DECEMBER - 4. 1951

. - Ge lump”-standing of Need

A ms. gits coupon BALL. in GENERAL REVIEW

nu-ea), Dec. Ivulilmfggrwfung "suited In II Bid B. C. address (0 iorew” 5 "the c,oi-don R. Ball. general man- ” reviewed the bank's 1051 0 ,.,,',uons and reported "continued gtnressf with assets at a new ”,,,, or 52,222 millions. Deposits. 5. 52,035 millions, and loans, at .53, millions, also reached high- ”,,E,.c, year-end levels. The num- ber of deposit accounts had also reached a record ngure-1.879519. Ne, profits for the year amount- ,d in 55,355,374, Mr. Ball an- nounced. Of this sum, dividends totniliiii: 54,320,000 were paid at the rate of 31.20 per share. By coiiiriisi. federal and provincial mpg riinoiiiited to 35.001000. A further transfer of 33,000,000 was m:l(.lE to the Reserve Fund, bring- ing it up to 031,000,000.

l'rngrr-ss l'lus a-oblemii

iler.nr.iiig the general picture of bizsziirss .-ictlvity, Mr. Gardner said that the year had been "replete mi. prc.blr-iiis", with the economic iiicziire i-niiiplicated by .”distortions or an iii".itioiiary trend. and in tcme iiir lrP. by the steps taken in ('0llt';'.l lllt' trend itself.''

One mgr, that of revising the

-iiiiiiiictai'y policy, he said, well have been initiated it) izood effect." He pointed oir rim. lie had advocated such a pnl.(f. ill lllS address to the share- iznliieis il.l('I( in i948. and again ins: vixir With the tightening of iiiii.-mi inics, the price of money ms wince Wzalll beginning to ex- rrciw its traditional stabilizing fuiiciicii as a stimulus to saving alltl a brake on excessive expan- sion.

Gurrriinieiital action had tight- rncii cmisiiincr credit terms, Mr. Gariiiirr stated. and on "a broader irniit" the banks were co-operat- mg llllll the Bank of Canada in a iir(I2l"illl of selective credit re- .:ii'ictir,m". The tight. rein kept on in: CIIFII ratios of the chartered hanks put. "an effective curb” on He Npansinll of credit. and this. hr said. was "an integral part of a llifililfillll ni tighter money III rniinri"

-'iii riirri." the president said. lll ivirrrinu in the program of svlectlve credit restriction, "the

banks have agreed, in co-operation aim the Bank of Canada, to en- nevnr to ensure that such credit as is made available is extended for piirposi-3 of essential current prodiicti'oii."

('mlif Restriction Genuine Need

"iinst bankers would agree that iiwse special measures are appro- priate to an emergency as long as it exists," he continued. They posed special problems in dealing with customers. He paid "a sincere tribute" to the bank's customers, who had shown "a gratifying un- deistandiiig of the situation."

ilr. Gardner felt that most maJ0l' difficulties induced by the ClP(llL curbs were the consequence 05 nvvr-buying. and of borrowing in buy goods, following the advent o: the Korean crisis. Readjust- nients which have been taking place lll recent. months were "in large measure. the inevitable re- action from over-buying."

lntcniatlonal tension was not

11kCIl' to permit any downward Him: in " ' measures, the president held. The immediate P-'0SiWt was for "a eteadlly-grow- "I2 icarinnincni. demand" compot- imz hr lnllllpower and materials. The .-igniiicaiice of this countrys acct-ir.ating development. was en- hanrrii. he believed, by indications "7 iivivlriinn in some United States lT.b(lUT('PS. ”ln a desperately uneasy world. in uiiich the shadows of Com- munism and turbulent nationalism not grow less. the march of events is hurrying this country AIOPR R pathway of development which otherwise might have taken 5 longer time to traverse."

Causes of Inflation Described

.Caiiadians would do well to con- llldcr these "dynamic forces” in arms of challenge as well as op- Wlliilltv. he commented. with "lyiiirreasing proportion of the glflllmhl output being devoted to mefllfe needs and the building of dd”-Rfylhl plant and equipment, he "few the inescapable conclusion" mggaille Droductlon of consumer & diminish with the

nnrosirs. mans, AT NEW man,

3-Current official t -y , "already dangerou. inflationary influences." have healthier and more realistic interest-rate structure." Gardner, M.C., president of the Bank of Montreal, in his shareholders at their 134th annual meeting today. "brilliant long-range future" for Canada, but warned that possibility of further inflationary pressure is still very real."

;&M President Sees. Risk of Still Further Inflation

rduer Praises Loan Customers for Their

for Credit Restrictions

I

GENERAL MANAGER. OF BUSINESS YEAR

III .1.

C to He

"near-term" result of tending to widen the gap between individual spending-power and available goods.

Mr. Gardner warned that there were also long-term influences at work undermining the value of the dollar. Among th he included: the political unpopularity of anti- infla” y policies; severe taxat- ion which might encourage the wage-price spiral; and shorter working-hours at a time of heavy demand on the collective efforts of the people.

General Managers Address

Mr. Ball, in discussing the credit regulations as they affected the day-to-day operations of the bank, said that the current policy of re- strictions was "primarily antl-in- flationary" with the intent "to prevent. as far as possible, any further increase in the aggregate of bank credit". It was not in- tended to restrict the normal use of bank credit for essential pur- poses, but entailed "certain restric- tions on loans for the purchase of securities, for the financing of in- stalment paper and for capital purposes." Reporting a gain of 322 millions I". deposits over the 1950 year-end. the general manager noted that "the trend of deposits in the char- tered banks" was influenced by the crntral banking policy of discour- aging monetary expansion. There were indications that saving: de- posits had been affected by the increased use of savings for capital expenditures, for retirement of in- debtedness so incurred. and by higher living costs and taxation.

Import and export financing showed "a substantially higher volume,” he reported, and the am- ount of foreign exchange bought and sold for customcrs' account. reflected "a very considerable in- crease". He stated that the bank's organization had been active in helping new industries to establish themselves in Canada.

Business Conditions Reviewed

Mr. Ball stated that the past. year was a time of great economic activity with "some dips among an otherwise imposing array of peak points." For some businesses, he said, it was a "rather painful" per- iod of readjustment from the up- surge of demand that followed the outbreak of the Korean war. "In reflect on of these conditions much of the late-1950 rise of basic com- modity prices has been cancelled out and upward pressures have lost a good deal of their steam."

The mass anticipation ,of infla- tion, he said, had, in fact, hasten- ed inflatlon on its way. Experience had shown that it took time to transform a defence program on paper into a defence program on the production lines. "In the meantime, we have been succeed- mg in. producing, and importing. ourselves out of many of the scar- cities that civilian spending, rath- er than rcarmament outlays, had induced."

It was essential to keep "a sensi- of proportion and perspective" in such a transitional period. Mr. Bali can Lasized. "More Canad- ians are employed today-and at a higher level of income-than at any previous time in our history." The industrial foundations of a

extended. and there was a "highly significant tendency" on the part of many businessmen to make long-term plans "with a uOI"llldETlCB in the Canadian nutlook born of a reasoned appraisal of the logic of events."

Despite a "sizable deficit" in ex- ternal trade, the general manager stated that Canada's reserves of gold and U. 5. dollars "have de3 clined only moderately" owing to an inflow of capital into Canada. It was "greatly to be regretted" that. due to British regulations. United Kingdom holders of Can- adian securities were not free to switch from one Canadian invest- ment to another.

In concluding, Mr. Ball paid warm tribute to the "continued loyal. devoted and efficient ser- vice" of the B of M staff, and ex- pressed pride in their accomplish- ments "at every branchand agen- cy of this bank."

Glide iliver w.i. Annual Meeting

,h:I"'- John Darraoh entertained ,,,,n.'."'Imb"" 0! Clyde River Wo- N nstitutc on the evening of

"ht President. Mrs. Geo.

presided ""1 Dixon,

opened the meeting glplleluthe Institute Ode and collect mm"? In unison. Roll call was mm '4 I0 by sixteen members In their ideas of "What it "huh to be well drums." The nu ma! of the last annual meet- ' I-9 filular monthly meet- ere read and adoptga, i . nve a very fine run work, and the

concise reports. but receipts for ::',,',J':;'m;t';oP.0 OM47 and expend- mfgnwd school committee: also why. In the reports of their mi ll(3t.IVItIOl during flu ya: ,,,,,,'u. . moxiunon .will be

for the December meeting.

their first annual .

ected for the comim year:

President, Mrs. Geo. Dixon; vice- president, Mrs. J. H. MacPhail: secretary. Mrs. W. A. Mscliean; treasurer, Mrs. John Darrach: auditors, Mrs. Reg Mackinnon and Mrs. Louis MacLean.

Plans were made to present the

gicater Canada were heing rapidly '

Canadian Army Casually lisi

o'l'I'AWA. Dec. 3-(CP)- The army has issued its mo cas- ualty list of the, Korean war, re- porting three men killed in act- ion. one officer and 12 men wounded, and eight men injured in action.

This brought to 554 the total number of casualties suffered by

vpanadian troops in Korean action,

' ” 1, 109 dead. 395 wounded. 48 injured and two missing. The list: I

Killed In Action

Bolduc. Marc Andre, Pie; R. C. 1. C.; Philippe Bolduc (brother), Bureau Lacrolx. Beauce Co., Que. Laflamme, Joseph Leo Leonard, Pi.e.; R.C.I.C.; Montreal; Leopold Laflammo (father), Dunham, Misslsquoi, Co., Que.

Metcier, Jean Roch, Pte.; R. C. I. C.: Thetford Mines, Que.; Henri Mencier (father), cfo R. E. Stut- vort, Chathasn. N. B.

Wounded 1.. Action

Bercier, Jean Napoleon, Pte.; R. C. I. 6.; Mrs. Angelina Bercler (mother), Fall River, Mass.

Bradley, Austin Gerard. Pte.; R..C.I.C.; Saint John, N. B.; Mrs. Alice Bradley (mother). general delivery, Woodstock, N. B. Brouard, Camille, Lieut.; R. C. I C.: Francois D. Brouard (father), 902 Cnemin Ste Foy. Quebec City. Cabana, Jean Baptiste Joseph. Pte.; R. C. I. C.: I-lull, Que.; Mrs. Marie Jeanne Cabana (wife). Co Abitibi, Authler, Que.

Gharbonneau, Joseph Lucien Denis, Re: R .0. I. C.; Mrs. Rob- ertine Charbonneau (mother), Montreal.

Charest, Camille, Pic: R. C. I. 0.; Emile Charest. (fat-her), St. Alexandre, Kamouriiska Co.. Que. Comeau, Roger, Pie; R. C. I. C.: Mrs. C. Comeau (wife). 582b St. Joseph St., Lauzon. Co. Levis, Que. Levesque, Laurent; Pt.e.; R. C. I. C.: Montreal, Mrs. R. Levesque (mother), 7'! Notre Dame St., Mont Joli, Que.

Maccoy, James Harry ,sigmn.: R. C. Sigs: Mrs. Mary Edna Mac- Coy, New Liskeard, Ont.

Mire.-iult, Joseph Cyrille Lucien, acting Cpl.; R. C. I. C.: Montreal;

THE GUARDIAN.

Mrs. C. Mireault (mother), st. I-Iyacinthe, Que.

Montembeault, Rolland, Pte.: R. C. I. C.: Raoul Montembeauit (father). Nlcolet, Que.

sauve. Jean Paul. Pt.e.; R. C. I. 0.; Mrs. Armancia Legault (sister). 121 Chatham St.. Lachutc. Que.

Emond. Georges"!-Ienri, Pte.; R.

C. I. C.: Mrs. Laura Emond (mother), Cap Chat, Gaepe C0,. Que.

Injured In Action

Carruth. Ronald James. Pie; R. C. I. C.: waterdown, 0nt.; Mrs. J. R. CI-1'fl.l.l4h (mother). l-lamilton.

Ont.

Cowan, Eiber, Pte.; R. C. I. C.: Perth, Ont.; Miss Lillie Cowsn (sister), Toronto.

Dumberry, Raymond, Acting Cpl.; R. . I. C.: Mrs. Alice Dum-

berry (mo her), 1934 Marmier St., Ville Jacques Cartier, Que.

Gallant, Franklyn William, Pt.e.; R. C. I. 0.; Mrs. Mary Althea Gallant (w ), 31 Cornhlll St. Moncton, B.

Gaudreau, Renald, Pte.; E C. I. C.: Mr. Georges Gaudreau (father), Montmagny, Co. Montinagny, Que.

Jenkins, John Douglas, Pie; R. O. I. C.: Mrs. Alice Jenkins (moth- er), 1772 Godin Blvd., Ma.ckay- Ville, Que.

'I'homson,'James. Sgt.; R. C. I. 0.; Vancouver; Mrs. Helen Elvera Thomson (wife), PMQ 3, Currie Bks., Calgary.

Tremblay, Jean Wilfred Joseph, Ptc.; R. C. I. C.: Forbes 0nt.; Mrs. Beatrice Tremblay (wife), clo Hodges, North Gower, Ont.

COVEHEAD-BRACKLEY W. M. 5.

Mrs. Albert need was hostess for the W. M. 8. meeting of Nov. 12, and the president, Mrs. Leith MacKinnon, took charge of the program, which opened by singing the hymn "From Ocean Unto Ocean", followed by prayer in uni- son. taken from the Hymnary.

The scripture, taken from Psalm 67 and Matthew 23 was read by Doris Brown. after which the hymn "Lord While For All Man- kind" was sung.

Mrs. Colin MacLure gave a read- ing of her own composition en- titled "Rememb ance Day".

A letter was read from a couple in Germany desiring help to gel: tr. Canada, and Mrs. Orr Maccaim

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CHARLOTTETOWN

The Birthday Murder

By Luge uwfa ' CHAPTER THIRTY

Part Two

She surveyed the array. For the first time these gifts meant more to her than the sheer materialis- tic joy of new possession, or even thoughtfulness which had prompt- ed the giving. They were like a bulwark against a fear in her own mind. They were a reminder of the fact that people liked her, a good many people. 0

She still felt cold. She decided that something was wrong with the furnace. and went over and stood with her hands fanned out above the grating In the floor. No, it wasn't. that. Quite a lot of warm air gushed up at her face. she do- cided to build a fire.

It was while she was squatting on the hearth, coaxing a match to ignite the twist of paper under the wood, then she heard it again. The sound utslde.

She went quickly to the front door, hesitated a moment, then opened the top half abruptly and widely and peered out into the darkness. she listened. She heard only the thin shrill sound of the crickets in the orchard next door. the sound of traffic below on the boulevard.

She shut the door's upper half,

The roll was answered by 13 mem- bers and there were six visitors. The minutes were read and ap- proved and the treasurer gave her report.

some discussion followed regard- ing a Christmas concert in the church, but nothing definite was decided. The collection amounted to 34.30.

The next roll call is to be an- swered by the word "Angel". Mrs. I-libbert Hughes invited the mem- bers to her home for that meeting.

The meeting closed with Mispah Benediction and a. dainty lunch was served by the hostess.

ANCIENT GAME

A game sonieivhat similar to modern draughts or checkers was

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and stood staring retleetlvely at the floor. Then she went back to her gifts.

lng. It was always the same sound. sometimes from the front of the house, sometimes from row side yard to the north. Some- times from the back. As someone, trying to move with ut- ter silence, struck a stone with his foot and then had at once frozen to motion- lessness.

ations for this chief of which was tion by her own nerves of a. per- fectly normal sound, usually un- noticed.

keep from her mind

which obsessed it, I

that the night around her

was not empty of an lnhabiiant,l

a watcher who hated her. I i

at nine the next morning. man sounded sleepy and irritatedl Tuck identified himself, wished to talk to Harriss at once, could be at his hotel in half an hour. "The homicide squad?" de- manded I-Iarriss, have I done in the last few days to get you interested in ME?"

when he saw him.

ful fall mornings. Tuck drove west cut Sunset through white light, under a clean, blue sky.

hotel corridor, he heard coming from room, 883'- abruptly after Tuck's knock, Har-

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turned and

She had been hearing it all even-

the nar- though had inadvertently

She knew all the logical explanl phenomenon. the a magnifica-

riss's shirt was open at the throat exposing a triangle of hairy chest. In one hand was a bathroom glass which appeared to contain a mix- ture of whiskey and water. His snort dark hair was rumpled. his eyes were dark and reflectionless. Tuck's net impression was of vir- ility and self-assurance, an im- pression aided by tne heavy mus- tache whioh the man wore.

"Come in." said I-fan-iss abrupt- ly. lie nodded toward the room's one upholstered chair, himself straddled a straight chair facing it, resting the glass on the CllllIl”S back. "Care for a drink?" he ask- ed, lifting the glass an inch in in- vitation.

She knew this, but it did, not, the mood'

conviction house

the

Tuck telephoned Captain I-Iarrlss The?

said he

sharply. "What

Tuck said he would explain that It was one of hose rare beauti- sun-

Standlng in the dark carpeted

music Captain I-larriss' Mexican music, plaintively

I-Iarriss opened the door

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whiskey. The room had In hd d desolation common to mill hit hotel rooms.

The music he had head was coming from the portable radio C1 the table beside the bed. Backed by the sound of guitars a. woman's voice was singing. it was a stance voice, and for a moment it com.- manded Tuck's attention. It was I-

deep voice, almost hoarse,

and

there was a fury and power in it. she was singing a Mexican maria- nlll. called "Cuatro Milpns.” "She's dead," said Captain HAI- riss, gesturing toward the battered

portable with his glass. The song ended: he got up and turned off

the radio. "She died two days ago

"No, thanks," Tuck said. The in Cl.iFrl1llVfl(1a. Her name was room faced north, and was with- Lucia Rio. she killed herself with out sunlight. Outside the bright sleeping pills. I once knew her

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Institute play early in P

and the meeting adioumed by singing "Long, Long Ago.'.'.. g

A bountiful lunch was provided by the hostel! outlined by commit- tee in charge, and a social chat enjoyed.

MR8 noun ,I.apland is the name given the Arctic territory inhabited by the bowl. covering the north of Nor- way, Sweden. inland and Russia.

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