Annual ,Meefirig of lShareho,IcIegi-s,p. The Royal Bank of Canada.

1955 :6 at "Year of Decision" rag Canada.

Determining Economic

Welfare for Years to

Come. Declares James Muir.

rous Future Lies in-llm Not if: Hiding Behind Trade

proving Competitive Position, Barriers. scope of

Agencies Should Be Broadeiieil to Provide Long-Term - Export Credits.

The conviction that 1055 will be . "year of decision" in which the solution of Immediate problems will have a tremendous capacity for good or evil in Canada's future was expressed by James Muir. Chair- man and President, at the Annual Meeting of Shareholders of The Royal Bank of Qanada. Only a rare combination of statesmanship and good fortune, he declared. could guarantee a proper solution of those problems. g

"In ii period of obvious inflation or deflation." said Mr. Muir, '11; is comparatively easy to decide on the appropriate direction of monetary and fiscal policy, and the major problem becomes that of choosing the combination that achieves maxi- mum effectiveness with the least cost and dislocation to thegeconomy. The really difficult decisions must he made at a time -like the present when it is still unsafe to pronounce inaction entirely cured and still less so to assume that- the para- mount danger of the moment is the galloping deflation of the early 1930's. - ECONOMIC PROBLEMS

"The problems posed by the high cost economy become more acute with every increase in the com- petitive threat of foreign industry to Canada's market at home and abroad. Pressure for protective measures becomes more insistent as the immediate effects of sharp- ened competition become apparent. I am still of the 01713100 that CF” ada's future lies on the side of. im- proving her competitive position rather than isolating herself behind heightened barriers to trade.

"Increased protection is no an- swer. The disadvantage of our dollar'a high exchange value is general: it affects all Canadian producers. It imP059I I W3 0" exports and a" subsidy on imports. Protection helps only those Cana- dian producers who must compete in the home market against im- parts; it does nothing for our ex- porters except to subject them to a further rise in domestic costs and hence to a further limit in their ability to- compet in foreign.mar- kets. l LONG-TERA! FINANCING

"The noticeable decline in ex- ports since 1952 may also be attri- buted to a number of interrelated causes: pricey declines, increased competition from low cost produc- ers abroad, the recovery of indus- trial capacity in war-torn countries, and the like. All these tend to alter relative cost and price rela- tionships In the world market to Canada's disadvantage. But. in ad-

dition to the important matter of relative costs. a new factor has been injected by European suppli- ers who are able, with government aupport..to offer long-term financing their customers in the world market.

"In view of the importance to 91"”-'13. today and in the future, not only of maintaining exports. but of maintaining intact her in- dustrial legacy from wartime ex- ansion. it seems abundantly clear

at definite action should now be taken to provide our traders with the credit facilities they lack. These facilities might take various forms; but. in general. theycould be pro- vided by a corporation. wned PIX”?-I7 or wholly by the Go em- mant. with the war to discount export paper of anger term than chartered barIrI,can handle. The essential function of such a cor- poration could indeed be provided very aimpl, by widening the scope and operations 'of existing govern- ment entitiea now active in assist-

General. Manager Reports Assets Over 33 Billion

'1'. H. Atkinson. General Manager, in reviewing the bank's 1954 report. stated that. total assets of 'l'he Royal Bank of Canada have now passed the three-billion mark. This, he i t J out, was a.new record

1955: YEAR. OF DECISION

"I believe that 1956 in a year of decision'. in which our solu- tion of immediate problems will have a,tremendous capacity for good or evil in the years to come." said . Muir. "During 1954 we have seen not only a defeat of inflationary forces in the economy but the reappear- ance, at least in a shadowy form, of the deflation bogey of the 1930's. In January, 1954. I referred to the fact-that the in- flationary boom had already be- "come. for some sectors of the economy. a thing of the past. .SInce then we have seen a rise in unemployment and a reduc- tion of some magnitude in cer- tain components of the National Accounts, as well as in the Gross National Product itself. We have seen, as well increased competi- tion in home and foreign mar- kets from the revived industry of the United Kingdom. Western Europe. and Japan."

"Within an loverall climate of political and economic freedom. our policy decisions in govern- ment and business during 1955 should take due account of four interdependent goals of an econ- omic policy directed towards the economic welfare of the com- munity. The first of these is to ensure that our human resources are not wasted in involuntary idleness; that is. we should try to maintain a high -and stable level of business activity and employment. The second goal is to ensure that our resources. when fully employed, are allo- cated in such a way as to pro- duce the maximum volume of goods and services and to bring these goods and services to mar- ket in the proportions in which customers want them. The third goal -is to ensure that the dis- tribution of the national pro- duct and income combines equity with the highest possible in- centive to increase the total amount of product to be shared. The fourth and final goal is to ensure that all our policy de- cisions are consistent with an appropriate rate of economic progress and growth in the economy as a whole.”

FORESIGHT NEEDED

”We have the natural resources necessary to make our own efforts worth while; and so in the and our progress depends upon the quality and quantity of- our human re- sources. have many doubts about the high quality of our human resources. But-it remains for far-sighted pol- icy in business and governrnentrto ensure not only that this high qual- ity is fully and efficiently used, so al to realize fully our capacity to produce and prosper today. but that we achieve the proper degree of expansion in the quantity of these resources available for use tomorrow. We must start today to create the economic environment that will both encourage. and en- able us to take full advantage of that growth in population and cap- ital without which we cannot realize the great potentialities that lie in our wealth of natural resources.

"How we me our problems in this year of decis on will. as I have said. profoundly affect the direction and rate of Canada's growth. If the decisions we make are In k 3 ,, both with the realities of the pres- ent and with ithose of that greater Canada which can be seen in out-

ml traded and industry.

line even now, we may safely leave

I do not think we need,

in the history of Canadian banlflrlg; and an indication of the bank's pre- eminence in the opinion of the public. '

Deposits had also reached record totals. said Mr. Atkinson, pointing out that they now stand at 32.797.- 548.149. "It would have been reasonable to ,. t a decline in loans to accompany a falling off in the gross national product." e commented, "but this has not been the case. although .the pace at which loans were expanding has slowed down. Our loans have in- creased tola total of 31.138.022.047."

Mr. Atkinson said that for the first time. the revised Bank Act enables banks to advance money against new residential construction under the National Housing Act. "We had advances tstanding in this category amouning to 322.- 872.3190,” he said. "Actually our total commitments are something over 382,000,000-the difference be- tween the two amounts to be loan- ed as construction proceeds. This represents approximately 4092 of the total commitments of all the banks."

ROYAL BANK ABROAD

Mr. Atkinson reported that the bank's foreign branches had made further progress during the year, with most satisfactory results.

"lnxkeeping with our past policy of extending our services to new areas where development warrants banking facilities. we have opened one branch outside Canada during the past year and in the near fu- ture will open three more in the Caribbean area which will bring the total of our foreign branches to 74. These '14 branches mean 74 Cane- dian representatives abroad whose services are at the disposal of Ca- nadian businessmen to give them first-hand information on conditions in their respective localities. At a time when Canadian export trade has been declining as a result of increased and intensified competi- tion from other exporting countries. these 74 information centres abroad can be of inestimable value to Canadian exporters by assisting them through up-to-date and first-

kets.

"Our foreign service is a source of great pride to us and. we feel. justifiably :0. During the past 55 years. we have built up an enviable reputation abroad and are very much an integral part of the busi- ness life of the countries where we operate; in fact, in some cases we are considered a local bank rather than a foreign one.

GREAT STAFF TEAM

"Including maintenance at a f !. technicians. and, others with special duties, we now employ wen 1;. Excess 9115.000 people. They are welded ,into a great and resmute team which takes second place to none. 1954 was no exception to the Datiern Of the post-war period which has seen the emergence an- nually of increased volume and new business procedures to place fresh demands upon the staff. Again the challenge has been met with skill and devotion.

"We are proud of our staff, not 0nly'for what they accompush on public counters and at their desks but for the services they perform voluntarily outside the bank in the hundreds of communities in which we are represented. We have files of heartwarming letters as eloquent testimony that their efforts do not go unappreciated." . our doubts behind and.' by making the decisions appropriate to great- ness. bring greatness itself within

our grasp."

hand knowledge of the local mar-i

mi: SCOOPED THE MARKET

;GREENDAL'Sl Buyers Have SCCOPED THE MARKET again by securing surplus stocks from three leading Canadian manufacturers as less than half price--So it": your chance

1

The Guardian Pa-to 9. Friday, January 14. 1955.

.:...j..j...j....,. PAIKDALI We I. -

' y meeting of the Piukdale Women's Institute was opened with "Auld Lang sync". Eighteen inembeiu and two visitors attended. V

Considerable discussion centred around the i-epgrt of the Eiiuca. tion Committee who are arranging to organize a Home and school Association. It was finally, decid- ed to dell an open meeting at Parkdale Hall on Jan. 20th to die! cuss the matter with all those in- terectied

The school committee for De- cember gnve an excellent report of two successful and most en- tertaining school conoerts. The , t commended them on their fine efforts in decorating the hall for the various Ohrietmaa activ- ities, and extended a sincere vote of thanks to Mr. Blair Westhaver who had given such competent as- sistance. ' i The sick committee reported sending eighteen boxes to the abut-iris of the district at Christ- mas. Those who looked after the shipment of blankets were well pleased with the two premium ones. There were excellent reports from the Guides and Brownies The treasurer was instructed to pay the dues to the Musical Wes- tival Association. The new lunoh committee for February is to be Mrs. West. Mrs. Westhaver. Mrs. Frizzell and Mrs. Trewln.

It was decided to hold the first knitting party f the season. at the home of . Frank Ross on Jan. 17th, where the hostesses will be Mrs. Douglas, Mrs. Dollar, Mrs. Found and Mrs. Matheson.

ANCIENT IBRIGATORS Irrigation by controlled flooding was used in Egypt's Nile valley more than 7,000 years ago.

s'r. PETERS CATHEDRAL w. A.

The annual meeting of St. Pet- ers Cathedral senior branch of the W. A. was held on Jan llth at 3 p.m., with a very good attendance. The reports were read fromi the different. secretaries and treasurers which were very encouraging.

During the year bales of cloth- ing were shipped .0 Gosdon Angli- can school, St. Ralths. Swan Riv- er. The branch also made articles of clothing for the Red Cross.

The pLrs.dent, Mrs, Geo. Rogers thanked the members for all the help and support glven'her during the year.

The slate of officers is as fol- lows:

President, Mrs. George Rogers: vice-president. Mrs. H. Burt; sec- retary, Miss E. Beer; treasurer.

Strange Bill True '37- y. n.- laeArtlIIr

It's true, of course. that erirne does not pay. And its also true that being good won't make anyone rich. or famous over right. lt,appears that we can agree on some things with relation to crime. and the methods to com- bat it.

Most crimes are committed by persona who began their lawless ways early in life. Good home training.aI1ove all else will keep our young try out of trouble. If there be a criminal: instinct it must be tackled and conquered with the same intensity as we fight cancer or T. B. - Inside the fossil of a ten-foot fish on the walls of Fort Hays College Museum, in Kansas, is another five- foot fish! The large fish swallowed the smaller one, causing the death of both of them. Strange but true. It is a ceremonial custom among certain West Coast African tribes to use white shoe polish to whiten their faces. Thousands of boxes of white shoe polish are sold .-an- nually to the African tribes.

The only place in Canada where the stern-wheeler steamboat: still operate is along the Yukon Riv- er.

Hypnosis was used once by a doctor to rescue a girl from prison after she'd been wrongly accused and condemned. She had been found guilty of stealing and hiding her employers jewels, though she claimed she knew nothing about the theft. 9

The doctor knew the girl was a sleepwalker and under hypnosis was able to prove to the judge and to her mistress that during sleep she had been so concerned about the safety of the jewels she had risen while asleep and hid them in a safer place. The jewels were found when the hypnotized girl told where she had hidden them.

.- .-

N.. of Ventura, California, to be nice to a grouchy old man whom she nursed in a hospital in Joplin, Mo. Why? Because she recently inherited from his estate 5120.000

”It's a miracle," said the 27- year-old wife and mother of a six- year-old son. "Why nobody thought Clemuel Watson was w o r t h a shekel."

Cards of Thanks

I wish to thank all the Box- holders of Charlottetown Rural Route No. 3, who so kindly rem- embered me at Christmas.

Hooper Younker.

. . "Nowhere."

It paid Mrs. Gertrude Smith, R.-

I I

llniM;97niOriam .

Bank President -'Warhs

Of Undue Exploitation

. ,' suntan. uoN'l'nl:AI.(cP)-wasorowebiitaigeaaratieiuteeeoie and N"'imh.'u!',uu'

children be denied in or - .';f:ub;fwb'm"n'h” m":f?"5'.,,'3 ;,'?f.,,,,,m., mm” .1, . e;uetlI'iae' cu-do-i .iao-rainy win -Iv-n uii- .. andpi-uiiioatoriiutiiimiidboth rishkhd-u'-uIiae;.y'..'hnbhuuw

Canada. said 00- MIG." .

th It alBankof . 0, bank's

day in his address to the annual meeting I ,

Canada's future; he declared. "depends not on what the rest of the world thinks of us: but what the rest of the world thinks of III depends '" t ' on what we do for ourselves" 0

Canada's doubts, raid Mr.'Muir, should not be serious.

"We have the natural resources necessary to make our e ffo rta worthwhile; and so in the end our progress depends upon the quality and quantity of our human re- sources.

''I do not think we need have many doubts about the high qual- ity of our human resources. But it remains for far-sighted policy in business and government to en- sure not only that this high quality is fully and efficiently used. so as to realize fully our capacity to pro- duce and prosper today, but that we achieve the proper degree of expansion in the quantity of these resources available for use to- marrow."

WARNS OF EXPLORATION

The true process of growth. said Mr. Muir. should not be confused with the mere exploitation of re- sources.

air. uuir communi- cludedintbatextofa Iiiewh given to the press before dolly!!!-

man or nnoisron

Mr. Muir termed thin I 1' 01 decision for Canada. Greatnpu was within Canad.ians' grelP- v

speaking of 0190?? "'09- H'- Muir said that in view of its im- portance to Canada. dGf1D"9 39' tlon should now be taken to Pro- vlde traders with credit facllltiel which they now lack.

Referring to the premium posi- tion of the Canadian dollar in for- eign exchange, gratifyinl i0 C8"5' dian pride but embarauing to Can- adian exporters. Mr. Muir sul- gestcd that the bank of Canada use open market otlkfltloll "9 EH9” the rate of exchanKC-

Alweyp iegarabareil IIU NW3-,

In Ievilll -nnvw of In many, Ire J. naaiur. who ruled aweyleanrl 145: 15”- nn, ggghm liens Iaelr. . A ...3?.'.s run that as were here- YoI've taken oihuio Y0! '9 hW'v But he Ina III! "N"0"""'” 5'” 1

min bins ea.

Alvnya Beaieaibenll.H h'l'5l5”'r Mn. Milford leteliilder.

FATAL IDIPULSE

BRISTOL. England (CP)-itatlicr gun hug an injection. hospital patient Victor Allen. -61. lumped through a window. crashed through a glass roof and was killed.

N,5LAIIlES' WEAR

he said, "is the age-old conflict of public wealth and private riches more painfully in evidence than in the combina- tion uf haste and greed that prompts owners of our resources to alienate what they own and con trol in return for short-run gain.

''In this process private fortunes may be made. but the public wealth may suffer. not only today

I Rack of DRESSES to -clear . . . . . . . . 5.00 I RacIiofSUITS HALF PRICE

child's laxative

...also soothes

lipsei Tummy!

Child's crankineu. sour tummy. breath and coated tongue of constipation are uickiy ri-licvcd with new Children's Own ableta. Taken at bedtime. they lreahan upset tummy -- Work entiy in the mornin . Good tasting! ri harsh drugs. ma by the makers of Baby's Own T '-' H , us assurance of quality. lnetrtnn the Tunsrny-Frealieriar"IuntIvI for your child.

&. lo

I Lot of PURSES feclear 2.00 All Wool CARDIGANS. reg. 4.98 for . 2.98 Discontinued line DRASSIERES. clearing 1.00 ,si.A2cns ...;...fzov. oer

31..

OFF

DRESSES - DUSTERS HOUSECOATS SKIRTS

All Wool Jersey DLOUSES TAILITS '

Mrs. I-IL. Palmer; educational sec-, i-etary. Miss Cotton; Dorcas com- mittee. Mrs. H. L. Plckard. Miss B. McKinnon; prayer partner. Mrs. 1..., Davlson; Little Helpers secretaryj Mrs. V Saunders: G. A. secretary. Mrs. Graham Boswell; I. As. sec- retary ,Mrs Allan MacMlllan; Liv- ing Message secretary. Mrs; D. 6 H088: social service secretary, Mrs H. W. Simpson.

COUGII awn l WITHOUT . I sroiiicu ursm

Here is a new pleasant cough medicinethatdocs not upset stomach or appetite! V cks Mcdl-trating Cough Syrup. A combination of a new penetrating in edlent with a medicatlng ormula. The penetrating ingredient carries the medicine to irri- tated crevices of the throdt, where the medicating ingre- dient can go right to work.

' That's why it's named Vicks Medi-tratln Cough Syru .,It medica as as it pane rates.

VICKS MED!-TRATING COUCH SYRUP

It Medicaies or ii Peneiraiu

Mail Courier.

MAKES

peieni Service

LET'S SEE IF PRICE

No Gimmili - - - No Catches! Prices Ai Their Lowest! And Remem- ber - - - it's not only price we're selling - - - all cars -Reconditioned and Guarani-eed and our .Guarani'ee is backed by a fully trained and com-

ANY DIFFERENCE

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to--mp the harvest bargain by shopping new-At GREENDADS Greatest of all time SPECIAL SPECIAL - . SPECIAL -JANUARY CLEARANCE SALE. Come In And SEE .- cur - and save! ' "52 p.m., 5...... 1953 Cm; Sedan 1950 0:333; sedan . : l 51450 sms siooo

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SUITS to 49.50 .. 20, 25.00 wi'i3'rrii'.'coAr,s to 53.50 -.515-025-330 - -

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