BANK MONEY ORDERS When the system of Bank Money Orders was being discussed, it was suggested by several of the members of the Association that the issuing bank should retain the entire commission. During the past year, after practical experience with the money orders, this opinion became stronger and your Council issued a circular recommending the adoption of the plan instead of the issuing and cashing banks sharing the commission equally. With the exception of three banks this recommendation was adopted, and the change seems to be working satisfactorily. CHEQUES PAYABLE TO ORDER In a circular issued 4th May last your Council recommended the discouragement of the practice of making cheques payable to order when the payee is not a firm or individual or corporation capable of giving an endorsement, but an abstraction such as "Bills Payable." From the replies received it is apparent that all the members of the Association are not of one mind on the question, but several have adopted the policy recommended. BANK TROUBLES Your Council regret to announce that La Banque Ville Marie, suspended on 25th July last, is now being liquidated under the Winding-Up Act. Your President, acting with the advice of other members of the Council and with the consent of the bank officials, appointed Messrs. F. W. Taylor of the Bank of Montreal, and W. H. Nowers of the Merchants Bank of Canada, to investigate and report upon the circulation account of the bank. The Banque Jacques Cartier suspended on the 31st July last, but its resumption is announced for to-day. THE BANK ACT The Committee appointed by the Executive Council at its meeting of August 16th last to consider the renewal of the bank charters, viz: Messrs. Clouston, Walker, Thomas, Stikeman, Schofield, Wilkie, and Gillespie, will meet to organize in room 96 of the Windsor Hotel this evening at eight o'clock, and all general managers are requested to be present with a view of offering suggestions to the Committee. INCORPORATION With the view of extending the sphere of action of the Association it has been decided by your Council to apply for a charter of incorporation. The committee appointed to consider the Bank Act has been given charge of this matter also. RELATIONS OF THE SUB-SECTIONS TO THE ASSOCIATION Your Council regret to announce the formal withdrawal of the Bank of Nova Scotia from the Association on 21st September last on account of a misunderstanding between that Bank and the Winnipeg section. Your Council exerted its powers in the effort to bring about harmony, but without success. In view of this unfortunate misunderstanding, and to prevent the possibility of its recurrence, your Council appointed the following gentlemen a committee to determine the relations between the sections and the Association, and to define the powers of the former, viz: Messrs. McDougall, Walker, and Fyshe. This Committee will meet for organization to-morrow morning at 10.30 in room 96. BANK BURGLARY AND FORGERIES The frequency of burglary this past year calls for discussion in regard to the best means of bank protection, either electrical or otherwise, and your Council think it might be well for the Association to offer a prize for the cheapest and best method of electrical protection. The attention of the Council having been drawn to a defect in the law of the Province of Quebec in regard to forgeries, the matter is recommended to be taken up by the incoming Council. It was moved by MR. MACNIDER, seconded by MR. STRATHY, and unanimously carried, that the report of the Executive Council, as just read, be and is hereby accepted. FINANCIAL STATEMENT The Secretary-Treasurer then submitted the financial statement, duly audited, for the year ending June 30th, 1899: On motion of MR. MACNIDER, seconded by MR. STRATHY, the statement was adopted. SCRUTINEERS Messrs. Richardson and Kesson were appointed scrutineers for the taking of votes on any question which might require a ballot. ESSAY COMPETITION The Secretary then read the report of the Prize Essay Committee. Their award was as follows: SENIOR COMPETITION First Prize.-T. G. McMaster, Canadian Bank of Com merce. fax. Second Prize.-A. Gordon Tait, Merchants Bank of Hali JUNIOR COMPETITION First Prize.-H. G. P. Deans, Bank of British North America. Second Prize.-B. V. Gomery, Molsons Bank. REPORTS OF SUB-SECTIONS The report of the Halifax Bankers' Association was presented by Mr. McCurdy as under : HALIFAX BANKERS' ASSOCIATION The Halifax Bankers' Association was organized early in March of this year with President, Vice-President, Secretary-Treasurer and various committees. The object of the society was the association of senior and junior bank officers, with the diffusion of knowledge and experience, essential to the development of efficient bank officers. The term, as the summer months set in, was necessarily short and consisted of six fortnightly meetings. A study of "The Bank Act." Seven papers on as many subjects of interest to a society of bankers with discussions arising from them. A formal summing up of the work of the session. There was a membership of thirty-five, ascertained on a footing of payment of fees. Maximum attendance 28, minimum 14. The first meeting of the ensuing term is at the close of the present month of October, when with the election of new officers it is hoped the work of the society will not only be continued, but be carried on with greater vigor. It is right to say that so far from sports and games being deterrents to progress, the Association found those members who were most active in these matters were also ready and earnest in study and debate. A. ALLAN, President The Secretary read reports of the sub-sections as follows: BANKERS' SECTION OF THE MONTREAL BOARD OF TRADE The Bankers' Section of the Montreal Board of Trade has much pleasure in submitting its first report since affiliation. At the annual meeting of the Section, held on the 11th January last, it was decided to become affiliated with the Association in order to be in line with the various sections throughout the Dominion. The Section has since received the intimation that the Association has formed a committee to determine the relations between the Association and the affiliated sections. It has felt in the past that the absence of well defined rules for the guidance of sections in their relations to the Association exposed the organizations to friction, and in framing its own by-laws, even before affiliation was anticipated, it did so in such manner that all important questions referred to the general managers were in reality referred to the Executive Council, on which it has ever had a large representation. During the past year the Section took part with the Association in opposing the unjust tax clauses aimed against banks, as proposed in the Draft Bill for the amending and consolidation of the charter of Montreal. The first move in this matter was made through the Section, and when the Association decided to deal with the question the Section loyally supported your President and Council, and is pleased to have had a share in the success which attended these efforts. The object of the Section is to obtain conformity of action amongst bankers in Montreal on matters pertaining to the interests of banking, particularly local matters. With this object, the Section has twice during the past year accomplished through its proper officers certain agreements regarding the rate of interest upon call loans, which in the past were wont to be brought about by individual action with consequent loss of time, much trouble and occasional annoyance. It is hoped that local bankers will avail themselves still more of the Section in many matters requiring solution, such as uniformity of warehouse receipt forms, inland and ocean shipping bills, deposits of married women and minors, endorsement by married women under the Quebec code, which is the subject of considerable courtesy, as well as other matters such as the minor profits of banking. The Montreal Clearing House is not as yet affiliated with the Section, but its officers are practically the same, and the constitution of the Section provides for affiliation if desired. In this connection the Section is pleased to be able to report an unprecedented increase in the volume of clearings during the past few years, and confidently anticipates that the total clearings of the present year will approximate eight hundred millions of dollars, a figure that will place it on a par with last year's record of San Francisco, the eighth among the clearing house cities of America, Montreal being the ninth. The proceedings of the Clearing House during the past two years have been remarkably free from errors on the part of the clearing banks. It has not been found necessary to call a meeting of the committee during that period. The Section has to deplore the demise of two of the most respected members of its committee, Jeffrey Penfold, Esq., late manager of the Bank of British North America in Montreal, and Francis Kennedy, Esq., late manager of the Bank of Nova Scotia here. Both gentlemen were widely and favourably known throughout the banking community, and their absence from the Council Board of the Section is a serious loss. The Section is delighted to welcome the Association to Montreal, and had it not been trammelled by the custom which places the preparation of entertainments in the hands of the head offices of the Convention city, it would have testified to the sincerity of its welcome in a more practical manner. Yours respectfully, A. M. CROMBIE, Chairman BANKERS' SECTION OF THE BOARD OF TRADE, TORONTO The Bankers' Section of the Board of Trade, Toronto, beg to submit to the Canadian Bankers' Association the following report relating to the proceedings of the Section during the year: As this is the first report which has been submitted to the Association, it may not be out of place to state that the Section was organized in March, 1886, and has since that time interested itself in all matters connected with the interests of the banks represented. Its membership is made up of all bank officers in the City of Toronto who are members of the Board of Trade, and every chartered bank doing business in the city is represented in its membership. The Chairman for the past year was Mr. Angus Kirkland, of the Bank of Montreal, and Vice-Chairman, Mr. R. D. Gamble, of the Dominion Bank. The most important matter dealt with by the Section was in connection with the legislation introduced by the Government of the Province of Ontario imposing taxation on banks doing business in that Province. As soon as information reached the Section that it was the intention of the Government to introduce such legislation, a Committee, consisting of Mr. Kirkland (chairman), and Messrs. Wilkie, Coulson and Walker, was appointed to meet with the Government and deal with the matter. This Committee at once waited upon the Government, but were unable at their first interview to gain any definite information as to the scope or details of the proposed tax. When the Bill was introduced the Committee again waited upon the Government and had an interview with the Executive Council, at which they protested against the undue amount of taxes which the banks were being asked to contribute, and especially directed the attention of the members of the Government to the unfairness of the tax upon those banks that had their organization and head offices outside the Province. Upon this latter point they had a lengthened discussion with the members of the Government. The Government were not disposed at this time to make any changes in the Bill, bnt the Chairman of this Committee had subsequently another interview with the Provincial Treasurer specially relating to this question, and finally obtained the assurance that amendments to the Act would be made which would afford some relief, and especially to those outside banks that had few offices in the Province. As a result of these conferences the Act was amended in some respects, although we cannot regard the legislation as being satisfactory either to the banks having their head offices in the Province, or to those whose head office organization is elsewhere. Under an agreement, made some time prior to the year just closed, all the banks in Toronto and Toronto Junction were (and still are) paying three per cent. per annum as the maximum rate of interest on all deposits, and the system of paying interest on the minimum monthly balance in savings bank accounts was very generally in force. During the year it was thought well to make an effort to bring about an understanding on both these points which should be applicable at every bank office in Ontario. An agreement was drawn up which was signed by all the banks having head offices in |