The sun., 1919-03-25
% MORTGAGE COS.
REPORT GOOD YEAR
Members Of Ontario Associa-
ton Show S123,718,693
Increase in Assets.
NEW LOAN ACT MODIFIED
G.. w. Cartright Of Hamilton
Is Elected President;
Toronto Man Secretary.

hptct0t C0ffNspONossCs 70 ihs GUN
TORONTO, March 22.-The report Of the
executive COMMITTEES of tho Land Mort
gage Companies Association Of Ontario,
presented at the annual meeting here.
showed an increase in the aggregate as
sets of the twenty-three companies COM
posing the association OF S12a.713.6ea.
r. 8. Hudson, who has been president
OF the association since 1910, and George
II. Smith. who has been secretary-treas-
urer since 1900, were elected honorary
president and second vice-president re-
spectively. The other officers elected
follow:
q. w. Cartright, Hamilton, president |:
Edward Saunders Toronto, first vice.
president; T. Darcy Leonard, Toronto.
secretary-treasurer Members of the
executive committee, V. B. Wadsworth.
Walter Gillespie and f. B. Fisher. To-
ronto; J. w. Stewart, st. Thomas; A.
M. Smart and Hume Cronyn, London; e.
r. Dwyer, st. Catharines; ]. e. NOEL
derry. Guelph, and J. II. Kittermaster,
Sarnia.
Nodded Proposed Act.
In its report the executive committee
outlined the work Of the past year, with
particular reference to Dominion and
provincial legislation affecting loan
companies. AS a result Of their efforts,
the Ontario Governments proposed
amendments Of the loan and trust cor
porations act were modified to tho ad-
vantage OF all concerned. The report
was adopted at the meeting on motion
Of the president, who said in part:
The proposed amendments TO the
loan corporations act and the revision
Of thu Governments return have made
heavy demands upon our time. Most OF
our companies have had long and honor
able records, are admittedly sound and
Of unQuestioned stability. The manage
ments of these companies are as deeply
interested as any one can be in prevent
ing losses to the public through invest
ments In what may have been miscalled
a loan company.
There Is little IN the proposed bill
which will prove Of advantage. while
the new return to be made annually is
30 involved and complex that very few
of the limited number which take the
| trouble to peruse It will be able to CON-
prehend It's intricacies. What was need
| cd instead OF a more complicated return
was a much simpler one, containing such
salient information as would indicate
almost at a glance any weakness there
| may be.
Succeed Despite Drain.
THE great success OF the 1918 Victory
Loan, no doubt. has had the effect OF
again largely reducing the deposits with
many of our companies. The inherent
strength and soundness OF these compa-
| MES Is most clearly manifested by the
fact that. Notwithstanding the drains
upon their borrowed capital (the raw
product OF their business) for more than
| four years they have been able to con.
tinue TO submit to their shareholders
| annual statements indicating n reason
| able measure OF success and a most
healthy condition. Money! which ouI
depositors withdrew for investment are
| in many instances the savings of years
They are paid to the Qovernment fol
war bonds and Immediately go to swell
| the deposits with the banks. A long pc
riod OF thrift and careful saving will bt
necessary to enable these depositors q
reinstate the balance TO the credit o.
| their accounts"