The following text may have been generated by Optical Character Recognition, with varying degrees of accuracy. Reader beware!

Ninety-fourth Annual Meeting of; Shareholders. } The Bank of Montreal has just completed 94 years of business in Canada, which in the history of a young country is no inconsiderable period. The 94th annual meeting .Was held on December 4th with President R. B. Angus in the chair. In many ways the meeting was one of the most memorable in the hisâ€" tory of the bank owing to the fact that the net profits for the year were the largest on record, and that the refinement of Sir Edward Clouston as general manager was announced. Another feature of more than ordinary interest was the re-adjustment of the values of the bank premises. For years these were valued at $600,000, but a recent appraisal increased this to $4,000,000. The $3,400,000 thus se- cured was partly used in.increasâ€" ing the rest account, which now stands at a sum equal to the paid up capital, while the balance was carried to the profit and loss acâ€" count. ' The total assets of the bank now stand at $230,000,000, making it one of the strongest financial institu- tions on the continent. A more deâ€" tailed examination of the report shows that the net profits for the year amounted to $2,276,518, as‘ compared with $1,797,992 for the‘ previous year. The balance of profit and loss carried forward for the present, year was $1,855,185, or practically double the figures for 1910, which amounted to $961,789. Premiums on new bank stock issued by the bank during the year amounted to $365,677, while the re- adjustment of the bank premises account brought in an additional $3,400,000. Thus a total of slightly over $7,000,000 was made available for distribution this year, of which $1,440,000 was expended in divi- dends, $3,000,000 credited to the rest account and $708,000 to new premises account, leaving a balance of $1,855,000 to be carried forward as balance of profit and loss. A further examination of the report shows that the bank has deposits bearinginterest of nearly $136,000,- 000, while its deposits not bearing interest amount to over $46,000,- 000; The amount of call and short loans in Great Britain and the United States consists of over $42,â€" 300,000, while the current loans Ind discounts in Canada and else-J where amount to over $121,000,- 000. The latter shows an increase of over $9,000,000, which indicates that the bank continues to do its full share in‘ furthering the develop- ment of the country, and that it continues to grow with the coun~ try. To call and short loans, which the bank keep in New York and London, while returning ‘only a imall rate of interest, is found to e a«wise provision. _The call of these loans placed in London and New York is far less disturbing to_Canadian business than if they- were on call in Canada. Altogether the showing made by the Bank of Montreal is a. very sat- lsfactory one, and reflects the high- est credit upon the directors and uponjhe general manager, who is now relinquishing the position, which he has held for so many ears. His successor will be Mr. . V. Meredith, who has been as- sociated all his life with the bank whose affairs he will in future direct. The address of President R. B. 'Angus was as usual 'a careful re- sume of the financial, commercial and industrial expansion of the Dominion. The Bank of Montreal, with its many branches soattered throughout the country and its in- timate relationship with every phase of our national life, is able to present authoritative reports re- garding the country’s growth and evelopment. Without exception, dais year’s report by the president was full of optimism. That this w s not unfounded is shOWn by t e' bank’s record for 1911, whjph was most snccessful in the 94 years of its history. ' "What?" "ft _ niakes everybady dick except those who swallow it.” :iQddmthin! @120“ flatthY-f’ BANK OF MONTREAL. Report of the Registrar-General of the United Kingdom. There has been aestriking falling off in the natural increase in the population of England and Wales this year. 'In a, report issued by the Registrar-General of the United Kingdom it is shown that in the quarter ended September 30 births exceeded deaths by only 81,645, as compared with 123,022 excess of births over deaths in the corres- ponding quarter of 1910 and 123,- 309 and 1241054 in the third guartfirs of 1908 and 1909 respectively. The number of births registered in Eng- land and Wales in the third quart- er of 1911 was 222,601, a rate of 24.4 annually a thousand of population, or 2.9 a thousand below the average birth rate in the third quarters of the ten preceding years. It was the lowest birth rate ever register- ed in any third quarter since the establishment of official civil regis- tration. In four large cities of the United Kingdom outside of England and Wales the birth rate- to the thousand of population was 20.4 in Edinburgh, 26.6 in Glasgow, 28 in Dublin and 28.3 in Belfast. The death rate in these places was Edinburgh, 14.2; Glasgow, 16.2; Dublin,_21.5, and Belfast, 16.9.. French statistics just Issued in- dicate that there will be an actual falling off of 40,000 in the popula tion of Fr Luce in 3911 as compared with 1910. LuFt year the oflifial registration figures showed that there was a slight decrease, not enâ€" ough to justify belief that the trend would be downward permanently. The figures now presented, which cover the first six months of 1911, show that there‘were 14,000 fewer births and 26,000 more deaths than during the first six months of 1910. This made a. net loss of 18,270 in the population.~ . ~\.... A According to the British figures the estimated population of the United Kingdom at the beginning of the seCalrd half 0t 7911 was 45,311,- 078. Subdividing this total Eng- land and Wales are-given 36,168,750, Scotland 4,766,860 and Ireland 4,- 375,468. The natural increase in populationâ€"that is the excess of births over deathsâ€"was 104,550. The birth rate for England, Ireland, Scotland and Wales combined in the third quarter of 1911 was 24.3 a thousand of estimated population and the death rate 15.2 a. thousand. “Why does the giraffe have such a, long neck ’4” asked the teacher. “Because its head is so far away- from its body,” hopefully answered the boy. prospectors. Thu Quickest cough Euro- Bhean, But Unqualed Every man wants to marry the girl who is worth her weight in gold, but the trouble with most men is that they -are such poor For quick. positive results the 16 ounces of cough syrup that you make with a. 50- cent bottle of Plnex, cannot be equaled, It takes hold instantly and will usually atop the most obstinate deep-seated cough inside of 24 hours. Even croup and whooping cough yield _to it qulokly. Slxteen Ounces of It for 50¢. Save. You $2. Does the Work Qulckly or Money Refunded. The user of Pinex mixes it with home- made sugar syrup. This gives you 16 ouncesâ€"a. family supplyâ€"0t better cough remedy than you could buy ready mixed (or $2.50. Easily prepared in five min- utesâ€"fuil directions in packagq. h u Looâ€"u mu ‘4 .......... .._ Pinex soothes and heals the inflamed membranes with remarkable rapidity. It stimulates the appetite, is slightly lax- ative and tastes goodâ€"children like it. Excellent for hoarseness, asthma. bron- chitis and other throat troubles, and has a. wonderiul record in cases of incipient lug; trouple: __--|.u -ma. klakhv nnnnnn- um; uuuuw. Pinex is a. special and! highly concen- trated comgound 0: Norway White Pine extract, tic in gua‘iacoi and” other natu- n1 healing pine elements. Simply mix {filth signal; “run; ‘21- stmige? fionoy,én a. '01! ° 9- a. .J.‘ .V ,orv N4, ,3 , an more bathe. u go anxsaanaga» fthgn any_othor_pou¢{i remedy. A i- l_‘lL-L-J I. .Imlu-utwvu v .n, _....._-_v- 'or money rotunded. Certified. .91 gfiar- antea ls wrapped in youth package. Your arugglst has Plnexor- willglldly get It for you. I! not. send to The Plnex 00.. "nun w... v".-- V- ‘ngxhu, oflon been lmyated, but ‘neye‘r ‘ ' suoeaumllyiitor' {nothing “else will produce the same result: ' {rho gunning is guaranteed t9 gjlvg abnoluto‘ Iatisxactlon n-4-n-‘h Al "run-4 forénto. Ont. BRITISH STATISTICS. REASON ENOUGH. BONAR LAW, the successor of Rt. Hon. A. J. Balfour as Opposi: tion leader in the British Com- mons. This is his latest picture. Cured Through the Use of Dr. Wiliiams’ Plnk Pills” Chorea, or as it is more generally known, St. Vitus dance, is a disease that usually attacks the young chilâ€" dren, though older persons may be afflicted with it. Its most common symptoms are a twitching of the muscles of the face and limbs. As the disease progresses this twitching takes the form of spasms in which the jerking motion may be confined to the head_ or all the limbs may be affected. The patient is frequently unable to hold anything in the hands or to walk steadily, and in sever-e cases even the speech is af- fected. The disease is due to de- bility of the nerves and is always cured by Dr. Williams’ Pink Pills, which enrich the blood, tone and strengthen the nerves and thus reâ€" store the sufferer to good health. The following is a striking instance of What Dr. Williams’ Pink Pills will do in this trouble. Mrs. Chas. Phipps, Pelee Island, Qnt., says :â€" “At the age of fourteen my eldest: ‘daughter, Edith, became much run‘ down, and the trouble developed into St. Vitus dance. First her left arm became affected, then the left leg and entire left side. She grew so bad that she actually could not hold anything in her hand, and could only go about with a sliding, jerking motion. Not- withstanding that we were giving her medicine, she seemed to be growing worse, and finally her speech became much affected. We became so much alarmed about her that finally her father got a. supply of Dr. Williams’ Pink Pills, and we began giving her these. In the course of a few weeks she was much better, and before all the pills’ were gone she was again enjoying perfect health. This was in 1908, and as she has not had a symptom of the trouble since I feel justified in sayâ€" ing the cure is permanent.’.’ THE NEW UNIONIST LEODEB 7,70 7 Be sine you gét the genuine pills which are sold by all medicine deal- ers or may be hgd at 50 oepts 3. E91: Dairen is Being Organized on a Truly Upito-date Plan. ,The city of Dairen, formerly call- ed Dalny, is said to be the most up-toâ€"date town in Manchuria. Here the Japanese are spending large sums annually on street, sew- er and lighting improvements. Good hotels are maintained by the South Manchuria railway (which is a-s-emi- oflicial organization). ‘ This line now runs express trains four times a week to connect with the trains of the Siberian railway ;‘they are unsurpassed in the Far East, be- ing equipped with pullman coaches, dining cars and sleepers. The rail-‘ way also operates a. twiceâ€"aâ€"week steamer service to Shanghai. The wharves of Dairen are said to be the finest in the Far East, vessels ‘drawing up to twenty-eight feet be- ‘ing moored alongside the qua . The port is 0 en the year roun , as the ice t at forms in the bay is never thick enough to interfere with navigation. During the year 1910 1,362 steamers entered this or rwith ear 0, and Q7 in ballast, t eir tonnage” ggregatmg‘ 15637,719. or sixiggxesi for $2.50 from The Dr. Williams’ Medicine 00., Brock- ville, Ont. ' MODERN MAN CHURIAN CITY. The Union of South Afr'ca, which includes the Transvaal, ape Col- ony, Natal, and Orange Free State, has a population of 13,000,000 peo- ple. ST. VIIUS DAN'EE MAKING SAFE INVESTMENTS “NET QUICK ASSETS" A MOST IMPORT- ANT FEATURE OF A BALANCE SHEET. What is Shown by a Critical Examlnatlon of an Industrial Company’s Balance sheerâ€"What Constitute Quick Assets and Current Liabilitiesâ€"care Needed In Taking These Into Accountâ€"An Example. The articles contributed by “Inventor” are for the sole purpose of guiding pros- pective investors, and, if possible of saw ing them from losing money tl-mugh glacing it in “wild-cat" unternrisea. The impartial and reliable character of the information may be relied upon. Tho writer of these articles and the publisher of this paper have no interests to serve in connection with this matter other than “lose of the render. drawbacks of a sound. real Glance at the balance sheet of any in. dustrial company-you will, of course, inspect this very important document before investing. You will see under the head of assetsâ€"usually in the following general order-accounts for "real estate and buildings," “machinery, tools, pat- terns, furniture, etc.,” “patents, trade- marks, good will, etc," and, perhaps] some other similar accounts. You will also notice that usually these accounts are summed up and under liabilities in an opposite column. You will find ac- counts for “Capital stock, common and preferred;" “bonds.” “mortgages.” etc. The first are the fixed assets. 'the lia- bilities are usually known as capital liabilities. Below these accounts and usually separately summed up are what are known as the current assets which include accounts for such property as “stock on hand,” “raw materials.” “cash on hand and in banks.” “accounts and bills receivable." etc.. everything in short which can be quickly converted into cash. 0n the opposite side of the bal- ance sheet may be seen "current liabili- ties." which comprise, “bills and ac- counts payable." includipg borrowed money. pay-rolls. interest and taxes ac- crued. but not due. As one authority puts it. "The real strength of every industrial concern is to be learned from the figures relating to its current accounts. Property as- sets and capital ~liabi1ities are‘ not. of the same significance. If the cost of the plant and equipment, as shown by the books, exceeds its real value. the mar- »ket usually makes the necessary ad- justment by putting a price less than pat on the company’s bonds and stocks." No such process is possible in the case of the current accounts." Says the same authority: “If the current liabilities ex- ceed the current assets the company shows a deficit, whatever its surplus may show on the books.” 011 the other hand, should the company possess current as- setsâ€"often called quick assets (i.e.. read- ily convertible into cash)â€"-iu excess of its “Lm SN” ED “TM fl... WWRR mum “CR WEO wsc 3L “WA WY“, w. 9 w R fl 1] Your surplus money, your savings, float most of the big undertakings in Canada. The banks, loan and insurance companies, etc., use the money you deposit with them to buy bonds. 1] The government charter under which these companies act. restricts them to certain kinds of investment. They cannot invest where their money is not quickly available when wanted. They can and do buy bonds. «1 Whe you increase the yield of your money it is equivalent to increasing your without anysacrifice of security, as Is the case when ring}; Whenyoucandothis , ‘ . v 2in; bonds, it is amatter which demands yourclose and immediate attention. , Literature on the subject of bonds which we will send you on .applieatitnl'll escribes fully this premier form‘pjingegtwmept‘ ‘. ._ : _ . V - BONDS mun: or mom BUILDING ‘ _ mm. WHITE)“ V. WILL INCREASE YOUR INCOME current liabilities, it possesses working capital equal to the difference between the two usual called "net quick as- sets.” Now these net quick assets are a most' important feature of the balance sheet of an industrial company, for no mat-1 ter how great its quick assets. if they' are exceeded by the company's current. liabilities, the company is in daily dan- ger of being forced into liquidation. But one must be sure that what are taken in the balance sheet are really "quick" assets. Usually, this is a/simple matter. Take again. for example, the unfortu- nate Amalgamated Asbestos Corporation. In its balance sheet, soon to be forth- coming, there will no doubt be shown “inventories and refined asbestos on hand" to a. very considerable sum; but the fact that the market for asbestos is highly congested and, therefore, this as- set could not be readily converted into cash, renders it no longer "quick." This fact could be readily ascertained by a. prospective purchaser of asbestos bonds. were anyone so hardy as to consider them at present. So, leaving this account out of the comparison of current assets and current liabilities, it will be seen, when the balance sheet comes to light, that there is an excess of liabilities over as- setsâ€"so much so that the bond interest ‘due on December first has of necessity i been defaulted. Space forbids further consideration of this important question this week. and other significant points of net quick as- sets will be taken up next week. A Mighty Good Sort of Neighbor to Have. - “A little widow, a neighbor of mine, persuaded me to try Grape- Nuts when my stomach was so weak that it would not retain food of any other kind,” writes a, grate- ful woman, from San Bernardino 00., Cal: _ “I had been ill and confined to my bed with fever and nervous prostration for three long months after the birth of my second boy. We were in despair, until the little widow’As advice brought relief. ' “I liked Grape-Nuts food from the beginning, and in an incredibly short time it gave me such strength that I was able to leave my bed and enjoy my three good meals a day. In 2 months my weight increased from 95 to 113 pounds, my nerves- had steadied down and I felt ready for anything. My neighbors Were amazed to see me gain so rapidly, and still more so when they heard that Grape Nuts alone had brought the change. on a diet of Grape-Nuts, which he relished at once. He improved from' the beginning, the eczema. disappeared and now he‘is fat and rosy, with a delightfully soft, clear skin. The Grapeâ€"Nuts diet did it. I willvwillingly answer all inquirâ€" ies.” Name given by Canadian Postum 00.,7Windsor, Ontario. “My four-year-old boy had ecze-. ma. very bad last spring and lost his appetite entirely, which made him cross and peevish. I pu_t him Read the iittle book; “The Road to Wellville,” in pkgs. “There’s a, reason.’ ’ "Evin read the above letter? A new on. appears from tlme to tune. They an aonulne. true and full of uuman Intarost. South America is nearly twice as large as the whole of Europe. THE LITTLE WIDOW MONTRIAL-QU ERIC-HALIFAX-OTTAWA Logpou (INOJ ions: AND mam smears ,. HWTQR NTQ, . ‘ . . l-M I TED