lfisNlifilLliifaFiiZ - i

rm: norm. BANK or cmunl from ANNUAL ursrma

i Mirris W. Wiison, President and

partnership of Canada and the United States. As Chairman of the British War Supply Council sees Germany outstripped by Britain and North America in i942.

Sydney G. Dobson, General Manager, reports assets over $1,000,000’. 000. Sees record business expansion this year.

diction that Germany's W" pt-ggiction would be outatriPPQd h, 1943 by the combined output

g Qajiadl, the United States and great Britain, was made li- m0 7m Annual nicotine o! Th‘ Royal Bank of Canada l1! M01715 w, wllson. President and M5593‘ mg DIYECilOY-

n, hi; annual address Mr. Wil- m gm factual evidence ed the “mmgqu; productive 60PM“! 93 North American factofl?“ If: woke in glowing terms of 0 record made by Canadian industry ,m¢e the outbreak o! war.

‘Two years as°." llid M1’- Wu‘ ‘on a“ were incapable of out- yming an infantry division; i0- dav our industries can eqllillksl

i division every 51* W" - gixadnm equipment is b81118 "594 m every area of with"

ML wit»; paid particular tri- bum to the Government for the ‘my in uhich it had approached industry and persuaded manufac- turer; w go into production of the ‘grunge and. complicated c1890"!- tus otf war.

CONTROLS CURB INFLATION

Referring i0 the steps already taken to control inflation Ml‘. Wil- son said, “You cannot diver-t half a million men into the armed services to engage in the mo“ BX- trnvngnnt kind o! destruction and cottsumipilczt of EOCGS. find 9W9“ business at home to Dlweed B! “may c1- prices to remain as usual.

“With the mm memory o1 iihi inflation or the first World War in mind, thinking people believe that. almost any measure would be justified to prevent h repetition-

"If anyone is inclined to be ori- tical. let him think 0f how film- gv-rottsly our present Pcfiiiii)“ D81‘- allel; that of the first Great War. Tho increase in the wholesale price index in the first 25 months or that war was 20 P011116‘. 111 731° first 2s months of this war, the index has climbed :1 point-r In the lace of these facts. 1t W011i‘! be difficult to argue that an effort should not be made to control the situation before lt gets out o! hand.

"It would be absurd to eacpeot that in the midst of this colossal dlVl‘l'5i0l‘l of material and man- powpl- we should expect n; live as we have lived 1;; peace-time.

“We have reached the point when we must cut down unne- cessary consumption, in order to make available for the war effort all the resources possible.

“We must constantly be- tore us the real tion that our

Finance

By Bernard S. O'Hara Associated Press Financial Writer

NEW YORK Jan. 13—(AP)—l'ior thefirsttkminaweek thoaiock market. on average. today leaned toward the recovery side.

Turnover tn Canadian stocks was small with n, few active issues ranging til-actions higher. sh Mines

Managing Director, hails new

“United states manufacturers sent to Great Britain in the first, SGVEX! months 0i 194-1 nearly “W1” *5 many Oomibat planes as "W" 1°“ defending the British I-ilel durlna the whole o1 mo. m Canada, starting from gcrgtch, w.

adlan Pacific and Dome Mines each declined 1-8. Hiram Walkers finished unchanged.

The Associated Pres composite of 60 stocks was up 2 of a point at 37.8, first advance in this barcm- etetr since last Monday. The prin-

cipal fly in the bullish ointment faéylidnfilm i" "m" P111999 was the lack of volume on the .0 w ch i5 to 25 are Hur- right-about. Transfers totalled

rieane fighters,

In conclusion .M.r. Wilson P.1d a warm tribute to the heroic man- Mr 1h which the people of Great Britain had sustained. for over two V9815. the terrible impact of war and at the same time per- ‘Wmrd miracles in the Production O1 hrscntlv needed implement; or

491.540._smaliest since Oct. 27. PPOIIUIICIII} stocks on the forward tilt included U. S. Steel. Bethlehem, Youngstown Sheet, Union Pacific, Great Northern, phone, Cocoa-Cola. Douglas Air- craft, Anacondr. General Electric, %Sid Rubber and Montgomery

3 . Allied Chemical dropped 1-2 on a negligible turnover. lesser de-

wa-T- ' Oils-lit! were posted (to; United Cl‘ . Sperry. Eris an Koa.

GENERAL MANAGER'S Standard Oil (NJ), Goodrich and 5993553 Caterpillar Tractor. Motors, cop- pers, cils, utilities and aircrnfts

In presenting the financial were, for che most part, narrow,

Tax doubts remained as a detri-

statement M1‘. B. G, D0 - ' bwn’ Gen ment to s. number of stocks.

“"1 M1018". noted that the bank h“ eniilycd a satisfactory year despite greatly changed conditions due to the war. Notwithstanding Government regulations, "which at one time would have been con. sidered intolerable, but which w, moshlu u necessary in the kind of war which has been forced "Dim "S. Will‘ bflllk has continued to expand. While it naturally he- comes more and more difficult to make reasonable profits, we have, mill-W o! enlarged business and

Toronto Exchange

TORONTO. Jan. lt-(CPi-‘Ihe Toronto stock market

trial groups tcd-ay against gains in the base metal and western all groups. The close was generally firm and in dull trade. Turnover was 159,000 shares.

e°°n°mlfl flflecifli. been. able to The market had two or three Show 601111118! comparable with e, feature traders. Steep stood year ago." out with an advance to 1.92 in

turnover of 16.080 shares. The close at 1.88 showed a net gain of 16 cents. Other base metals were dull. Ncranda and Smeiters weakened 1-4 to 1-2, and Chromium 15 cents while Waite-Amulet gained 20 cents to 4.70 and Nonnetal 2 to 84.

Price adjustments in the golds

Assets cf the bank now standing at over 81.000.003.000 were at the 1118b?“ Wini- ill history, said Mr. Dobson. commercial loans had continued to expand and deposits by the public were at, n, rm)“;

level- $l52.259.936 higher than “rel-e narrow with One or two ex-

at the peak of the boom era. ceptioifi; {lalpglcfire was adoiw 350 .. cents . , antaque 0 . 5 m" "W 0mm" M0110“ and I-Iallnor 1o cents to 2.50.

have been opened this past year than in any similar period in the history of the bank. We are doing our best to foster this grcyurth not only because it builds up me bank's clientele. but mainly be. ""56 9PM!!! is In essential devel- Olment in our war economy."

1052 ENTJSTMENTS

Because of war conditions a EFi-‘ltly increased burden had been Plow! upon the bank's staff, said Mf- Dvbwn. and too much credit could not be given for the com- mertdable way in which both men and women had performed their

international Petroleum sold at a new low fcr the year or longer at 12 3-4 and clcseri at l2 7-8. off l-il. Imperial ndcieci 1-8 and B. A. Oil finished unchanged. Utilities were lower. Bell Telephone weaken- ed a point to 149 and other issues losing a point or more were Bank of Commerce, Dominion Bank and Imperial Bank. Distillers-Seagrams closed 3-4 down at 23 and Walkers firmed 1-2 to 45 1-2. The Canad- ian Car stocks were higher,

Two western oils, Home and British-Dominion traded in sizable volume and both advanced. Home closed at 3.63. up 5 cents and Bri- tish-Dcminion gained 2 l-4 cents to 22 on turnover of 33,300 shares.

duties. 56 and Calmont 3 cents to 18. ..".r"=.-..ih~.iis~* ssa-r- r

. rs, "m! 01"‘ "R1811 bfllllChué5%al‘li N G

been granted leave of absence to serve in the armed [owes 1n can- ada and Newfoundland 40 per- cent. of our male employees under 80 years of we enlisted. We have

(Canadian Press)

TllANI-I A. CAMPBELL. , Secretary. l.—304-l-6-l3-3i.

war effort consists, in e, material “all?” 811 "1080 young men of 5W" QM" M159. In mug, m4 ; m“ wlgom we are justly proud. and to Ac u 6 b, is, food, raw materials and manu- i" °fl° "W?" W! l" 1°°k1=18 1°!“ 1'“? o 13 factured products on the one Wald» ihai PNIMOM will be avoil- Adfi-mai?

hand. and man-power on the “bit P’) i-lltm- AYIB Cd" 55 when" “I regret exceedingly to repel-t galliggeld 14g CANADA rmarrs mm. ram‘ 3:;,,**5§§,,°’,,3g fimfi, Brsmrw 5

As a comrade in arms of Greet fv‘e,"mi~“j§m°e’fgmjd igthmqir rem‘ geagtktlhem 4' l‘, ‘Billing. Cargada, saidkeMr. Wilson mi’ Y- lgiclgood 8 9 1-:

B OTIQBtOmR EH18 TE TROTDQ cofitrlbutioptuto tifielconurioraxcauslrsi. PRICE CONTROL Brit Dom “ e pay w oe cos ra - em“ Broulan 59 1-3 ing. arming and rnaintainin the mffiiw gl$léggghiwh;mimnfi Calmont 1B Olimdmm “m” “m” “n m price and wage controls M: Dob- 5°" M" 45 Canadia, Great Britain, Oi tar ‘on u“ .. pwflfi‘, with can; p“ 137 ii" F" m“ ti" Wu‘ ma” "id concern the inst tution of these Che-ii" 14° Newfoundland We su ly Great wntrok and 1L “ems m me an u», ghmmlum 195 Britain with food, text es, lumber pmprmte mm to point out ma,’ gonlay-um 9o ""1 finish“! a "PM" °i W- such licensing and rice fixing Con smelt 3a 1-4 and we do not emand "cash on u. w“, Wm, m“ m m the barrel head." Not one dollar ' Duquesn. 9 or the $250 millions o! fold sent “Our charters are granted to us Em M“ 318 to Canada by Great Brtain has b7 virtue of the Bank Act which Eldorad-o a been useed to pay for goods of wares up for revision at ten- ar Femhmd 3 Chhlldihll Ofikin - it has all been intervals. at which time the c r- pods L“. m expended in the United states, fared banks are subject to close dun 12 with much more of our own gold. examination by the Banking Ccm- mg“ to cover a part of the cost of raw nuttee of Parliament. All our H °" 25° materials and machinery brought were are strictly regulated by Hard n“ 53 ta Canada to produce war goods aw. The maximum rate of in- 5 5"" 9° for British accoimt. forest we are pennitted to ggitillzllal 2g l"

nlme opportunity vdmii- "id £31712‘; iin $2111; Homestead 4 1-4 Mr. Wilson, ell‘ the making otf big chm, for collecting a bu; d1}- Howey 18 1-2

rofits out cl the war. "There com, 1.. om city and payable Int Nickel 84

B‘ m“ "elm" Wmmmny M‘ in another We are not allowed to Jason 26 ‘u’ m” ‘m’ m“ "Mum" °° chemo more than a. fixed flat tee Kerr Add 400 m hi‘ 7mm‘ W‘ d m” ‘"7’ for mull casual transactions Kirk Lake 55 h‘ "m- We are not pgrmitted to own real Lamaque ass w 0mm 0mm $.22? .3”. $1.33.“. °..n‘°“t.§§€'.5i Kilt“... .35

w. won “m” n»- m-l is" n"'t’-nrt.rsr.i.rs.r Masai: igg satisfaction the cloee oo ration e o, B, we mg“. m,“ i, u 1 “m” "i" “mi detAiled and extensive statements M ‘" ° 2 8 0mm‘ “d m‘ mm“! 3”“ m to the Finance Department Binoe m!“ u “w” mmm“ "n "Mm" the Outbreak at the war we ‘are re- Mcwnw" m “m” u" “Pam” d" “M” i} ulred to be licensed by the For- m“ c0” 13o Wu" gign Exchange Control Board be- xglnmeotbn’

"my". Q9 my, wlth n1 it; fore we can buy or sell foreign Norand‘ 48 vaunted etti ency. 1nd with forced exchange and the reaulotions lly Norm”; a‘ labor, cannot match the produc- 40W" 9 minimal” l" m" 03mm go gen pgssibgbia ofdNorth Aux’: chute on such transactions. on, N...“ , 1,,

a ad ed ose eveloped . such extraordinary efficiency by 137m? exam?" fiyfifififlélinfi gfijfifiu, 1-3, Gm" Brim“ “d” n" impact ‘x show that what is revolutionary perm; Gold 13g war. m“

"Willi"! W" ‘Wmdiim m ffihfin°’n°"é°én.ii.‘ii’“ manila‘. is §3}°“.E,'°" 253 this fiscal li’ alone u Qtlflllt- pm d m, even-day m» ence Hm“, m Gd It 9W0 1111031. B” million 1101- d ‘uni. n!“ 09am“ u‘ not . e5 A?“ lsrs. which a more than m.» as “m,” ‘m, u, .. 5"‘ °°° much as our total expenditure in ' @901"? 14 all or the last war. The United m conclusion w. Dobson re- libel?!" 9° States has already doubled its en- marked that indications were that blsrhh 675 tire exwrdiill" during the first 1m would see an records broken slaw Lain 51-4 Great War. in business expansion. B E Pflv 4

Steep Rock 188

dylvaniis 190

l Teck Hllflh 210

Texas Corp 160

C iilllllliil. MEETING NOTICE Fill‘ R” ‘Z Upp Can 115 ——-—- -——-- Vermilata l0 1-2 The Annual Meetimot the llsul- way“ Am“

The Annual Meettn et Prince brook Dslryllll 00.. .- will be held wnmy 1 1-3 Edward Island Mama Fire lnsur- en Wednesday, Jenn , 21st. 1942 at. w“ H," lllce Com ny will be held at the 1.30 P. M.

Town Ilsl at Snmmerslde on Tuea- A. BOY JONES. “NUS-rm day the 21th day of Janna A. D.. L w‘ 1 1 Sflrrcilfy- . Elwin!- the hour of 10.45 In l e fore- Damon“

mllintginecrihcfenn (irrigated inxstrg- Mandi’ en s on control -. r t e Grand Conic: dam withacorn) pith. Mineral‘: lrflls poly

balanced a1 minor losses in the gold and indus- b1

Anglo-Canadian firmed a cent t0 E

Grain

wrmrrpac. Jan. tz-tcei-Re- spending to United State; market; gvairibaglan uheiit futures prices on

P98 Iran xchsng dosed may 1-2 cent higher. .

os . Wheat: ay 79 1-2; July 00 0-08. Oats! May 49 3-4; July 43 8-4

Barley: May 62 l-4B; July ' 01 1-4; Oct. 60 3-813.

1-8; No. 4 nor. ‘i0 8-4; Ne. l, 6| 3-4; No. 6. 66 3-4; teed 4 1-4; Ne. 1 durum '16 1-2.

Oats: No. 2 CW 51; ex cw 5o 1-2: No. 3 OW 49 3-42 ex. 1 feed 49 1-2; No. 1 teed 48; No. 2 teed 44B8-4lLyNok3 fleed 42554. x

ar : o. feed i No. I e04 58 1-4: No. 3 feed 57 1-4.

MONTREAL’ EXCHANGE

MONTREAL,

Jan. 12-(CP>~ Trading today on the stock ex- change was mainly at week-end levels, fluctuations being narrow and mixed.

Metals changing hands were Sifflllgel. HD1010 and Noranda ad- vancing. International Petroleum was a loser in oils and Imperial a winner.

Canadian Pacific Railway in enr- riers was market leader w th a net fractional gain but Canada Steam- ship drop-reel back a little. Brazil- lan and Mont-real ‘Tramrw-ays were softer in utilities.

In the industrial list 8t. Law. rence Parper preferred eased a Point. and in miscellaneous Nation- tBrewcries also shifted back a

Total sales: 8.000 shares; Indus- iriais 4.800; Mines 3.200.

Markets at a Glance

(Canadian Press)

Toronto-Bose metal and western oil stocks higher; golds and in.

dustrlals lower, Montreal-Golds higher; utllllleg papers and other

unchanged: industrial; lower, New York-Stocks closed higher. Winnipeg-Wheat. 1-2 cent higher. New York-Cotton higher; coffee unchanged.

Produce Prices

MONTREAL, Jan. l2—(CP)_ Canadian Commodity Exchange.

gutter spot: Que (02 score) 34 -..= 3-8. fresh (38 score) 33 i-ZA; W§§Wm 1981151311 (92 score) 34 14A. nggs spot: Eastern A-large 83 -2-34; A-medlum 30-30 1-2, A-ptillets 26-26 1-2; E-B 21A; -C 24A,