Just one further word as to that all-important asset which the Balance Sheet does not reveal the staff: I cannot too strongly endorse the words of appreciation so fittingly expressed by the President, and I have no hesitation in saying that in point of loyalty and efficiency the staff of this Bank is second to none. For a long period prior to the signing of the Armistice and during demobilization thereafter, the staff of the Bank was reduced, indeed, to a veritabe "thin red line," but while numerically weak, the spirit was there in full strength and we were enabled as a result to conserve and develop our business in the notably satisfactory manner reflected by the comparative figures shown. So much for that section of the staff, who, for one reason or another, were rendered ineligible for military service. Theirs is a record which we recognize with appreciation and view with pride.

As to those who joined the colors, you will be interested in knowing that from a staff of 1,300 odd at the outbreak of war, enlistments numbered no less than 823, or roughly 63 per cent. of the whole, which must very nearly represent 100 per cent. of the eligibles. Of those splendid young men, 73 made the supreme sacrifice, 87 were wounded, some more than once, and many received high decorations for valor and efficiency. To the memory of those whose bodies sanctify the soil of France and Flanders, we can but offer the highest tribute of reverential respect. To those incapacitated through wounds and otherwise, we are gladly endeavoring to render such assistance as lies within our power.

And to those eligible for re-entering the service of the Bank, we are finding positions upon a scale of remuneration which provides against their suffering any hardship in a monetary sense by reason of having joined the colors. In other words, we are giving to each and every man the same salary as when he left, plus such increases as would have followed in the ordinary course had he remained. To put it in a word, Gentlemen, we are proud of our staff, one and all, and I am sure you will agree with me that we have every reason to be proud of them.

It was moved by the President, seconded by the Vice-President, and unanimously adopted as By-law XI.: "The Capital Stock of the Bank is hereby increased from ten million dollars to fifteen million dollars by the creation of fifty thousand new shares of the par value of one hundred dollars each." It was explained by the President that there was no intention of issuing this Capital in the near future, but that it was thought advisable to make timely provision well in advance of possible or probable requirements.

The President then said that it was a matter of common knowledge that the work of the Bank had greatly increased during the past few years, which had thrown much additional work and responsibility on the Directors, and it was proposed that provision should be made for additional remuneration to them. Mr. A. Browning then moved, seconded by Mr. John Patterson, that By. law No. VI. be amended and the remuneration of the Directors fixed at $40,000 per annum. Carried unanimously. On motion of

Mr. R. Campbell Nelles, seconded by Mr. A. Haig Sims, Messrs. John Patterson and Arthur Browning were, by unanimous vote, appointed scrutineers, and instructed to cast one ballot for the election of the following persons as Directors: Sir H. Montagu Allan, Mr. K. W. Blackwell, Mr. Thomas Long, Mr. F. Orr Lewis, Hon. C. C. Ballantyne, Mr. A. J. Dawes, Mr. F. Howard Wilson, Mr. Farquhar Robertson, Mr. Geo. L. Cains, Mr. Alfred B. Evans, Mr. E. F. Hebden, Mr. T. Ahearn, Lt.-Col. Jas. R. Moodie, Mr. Lorne C. Webster. The ballot having been cast, the Directors, as named, were declared to be elected. Sir Montagu Allan was afterwards re-elected President and Mr. K. W. Blackwell Vice-President. The President:-"Before we adjourn I would like to say a few words. As you know, I have been overseas four years. During that time there has been a change in the General Managership of the Bank. I have not hitherto had opportunity of saying anything to the Shareholders with regard to our new General Manager. I do not wish to say too much about him because the result of his work has been so good that to express my opinion of it might be regarded as unduly flattering, and I may pertinently add that in so far as I can ascertain, he has the full support of a loyal and efficient staff. As President of the Bank, I may say that his work has given me and the Directors every satisfaction and confidence for the future of the Bank, and I am sure that you will all agree with me that in Mr. Macarow we have found a very efficient man as General Manager."

A PROGRESSIVE CANADIAN INSTITUTION

ANNUAL REPORT AND ADDRESSES

OF

THE HOME BANK OF CANADA*

The 14th Annual General Meeting of the Shareholders of The Home Bank of Canada was held at the Head Office of the Bank, 8 King Street West, Toronto, on Tuesday, the 24th of June, 1919.

Address

Haney,
President

of the Bank.

This is the Fourteenth Annual Meeting of the Shareholders of the Home Bank of Canada and for the by Mr. M. J. first time we meet without the presence of the late Brigadier-General, the Honourable James Mason, Senator, our Honourary President, whose death occurred on July 16th last. He had filled successively the position of General Manager, President and Honourary President of this institution from its establishment as the Home Bank and had been associated with the parent institutions, the Toronto Savings Bank and the Home Savings and Loan Company, since 1865, first as junior clerk and later as Manager. Any expressions of apprecia tion I might here utter could only be a review of the many admirable obituary notices that appeared in the public press with the announcement of his death, in which every phase of his career was touched upon, as banker, soldier, educationalist, statesman, and public-spirited citizen. We shall find that in spite of our activities here this afternoon, his absence will be felt throughout the proceedings.

Our financial year closes on May 31st, so that for the first six months, up to the signing of the Armistice on November 11th, our operations have been during the period of the war, while the last six months have been within the so-called period of Reconstruction. On June 4th an official outline of our National War Budget was announced, which will have a marked influence on the general financial situation for the future. The Budget announcement that in March, 1920, the national Debt of Canada will be approximately six times larger than it was in 1914, when the figures stood at $335,996,850, is not to be considered on the scale of figures alone. This total of approximately two billion dollars is to be read in the light of certain qualifying circumstances. It has been stated that the indebtedness amounts to $220 per head of our population; but a more comprehensive method of division may be calculated upon

*For particulars of the 13th Annual Report see the 1917 issue of The Canadian Annual Review.