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: Covers Prince Edward island Like The Dew W. J. Hancox, Publisher Wellece Ward Frank Walker Wanaging Editor Editor Published every week day morning (except Sun holidays) eat 165 Prince Street,

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PAGE 4 THURSDAY, DECEMBER 9, 1965.

On, And On, And On

Cyrille Felteau, well-known com- mentator in the French-language newspaper La Presse, has this to say about the latest Montreal hearings before the Royal Commission

on |

Bilingualism and Biculturalism: “All | went well as long as moderate opin- | | ject when the President outlines his

fon could serve to counterbalance the repeated ‘exaggerations of certain rsons, ‘always the same ones, who confused their personal crotchets . with real intellectual problems. But this period seems to be over. Wheth- er through indifference or wearinéss on the part of those who have some- thing sensible to say, the field of dis- cussion seems now to be occupied largely by the loudspeakers emanat- ing from cracked records. As for the commission members themselves, they hardly seem to be reacting at all to the whoppers offered to the point of satiety to them.” This writér expresses hope that the commissioners will soon call it

a.day and get. down to the bisiness of | | point when it urges all concerned to

writing their final report... But no such luck! Ridiculous as it may seem, they are considering putting out a

second “interim” report, and_good- |

program could be revised and made more effective, in the face of famine

in many parts of the world. A noteworthy example is India,

which is facing its worst food short-. |

age since attaining independence in 1947, and whére a famine crisis in eight of the states is imminent. In

Rajasthan alone, five. million people |

are affected. The United States al- ready is pouring 20,000 tons of wheat into India daily, but the nation’s in- ternal distribution system is unable to get the grain to the stricken areas in time.

Throughout the Far East, where nearly one-half of the world’s-3.3 bil- lion people live. food production lags far behind the population increase. The same applies to'many states in Latin America, According to the United Nations, world population will double within another generation un- less correctives are applied at once. There are currently 180,000 new

mouths to feed every day and the vast |

majority of these children live amid

poverty in the world’s underdevelop- |

ed nations.

Reporting on the Washington con- ference, the Boston Globe predicts that more will be heard on this sub-

administration’s policy next month before Congress. In the meantime,

it adds, Seneca’s admonition in De | | Brevitate. Vitae is pertinent: “A hun-

gry peoplevlistens not to reason, nor

' cares for justice;“nor is bent by any

{

}

ness knows how many others after |

that.

The Toronto Globe and Mail hotes, with something of relief, that they have now left Toronto for the But it recalls that they have already been to the West; they have already heard what the West had to gay—and the Middle and the East— ‘for a total of 400 briefs. Can there Yeally be anything constructive still to be said on the subject?

Even that final report, says the

|

| |

prayers...

All Very Confusing

A news story reports that “many headaches” have developed on the question of whether the new Canada Pension Plan should be integrated with, or decked on top of, the thous- ands of private pension plans now in existence. The arguments tend to get bewildering, but: the Mercer Actuarial Bulletin makes a sensible

get back to first principles and con- sider what the pension plan. is de- signed to serve. The main purpose, it says, “‘is to ensure that the retired employee will receive an income rea- sonably related to what he was get- ting before retirement and to permit the employer, with a good conscience, to retire his employees on .a.systema- tic basis.”

| | | |

Not many years ago, the, opinion

| commonly held by pension author-

| ities was that a-formula providing a

i }

| ity_pension, of about half the employ-

Toronto paper, may be of little value |

when it comes, a mere decumentation ? of a Canada that once was and has ceased to be. For events in many *areas are overtaking the commission- ers. The whole country is changing, and the pace of change could acceler- ate with dramatic suddenness w hen Parliament convenes. . :

A strong Quebec representation in Ottawa, a new companionship _ be- tween Quebec.and Ontario, an awak- ened understanding throughout the country, a drawing together of all

.Canadians who recognize that inde- pendence is threatened more by the economic~ dominance to the south than by internal schism—all these could work a change that would leave the commission's labored find- ings. outdated. Surely it must real- ize that many of the briefs that have been presented to it since it recom- menced its sittings have been repet- itious, extreme or just plain silly. What possible value can this sort of thing have for Canada‘and the cause of unity? .

If the commission is indifferent to sich considerations, perhaps Parlia- ment can find means of curtailing its prodigal expense account and put- ting the taxpayers’ money to some more useful purpose.

- Food And Peace

Half a decade ago President Eisen- hower believed that “ours is the first generation to catch the scent of vic- tory in the worlds battle against hunger, and our own country’s con- tribution to that struggle.” He spoke in the wake of a 10-year period dur- ing which no major faminés had oc- curred anywhere in the non-Com- munist world. Today the picture on this battle front has changed alarm- ingly. 5,000 judges, scientists. edu- cators, industrialists, engineers and political experts who gathered at Washington recently at President Johnson’s four-day Conference on In- ternational Cooperation made this

point very clear. ~- § Some 30 task force reports analyz- ing approaches to the problem of

| |

| others -have enjoyed pension plans

| and drops to 65 years by 1970.

}

| but according to the National

| which is payable at 69 years in 1966

pension, including the old age secur-

ee’s earnings after 30 to 40 years of service was quite generous. In re cent years, some civil servants and

giving.s maximim of 70 per cent of the best five years of earnings, pitts the $75 old age security pension

Now,. according to the Actuarial Bulletin, many employee groups are holding out for a pension - package that would give them an income from | all sources after retirement greater than they received while working. For example, a man earning $5,000 ° a year and retiring 10 years hence will receive Canada Pension Plan... and old age security pensions total- } ling 43 per cent of earnings. If his private pension is 57- per cent or | more, his combined pension will be | greater than his pay was. And his | wife will also be entitled to a $75 old age security pension. at 65.

This, it is argued, would impose double taxation on the working force | (for their own pensions and for the pensions of those who have not earn- ed them), and greatly increase the in- | flationary pressure on the country’s economy. Not to speak of the fact that are there are said to be some | 2% million Canadians who will get ‘ttle or nothing under the Canada Pension Plan except the doubtful pleasure of seeing its benefits distrib- uted to their: more fortunate neigh- bors.

m ’ EDITORIAL NOTES We are accustomed to think of the | typewriter as a modern innovation, Geo-

| graphic Society it goes back to 1714. |

| In that year Queen Anne of England |

. to not be distinguished from print.”’

granted a patent to Henry Mills, a London engineer, for a device to re- produce letters ‘‘so neat and exact as |

Japanese ingenuity has come up

_ with an electoral apparatus for al- |

| | |

leviating color*blindness. The first of |

__its kind in the world, the Sunvista

M-1001 has been approved by Japan- ese health authorities. Built to train

healing the world’s ills were present-__ the eye to distinguish color_differ-

éd at this conference, but one theme |

* recurred again and-again.It was the

7

~ aff

+ etree cae tea eh toy RR

ences. the machine has successfully

_helped victims of color-blindness-af- | ee of how the Food for Peace | ter two to six months treatment.

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products that not only relieve

ladonna and phenobarbital is ed! by miany physicians. ¢ A low roughage diet also helps

helps-the large. intestine to rest. This means the temporary elim- ination of roughage, fried and greasy items, condiments. iced drinks, and less tea, coffee, al- cohol, and tobacco. Moderate ., exercise out of doors and _ quate sleep work wonders for

OTTAWA REPORT by Patrick Nicholson

Mint Kept Busy With Shopping Demands

The dour old grey- stone for- tress overlooking the Ottawa River might be a prison. But above the main door are car- ved the words ‘Royal Mint.”

Once past the pistols and the

gage trolley. I felt a pang of re- gret that it was not to be rolled

3 -8%

vis parations for the demands of

our Christmas shopping spree, ,

which is calling for a sharp jump of over $100 million in the bills and coins in circulation Paper

tailed process, now at full stret- ch the year around. Bars of

° pure silver and other metals go

into the Melting House; several

pple new coins into small white bags, each filled with perhaps $1,000 worth of coims. Requested by

_distant_banks as emergency: re-

inforcements of Christmas spen- | ding money, those bags are pic- | ked up by armoured truck, and shipped by CP Express to say Vancouver at a cost of $16.05

terest, The Guardian does net neces

sarily endorse the opinion of corres. | pondents. All letters published are sub- —

of PE.

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province. Our Mint

making money. For example, a

, | Silver dollar has not rated as

“sterling silver’ - containing at

since 1930. Today it contains four - to- one alloy of silver and

r 2.35 cents to make, and sells for 100 cents. the Mint sold its new at a profit of about $16 million, which paid the operat- and left a

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ur Yesterdays (From The Guardian )

and sudden fury against Italy’s in Egypt,

Lam, Sir, ete

35

}

ANOTHER DRAFT CARD BURNING

those who are burning the can- | dle at both ends.

The phenomenon is more pre- valent among men and women ascending the business and s8o- | cial scale and those having more

set refer to their “butterflies in the is a more sophistl-

It now sells these sets. worth cated term for the distress that

growing.

ie making money by | $1.91, for $4, and the demand is

develops prior to a final exam

Can there be that oF the prom. Call it what you

many collectors?

f :

ders,

worth about 85 cents; it | Year speculative

may— it isa sign of tension.

Dr. Van Dellen should be

f- addressed to: Dr. Theodore

the wild New van Dellen, co Chicage Trib-

|, ume, Chicago, Illinois.)

including combination |

the cramps but dispel anxiety | and tension. A mixture of bel- |

time-honored and. is still preferr-

because it is less irritating and |

than their quota of burdens. The

the newly organized Numisma- rae de Service specially packed and 77 ,653,000 such sets stomach.” It

its (NOTE: All correspondence | | to

| found itself at home on the tun- dra-like uplands of ‘the lava | flows."’ Possibly a or flock | arrived afid through injury or | accident settled down, breaking + the migratory habit.

|, Human settlement of Hawaii | proved hard on the nene. The nene is delicious— as the island- | sands were slaughtered and salt- ed down for mess tables aboard whaling ships. Legend holds t¥at | the booming clipper trade be- | tween Hawaii and California | even made it possible to estab- lish regular lauudry runs. Clean laundry was returned to | the forty-niners along with nene | for mining-camp tables.

| The Hawaiian goose was in trouble as early as 1902, but conservationists were not able to halt the 4%-month- long hunt- ing season until 191).

birds at his preserve in Eng- land in 1952. His efforts proved so successful that 195 descend- ants of the original three have

es, ‘From this beginning we have so faf reared 25 nene, the only breeding stock on the

gether with others raised in cap- tivity in Hawaii and England, have been released to resettle on Hawaiian kipukas. These are little oases of leaves, herbs, grasses, and berries high up among, crumbling lava beds of

flourishing on Hawaii and Maui, Dr. Ripley estimates. “In such achievements,"’ he co mmenis, ‘‘man turns the tables on the re- lentless forces which he him self so often has unleashed.”

October 31, 1965

5 | ASSETS : OCTOBER 31, NOVEMBER 50, Cash on hand and due from banks (including items in transit) . $ 927,694,157 $1,103,669,387

Government of Canada and provincial government securities, at amortized value ....-.-- a are ae ere 896,866,701 964,187,336 Other securities, not exceeding market value- 2-2. ees ees 578,697,850 687,529,959 Call loans, fully secured . . . . . Cs ee es 436,478,003 | 395,529,305 : Total quick assets ....-. 6356 6. 825s : BZ S90 S51 SU, SID SST Other loans and discounts ......+++- ec eee es) | SIS TI2614 — 2,538,404,471 Mortgages and hypothecs insured under N.H.A. . 2-2 + 216,748,235 232,780,658 Bank premises 206s 0 6 6 ee eg ees SE es ise 66 70,775,716 65,485,456

Liabilities of customers under acceptances, guarantees and letters :

Orereds 6 45 Pgs bcos se ai ieceds 303,918,701 232,816,783 ORM cs ee: 21,103,266. «11,194,849 $6,571,055,243 $6,231,598,204 LIABILITIES [ ay. Depodits.. 2.0 0 be oie ee pa aes be be 6.6 6 6 0. 6. 99)921,044,810 95,650,229, 787. Acceptances, guarantees and letters of credit... 2+ +++ 303,918,701 232,816,783 Meee Se es ees 15,230,142 19,232,018 Total liabilities to the public . . . . . ~ «+ $6,240,793,653 - $5,907,278,588 Capital paid up 2... 2-202 s ee ee ees Seve. 6 66,528,000 66,528,000 Rest Account .....- Sibb be asc bk sce AA 262,000,000 256,000,000 Undivided profits... sce a 0 068 eg ee ve ee yO 1,791,616 $6,571,055,243 $6,231,598,204

*Total provision

aes

* NDED OCTOBER 3}, NOVEMBER W, . 1965 1964 Profits, after provision for depreciation and *income taxes and after making transfers to loss reserves out of which full pro- vision has been made for diminution in value of investments MWS 65.6 oe ee Ee ee we es sean 8 23,239,254 $ 23,757,015 DWE ok ee BR 8 we es 17,297,280 17;297,280 = es $ 5,941,974. $ 6,459,735 Balance Mfindivided profits at beginning of period .. +++; 1,791,616 1,331,881 Ms $ 1,133,590 S$ 7,791,616 Transferred to Rest Account... + +++ ees eee ees 6,000,000 6,000,000 _ ‘ Balance of undivided profits at end of period... ...-.-. $ 1,733,590 $1,791,616 for income taxes $22,350,000 (1964—$25,820,000) a onc mK : =a : * = ‘i: 7 W. EARLE McLAUGHLIN, J. H. COLEMAN, eo ia Chief General Managep

&

|... THE ROYALBANK OF CANADA

HEAD OFFICE: MONTREAL

| Condensed Annual Statement

\ !

Statement of Undivided Profits

—---—— -Chairman-and President-. —

4.

ELEVEN MONTHS

YEAR E

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