The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-05-28

closed out with the utmost dispatch The cor
porations inspectors are thoroughly ac-
quainted with the country that in many in
stances the long waits caused by personal in-.
-spection can be entirely avoided.
Directors Express Confidence
At the last annual meeting Of the corporation,
held in Toronto, j. Herbert Mason cha rmans to
the board of directors in summing up the posi-
ton, said in part: 44gass W. @s
Ladies and Gentlemen-The directors report
and the balance sheet, with the auditors Ger
tifcate, which have just been read, vii, lfeeIs
sure, be received with much satisfaction, not
only by the Shareholders here present, but also
by that much more numerous body of them who &
are scattered over the Dominion and various
other parts of the world
The net revenue of the past year amounted to-
s49434S, equal to $50 per cent on the paid up
capital stock After approprating $1309S TO
extnguish the office furniture accounts, at the
head office as well as at the, several branch
offices, writing s17940 off office premises and
paying the stockholders two half-yearly 4divi-
dends of 8 per cent each on the capital stock.,We
were able to add 100000 to the reserve fund
as well as to carry to profit and loss a balance 4
of $6,22s. ts, a.'s. rs ii
Our handsome and commodious office prem
II
be worth more than the amount they stand
charged with on books, and there reasons
for believing that they could be sold at a profit
if the company deemed it wise to dispose of
them. st@sss l]5sS5 IL Is
1t is gratifying to notice that during the year
there was a substantial increase, amounting to
s572430 in the aggregate of Canadian money
lodged with the company for investment. Owing
to the comparatively high rates Of interest which
prevailed in Great Britain, the company has not
augmented the amount of sterling debentures,
which, with accrued interest, stands at
s9,37O,416.
AS was to be expected from the generally
prosperous condition of industrial, commercial
and agricultural interests which prevails
throughout the Dominion especially In
those localities in which the company has loaned
most extensively, the obligations of mortgagors
: have been met with exceptional promptness. In
many cases future obligations have been antic-
ipated, and in not few instances the mortgage
debt has been entirely paid off before maturity.
Notwithstanding the enlarged receipts, the com-
panys' funds have been kept fully employed
throughout the year. - II
The disposal of the real estate in the hands
of the company has continued to receive and IS
still receiving, the earnest attention of the al.
( reCtOrS and OfflcerS. AlnOuSn snOtyet dil @SOIu
the amount is so much reduced that it no longer
apprecably affects the earning power of the
company, The rentals received are applied in
reduction of the account, no interest being
charged till the property is sold. b
At the same meeting Mr.. w. H. Beatty, the
second vice president, said:
ut may be interesting for you to know that
we have not one single piece of property on
hand in the city Of Winnipeg, and very few
l through the province Of Manitoba, none Of which
are causing us the slightest. anxiety The
T branch in that province has produced magnih-
: cent results. In British Columbia where the
outlook last year, so far as the scompany's af-
v fairs were concerned, was not as bright as we
j could have wished things are now in much
g better shape" A=zrsss*ssfss