Excerpt from Addresses of B. E. Walker, President: Delivered at the Third and Fourth Annual Meetings of the Canadian Bankers Association

When at the second annual meeting in Toronto, a little over a year ago, we elected a President to fill the position which Mr. Hague had occupied for the year and a half which measured the short existence of our Association, I little expected, as you know, to address you to-day. It had been understood that the Presidency would be offered to one of the bankers of Toronto, but we in turn, while deeply conscious of the honor, desired that it should be offered to the chief of our leading bank, both for his own sake, and because of his high position, and, as you know, he was elected. Mr. Clouston, however, was unwilling to accept the office. The Executive Council were then courteous enough to request the bankers of Toronto to express an Opinion as to who should be appointed to fill the vacancy for the balance of the year, and we desired that the honor be conferred upon our highly esteemed friend and veteran banker, Mr. James Steven son, but because of advancing years he also declined, and when the Executive Council met, 6th December, 1893, I was ap pointed. Up to this time Mr. Hague had not been relieved of the duties of the Office, and I ask you to remember that I therefore only assumed them a little over seven months ago. This must be my excuse for many things which might otherwise have been accomplished.

While on the one hand a mere business association having in view the interests of the banks of Canada as a whole, we are on the other hand a scientific association, consisting of a body of associates anxious to understand the principles of bank ing and finance; and after the manner of scientific societies, it is expected that the President will set forth annually before the associates the events of the past year which are deemed of importance as Objects of study for those con cerned about the science of banking and finance. Although hemay do so, he will not be expected to discuss the causes and effects of actions with much fullness, and he will perhaps have done his duty if be merely indicates the events worthy of record and study. In any event, on this occasion it is the less necessary that the causes and effects of the recent panic in the United States should be set forth by me, as the senior essay in the prize competition of the year deals with that matter, and the paper by the winner of the first prize has been printed in our journal.

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