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6t + _COMPANY IMPROVES STRONG POSITION f PROFITS FOR YEAR AMOUNT TO $104,254 â€"_~__ GUARANTEED DEPOSIT FUNDS $8,.143.563 _ .. Total Volume Of Business At End Of 1934 Stood At $1412,7842, . lmO(OmAlilli?a_Ddhn; Over 22,400 Separate Savingn e ul ns wil ces to titns, *W izon is cl 1 pre on, the strong n« nite rec & S‘\"}l‘eholders of financial instituâ€" ns will have noted various referâ€" ces to improving business condiâ€" titens, While in many lines the horâ€" izon is clouded, and important probâ€" 1 present themseives for soluâ€" on, there exists, nevertheless, a strong note of confidence that a deâ€" nite recovery is taking place, and pghat a brighter and more hopeful outlook is gradually replacing the feeling of uncertainty which preâ€" vailed for several years. Such imâ€" proving conditions are reflected in the stronger financial statements beâ€" ing submitted to shareholders by muny corporations throughout the country, and we are pleased to be able to report that quite substantial progress was made by your Comâ€" pany during the year just past. The Shareholders will be interestâ€" ed in knowing that Guaranteed Funds, represented by Deposits and Guaranteed _ Investment _ Receipts show an increase of $419,000, and that during the year there were 1,114 more accounts opened than closed. Investments during the past year have been confined to those of the highest grade, and the Company‘s liquid position in relation to deposits is strong. Following the practice of previous years, reference might be made to the Company‘s mortgages and other investments. An analysis of our records show that urban loans totalling $4,613,000 have inâ€" terest arrears of $47,555, or slightâ€" ly over one per cent. Ontaric farm loans of $133,030 have arrears of $2,837, or 1.74 per cent. Owing to the continuation of drought condiâ€" tions in, certain areas in Western Canada, but a small amount of inâ€" terest haa béen received on our farm loans of $224,000. In line, therefore, with the policy of other Companies, we have been setting up apecial contingency reserves to offâ€" set any réadjustment of values which may be found desirable in connection with such loans. The Company‘s collateral loans against securities, are in excellent shape. With respect to bond investments, the great proportion represent secuâ€" This amount has been disposed of as follows rities of a high class Government/ monthly, and Municipal type. To the extentjcate is att that corporation securities are held, the Company‘s investment reserves All of : should more than offset any perman.| Mitted. ent reductions in value thit might take place. The Company‘s sundry réal o@tate acvount is at a figure) Waterloo, 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 : The Directors of The Waterloo Trust and Savings Company have pleasure in submitting herewith to the Shareholders, their Twentyâ€"second Annual Report, showing the resuit of the Company‘s operations for the past year, accompanied by the Balance Sheet to December 31st, 1934. flenty â€"‘Second Annual Repori The Twentyâ€"second Annual Meeting of the Waterioo Trust and Savings Company was held at the Head Office in Waterloo on Thursday, February 7, 1935. At this meeting the reports of the Directors and the Managing Director were presented. A summary of these reports would indicate, that notwithstanding the adverse business conditions of the last few years, the Waterioo Trust and Savings Company has improved its strong financial pos{â€" tion, and shows today the resuits of sound conservative management since its inception, over two decades ago. Transferred for Contingencies and <«Depreciation 6 o e Balance brought forward from 193% Net profits for the year..........0000 Balance carried forward Two halfâ€"yearly dividends, Nos. 41 and 42 fat the ‘ rate of 5 per cent. per unNUM).........0.......0....... vision for taxes Directors‘ Report And Guaranteed Investment Receipts Accounts previous, but practically all the proâ€" perties covered are now favorably rented, and we believe that there is every reasonable possibility of having such account at a lower figâ€" ure at the end of the current year. The policy which we have been falâ€" lowing of setting aside substantial amounts from profits as special reâ€" serves for depreciated values as distinct from the reserven shown_ in the statement, will be considered, we believe, a sound one. The Company‘s Estates Departâ€" ment continued to develop during the year, and a considerable numâ€" ber of new estates or trusts were taken over, and a great many wills filed in which the Company has been named as Executor. This Departâ€" ment should become increasingly active and increase in volume each year. All of which is reapeectfully sub. mitted. The books and vouchers of the different offices have been audited monthly, and the auditors‘ certifiâ€" cate is attached herewith, C President, Waterloo Trust and Savings Company. E. F. SEAGRAM E. F. SEAGRAN, $118,168.25 $ 50,000.00 6,000.00 $118,168.25 $ 13.91%.58 104,254.67 48,000.00 14,168.25 , _ Mr. Kumpf, in moving the adopâ€" {tion of the annual report, referred |to the great loss the Company had {sustained through the death of Mr. \George D. Forbes of Hespeler, who ’hld been one o{_ hits Directomfsiiulee ‘its inception. e passing 0: Â¥. |Forbes, who had always been a . valued friend and advisor, was a |distinct foss, not only to the Comâ€" pany, but the community. Mr. Walâ€" !ter H. Somerville, General Manager {of The Mutual Life Assurance Comâ€" [puny of Canada had been elected as GUBTAMU®@GU | ..........c.s.cclls cslsns Canadian Municipal Bonds ................._.... Public Utility, Railway and Corporation Bonds Collateral Loans secured by Gov‘t., Municiâ€" The wise business course followâ€" ed in the ’lP”t had resulted in the Waterloo Trust attaining a position of very considerable strength and had permitted the Company to maintain an unbroken record of divâ€" idend disbursements to shareholdâ€" Cash and Government Bonda (Direct pal and other bonds and securities Urban mortgages in Ontario.............. City of Montreal mortgages............ Wirnipeg City mortgages.................. Other Western City Mortgages........... Farm mortgages in Ontario.................. Western farm mortgages...................... Office Premisea, Deposit Vault, etc..â€" Kitchener, Waterloo, Galt and Preston Advances to Estates, and other asnets......... Mr. Kumpf made reference to the increase in the Company‘s business for the year, particularly with reâ€" spect to the estates‘ department, and indicated that continued proâ€" gress for the Company during the next few years could well be exâ€" pected. Following the careful polâ€" icy of other institutions, the Comâ€" pany had been setting aside subâ€" stantial amounts from earnings to take care of anfi possible reâ€"adjustâ€" ments that might have to be made in connection with .its moderate amount of Western farm loans and investments directly affected by the conditions existing during the past few years. This policy was deemed: a good one, even tho:fih the Comâ€" pany might not be called upon to the fullest extent of any such reâ€" serves set up. a Director to take the place of the late Mr. Forbes. § Shareholders Pleased With Steady Progress of Business; Analysis Of Investments Shows Soundness: Viceâ€"President Predicts Improved Business Conditions. Ford S. Kumpf Moves Adoption Of Report Highlights of Twentyâ€"Second Annual Report Total Volume of Business .....4...A....Sl4.l38.7-;5.42 Total Amount on Depoéit ........... ... $8,143,563.00 Net Profits for Year................... $104.254.67 Total Number of Depositora. ... .. ... . . . . 22,490 Total Value of Estates being Administered $4,295,292.22 to the to the rmnnel for their fine work was seconded by Mr. W. H. Somerville, the newly elected Director. Mr. A. K. Cressman, on bebalf of the stockholders, paid a high tribute to the efficiency of the Directors, Officers and Staff of the Company and expremsed his complete confidence in their ability to continue the adâ€" vancement of the Company‘s position in the future as in the past. His vote of thanks COMPLIMENTS STAFF hA INVESTMENT ANALYSIS «*h es ¢." Mr. Kumpf referred to the gradâ€" ually improving conditions in genâ€" eral business, and expressed the thought that over the next year or so many of the clouds which had been obscuring the horizon in the past were gradually being dispelled, and that general business in the country would keep improving. The Waterloo Trust and Savings Comâ€" pany, by reason of its very sound financial position, ranked with the leading financial institutions of the country and the Directors had every reason to expect the continuance of development along the lines exâ€" perienced in the past. Who was elected a Director of the Waterloo Trust shd Savings Company to fill the place of the late Geo. D. Forbes. * Viceâ€"President, Waterloo Trust and Savings Company. W. H. SOMERVILLE $9,591,443.20 $1,521,928.5 1 1,401,642.73 5A5,469.67 F. S. KUMPF 452,800.00 3,834,209.60 733,820.00 248,403.89 28,2394.64 137,268.48 220,222.34 204,067.8 1 260,682.52 69,557.96 4,044.8n 100.00% L479 39.86%, 1.95% 2.59% 15.87% 14.64% 5.B % 29% 1.48% 2.397. 202% 2212% 13% What chanfies the future may bring in our field of activities we cannot foretell, but I believe there is a growing opportunity for instiâ€" tutions like our own who are able to maintain t‘le loyalty of their cusâ€" tomers, and the morale and enthusâ€" iasm of their personnel. Our company is particularly favâ€" ored both as to its customers and its staff; to both groups the Board of Directors extend their thanks for their fine contribution to the results of 1934. Statistics are in themselves dry and tasteless, but 1 think, Mr. Chairâ€" man, we have reached a point where better public underatanding of trust companies is greatly to be desired, and is 1 believe deserved. No man can know the operations pf our company without a feeling Yadmitation for the integrity and character of the average Canadian man and woman. Behind almost everfi loan is a story of good citiâ€" ;en:, ip, and often of courage and aith. Mr. Chaitman 1 am pleased to secâ€" ond the moljop adopting the report. Statistics regarding the number of bookkeeping entries, amount of mail handled, coupons clipped, creâ€" dits reviewed and granted, mortgage loans, real estate sold, repairs, rentâ€" als, etc., run into large totals. They euggest why it is that many men and women are necessary to mainâ€" tain the complex variety of the trust company service, and they give some «lue to the necessity for highly speâ€" cialized training and judgment. some picture of the relation of this company‘ to the life of this comâ€" munity, and give you a glimpse of the activities of the departments, which will be a wholesome reminder to us that the business of a trust company is indeed a very human business. We have over 21,000 active acâ€" counts on our books, in a comâ€" munity with a population of approxâ€" imately 80,000 people. The stockh:‘lair ;lo m&n necessary ca en &A fair return on his investment. / The statement before you shows that these three groups are reconâ€" ciled and their interests benefitted, by the consistent applications of sound banking and trust principles. ~ Savings Company Is Rouâ€" |â€" _ . Veripys) ‘Departsipats . To Various Interests, * 5s a‘ Stad Mr. Chairman and Gentlieman: A| ‘The directors‘ report wiich hes,* Trotk,oompany (must keep, clearts |been readite you deat in attce S | Viceâ€"President, Waterloo Trust and Savings Company. OrFICES : Waterioo â€" Kitchener â€" I would like to leave with Waterloo Trust and Savings Company President E. F. SEAGRAM R. 0. MeCULLOUGH Galt wW. L. HILLIARD, M.D Waterloo H. J. SIMS, K.C. DIRECTORS THOS. W. SEAGRAM GEORGE A. DOBBIE THO8. HILLIARD Waterloo W. H. SOMERVILLE Waterloo P. V. WILSON Managingâ€"Director Mow Waterico Trust aÂ¥d| Nr, â€"P. V. Wikon, Managing Waterloo LOUIS L. LANG Galt HENRY KNELL Kitchener F. HALSTEAD P. R. HILBORN Waterloo _ Viceâ€"Presidents F. 8. KUMPF Many Clients L. L. LANG Kitchener Waterloo you and we are rai supply will be Mortgage Conditions and Real Estate Situation . Our mortgage totals show a very small decrease for the year, W‘hirl{ the Company accepted applications amounting to over $200,000 during 1934, repayments on existing loans and the need for furnishing a fair volume of mortgages to estates, reâ€" sults in the slight lessening of mortgages held againat capital and guaranteed funds. ;:‘g:‘.n;l;u_‘fi-? }é'eiiii' i'n::c:é J higher figures for be in tlo?:t‘:n ‘ _AA‘oSZdanM in our last Annual duatry, it would appear altogether Probetle.that. the lowest levels, in _ You have been told of the inâ€" crease in Guaranteed Funds during the past year. To a certain extent ’l believe this was brought about through the employment of some in the community, who for a period had been out of work, and possibly an increase in the hours of employâ€" ment and seale of earnings of others to a somewhat higher level than for the year or so previous. It would be difficult to forecast just what moveâ€" ment will be this year, as even though improvement may. be in eviâ€" dence in manufacturing and other cireles, we naturally always have, amidst a large number of accounts, a few which accumulate surplus funds during a period of business inactivity which become reâ€"employâ€" ed in industry, building and otherl pursuits, when things become more active. Spesking generally, howâ€" ever, we should expect the volume to remain fair!Â¥ constant dyring 1935, having little change either in reduction or additions to the figures for 1934, _ As has frequently been stated in the past, it is important that instiâ€" tutions such as ours, accepting dbâ€" posits from the public, subject to immediate withdrawal, should keep a substantial proportion of their investments in securities of an easy marketable t{)pe. This is a point to which your Directors have always given special consideration. An analysis of our statement shows that we have available in Capital or Guaranteed Funds, as additional to the Company‘s mortgage investâ€" m;:t.s, ;ec:ritiez oflGov:nlu,llnent and other hig e liquidable types, together vntgue-l\. equal â€" to :iom 75 per cent. of our demand deposits. Volume of Business The total volume of business as at the end of the year totalled over Fourteen _ Millions. _ Guaranteed Funds as at December 31st totalled $8,143,000, an increase of $419,â€" 457.54. The volume of the Estates and Trusts assets under the Comâ€" pany‘s administration totalled $4,â€" 295,292, representing an increase of over $500,000 from the year preâ€" vious. â€" 75 per cent. o r+sMicmnitnindatit imintynint Pioa m dilbaticins db d Western areas affected :L drought conditions, and other tro ms more or less linked up with those of unâ€" empl:imnt and relief. There exists, nevertheless, evidence that in the main, distinet improvement has been ukinfi place, and that the wheels of industry Fndnally “minf] up to a more accelerated pace, wi brl.:: easement to such difficulties, possibly over the next two or three years, greatly lessen the acuteness of most of such problems, and :c: up pathways much clearer those of the past. Strong Liquid Positionâ€"Deposit Funds P tions for good loans, ::x""":« !n&'m a fair PPPCIOCC P PCCCHOC, PUMEC WIT NOC recover; others, white reeovering, may have lost certain vitality, and with growing momentum, a state muel more vigorous and active is attained, and the race of business developments is on again. But in '.!9 __comparison, a _ couple . of we have to speak in n genetal sense, rather than individual. In an The administration of estates reâ€" quires much time and attention, and a staff is busily engaged all the time serving in the best manner possible, the interests of the numerous heirs â€"widows and children and others, beneficially interested. General Prospects for the F-t-‘ro Breaking of Contracts It is customary for institutions in the early part of the year, and after the results of the previous have beâ€" come known,‘ to ‘try and read the future to some degree at least, in order to assist in laying plans for the year‘s work. For 1935 one could hln'{ly expect anything spectacular in the way of business recovery. Time works by a gradual process. But there may be goéd reason to expect that the improvements which have been discernible in certain lines during the past year, will exâ€" itend themselves _ through _ more numerous channels, and that the end bf 1935 willydisplay very tangible evidence that the clouds of business opidemic of disease, some will not a .private ..executor . Proba ho best tett?monhl we ret‘;gm%‘ which contributes greatly towards new appointments, is the goodâ€"will engendered by those beneficiaries ’-nd others having direct contact ’with the estates under administraâ€" tion. The establishment also of livâ€" ing trusts or agency agreements with the Company is becoming more frequent. Through this means a ferson during his or her lifetime lodges with the Trust Company cerâ€" tain securities or other assets under a trust agreement whereby the Company assumes the management, under the special directions set forth by the maker. Such agreeâ€" ments can be flexible and revocable in form, and be made to fit the indiâ€" vidual requirements, Business inâ€" aurance trusts are also a feature. These are taken out to provide proâ€" tection where purtnerships exist, or to assist in the purchase of business shares on the part of survivors in case of the death of one or more partners, and the policies covering same are lodged with the Company as Trutee, together with the special agreements relating to such paytnerâ€" ship or shareholders‘ interests‘ You will have noticed quite a -uhunn%ei:cmue in our estatew figures. total $4,295,292, and represent. an increase of $577,000 for the ;vear in Assets held on account of Estate and Trusts under administration by the Company. The new estates and trusts taken over during the year would be conâ€" siderably greater than this amount but each zur there are a number of estates which are closed out through distributions to interested beneâ€" ificiariea. Quite a considerable numâ€" ber of wills in which the Company was nominated ‘as Executor, were filed, and the general trend in the Department is such as to indicate a constantly growing estates and trusts business. This is only to be expected, as people are realizing more and more that a specialized department in a Trust Company, for administering estates, becomes posâ€" sessed, through experience and knowledge of the various laws and requirements, of special ‘facilities and safeguards not so applik to Estates u‘}k“b Department d Savings Company. ‘l‘nntud[SululCo > 'P v. WILSON Managing Director, Waterioo (Continued on Page 4) 3 £ 4 are suggested. One is that i;