the widespread busiâ€" ness depression. This should result in increased activities for our Comâ€" pany. ; | Mr. P. V. Wilson, Managing ~Director, Presents Gratifying Report on Year‘s Business; Large Number of Clients, and Volume of Business, Evidences of General Improvement of Business Conditions. ‘ Mr. Chairman and Gentlemen Waterloo Galt DIRECTORS Waterloo Trust and Sivings Company Strong Liquid Position Deposit HENRY KNELL Kitchener W. L. HILLIARD, M.D Waterloo R. 0. McCULLOCH Galt H. J. SIMS, K.C. Kitchener GEORGE A. DOBBIE Galt THOS. W. SEAGRAM Waterloo P. R. HILBORN Preston F. HALSTEAD Waterfbo THOS. HILLIARD Waterloo GEORGE D. FORBES Heapeler P. V. WILSON Managingâ€"Director LOUIS L. LANG Galt Volume of Business President E. F. SEAGRAM Waterloo V iceâ€"Presidents F.S. KUMPF OrricEs: Waterloo Funds. Kitchenar Preston $226,205.37 820,586.96 8,751 444 1,711,276.00 2,790,665.84 Increase we have endeavored under distressâ€" ing conditions, to provide as vreasonâ€" able treatment as possible, finding that the great majority of borrowers have a full sense of their reâ€" sponsibility, and are anxious to live up to their obligation. While our Company has not undertuken _ extensive _ mortgage lending during the past year or so, There is too great an inclination at times to censure institutions when they enter action for the colâ€" lection of rents or the general proâ€" tection of certain loans. It is overâ€" looked that these are usually made in the capacity of trustee for others, and that too easy an indulgence to borrowers would work hardship to the multitude of savers and other beneficiaries of the companies. Hayâ€" ing regard to this important feature, Mortgage Conditions And The General Real Estate Situation. As has been pointed out in the Directors‘ report, our experience covering mortgages interest collecâ€" tions has been quite favorable. To have but % of 1% arrears for $5,100,000 of urban loans is an indication of careful selection. In the past we have kept as closely as possible to the 50% margin in connection with loans, and this policy has proven a strength during the period of lowering values. It may again be of interest to shareholders andâ€"depositors to know that at the end of December last we had 21,376 separate Savings or Guaranteed Investment Receipt acâ€" counts totalling $7,724,048.49, or an nverage of $361.84. â€" that we have available in Capital or Guaranteed Funds, as additional to the* Company‘s mortgage investâ€" ments, securitiee of a liquid and marketable type equal to about 70% of demand deposits. Kitchener, Ontario, January 27th, 1984 We beg to report that we have audited the books of account and vouchers of your corporation for the year ending 31st December, 1988, and have verified the cash, bank balances, and securities of the corporation. That we have examined the annexed statement, and that it agrecs with the books of the corporation. That after due consideration we have formo(‘ 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 given us, we certify that in our opinion the atatement sets forth fairly and truly the affairs of the corporation, That all transactions of the corporation that have come within our notice have been within the powers of the corporation, I To the Directors and Sharebolders of The Waterloo Trust and Sevings Companyâ€" GENTLEMEN: ESTATES, TRUSTS & AGENCY ACCOUNT MortgAges ...........l..200000.....8 â€"504,426.20 Bonds (.....socn0 nc eieren omcs 280,088.69 Sundry Trust Investments......... 77,185.62 Cash on hand and in banks.......... 102,485.90 Inventory value of Unrealized Estnte Assets ..c..cull.....0. 2.753.497 N2 Demand Loans against securities 97,129.49 Interest due and acâ€" CPUOQ ....0..0...0uu.0.. 2.005 .98 Cash on hand and in banks Dominion and Proâ€" vincial Gov‘t Bonds Dominion and Proâ€" vincial Gov‘t Guar. Bonds ... Canadian Municipal Bonds ......s:=..a d Other Bonds and Debentureg ... GUARANTEED TRUST ACCOUNT Mortgages ................$5,081,267.56 Interest due and acâ€" erued ... _..c.sl. 160.748.56 and other securities ... Dominion and Provin~ clal Gov‘t Bonds......$ 42,0565.06 Canadian Municipal Bond9 .........llllllllss 19,287.68 Other Bonds and Debenturesg .......... 310.779.51 ministration ..â€"...........o.cuuusccls Cash on hand and in banks........... Advances to Guaranteed Trust Accolumt .. 00c cul ce en Other Assels .....2omm.l slsn memiclss Advances to Estates under ad and PreSLON ........s0s.ss enc ciciin Other Real Estate ............scl.. Demand Loans Against Securities Loans on Company‘s own stock CAPITAL ACCOUNT Office Premises, Waterlap and Kitâ€" chener, including Safety Deposit Vault, etc., ang fixtures, Galt TWENTYâ€"FIRST ANNUAL REPORT The Waterloo Trust and Savings Company j Presents Their ASSETS 1,300,581.98 283,082.22 295,307.00 5606,883.39 3810,779.61 150,748.566 2,005.96 ASSETS AND LIABILITIES $13,110,540.50 $ 3,717,5678.48 $ 7,949,048.49 $ 1,443,913.68 General Prospects For The Future Shareholders of institutions, as Wwell as the public in general, are naturally watching the currents of trade and all movements which reâ€" lute to our rather complex civilizaâ€" tion in an endeavor to deduce thereâ€" from, some promising light on the future trend of business. About a year ago a prominent statesman remarked that the depression would end when the people got tired of it. While this was probably a rather naivé statement to make, the fact remains that notwithstanding all The figures for this department as at December 81st totalled $3,â€" T17,678.48. This represents assets held on account of estates and trusts being administered by the Company. Notwithstanding thc/!lct that a number of rather substantial estates which had been under the Company‘s administration for sevâ€" eral years, were finally distributed in 1988, the aggregate total as at December 31st showed an increase of about $225,000. ‘ Quite a conâ€" siderable number of wills in which the Company was nominated as Executor, were filed. This departâ€" ment of the Company‘s business is becoming increasingly important, and there is no question that a large trusts and estates business will be built up gradually. People are beâ€" coming more and more impressed that a specialized department in a Trust Company, for administering estates, possesses facilities which are not so applicable to private execuâ€" tors. One reason is that legislation respecting taxes and other related problems to estate administration, keeps changing, and the Trust Comâ€" pany, in constant touch with all such requirements, is in a better position to assume the duties of manageâ€" ment. The Trust Company, having knowledge of the law with respect to investments and other duties, can carry on impartially and in the best interests of all beneficiaries. A very considerable number of the wills that are filed with the Company come from beneficiaries of other estates, who have been well satisfied with the service and moderate fees. we have not closed the doors enâ€" tirely and are prepared to consider a reasonable amount of applications where the requirements come up to our standard. _ * 2,753,497.02 2,425,254.54 5,282,011.12 Estates and Trusts Department. 99,1865.46 192,647.38 372,122.19 34,647.28 16,845.90 20,662.11 225,000.00 374,955.20 199,985.00 200,345.81 December 31st, 1933 ESTATES, TRUSTS & AGENCY ACCOUNT Trust Funds for Investment.........$ _ 947,785.51 Advances from Capital Funds...... 16,345.00 Inventory value of Unrealized Estate ASSEt® ....ssssluccsccoules â€" 2,759,097.02 Trust DepOBit8 c...2000cecceceee Advances from Capital Funds GUARANTEED TRUST ACCOUNT General Guaranteed Investment Reapectfully submitted, 3: l') BCULLY, C.A. R. P. UFFELMAN, C.A., Auditors CAPITAL ACCOUNT Capital Paidâ€"Up ............ General Reserve ... Investment Reserve ... Dividend declared (Paid 1934 ) ....clcklll Profit and Loss ... Provision for Taxes Te $7 It is a pleasure to be able once more to pay tribute to the very fine spirit of loyalty amongst the officers and staff members. They all seem to have a deep sense of duty to the Company, and this contriâ€" butes in no small measure to its snecess. You will be glad to know that the business at our Preston office, the branch most â€" recently established, is constantly growing, to an extent even greater than we had looked for. You are aware, of course, of the large volume of busiâ€" ness transacted through the offices at Galt, Waterloo and Kitchener. We regret that our Waterloo Manager, Mr. Playford, has to be away for several months due to ill health, but trust that he will have a sure recovery, so as to be able to resume his dutics a little later in the year. the complicating factors of currenâ€" cy, inequality of prices, and other serious problems, the mental attiâ€" tude of the people has an important bearing on business. During the course of the depression, people‘s minds in the mass became appreâ€" hensive, and a condition of almost overâ€"cautiousness _ and _ inactivity exists, until such time as the deâ€" pression, like a cyclone, seems to have spent its force. Then, a certain release from such tense attitude appears, which finds expression in a gradually restoring confidence, and an unloosening of the potential buying power which remains in the country. This counter mogement keeps gaining force gradually, until finally the same mass mind conâ€" *ludes that things are distinctly on the mend again. Increasing accelerâ€" ation of business brings moderation to the troubles which have beset us luring the depression; unemployâ€" ment becomes less acute, price levels ‘how a tendency to rise, and a Jetter public spirit prevails. Our Trust Company has for years maintained a high standing amongst the financial institutions of he Province. Its operations have reen of course more closely identiâ€" fied with Waterloo County in which its four offices are located. We have a‘ways taken a pride in its developâ€" ment, and have been glad to think that its various services were of real value to its large number of clients. There is no doubt that this condition will continue. LIABILITIES Jan. 2, Tribute to Staff. $18,110,540.50 $ 3,717,578.48 $ 7,949,048.49 $ 1,443,018.58 $ 3,657,238.07 4,166,809.92 225,000.00 $ 1,000,000.00 200,000.00 200,000.00 20,000.00 13,918.58 10,000.00 Ga