TKe Sovereign BanK of Canada 



Officb op the 2nd Vice-Presidbnt and General Manager, 



To the Shareholders, The Sovereign Bank of Canada: 



WE have pleasure in enclosing herewith 

 statement of the Bank's position as at 

 the close of the fiscal half-year, ending 

 31st October, together with comparative 

 statistics for the past five years. The figures 

 require no special explanation, and we feel sure 

 the progress and stability which they indicate 

 will afford the proprietors and friends of the 

 Bank complete satisfaction. 



The Bank's American and Foreign business 

 has now attained considerable importance. Our 

 connections abroad, as well as our faciUties at 

 home, enable us to handle British, Continental 

 and American transactions entrusted to us on a 

 favorable basis, and the results so far have been 

 satisfactory to all concerned. 



Our principal business is, of course, confined 

 to Canada, and is concentrated in the provinces 



of Ontario and Quebec, which long experience 

 has proven to be the safest territory in the 

 Dominion for the conduct of a general and com- 

 mercial banking business. In these two prov- 

 inces the Bank has 55 branches and 22 sub- 

 offices, the latter being managed from central 

 points, and in some instances open only two or 

 three days a week. We have not yet opened 

 any branches in the North-West, as competition 

 there seems to be unusually keen, but with the 

 undoubted progress which the country is mak- 

 ing, these conditions will probably right them- 

 selves later on, and in the meantime we have 

 very satisfactory banking arrangements for the 

 conduct of business throughout that territory. 



The capital of the Bank ($4,000,000) will be 

 fully paid up in a few months, and it is a source 

 of great satisfaction to know that our sharehold- 



Montreal, November 10, 1906. 



ers number nearly 1,200 and include some of the 

 most powerful financial people in the world. 



The Sovereign Bank is at present the eighth 

 largest chartered bank in Canada in point of 

 capital. Its assets amount to $25,343,401, a 

 large part of which are "liquid," and the con- 

 tinued growth of deposits testifies to the popu- 

 larity of the institution throughout the country. 



The Note Circulation shows an advance of 

 83% over last year, and both the Circulation 

 and Deposits have increased materially since the 

 present statement was compiled. 



The past half-year is the best the Bank has 

 ever had, and we have every reason to think that 

 the current half-year will be at least as good. 

 Your obedient servant, 



D. M. Stewart, 

 General Manager. 



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