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THE Halifax "banking company made their influence felt against the measure. There were two or three strong men in the House, at this time, who viewed the establishment of another bank in Halifax, with anything but favor ; but, on the other hand, there were two or three others, equally strong, who were full of encouragement for the proposed institution. Stephen Deblois, the colleague of the pro- moter of the bill, was a zealous friend of the old bank, and he resolutely stood in the way of the progress of the measure. But, at each step, he was adroitly pushed aside by Alex. Stewart who, at the outset, declared that the bill was of great importance to the province, and even to the very existence of the house as a free legislative body. He had no hesitation in saying that there was a despotic influence being exercised over the country, and that the sooner the bill was adopted the better. To avoid all appearance of interest biasing his judgment, Mr. Stewart informed the house that he had withdrawn his name from the sub- scription list, where it had been down to the extent of ^i,ooo; he had therefore nothing to do with the speculation and intended to keep out of it. He threw out a challenge to John Young to declare his ^iews more explicitly on the subject. Mr. Young, at first, had occupied a somewhat uncertain position in respect to this measure, but he soon made it apparent that, while he was not under the influence of the other banking concern, he had no intention of letting the promoters of the new bank have all their own way. He was not against the principle of incorporation if proper guards were applied to save the province from evils which had been experienced in other countries — in the United States, for example, where in 1826, sixteen banks were unable to pay any dividend, a circumstance attributable to an excessive issue of paper, and by the not securing capital for demands which should have been expected. In 1827, disgraceful transactions connected with these chartered companies had been brought to light in which members of the legislature and individuals of scheming character were found to be implicated. The Scotch banks lent a portion of their money on mort- gages and kept a portion to support the circulation. They opened cash accounts, by which a person having credit could draw as he required cash, and might pay as he was able, and thus have the use of a larger sum at a very small interest. In this manner the money of these banks was productive, and was free from hazard, and by such means they stood firm amidst surrounding failures. Mr. Young was not opposed to the incorporation of the new bank, but there were features of irresponsibility in connection with the measure that the public should be protected against, and he was determined that the necessary guards should be provided, and that they should be so plain that those who run could not fail to see them. (2,) The most strenuous opponent of the measure was Jotham Blanchard. He subscribed to the view that government should not grant charters except where tlie large capitals of the companies made such privileges nominal, and perfectly secured the public. He had not found any authority in favor of granting irresponsibility to a company whose security was not many degrees greater than the proposed association. The very fact of the new banking company seeking a charter was an acknowledgment that they anticipated difficulties. He believed that the new bank would run great risks and he doubted that it would be in existence three months from its commencement. The chartered banks of Scotland possessed great capitals. They were not so much for issu- ing paper as for receiving and loaning money ; the difference of interest being their profit. Instead of issuing three times the capital as the new bank proposed to do at six per cent, they did not issue paper to the amount of their capital, and were satisfied with about four per cent. There, means were at hand to supply accidental demands, here, such exigencies could not be met, and although the property of the bank should be safe the coffers might be completely exhausted. Then there was the danger which banks incurred from robbers. Every year, almost, gave evidence of such risks. And he did not think it an extreme case to suppose that the new bank would be in danger from similar causes. He had little doubt that a gang of twelve London marauders would be able to carry away half the property of Halifax. Charters had not been lately granted in Scotland and there such business was well under- stood. ****** Of the six members of the house of assembly for the county and town of Halifax, four were in favor of the incorporation of the pro- posed Bank of Nova Scotia, and two were strongly opposed to the measure. WiUiam Lawson was one of the leading promoters of the institution, and rumor had early set him down for its first president. Stephen Deblois was, as has been already stated, a zealous advocate of the interests of the Halifax banking company, and looked with much disfavor upon the entrance of any competitor in the field of its banking. It was Mr. Lawson's opinion that, with very few exceptions, the inhabitants of Halifax were close behind the movement for a second banking institution. Banking matters in the town had hitherto been carried on all in the dark which could easily occasion sudden and extensive evil. Within a very short time of the meeting of the legis- lature the bank had stopped discounting, perhaps from very sufficient motives, but the public was not in a position to judge as it had no method of being informed on a subject in which it was much interested. In the contemplated bank all was to be open to public inspection and to the investigation of the legislature of the province. W. B. Bliss — after- wards Judge Bliss — the member for Hants, took a very prominent part in the debate — he seemed to be more so than any other supporter of the measure, the mouthpiece of the new bank. He averred that members who supported the bill and had taken stock to a large amount, gave the best pledge of their sincerity; stated the caution with which the introduction of six bankers out of eight of a private establishment into (22) a branch of the legislature should be viewed ; and denied that the commencement of the business of a chartered company would occasion more confusion than a second private bank. There was nothing in the objection that the capital of the new bank was to be reduced to ;^35,ooo. The capital was to be ;^ioo,ooo, and the bill provided that half the capital subscribed for must be paid before the ist of June, 1832, and that deposits must amount to ;£'3S,ooo before business commenced. The sum of ;^s 0,000 could be paid at the time, but the smaller sum was mentioned as one of more certainty. It was not a reduction of capital, as Mr. Deblois had pretended to believe it was, but an ensuring an early commencement, and an endeavor to avoid unnecessary loss on unemployed capital. He did not see the probability of the danger spoken of respecting an exhaustion of the funds of the new bank. The directors would not be obliged to discount indiscriminately, neither would they be called on to do so simultaneously. These things were merely brought forward to alarm the timorous. The friends of the new bank wished that the institution should go into operation early, to relieve the public from the mercy of the old bank; but if the deposits were found insufficient a further instalment could be called for which would be payable in 40 days. The clause which empowered the company to go into operation when iJ^35,ooo were paid in met with a strenuous opposition from Jotham Blanchard. In his opinion if operations were commenced with ;£'3S,ooo there would be less at stake than with ;^5o,ooo, and so less caution might be expected and greater loss. He thought the sum too small on various accounts. The Halifax banking company was filled with paper as far as it would discount belonging to persons who had signed the subscription list for the new bank. The case was put that if the dealings of the old bank amounted to ;£'i5o,ooo, and they limited their discounts, persons would be necessitated to apply to the new bank for means to settle with the old. The moment the latter establishment got £2S>°°° of the new paper, they might demand payment in gold and silver, and so exhaust the entire stock of the chartered bank. The private purses of persons in the new bank would not support the general credit, as the purses of private bankers supported establishments in which they were all responsible for the whole amount of their property. Mr. Blanchard felt bound to suppose that the capital of the new bank would be drawn out in one week after its commencement and that it would soon come to a stand for want of means. A public bank could not stop without carrying confusion through every department of busi- ness. Every day's experience proved that. The bank of England had been distressed for specie, the bank of Scotland had to send waggons to London at a great expense for means to meet demands on it ; but' where could a bank in Halifax procure specie at an important crisis ? It was said that the bank would not issue paper without getting something in return, but those returns would not be available for some months, and even then some persons might not be able to answer demands on them. The bank might stop payments, and create immense confusion without actually failing. It was also said that ;^5o,ooo would be as easily exhausted as ;£^3S,ooo, but that was not according to common reason- (^3) ing or fact. It might as well be said that the smaller sum was not necessary, or that a rich man could be as easily run down for means as a poor man. The house had been asked to suppose many things against the security of the Halifax banking company, but these were mere chimeras. Was there, Mr. Blanchard asked, anything so unlikely as that the eight bankers who comprised the company should lose the fortunes which they were in possession of ? They followed different pursuits, and so could • not be simultaneously affected by changes in trade. Their habits were known to the community, and everything contributed to create security and confidence. For instance, what could dissipate Martin G. Black's store and property to the winds ? What could destroy Hezekiah Cogswell's fortune ? And the remark could safely be ventured that good care had been taken in the Halifax banking company to secure the general stock in case of individual failures. Mr. Blanchard held it impossible that that bank could be destroyed. Mr. Deblois spoke strongly against the bank being allowed to go into operation when ^35,000 had been paid in. A stock of ^35,000 might get into the hands of a few individuals who would then have all the privileges of a chartered bank ; the larger sum would be less liable to be so taken up. He admitted that he had large dealings with the Halifax banking company and was anxious to know how those proceed- ings would affect its conduct. He was also anxious that those who traded with him should be protected in their commerce with the new bank. Many rich men whom he much respected were parties in found- ing the proposed enterprise, but he should get leave to have his own opinion on the subject. ^ ^ 4f ^ TV Tf And so the debate went on ; but the remarks of Alex. Stewart, WiUiam B. Bliss, and James B. Uniacke — practical in their character and marked by the dictates of common sense — were worthy of being handed down in connection with the all important matter of the afford- ing of banking accommodation in the town of Halifax. The two leading members of the house of assembly — the most experienced parliamentarians at least — Alexander Stewart and John Young, sparred, one with the other, very dexterously over the bill to grant a charter to the Bank of Nova Scotia. The latter, how- ever, was somewhat provoking in his movements — so much so in fact that Mr. Stewart was tempted almost to go outside the severely legitimate practice of the assembly, in meeting the peculiar method of attack that, in the treatment of this matter, characterized his opponent's conduct. Mr. Young, whose policy of silence at the outset had called forth a satirical remark from Mr. Stewart, took the ground that the outline marked by the bill was an unsafe course to pursue. The track of the English and Scotch banks was, in his opinion, the only safe one to follow, and in alluding to the Scotch banks he declared that in case of mismanagement of directors the stockholders were liable to pay. In consequence of the many failures of banks in the United States between 1820 and 1826, the plan of the Scotch banks had been, (2 4) in a great measure, adopted in that country. The house, it was evident, was being impressed to a considerable extent by this ingenious sug- gestion of a safeguard that carried with it so much of security to the depositor, and the advisability of its adoption, in respect to the proposed charter, was considered not unreasonable in view of the fact that a pain- ful experience elsewhere had made it necessary that the liability of the shareholder should be so exhaustive. The fact was that Mr. Young had caught the ear of the house, and it was plain to the advocates of the measure that if the strong feature he had so adroitly introduced was permitted to be embodied into the charter, the Bank of Nova Scotia would have to postpone its opening until a more convenient season. Private banks — Mr. Young drove home his safeguard suggestion by declaring — were bound to make good all loss, no matter from what cause, so far as their property extended, but according to the bill to incorporate the new bank the directors and shareholders were, to a great extent, irresponsible. Its principle in that respect differed from any other bank of the kind. The member for Cumberland, and the member for Sydney had, up to this time, usually worked together in the house in the promotion of those measures that had, within them, the elements of reform — of progression — but in the matter of the new bank, they evidently viewed matters from different standpoints. Mr. Stewart said that Mr. Young, in his opposition, seemed to be directly against the principle of charters although he declared that he was not hostile to them. He seemed to entertain the view that the measure differed from all others respecting irresponsibility, while the fact was that the New Brunswick bank was precisely of a similar character. It was a matter greatly to be desired that the opposition of Mr. Young could be clearly understood. He seemed to be bent on keeping the house in the dark. The friends of the new bank could easily understand the open opposers of the measure and the advocates of the Halifax banking company, but they could not understand the intentions of the honorable member for Sydney. Mr. Young replied with much warmth to the incisive observations of his quondam friend. He had never thought of opposing the principle of incorporation. It was good if properly guarded. The case of the New Brunswick bill might or might not be as had been stated, but were there, he asked, no other clauses in it which checked and guarded mismanage- ment ? Mr. Young then referred to a pamphlet for a bill regulating a bank in the state of New York, which stated that shareholders should be responsible for loss occasioned by directors, and, in his judgment, it was only fair that they should, for they had the sole choice of them. This reference — now made for the second time — to the extent of the liability of the shareholders of the chartered banks of other countries, gave Mr. Stewart the opportunity that he had been eagerly waiting for. He rose in his place and then — to quote from our reporter's notes — the debate took this turn : Mr. Stewart : I consider it my duty both to oppose and expose fallacious arguments. Public characters belong to the public, and by severe tests alone are men tried. I now call on the member for Sydney to read the whole of the passage which alludes to the New York bank. (25) Mr. Young proceeded to read the passage : " the holders of stock at the time of mismanagement shall make good any loss." Mr. Stewart — Read on. Mr. Yovmg (reading) " provided that no one shall pay more than the amomit of stock held by him at the time." (Much laughter.) Mr. Stewart : the house has now had the satisfaction of having heard the whole of the article on this point. As first read, it appeared that stockholders were held liable to the extent of their property, whereas what followed showed that they were only liable to the amount of shares held. The effect of this little episode in the house was the relaxing of the stringency with which the majority of the members were evidently dis- posed to treat the clauses of the proposed charter, but not, however, to the extent of allowing the measure to go through as it was originally introduced. The chief promoter of the new bank in the house — Mr. Bliss^proposed that a clause be added which would provide that stock- holders should be liable to loss occasioned by the mismanagement of directors to the amount of stock held by them at the time. This was a forced concession to the preponderating sentiment of the house, but the matter had not, as yet, been made satisfactory to Mr. Young. The clause could l?e read to mean that shareholders would be liable in cases of mismanagement only in the amount of stock which they held, and perhaps had paid in. If they had three times their capital out, as the bill allowed them to have, they would be only liable for one third of their share of the entire stock. Then again the clause could be inter- preted as meaning that in case of mismanagement the stockholders would be liable to pay a further sum equal to the stock which they held, so that a stockholder to the amount of ;^i,ooo would be liable to the amount of ;^2,ooo. It was only when Speaker Archibald, who had been appealed to as the Attorney-General for an opinion, explained that the clauses suggested by the friends of the new bank were sufficiently plain, that Mr. Young reluctantly withdrew his opposition. Mr. Archibald elucidated the matter in this wise : suppose the stock to be ;^5o,ooo, and the issue of paper ;£'i5o,ooo, and that by mismanagement of direc- tors a loss of 20 per cent were occasioned, then every stockholder would be called on to pay in 20 per cent, over and above to make the deficiency good. In accepting this explanation Mr. Young hoped that it would be well understood that if loss were experienced by mismanagement to the amount of the entire ;^5 0,000, then the stockholders would be bound to advance another ^50,000 from their private property. Several amendments were offered to the bill but they were all voted down. One motion was to the effect that the proper authorities should have power to suspend the operations of the bank whenever it should appear that the new bank was producing injurious consequences to the province paper. The absurdity of this suggestion was so completely shown that the patriotic mover asked leave to withdraw it. The bill finally passed by 26 to 10. The new bank had yet to pass through a more trying ordeal. It had to face His Majesty's Council. It had to go before a board which James B. Uniacke said, in the course of the debate in the assembly, differed (26) little except in the column or form of their table from the Halifax bank- ing board. Supported, however, by a very substantial majority of the lower house, it was sent up to the Council, but when it came out of that chamber it bore the marks of a somewhat severe handling. It was not permitted to anybody to know by whose particular hands the bill had — in the eyes of the promoters — been disfigured, because no stranger was allowed behind the screens except Joseph, the messenger, who put the coals on the grate to keep the "old women," as Sam Shck irreverently called the Council of Twelve, warm. The house was informed simply that His Majesty's Council had passed the Nova Scotia bank bill with AMENDMENTS. The house, of course, got its " dander up " at once, and as it was more than suspected that " the cute man," Hezekiah Cogswell, the president of the Halifax banking company, had been the skilled artisan that had undertaken to give the bill another shape from that in which it had been moulded by the house, it was moved that a committee be appointed to search the journals of His Majesty's Council for the purpose of finding out some particulars in regard to the treatment of the bill. Mr. Bliss was entrusted with this mission, and he went to " beard the lion " with apparent alacrity. ****** He returned to the house with the bland-like announcement that it appeared that perfect unanimity prevailed on the subject of the bank bill in His Majesty's Council, and that there had been a full attendance of members, and no division had taken place on any of the amendments: He said nothing more. But Mr. Young and Mr. Stewart were not — viewing their own personal interests — quite so discreet. They both " pitched in " without any circumlocution. Mr. Young remarked on the evil tendency of His Majesty's Council deliberating with closed doors. He thought the time was near at hand when the doors of that chamber would be thrown open by the force of righteous public opinion. Mr. Stewart stated as his opinion that the acts of that body relative to the Bank bill would tend to quickly hasten the alteration which was wanted in the constitution of that branch. He expressed himself warmly on the seemingly interested influence which was exercised by the bankers in His Majesty's Council against the measure that had been adopted by the house after so much careful consideration. Mr. Bliss still kept a quiet tongue. And before the term of the parliament had expired, the honorable gentleman was snugly seated on the Bench of the Supreme Court ; and he left Mr. Young and Mr. Stewart on the red benches to hammer away at the doors of the old council chamber. The amendments to the bill to incorporate the Bank of Nova Scotia that had been tacked on by His Majesty's Council, were taken up by the house of assembly after the storm that had been raised — at the mere suggestion that the council had materially changed the features of the charter — had somewhat subsided. The first change was that treasury notes be substituted for the words " current money." This was agreed to. Several amendments which altered the words '' three newspapers " to the Royal Gazette and two other papers were accepted. The clause (27) which directed that five per cent of the subscribed stock should be paid in before directors were chosen was changed to ten per cent, and the commencing capital was made ;£'5o,ooo instead of ;£'35,ooo. The house made no objection to those alterations. But the house refused to agree to the amendments which declared that the bank should not take real estate in payment or for security of debt ; that stockholders in any other bank should not be eligible to be chosen directors in the proposed bank ; that directors should not deal in shares by buying or selling the same ; that shareholders should be responsible in all cases of loss to double the amount of the shares held by them ; that the operations of the bank could be suspended by the proclamation of the lieutenant-governor or commander-in-chief ; and that the sheriff could proceed against the persons or goods of stockholders, according to their proportion of stock. The amendment that in case the company refused to pay in gold or silver, their notes should be taxed two and a half per cent., and bear six per cent interest, was amended by leaving out the two and a half and substituting twelve for six. And in that state the bill now stood. James B. Uniacke had stated that he had no more idea that the charter would become law, no matter in what shape it passed the house, any more than he supposed that the man in the moon would come down to give his assent to it, but in that the honorable member was mistaken. The determined attitude that had been assumed by John Young and Alex. Stewart had had a marked effect on His Majesty's Council. The warn- ing words of the latter had been uttered loud enough to be heard within the walls of the council chamber. And the announcement did not carry much of a surprise that, at the stage which the bill had reached, the Council were prepared to give the house a conference to further consider its contents. Of the committee of the house that was appointed to confer with a committee of the Council on the bill, Mr. BHss was appointed chairman. He intimated that he found the Council in a most conciliatory frame of mind. He said that they had agreed to strike out several of the amend- ments that had not been agreed to by the house. The amendment preventing shareholders in any other bank being directors of the Nova Scotia bank, they agreed to alter to directors of any other bank. The amendment respecting liability of shareholders was explained to mean only as much more as the stock held by each, and to extend to all cases of loss, except occasioned by fire, robbery by persons not in the com- pany's employ, or invasion. The Council required that the bank should give security to the government to the amount of ;^25,ooo besides their stock. The amendment respecting dissolution by proclamation was altered to providing for dissolution by act of the legislature if at any time it should appear that half of the stock was exhausted. In that con- tingency, if the legislature was not in session, the lieutenant-governor was to have the power, but not the commander-in-chief. A free confer- ence was held on the subject at a later stage, and subsequently, on Mr. Bliss reporting to the house that matters had been amicably arranged, the honorable gentleman was appointed to take further steps, accord- ingly, with an amended bill. Then followed a message from the Council that they had concurred in the Bank bill as submitted by the house for (28) the second time ; and at the prorogation the Heutenant-governor gave the bill his assent. Then appeared an authorized statement in the press that the promoters of the bill felt much satisfaction with the act of incor- poration as it finally passed the legislature. The only material altera- tion as first contemplated was that the sum to be paid in previous to commencing operations of the bank amounted to ;£^5o,ooo in place of ;^3S, ooo, and, from that, delay was not at all likely to occur, as, after one month, stock could be taken to an unlimited amount by individual subscribers. The provisional trustees, M. B. Almon, Lewis Bhss, John Brown, J. W. Johnston and Alexander Murison, lost no time in issuing a notice to the efiiect that the assent of the lieutenant-governor had now been given to the act to incorporate a public bank under the title of the Bank of Nova Scotia, and that agreeably to one of the provisions thereof, instead of five per cent, as had been formerly notified, ten per cent, on the amount of shares subscribed for, was required to be paid within fifteen days by all who had not, within that time, withdrawn their names from the subscription book. The amount in question was to be paid at the office of Alexander Murison. It was announced further that a general meeting of the stockholders would be called at an early date for organiz- ing the bank and the choosing of directors. It was promised that in a few days the act, as amended and passed, would be printed and would be on sale at the newspaper offices, but in the meantime any information required respecting its enactments would be readily given by the com- mittee at Mr. Murison's, where could be seen a corrected copy of the whole bill. At the expiration of one month from the passing of the act — the 30th March, 1832 — subscribers were privileged to take of the stock that then remained any amount by them thought proper. The Act of Incorporation. Anno Secundo Guilielmi IV. Passed the joth day of March, i8j2. 1832. An Act to incorporate sundry persons by the name of " The President, Directors and Company of the Bank " OF Nova Scotia." * shareholders; united in one body Politic and Corporate. WHEREAS, the establishment of a public Bank at Halifax, Preamble., will be greatly advantageous to trade and commerce, and otherwise advance the interests of. the Province, by increasing the circulating medium of business, and promot- ing a more extensive and beneficial employment of the resources and industry of all classes of its inhabitants. And whereas, several persons have associated themselves for the purpose of forming such an institution, and have applied for an act of in- corporation for the same. I. — Be it enacted by the Lieutenant-Governor, Coun- cil and Assembly, That William Lawson, Andrew Belcher, John Brown, Mather Byles Almon, James William Johnston, James Tremain, John Leander Starr, James Leishman, Joseph Free- man, John Albro, James Boyle Uniacke, Charles Roche, James Kerby, Alexander Murison, William Strachan, George Innes, William Macara, and all and every such other person or persons as shall from time to time become proprietors of shares in the said Corporation hereby established, and their successors, execu- tors, administrators and assigns, shall be, and they are hereby united into a Company, and declared to be one Body Politic and Corporate, by the name of " The President, Directors and Company, of the Bank of Nova Scotia," and by that name shall have succession and a common seal, and by that name shall and may sue and be sued, plead and be impleaded, at law or in equity, and be able and capable in law, to have, hold, purchase, get, receive, take, possess and enjoy, houses, lands, tenements, hereditaments and rents, in fee simple or otherwise, and also goods and chattels, and all other things real, personal or mixed, and also to give, grant, sell, let, assign * Corporate name changed by Act 37 Vic. Cap. 59, to " The Bank of Nova Scotia," assented to 26tli May, 1874. (3°) Their Powers. Stock of Corporation. Neglect or a:ef usal of Shareholders to pay in amount of their shares. or convey, the same or any part thereof, and to do and execute all other things in and about the same, as shall and may be thought necessary or proper for the benefit and advantage of the said corporation. And also, that they, the said President, Directors and Company, shall from time to time and at all times, during the continuance of this Act, and of the said Cor- poration, have full power, authority and license, to constitute, make and establish, such By-laws and Ordinances, as may be thought necessary for the rule and good government of the said Corporation. Provided such By-laws and Ordinances be not contradictory or repugnant to the Laws and Statutes of the Province, or of those in force within the same. II. — And be it further enacted, That the Capital or Joint Stock of the said Corporation shall consist of Gold and Silver Coins, or Provincial Treasury Notes, to the amount, in the first instance and at the commencement of the said Corporation, of One Hundred Thousand Pounds, to be divided into Two Thou- sand Shares of Fifty Pounds each, and that fifty per cent, or one half part of the stock which shall be subscribed for, shall be paid on or before the first day of June next, and that the re- maining half p^rt of such stock so subscribed shall be paid at such time or times, after the said first payment, as shall be agreed on and appointed by the Directors of the said Bank for that purpose, forty days previous notice being first given in the Gazette, and at least two other newspapers published in Halifax, of the time and place appointed for the payment of such second ■or future instalments. Provided that no second or other in- stalment shall be required to be paid until at least forty days after the payment of the said first instalment of Fifty per cent. Provided also, that if the whole capital or joint stock of One Hundred Thousand Pounds, shall not be subscribed for before the said first day of June next, that it shall and may be lawful for the Shareholders of the said Bank, in any By-law, passed under the authority of this Act, for the time being, to make such orders, rules and regulations, for the payment of any stock which shall be subscribed for after that period, or for any part thereof, or instalment thereon, and also, all other rules, orders and regulations, respecting the shareholders subscribing after the said first day of June next, as shall be just, reasonable and proper, for putting such shareholders, so subsequently subscrib- ing, on a fair and equal footing with the shareholders, who shall have subscribed for any stock before the said first day of June next. HI. — And be it further enacted, That if any Shareholder shall neglect or refuse to pay all or any part of the share or shares subscribed by him and payable as herein directed, it shall and may be lawful for the Directors of the said Bank for the time being, forthwith, after such neglect or refusal, to sell and dispose of the share or shares, in the payment of which (31) such default shall be made, to the best advantage ; and the said Directors shall thereupon, out of the monies arising from the sale thereof, pay over to such shareholder the amount actually paid in by him on such share or shares, deducting first there- from ten per cent, on the amount of his said share or shares to be retained by the said Bank, in lieu of all expenses incurred by such default. Provided always, that if any loss shall arise on the sale of such share or shares, no greater sum shall be paid to the said Shareholder than that at which such share or shares shall be so sold, deducting first therefrom ten per cent, as afore- said. IV. — And be it further enacted, That, whenever the busi- ness of the said Bank shall be thought to require a further and additional amount of its Capital or Joint Stock, it shall and may be lawful for the said shareholders at any general or special meeting to be called for that purpose, and of which due notice of not less than thirty days shall be given in at least the Royal Gazette, and two other newspapers published in the Town of Halifax, to increase the said Capital or Joint Stock of the said Bank, by the further sum of One Hundred Thousand Pounds, making the said Capital or Joint Stock in the whole, with such addition, of the amount of Two Hundred Thousand Pounds, and no more ; and which said additional Capital or Joint Stock may be made and added, either in one gross amount and at one time, or at two or more distinct and separate times and periods, and in such amounts severally as shall be resolved and agreed upon at any separate and distinct meetings of the Shareholders as aforesaid, and all which said additional Capital or Joint Stock shall also be divided into shares of Fifty Pounds each, and paid in gold or silver Coins, or Provincial Treasury Notes. V. — And be it further enacted. That all the said addi- tional shares, to be so made and added to the said Capital or Joint Stock of the said Bank, shall be sold and disposed of at Public Auction, to the highest bidder and bidders, at such time or times, place or places, and on such terms, as the Directors of the said Bank for the time being shall appoint and direct, and of which said sale or sales, and of the said time and place thereof, public notice shall be first given in at least the Gazette, and two other newspapers published in the Town of Halifax, for at least thirty days previous to such sales, and that the said shares shall not be sold in lots of more than five shares each. VI. — And be it further enacted. That the said additional shares, together with any advance or premium at which they may be respectively sold, shall be paid into the said Bank, within thirty days next after such sale, and the whole amount of such advance or premium, if any, first deducting thereout the charges of shch sale, shall be divided in equal proportion to and among all the shares in the Capital or Joint Stock of the said Bank, as well the additional as the original shares, and Stock may be Increased. Additional Shares to be sold at Auction. Time of Payment of Additional Sliares. (32) Default of Payment of Additional shares. Corporation may hold land& eta. Proviso. Organization of Bank. Choice of Directors and President. such dividend of the said advance or premium, if any, shall be declared and paid by the said Directors at the next semi-annu;.l dividend, after the payment into the said Bank of the purchase money of the said additional shares. VII. — And be it further enacted, That in case of default of payment of any of the said shares, and the advance or pre- mium at which they may have been sold, witliin the said time so fixed for the payment thereof, it shall and may be lawful for the Directors of the said Bank, for the time being forthwith to sell and dispose of the said shares, in the payment of which default shall be so made, at their discretion, to the best advantage, and payment thereof shall be immediately made, and any advance or premium thereon shall be divided in the manner before men- tioned. VIII. — And be it further enacted, That the said Corpor- ation shall have full power and authority to take, receive, hold, possess and enjoy, in fee simple, any lands, tenements and real estates, to any amount not exceeding Five Thousand Pounds. Provided, nevertheless, that nothing herein contained shall pre- vent or restrain the said Corporation from taking or holding real estate to any amount whatsoever under Judgment or by Mortgage, recovered or taken as collateral security for the pay- ment of any sum or sums of money advanced by, or for debts due to, the said Corporation. Provided further. That the said Corporation shall on no account lend money upon mortgage upon lands or other fixed property, nor upon the security of any stock in the Bank, unless by way of additional security for debts contracted with the said Corporation in the course of its dealings. IX. — And be it further enacted. That after the passing of this Act, whenever One Thousand shares shall have been sub- scribed of the said Capital Stock, and ten per cent, on the amount of such subscription have been paid in, before which no one shall have a right to vote for any purpose, a general meet- ing of the Members and Stockholders of the said Corporation, or the major part of them, shall take place by notice in one or more of the public Newspapers, ten days previous to such meet- ing, for the purpose of organizing the said Bank, and of making, ordaining and establishing, such Bye-laws, Ordinances and Re- gulations, for the good management of the affairs of the said Corporation, as the Members and Stockholders of the said Cor- poration shall deem necessary ; and also for the purpose of choosing thirteen Directors, being Stockholders and Members of the said Corporation, under and in pursuance of the rules and regulations hereinafter made and provided ; which Directors so chosen shall choose out of their number a President, and shall serve until the first annual meeting for choice of Directors, and shall have full power and authority to manage the concerns of (33) the said Corporation, and shall commence the operations of tJie said Banlc; subject, nevertheless, to the rules and regulations hereinafter made and provided ; at which general meeting the Members and Stockholders of the said Corporation, or the major part of them, shall determine the mode of transferring and dis- posing of the Stock and profits thereof, which, being entered on the books of the said Corporation, shall be binding upon the said Stockholders, their successors and assigns, until altered at any other general meeting of the said Stockholders. X. — And be it further enacted. That there shall be a general meeting of the Stockholders and Members of the said Corporation, to be annually holden on the first Wednesday in March, in each and every year, at Halifax ; at which annual meeting there shall be chosen by a majority of the said Stock- holders and Members of the said Corporation thirteen Directors, who shall annually choose one out of their number as President, and which President and Directors shall continue in office for one year or until others are chosen in their room ; in the choice of which Directors, the Stockholders and Members of the said Corporation shall vote according to the rule hereinafter men- tioned. Provided always. That seven of the Directors in office shall be re-elected at such annual meeting for the next succeeding twelve months of which the then President shall always be one. XL — And be it further enacted, That the Directors for the time being shall have power to appoint such officers, clerks and servants, as they or the major part of them shall think necessary for executing the business of the said Corporation, and shall allow them such compensation for their respective services as to the Directors shall appear reasonable and proper ; all which, together with the expenses of buildings, house rent, and all other contingencies shall be defrayed out of the funds of the Corporation ; and the said Directors shall likewise exer- cise such other powers and authorities for the well-regulating the affairs of the said Corporation as shall be prescribed by the Bye-Laws and regulations of the same. XIL — And be it further enacted. That not less than seven Directors shall constitute a Board for the transaction of business, of which the President shall always be one, excepting in case of sickness, or necessary temporary absence, in which case the Directors present may choose one of their board as Chairman in his stead. — That the President or such Chairman shall vote at the Board as a Director, and in case of there being an equal number of votes for and against any question before them, the President or Chairman shall also have a casting vote. XIII. — And be it further enacted. That no Director shall be entitled to any salary or emolument for his services ; but that the Stockholders and Members of the said Corporation A-inual M(iLting of S]mr(:ho]ders for choice of Directors, Appointment of officers, clerks, & eta. of Bank. Seven Directors Constitute a Board. President may be compensated for services. (34) Holders of Twenty Shares eligible as Directors and no partner of any other Bank to be chosen. Cashier and Clerks to pve bonds. Votes of Stockholders. Proxy. Shares not taken in i>ne month. may make such compensation to the President as to them shall appear reasonable and proper. XIV. — And be it further enacted, That no person shall be eligible as, or continue to be, a Director, unless such person is a Stockholder, and holding and owning not less than twenty shares of the Capital Stock of the said Corporation ; and that no person shall be eligible as, or continue to be, a Director of the said Corporation, who is a partner or a member of, or a Director in, any other Bank within this Province, or a Director of any other Bank whatsoever. And if any Director of the said Corporation shall, while he is in office, cease to hold twenty shares in the said stock, or shall become a partner or member of, or Director in, any other Bank in this Province, or a Direc- tor in any other Bank whatsoever, such Director of the said Corporation, shall forthwith go out of office and cease to be a Director, and another Director shall be chosen in his stead as hereinafter directed. XV. — And be it further enacted. That every Cashier and Clerk of the said Corporation, before he enters upon the duties of his office, shall give bonds with two or more sureties, to be approved of by the said Directors, that is to say, every Cashier in a sum not less than Ten Thousand Pounds, with a condition for his good and faithful behaviour, and every Clerk with the like condition and sureties, in such sum as the Directors shall deem adequate to the trust reposed in him. XVI. — And be it further enacted, That the number of votes which each shareholder shall be entitled to on every occa- sion, when in conformity to the provisions of this Act, the votes of the Stockholders are to be given, shall be in the following propor- tion, that is to say : — for one share and not more than two, one vote ; for every two shares above two and not exceeding twelve, one vote, making six votes for twelve shares ; for every three shares above twelve, and not exceeding thirty, one vote, making twelve votes for thirty shares ; and for every five shares above thirty shares, one vote. Provided, that the number of fifteen votes shall be the greatest that any stockholder shall be entitled to have. XVII. — And be it further enacted. That all Stockholders resident within this Province or elsewhere, may vote by proxy, provided that such proxy be a stockholder, and do produce sufficient written authority from his constituent or constituents so to act. Provided also, that no person shall hold more than three proxies. XVIII. — And be it further enacted. That no member of said Corporation during one month, to be accounted from and after the passing of this Act, shall be entitled to hold or sub- scribe for more than twenty shares of the said Capital Stock ; (35) that if the whole of the said Capital Stock shall not have been subscribed within one month, so to be accounted as aforesaid, that then and in such case it shall be lawful for any stockholder to increase his, her or their; subscription to such amount as they shall think proper. XIX. — And be it further enacted, That the Directors be, and they are hereby, authorized to fill up any vacancy that shall be occasioned in the ofifice of President, or in the Board of Directors, by the death, removal, resignation, or absence from the Province for three months, or any incapacity of the said President, or any of its Members, and the person so chosen by the said Directors shall serve until the next succeeding annual Meeting of the Stockholders. XX. — And be it further enacted, That notwithstanding any real estate which the said Corporation may at any time own or possess, the Shares and Interest of the Stockholders of and in the stock, funds^property and estate, of the said Corporation, shall be, and shall be held, deemed and taken, to be personal property to all intents and purposes whatsoever. XXI. — And be it further enacted. That as soon as the sum of Fifty Thousand Pounds shall have been actually paid in on account of the subscriptions to the said Stock, notice thereof shall be given in the Royal Gazette and two other newspapers published in Halifax, and the Directors may commence with the operations and business of the Bank of the said Corporation. Provided always that no Bank Bills or Bank Notes shall be issued or put in circulation, nor any Bill or Note discounted at the said Bank, until the said sum of Fifty Thousand Pounds shall be actually paid in and received, on account of the sub- scriptions to the Capital Stock of the said Bank. XXII. — And be it further enacted. That the shares or Capi,tal Stock, shall be assignable and transferable according to the rules and regulations that may be established in that behalf, but no assignment or transfer shall be valid or effectual unless such assignment or transfer shall be entered and regis- tered in a book, to be kept by the Directors for that purpose, nor until such person or persons, so making the same, shall pre- viously discharge all debts actually due and payable to the said Corporation — That in no case shall any fractional part of a share, or other than a complete share or shares be assignable •or transferable — That whenever any Stockholder shall transfer in manner aforesaid, all his Stock or Shares in the said Bank, or the same shall be transferred by Act of Law to any person or persons whatever, such Stockholder shall cease to be a mem- bier of the said Corporation. XXIII. — And be it further enacted. That the said Corporation may conduct the Business of Banking in all its branches, except as is or may be otherwise prohibited by this Vacancies in Directors. shares considered personal property. When Bank may commence business. Shares Transferable, Dealings of Corporation. (36) Joint Stock liable to Debts of Corporation. Loss by Mismanage- ment of Directors. Liability of Shareholders at expiration of Act. Special Declaration required on Notes of Bank. Act, and may lend money on Cash Accounts with personal security only, and may generally deal in Bills of Exchange, Promissory Notes, gold or silver coin, or bullion, or in other the current monies of this Province, or in the sale of goods really and truly pledged for money lent, and not redeemed in due time, or in the sale of Stock pledged for money lent and not so redeemed: which said Goods and Stock so pledged, shall be sold by the said Corporation, at public sale, at any time not less than thirty days after the period for redemption ; and if upon such sale of goods or stock there shall be a surplus, after deducting the money lent, and interest, together with the expenses of sale, such surplus shall be paid to the proprietors thereof respectively. XXIV. — And be it furthjer enacted. That the joint stock or property of the ' said Corporation, shall alone be responsible for the debts and engagements of the said Cor- poration, and that no person or persons who shall or may have dealings with the said Corporation shall, on any pretence \\'hat- soever, have recourse against the separate property of any pre- sent or future member of the said Corporation, or against their persons, except in the cases specified in this Act, further than may be necessary to secure the faithful application of the funds of the said Corporation. XXV. — And be it further enacted. That in case any loss'or deficiency of the Capital Stock of the said Corporation shall occur from the official mismanagement of the Directors of the said Bank, the persons who are Stockholders at the time of such mismanagement shall in their private and individual capa- cities be respectively liable to pay the same. Provided, how- ever, that in no case shall any one Stockholder be liable to pay a sum exceeding the amount of the Stock actually then held by him in addition to the Stock so held by him. XXVI. — And be it further enacted, That the holders of Shares or Stock in the said Corporation when this Act shall expire or be repealed, shall be chargeable in their private and individual capacities, and shall be holden for the payment and redemption of all Bonds, Bills and Notes which may have been issued by the said Corporation, and which may then remain unpaid ; but only according to and in proportion to the share and interest which they may respectively hold in the Capital Stock of the said Corporation at the time of such expiration or repeal. XXVII. — And be it further enacted. That every Bond, Bank Bill or Bank Note, or other instrument by the terms or effect of which the said Corporation may be charged or held liable for the payment of money, shall specially declare in such form as the Board of Directors shall prescribe that payment shall be made out of the joint fund of the said Corporation. (37) XXVIII. — And be it further enacted, That the total amount of the debts which the said Corporation shall at any time owe, whether by Bond, Bill or Note, or other contract whatsoever, exclusive of the sum due on account of deposits, shall not exceed treble the amount of the Capital Stock actually paid in by the Stockholders ; nor shall there be due to the said Corporation at any one time, more than treble the amount of the Capital Stock paid in as aforesaid, and in case of any excess, the Directors, under whose administration and management the same shall happen, shall be liable for such excess in their individual and private capacities. Provided always, that the lands, tenements, goods and chattels, of the said Corporation, shall also be liable for such excess. XXIX. — And be it further enacted. That the Directors shall make half-yearly dividends of all the profits, rents, pre- miums and interest of the said Corporation, payable at such time and place as the Directors shall appoint, of which they shall give thirty days previous notice, in the Royal Gazette and two other newspapers pubhshed in the Town of Halifax. Provided, That the said Directors shall not be compelled to make or declare any dividend at an earlier period than one year from and after the passing of this Act, unless they shall think it expedient and advisable to make and declare a dividend at an earlier period. XXX. — And be it further enacted. That the books, papers, correspondence and funds, of the said Corporation, shall at all times be subject to the inspection of the Directors, but no Stockholder, not a Director, shall inspect any books or the account of any individual with the said Corporation. XXXI. — And be it further enacted. That all the Bills or Notes, issued by the said Corporation, shall be signed by the President for the time being, and countersigned and attested by the Cashier, and shall be printed and made in stereotype plates, and all Bills or Notes so signed and countersigned, shall be binding on the said Corporation, although not under their seal, which Bills or Notes shall be payable by the said Corporation in gold or silver on demand. Provided always, that nothing herein contained shall extend or be construed to extend to authorise the said Corporation to issue or put in circulation any Bills or Notes for a less sum than twenty six shillings. XXXII. — And be it further enacted, That in case the officers of the said Corpqration in the usual Banking hours at the said Bank shall refuse or delay payment in gold or silver of any Note or Bill of the said Corporation there presented for payment, the said Corporation shall be subject to pay on the amount of such Note or Bill to the holder thereof, twelve per cent interest per annum from the day of such refusal to the time of payment. Limitation of issue of Notes. Dividends to be made half-yearly. Books & eta. of Bank liable to Inspection. Notes — by whom to be signed. Refusing to pay Notes in Gold or Silver, Bank to be kept at Halifax, but may be removed. Statement of concerns of Bank to be submitted at Annual Meeting. (38) Counterfeiting XXXIII. AnD BE IT FURTHER ENACTED, That the Said of Notes. Corporation shall be liable to pay to any bona-fide holder, the original amount of any note of the said Bank which shall have been counterfeited or altered in course of its circulation to a larger amount, notwithstanding such alteration. XXXIV. — And be it further enacted. That the said Bank shall be kept and established at Halifax aforesaid, or at such other place as the Board of Directors may think it necess- ary to remove the said Bank to, on account of any great emer- gency, for the security thereof. XXXV. — And be it further enacted. That the Directors shall, at the General Meeting, to be held on the first Wednesday in March, in every year, lay before the Stockholders, for their information, an exact and particular statement of the amount of debts due tornnd by the said Corporation, the amount of Bank Notes then in circulation, the amount of Gold and Silver, and also of Provincial Treasury Notes on hand, specifying the amount of each, and the amount of such debts as are, in their opinion, bad or doubtful ; also the surplus or profit, if any remaining after deduction of losses and provisions for dividends, which statement shall be signed by the Directors, and attested by the Cashier, and a duplicate statement, so signed and at- tested, shall be transmitted to the Secretary of the Province, for the information of His Excellency, the Lieutenant Governor or Commander in Chief, for the time being. Provided always, that the rendering of such statement shall not extend to give any right to the Stockholders, not being Directors, to inspect the account of any individual or individuals with the said Cor- poration. XXXVI. — And be it further enacted. That any person or persons nominated and appointed by the Lieutenant Governor or Commander in Chief for the time being, or any Joint Committee, hereafter to be appointed by the Honorable the Legislative Council and the House of Assembly, for the pur- pose of examining into the proceedings of the said Corporation, shall at any time, either during the Session or Prorogation of the General Assembly, have free access to all the booKs and vaults of the same. Provided that no person shall have such access who is a Member or Partner in, or Director of any other Bank in the Province or any other Bank whatsoever, and that such person or Committee shall not be authorized to inspect or investigate the account of any individual or individuals with the said Corporation ; and provided further, that no person shall be on the said Joint Committee who is a Member in, or Director of, the said Corporation. Bank Concerns may be investigated by order of Governor, &cta. ^ XXXVII. — And be it further enacted, That if upon, such examination or upon the exhibition of the yearly account of the debts due to and from the said Corporation, and of the. (39) property and effects thereof, it shall appear to the satisfaction of the Legislature of this Province, if then in Session, or to the Lieutenant-Governor, if the Legislature be not in Session, that the Capital of the said Corporation has been diminished by losses and bad debts to one half of the amount of the Capital or sum subscribed, that then the said Corporation shall be dis- solved if the Legislature be in Session, by an Act of the Legis- lature of this Province to be forthwith passed for that purpose, or, if the Legislature be not in Session, by Proclamation to be forthwith issued by the Lieutenant Governor of this Province for that purpose. XXXVIIL — And be it further enacted, That any number of Stockholders, not less than fifty, who, together, shall be Proprietors of five hundred shares, shall have power at any time, by themselves or their proxies, to call a general meeting of the Stockholders, for purposes relating to the business of the said Corporation, giving at least thirty days previous notice in the Royal Gazette, and two other newspapers, printed and published in Halifax, and specifying in such notice the time and place of such meeting, with the objects thereof, and the Direc- tors, or any seven of them, shall have the like power, at any time, upon observing the like formalities to call a general meet- ing as aforesaid. XXXIX. — And be it further enacted, That on any dissolution of the said Corporation immediate and effectual measures shall be taken by the Directors then in office, for closing all the concerns of the said Corporation, and for di- viding the Capital and Profits which may remain, among the Stockholders, in proportion to their respective interests. Pro- vided ALWAYS, that notwithstanding such dissolution, it shall and may be lawful to use the said .Corporate name, style and capacity, for the purpose of suits, for the final settlement and liquidation of the affairs and accounts of the said Corporation, and for the sale and disposition of the Estate, real, personal and mixed, thereto belonging ; but not for any other purpose or in any other manner whatsoever, nor for a period exceeding four years after such dissolution ; and that the Directors in office at the happening thereof, shall during the said four years if necessary continue in office, and shall be charged with, and shall take effectual measures for, closing the concerns of the Corporation, and dividing the remaining Capital and Profits among the Stockholders, according to their respective interests therein. XL. — And be it further enacted, That this Act shall continue and be in force for fifteen years, and from thence to the end of the then next Session of the General Assembly. Fifty Shareholders or seven Directors may call General Meetings. Dissolution oi Corporation Act continued fifteen years. The Meeting at the Coffee House. MINUTES of Proceedings of the Shareholders Nova Scotia, at a meeting convened pursuant lished in the Royal Gazette and two other held at the Exchange Coffee House in the Town tenth day of May 1832. William Lawson, Esq., was called to the chair. Scott Tremain, acting clerk. The names of the Subscribers or Shareholders were and the following persons appeared either in person is to say : of the Bank of to a notice pub- newspapers and of Halifax, this then called over or by proxy, that Names of Shareholders. W. H. Snelling, Andrew Downs, Alex. Murison, A. McGrigor, Henry Bliss, T. Mathews, R. J. Cochran, John Albro, David Fletcher, Adam Esson, William Lawson, Jr., M. McPhail, John Brown, Robt. M. Brown, ^^'illiam Sterns, Daniel Dougherty, William B. Bliss, George Smith, Rev. J. T. Twining, James Dechman, David Wilson, Thomas Fielden, Theophilus Greenwood Jas. B. Uniacke, Jno. Metzler, Robert Brown, M. B. Almon, R. Downs, W. B. Bliss, A. Anderson, M. B. Almon, Wm. Lawson, Jr. Robt. M. Brown Chas. Twining, Jas. Dechman, David Fletcher, Names of Shareholders. John Northrup, p.. B. Fletcher, John C. Hall, William Lawson, James Scott, John W. Morris, E. Bamberry, Robert Downs, John Johnston, John Martin, John S. Morris, ., Alex. Fiddes, Thos. Forrester, George Turner, Wm. F. Black, S. N. Binney, N. Merritt, \^'. Merritt, Geo. Merritt, E. Jarvis, R. M. Jarvis, Wm. Murdoch, Charles Twining, Jas. Donaldson, Thos. Merritt, Timothy Collins, Alex. Anderson, David Fletcher, Scott Tremain, D. McDonald, J. W. Johnston, Lewis Bliss, Lewis Bliss, Lewis Bliss, Chas. Twining, M. B. Almon, Alex. Murison, Alex. Murison, WILLIAM LAWSON, ESQ. PRESIDENT 1832-1837 BANK BUILDING AT HALIFAX. (41) Names of Shareholders. Nicholas Vass, Jno. Pryor, Benj. Smith, WilHam Strachan, Jas. W. Johnston, H. B. Smith, LeBaron Hazen, T. M. Hazen, Edward Lawson, E. Barlow, R. Carlisle, John Johnston, Scott Tremain, Chas. Twining, M. B. Almon, S. N. Binney, W. B. Bliss, S. N. Binney, J. W. Morris, Names of Shareholders. W. H. Neil, Rev. Dr. Porter, Mrs. C. Black, Alex. Keith, Jas. Leishman, 'Geo. Mitchell, Mich. Smith, John Leaver, Lewis Bliss, Rev. John Carroll, Chas. D. Hunter, George Swinney, D. McDonald, W. F. Black, W. F. Black, Jas. Leishman, Jas. Leishman, Alex. Murison, The following resolution, moved by "W. B. Bliss, Esq., seconded by Mr. Thomas Forrester : Resolved, That the Board of Directors shall have full power and authority to make all or any Bye-Laws, Ordinances and Regulations for the management of the concerns of the bank and the government and direction of the several officers thereof, not inconsistent with the Act of Incorporation as they shall from time to time think fit and necessary and such Bye-Laws, Ordinances and Regulations so made by the Board of Directors shall, unless otherwise altered by them, continue and be in force until the next general meeting of the Stockholders, to whom the same shall then be submitted for their approval. Passed unani- mously. The following resolution, moved by Mr. Bliss, seconded by Mr. Forrester : Resolved, That if it shall happen at any meeting of the Stock- holders that the business shall not have been accomplished for which they were convened on the first day they shall assemble ; it shall be lawful for them to adjourn the meeting from time to time for the same purpose until such business shall be completed, and at all adjourned meetings the stockholders may transact and finish any business which at the original meeting , regularly and legally came before them. Passed unanimously. W. B. Bliss, and seconded The following resolution, moved by Mr. by Mr. Charles Twining : Resolved, That an adjourned meeting of the Stockholders shall take place on the thirty-first day of May, instant, for the purpose of taking up any stock which may not then be subscribed for. Passed unanimously. The Stockholders then proceeded to choose Directors in the follow- ing manner : Each Stockholder present writing the names of the persons for whom he, or the person or persons for whom he was proxy, voted (42) upon a ballot with the number of votes he was entitled to thereupon written and subscribing his name thereto. The ballots were then col- lected in a hat and were drawn therefrom. Whereupon it appeared that there were : For Mr. Lewis Bliss, 371 votes Mr. James Leishman, 358 Mr. William Lawson, 391 Mr. R. M. Brown, 29 Mr. John Brown, 382 Mr. William Lawson, Jr., 25 Mr. Geo. Innes, 6 Mr. John Spry Morris, 37 Mr. Alex. Fiddes 90 Mr. Thomas Forrester, 134 Mr. Wm. F. Black, 306 Mr. W. B. Bliss, 390 Mr. James B. Uniacke, 361 Doctor R. Brown, 3 Mr. M. B. Almon, 378 Mr. J. W. Johnston, 377 Mr. S. N. Binney, 361 Mr. Alex. Murison, 393 Mr. Adam Esson, 37 Mr. Wm. Murdoch, 332 Mr. James Donaldson, . 315 The Rev. J. T. Twining 17 The following persons having the highest number of votes were thereupon declared duly elected as Directors, namely : Lewis Bliss, James Leishman, William Lawson, John Brown, William F. Black, William B. Bliss, James B. Uniacke, M. B. Almon, James W. Johnston, S. N. Binney, Alex. Murison, William Murdoch, James Donaldson, Upon motion of Mr. W. B. Bliss, seconded by Mr. William F. Black, the meeting was adjourned until the thirty-first day of May, instant. The Bank Commences Business. As has been set forth in the foregoing pages, the Bank of Nova Scotia was duly incorporated on March 30th, 1832, and a copy of the minutes of the first meeting of Shareholders on May loth, appears on page 40. The members of the house of assembly, who opposed the incorporation have the credit of introducing into Canada the double liability of Shareholders ; the liability on the part of the Share- holders to pay — in event of failure and after the ordinary resources have been -liquidated — an amount equal to the amount of stock held by them. On May nth, the Board of Directors met and elected Mr. William Lawson, President, and appointed a committee " to ascertain a suitable building for a Bank." The latter task appears to have been a difficult one, as we find the following advertisement published in the several Halifax newspapers of May i8th, 1832 : Wanted, — A suitable building for the Bank of Nova Scotia. Any person having one in a central part of the town, which can be let for that purpose, will make immediate application to William Lawson, Esquire. On May 21st, the subject of notes for circulation was considered by the Board, and the following denominations were decided on: ;^i.ios., £2., ;£'2.ios., ^5 and ;^io ; and Mr. S. N. Binney, one of the Directors, was authorized to " proceed at his earliest convenience after the first of " June to Boston and New York, by way of St. John, New Brunswick, " to obtain all the information necessary relative to the banking busi- " ness at those several places." Mr. Binney afterwards accepted the management af the Halifax Branch of the Bank of British North America. Mr. James Forman was appointed Cashier on the 24th May, and a few days later was sent to the Bank of New Brunswick, St. John, which had been established twelve years earlier, on a knowledge-seeking errand. And it is to be supposed that the early book-keeping system of the Bank, like its Incorporation scheme, was originally borrowed from the Bank of New Brunswick. On the 31st of May the two " Western Rooms " in Dalhousie College were hired by the Board at a rent of ;^5o per annum. On July 3rd a committee of three was appointed to see about re-housing the I3ank, in consequence of the Lieutenant-Governor's apparently high-handed action in granting Dalhousie College to the Board of Health to be used as a Cholera Hospital, and a week later the Bank removed to Mr. John (44) Romans' stone building on Granville street. This building stood on the ground now occupied by the stores of Messrs. A. Hobrecker and Smith Bros., and was burned in the year 1859. On August I St the following notice was published in the Royal Gazette : BANK OF NOVA SCOTIA. As required by the Act of Incorporation, Notice is hereby given that the sum of Fifty Thousand Pounds has been actually paid in on account of the subscriptions to the stock of the Bank of Nova Scotia, and that the Bank will be opened for business as soon as the necessary arrangements are completed. By order of the President and Directors, James Forman, Cashier. Halifax, ist August, 1832. The Directors were evidently in a hurry to commence business as on August 4th we find them resolving to " discount to the extent of " the Province paper now on hand, in orde?- to dispose of the same," without waiting for the preparation of the banking premises. Notes for discount were to be left with the Cashier on Mondays and Thursdays before one o'clock. The Bank appears to have actually commenced business on August loth, 1832. chronological Notes, 1832 to 1870. THE new Bank was soon at loggerheads with its elder local competi- tor, over the question of the redemption of notes on the part of the latter. The Halifax Banking Company in fact for two days in August, 1832, avoided payment of their notes in any form, and on their being presented the fourth time by Mr. Forman, Mr. Cogswell, the Presi- dent, threw out veiled threats of legal prosecution and otherwise tried to browbeat the new concern. The letters on this subject, passed between the heads of the two institutions, abound with the keenest sarcasm, veiled in the polite phraseology of the time. This affair ended in the Com- pany redeeming their notes in Province Paper,* with which, though not convertible, the Bank was forced to be content. It will be noticed that the Bank had to pay gold or silver for its notes. However, on the 1 5th October in the same year we find a resolution passed by the Directors to the effect "That it is expedient to bring to an immediate decision the " liability of the Halifax Banking Company to pay their paper in gold, " and that measures be adopted by the President for that purpose." The dispute was temporarily settled by an Act passed 20th April, 1833, making it lawful for the Bank of Nova Scotia, or other bankers, to issue notes payable either in gold, silver or Treasury notes, at their option. The unwisdom of granting this legislation, which seems to have been an attempt to place Treasury notes on a par with gold and silver, so soon became apparent that it was repealed the following year ; the repealing Act making bank notes, or notes purporting to be such, redeemable only in specie. It is stated in error, in several of the historical sketches con- cerning early monetary legislation in Nova Scotia, that bank notes of a less denomination than ^5 were first prohibited by the Statute of 31st March, 1834, but this law merely continued such a prohibitory clause embodied in the Act of April, 1833, above mentioned ; the issuing of such notes being declared, by the former Act, illegal after December 31st, 1833. A dividend was first declared on 31st July, 1833 — at the rate of three per cent — payable on the nth of September following. On December 12th of that year a call of 12 J per cent, was made on the subscribers, increasing the paid-in capital to ;^62,5oo. At the annual meeting of the Stockholders on 2nd March, 1836, it was resolved " That the petition to the Legislature praying permission * Treasury Notes issued by the Nova Scotia Government. (46) " to issue notes of a less denomination than Five Pounds be published.' The petition did not become law — another evidence of the discrimina- tion against Bank notes on the part of the Treasury note enthusiasts. In March, 1837, the following notice was published in the Acadian Recorder : " William Lawson, Esquire, having resigned, Mather B. Almon, Esquire, has been elected President of the Bank of Nova Scotia." By the resignation of William Lawson, the bank lost an able Presi- dent. The copies of the letters written by him in that capacity show marked ability. His unselfish devotion to the Bank's interests was exhibited in many ways. In the year 1837 the Bank commenced its Branch system by appoint- ing, on November 20th, James D. Eraser and Harry King joint agents at Windsor. Up to 1837 the Bank of Nova Scotia was the only one holding a charter : in that year the Bank of British North America opened an agency in Halifax, and in the following year was given the right to sue -and be sued in the name of a local officer. The effect of this competi- tion was soon shown in the dividends of the local Bank ; as we find that in the first ten years the Bank divided profits at the average rate of 8.9 per cent, per annum, while after that they rarely exceeded 6 per cent. Another reason for the decline of the profits was the statute of 1833 ■which prohibited the issue of notes for sums less than ;^5. The Treasury Notes were long the stumbling block in Nova Scotia finance. They were first issued in 1812 to the extent of ;^i2,ooo, and increased at different times, and when the indebtedness of the Province was assumed by the Dominion of Canada in 1867 there were $605,859.12 out- standing. The notes of 1812 bore interest at 6 per cent., and were receiv- able at the Treasury for public dues, and not re-issuable. During the year 1813 these were withdrawn and anew issue of ;{J'2o,ooo took their place, non-interest bearing and re-issuable, and not redeemable in specie for three years. In 1820 the circulation was limited to £'j 0,000; in 1828 to ;^4o,ooo, and in 1832 to ;£'8o,ooo. In 1833 an Act was passed requiring customs duties to be paid in gold and silver alone, and the Treasurer was instructed to pay Treasury notes in sums of ^ i o on presentation. The next year the notes were declared legal tender in payment of customs duties at the rate of sixteen shillings per Pound Sterling. When notes in sums of ;£^ioo or over were presented, interest-bearing certificates were issued if gold was lacking. Thus it will be seen that the Provincial Treasury notes were practically irredeemable, and every ruse short of discormting them, which would have invited inimical legislation, was resorted to by the Banks to prevent their accumulation. Bills would be discounted on the agreement that proceeds were to be taken in Treasury notes ; and when customers deposited them they were expected to take them back when drawing. Customers' accounts were judged valuable not so much by the balances at credit as by the amount of specie and Halifax Banking HON. M. B. ALMON, PRESIDENT, 1837-1870. James Primrose, Esq. AGENT AT PICTOU, 1839-1872. (47; Company notes they brought in. The following notice posted up in the Bank on 8th February, 1833, may serve to show the state of the question at that time : " The difficulty experienced by the public in the present depreciated " state of the currency to obtain specie for payments at this Bank " compels the Directors most reluctantly to limit that accommodation in " their discount which under other circumstances they would cheerfully " grant." The effect of the disastrous panic of 1837 was felt in Halifax to such an extent that it was feared that the specie of the Province would be withdrawn. The following is the Board minute of the 27th of May, relative thereto : " An interview was requested by Mr. Stephen Binney, Mr. David " Alhson, Edward Starr and Mr. Fairbanks, who stated that they had " been deputised at a public meeting just held, to read to the Bank cer- " tain resolutions which had there passed, the purport of which was : " to request the two Banks to suspend all specie payments, and thus " adopt a measure which having commenced in the United States, had " been followed by the Banks in Canada and New Brunswick. That it " was the opinion of the meeting that unless this precautionary measure " were at once adopted, the Province would be drained of its specie, " and its trade greatly embarrassed. The resolutions also comprised " the wish that the Banks would afford all the accommodation to the " pubHc by discounts which prudence should dictate. The Directors " expressed their readiness to co-operate in any measures with the " Halifax Banking Company which the urgency of the present case " should demand." The suspension of specie payments lasted for two or three months. In February, 1837, the Bank extended its transactions to St. John, New Brunswick, by operating through A. W. Whipple, Agent. The business at St. John appears to have been limited to dealing in ex- change and specie. About that time the General Mining Association, for years the princi- pal client, commenced business with the Bank, continuing a customer until the sale of its property a few months before the publication of this volume. The rates of interest on deposits ranged from three to five per cent, in those days, and the discount rates were very little higher than now obtain — but commissions for collecting bills and on transactions generally were much higher. A granite building was built in the Fall of the same year on a part of the space now occupied by the present building on Hollis street, in fact, part of the original building stands as rear walls in the present one. In 1839 the balance of the subscribed capital stock of One Hundred Thousand Pounds was called up, twenty-five per cent, to be paid on the 15th March, and twelve and one-half on ist May. The Bank at this (48) time was paying dividends of nine and ten per cent. At a special meet- ing of Shareholders on 7th December, the increase of the capital stock to ;^2oo,ooo, as provided for in the Charter, was decided on — to be sold in lots from time to time as the Directors thought fit. ^25,000 was issued on 13th January following, and ;^ 15,000 at some time between January and August, 1841, and the capital remained at the figure thus reached — ^140,000 — until nth October, 187 1 — when it had to be reduced to meet a defalcation on the part of James Forman, for thirty-eight years Cashier of the Bank. During 1839 ^°^^ Agencies were opened: one at Pictou on 14th February under the management of Mr. James Primrose ; one at Yarmouth in the same month ; one at Annapolis in April, and another at Liverpool in May. The Bank thus had five agencies, of which three were subsequently closed: Windsor, in 1851 ; Liverpool, in 1852, and Annapolis, in 1853 ; the last two being re-opened, in 1879 and 1876 res- pectively. An active trade with St. John sprung up, the Commercial Bank of New Brunswick, which failed November loth, 1868, acting as correspondents. Running accounts were opened with the Bank of Montreal at Montreal and Quebec. In the " forties " the Bank settled down to a commonplace existence ; indeed, the annual statements show little or no progress until after 1870. It should be noted that the statements for some years prior to 1870 are incorrect ; due to the manipulations of Mr. Forman, which are further and more particularly referred to herein. Of course, the abstraction of about one half the capital is sufficient to account for reduced profits and lack of progress, at a period when opportunities for profitable business must have been excellent. The unsuitability of the Cash Credit to the needs of Nova Scotia was soon experienced. The Directors decided as early as 1840 that " many of them from not having been granted to mercantile men do " not operate, and rest a dead weight on the resources of the Bank. In " two instances the gentlemen have overdrawn their accounts by which " the rules of the institution are infringed, an amount being loaned to a " single name only." The Board was unanimously of the opinion " that an introduction of a better system than that now followed must " with all convenient speed be adopted, the indulgence thus granted " withdrawn, and the subject till then to be kept in the continued " remembrance of the Directors." As the Cash Credit system is becom- ing merely a matter of historic interest in Nova Scotia banking, we may state, for the benefit of those who may not know its nature, that it con- sisted of an overdrawing privilege, covered by a bond given by the person benefitted as the principal party, with two or more individuals as sureties. The system called for much vigilance, as sureties disappeared through death, bankruptcy and other causes. In a letter to the Cashier, dated loth February, 1840, the Pictou Agent writes : " Gather all the sterling money you can for me and I will " make some person going down with a sled call for it as soon as the " sleighing is good." British silver was meant by the " sterling money " mentioned ; it was scarce at the time and difficult to obtain in sufficient quantity to pay the miners at Pictou. The above well illustrates the (49) earlier methods of transferring specie from one point to anotlier. Coin would be sent by schooner, stage, sled or other conveyance, and faith in individual honesty seemed to be a good substitute for the security now afforded by the Express companies — at least, we do not know of a loss to the Bank through any breach of such confidence. In 1 85 1 Windsor Agency was closed, apparently in bad condition, discouraging for a time the opening of Branches. In March, 1852, the number of Directors was reduced from thirteen to nine, and they were thereafter paid a fixed amount of remuneration. In 1855 legislation was obtained making stockholders owning ten shares (equal to ^^500) eligible as Directors. The Incorporation Bill of the Union Bank of Halifax was passed on 31st March, 1856, the capital to be ;£'25o,ooo. On 15th April, 1859, the Act to estabUsh the decimal system of accounting was passed; to go into force ist January, i860. At that time sovereigns, doubloons, Peruvian, Mexican and old Spanish Dollars, and silver coins of the United Kingdom were the legal tender. The value of Treasury notes of twenty shillings was fixed at four dollars ; copper pence and half-pence were called in, and cents and half-cents issued and made legal tender to the extent of twenty-five cents. The Bank suffered from its first robbery, which happened at Yarmouth Agency, on 12th August, 1861, the ofiice being entered during the noon hour, and a package of Bank and Treasury notes amounting to £i,S4.j taken from the teller's drawer, where it had care- lessly been left by that officer. A charter was granted to the Mutual Bank of Nova Scotia on loth May, 1864, and in 1866 the time for commencing operations was extended for two years, but the charter was allowed to lapse. The Peoples' Bank of Halifax was incorporated on 31st March, 1864, with a capital of ^400,000, and the Commercial Bank of Windsor on 1 8th April, 1865, capital $200,000. The Exchange Bank of Yar- mouth was incorporated on 7th May, 1867, with a capital of $200,000, and the authorized capital stock of the Peoples' Bank of Halifax was increased to $800,000. The Merchants Bank of Halifax was chartered in 1869, with an authorized capital of $1,000,000. Thus it will be seen that as early as 1870 Hahfax was well supplied with banking capital. Mr. J. C. Mackintosh, who entered the service of the Bank in the early " fifties," informs us that at the time of the Fenian excitement in 1866 the Directors shared the general panic to such an extent that kegs were obtained, loaded with the gold from the Bank vaults, and stored in the Citadel for safe keeping. Depositors made a run on the Halifax Savings Bank, which paid out Provincial Treasury notes, but only a sKght drain was felt by the Bank of Nova Scotia. The Forman Defalcation. THE following minute is entered in the Directors' Book under date of 28th July, 1870 : " At a meeting of the whole Board this morning " the President informed them that it had been discovered that the " Cashier, Mr. James Forman, had been guilty of making many fraudulent " entries in the books of the Bank, by which he had abstracted a large " amount of its funds." This state of affairs had been reported to the President by the Accountant, Mr. J. C. Mackintosh, who had been endeavoring for two or three years to check Mr. Forman's balances — a veVy difficult matter, as all the important books were written exclusively by the latter ; in fact were taken home by him at the close of business each day. The keys of the vault were at once given to Mr. Mackintosh, who was thereupon appointed Deputy Cashier. The cash was found to agree with the stated balance, but the checking and adjusting of the Ledger accounts, which occupied many months, ultimately fixed the deficiency at the figures hereinafter given. Through the lax methods of the Presi- dent, who held joint custody of the cash with Mr. Forman, it was an easy matter for the latter to help himself : indeed^ it is stated that Mr. Forman was frequently allowed the use of the President's keys. It is worthy of remark that time and careful investigation have proved that the note circulation accounts were not tampered with. A meeting of the Shareholders was called for August 9th, and a joint committee of Directors and Shareholders then formed to examine into the Bank's affairs. After trying with small success to straighten the tangled accounts, this committee recommended that a banker of long experience and known ability, having no previous connection with the Bank, should be engaged, so that an independent report might be presented to the Shareholders, and necessary changes made in the Bank's methods. Acting on this suggestion, the Directors appointed Mr. W. C. Menzies, of the Bank of British North America, Cashier, on October 31st, 1870. According to the report of the Cashier, Mr. Menzies, at the meeting in 1871, the deficiency was $314,967.68. The property transferred to the Bank by Mr. Forman was estimated to be worth $179,296.45 — though realization has proved this estimate excessive — and the amount due from his bondsmen was $28,000. The net loss was found to wipe out the Reserve Fund of $80,000, the earnings of the Bank for the first half of the year 1870, and to impair the capital stock by A. M. U N TACKE. Esq. PRESIDENT, 1872-1874. W. C. Menzies, Esq. CASHIER, 1870-1875. (51) the sum of $27,671.73. Under the authority of the Dominion Act of 1871, $56,000 (or ten per cent.) was written off Capital Account at a special meeting of Shareholders held October nth, 187 1, and set aside as a contingent fund to provide for this and other losses. The capital stock was thus reduced to $490,000, and each individual share to $175. Mr. Forman's health broke down under the strain of these exposures. There was so much sympathy expressed for him that he was never prosecuted ; he removed to London and died a short time afterward. Restoration. THE Hon. M. B. Almon resigned the Presidency on 17th September, 1870. Two days later Mr. James Donaldson, who, as "Vice- President, had been acting for him for some months, was chosen to fill his place, serving until the annual meeting of March, 187 1, when Mr. John DouU was elected. On 25th August, 187 1, Mr. A. M. Uniacke was elected Vice-President, and in March, 1872, was chosen President, -with Mr. J. S. Maclean, Vice-President. The new management infused fresh vigor into the institution, the resulting profits enabling the Directors to report to the Shareholders in March, 1872, "that both as respects its finances and credit it may ^' now be said to have recovered from the effects of the loss by its late " Cashier." After 1870 the Bank closed its books on 31st December instead of a month later, and at the annual meeting on 6th March, 1872, a new set of Bye-laws was adopted in accordance with the general banking law of Canada, which had taken the place of its charter. By those regulations the number of Directors was reduced to seven, and the stock qualification of a Director raised to three thousand dollars. In P'ebruary, 1873, the accumulated earnings were sufficient to allow a transfer from Reserve Fund to Capital Account of $55,066.67, which restored the latter to the figure at which it stood prior to October, 187 1, viz. : $560,000, O/d Nova Scotia Currency, and the Directors were empowered to withdraw from the profits to be earned in 1873, whenever they saw fit, the sum of $14,933.33, so as to raise the capital to $560,000 Canada Curreiicy. In the summer of 1873 the capital was increased to $750,000 by public sale of new stock — the prices averaging about $242 per share of $200. Mr. J. S. Maclean became President and Mr. John Doull Vice- President in 1874. About this time the work of opening Agencies began in earnest. North Sydney had been opened in November, 1867. Kentville Agency com- menced operations in July, 1870 ; Amherst in June, 1871. In June, 1874, an Agency was opened at St. John, N. B., in the Maritime Bank Building, over the Bank of Montreal offices ; and on the 6th May, 1875, Mr. Thomas Fyshe, to whom much of the Bank's subsequent progress is due, there entered the service of the Bank as Agent. The Gushing Building on Prince William Street was bought and occupied the year following and until it was burned in the great fire of June, 1877. Two months later the Board had accepted plans and specifications for the present building, which stands on the same site. The lot adjoining the Banking House at Halifax had been purchased in 1874, and a building with sandstone front JAMES Donaldson, Esq. President, I870-I8TI. Daniel Cronan, Esq. DIRECTOR, 1864-1893. (S3) erected. An Agency was opened at Annapolis for the second time in December, 1876; Bridgetown and Digby were started as Sub- Agencies to it early the next year. Liverpool was opened (for the second time) in June, 1879. At the annual meeting in February, 1876, the number of Directors was changed from seven to five — Messrs. Donaldson and Uniacke having resigned their seats during the preceding year. Mr. Menzies, who had been granted an extended furlough on account of declining health, resigned the position of Cashier in March, 1876, being then in France ; and died shortly afterward. Mr. Thomas Fyshe, who had been acting in that capacity, was appointed Cashier on 5th April, and a thorough systemizing of the Bank's growing business was begun. The first visit of Barnum's circus to Halifax was the means of intro- ducing the Bank of Nova Scotia to a new adversary, the sneak thief. On ist August, 1876, the Cashier being out of town on an inspecting trip, the entire staff, unable to resist the temptation to gratify their curiosity, quitted their posts and stood on the doorsteps, to see the passing show. They of course barred the public entrance, but a man of decent appear- ance applied to the janitor's wife at the north door for permission to go into the cellar to search for some article which he said he had dropped through the iron grating in the sidewalk. Being at once admitted, he descended the janitor's stair, crossed the cellar, gained the banking room by its stair, helped himself to all the money he could conveniently hide about his person, ^21,597.51, and went back by the way he had come. Two men were arrested on suspicion that night at Bedford — a few miles from town — but, after two trials, acquitted, sufficient evidence to convict not being obtainable. These two men have since " served time " for other thefts ; and the principal actor has recounted to a detective how this robbery had been planned and carried out. The general depression resulting from the collapse of the industry which principally had brought Nova Scotia, New Brunswick and Prince Edward Island before the world — that of wooden shipbuilding — was beginning to be^ felt about 1877. Failures became the order of the day, bringing heavy losses to the banks. Indeed, so severe was the depression and so considerable the losses that the operations of the banks of these provinces, taken in the aggregate, produced a net return for the ten years ending with 1886, of only about four per cent, per annum on the total capital employed. With three exceptions — the Bank of Nova Scotia being one — no Bank in the Maritime Provinces earned enough to pay the dividends declared: so that the banking capital was somewhat less in 1886 than in 1874. The Bank of Liverpool (N. S.) went into liquidation in June, 1879, the Bank of Nova Scotia being the principal creditor. The latter Bank, in the person of its Cashier, was afterwards appointed assignee, and after much litigation wound up the affairs of the former. In May, 188 1, the Bank made a free grant to the City of Halifax of a considerable piece of land, which it owned, to help in establishing Point Pleasant Park. The Fiftieth Anniversar y- Halifax, 15th February, 1882. IN pursuance of the usual notice, the Annual General Meeting of the Shareholders of the Bank was held in the Banking House this day, the President in the chair. The following Shareholders were present, viz. : Messrs. S. A. White, Messrs. Charles Fletcher, Daniel Cronan, Joseph Seeton, His Lordship the Bishop, ' Williain Dunbar, W. C. Silver, Adai^ Burns, Donald Keith, Hon, James Fraser, Henry N. Paint, F. G, Parker. James Farquhar, The Minutes of the last Annual Meeting havipg been read and approved, the report of the condition of the Bank as at 31st December last was read to the meeting. The President, in ijioving the adoption of the report, called the attention of the meeting to the fact that this was the Bank's Fiftieth Anniversary. He turned to the Minutes of the first General Meeting of the Bank and read the names of the original Share- holders and Directors, only one of whom, Mr. John Metzler, is now living. He also gave an interesting comparison of several of the Bank's reports of different years, showing the progress which had been made, and said he confessed to feeling a little elated at being able, to present such a statejnent to the Shareholders as they had before them. His Lordship, the Bishop, seconded the adoption of the report, and while congratulating the President and Directors on the very satisfactory exhibit which they had made, said there was just one thing he would speak of which he thought perhaps the Directors might have done — he referred to his suggestion of last year — that on the occasion of the Bank's Fiftieth Anniversary, a bonus to the Shareholders would have been rather appropriate, considering that they had had so large an amount to add to the Reserve Fund. He could hardly find fault how- ever with the Directors while they were doing so well, and he had much pleasure in seconding the adoption of the report. Mr. Burns was of a different opinion from his Lordship in regard to the addition to the Bank's Rest. He thought the Directors had done just right in that matter, as in the Bank's fiftieth year they had added ^50,000 to it, or $1,000 for every year they had been in existence. He had recently been looking into the published statements of a large number of Banks and Insurance Companies, and he was struck with the fact that the best of them — those in the highest standing — had all very large Reserve Funds. He mentioned the Norwich Union Insurance Com- pany, the Union Bank of Newfoundland, and the Chemical Bank, of New York, and he hoped to see the day when the Reserve of this Bank J. S. Maclean, Esq. PRESIDENT, 1874-1889. ADAM BURNS, ESC VICE-PRESIDENT, 1889--W97. (ss) would be as large as its Capital. It was no loss to the Shareholders ; on the contrary it was greatly to their benefit, as they got liberal and steady dividends, and they could sell their stock in the market, if they wished, at a correspondingly high price. The Hon. James Fraser rather dissented from his friend, Mr. Burns. He was not much in favor of paying high dividends, or of paying out everything that was earned, but he thought that when large dividends were earned, they should be paid. Mr. W. C. Silver remarked that everything indicated at the present time that we were in a period of general prosperity. He said that these periods of prosperity came in waves and always alternated with times of general dullness and depression. He illustrated his remarks by referring to the returns of imports and exports, which showed the extreme fluctuations to which trade was subject. The present time was undoubtedly a prosperous one, but we might look forward to a very different state of things, and that in a very few years ; when no such figiu^es as $9,800 and $10,200 would cover our overdue notes and overdue debts secured, as they do in the present balance sheet now submitted. He therefore thought that the Directors were acting very prudently in saving all they could at the present time. The President then introduced the subject of an increase of the Bank's stock. He explained that it seemed probable from what had already come before the Directors, that several small country Banks in the Lower Provinces might decide before long to amalgamate with other institutions ; and they wished this Bank to be in a position, if possible, to take advantage of any such opportunity, if definite proposals for amalgamation were made to them. He explained that any amalgamation could most advantageously be made by giving the shareholders of the other bank our stock at a fair valuation. After some little discussion of the matter, the following resolution was read : " It having appeared to the Directors that several of the smaller " Banks in the Lower Provinces may desire to become amalgamated " with larger institutions, to their mutual benefit as well as that of the " community at large, therefore', Resolved, that, in view of the advan- " tages that may be secured to this Bank by any such amalgamation, the " Directors are hereby authorized to apply to Parliament for power to in- " crease the Capital of the Bank to an amount not to exceed $2,000,000 ; " (Two Million Dollars) no part of such additional stock to be issued " without the consent of the Shareholders at a special or general meet- " ing to be called for that purpose." This resolution was proposed by Mr. Silver, seconded by Mr. Parker, and passed unanimously. After a vote of thanks had been passed to the Directors and Officers of the Bank for their successful management of its affairs, the meeting proceeded to the election of Directors. Mr. Parker and Mr. Farquhar were appointed scrutineers, and they declared the result of the voting to be the unanimous re-election of the old Directors. (Signed) J. S. Maclean, Chairman. Progress and Expansion. ON 24th March, 1882, Mr. J. B. Forgan, now President of the First National Bank, Chicago, was by special circular appointed Inspector of the Bank, the post being then definitely created ; though exam- inations — virtually inspections — had previously been made at various times by the Cashier. In June of that year the Bank opened at Charlottetown, bought the Bank of Prince Edward Island Building, and became, through its Agent, Mr. D. C. Chalmers, one of the three liquidators of that Bank. The proceedings of the fiftieth annual meeting show that amalgama- tion schemes were in favor. The Directors passed a resolution on 12th September approving of the absorption of the Union Bank of Prince Edward Island, and a special meeting of Shareholders was called for 20th November, 1882. The basis on which the agreement was to be effected was as follows : First. — That the intrinsic value of each stock should be arrived at. Second. — That the intrinsic value of one stock should be increased or diminished relatively to the other by differences in earning power, pre- sent or prospective. The present and prospective earning power of each stock should therefore be taken into consideration and the intrinsic value altered accordingly. In calculating the present and prospective earning power of each stock, regard should be had to its past earnings only after deduction of losses. Thi?-d. — When the real value of each stock has thus been ascer- tained they can be equalized by raising or reducing the capital of the one till the value of each hundred dollars of stock in the two banks shall be equal, dollar for dollar. New capital stock of the Bank of Nova Scotia can then be issvied for the capital of the Union Bank thus fixed. At the annual meeting on 21st February, 1883, a resolution was passed to the effect " that the Dominion Legislature be applied to for " authority to reduce the nominal value of this Bank's shares from two " hundred dollars to one hundred dollars, and to double the number of " shares, so that the present share will represent two shares." This was to facilitate the exchanging of the Barik's stock for that of the Union Bank of Prince Edward Island — the fact that this permission had been given by Parliament on 26th May, 1874, had apparently been forgotten ; and the Act providing for the amalgamation contained a clause thereby reducing the shares of the Bank of Nova Scotia from two hundred THOMAS Fyshe, Esq. CASHIER, 1876-1897, Bank Building at St. John, N. B. (57) dollars to one hundred dollars each. This Act, assented to 25th May, 1883, provided that the agreement should be confirmed by a majority of two thirds of the Stockholders of each bank at special meetings to be called for that purpose ; that a deed of union be signed and filed with the Secretary of State of Canada ; that upon the union taking place the holders of Union Bank stock should become ipso facto shareholders in the Bank of Nova Scotia — the latter having to pay fractional parts of shares in cash, if necessary ; and that the Bank of Nova Scotia might issue notes in excess of the amount of its paid-up capital to the extent of twice the paid-up capital of the Union Bank as at 31st March, 1883, the Act to continue in force till ist July, 1891. This exceptional privilege in the matter of Circulation was granted in lieu of similar rights enjoyed by the Union Bank of Prince Edward Island under its Provincial Charter, to expir-e ist July, iSgi. A meeting of Shareholders was held on 8th August, 1883, for the purpose of confirming the amalgamation agree- ment, but was adjourned until the i ith of the next month as the Directors of the Union Bank had not finished their examination into the affairs of the Bank of Nova Scotia. On the lartter date the amalgamation was completed, the Bank of Nova Scotia issuing ^114,241 of stock to the Union Bank Shareholders — or the equivalent of $162,- 222.22 in cash. The formal indenture of union was signed on 26th September, 1883, and went into effect on the first of the next month, the Bank thus acquiring established Agencies at Summerside and Montague, in addition to increasing its business at Charlottetown. The Agency at Montague was continued until April, 1885, and then closed. Agencies opened since 1880 are as follows : December, 1880 . . Moncton, N. B. a ({ . Woodstock, N. B. May, 1881 . . Newcastle, N. B. April, 1882 . . Winnipeg, Man. (Closed September, 1885 ; Re-opened January, 1899.) . Chatham, N. B. May, . St. Stephen, N. B. June, . Charlottetown, P. E. I. July, . Campbellton, N. B. u . Richibucto, N. B. (Closed March, 1884.) August, . Sussex, N. B. . Fredericton, N. B. October, . . Canning, N. S. (Closed May, 1891.) u . St. Andrews, N. B. (Sub-Agency to St. Stephen.) (( 1883 . . Summerside, P.E.I. (Union Bank of P.E.I.) « U . Montague, P.E.I. (Closed April, 1885.) ({ 1885. . Minneapolis, Minn. (Closed and Chicago opened September, 1892.) April, 1887 . . St. George, N. B. (Sub-Agency to St. Stephen ; closed November, 1889.) March, 1888 . . Montreal,' Que. (58) May, 1888 . August, 1889 . November, " . September 20th, December 2 1 st, 1892 1894 February 21st, September 7th, November ist, 1895 1897 April 25th, January 3rd, February ist, December 15th, 1898 1899 u ii January 2nd, 1900 November ist. <. . Westville, N. S. (Sub-Agency to Stellarton.) . Kingston, Jamaica. . Oxford, N.S. . Chicago, 111. . St. John's, Newfoundland. . Harbor Grace, Newfoundland. . Calais, Maine. . Toronto, Ont. . Paspebiac, Quebec. . Winnipeg, Man. . Boston, Mass. . Almonte, Ont. . Arnprior, Ont. . Berlin, Ont. . Westville made independent Branch. A Branch will be opened at Ottawa on May ist, 1901. On October ist, 1883, on the occasion of the President's departure for a European tour, Mr. Adam Burns was elected a Director, the number being thus increased to six. The next August Mr. Jairus Hart was chosen to fill Mr. J. J. Bremner's place, the latter ceasing to be a shareholder. At the annual meeting in 1886 Mr. S. A. White's name was dropped from the list, he having taken up residence abroad ; and the number again limited to five. At the close of 1884 it was found necessary to write off $130,000 from the Reserve Fund to meet large losses developed during the year. In April, 1886, the Bank took over the affairs of the Pictou Bank and proceeded to liquidate them. The Officers' Mutual Guarantee and Savings Fund of the Bank of Nova Scotia was established in September, 1886 ; and the Officers' Pension Fund in January, 1888. On 29th April, 1889, Mr. John S. Maclean, President of the Bank from 1874, passed away. Mr. John Y. Payzant was elected to fill the vacancy 'in the Board ; Mr. John Doull became President, and Mr. Adam Burns, Vice-President. Mr. Daniel Cronan, a member of the Board for twenty-seven years, died on 22nd September, 1892, his place being filled by Mr. R. B. Seeton. At the time of the financial collapse in Newfoundland (December, 1894), the Banks there having failed, this Bank sent assistance at the earliest possible opportunity, as did also the Bank of Montreal and Merchants Bank of Halifax. Mr. Adam Burns died in February, 1897. Mr. Payzant was on 15th June chosen Vice-President, and Mr. Charles Archibald elected to fill the vacancy in the Board. On June i8th, Mr. Fyshe resigned, to accept the position of Joint General Manager of the Merchants Bank of Canada, and Mr. Henry C. McLeod, who had for ten years represented the Bank in Minneapolis and Chicago, was appointed Cashier. John doull, Esq. PRESIDENT, 1871, AND 1889-1899. BANK Building at Pictou. (59) The titles of " General Manager " and " Manager " were substituted for those of " Cashier " and " Agent " respectively, throughout the Bank in 1898. On 20th June, 1899, the number of Directors was increased to seven, the new members being Mr. R. L. Borden and Mr. G. S. Campbell. In the following September Mr. Doull died, Mr. Jairus Hart succeeding him, and Mr. J. Walter Allison being added to the Directory. Mr. Hart resigned in December, on account of advancing age ; Mr. Payzant be- coming President, and Mr. Archibald, Vice-President: the Board remaining at six in number. The last change in the. Board to be recorded is the death of Mr. Seeton, in March, 1900, and the election of Mr. Hector Mclnnes on 24th April. In July, 1899, the Bank of Nova Scotia, which had joined the Canadian Bankers' Association at its inception, withdrew therefrom, for reasons which have been made public. The General Manager's Office was removed to Toronto in March, 1900. Legislation. THE amount of legislation relating to the Bank of Nova Scotia has been considerable. The first change in the Charter was made in April, 1833, when the Bank's notes were made redeemable in Treasury notes. In 1837 (7th William IV, Cap. LXXIII), it was enacted that the Directors of the Bank might also be stockholders in other bank- ing establishments. In 1841 the currency of this Act was extended one year to make it concurrent with the Charter. In 1842, '43, '44, the Charter was extended for one year ; the reason for such action was that the General Assembly in those years renewed all Acts of this nature for one year only so as to compel the Council to annually convene it. In 1845 the Charter was renewed for two, and in 1847 for ten years. We quote the latter as it also made some material changes in the Charter : An Act to continue and alter the Act to Incorporate the Bank of Nova Scotia and the Act in Amendment thereof. loth Vic. Cap. LVII., passed 17th March, 1847. I. Be it enacted, etc., etc., That the Act passed in the second reign of His late Majesty King William IV, entitled, an Act to incorporate sundry persons by the name of the President, Directors and Company of the Bank of Nova Scotia, except as altered or amended by the Act hereinafter mentioned, or by this Act ; and also the Act passed in the seventh year of the reign of His said late Majesty, entitled, an Act to amend the Act to incorporate sundry persons by the name of the Presi- dent, Directors and Company of the Bank of Nova Scotia, shall be continued, and the said Acts and every matter, clause and thing therein contained, except as before excepted, are hereby continued for ten years, and thence to the end of the then next Session of the General Assembly. II. The Cashier of the said Bank of Nova Scotia shall twice in every year, that is to say, in the 31st day of January and 31st day of July, make a return of the state of such Bank as it existed at the closing of the books on those days respectively, and he shall transmit the same, as soon as may be, not exceeding fifteen days thereafter, to the Provin- cial Secretary, for the purpose of being laid before the Legislature at its next session — which returns respectively shall specify the amount then H. C. McLeod, Esq. GENERAL MANAGER. JAIRUS HART, ESQ. President in 1899. BANK BUILDING AT YARMOUTH. (6 1) due from the Bank, designating in distinct columns tlie several particu- lars included therein, and shall also specify the resources of the Bank, designating in distinct columns the several particulars included therein, and the said particulars shall be in substance as follows : State of the Bank of Nova Scotia on the 31st day of A.D. Due FROM THE Bank. Resources of the Bank. ._ T3 m V CO "■s C"? ■« s 2-° V3 OJ C cj .— . -"- 13 ^». -a B O'^ c TJ = s ^m c bo 3 ■" CT3 > In 2 m « 3 1 2 B " 3 ri (U 3 0) MH^ So x) 0! OJ 1 0) Oi ^ tfi 0^ to 'S 1 CJ rt'^ c H (U ,1^ T3 |S CO ■-3 M b" g s OJ 3 t3 .s c & CO 3 2 ^ a ■Su rt ? T3 (L) a, (J c -a oi OJ •« IS ■a 3 0) ■3 u d _o 13 1 U § a u 0) j3 v ■a rti a> u "3 1 .s c OJ 1 ft < H B '0 u c ^^ OJ OJ C rt M 1-1 s OJ CO < < OJ 1 3 3 S T3 to p. XJ OJ > to pq OJ J= (D 3 -0 2 •a ft 3 t5 3 a) 0) 2 3 C/3 2 OJ PQ 3^ Id 2 ■^3 to to c §1 OJ c 3 C 3 3 f QJ en "o S 13 e ^ B B B u m Z m U u p< w W pq < Pi 3S2 . 00 . 00 Deposits 14,249 . 12 . 10 Due to other Banks 208 . 06 . 01 Dividend of 3 per cent, for the half year ending 31st January; payable 7 th March 1,875.00.00 Balance in favor of the Bank 95 1 . 05 . 03 ^^125.136 . 04. 02 RESOURCES. Debts due to the Bank 85,321 . 08 . 11 Gold and Silver in the Vault 22,960 . 15 . 07 Notes of other Banks 409 . 00 . 00 In the hands of Agent in London 1,291 . 13 . 03 Securities in the United States and in the hands of the Agent of the Bank at New York 14,385 . 03 . 00 Bills of Exchange on hand, and Premium on Bills remitted 747 . 13 . 05 Notes destroyed 20 . 10 . 00 ;^i25,i36 . 04. 02 Notes overdue 2,076.08.11 Probable loss on the whole supposed about ^ or . . 692 . 02 . 1 1 General Statement OF THE AFFAIRS OF THE BANK OF NOVA SCOTIA, On the 30TH January, 1836. LIABILITIES. Capital Stock paid in . ;^62,5oo . 00 . 00 Notes in Circulation ... 30,944 . 00 . 00 Deposits 40,276. 10.09 Dividend of 3 per cent, for the half year ending 30th January; payable 5th March I1875 . 00 . 00 Balance in favor of the Bank 1,003 • 10 . 09 .^136,599 • 01 . 06 RESOURCES. Debts due to the Bank 68,379 . 09 . 10 Gold and Silver in the Vault 36,834 . 09 . 09 Notes of other Banks 3,014.15.00 Provincial Treasury Notes 1,481 . 00 . 00 In the hands of Agents in London 2,200 . 16 . 06 Securities in the United States and in the hands of the Agent at New York 17,051.09.07 Due by other Banks 428 . 16 . 04 Bills of Exchange on hand, and Remittances on their way to England 7,208 . 04 . 06 ^i36>S99 • 01 . 06 Notes in the hands of Solicitors considered bad . . 416 . 12 . 05 (89) General Statement OF THE AFFAIRS OF THE BANK OF NOVA SCOTIA, On the 31ST January, 1837. LIABILITIES. Capital Stock paid in ;^62,5oo . 00 . 00 Notes in Circulation 48,818 . 10 . 00 Deposits 36,423 . 08 . 02 Dividend due to Stockholders 31st July last remaining unpaid 90 00 . 00 Dividend of 4 per cent, on ^62,500 for the half year ending 31st January ... . . 2,500.00.00 Surplus in favor of the Bank 2,247 05 • °i ;^iS2,s79.o3 . 03 RESOURCES. Debts due to the Bank ... 114,952 . 07 . 01 Gold and Silver on hand 16,759.14.06 Notes of and balances due by other Banks . ... 1,380 . 14 . 05 Provincial Treasury Notes 1,241 .00.00 Securities, and in the hands of Agents in the United States 1 7,604 . 1 1 . 06 Real Estate 640 . 15 . 09 ^^152, 579 ■°3-°3 Notes in the hands of Solicitors considered bad . . . 446 .07.05 (9o) General Statement OF THE AFFAIRS OF THE BANK OF NOVA SCOTIA, On the 3 1ST January, 1838. LIABILITIES. Capital Stock paid in ;£'62,5oo . 00 . 00 Notes in Circulation 50,289 . 10 . 00 Deposits 41,503.14.06 Due to Agents abroad 4)841 . 19 . 07 Unclaimed dividends due 31st July last 94 . 17 . 05 Dividend of 4|- per cent, on ;^62,5oo for the half year ending 31st January 2,812 . 10 . 00 Apparent surplus in favor of the Bank .... 4,342 . 1 1 . 04 ;^i66,385 .02 . 10 RESOURCES. Detts due to the Bank 120,356 . 16 . 08 Gold and Silver on hand 26,097.10.00 Provincial Treasury Notes 2,334 . 00 . 00 Notes of and balances due by other Banks 31651 . 1 1 . 08 Securities, and in the hands of Agents in the United States and other parts 11,591.04.06 Real Estate 2,354 . 00 . 00 ^^166,385 . 02 . 10 (91) General Statement OF THE AFFAIRS OF THE BANK OF NOVA SCOTIA, On the 31ST January, 1839. LIABILITIES. Capital Stock paid in ;^62,soo . 00 . 00 Notes in Circulation 60,124 . 10 . 00 Deposits .. 51,108. 16. II Due to Agents abroad 20,644 ■ 10 . 08 Due to other Banks 6 . o^ . 06 Unclaimed dividends due 31st July last 110.03.04 Dividend of 5 per cent, for the half year ending the 31st January, 1839 3,125.00.00 Rest 4,899 . 04 . 03 ;^202,5l8 . 14 . 08 RESOURCES. Debts due to the Bank 146,404 . 09 . 08 Bills of Exchange in hand 388 . 09 . 07 Securities, and in the hands of Agents in the United States and other parts 31,533.08.09 Real Estate and Bank Furniture 2,416 . 00 . 08 Gold and Silver in hand 17,405 . 06 . 00 Provincial Treasury Notes 1,396 . 00 . 00 Notes of other Banks 2,975 . 00 . 00 ;£'2o2,5i8 . 14. 08 Notes overdue being bad and doubtful 824 . 17 . 05 (92) General Statement OF THE AFFAIRS OK THE BANK OF NOVA SCOTIA, On the 31ST January, 1840. LIABILITIES. Capital Stock paid in ■ ^^ 100,000 . 00 . 00 Notes in Circulation 84,148 . 00 . 00 Deposits 91,853.05.05 Due to Agents abroad 11,125.16.03 Drafts on the Bank drawn by the Bank Agents in tran- situ 2,868 . 18 . 01 Unclaimed dividends 99 . 1 2 . 06 Dividend of 4t % on ^100,000 declared by the Board of Directors ; payable 6th March next .... 4,500 . 00 . 00 Dividend of 6^ fj^ on ;^ioo,ooo, or £-2, 5/- per share, being dividend of surplus profits : payable same day 6,500 . 00 . 00 ;^3oi,o95 . 12 03 RESOURCES. Debts due to the Bank 259,039 . 05 . 02 Due to the Bank by Agents abroad, and securities in the United States 6,754 . 02 . 02 Remittances from Bank Agents in transitu . . . 1,256 . 19 . 04 Real Estate 3'8SS ■ 16 . 09 Bank Furniture 134 . 10 . 03 Notes of and Balances due by other Banks . . . . 7,187. 15. 08 Gold and Silver on hand 21,378 .02 11 Provincial Treasury Notes . . 1,489 . 00 . 00 ^^301,095 . 12 .03 (93) General Statement Of THE AFFAIRS OF THE BANK OF NOVA SCOTIA, On the 31ST January, 1841. LIABILITIES. Capital Stock paid in £125,000.00.00 Notes in Circulation 88,939 • 15 • 00 Deposits 70,712 . 07 . II Due to Agents abroad 21,398 . 17 . 01 Drafts on the Banks in transitu 2,482 . 06 . 03 Unclaimed dividends 580 . 16 . 09 Dividend of 4 % on ;£'i2 5,ooo declared by the Board of Directors; payable 6th March 5,000 . 00 . 00 Dividend of 1% on ;^i25,ooo, or 10/- per share, being dividend of surplus profit; payable same day . . 1,250 . 00 . 00 £3^S'3^4-- 03 . 00 RESOURCES. Debts due to the Bank 263,642 . 04 . 11 Due to the Bank by Agents abroad, and securities . 5,527 . 16 . 04 Remittances from Bank Agents in transitu 3,170 . 01 . 06 Real Estate 3,880 . 14 . 09 Bank Furniture 290 . 10 . 03 Notes of and Balances due by other Banks 10, 575 • 16 . 01 Gold and Silver on hand 20,774 . 07 . 05 Provincial Treasury Notes 2,507 . 00 . 00 Bills of Exchange on hand 4,995 • 1 1 • 09 £3^5'3(>4-o3 .00 (94) General Statement OF THE AFFAIRS OF THE BANK OF NOVA SCOTIA, On the 3 1ST January, 1842. LIABILITIES. Capital Stock ;^i 40,000 . 00 . 00 Notes in Circulation 72,892 . 00 . 00 Deposits S9>782 . 15 . 04 Due to Agents abroad 1,914.17.10 Drafts on the Bank in transitu 902 . 07 . 00 Unclaimed Dividends 877 . 17 . 09 Dividend of 3^ % on ;^i 40,000 ; payable 5th March 4,900 . 00 . 00 Rest 977 . II . 10 ^282,247 . 09 . 09 RESOURCES. Debts due to the Bank ;^223,364 . 02 . 01 Due by Agents abroad 11,612.10.06 Bills of Exchange on hand, and Premiums 4,489 . 10 . 06 Bank Furniture and Bank Plates 150.00.00 Remittances in transitu 892 . 14 . 09 Gold and Silver in the Vaults 28,537 . 09 . 04 Provincial Treasury Notes 2,439 . 00 . 00 Notes of and Balances due by other Banks .... 6,881.07.10 Real Estate 3,880.14.09 ;^282,247 • 09 . 09 Amount of overdue notes bad and doubtful . . . . 47 6. 07. 07 Probable loss on the above 150 . 00 . 00 (95) General Statement OF THE AFFAIRS OF THE BANK OF NOVA SCOTIA, On the 31ST January, 1843. ' LIABILITIES. Capital Stock ;^i4o,ooo . 00 . 00 Notes in Circulation 45,858.10.00 Deposits 64,341.18.07 Due to Agents abroad 6,673 • 12 . 10 Agency drafts on the Bank in transitu 553. 17. 00 Due to other Banks 522 . 05 . 05 Unclaimed dividends 1,378.06.09 Dividend of 3-^% on ;^i4o,ooo ; payable 6th March . 4,900 . 00 . 00 Rest 2,568 . 18 . 03 £26'],i()-j . 08 . 10 RESOURCES. Debts due to the Bank 227,726 . 00 . 06 Securities in the hands of and balances due by Agents abroad 7,316.10.00 Agency Remittances in transitu 1,525.13.09 Real Estate 3.878 . 19 . 09 Bank Furniture and Bank Plates 161 . 00 . 00 Bills of Exchange on hand 5,866.17.09 Gold and Silver in the vaults 171038 . 17 . 05 Provincial Treasury Notes 1,438 . 00 . 00 Notes of other Banks 2,245 • 09 . 08 ^^267, 197 . 08 . 10 (96) General Statement OF THE AFFAIRS OF THE BANK OF NOVA SCOTIA, On the 30TH January, 1844. LIABILITIES. Capital Stock ;^ 1 40,000 . 00 . 00 Notes in Circulation 38.430 . 05 . 00 Deposits ... 65,169.03.08 Due to Agents abroad 209 . 19 . 04 Agency drafts in transitu . . 542 14. 11 Due to other Banks 36 . 10 . 03 Unclaimed dividends 1.023 . 16 . 09 Dividend of 3+ '/,j payable 6th March 4,900 . 00 . 00 Rest . . ... 2,480.14.09 ;^-S2'793 -04.08 RESOURCES. Debts due to the Bank 196,111 . 12 . 08 Due by Agents abroad 7.634 .01 .00 Drafts on Agencies in transitu 100 . 16 . 08 Agency Remittances in transitu 120.13.04 Real Estate 3.878 . 19 . 09 Bank Furniture 158 . 10 . 00 Bills of Exchange on hand 443 . 15 . 00 Gold and Silver on hand 38,209 . 06 . 03 Treasury Notes 1.346 . 00 . 00 Notes of other Banks 4,789 . 10 . 00 ;^2S2,793 ■ 04. 08 (97) General Statement OP THE AFFAIRS OF THE BANK OF NOVA SCOTIA, On the 31ST January, 1845. LIABILITIES. Capital Stock ;^i 40,000 . 00 . 00 Notes in Circulation 54,228 . 00 . 00 Deposits 57,736.01.06 Due to Agents abroad 2,794 . 12 . 07 Agency drafts in transitu 898 . 1 1 . 05 Unclaimed dividends .... , 1,335 . 06 . 09 Dividend of 3 % ; payable March 6 4,200 . 00 . 00 Rest 2,332 .15.11 ^^263, 525 .08.02 RESOURCES. Debts due to the Bank 174,133 .00. 11 Due by agents abroad 25,406 .01.10 Agency Remittances in transitu 183 00 . 00 Real Estate ' 31878 . 19 . 09 Bank Furniture 158 10 . 00 Bills of Exchange on hand, and Premium on Bills Remitted 5,950 . 00 . 03 Gold and Silver in the vaults 44,991 • 01 .04 Provincial Treasury Notes 1,145.00.00 Notes of and Balances due by other Banks .... 7,679 .14.01 ^263,525 .08.02 Amount of overdue Notes bad and doubtful .... 391 . 07 . 07 Probable loss on the above 195 . 13 . 09 (98) General Statement OF THE AFFAIRS OF THE BANK OF NOVA SCOTIA, On the 3 1ST January, 1846. LIABILITIES. Capital Stock ;^i 40,000 . 00 . 00 Notes in Circulation ". ... 65,946 . 15 . 00 Deposits 73>i73-°i-09 Due to Agents abroad 149 . 02 . 04 Agency drafts in transitu 181 . 02 . 01 Unclaimed dividends 1,277.11.09 Dividend of 3 % on the Capital Stock 4,200 . 00 . 00 Rest 2,360 .11.11 ;^287,288 . 04. 10 RESOURCES. Debts due to the Bank 202,199 i7-°3 Due by Agents abroad . 44,670.17.02 Agency Remitances in transitu .... . 1,769 . 15 . 00 Real Estate .... 3,000 . 00 . 00 Bank Furniture 158 . 10 . 00 Bills of Exchange on hand 672 . 13 . 00 Gold and Silver in the vaults 27,899 . 09 . 10 Treasury Notes . . . 2,002 . 00 . 00 Notes and Balances due by other Banks 4-9 15 o- - 07 ;^287,288 . 04 . 10 Amount of overdue notes bad and doubtful 513 . 16 . 02 Probable loss on the above - ... 256 . 18 . 01 (99) General Statement OF THE AFFAIRS OF THE BANK OF NOVA SCOTIA, On the 3 1 ST January, 1847. LIABILITIES. Capital Stock . . _^ 140,000 . 00 . 00 Notes in Circulation 7i)939 • 10 . 00 Deposits 80,468. 10.03 Due to Agents abroad 744 . 10 . 06 Agency drafts'on the Bank in transitu 555 . 02 . 04 Unclaimed dividends 692 . n . 09 Dividend of 3 % on the Capital Stock 4,200 . 00 . 00 Rest 3,748 . 03 . 05 ;£'3°2,348 . 08 . 03 RESOURCES. Debts due to the Bank 235,763 . 17 . 01 Due by Agents abroad 28,263 .12.01 Agency Remittances in transitu .... ... 375 . 00 . oo Real Estate 2,980.12.06 Bank Furniture 158. 10. 00 Bills of Exchange'on hand 2,305 . 13 . 01 Gold and Silver in the vaults 25,696.17.00 Treasury Notes 689 . 00 . 00 Notes of and balances due by other Banks .... 6,115.06.06 £302,34^ . 08 . 03 (loo) General Statement OF THE AFFAIRS OF THE BANK OF NOVA SCOTIA, On the 31ST January, 1848. LIABILITIES. Capital Stock ;^i4o,ooo . 00 . 00 Notes in Circulation 7i)4S7 • 10 . 00 Deposits 68,698 . 18 . II Balances due to other Banks 93 . 17 10 Agency Drafts on the Bank in transitu 698 . 04 . 00 Unclaimed dividends 617. 01. 09 Dividend of 3 '/„ on the Capital Stock 4,200 . 00 . 00 Rest .... 6,742 . eg . II ;£'292,5o8 . 02 . 05 RESOURCES. Debts due to the Bank 228,1 16 . 19 . 03 Due by Banks and Agents abroad 17,264.17.08 Agency Remittances in transitu 72 . 17 . 08 Real Estate 3,151 . 17 . 05 Bank Furniture 158. 10.00 Bills of Exchange on hand and Premiums on do. . . 480 . 00 . 00 Gold and Silver 3S1693 . 17 . 05 Treasury Notes 2,226 . 00 . 00 Notes of and balances due by other Banks .... 5,343 . 03 . 00 ;^292,5o8 . 02 . 05 Amount of overdue notes, bad and doubtful 473 • 14- 01 (lOl) General Statement OF THE AFFAIRS OF THE BANK OF NOVA SCOTIA, On the 3 1ST January, 1849. LIABILITIES. Capital Stock ;^i 40,000 . 00 . 00 Bills in Circulation S'l^S^ . 05 . 00 Net Profits in hand 7)223 . 10 . 02 Balances due to other Banks 2,762 . 15 . 01 Cash deposited, including all sums whatever due from the Bank not bearing interest, its Bills in circu- lation, profits, and balances due to other Banks excepted 28,281 . 17 . n Cash deposited bearing interest 47i89S °~ °~ ;^277,995 . 10 . 04 RESOURCES. Gold, Silver and other coined metals on hand . . . 24,508 . 13 . 01 Real Estate 3,134.19.07 Bills of other Banks 6,619.00.00 Balances due from other Banks 8,708 . 17 . 02 Amount of all debts due, including Notes, Bills of Exchange, and all Stocks and Funded Debts of every description, excepting the balances due from other Banks 235,024.00.06 ;^277,995 . 10 . 04 (I02) General Statement OF THE AFFAIRS OF THE BANK OF NOVA SCOTIA, On the 3 1ST January, 1850. LIABILITIES. Capital Stock . . . ^140,000.00.00 Bills in Circulation .... . . . 53,927.00.00 Net Profits on hand 7,572.08.07 Balances due to other Banks 1,351.08.03 Cash deposited, including all sums whatever due from the Bank not bearing interest, its Bills in circula- tion, profits, and balances due to other Banks excepted . . 27,424 . 08 . 07 Cash deposited bearing interest 42,212 00.04 ;£'272,487 05.09 RESOURCES' Gold and Silver and other coined metals on hand . . 28,359 • 01 . 09 Real Estate 3,117 . 09 . 07 Bills of other Banks 8,017 . 15 . 00 Amount of all debts due, including notes. Bills of Ex- change and all Stocks and Funded Debts of every description excepting the balances due from other Banks 208,486-. 02 . 05 Balances due from other Banks 24,506 . 17 .00 ;^272,487 . 05 . 09 Amount of debts due and not paid and considered bad and doubtful 508 . 00 . 04 (i°3) General Statement OF THE AFFAIRS OF THE BANK OF NOVA SCOTIA, On the 3 1ST January, 1851. « LIABILITIES. Capital stock ;^i 40,000 . 00 . 00 Bills in Circulation 57,164. 10.00 Amount of Reserved Fund .. 8,127 10. 11 Balances due to other Banks nil Cash deposited, including all sums whatever due from the Bank not bearing interest, its Bills in circula- tion, profits, and balances due to other banks excepted 31)879 14.03 Cash deposited bearing interest 51,416 . 1 1 . 08 ;£'288,588 . 06 . 10 RESOURCES. Gold and Silver and other coined metals on hand . . 33,7°3 . 11 . 01 Real Estate 3,117 . 09 . 07 Bills of other Banks 5,953.00.00 Balances due from other Banks 903 . 16 . 07 Amount of all debts due, including Notes, Bills of Ex- change, and all Stocks and Fimded Debts of every description, excepting balances due from other Banks .... 244,910 . 09 . 07 ^288,588 . 06 . 10 Amount of Debts due and not paid, and considered doubtful 479 . 09 . II (i°4) General Statement OF THE AFFAIRS OF THE BANK OF NOVA SCOTIA, On the 3 1 ST January, 1852. LIABILITIES. Capital Stock ^140,000 . 00 . 00 Bills in Circulation 66,541 . 10 . 00 Amount of Guarantee Fund 8,212.09.09 Balances due to other Banks nil Cash deposited, including all sums whatever due from the Bank not bearing interest, its Bills in circula- tion, profits, and balances due to other Banks excepted 26,815 • 17 • 00 Cash deposited bearing interest 56,727 . 09 . 07 ;^298,297 . 06 . 04 rp:sources. Gold, Silver and other coined metals on hand '. . . 30,766 . 08 . 00 Real Estate 2,896 . 02 . 06 Bills of other Banks ... . 4,866 . 02 . 06 Balances due from other Banks 2,290 . 07 . 08 Amount of all debts due, including Notes, Bills of Ex- change, and all Stocks and Funded Debts of every description, excepting balances due from other Banks 257,478 . 05 . 08 ;£'298,297 . 06 . 04 Amount of Debts due and unpaid, and considered doubtful 501 . 01 . 09 (i°5) General Statement OF THE AFFAIRS OF THE BANK OF NOVA SCOTIA, On the 3 1ST January, 1853. LIABILITIES. Capital Stock ... ;^ 140,000 . 00 . 00 Bills in Circulation 76,648 . 05 . 00 Amount of Guarantee Fund 5.35S ■ °7 ■ °S Balances due to other Banks nil Cash deposited, including all sums whatever due from the Bank not bearing interest, its Bills in circula- tion, profits, and balances due to other banks excepted .... 20,864 . 16 . 06 Cash deposited bearing interest 77,199 . 18 . 04 ;^32o,o68 . 07 . 03 RESOURCES. Gold, Silver and other coined metals on hand . . 47,^73 12 . 10 Real Estate 2,846 . 02 . 06 Bills of other Banks . S.9S2 . 05 . 00 Balances due from other Banks . 2,138 . 15 . 10 Amount of all debts due including notes. Bills of Ex- change and all Stocks and Funded Debts of every description, excepting balances due from other Banks 261,857 • ^ ■ °i ;£'32o,o68 .07 . 03 Amount of Debts due and unpaid, and considered doubtful .... 338 . 06 . 08 (io6) General Statement OF THE AFFAIRS OF THE BANK OF NOVA SCOTIA, On the 3 1ST January, 1854. LIABILITIES. Capital Stock ^140,000 . 00 . 00 Bills in Circulation 106,812.05.00 Amount of Guarantee Fund . . . . . . 7,123 . 08 . 04 Balances due to other Banks ... ... nil Cash deposited, including all sums whatever due from the Bank not bearing interest, its Bills in circula- tion, profits, and balances due to other banks excepted . 23,482 . 06 . 09 Cash deposited bearing interest . 95,812.08 02 ;f373.23° ■ 08 . 03 RESOURCES. Gold, Silver and other coined metals on hand . . 35,687 . 14 . 03 Real Estate -,796 . 02 . 06 Bills of other Banks 6,552 10 . 00 Balances due from other Banks 5,213.14.11 Amount of all debts due, including Notes, Bills of Ex- change, and all Stocks and Funded Debts of every description, excepting balances due from other Banks 322,980 . 06 . 07 ;^373>23o . 08 . 03 Amount of debts due and unpaid and considered bad and doubtful 338 . 06 . oS (I07) General Statement OF THE AFFAIRS OF THE BANK OF NOVA SCOTIA, On the 31ST January, 1855. LIABILITIES. Capital Stock ;^i4o,ooo . 00 . 00 Bills in Circulation 156,981 . 00 . 00 Amount of Guarantee Fund ; . . 9,806 . 13 . 03 Balances due to other Banks 1,021 15.00 Cash deposited, including all sums whatever due from the Bank not bearing interest, its Bills in circula- tion, profits, and balances due to other banks ex- cepted 31,708 . 06 . 05 Cash deposited bearing interest . . 98,238 . io . 02 ^^437.756 ■ 04. 10 RESOURCES. Gold, Silver and other coined metals in hand . . . 31,924 . 02 . 08 Real Estate 2,796 . 02 . 06 Bills of other Banks 3)48s . 00 . 00 Balances due from other Banks 2,467 .11.01 Amount of all debts due, including Notes, Bills of Ex- change, and all Stocks and Funded Debts of every description, excepting balances due from other Banks 397. 083 . 08 . 07 ^^437.756 . 04. 10 Amounts of debts due and unpaid and considered doubtful 311 . II . 05 (io8) General Statement OF THE AFFAIRS OF THE BANK OF NOVA SCOTIA, On the 31ST January, 1856. LIABILITIES. Capital Stock ;^ 140,000 . 00 . 00 Bills in Circulation . . 139,306 . 00 . 00 Amount of Guarantee Fund i3>65S . 08 . 01 Balances due to other Banks ... nil Cash deposited, including all sums whatever due from the Bank not bearing interest, its Bills in circula- tion, profits, and balances due to other Banks excepted 31,656 16 07 Cash deposited bearing interest 126,089.02.03 ;^4So.7°7 • 06 . II RESOURCES. Gold, Silver and other coined metals on hand . . . 68,668 . 16 . 11 Real Estate 2,100 . 00 . 00 Bills of other Banks 7)833 . 10 . 00 Balances due from other Banks 4<53o . 07 . 09 Amount of all debts due, including Notes, Bills of Ex- change, and all Stocks and Fvmded Debts of every description, excepting balances due from other Banks 367.574- 1^-03 ;^4SO,707 . 06 . II Amount of debts due and unpaid and considered doubtful 3 1 1 . 1 1 . 05 (io9) General Statement OF THE AFFAIRS OF THE BANK OF NOVA SGOTIA, On the 31ST January, 1857. LIABILITIES. Capital Stock ;^i 40,000 . 00 . 00 Bills in Circulation 147,255.15.00 Amount of Guarantee Fund ... iSi47o .10.01 Balances due to other Banks 8,309.12.02 Cash deposited, including all sums whatever due from the Bank and bearing interest, its bills in circula- tion, profits, and balances due to other Banks excepted 331289 . 19 . 03 Cash deposited bearing interest 95,407 . 15 .01 ^439-733 ■11-07 RESOURCES. Gold, Silver and other coined metals on hand . . . 36,182 .11.11 Real Estate . 2,100.00.00 Bills of other Banks 4i979 .11.01 Balances due from other Banks 761. 16. 02 Amount of all debts due including Notes, Bills of Ex- change, and all Stocks and Funded Debts of every description, excepting balances due from other Banks 395,709.12.05 ;^439.733- " °1 (no) General Statement OF THE AFFAIRS OF THE BANK OF NOVA SCOTIA, On the 30TH January, 1858. LIABILITIES. Capital Stock .... ;^i 40,000 . 00 . 00 Bills in Circulation 113,736 . 15 . 00 Guarantee Fund 16,499 • 16 . 10 Balances due to other Banks 1,167 . 03 . 08 Cash deposited, including all sums whatever due from the Bank not bearing interest, its Bills in circula- tion, profits, and balances due to other Banks excepted 38,365 . 10 . 00 Cash deposited bearing interest . . ... 90,072 . 02 . 07 RESOURCES. Gold, Silver and other coined metals on hand Real Estate . . Bills and cheques of other Banks . . . Balances due from other Banks ;£'399,84i . 08 . 01 46,691 . 13 . 08 6,000 . 00 . 00 8,5 10 . 03 . 02 3,083 14.00 Amount of all debts due including Notes, Bills of Ex- change, and all Stocks and Funded Debts of every description, excepting balances due from other Banks 335,555 ■ i? • 03 ^^399.841 ■ 08 .01 Amount of debts due and unpaid, and considered doubtful ' 1,575 . 00 . 00 (Ill) General Statement OF THE AFFAIRS OF THE BANK OF NOVA SCOTIA, On the 3 1 ST January, 1859. LIABIIJTIES. Capital Stock .... .... ;^i4o,ooo . 00 . 00 Bills in Circulation 107,793 • 00 . 00 Amount of Guarantee Fund 17,350.04.02 Balances due to other Banks 1.S04 . 10 . 03 Cash deposited, including all sums whatever due from the Bank not bearing interest, its Bills in circula- tion, profits, and balances due to other Banks excepted 38,049 17 . 10 Cash deposited bearing interest 81,907.09.09 £3^^>9°5 ■ 02 . 00 RESOURCES. Gold, Silver and other coined metals on hand . . 3S>°ii . 08 . 01 Real Estate 6,000 . 00 . 00 Bills of other Banks 131659 .12.10 Balances due from other Banks 7 11. 05. 11 Amount of all debts due, including Notes, Bills of Ex- change, and all Stocks and Funded Debts of every description, excepting balances due from other Banks 331,522,15.02 ^^386,905 . 02 . 00 Amount of debts due and unpaid, and considered doubtful 989 . 09 . 06 (112) General Statement OF THE AFFAIRS OF THE BANK OF NOVA SCOTIA, On the 3 1 ST January, i860. LIABILITIES, Capital Stock ;£■ 140,000 . 00 . 00 Bills in Circulation . . . 100,572 10.00 Amount of Guarantee Fund 18,127 . 14. 11 Balances due to other Banks 4, 966 . 03 . 03 Cash deposited, including all sums whatever due from the Bank not bearing interest, its Bills in circula- tion, profits, and balances due to other Banks excepted 46,447 . 03 . 05 Cash deposited bearing interest 95,272.09.05 £405,386 . 01 . 00 RESOURCES. Gold, Silver and other coined metals on hand . . . 40,502 .01 .08 Real Estate ... 6,000 . 00 . 00 Bills of other Banks 12,493 • 14-07 Balances due from other Banks 2,916.10.02 Amount of all debts due, including Notes, Bills of Ex- change, and all Stocks and Funded Debts of every description, excepting balances due from other Banks 343,473.14.07 ^^4051386 . 01 . 00 Amount of debts due and unpaid, and considered doubtful 1,042 . 05 . 04 (ii3) General Statement OF THE AFFAIRS OF THE BANK OF NOVA SCOTIA, On the 31ST January, 1861. LIABILITIES. Capital Stock ;^i 40,000 . 00 . 00 $560,000 00 Bills in Circulation 111,468.05.00 445,873 00. Amount of Guarantee Fund .... 19,944 . 11 . 07 79.778 32 Balances due to other Banks . . . 8,302 . 08 . 04 33,209 66 Cash deposited, including all sums whatever due from the Bank not bearing interest, its Bills in cir- culation, profits, and balances due to other Banks excepted . 37,400 . 15 . 10 149,603 17 Cash deposited bearing interest . . 81,423.19.01 325,695 82 ;^398,S39 • 19 ■ 10 ?i.S94,i59 97 RESOURCES. Gold, Silver and other coined metals on hand . . . ;^3i,245 . 03 . 10 $124,980 77 Real Estate 5,000.00.00 20,000 00 Bills of other Banks 7,659 . 10 . 08 30,638 13 Balances due from other Banks .. 135. 17. 10 S43S7 Amount of all debts due including Notes, Bills of Exchange, and all Stock and Funded Debts of every description, excepting balances due from other Banks .... 354,499.07.06 1,417,997 50 ;^398,539 ■ 19 • 10 ^i,S94,iS9 97 (114) General Statement OF THE AFFAIRS OF THE BANK OF NOVA SCOTIA, On the 31ST January, 1862. LIABILITIES. Capital Stock . . . - . Bills in Circulation . . ... Guarantee Fund . ... ... Balances due to other Banks . . . .... Cash deposited, including all sums whatever due from the Bank not bearing interest, its Bills in circula- tion, profits, and balances due to other Banks excepted •. . . Cash deposited bearing interest $560,000 00 425,422 00 81,878 51 14,018 93 '99.255 25 328,473 63 $1,609,048 32 RESOURCES. Gold, Silver and other coined metals on hand Real Estate Bills of other Banks . . . Balances due from other Banks Amount of all debts due including Notes, Bills of Ex- change, and all Stock and Funded Debts of every description, excepting balances due from other Banks 154,939 76 20,000 00 18,206 79 nil. 1,415,901 77 $1,609,048 32 (IIS) General Statement OF THE AFFAIRS OF THE BANK OF NOVA SCOTIA, On the 3 1ST January, 1863. LIABILITIES. Capital Stock $560,000 00 Bills in Circulation 480,771 00 Balances due to other Banks 21,675 87 Cash deposited, including all sums whatever due from the Bank, its Bills in Circulation, profits, and balances due to other Banks excepted . ... 569,697 26 Guarantee Fund 80,000 00 Balance in favor of the Bank to Profit and Loss Acct. . 1,061 30 $1. 713-205 43 RESOURCES. Gold, Silver and Other coined metals on hand .... 217,645 59 Bills of other Banks 13.523 94 Real Estate 20,000 00 Amount of all debts due, including Notes, Bills of Ex- change, and all Stock and Funded Debts of every description 1,462,035 90 ^i. 713.205 43 Amount of debts due and unpaid, and considered doubtful ?3>7io 69 (ii6) General Statement 967 06 Dividend 31st July, 1870 25,200 00 Cash deposited not bearing interest ... ... 282,901 38 Cash deposited bearing interest 681,757 11 $2,029,516 28 ASSETS. Real Estate 22,691 49 Gold, Silver and other coined metals. Bullion & eta. . 481,096 46 Bills, Notes and Cheques of other Banks 22,959 73 Due by Banks and Agents abroad 351,432 62 Notes discounted and other loans 966,579 61 Other debts due to the Bank 184,756 37 $2,029,516 28 (I23) General Statement OF THE AFFAIRS OF THE BANK OF NOVA SCOTIA, On the 31ST January, 1871. LIABILITIES. Capital Stock §560,000 00 Circulation 528,960 00 Due other Banks 22,634 81 Deposits not bearing interest -57>97S 9° Deposits bearing interest 766,348 70 *2, 135.919 41 ASSETS. Specie and Dominion Notes *. . 270,312 25 Notes of other Banks 49,924 00 Due by other Banks 272,159 03 Investments 235,837 62 Premises, &c 22,805 81 Securities, (a/c. Forman) 96,084 95 Loans and other Debts not in foregoing . .... 1,155,260 11 Deficiency 33635 ^4 ^2,135,919 41 ('-'4) General Statement OF THE AFFAIRS OK THE BANK OF NOVA SCOTIA, On the ■30TH December, 1871. LIABILITIES. Capital . . .... . ... ;j549o,ooo 00 Contingent Fund, (to meet Bad Debts) 39,614 19 Circulation . . ... . 496,389 82 Due to other Banks . . 177,846 13 Current Accounts . ... 455,105 13 Deposit Receipts 786,778 56 Profit and Loss 2,782 35 -^^.443,516 18 ASSETS. Specie . . . . . , ^957^3 73 Dominion Notes ... . . . . 134,929 65 Due by other Banks . . ... 113,009 01 Notes and Cheques of other Banks . . . . 66,561 g8 Investments . . . . . . . 253,292 00 Forman property not yet realized 90,889 64 Bad or doubtful debts . . .... . 39,592 32 Bank Premises . . . 19,466 67 Bills of Exchange, Notes Discounted and other Assets not included above 1,435,051 i8 ,^2,448,516 18 (i25) General Statement OF THE AFFAIRS OF THE BANK OF NOVA SCOTIA, On the 31ST December, 1872. LIABILITIES. Capital $490,000 00 Reserve Fund . 55,066 67 Dividends unpaid 24,790 73 Notes in Circulation 574,057 55 Due to other Banks i°.539 15 Current Accounts 332,659 05 Deposit Receipts 728,928 22 Profit and Loss . . . 2,622 23 $2,218,663 60 ASSETS. Specie ... . '. . 126,290 98 Dominion Notes 67,851 50 Notes and Cheques of other Banks 81,560 73 , Due by other Banks 89,061 28 Investments 251,345 33 Mortgages over Real Estate sold 52,500 00 Forman property not yet realized 38,711 97 Bank Building . , 20,000 00 Bills .of Exchange, Notes Discounted, and other Assets not included above 1,491,341 81 $2,218,663 60 (126) General Statement OF THE AFFAIRS OF THE BANK OF NOVA SCOTIA, On the 3 1ST December, 1873. LIABILITIES. Capital paid up §748,680 00 Reserve Fund 80,000 00 Dividends unpaid 34,347 70 Notes in Circulation 692,060 65 Due to other Banks 22,943 79 Deposits at call 415,992 38 Deposits subject to notice 927,251 91 Drafts on London Agents maturing, ;^58, 892 .06.05 • 283,991 85 Profit and Loss Account 2,748 20 $3,208,016 48 ASSETS. Specie . . 197,668 63 Dominion Notes 140,249 75 Notes of and Cheques on other Banks 116,125 ^- Due by London Agents, ;£'33, 629 . 13 . 01 162,169 65 Due by other Banks . 93,195 59 Investments . . . . . 245,894 66 Mortgages on Real Estate sold 37,500 00 Forman Property, not reahzed 331I7275 Bank Building . . 20,000 00 Bills of Exchange remitted to London, ^51,933 . 14 . 01 250,435 86 Over-due Notes or Bills of Exchange 48,253 60 Notes Discounted, current, and other Assets not included above 1.863,350 87 $3,208,016 48 (127) General Statement OF THE AFFAIRS OF THE BANK OF NOVA SCOTIA, On the 31ST December, 1874. LIABILITIES. Capital paid up — Old ^750,000 00 New 30,600 00 $780,600 00 Premium on New Shares 16,650 00 Reserve Fund 150,000 00 Dividends unpaid 34>334 5° Notes in Circulation 606,595 25 Due to other Banks 38,908 48 Deposits at call 437,907 92 Deposits subject to notice . 1,205,525 56 Drafts on London maturing, ;£'66,642 . 11 . 03 . . . . 324,327 15 Profit and Loss 5.027 12 ^^3. 599.875 98 ASSETS. Specie and Dominion Notes 295,047 20 Notes of and Cheques on other Banks 117,848 13 Due by other Banks 94iSS' 10 Investments .... 147,812 00 Mortgage over Real Estate sold 17,850 00 Forman property, not realized 24,284 05 Bank Premises 27,000 00 Bills of Exchange remitted to London, ;£'7i,5io . 05 . 00 348,016 54 Overdue Notes or Bills of Exchange 33,434 70 Notes Discounted, current, and other Assets not included above 2,494,032 26 S3.S99.87S 98 (128) General Statement OF THE AFFAIRS OF THE BANK OF NOVA SCOTIA, <1n the 31ST December, 1875. LIABILITIES. Capital paid up . ... $996,640 00 Reserve Fund 195,500 00 Dividends unpaid 42,934 82 Notes in Circulation . . 546,839 67 Due to other Banks 6,091 61 Deposits at call 429,017 20 Deposits subject to notice 1,026,121 15 Profit and Loss 587 33 Due to Banks in United Kingdom 97,29523 Drafts on London, not yet due, £s3'5°9 • 01 • 06 . . 259,221 74 $3,600,248 75 ASSETS. Specie and Dominion Notes . ... $266,226 85 Due by other Banks 162,280 04 S428.506 89 Notes of and Cheques on other Banks 102,049 79 Investments, (5/20 Bonds, &c.) 142,122 65 Real Estate sold, secured by mortgage -3-756 45 Forman property, not realized 21,800 00 Bank Premises 27,000 00 Overdue Notes or Bills of Exchange 47,19232 Notes Discounted, Loans and other Assets not included above ^,4Si>363 16 Bills of Exchange remitted to London, not yet due, £73.581.15.09 356,45 7 49 $3,600,248 75 (I29) General Statement OF THE AFFAIRS OF THE BANK OF NOVA SCOTIA, On the 30TH December, 1876. LIABILITIES. Capital paid up $1,000,000 00 Reserve Fund 200,000 00 Dividend No. 12, payable ist February, 1877 .... 40,000 00 Dividends unpaid 540 00 Notes in Circulation 483,291 67 Due to other Banks 25,148 91 Deposits at call 393,069 59 Deposits subject to notice 1,102,580 16 Profit and Loss 2,526 47 Due to Banks in the United Kingdom 84,250 76 Drafts drawn on London, not yet due, £-^b,2(i<^ . 01 . 08 175,405 90 ^3.S°6,8i3 46 ASSETS. Specie and Dominion Notes ^200,787 26 Due by other Banks 68,630 86 $269,418 12 Notes of and Cheques on other Banks 127,583 55 Investments (5 / 20 Bonds, &c.) 109,733 32 Real Estate sold, secured by mortgage 14,510 07 Forman property, not reahzed 21,946 40 Bank premises in Halifax, St. John and Amherst . . . 44,948 83 Overdue Notes 93,723 50 Notes Discounted, Loans and other Assets not included above 2,482,623 65 Bills of Exchange remitted to London, not yet due, ;^7o,5oo . 18 . 06 342,326 02 ^3>So6,8i3 46 (13°) General Statement OF THE AFFAIRS OF THK BANK OF NOVA SCOTIA, On the 31ST December, 1877. LIABILITIES. Capital paid up $1,000,000, 00 Reserve Fund ... . . . . 220,000 00 Notes in Circulation . . . 534i°37 09 Due to other Banks 46,528 05 Due to Banks in the United Kingdom 31,778 90 Drafts drawn on London, not yet due, ;£^3o,3i2 . 11 . 06 146,099 67 Deposits at call 539-134 45 Deposits subject to notice 1,545,618 30 Dividends unpaid 148 00 Dividend No. 14, payable 1st February, 1878 .... 45,000 00 Profit and Loss 2,652 33 $4,110,996 79 ASSETS. Specie and Dominion Notes $348,526 10 Notes of and Cheques on other Banks 115,904 69 Due by other Banks ^134,343 13 Notes Discounted, Loans and other Assets 2,757,521 79 Overdue Notes 62,654 84 Bills of Exchange remitted to London, not yet due, ^^85,217 .00.05 410,613 59 Investments, (5/20 Bonds, &c.) 189,517 64 Real Estate sold, secured by Mortgage 9i093 79 Forman property, not realized 17,67520 Bank Premises in Halifax, St. John and Amherst ... 65,146 02 $4,110,996 79 (^31) General Statement OF THE AFFAIRS OF THE BANK OF NOVA SCOTIA, On the 31ST December, 1878. LIABILITIES. Capital paid up ^1,000,000 00 Reserve Fund 230,000 00 Notes in Circulation 481,941 24 Due to other Banks 36,139 87 Drafts drawn on London, not yet due, ;£'38,2o7 . 07 . 07 183,930 60 Deposits at call 588,647 04 Deposits subject to notice 1,370,196 88 Dividends unpaid 371 po Dividend No. 16, payable ist February, 1879 . . . . 35,000 00 Profit and Loss 3,45° 94 $3,929,677 57 ASSETS. Specie and Dominion Notes ^(233,624 04 Notes of and Cheques on other Banks . 104,356 06 Due by other Banks 394,340 32 $732>32o 42 Due by Banks in the United Kingdom 28,376 71 Notes Discounted, Loans and other Assets 2,333,698 05 Overdue Notes, secured 151632 76 Overdue Notes, not specially secured 74,013 16 Bills of Exchange remitted to London and on hand, not yet due, ;^86,886 . 13 . 04 419,328 83 Investments, (5/20 Bonds, &c.) 218,551,11 Real Estate sold, secured by Mortgage 5,91020 Forman property, not realized 17,61520 Bank Premises in Halifax, St. John and Amherst . . . 84,231 13 ^3.929.677 57 (132) General Statement OF THE AFFAIRS OF THE BANK OF NOVA SCOTIA, On the 31ST December, 1879. LIABILITIES. To the Public: Deposits at call ^55°i38S 91 Deposits subject to notice 1,307,979 23 Interest reserved on Deposits .... 48,652 22 $1,907,017 36 Due to other Banks in Canada .... 18,436 76 Due to other Banks not in Canada . . 16,594 08 Due to other Banks in the United King- dom 55.41 1 37 90,442 21 Notes in Circulation 562,710 ig Drafts drawn on London Agents, not yet matured, ;^3o,o24 . 03 . 05 144,333 69 ^2,704,503 45 To the Shareholders : Capital paid up $1,000,000 00 Reserve Fund 240,000 00 Profit and Loss 3,845 32 Dividends unpaid 98 00 Dividend No. 18, payable 2nd February, 1880 35,000 00 1,278,943 32 ^3>983>446 77 (i33) ASSETS. Specie $99,854 28 Dominion Notes 141,770 00 Balances due from other Banks in Canada 382,101 22 Balances due from other Banks not in Canada S3.4o8 75 $677,134 25 Notes and Cheques of other Banks . . 76,207 11 Immediately Available 4^753)341 36 Sterling Bills of Exchange on hand and remitted to London, not matured, ;^i24,558 . 05 . 05 .... 599,070 66 Investments, (6 p. c. Bonds, Municipal and School) $146,334 71 Loans to Provincial Governments . . . 53)837 00 Loans for which Shares of the Capital Stock of any other Bank are held as Collateral Security 64,481 88 Loans secured by Bonds or Debentures 210,644 96 Loans to Corporations 83,156 30 Cash Credit Accounts and Secured Over- drafts 155,780 96 Authorized Overdrafts not specially se- cured 5)766 26 Notes and Bills, discounted and current .... $1,759,389 37 Less Rebate on un- matured Notes 15,898 02 1,743.491 35 Notes and Bills overdue and not specially secured 39,814 66 Overdue Debts, secured 29,062 14 Real Estate sold, secured by Mortgage . 4,577 48 Forman Property, not reaUzed .... 10,665 ^3 Bank Premises in Halifax, St. John and Amherst 81,726 65 2,629,339 48 Stationery and Stamps 1,695 27 ^3.983,446 77 (134) General Statement OF THE Affairs of the BANK OF NOVA SCOTIA, On the 3 1 ST December, 1880. LIABILITIES. To the Public: Deposits at Call ^803,303 94 Deposits subject to notice 1,361,047 31 Interest reserved on Deposits 37,474 92 $2,201,826 17 Due to other Banks in Canada .... 24,508 98 Due to other Banks not in Canada . . . 37J923 96 62,432 94 Notes in Circulation 689,311 44 Drafts drawn on London Agents, not yet matured, ;^i6,oo7 . 05 . 04 77.°i3 75 ^3'03°.584 3° To the Shareholders Capital paid up $1,000,000 00 Reserve Fund 275,000 00 Profit and Loss 2,941 27 Dividends unpaid 532 00 Dividend No. 20, payable ist Feb'y, 1881 35,000 00 ^' 3^3.473 27 $4,344,057 57 (135) ASSETS. Specie ^157,645 67 Dominion Notes 148,175 00 Balances due from other Banks in Canada 120,641 92 Balances due from other Banks not in Canada 20,139 94 Balance due from London Agents, ;^337 ■ °S • 07 1,613 03 ,215 56 Notes and Cheques of other Banks . . . 171,195 57 Immediately Available $619,411 13 Sterling Bills of Exchange on hand and remitted to London, not matured, ^167,275.09.04 . . . 806,037 09 Investments, (6 p. c. Bonds, Municipal and School, &c.) $192,758 33 Loans to Provincial Governments . . . 26,610 02 Deposits made with other Banks unsecured 179,175 33 Loans secured by Bonds or Debentures . 93,726 23 Loans to Corporations 78,395 10 Cash Credit Accounts and Secured Over- drafts 256,039 23 Authorized Overdrafts not specially secured 11,470 50 Notes and Bills, discounted and current .... $1,965,002 63 Less Rebate on un- matured Notes 17,985 89 -_ 1,947,016 74 Notes and Bills overdue and not specially secured 26,893 02 Overdue Debts secured 11,124 25 Real Estate sold, secured by Mortgage . 7,447 62 Forman Property, not realized 6,41 7 06 Bank Premises in Halifax, St. John and Amherst 79,659 48 2,916,732 91 Stationery and Stamps 1,876 44 $4,344,057 57 (136) General Statement OF THE AFFAIRS OF THE BANK OF NOVA SCOTIA, On the 31ST December, 1881. LIABILITIES. To the Public : Deposits at Call $867,228 43 Deposits subject to notice 1,598,594 82 Interest reserved on Deposits 41,191 12 J2, 507, 014 37 Due to other Banks in Canada .... 10,120 30 Due to other Banks not in Canada . . . 10,164 99 Due to other Banks in the United King- dom, ;£'3, 474 . 06 . 05 17-299 78 37.585 07 Notes in Circulation 914,943 76 Drafts drawn on London Agents, not yet matured, ;^29,98o . 04 . 02 144,216 42 ,603,759 62 To the Shareholders . Capital paid up $1,000,000 00 Reserve Fund 325,000 00 Profit and Loss 3.299 01 Dividends unpaid 637 00 Dividend No. 22, payable 1st Feb'y, 1882 40,000 00 i>368,936 01 $4,972,695 63 (137) ASSETS. Specie ^116,928 53 Dominion Notes 207,874 00 Balances due from other Banks in Canada 149,382 60 Balances due from other Banks not in Canada SS.7S3 78 ^529.938 91 Notes and Cheques of other Banks . . . 97)778 58 Immediately Available $627,717 49 Sterling Bills of Exchange on hand and remitted to London, not matured, ;^i23,57i . 19 . 06 . . . 594,319 40 Investments, (6 p. c. Bonds, Municipal and School, &c.) $231,173 24 Loans to Provincial Governments . . 76,379 20 Loans secured by Bonds, Debentures and Stocks 291,436 41 Loans to Corporations 71,060 67 Cash Credit Accounts and Secured Overdrafts 294,899 57 Authorized Overdrafts not specially secured 50,272 30 Notes and Bills discounted and current . . . $2,650,579 01 Less rebate on un- matured Notes . 22,492 34 , 2,628,086 67 Notes and Bills Overdue and not specially secured 9,806 21 Overdue Debts secured 10,224 50 Real Estate sold, secured by Mortgage 3,611 47 Forman Property, not realized .... 5,684 47 Bank Premises in Halifax, St. John and Amherst 75, 809 84 3,748,444 55 Stationery and Stamps 2,214 19 $4,972,695 63 ('38) General Statement OF THE AFFAIRS OF THE BANK OF NOVA SCOTIA, On the 31ST December, 1882. LIABILITIES. To the Public : Deposits at Call $1,020,956 57 Deposits subject to notice $2,058,664 02 Interest reserved on Deposits 48,879 30 2,107.543 32 Due to other Banks in Canada 44,152 96 Due to other Banks not in Canada . . . 31,928 91 Due to other Banks in the United Kingdom ;£'3,o24 . 04 . 02 i4,7°i 00 90,782 87 Notes in Circulation 936,929 40 Drafts drawn between Head Office and Agencies outstanding 44,883 60 981,813 00 Drafts drawn on London Agents not yet matured, ;^6o,288 . 04 . II 289,951 58 $4,491,047 34 Ta the Shareholders : Capital paid up $1,000,000 00 Reserve Fund 400,000 00 Profit and Loss 3,26177 Dividends unpaid 428 00 Dividend No. 24, payable ist Feb'y, 1883 40,000 00 1,443,689 77 ^5-934,737 n (i39) ASSETS. Specie 1122,587 35 Dominion Notes 359)557 25 Balances due from other Banks in Canada 109,485 06 Balances due from other Banks not in Canada . . 49)513 28 Notes and Cheques of other Banks 243,065 57 Immediately Available ^884,208 51 Sterling Bills of Exchange on hand and remitted to London, not matured, ^128,841 . 12 . 01 . . . . 619,861 79 Investments, (6 p. c. Bonds, Municipal and School, &c.) % 24,298 73 Loans to Provincial Governments . . . 37,728 22 Loans secured by Bonds, Debentures and Stocks 226,520 55 Loans to Corporations 132,114 29 Cash Credit Accounts and Secured Over- drafts 292,112 28 Authorized Overdrafts not specially se- cured 59,545 69 Notes and Bills, discounted and current .... $3,546,241 31 Less rebate on un- matured Notes 29,997 87 3.516,243 44 Notes and Bills overdue and not specially secured 25,61191 Overdue debts secured 18,025 97 Real Estate sold, (secured by Mortgage) and property not realized 9;56i 07 Bank Premises, Safes, and Office Furniture 88,127 26 4,429,889 41 Stationery and Stamps 777 40 ^5>934,737 " (i4o) General Statement OF THE AFFAIRS OF THE BANK OF NOVA SCOTIA, On the 3 1ST December, 1883. LIABILITIES. To the Public: Deposits at Call $1,024,615 23 Deposits subject to notice $2,372,348 35 Interest reserved on deposits 60,252 43 , 2,432,600 78 Due to other Banks in Canada .... 12,411 52 Due to other Banks not in Canada . . . i9iiS7 63 Due to other Banks in the United Kingdom, ^27,562.09.11 133,52498 ■ 165,094 13 Notes in Circulation 1,152,300 22 Drafts drawn between Head Oiifice and Agencies outstanding 60,300 75 1,212,600 97 Drafts drawn on London Agents, not yet matured, ;£'52,5io . 07 . 04 253,216 66 $5,088,127 77 To the Shareholders : Capital paid up $1,114,300 00 Reserve Fund 470,000 00 Profit and Loss 659 61 Dividends unpaid 276 00 Dividend No. 26, payable 1st Feb'y, 1884 44,572 00 1,629,807 61 $6,7^7,935 38 (141) ASSETS. Specie $314,698 89 Dominion Notes 377,243 25 Balances due from other Banks in Canada 156,891 48 Balances due from other Banks not in Canada .... 235,093 28 Notes and Cheques of other Banks 228,647 '3 Immediately Available $1,312,574 03 Sterling Bills of Exchange on hand and remitted to London, not matured, ;£'78,64i . 05 . 10 ... 378,774 00 Investments, (6 p. c. Bonds, Municipal and School) $15,471 07 Loans to Provincial Governments . . . 98,307 00 Loans secured by Bonds, Debentures and Stocks 112,879 62 Loans to Municipal Corporations . . . 26,266 67 Loans to other Banks, secured 12 ,000 00 Cash Credit Accounts and Secured Over- drafts 431,634 04 Authorized Overdrafts, not specially se- cured 153,753 84 Notes and Bills, discounted and current . . . .$3,871,552 41 Less rebate on un- matured Notes . 36,583 40 3,834,969 °i Notes and Bills overdue and not specially secured 108,510 35 Overdue debts secured 65,201 10 Real Estate sold (secured by mortgage) and property not realized 59,6i7 61 Bank Premises, Safes and Office Furniture 107,139 13 5>°25'749 44 Stationery 837 91 ^6,717,935 38 (l42) General Statement OF THE AFFAIRS OF THE BANK OF NOVA SCOTIA, On the 31ST December, 1884. LIABILITIES. To the Public : Deposits at Call $1,033,706 00 Deposits subject to notice $1,887,874 26 Interest reserved on deposits 33,700 69 1,921.574 95 Due to other Banks in Canada .... 9,858 40 Due to other Banks not in Canada . . . 14,479 25 Due to other Banks in the United King- dom, ;£'4,85i . 16 . 09 23,450 54 47,788 19 Notes in Circulation 967,254 46 Drafts drawn between Head Office and Agencies outstanding 46,227 27 1,013,481 73 Drafts drawn on London Agents, not yet matured, ^^36,593 • 14-02 174,956 05 $4,191,506 92 To the Shareholders : Capital paid up $1,114,300 00 Reserve Fund 340,000 00 Profit, and Loss 1,080 80 Dividends unpaid 188 00 Dividend No. 102, payable 2nd Feb'y, '85 39,000 50 1,494,569 30 $5,686,076 22 (143) ASSETS. Specie $367-953 o5 Dominion Notes 393,466 25 Balances due from other Banks in Canada 97iS83 00 Balances due from other Banks not in Canada . . S9i68s 94 Notes and Cheques of other Banks 204,454 67 Immediately Available ^1,123,142 91 Sterling Bills of Exchange on hand and remitted to London, not matured, ;£'93,557 . 01 . 02 .... 450,797 79 Investments (Provincial, British, Foreign or Colonial Public Securities other than Canadian — market value) . . . ^303,379 83 Loans to Provincial Governments . . . 371630 75 Loans secured by Bonds, Debentures and Stocks 154,843 40 Loans to Municipal Corporations . . . 3>8i7 91 Cash Credit Accounts and secured Over- drafts 329,686 82 Authorized Overdrafts, not specially se- cured 112,536 79 Notes and Bills, discounted and current .... $2,837,078 47 Less rebate on un- matured notes . 21,979 80 2,815,098 67 Notes and Bills overdue and not specially secured 66,215 66 Overdue debts secured 88,594 56 Real Estate, mortgages on real estate sold, and other property not realized . . 105,877 97 Bank Premises, Safes and Office Furniture 91,225 93 4,108,908 29 Stationery 3,227 23 $5,686,076 22 (i44^ General Statement OF THE AFFAIRS OF THE BANK OF NOVA SCOTIA, On the 31ST December, 1885. LIABILITIES. To the Public: Deposits at Call $1,035,220 96 Deposits subject to notice $1,665,655 02 Interest reserved on deposits 40,078 25 1.705.733 27 Due to other Banks in Canada .... 33.854 79 Due to other Banks not in Canada . . . 45,423 02 Due to other Banks in the United Kingdom, ;^2o,7o6 . 18 . 03 100,686 99 179,964 80 Notes in Circulation 818,713 41 Drafts drawn between Head Office and Agencies outstanding 38,273 66 856,987 07 Drafts drawn on London Agents, not yet matured, ^28,602.10.04 139.039 31 $3,916,945 41 Jo the Shareholders : Capital paid vip $1,114,300 00 Reserve Fund 340,000 00 Profit and Loss 467 45 Dividends unpaid 168 00 Dividend No. 104, payable ist Feb'y, '86 39,000 50 1.493.935 95 $5,410,881 36 (us) ASSETS. Specie §211,870 32 Dominion Notes 275,285 50 Balances due from other Banks in Canada §157,662 78 Notes and Cheques of other Banks . . . 168,720 68 Due from Agencies of the Bank or from other Banks in Foreign Countries . 876,564 48 1,202,947 94 Sterling Bills of Exchange on hand and remitted to London, not matured, ;£'6i,oo4 . 05 . 09 .... 296,547 08 Investments, (Provincial and other Bonds) 614,509 80 $2,601,160 64 Loans to Provincial Governments ... $ 46,151 86 Loans secured by Bonds, Debentures and Stocks 49,888 90 Loans to other Corporations 347,322 13 Cash Credit Accounts and Secured Over- drafts 234,238 37 Authorized Overdrafts not specially se- cured 5>723 22 Notes and Bills, discounted and current .... §1,927,590 66 Less rebate on un- matured notes . 18,628 16 ■ 1,908,962 50 Notes and Bills overdue and not specially secured 4)901 92 Overdue debts secured 44,429 44 Real Estate, mortgages on real estate sold, and other property not realized . . 76,618 66 Bank Premises, Safes and Office Furniture 88,369 15 2,806,606 15 Stationery 3,114 57 §5,410,881 36 (146) General Statement OF THE AFFAIRS OF T«E BANK OF NOVA SCOTIA, On the 3 1 ST December, 1886. LIABILITIES. Deposits at Call $1,159,264 86 Deposits subject to notice $2,121,786 20 Interest reserved on deposits 46,007 89 2,167,794 09 Due to other Banks in Canada .... 14,280 07 Due to other Banks not in Canada . . . 23,708 77 Due to other Banks in the United King- dom, ;^2o,86i . 13 . 02 ...... 100,565 18 ■ 138,554 02 Notes in Circulation 1,048,147 24 Drafts drawn between Head Office and Agencies outstanding 3°i93i 9° ■ 1,079,079 14 Drafts drawn on London Agents, not 'yet matured, ;^S3,493 • 07 . 00 258,548 10 $4,803,240 21 Capital paid up $1,114,300 00 Reserve Fund 360,000 00 Profit and Loss 1,11881 Dividends unpaid 273 00 Dividend No. 106, payable ist Feb'y, '87 39,000 50 1,514,692 31 $6,317,932 52 (147) ASSETS. Specie Ji67,S3S °1 Dominion Notes 259,166 00 Balances due from other Banks in Canada ^135,334 21 Notes and Cheques of other Banks . . . 327,043 75 Due from Agencies of the Bank or from other Banks in the United Kingdom and Foreign Countries 1,201,162 80 1,663,540 76 SterHng Bills of Exchange on hand and remitted to London, not matured, ;£^7S,o5i . 15.01 . . . . 362,754 17 Investments, (Provincial and other Bonds) 589,685 15 ^3,042,681 15 Loans to Provincial Governments . . . $47,689 08 Loans secured by Bonds, Debentures and Stocks 58,257 00 Loans to other Corporations 557,126 13 Cash Credit Accounts and Secured Over- drafts 219,726 33 Authorized Overdrafts, not specially se- cured 9,033 88 Notes and Bills, discounted and current . . . .$2,217,433 74 Less rebate on un- matured notes . 21,086 72 2,196,347 02 Notes and Bills overdue and not specially secured 2,437 49 Notes and Bills overdue and other overdue debts secured 36,208 06 Real Estate, Mortgages on Real Estate sold and other property not realized . . 60,234 32 Bank Premises, Safes and Office Furniture 86,407 28 3,273,466 59 Stationery 1,7^4 7^ i?6,3i7,932 52 (148) General Statement OF THE AFFAIRS OF THE BANK OF NOVA SCOTIA, On the 31ST December, 1887. LIABILITIES. Deposits at Call $1,164,066 62 Deposits subject to notice $2,625,166 19 Interest reserved on deposits 52,999 90 2.678,166 09 Due to other Banks in Canada .... 10,189 87 Due to other Banks not in Canada . . . 16,461 07 26,650 94 Notes in Circulation 1,181,260 03 Drafts drawn between Head Office and Agencies outstanding 57,944 42 1,239,204 45 $5,108,088 10 Capital paid up $1,114,300 00 Reserve Fund 400,000 00 Profit and Loss ... 8,873 35 Dividends unpaid 724 50 Dividend No. 108, payable ist Feb'y, 1888 39,000 50 J, 562,898 35 $6,670,986 45 (i49) ASSETS. Specie , $166,009 -7 Dominion Notes 444,967 75 Balances due from other Banks in Canada $114,232 57 Notes and Cheques of other Banks . . . 203,724 88 Due from Agencies of the Bank, or from other Banks in Foreign Countries . 183,623 42 Due from Agencies of the Bank, or from other Banks or Agencies in the United Kingdom 275,695 78 777,276 65 Investments (Provincial and other Bonds) 606,410 22 $1,994,663 89 Loans to or Deposits made in other Banks secured 43,000 00 Loans to Provincial Governments . . . 106,913 94 Loans secured by Bonds, Debentures and Stocks 112,104 43 Loans to other Corporations 890,470 73 Cash Credit Accounts and Secured Over- drafts 141,466 32 Authorized Overdrafts, not specially se- cured 16,236 89 Notes and Bills, discounted and current .... $3,228,402 77 Less rebate on un- matured Notes . 34,931 22 3,i93>47i 55 Notes and Bills overdue and not specially secured 7,61461 Notes and Bills overdue and other overdue debts secured 23,946 17 Real Estate, Mortgages on Real ,Estate sold and other property not realized 48,298 94 Bank Premises, Safes, and Office Furniture 91,530 18 4,675,053 76 Stationery 1,268 80 $6,670,986 45 (15°) General Statement OF THE AFFAIRS OF THE BANK OF NOVA SCOTIA, On the 3 1ST December, 1888. LIABILITIES. Deposits at Call $1,555,128 65 Deposits subject to notice $3,162,788 57 Interest reserved on Deposits . ... 63,480 17 3,226,268 74 Due to other Banks in Canada . 14,683 70 Due to other Banks not in Canada . 91,484 61 106,168 31 Notes in Circulation 1,321,238 68 Drafts drawn between Head Office and Agencies outstanding 84,778 20 1,406,016 88 Capital paid up 1,114,300 00 Reserve Fund 460,000 00 Profit and Loss .... . . . 12,220 29 Dividends unpaid 308 00 Dividend No. no, payable ist Feb'y, '89 39,000 50 1,625,828 79 $7,919,411 37 ;i5i) ASSETS. Specie $207,304 51 Dominion Notes 33^t^95 °° Balances due from other Banks in Canada $97,648 32 Notes and Cheques of other Banks . . . 273,676 67 Due from Agencies of the Bank, or from other Banks in Foreign Countries . 370,880 02 Due from Agencies of the Bank, or from other Banks or Agencies in the United Kingdom 40,692 5 1 782,897 52 Investments, (Provincial and other Bonds) 765,969 89 $2,092,866 92 Loans to or Deposits made in other Banks secured 191845 00 Loans to Provincial Governments . . . 25,568 38 Loans secured by Bonds, Debentures and Stocks 108,890 51 Loans to other Corporations 956,915 62 Cash Credit Accounts and Secured Over- drafts 135,698 40 Authorized Overdrafts, not specially se- cured 9i77° 18 Notes and Bills, discounted and current .... $4,451,246 65 Less rebate on un- matured Notes . 49,906 33 4,401,340 32 Notes and Bills overdue and not specially secured 7>S77 3^ Notes and Bills overdue and other overdue debts secured 7,3^5 °2 Real Estate, Mortgages on Real Estate sold and other property not realized 46,039 22 Bank Premises, Safes and Office Furniture 106,442 04 5,825,452 °5 Stationery i,°92 4° $7,919,411 37 (15^) General Statement OF THE AFFAIRS OF THE BANK OF NOVA SCOTIA, On the 3 1 ST December, 1889. LIABILITIES. Deposits at Call ^i, 626, 244 95 Deposits subject to notice $3,423,321 15 Interest reserved on Deposits 77>76i 84 3,501,082 99 Loans from or Deposits made by other Banks in Canada unsecured .... 35,000 00 Due to other Banks in Canada . . 19,246 41 Due to other Banks not in Canada . . . 86,804 S6 141,050 97 Notes in Circulation 1,325,270 68 Drafts drawn between Head Office and Agencies outstanding 154,765 36 1,480,036 04 Capital paid up 1,114,300 00 Reserve Fund 560,000 00 Profit and Loss 12,973 81 Dividends unpaid 472 50 Dividend No. 112, payable ist Feby, 1890 39,000 50 1,726,746 81 $8,475, 161 76 (153) ASSETS. Specie $288,338 41 Dominion Notes 261,954 75 Balances due from other Banks in Canada $156,316 18 Notes and Cheques of other Banks . . . 304,011 79 Due from Agencies of the Bank or from other Banks in Foreign Countries . 231,437 72 Due from Agencies of the Bank or from other Banks or Agencies in the United Kingdom 320,187 59 i-°ii>9S3 28 Investments, (Provincial and other Bonds) 869,888 94 Loans to or Deposits made in other Banks secured 66,831 00 Loans to the Government of the Dominion 6,832 75 Loans to Provincial Governments . . . 73,604 58 Loans secured by Bonds, Debentures and Stocks 248,848 50 Loans to Municipal Corporations ... 2,122 86 Loans to other Corporations 1,104,103 77 Cash Credit Accounts and Secured Over- drafts 103,596 30 Authorized Overdrafts not specially se- cured 28,682 35 Notes and Bills, discounted and current .... $4,321,537 32 Less rebate on Un- matured Notes . 73,047 46 4,248,489 86 Notes and Bills overdue and not specially secured i4,S35 57 Notes and Bills overdue and other overdue debts secured 5,446 66 Real Estate, Mortgages on Real Estate sold and other property not realized 43,820 29 Bank Premises, Safes and Office Furniture 94,975 77 6,041,890 26 Stationery 1,136 12 $8,475,161 76 (154) General Statement OF THE AFFAIRS OF THE BANK OF NOVA SCOTIA, On the 3 1ST December, 1890. LIABILITIES. Deposits at Call $1,524,623 16 Deposits subject to notice $3,971,606 21 Interest reserved on Deposits 89,625 08 4,061,231 29 Due to other Banks in Canada .... 4,603 66 Due to other Banks not in Canada . . . 30,923 00 35-526 66 Notes in Circulation 1,307,196 09 Drafts drawn between Head Office and Agencies outstanding 136,423 09 1,443,619 18 Capital paid up 1,114,300 00 Reserve Fund 700,000 00 Profit and Loss 7,276 36 Dividends unpaid 280 00 Dividend No. 114, payable 1st Feb 'y, '91 39,000 50 1,860,856 86 $8,925,857 15 (155) ASSETS. Specie ^292,232 62 Dominion Notes 377,819 75 Balances due from other Banks in Canada ^173,166 48 Notes and Cheques of other Banks . . . 320,656 18 Due from Agencies of the Bank or from other Banks in Foreign Countries . 108,323 32 Due from Agencies of the Bank or from other Banks or Agencies in the United Kingdom 446,871 15 1,049,017 13 Investments (Provincial and other Bonds) 852,852 02 Loans to or Deposits made in other Banks secured 324,054 00 Loans to the Government of the Dominion 10,680 87 Loans to Provincial Governments . . . 15,351 82 Loans secured by Bonds, Debentures and Stocks 301,879 29 Loans to Municipal Corporations ... 1,831 04 Loans to other Corporations 1,523,032 21 Cash Credit Accounts and Secured Over- drafts 96,353 07 Authorized Overdrafts, not specially se- cured 20,629 35 Notes and Bills, discounted and current .... ^3,977,078 99 Less rebate on Un- matured Notes . 63,088 21 3>9i3>99° 78 Notes and Bills overdue and not specially secured 11,420 55 Notes and Bills overdue and other overdue debts secured 7,55^ 5^ Real Estate, Mortgages on Real Estate sold and other property not realized . 41,672 97 Bank Premises, Safes and Office Furniture 84,193 28 6.352,647 79 Stationery 1,287 84 ^8,925,857 15 (iS6) General Statement OF THE AFFAIRS OF THE BANK OF NOVA SCOTIA, On the 31ST December, 1891. LIABILITIES. Deposits at Call ^1,443,199 96 Deposits subject to notice $4,281,755 68 Interest reserved on Deposits 93,522 70 4,375.278 38 Due to other Banks in Canada .... i7i4iS 52 Due to other Banks not in Canada . . 88,903 5 1 106,319 03 Notes in Circulation 1,187,288 15 Drafts drawn between Head Office and Agencies outstanding 129,552 89 1,316,841 04 Capital paid up 1,500,000 00 Reserve Fund 1,000,000 00 Profit and Loss 9,664 85 Dividends unpaid 259 00 Dividend No. 116, payable ist Feb'y, '92 58,314 50 2,568,238 35 $9,809,876 76 (157) ASSETS. Specie ^261,687 19 Dominion Notes 451,025 50 Deposits with Dominion Government for Security of Note Circulation . . . $31,942 50 Balances due from other Banks in Canada 122,357 79 Notes and Cheques of other Banks . . . 286,785 74 Due from Agencies of the Bank or from other Banks in Foreign Countries . 309,766 52 Due from Agencies of the Bank or from other Banks or Agencies in the United Kingdom 607,915 79 1,358,768 34 Investments (Provincial, Municipal and other Bonds) 1,037,044 90 Loans to Provincial Governments . . . 72,163 35 Loans secured by Bonds, Debentures, Stocks, Promissory Notes or other Collaterals 336,465 09 Cash Credit Accounts and Secured Over- drafts i4S>94S 33 Authorized Overdrafts, not specially se- cured 21,288 34 Notes and Bills, discounted and current .... $6,062,387 84 Less rebate on Un- matured Notes . 73,066 69 S.989'321 15 Notes and Bills overdue and not specially secured 3,602 48 Notes and Bills overdue and other overdue debts secured 16,120 17 Real Estate, Mortgages on Real Estate sold and other property not realized 34,52° 57 Bank Premises, Safes and Office Furniture 81,133 75 6,700,560 23 Stationery 79° 6° $9,809,876 76 (iS8) General Statement OF THE AFFAIRS OF THE BANK OF NOVA SCOTIA, On the 31ST December, 1892. LIABILITIES. Deposits at call }ii,69o,283 23 Deposits subject to notice ^4,212, 116 88 Interest reserved on Deposits 94j277 33 ■ — 4,306,394 21 Due to other Banks in Canada .... 19,850 31 , Due to other Banks in Foreign Countries 51, 939 61 Due to other Banks in United Kingdom . 105,301 28 177,091 20 Notes in Circulation 1,128,060 08 Drafts drawn between Head Office and Agencies outstanding 142,814 17 1,270,874 25 Capital paid up 1,500,000 00 Reserve Fund 1,050,000 00 Profit and Loss 3,639 45 Dividends unpaid 419 00 Dividend No. 118, payable ist Feb'y, '93 60,000 00 2,614,058 45 $10,058,701 34 (159) ASSETS. Specie ^378,816 '37 Dominion Notes 492,358 99 Deposits with Dominion Government for Security of Note Circulation . . . $61,379 55 Balances due from other Banks in Canada 7i)SSS 97 Notes and Cheques of other Banks . . 347,780 18 Due from Agencies of the Bank or from other Banks in Foreign Countries . 240,241 09 720,956 79 Investments (Provincial, Municipal and other Bonds) 1,683,736 79 Loans to Provincial Governments . . . 30,376 86 Call Loans, secured by Bonds, Debentures, Stocks, &c 442,291 31 Time Loans, secured by Bonds, Deben- tures, Stocks, &c 100,000 00 Cash Credit Accounts and Secured Over- drafts 110,820 56 Authorized Overdrafts not specially se- cured 32,117 50 IsTotes and Bills, discounted and current .... $6,004,555 94 Less rebate on Un- matured Notes . 66,081 49 S.938>474 45 Notes and Bills overdue and not specially secured 9)054 68 Notes and Bills overdue and other overdue debts secured 4,717 46 Real Estate, Mortgages on Real Estate sold and other property not realized 30,714 92 Bank Premises, Safes and Office Furniture 83,694 24 6,782,261 98 Stationery 57° 4^ $10,058,701 34 (i6o) General Statement OF THE AFFAIRS OF THE BANK OF NOVA SCOTIA, On the 31ST December, 1893. LIABILITIES. Deposits at cal] $1,720,295 48 Deposits subject to notice $4,467,279 36 Interest reserved on Deposits ... . 86,207 70 4,553.487 "t>6 Due to other Banks in Canada . . . . 35,979 87 Due to other Banks in Foreign Countries 85,468 65 121,448 52 Notes in Circulation 1,163,713 90 Drafts drawn between Head Office and Agencies outstanding 120,074 52 1,283,788 42 Capital paid up ... . 1,500,000 00 Reserve Fund 1,200,000 00 Profit and Loss 2,362 05 Dividends unpaid 268 50 Dividend No. 120, payable ist Feb'y, '94 60,000 00 2,762,630 55 $10,441,650 03 (i6i) ASSETS. Specie $299,044 15 Dominion Notes 565,696 50 Deposits witli Dominion Government for Security of Note Circulation . . . $61,379 55 Balances due from other Banks in Canada 86,702 86 Notes and Cheques of other Banks . . . 406,115 11 Due from Agencies of the Bank or from other Banks in Foreign Countries . 309,926 92 Due from other Banks in the United Kingdom 212,208 58 1. 076,333 02 Investments, (Provincial, Municipal and other Bonds) . 2,026,094 95 Loans to Provincial Governments . . . 60,479 9^ Call Loans, secured by Bonds, Debentures, Stocks, &c 107,820 58 Time Loans secured by Bonds, Debentures, Stocks, &c 191,741 00 Cash Credit Accounts and Secured Over- drafts 196,797 30 Authorized Overdrafts not specially se- cured 42,882 15 Notes and Bills, discounted and current .... $5,837,878 94 Less rebate on Un- matured Notes . 77,691 86 5,760,187 08 Notes and Bills overdue and not specially secured 16,017 49 Notes and Bills overdue and other overdue debts secured 11,004 24 Real Estate, Mortgages on Real Estate sold and other property not realized 17,384 43 Bank Premises, Safes and Office Furniture 69,497 45 6,473,811 70 Stationery 669 71 $10,441,650 03 (I62) General Statement OF THE AFFAIRS OF THE BANK OF NOVA SCOTIA, On the 3 1 ST December, 1894. LIABILITIES. Deposits at call ^1,673, 194 95 Deposits subject to notice $4,738,251 87 Interest reserved on Deposits 100,618 50 4,838,870 37 Due to other Banks in Canada .... 36,861 21 Due to other Banks in Foreign Countries . 55,377 43 Due to other Banks in United Kingdom . 179,583 36 271,822 00 Notes in Circulation 1,159,913 48 Drafts drawn between Head Office and Agencies outstanding 144,295 75 1,304,209 23 Capital paid up 1,500,000 00 Reserve Fund 1,300,000 00 Profit and Loss 1,11381 Dividends unpaid 8 00 Dividend No. 122, payable ist Feb'y, '95 60,000 00 2,861,121 81 )Sio,949,2i8 36 (i63) ASSETS. Specie $163,034 11 Dominion Notes 602,705 75 Deposits with Dominion Government for Security of Note Circulation . . . $61,380 05 Due from other Banks in Canada . . . 63,153 22 Notes and Cheques of other Banks . . . 402,288 31 Due from Agencies of the Bank or from other Banks in Foreign Countries . 249,441 30 776,262 88 Investments, (Provincial, Municipal and other Bonds) . 2,099,726 30 Loans to Provincial Governments . . . 48,283 54 Call Loans, secured by Bonds, Debentures, Stocks, &c 136,295 59 Time Loans, secured by Bonds, Deben- tures, Stocks, &c 377,976 58 Cash Credit Accounts and Secured Over- drafts 191,192 50 Authorized Overdrafts, not specially se- cured 29,°3S 36 Notes and Bills, discounted and current .... $6,498,205 65 Less rebate on Un- matured Notes • 82,494 06 6,415,711 59 Notes and Bills overdue and not specially secured 1,183 S^ Notes and Bills overdue and other overdue debts secured 16,10119 Real Estate, Mortgages on Real Estate sold and other property not realized 16,615 43 Bank Premises, Safes and Office Furniture 74,420 57 7,306,815 87 Stationery 673 45 $10,949,218 36 (i64) General Statement OF THE AFFAIRS OF THE BANK OF NOVA SCOTIA, On the 3 1ST December, 1895. LIABILITIES. Deposits at call $2,430,514 99 Deposits subject to notice $5,826,876 52 Interest reserved on Deposits i3Si772 15 5,962,648 67 Due to other Banks in Canada 35,741 83 Due to other Banks in Foreign Countries 77)059 52 Due to other Banks in United Kingdom . 203,603 32 316,404 67 Notes in Circulation 1,267,099 35 Drafts drawn between Head Office and Agencies outstanding 149,068 31 1,416,167 66 Capital paid up 1,500,000 00 Reserve Fund 1,375,000 00 Profit and Loss 13,704 22 Dividends unpaid 24 00 Dividend No. 124, payable ist Feb'y, '96 60,000 00 2,948,728 22 $13,074,464 21 (i6s) ASSETS. Specie ^215,061 8i Dominion Notes 882,649 25 Deposits with Dominion Government for Security of Note Circulation . . . $61,380 05 Due from other Banks in Canada . . 77,637 87 Notes and Cheques of other Banks . . . 428,812 31 Due from Agencies of the Bank, or from other Banks in Foreign Countries . 369,784 66 937,614 89 Investments, (Provincial, Municipal and other Bonds) 2,075,378 21 Loans to Provincial Governments . . . 19,748 61 Call Loans, secured by Bonds, Debentures, Stocks, &c 347.153 15 Time Loans, secured by Bonds, Deben- tures, Stocks, &c 415,096 43 Cash Credit Accounts and Secured Over- drafts 253,349 64 Authorized Overdrafts, not specially se- cured 47,°79 52 Notes and Bills, discounted and current .... $7,854,508 66 Less rebate on Un- matured Notes . 85,964 48 7,768,544 18 Notes and Bills overdue and not specially secured 22,241 87 Notes and Bills overdue and other overdue debts secured 11,392 89 Real Estate, Mortgages on Real Estate sold and other property not realized 20,242 62 Bank Premises, Safes and Office Furniture 58,615 58 8,963,464 49 Stationery 295 56 $i3>°74,464 21 (1 66) General Statement OF THE AFFAIRS OF THE BANK OF NOVA SCOTIA, On the 3 1ST December, 1896. LIABILITIES. Deposits at call . $2,448,801 07 Deposits subject to notice $6,399,525 33 Interest reserved on Deposits . . . 141,677 13 6,541,202 46 Due to other Banks in Canada . . 21,267 99 Due to other Banks in Foreign Countries 67,272 22 88,540 21 Notes in Circulation 1,323,141 05 Drafts drawn between Head Office and Agencies outstanding 122,486 63 1,445,627 68 Capital paid up 1,500,000 00 Reserve Fund 1,500,000 00 Profit and Loss 27,762 93 Dividend No. 126, payable ist Feb'y, '97 60,000 00 3,087,762 93 ^13.611,934 35 (i67) ASSETS. Specie $362,458 41 Dominion Notes 650,246 75 Deposits with Dominion Government for Security of Note Circulation . . . $66,500 00 Due from other Banks in Canada . . . 113,715 05 Notes and Cheques of other Banks . . . 558,715 81 Due from Agencies of the Bank or from other Banks in Foreign Countries . 336,192 69 Due from other Banks in United Kingdom 29,881 74 1,105,005 29 Investments, (Provincial, Municipal and other Bonds) . 2,029,114 55 Loans to Provincial Governments . . . 71,949 31 Call Loans, secured by Bonds, Debentures, Stocks, &c 708,569 92 Time Loans, secured by Bonds, Deben- tures, Stocks, &c 481,008 08 Cash Credit Accounts and Secured Over- drafts 237,481 87 Authorized Overdrafts, not specially se- cured 70.655 95 Notes and Bills, discounted and current .... $7,882,887 47 Less rebate on Un- matured Notes . 72,489 03 7.810,398 44 Notes and Bills overdue and not specially secured 3.649 61 Notes and Bills overdue and other overdue debts secured 7.821 71 Real Estate, Mortgages on Real Estate sold, and other property not realized 25,327 26 Bank Premises, Safes and Office Furniture 47,634 88 9.464,497 °3 Stationery 612 32 ^13,611,934 35 (i68) General Statement OF THE AFFAIRS OF THE BANK OF NOVA SCOTIA, On the 31ST December, 1897. LIABILITIES. Deposits at call $2,783,606 84 Deposits subject to notice $7,245,622 04 Interest accrued on Deposits 144,896 79 7.390.5 '8 83 Due to other Banks in Canada . . . 153,886 05 Due to other Banks in Foreign Countries 118,116 55 272,002 60 Notes in Circulation 1,320,250 46 Drafts drawn between Head Office and Agencies outstanding 135,318 95 1.455.569 41 Capital paid up 1,500,000 00 Reserve Fund 1,600,000 00 Profit and Loss 26,634 20 Dividend No. 128, payable ist Feb'y, '98 60,000 00 3,186,634 20 $15,088,331 88 (i69) ASSETS. Specie $274,686 41 Dominion Notes — Legal Tenders 1,008,987 75 Deposits with Dominion Government for Security of Note Circulation . . . $69,581 00 Due from other Banks in Canada . . . 74)375 74 Notes of and Cheques on other Banks . 772,296 93 Due from Agencies of the Bank or from other Banks in Foreign Countries . 411,872 06 Due from other Banks in United Kingdom 18,199 ^^ 1,346,325 59 Investments, (Provincial, Municipal and other Bonds) . 2,013,935 9° Loans to Provincial Governments . . . 122,944 35 Call Loans, secured by Bonds, Debentures, Stocks, &c 1,027,126 69 Time Loans, secured by Bonds, Deben- tures, Stocks, &c 499,194 97 Cash Credit Accounts and Sefcured Over- drafts 193,270 66 Authorized overdrafts, not specially se- cured 62,124 20 Notes and Bills, discounted and current .... $8,554,766 19 Less rebate on Un- matured Notes . 84,373 01 8,470,393 18 Notes and Bills overdue 5,438 66 Real Estate and Mortgages on Real Estate sold 16,246 80 Bank Premises, Safes and Office Furniture 47,432 28 10,444,171 79 Stationery 224 44 $15,088,331 88 (lyo) General Statement OF THE AFFAIRS OF THE BANK OF NOVA SCOTIA, On the 31ST December, i8g8. LIABILITIES. Deposits at call $3,397 1992 38 Deposits subject to notice $8,120,592 54 Interest accrued on Deposits 171,805 39 8,292,397 93 Due to other Banks in Canada . . . 108,163 38 Due to other Banks in Foreign Countries 103,090 60 — ^11,253 98 Notes in Circulation 1,429,964 07 Drafts drawn between Branches, outstand- ing 180,367 21 1,610,331 28 Capital paid up 1,500,000 00 Reserve Fund 1,725,000 00 Profit and Loss 30,542 36 Dividend No. 130, payable ist Feb'y, '99 60,000 00 3,3i5,542 36 $16,827,517 93 (ly) ASSETS. Specie $428,700 48 Dominion Notes — Legal Tenders 1,211,727 25 Deposits with Dominion Government for Security of Note Circulation . . . 71,667 80 Due from other Banks in Canada . . . 994 92 Notes of and Cheques on other Banks . 626,222 16 Due from Branches of the Bank or from other Banks in Foreign Countries . 940,428 76 Due from other Banks in the United Kingdom 628,742 77 2,268,056 41 Investments, (Provincial, Municipal and other Bonds) . 1,899,416 79 Loans to Provincial Governments . . . 85,787 06 Loans to Municipalities 38,824 46 Call Loans, secured by Bonds, Debentures and Stocks 1,111,863 '^ Current Loans, secured by Bonds, Deben- tures and Stocks 343,827 72 Cash Credit Accounts and Secured Over- drafts 131,002 41 Authorized Overdrafts, not specially se- cured 58,661 61 Notes and Bills, discounted and current . ; . . $9,281,520 86 Less rebate on Un- matured Notes . 79,570 65 9,201,950 21 Notes and Bills overdue 4,780 28 Real Estate and Mortgages on Real Estate sold 5,943 79 Bank Premises, Safes and Office Furniture 36,976 35 11,019,617 00 $16,827,517 93 (172) General Statement OF THE AFFAIRS OF THE BANK OF NOVA SCOTIA, On the 30TH December, 1899. LIABILITIES. Deposits at call $4,386,390 66 Deposits subject to notice . . . . ^9,026,805 22 Interest accrued on Deposits 187,158 47 Deposits by other Banks in Canada . . 97,028 32 Deposits by other Banks in Foreign Coun- ties ■ 117.97s 73 Notes in Circulation 1,670,368 50 Drafts drawn between Branches outstand- ing • • • 120,459 95 9.213.963 69 215,004 05 1,790,828 45 Capital paid up . 1,760,900 00 Reserve Fund 2,162,570 00 Profit and Loss 30,566 57 Dividend No. 132, payable ist Feb'y, 1900 78,173 01 4,032,209 58 ^19.638.396 43 (173) ASSETS. Specie $1,088,044 09 Dominion Notes — Legal Tenders 1,326,283 50 Deposits with Dominion Government for Security of Note Circulation . . . . 731817 83 Due from other Banks in Canada . . . 2,635 03 Notes of and Cheques on other Banks . 680,838 17 Due from other Banks in Foreign Countries 889,922 26 Sterling Exchange 985,939 69 2,633,152 98 Investments, (Provincial, Municipal and other Bonds) . 2,176,064 01 Loans to Provincial Governments . . 90,073 57 Loans to Municipalities 30;S57 97 Call Loans, secured by Bonds, Debentures and Stocks ■ 1,124,435 39 Current Loans, secured by Bonds, Deben- tures and Stocks 999,970 93 Cash Credit Accounts and Secured Over- drafts 209,396 15 Authorized Overdrafts, not specially se- cured 32,721 54 Notes and Bills, discounted and current .... $9,994,610 23 Less rebate on Un- matured Notes . 87,915 83 9,906,694 40 Notes and Bills overdue IjS09 53 * Real Estate and Mortgages on Real Estate sold 851 78 * Bank Premises, Safes and Office Furni- ture 18,640 59 12,414,851 85 ^ 19.638,396 43 * Nominal value. (174) General Statement ' OF THE AFFAIRS OF THE BANK OF NOVA SCOTIA, On the 31ST December, 1900. LIABILITIES. Deposits at call $5,282,675 59 Deposits subject to notice ^10,323,304 77 Interest accrued on Deposits 200,654 44 i°.S23.9S9 21 Deposits by other Banks in Canada . . 63,766 10 Deposits by other Banks in Foreign Countries 128,531 98 192,298 08 Notes in Circulation 1,776,934 49 Drafts drawn between Branches, out- standing 3°2>32o 45 2,079,254 94 Capital paid up 1,860,000 00 Reserve Fund 2,418,000 00 Profit and Loss 30i79S 82 Rebate of Interest on Time Loans . . 82,370 61 Dividend No. 134, payable ist Feb'y,i9oi 83,643 71 4,474.810 14 ?22, 552,997 96 (175) ASSETS. « Specie ^1,083,605 21 Dominion Notes — Legal Tenders . . . 1,486,739 75 Deposits with Dominion Government for Security of Note Circvilation . . . 85,210 80 Notes of and Cheques on other Banks . 1,264,024 31 Due from other Banks in Canada . . 134 26 Due from other Banks in Foreign Countries 817,161 15 Sterling Exchange 1,102,339 ^3 Investments, (Provincial, Municipal and other Bonds) 2,800,687 3- Call Loans, secured by Bonds, Debentures and Stocks 1,968,158 88 Call Loans, secured by Grain and other Staple Commodities 821,875 00 11,429,935 81 Loans to Provinces and Municipalities . 248,349 54 Current Loans, secured by Bonds, Deben- tures and Stocks 1,272,774 97 Current Loans, secured by Grain and other Staple Commodities 1,021,169 37 Cash Credit Accounts and secured Over- drafts 246,860 61 Authorized Overdrafts, not specially se- cured 106,112 44 Notes and Bills, discounted and current . 8,180,698 11 Notes and Bills overdue 1,82534 Real Estate and Mortgages 489 12 Bank Premises, Safes and Office Furniture 44,782 65 11,123,062 15 ?22, 552.997 96 Statement of Profits Earned, 1871-1900. Net Profits. DIVIDENDS Paid. Added to Reserve I87I • ^36,990 65 ^22,400 00 $11,808 30 2 51-692 36 36,400 00 15,452 48 3 108,989 30 51,930 00 56,933 33 4 132,346 92 60,068 00 70,000 00 5 96,754 68 72,344 47 28,850 00 6 86,439 14 80,000 00 4,500 00 7 100,125 86 80,000 00 20,000 00 8 80,798 61 70,000 00 10,000 00 9 80,394 38 70,000 00 10,000 00 1880 104,095 95 70,000 00 35,000 00 I 125,357 74 75,000 00 50,000 00 2 154,962 76 80,000 00 75,000 00 3 103,963 84 84,572 00 21,994 00 4 (46,006 31 Loss) 83,572 50 rss" 1 30,000 00) 5 77,2,^7 65 78,001 00 6 98,652 36 78,001 00 20,000 00 7 125,755 54 78,001 00 40,000 00 8 141,347 94 78,001 00 60,000 00 9 178,754 52 78,001 00 100,000 00 1890 212,303 55 78,001 00 140,000 00 I 210,258 97 100,720 48 107,150 00 2 163,974 60 120,000 00 50,000 00 3 268,722 60 1 20,000 00 150,000 00 4 218,751 76 1 20,000 00 100,000 00 5 207,590 41 120,000 00 75,000 00 6 259,058 71 1 20,000 00 125,000 00 7 218,871 27 120,000 00 100,000 00 8 248,908 16 I 20,P00 00 125,000 00 9 291,032 03 141,007 82 150,000 00 1900 300,928 15 164,641 76 136,057 14