Volume 2 - ElectricCanadian.com

52 HISTORY OF THE BANKSo well did the young bank prosper that on November 28,1867, the directors were able to declare a dividend at the rateof eight per cent, per annum for that part of the year 1867(seven and a half months) during which the bank had beenin operation. When the first annual general meeting of shareholderswas held on July 6,1868, the directors had excellentprogress to report. The calls on the shareholders had beenmet with unusual promptness, the paid-up capital standing at$916,359, only about $80,000 short of the authorized amount,and the directors were empowered by the shareholders toapply to Parliament for permission to increase the capitalstock to two million dollars. The financial statement presentedto the meeting was as follows:LIABILITIES.Capital stock paid up $ 916,359 00Circulation 702,388 00Deposits 1,302,480 70Reserve for interest accrued on deposits 3,098 39Dividends unpaid 32,393 28Rest 40,000 00Balance of profits carried forward 362 01$2,997,081 38ASSETS.Specie and provincial notes $ 785,017 35Notes and cheques of other banks 139,066 69Balances due by other banks, after deductingbalances due to other banks 45,781 49Government securities 92,500 00Notes and bills discounted 1,894,294 03Bank premises and furniture 40,421 82$2,997,081 38Soon after the meeting it became apparent that, in viewof the rapid increase in business, the appointment of aninspector or other assistant to the cashier was advisable;and the president, vice-president and cashier were appointed a