THE DAILY NEWS THE LEADING NEWSPAPER IN NORTHERN BRITISH COLUMBIA Published Daily and Weekly by THE PRINCE RUPERT PUBLISHING CO. LTD., PRINCE RUPERT, B.C. EDITOR AND GENERAL MANAGER HEAD OFFICE Daily News Building, Third Ave., Prince Rupert, B. ©. H, F, McRAE, Telephone 98. United States and Mexico: per month, or $6.00 per year ($5.00 if paid in Weekly, $2.00 per year, All Other Countries: Daily, Weekly, $2.50 per year, strictly in adyance. SUBSCRIPTION Daily, 50c advance). $8.00 per year. BRANCH OFFICES AND AGENCIES New York—National! Bast York City. Seattle—Puget Sound News Co London, England—The Clougher Syndicate, Grand Trunk Building, Trafalgar Square. RATES—To Canada, Newspaper Bureau, 219 23rd St. New DAILY EDITION Thursday, April 28, 1944 the new Bank act, requiring audit, and this by no means a new departure for the Bank of British North America who, as long ago as 1889, voluntarily adopted this continued it ever since. An _ interesting and unusual feature was the presence of the general man- ager, Mr. H. B. Mackenzie, who went to Lendon specially to THE BANK OF ERITISH NORTH AMERICA The latest bank report der review is that of the Bank of British North America, sub- the proprietors at seventy - eight annual held in London last The proceedings and balance sheet are printed on another page; the latter re- flects a very satisfactory po- sition and shows the contin- independent out that an un- 1s points mitted to the meeting month. system and have count, bank dividend other and the benefit cluding a bonus of 5% salaries. $62,644,000, attend the meeting. remarks on the throughout the ued progress of this old and progressive institution. The total profits amounted to $689,745, and after transfer- ring $97,333 to reserve ac- bringing up to the substantial total of $3,017,- 333, and applying $97,333 to premises account, a of 8% was declared; appropriations out of profits were made for pension insurance funds, etc., for of the staff, in- on the it ed by the bank, during quirements of the pose of their business, speculative nature. The about bentures The bank has total assets of} and total de- posits of $38,200,000. Current Joans and discounts in Canada amount -ta $28,696,000, while city couneil to sell twenty-year at 85, when Is at 86. The His terse conditions Dominion, and the position of the bank, are worthy of careful perusal. His address shows the careful and conservative policy adopt- the past year of financial depres- sion, in taking care of the re- business people for the legitimate pur- and discouraging transactions of a now de- they could have sold fifty-year de- tures a couple of months ago chairman of fin- | ren S Report of Direc It will In the p Pay Transfer Leaving The at The D Since Gregor Branches Avenue, A Brar Yards, The fc the bene To the ¢ These Statemen from 30th November, priated to a dividend paid last October, leaving a balance of $588,526.98, which the Directors propose to distribute as follows And in the Payment of a Bonus of 5 West rHE DAILY NEWS —— THE BANK OF BRITISH NORTH AMERICA CS i sn ESTABLISHED IN 1836, INCORPORATED BY ROYAL CHARTER IN 1840. EVENTY-EIGHTH ANNUAL REPORT AND BALANCE SHEET of the Directors of the Bank of British North America, Pre- sented to the Proprietors at Their Seventy-eighth Yearly Gen- eral Meeting, on Tuesday, March 3rd, 1914, In submitting the Report and Balance Sheet to the 20th November, 1913, the Court li ention that banking deposits have been tors desire to point out t Proprietors that the changes now introduced into the form of the Balance Sheet have been rendered necessary by the provisions Of | ing chiefly to the favourable opportuni the Canadian Bank Act, 1913. be seen that the profits for the Year, including $93,446.79 brought furwara 1912, amount to $783,191.89, of Which $194,666.66 was appro Share April next, ayment of a Dividend of $194,666.66 able less Income Tax, on the ring Yo the Reserve Fund Bank Premises Account gee per cent, to the Staff, about. 40s. per 4th 97,333.33 07,933.38 a Balance to be carried forward of ; sé er 108,437.58 yove Dividend will make a distribution of 3 per cent, for the year ividend Warrants will be remitted to the Proprietors on 3rd April next the last Report Branches have been opened at 150 Mile House, B. C., Me Street and Selkirk Avenue, Winnipeg, Man., St. Catharines, Ont., and Sub at James Bay, Victoria, B. C., Kandahar, Sask., and Queen Street and Beech Toronto, Ont, ich has been closed at Forward, Toronto lowing appropriations from the Profit and Loss Account have been made for fit of the Staff, viz.: ifficers’ Widows’ and Orpbans’ Fund, Pension Fund 44,866.05 Life Insurance Fund :4:9'0 a.whe he aa ep eisis 4 1,946.66 amounts are for the whole year and include those already set forth in the t to 318t May, 1943. Sask., and a Sub-Branch at the Union Stock $ 7,440.72 out of the profits of the year. The notes in circulation show little vartation, being #107,066,66 above the figures of 1913. rhe deposits at $33,227,666.66 are $1, 991,593,329 lower, The explanation of this is to be found tn the remarks that I made when I had the honour of addressing you two years ago. I then referred to a larger increase In the deposits than we are ac customed to see, Dut 1 explained that tn eluded in that total were certain special | deposits which we did not expect to be }permanent. That is exactly what has ; ippened. These special deposits have been gradually withdrawn. I may also about stationary during the past year, ow ties for investment which always accom pany 4 long period of dear money. Bills payable is the next item calling for com This is a new line, and must not with the item “acceptances” balance-sheet The item includes several important “acceptances” and the in fact than one third of the total. In order that the com | parison with 1913 may be presented to | you distinctly I give the foliowing fig vod Acceptances, included in bills pay lable, $2,447,933.83 (these are all drawn in the ordinary course of our exchange transactions, or against securities; accept ances under letters of credit, $1,790,933 33; total, #4,238,866.66. Compared with 1912, this shows a reduction of $3,659, 733.33. Our acceptances were, in fact, far below the normal, whereas, without this explanation, they would appear to you to be higher than last year. On the other side of the account you have prob ably been struck by the apparently wide difference in the “Coin and Bullion” this ment be confused jin the 1912 bills payable” }accounts besides | “acceptances” are less Vancouver, Victoria ang Steamer Prince George leaves Prince Rupert Steamer Prince Rupert leaves Prince Ruper: Steamers Prince John or Prince Albert iy. pr, Low Excursio To EASTERN CANADA and UNITED stare; with NORWEGIAN CENTENNIAL, ong with NORWEGIAN sae, 8.8. HENRIETTE carries rough freigh For full particulars and all Information of inporas THE G. T. P. TICKET OFFICE, Hart Block. AGENCY ALL ATLANTIO STEAMsy) Seattle MONDAYS at . FRIDAYS She Rupert TUESDAYS , n Rates NORWay ( In HICAGO In con CONMGCtigg YGERBUND NCtion gasollr . 6 Aw 9:90 pg, * Nd explosives, to travellons, appl Avenue, Phon Poly to P ST. ANDREW’S SOCIETY ROOMS : Opposite Empress Theatre Rooms open from 8 a m. to 141 p. m Visiting Scotsmen are cordially invited For rates for hall rent apply sec DD. MACDUNALD, CHAS. DENNIS, President Secretary ~ KNIGHT & HICKEY Contractors and Builders Jobbing & Repairing and Sixth PHONE GREEN 269 a hone 554 P.O Ba 6 APERHANGG AINTING OLISHING ARQ WALL TINTING erade natin jy, Corating & Sp | Martin Swansoy = Second Avenue, 8 j : hear My i Streets | Ned New Welinctongy Shop: Fraser London, 1 meeting of Tuesday, Corporation, Mr. E. A. He The having meeting. The commencing me to say matter. of our old Glyn but he was illness, and Elected in for no less had given h also have to of the recently as a director reac The = seventy-eighth March Secretary Chairman You all miss He was present at the last meeting, 1866, death 7th February, 1914. yearly general; changes that have been introduced into proprietors was held on and after reading the 3rd, at the office of the| report you understand that they are rend- 5 Gracechurch street, EF, C., ered necessary by the provisions of the are presiding. Canadian Bank Act, 1913. A model bal- (Mr Jackson ance-sheet has been drawn up to which all notice convening the chartered banks must conform, and, | therefore, although we may all of us pre- fer the simplicity .of our old balance- sheet, to which you have been accus ae for so many years, we too must fall into line with all the other banks. My difficulty in addressing you today is in making an intelligent comparison of the various figures with those of the pre- ceding year, and if I were to attempt to he had been a director | explain te you the exact meaning of each than forty-seven years, and! of the new lines you would, I am sure, be is best service to the bank. I| bored. There are, however, certain im- inform you with deep regret | portant items on both of the ac of Mr. H, J. B. Kendall as; count to which it necessary to refer, last week. He, too, had been|and I hope that I may be able to ex- for many years, having been! plain them to you with sufficient clear- 876. The and the the balance-sheet, in Dodds) 1 the the said: Gentlemen, before the business of the day allow a few words on a_ personal the familiar figure Richard in friend and colleague, then in the suffering from serious following May he died. 33 sides Is | ness. the Notes,” shown premises $301,733.33, the ture has already fully that 1 however, you 1 will balance-sheet “Cash and Specie at Bankers and would year, and the “Cash and Specie" of 1912. The difference is accounted for chiefly by separate which, past “Notes of Other Banks’ have in the past been dealt are numerous with in other amounts particulars which actually represent cash, weary but the fore, the Hand” of 81,674,133.32 cash at call and a decrease show by give after appropriating $97,333. for this account out of the profits of The necessity for this expend) may interesting of the premises account during the last Animals, birds, fish and all kinds of game beads mounted; hides tanned and made into rugs and robes. All work strictly first class. A, MITTLER, Expert Taxi- dermist, Helmeken St., Van- couver, “Dominion have cash to tenders, in the line given being legal been included a6 72 B.C. the same way There included in the given lower down, I will not in detail, Had be- to- ~ GEORGE LEEK Real Estate, Insurance and Loan Broker Notery Public. Rente and Collections AUCTIONEER 220 Second Ave, LAND CLEARING Peter Nelson is open to take contracts for clearing land in and around Terrace; also cordwood for fuel, ete. Terms, ete, on application. vo them i net result made up as deseribing you the been have shown On the short notice of $2,073,200 further increase an increase other hand, would have Bank or Prince Rupert a been explained to you 80 avoid repetition, It is, to trace the course ur prope! t yet GEORGE The favorite Household Cou Cleanest, Brightest, Beg date vo orgt «hid Phone FOR P SMITH Laret Vai ve tings, | Third Ave NEW WELLINGTON Roge k Albert Second Avenue 174 Bar LUMBING AND HEATIN & MALLET COL 09, » Apts Prom 1 —i king for ag £ agency, the bands @] LEEK Phone ¥ ——— a Head of Second ted Prince Rupert elected in 1 capital remains the same, other current loans elsewhere than in Canada amount to $7,716,000. . * ance pledged himself before a Continued on Page 3 publie meeting in Prince Ru- pert that he would not sell debentures under 90. What has happened to the virtue of that notorious alderman, or has he adopted a ‘‘cut-rate” policy all around?’ The eiti- zens are surely paying the price for electing a council that refuses to protect the eredit of the city. You have already noticed the great/to the reserve fund we add $97,333.33 | UNITED TAILOS | PRESSING ANDO CLEAIM Will Cail Ye HARRISON W. ROGERS: PRINCE ROPERT, B. C. Phone 300 P. ©. Box 1655 SECOND HAND GOODS { will buy or sell all kinds of, household goods, mechanics’ tools, guns and men's Will call any time. F. M. CROSBY 839 3rd Ave. W. Phone Red 243 A IVARSON & CO. Blacksmiths & Horseshoers Boat Work ist Ave., Manson Way) Balance Sheet 29th November, 1913 . It is evident from the ad- dress of Mr. E. A. Hoare, the chairman, and by his lucid ex- planation of the balance sheet, that he has a full and intimate knowledge of the fin- ancial affairs in the Dominion. Mr. Hoare draws attention to SEE _— 'CARPENTERS ! 50 PER CENT. discount.from B. C. List on Beers and Mouldings with lumber orders PRINCE RUPERT LUMBER CO. A. J. BURROUGHS, Manager and McBride &t. ASSETS. Current Coin and Bullion... + 81,142,584.45 Dominion Notes 4,236,801.49 $5,379,475. 314,863.% 2,206,509. 21,622.9 LIABILITIES Capital ‘ 20,000 shares of £50 each, Reserve Fund pitee Dividends Declared and Unpaid.. PROFIT AND LOSS ACCOUNT:— Balance brought forward 30th Nov., 1912 ‘ : Dividend paid April, 1913.... ee # 4,866,666.66 no ot fully paid. 3,017,333.33 D. ©. STUART 5,359.53 Notes of other Banks we Cheques on other Banks... é : Balances due by other Banks in Canada Balances due by Banks anc Banking pondents elsewhere than in Canada. Canadian Municipal Securities and British, Foreign and Colonial Public Securities other than Canadian——Exehequer Bonds, £310,300, at Cost Railway Call and Debentures Accountant from 808 2nd prone i PRINCE Aye +t RUPERT, 6. 0. — $288,113.45 Corres- 194,666.66 1,411,389. $ 93,446.79 Alex. M. Manson, B. A W. E. Williams, 8. 4, L048 WILLIAMS & MANSON Barristers, Solicitors, EM MONEY TO LOAN slothing. Net profit for the year ending this after deducting’ all current charges, and providing for bad and doubtful debts 1,505,145 .4 103,411 date other Bonds ‘ Short Loans tn Canada on Bonds, and Stocks : 1 Call and Short Loans vlsewhere than in Canada, 7,665,795 Other Current Loans and Discounts in Canada less Rebate of Interest 28,696 Other Current Loahs and than in Canada Rebate Liabilities of Customers under as per contra Real Estate other Overdue Debts and 689,745.10 #783,191.89 aa prince Rupert bG — DEDUCT Helgerson I + rransferred serve Fund Transferred Premises Transferred to Windows’ Fund wo Life and tnd seat PACIFIC TRANSFER (i Cartage he 964.7 Discounts elsewhere of Interest Letters of Credit to Bank (less 7,718,635, 1,793,312 208. 238,631, orf and 25 than Bank Premises... 25 (estimated Loss provided for Bank Premises at not more than Cost, Less Amounts Written Off eee , Deposit with the Canadian Minister of Finance for the of the Circulation Fund— Dominion of Canada 3 3-4 per cent.. os Bonds, £250,000 at 98 $1,192,333.33 Cash 232,248.06 General LADYSMITH COAL Phone—83 cers’ Phone 5 Orphans’ Transferred cers’ surance Fund Transferred to Pension Bonus 1st B.C. Ave. PRINCE RUPERT, ori ee ~~ SEEDS! SEEDS! 1914 &pring — 1,946.66 Prost @ purposes offi Fund P. O. Box 203 P. ROBERTSON Chartered Accountant cers’ Starr 44,866.95 36,500.00 Have received our Seeds GARDEN, AND ‘ Audits, Investigat Aa, usimentty ue FLOWER SEEDS dations and Assignment Agents for ard Ave., erince Rupith & DOMINION NURSERY & ORCHARDS CO. Dealers in Feed of ali kinds CHICKEN FEED A SPECIALTY Mail orders promptly attended to Prince Rupert Feed Co. 908 Phone Black 268 $285,420.09 for April Dividend 303,194.24 Notes of the Bank in Circulation ; 4,876,309.74 Not Bearing Interest Peiate 13,437,952.% Deposits Bearing Interest, including Interest Accrued to date a a’ tate 02 24,792,977 Balance due to other Banks in Canada. Balances due to Banks and Banking Gorrespondents in the United Kingdom and Foreign Countries Bills Payable > \cceptances under Letters of Credit.... Liabilities and Accounts not ineluded foregomig Liability on 1,424,581. 250,000, 39 00 Balance available Deposit in Central Gold Reserves. heath Other Assets and Accounts not included in the foregoing FIELD, liaieiietiin atl aol a tremenemermaeeimamn Deposits 710 SECOND AVE Builders’ Hardware Steel Blocks Pipe Fittings Rope Valves Ammunition Pumps Hose Paint Stoves and Ranges Rubberoid Roofing Corrugated Iron “WE SELL NOTHING BUT THE BEST” 562,148.16 Bmith Block, 1,023 Carpenters’ Tools Wire Cable fron Pipe Ship Chandlery Fishing Tackle Rifles and Shotguns 448,694.47 7,516,510.00 1,793,312.74 in the A. HOARE, BBOCK Directors, respect H. B. MACKENZIE, General Manager. . $300,000.00 a $62 3 E P 1,585,545 Endorsements . . -8213,047.38 Liability of the under Guarantee in Sovereign Bank of Canada Third Ave. and ‘omp! ine of Complete Line 0 BUILDERS’ SUPPLIES WESTHOLNE LUMBER 00. Lil ne 186 - ,644,890.12 FRED STORK’S HARDWARE $62,644.590.12 Sheet with the Books in London, and Bank's affairs as shown by the books G. SNEATH, N. E. WATERHOUSE, Auditors, ADVERTISE IN THE DAILY NEWS| We have examined the above Balance find if to present a true statement of the London, 17th February, 10914. the Certified Returns from the Branches, and and returns. ; Of the Firm of Price, Waterhouse & Co., Chartered Accountants, ————- Meet Mister Snoop, Mister Scoop SCOOP-SHAKE HANDS WITH MISTER SNOOPR- THE REPORTER IVE HIRED 1) TAKE. ~ SOUR PLACE oe’ =~, Drawn for THE FIRST TH\' TO LEARN Wa: OHNES — MOURE. THE CUB REPORTER. LHIRED To TAKE SCOOPS COME WITH ME AND ILL INTRODUCE YOu ‘YOTHE MAN WHOSE PLACE I WANT YOU TO SHOW HIM, SCOOP-THE FIRST THING- YOU HAD TO LEARN WHEN NOU CAME. TO BALTO - MP @iaitt iris one