Loans to directors or their firms Average amount of specie held during the month Average Dominion notes held during the month Greatest amount of notes in circulation during month 16.383.245 16,612,667 17,948,198 16.459,260 39.313,896 41,125,246 42,447,841 38,138,731 MONTHLY TOTALS OF BANK CLEARINGS at the cities of Montreal, Toronto, Halifax, Hamilton, Winnipeg, St. John, Vancouver and Victoria. 56,475 71.777 34.374 44,349 4,798 5,602 2,932 3.513 3,001 $ $ ... .... 59,471 63,756 36,960 41,189 4,997 5,461 3.224 60,423 63,209 35,727 40,569| 5.851 4,742 3.117 3,304 August 55,578 63,115 32,390 37,207 5,551 7,823 2,655 3,138 696,754 784,597 421,147 481,262| 62,356|65,490 35,188 38,043 PROCEEDINGS OF THE EIGHTH ANNUAL MEETING OF THE CANADIAN BANKERS' THE ASSOCIATION HE eighth annual meeting of the Association was held in the Windsor Hotel, in the City of Montreal, on Wednesday and Thursday, the 25th and 26th days of October, 1899. The chair was taken by the President, Mr. Thomas McDougall. The following members were present: The following associates were also present and registered during the various sessions: George Hague, J. H. Plummer, C. Bogart, J. A. Richardson, A. B. Van Felson, G. deC. O'Grady, D. Hughes Charles, B. Austin, F. B. McCurdy, C. White, E. A. McCurdy, F. H. Mathewson, Sir Chas. Forrest (Bart). There were also a considerable number present who neglected to register. Z. A. Lash, Q.C., counsel for the Association, was present. The President called the meeting to order at noon and extended a hearty welcome to the visiting members. MR. FARWELL made reference to the events in South Africa, and in response the meeting rose and sang the national anthem with enthusiasm. The minutes of last annual meeting, as of record in Vol. VI, No. 2, of the Journal of the Canadian Bankers' Association, were taken as read, and confirmed, on motion of MR. WALker, seconded by MR. HAGUE. The Secretary then read the report of the Executive Council as follows: REPORT OF THE EXECUTIVE COUNCIL To the Members and Associates: The Executive Council beg to report as follows concerning the work of the Association since the last annual meeting on October 26th and 27th, 1898. Three meetings of Council have been held, in addition to the final meeting this morning. LEGISLATION There was legislation of interest to the Association in the Dominion Parliament and the legislatures of Quebec, Ontario and Prince Edward Island. In the Dominion House an Act was passed as an amendment to the Bank Act, authorizing the issue of notes by Canadian Banks in other British Colonies and possessions, the total amount of the circulation issued being determined by clause 51 of the Bank Act. During 1897 the Council then in office urged upon the PostmasterGeneral the desirability of so amending the Post Office Act as to permit the insurance of money parcels carried by registered mail. No action was taken in the matter by the Minister until last session, when an Act was passed amending the Post Office Act in this direction. It is with regret, however, that your Council has to announce that the amendment does not meet the requirements of the Association, as the maximum amount to be insured under the Act is twenty-five dollars. A Usury Bill was introduced in the Dominion House but was withdrawn, it being found that it would not accomplish its object without exposing legitimate and honourable transactions to undue restraint under certain possible conditions. In the legislature of the Province of Quebec the bill to amend and consolidate the Charter of Montreal caused your Council not a little trouble and anxiety in connection with unfair taxes which it was sought to impose upon banks doing business in the city. Your Council succeeded in having the objectionable clauses removed from the Bill. In the legislature of Ontario a revenue Bill was introduced seriously affecting banks, in opposing which your Council was not so fortunate. In the interest of banks having their head offices in Provinces other than Ontario your Council is of opinion that an attempt should again be made to secure the modification of the Act, so as to bear less heavily upon such banks. At the last annual meeting your Council was desired to prepare a memorial to the Governor-General in Council praying for the disallowance of the Prince Edward Island Evidence Act. The memorial was duly prepared by our solicitor and transmitted through the Hon. Minister of Justice. Your Council is pleased to state that the Province has, on its own initiative, amended the Act so as to remove the objectionable feature. By the original Act any creditor selling goods through a commercial traveller in Prince Edward Island could not sue for payment of the debt, nor could suit be entered for payment of promissory notes or acceptances given in payment of the debt without giving proof that the commercial traveller had a license from the Province at the time the sale was made. The amendment permits the license to be taken out any time before suit is entered. INSOLVENCY Preparations were made during the session of the Dominion Parliament to bring forward once more the Fortin Insolvency Bill. Your Council again considered the Bill very carefully, and the affiliated sections of the Boards of Trade were enabled to come to an agreement with the Boards of Trade of Montreal and Toronto satisfactory to your Council and conserving the interests of the banks. The Bill, however, was not brought forward. A CANADIAN MINT It having appeared that a resolution favouring the establishment of a mint in Canada was likely to be introduced into the Dominion Parliament last session, your Council addressed a strong memorial to the GovernorGeneral in Council opposing the proposition as both unwise and unnecessary. |