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C'-' . _ ‘-~ I . te .. .-"'. "i." i":,"?)'-?-?: _ I _ nsh " f} , , "f i- _ C, Total Volumeofm at Budd!” and u‘OVCMM; _ A-tsUtsderAerepeeto_rGmeityht_ms ' OHMdeAgo Waterloo. Ont., Jan. 24, 1941. All of which is respectfully submitted. The. books and vouchers of the different offiees have been audited monthly, and the Auditors' Certificate is attach- ed herewith. The Company's total busi- ness stands at a fhrure td $20.535,320.00. Investments have been confined mostly to titst mortgages and the better Government and Municipal oe- curities. It is a satisfaction to state that notwithstanding the dis- urbed conditions our Com- pany’s business shows progress for the year. Our Guaranteed Funds, represented by Deposits and Investment Certitieatea, shows an increase of $105,- 858.00, making a total " the end of December of $11,035,- 954.45. Our Estates Depart- ment figures after distribution of a number of important estates, show an increase of l $399,123.00 for an aggregate) total of $7,991,367.00. The usual number of wills in which the Company was appointed Executor or Trustee were filed. The year to which the An- nual Report relates was mark- ed by a series of world shaking events. Warfare in its moat ruthless garb spread dedruo. tion over the lands of peace- loving peoples. Deeds of valour were undertaken with a spirit of unconquerable resolve. Cana- dians who have joined the tight: rank equally with the best; This warfare continues on. The responsibilities of Canadians become increasingly great. Our personal saerifkes have been rather small. It is an honour to note that our Company id well represented in the list of those wearing Service uniform. Two half-yearly dividends, Nos. " and " lat the rate of 5% Government Taxis m.............-.-...--.-.--................ Set aside tor Contingencies and Special Reserves. Bdlihbé hiriéii iarwurd’ -__ _ iii.-..-., Ihtattr-thastreeasd-rtu_rs'. Faye Aroyghkforwttrd from I”... Net milk Gr The Directors of the Water!” Trust sud Savings Company have pleasure in submitting herewith to the Shareholders their Twenty-Eighth Annual Report, showing the result of the Com- pany's-operations for the pest year. accompanied by the Balance Sheet as of DeeemberSIst, MMO. After providing for intemtbn D-ftscand other Trust Funds received from the Public. and defnying the expenses of management, the [lettuce available for distribution is as fol- ALL DEPARTMENTS SHOW PROGRESS; ESTATES DEPARTMENT INCREASED COMPANY REGULARLY PAID DIVIDENDS ' Twertrutitthtit Annual Report Mr. Ford S. Rump; President, Refer. to Exceptionally, Strong Liquid _ Roeervu of Compaq; mu In“! Directory Report and' Statement Showing 'Sound‘Pro‘t-eu in All Departments y of the Co-trisk-ta. Mr. J.W. Scott, mutant , k Geaemt Wynne "Seeretarr pfthe Meeting ‘ GEORGE A. BOBBIE. Cull W L. llll.|.lARD. M.D., Waterloo ALLAN HOLMES. Gnlt J, F., F. SEAGRAM. Wall-tho W. ll SOMERVILLE. Waterloo The Waterloo Trust and Savings Company THROUGH LAST WAR AN D DEPRESSION FORD S. KUMPF, President. DIRECTORS REPORT OSerut Waterloo . Kiwi” A Colt . Prawn LOUIS L. LANG 20.95% StAf Mora-m9. The investments of capital and guaranteed funds totalling $12,543,- 963.62 are made up of a carefully chosen portfolio of investments diveratBed as follows: in $1,stttgi99.tT. md debentures, and at the cilia the year had $511.39? cash on hand. Backjng my gammy is the thm- ijanpie.etttraeeotin f aiiiiruriiiirg The tgglt, by the public. in- G'ikG"2'GfGlridG"rlii, Eid KG; elm!“ ordinary saving de- Department which includes the mg? mp? f,tt2'tteNt'lgt- acting as Exeicut9r. Administrator iiii'is,"i'ilif Buémvienl I] " iiiiiit trd,,'.""' n its vaglous catn- n e . tegttegt " eeted " I wish to commend the Directors "Wm Dominion and Provin~ for their close co-operation fel 'hehe.'.? .!.8P.:e,1e2ygtfe throughout theyeas- in all matter} stronger lion to meet an verse bum conditions. y and'is now on through a world wu- a'g,"t,f terribleness aryUhesfettfmt..is greater than 311a; Lf -tiiii-iiiiii. "It Fin} 'iieiréiir'ih' "a In its twenty-eight yea: of operation the Company has passed melon: years at what was at the the most terrible vwnr ever known to history. It passed through one of the most severe butiAtess deprestsiors ever, yeeortted, have given you artery in: picture of theatxyetlent pqcmop _the feorry my holds. A position that not only the Directors and shareholders may view with a just feeling of guide. but one that the community t serves must feet proud to class with the other successful Bnaneial institutions of the County. _ danced in the report we are able to mm mum The statement of assets and “ab ties and the Direc- 1tors’ report below you. along with the MamqttrttrDheetor's clear and comprehensive mtNanatiort of the Conway’s operations for the year, ttttve givenyou I my! in; pigture __ "het-cc-iii-i-ii/cd-st mum-um I and Gianna-1|) 0.96%W-nlnldul A___ u... ' ’V 'v tuur.L.c.U..CT..T.r.... I.248.8¢4J1 ["5 Cal-penna- Bond-... 005,814.01 Points to Sound DhirtMeatioat and Liquidity of Investments Pays Tribute to Sound Policies Laid Down Ivy Its Purely local Management and Operation. President Ford S. Kumpf Moves Adoption of Report SEN. IA D. mun. mm FRED HAISI'IAD. “who w. J. MOTZ, Kink-er T. W. SEAGRAM. Watnloo The continued etmiUenee of the zblic in the Waterloo Trust and "rimp. anpnny ls again e_v_i- FORD s. mumP P. P. WILSON yum-gm. DIIECI'QIS COMMENDS STAFF AND OFFICERS HENRY KNELL “47.85146 13399.17 ad- P. R. JMLBORN, Preston WM. HENDERSON. Sr., Wllaloo R. o. MCCULLOCH. Gull H. l. SIMS. KC. Kin-hm" l, To the excellent staff in all departments and in the Branch or- Bees, which the Managing Director has gathered about him, I want to convey the Directors' message of thanks for the efReient manner in which each one has carried his or her part in the Company's work, and this in spite of the extra bur- den put on them on account of the: enlistment of some members of the staff for the defence of the Empire. -rebruary 4, 1941. l It has also been gratifying to hear favourable comment on the emcient management of the Estates Department which includes the acting as Executor. Administrator tif, Trustee in its various capa- c es. . . 100.00% summons: Ithintritisagreedthatthittis goof of a sound investment policy in: followed by the Company. The Directors have been pleased to note the increase in the number of wills lodged with the Company and with legal firms in the district. where the Trust Company has been named as Executor. 1.74%Sml- .Wrtrm.mr.Pmmtt.r.rtt. 114% Column] bonus to- rured by Govern- ment. lullclpql. and other bonds and securities .FrFrtrt.e IC.91% City Ind Town . Images in 5.15% City of [onus-I Iona-zo- _P._..._......._ 1.42% Olly at Winn]!!! Iona-cu .._F....W....'.r .l8% Other Western City long-ce- me..Pe....Pm.mt. l.‘ll% yam» long-gen in 2.72% Other Rn] Bot-u ... .945 Adv-nee- " lot-te- and other Anus...“ -__ - ._ biiiiio’ILQI: 1.56% Eastern Fun- t.66% lounges ........... Ollee Premium. Deposit Vault. etc. Kitchener. Waterloo. am and Preston ..t..r. Other Ila] - /irui" id his: domisanr's wel. The Waterloo Trust and Savinzs Comnanv [NIB B. - “an”; “Luna ”mono 22,119.35 ”Lani 194,390.59 1’53 80.1. " l.‘82.89 "5.1.1.54 2.6.1i‘.82 ZIBJ‘IIJI I i havemzo doubt '2tl airtime a - opponun t or - IU'.' like this one 'Ci Are able to maintain the loyalty of their cumming and their morale and the enthusiasm of their personnel. Mr. Chairman. I an plot-ad to my your motion adopting the \conmm study ind mirrir Aivdri Imoylodge in the ammunition of trust" "ntiniqtmtton we cinnot foretell. but we do know that newl tawtanf iqcrgued {alum requlrgf Our exrrience in mortgage loans, re: estate trans-atom and an intimate acquaintance with .11 than in industry and their per- sonnel. expectally in this county, gives us, as a Trust Com any, nailed}; and a human mare“ tie, that and must be, halptul. What dilue- the future may bring in.th.e you-lg of banking and No one can know the operations of an Estate: Department without a feeling of admiration for the in- tegrity and character. the trunk: and ability of those in charge these trust: and the services they render. . Before secondm {our motion, Mr. Chairman, I feel should refer briefly to the eonftdenee which so many men end women have shown in this Company by placing their financial main in its hands. Mr. Louis L%ang Seconds Adoption Of Annual Report Pattartatothegh-natep-nt "te-tthem-rms." 80 may 01 the Paulo; Mm "no In 0mm a substantial su ply of f1mt mom-fez against a: security of good res dentin! proper- ties mainly In Waterloo County and Strong Liquid Poultic- Investments other than mort- Mei", during the past year have n eont1ned almost entirely to the better grade of Government and Municipal securities. With a Com- ny such as ours, handling such a Illl'g, savings business. it is neces- sary to maintain a substantial pro- portion of invested auets in a m readily marketable. This pm a cushion of Met? in the instance of may. considerab e public demand for nds and is Aimed as sound business policy. 'Ill' ttnan-, cial statement will ahow\that our Company occupies a strong position‘ in that respect. The Company succeeded during 1940 itt 9mm a substantial sup- mas Savings Club. In December last we distributed cheques for 10,121 accounts, for a total of $3f7,996.48. V While we experienced the usual increase in new accounts for the several emcee. withdrawals for ’War Bonds and i'lggr Certitkates *%°T..‘““°hfi.‘“'£§uw‘"nfi£°“.'?fa‘ 1, e we it, ‘ so. while t . National Income and money circulation throughout the country should be increased " the result of expanding war produc- tion. the increasing demands 1 war Bntmeing during 1941 would make it improbable that institu- tions of our kind would have much, if any, increase in deposit totals. Guaranteed Funds, Deposits and .certiBeates, Show but a small in- 'dl'l'l't $3,910,031 at,“ mo. ‘25:: o . represen Deposits. $8,889,352.09: Investment i',tifigta'/ele',fl,iei fl,',".,,'," at m ve pmen In e Savings Deposit business has been the Yearly amnion 9f the and piii' i toil -tu'iaTesa iGitoG "REEL tttretort-Artist-thr-ot $20gus,32tut6. higher fun“. ,ifi! mimaitf'l'he was. Ila-l mu. m. Was tt rgifflf,2't't law" years is super- vised a t""drift2y'i,fet'l's"i', with“ importan es uding I number of Wm operating businesses all requiring specul at- tention. The fact that in the great majority of instances heir: of such estates have themselves “tea-wards appointed the Trust Company a Executor orrTtuaee must be eviu deuce conclusive of a helm! dtspendabilitr on Waterloo govemin g Wuhan" . the tmkiib ment of taut hands. and the mod- em day government nation; the administration of private exe- cutors by reason at death or sick; tieient _ knowledge, - Cet' /iirefiAis muiitt time and attention to in ever ment at uni cbuiipany -- Giattiureiio grow. Under the enable super. vision of the Bytes We; any! FORD B. RUM". Frauen! ESTATE. - AND name! AdXAbMN Mamas “3316.93 Bemds - 1.53716 Sundry Trust Inn-unenl- " 2125“.” Cash on hand and in high - 26M0M6 00W RUST mom CAmAl. ACCOUNT The thnd Bstatespemttt Sanity Trust Investments " (1an on hand and in huh Imam-17 ulnar of can“ Home AMI The Waterloo Trust and Savings Company Gov't Bond: _ 1.561.505] Dominion and Provincial Govt Gnu-mood Bond- '06W9&S3 Canadian Humid I Bond- mu.” Other Bond- uul W',',',',',',':, 497529.“ -----_- 3.631.305." Stock. and Accrued Mud. . 'lt,NM7 l?eend - w-s Securities " 3931?? cm. m. hand "a in hunks Mme: (Including Agree mem- for Sale $178,910.24 covering managed prop- erties sold 6A0tMSM3 Interest due nu] mod 154.5%.” Dominion and Provincial Other Auct- -rv T _ T T depnoe- to Emma under Administration Cash on land ant] idiGii Canadian Municipal Honda... -riiisai Other Bands and Debentures, [6750.“ Stocks _ cc 1.32280 833,731.42 uanriidiiii't Company‘s own "oekt, ,. Dominion and Provincial 06m PIG-i... Waluloo and Kinky-en (including Sale Depot“ Vault. ete., and fixtures, Cult and Preston) (-r_r H ___ -4 Other Real Estate ___, ., F ___ _r_r.r__ _ Mortgages _ . . - ,. 3 202,260.70 Lee S‘SPEurifieu tittehadirte Imiieist due and seemed mum TWENTY-EIGHTH ANNUAL REPORT 3 MM.” _ 7.786.” 177321.92 period~the banks at Mia. pericaced [radially a mum at Mt. t"' mam-1 Gl the growth for sixty'yeu-I o-emoee' 15urtne in; Int "arGGEia7iii"r" ' which mutate small at the the. by; wagon _of the high wage and emasedmooere-itkv-s. eneed'tnuneameetedine-sin durinettsetaatw-immesaasc lymnowm. cotneideettnrittoueh m“ W " ',',,t,t'ux"a",'st give way to m Ln', - nine-m- ' actuating; tr',',",',',' 'Je'utu"t1tlh'. We referred a few minutes '30 0| I“.'C.45 37.091.57.34 81.507.999.17 4,557.9”.(I ' "5.7”.” MI JB2B9 6523,0141" DECEMBER Inst, 1m 51139721 meo “6.67493 P. V. WILSON. mm mutton 1ttNRhtt,'%rtrtg" m Amer aaxMnte 0pm nus: ACCOUNT cm mm guy (gnu-m 'Fr (.r. AM In. Capital Fund- lnyenlory "In: cl “no“ Emu Tm lud- lot ”at“: Cuber-l Can-teed lam, icia- “46102.36 Tran Deficit. 63m Dividend Declared (Paid Jan. 2/41) . 25.0mm Provision for Govern-cal Tues and . Col-ligand” . ., 'P 'r' 60.0mm Ptotit and Lou 22,990.17 Gummy-min. 3 Weieoutdti&etouttethi-ror- unity of thanking when of the Board for eo-operating during the you; also to extend animation "tdthanutotheotB-tdmem- tteeaoetheautrwho have-on];- ably assisted in looking after the ‘dnvnk for war loans and Certi- iG"2'. It will not be unexpected. however. if deposits in Mutton: oemtreind-xottmewtsatt reduced. Bomrnstttemutesendotthe huh.- Is anal-nod. tt Mid continue to devebp a “high:- themtmberotm uricmm. building and other " ken. which in turn create the m- timtnt wealth of the country. - 31mm .1 ”135.9%.“ 07.9” 36734 "507.999." ”9759557 4.5579031):