Shipbuilding is now a very important industry on the Canadian Pacific Coast. Steel and wooden ships built in British Columbia are actively engaged in moving the world's commerce, new ships are being built, shipyards have contracts ahead for some time to come. A large body of men is continuously employed, and the large amount of cash put into circulation has a stimulating effect upon every class of business. Metalliferous mining has been vigorously prosecuted with generally satisfactory results. Properties idle for years have changed hands and are now being worked on a business. and paying basis. Coal mining, although hampered by labour difficulties, will show an increased output over last year.

The total fish production in British Columbia will be the largest recorded. The salmon pack will be equal to the record pack of last year. The Government commandeered practically all of the better grades and placed an embargo on shipments. Prices have not yet been finally fixed, but a reasonably profitable season is assured. The halibut fishery has been profitable to both fisherman and shipper. Notwithstanding the increased fishery, the demand for export outruns the supply. The wholesale trade is good; retail trade active. Cash is abundant. Municipal affairs continue to be economically administered, and Government and Municipal expenditures are kept within the limit of actual necessities. The Coast cities have been attracting population from the interior, and people have been coming in from outside the Province to participate in the high wages paid in shipbuilding and allied industries. There is an improved tone in regard to real estate, but little property changing hands.

The following gentlemen were re-elected Directors of the Bank: D. Forbes Angus, R. B. Angus, J. H. Ashdown, H. W. Beauclerk, Colonel Henry Cockshutt, H. R. Drummond, G. B. Fraser, Sir Charles Gordon, G.B.E., C. R. Hosmer, Harold Kennedy, Wm. McMaster, Sir Vincent Meredith, Bart., Major Herbert Molson, M.C., Lord Shaughnessy, K.c.v.o. At a subsequent meeting of the Directors, Sir Vincent Meredith, Bart., was re-elected President, and Sir Charles Gordon, G.B.E., was re-elected Vice-President.

ANNUAL REPORT

FOR YEAR ENDING OCT. 31, 1918

Balance of Profit and Loss Account, 31st October, 1917
Profits for the year ended 31st October, 1918, after deducting charges
of management, and making full provision for all bad
doubtful debts

$1,664,893.08

and

2,562,720.14

$4,227,613.22

$2,326,000.00

$1,901,613.22

Bank Premises at not more than cost (less amounts written off)
Liabilities of Customers under Letters of Credit (as per Contra).
Deposit with the Minister for the purposes of the Circulation Fund.
Other Assets not included in the foregoing

$370,351,651.50

177,132,212.59

6,000,000.00

3,674,865.17

1,038,166.60

216,650.26

VINCENT MEREDITH,

President.

$558,413,546.12

FREDERICK WILLIAMS TAYLOR,

General Manager.

THE FINANCIAL STATE OF CANADA

IMPORTANT ADDRESSES AND REPORTS*

OF

THE CANADIAN BANK OF COMMERCE

Address by
Sir John

Aird,
General
Manager of
the Bank.

For the first time since January, 1914, we meet without the sinister shadow of the great war upon us. Difficult as is the outlook before many of the warring nations and perplexing as are the problems for which a solution has to be found before a satisfactory peace can be concluded, hostilities have ceased and cannot be renewed on the same colossal scale. We rejoice that the sacrifice of life has come to an end and that those members of our staff at the front who have survived the conflict, and others who are near and dear to many of us, can now look forward with assurance to the welcome that awaits them at their home-coming. The past year has been pleasurably marked by the jubilees of both our President and Vice-President in their respective callings. On July 24th our honoured President, Sir Edmund Walker, celebrated the fiftieth anniversary of the day on which he entered the service of this Bank, and the occasion was marked by a dinner tendered to him by the Board of Directors. An account of this has been printed and copies of the pamphlet are available for any of you who may desire them. The addresses of the evening, and the extracts from the many letters and telegrams of congratulation which came from all over the country upon the happy event becoming known, tell more eloquently than any words of mine could do, the esteem in which he is held by all classes of the community. The day was further commemorated by our making it the occasion upon which the fiveand ten-dollar notes of the new issue of this Bank, to which I referred at the last annual meeting, were first paid out. The artistic quality of the designs of these notes, for which Sir Edmund is personally responsible, and his well-known interest in matters of art, seemed to make this a fitting compliment to him. Just a few weeks earlier, on May 19th, Mr. Z. A. Lash, our esteemed Vice-President, and trusted legal adviser during so many years, had celebrated the fiftieth anniversary of his call to the Bar of Ontario. The close coincidence of these two events, so unusual in themselves, with the fiftieth anniversary of the Bank itself and with the consummation of our long-deferred wish to see the rest equal to the paid-up capital, was very remarkable; and being followed so closely by the close

*Note. For the history of this Bank see The Canadian Annual Review Supplement for 1910 and succeeding volumes for yearly Addresses and Reports. This annual meeting was held at Toronto on 14th Jan., 1919.

Vice-President of the Canadian Bank of Commerce, 1918.