The retiring Directors were unanimously re-elected and are constituted as follows: (The market values given are those fixed by the Dominion Government Insurance Department). Bonds Government, Municipal, Railway Gas, Electric and other bonds: Real Estate, including Company's buildings. 4,227,604.74 Loans on Company's policies (secured by reserves on same). 11,693,446.94 Loans on bonds and stocks.. 944,881.70 (These items are secured by reserves included in liabilities). Death Claims reported but not proved, or awaiting discharge.. 966,368.56 230,000.00 Present value of Death Claims payable by instalments. 534,524.88 213,155.64 Annuity Claims awaiting discharge.. 112,157.89 Dividends to policyholders declared, but not yet due, or awaiting discharge.. 357,307.60 Profits allotted to Deferred Dividend Policies, issued on or after January 1st, 1911... 90,933.28 Accumulated Credits on compound interest policies. 39,211.43 50,507.21 220,265.62 Premiums paid in advance. Sinking Fund deposited for maturing debentures, etc. Shareholders' account, including dividends due 1st January, 1918.. Total Liabilities. Cash Surplus to policyholders by the Company's standard, as above.. Net Surplus over all Liabilities and capital stock..... 8,550,761.64 The net Surplus over all Liabilities and capital stock according to the 350,672.40 105,971.80 68,710.91 $81,259,412.60 8,900,761.64 $90,160,174.24 A PROSPEROUS CANADIAN INSTITUTION REPORT AND ADDRESSES OF THE HOME BANK OF CANADA The Thirteenth Annual General Meeting of the shareholders of the Home Bank of Canada was held at the Head Office of the Bank, 8 King Street West, Toronto, on Tuesday, the 25th day of June, 1918, at 12 o'clock noon. Among those present were: R. P. GOUGH. JOHN DUNN. C. M. GRIPTON. C. A. BARNARD, K. C. J. COOPER MASON. O. G. SMITH. M. J. HANEY, C.E. THOS. NIHAN. M. W. GREEN. DR. J. A. TODD. J. H. FRANCIS. F. E. LUKE. J. F. M. STEWART. WM. CROCKER. BRIG.-GEN HON.JAS.MASON. C. E. P. McWILLIAMS. J. C. MOOR. R. L. ARCHAMBAULT. J. O. PATERSON. HON. A. C. MACDONELL, K.C. A. WILLIS. H. J. DALY. F. E. ANNETT. Moved by Mr. W. Crocker, seconded by Mr. C. M. Gripton, that the President, Mr. M. J. Haney, take the chair, and that the Acting General Manager, Mr. J. Cooper Mason, do act as Secretary. Carried. The Secretary then read the Notice calling the Meeting. Moved by Mr. J. C. Moor, seconded by Mr. W. Crocker, that the Minutes of the last Annual General Meeting be taken as read. Carried. The Secretary then read the Report of the Directors, as follows: The Directors of the Bank beg to submit to the Shareholders the Thirteenth Annual Report for the year ending the 31st May, 1918, accompanied by a Statement of the Bank's affairs and the results of the operations for the year. The report of the affairs of the Bank at the close of its fiscal year may be considered as satisfactory, showing, as it does, a substantial growth during the past twelve months. Following the conservative policy adopted by a number of the Banks, a sum has been transferred from the net profits to provide for temporary contingencies consequent upon the prolongation of the war. The net profits, after making provision for bad and doubtful debts, rebate of interest on unmatured bills under discount, cost of management, etc., amount to $228,963.19. This added to $140,238.68, brought forward from last year, together with premium on new stock $208.54, makes the sum total of $369,410.41, which has been appropriated as follows:Four quarterly dividends at the rate of 5% per annum.. Government War Tax on Note Circulation.. Reserved for Depreciation of Securities and for Contingencies. Donation to Patriotic Fund. Balance carried forward.. Total.. $ 97,362.40 19,316.90 90,000.00 10,000.00 2,000.00 150,731.11 $369,410.41 |