ma-'-' ... - ,-..
..,..,...-..
PAGE TWELVE
Advertising Rates
Central Guardian Locals so per Classlfied 30 per word; In
and Appreciation, 84c per inch
Other Rates The advertiser agrees that
error is due to the negligence
Minimum Charge For Any Advertisement 25 Cents.
4s per word: Announcements and Coming Events so per word; eneorism Notices Me per inch; Lieu of Floral and Spiritual Offerings, Cards. etc.. 5c per name; Letter: or Condolence 84c per inch: Weddlne Ens-semenlm 40 void! 1" 11.00 and 10 cents for every additional 3 words: N
tions. 84 cents per inch; Address end Presentation, sl.00. -
for damages arising out of errors in eutcrtlseinents beyond the amount paid for the space actually occupied by that portion of the anveriisement in which the error occurred. whether such
there shall be no liability for non-insertion of any advertisement beyond the amount paid for such advertisement.
Payable In Advance
word; Western and Eastern Locals
es of Thanks or 5e per word; Lsts of Subscrip- On Application.
the publisher shall not be liable
of its servants or otherwise, and
Agents Wanted
"ii'rALi:R's . .-.-sranr 1953 run tight. nay. Don't be satisfied with small iricome ulicii you cart earn more money with our complete ltne includiiig gift sets, cosmetics. rtilinnry extracts. tonics. etc. Get fsourseii all lii.cd up for those 3: 5 5, wyiin new for details f-7qm;1n'( Dent. (7 1601) Dclorlmier
Mnn'r?.'i.. Baby chicks EJKT Hafcizczi.
i"ii!le's. Cockereis sriiiio s'irtrri (TN your order :11 for rhpgrn x-N1 pmtcr X31; its tor prices. pai”ic'i1ars Agent---Chas E, Worth. Charlottetown: Roi” .1 Shave. Flonmf ' .
cars & Trucks For Sale
.101:-s.Vx1'IiE";' 1036' "'(triEvii6i.i-iii Sedan. Motor re-conditioned. .1. Albert Macboiicail. Ai'gyle Shore.
'1-'oTsTAi A 1'.?i5i"' -,7 rox"ii'ono'iL truck in perfect rsonditimi. or trade two ion. Apply Arthur Simpson, York Mi s
FOR. SALE - 1951 FIIEVIIOLET sedan. 6.700 miles, or, 1952 Pmverglldc sedan. 1600 miles. Apply Percy M;icMtirdn. Kelvin.
Female llelo wanted
WOMAN OVER 30 FOR CUSTOM- er service work. Excellent carn- ings from constant repeats busi- ness. Backgroiind and personality
mnre imrtoriant than previotis 1' ...c:s cxpcrvrvicc. Reply r,o Box 568, Giiar ; 1 Ofiice.
For Sale ion ssu; - AASTEFTI-lTI.Y cssn Eiectrolux. Phone 2254-L. r(iEr"gsr.a -. cow. T0 FRESH goon. Dan Lit-ingstoii. Clyde River.
”Ei"i:"i'i'ii't”ic.-'.TF'i”tT)si:nii'.T?ti'
For sale icB'iT7sXiLE”':-('.r.Ni:RAi. PUR- pose mare. 11100 lbs. John Hardy. Pleasant Grove. TOR sA"i;'c"2 round IIOLSTEIN cow to freshen this month.. Art Maci.e:m, M1. Herbert.
iFOR SALE - LARGE YOUNG llnlstcin coir. to freshen early nrxi month. Bord Dixon. Clyde River.
Found
r6i"?iim:"S'EXiz iixniniriox grouiids. R keys on chain. Apply
Gu.-si'dian office.
1 Lost
.'i,?Tsr.:iASi"KiW . .7707: and ulieel. 000x10, hctwocn tlliiiiclolletnuii and York. Call 1.38" 7. Rewzti'(l.
WILL THE PERSON WHO PICK- ed up it brown suede leather jacket at the Fnrtim by mistake kindly Phone 2159-J and receive his own jacket.
1 Ysalesmen Wanted
; 'Ef 3E1mTHn'vi?irii - connections, to cover Mari- . times for opt teal wholesaler.
E (iflior 11011-('(lllillf'.illlg line no oo- 1 jectlnn. Box 571, Gu:ii'diaii Office. I To Let fro LET - FIIRNISHI-ID. HEATED 3 room. near P. W. C. Phone 2041-1.. ro i.r.'i7 -VTIIRIEII iii-:'.4'17rTii rnnms ll('.'4l' Sanainritim and l linspztal. Phone 2287-L. lW'i?iENr-rotm-nooM A'rXic"'fl mciit, with bath. Heated. Phone
Write Box 572. Guardian Office.
I 1378-R.
lm iris.-T':"T'i:iei:i:'miitia:ii l Apartmciit. heated. with bath. 4
I
FOR SALE -- BERK BOARS.iT0 LET-IIEATED AI'.ART.VIENT, almost rcad:.' for scriicc. .-Xlhanl fun large rooms with bath. con- Ls.-;,-)-. summprsidn, R. R, 3, . finiious hot water. Write P. O.
V - -r-c- -c ' "' "' i 1 5 8.
ion SALE .- six noon HOLlSlc..i ,;;'L.'-,,s. ,m Y Ready to more. Itlelnin Wadccl.
A,m,., 1 Typewriters FOR SALE-TWO RI-'.GISTEREl)lBUY - S5 MONTHLY - RENT.
Holstein heifers, one Mar old. Lloyd Jrwoll, Pcdoqtm. i'r'i"i?Ts'.?ifi7":. 471-:I.N'f'llll l.VWSl-1Rll'lil) room mm, simnned Practically new Joe Lanigan. Mnntaiztie. FOR. SALE .. Twi-"five mm f1reiroocl.sprtirc. i(c:'h Dixon.
Clyde River. 'i3o'i't-:s'.It'i.i-:'::"tixi7. .12 V0 ,r 1.i;ht.nln;; Plant. complete with motor. Apply Lyle MCNL-Vin. Bon-
thaw.
FOR SALE - nnoon MARE. seven years old. Wright 1200. Milton Guriic, East Royalty.
FOR SALE N11-Vi'lSF1 P0- tato graders at. A spcrial dis- count; also turnip pulpers available. .1. .T. Mustard, 125 Kent Street. Charlottetown.
rmss st-:iv",RE-csei9'i:ii"'niiW) and Snow. 600 x 15. 59.95 each. c.5n.e1o x 15. can x 16.351095 each.
710 x 15. 512 45 each Write iorl passenger sizes not timid. Ordersl Clon- dale O. K. Rubber Welders, 1287
shipped C D. D. collect.
Weston Rd. 'l"oi'nntc. Ont.
1 New portables-special 3 month
. student rate. Remington Rand
- Ltd, 104 Kent Street. Phone 2771.
Wanted - '1ll-IDWL QvXis"r1rr mar pressed straw. Phonel980-L.
'.vr.AN'i'i:1i-in I-ii-:”it'Tw(";KsH)'i-v
Q Dairying Co. 15 cards hardwood. 1 For particulars apply office.
ivvaxrfii .. CARPENTER Ann l Mechanic's Tools. Exchange 1 Store. 108 Richmond Street.
! Phone 869.
TORONTO. Jen. 8 - (CP)-Clos-
8000 Buffadison 700 Buff Ank . 2500 Buff Cdn 1000 Buff R1 . 1000 Bulldog . 1029 Cal & Ed 100 Calllnaii 8499 Calmont 4900 Calnorth .. 1200 Galvan Con . 14300 camp Chib 1490 Camp R1 . 6 Can N Pow 1167 Con Ati Oil
i ii'k'NEnTrTi:o7)it"'riiT'EE7Eiv :
I truck, with or without racks ' Good motor and body only need- . ed. Apply ABC. Guardian.
IWANTEI) - 20 FEEDER CATTLE E or calves. shorthorn preferred. ” .1. Albert MacDougall. Argyle
Shore.
,w&&Work Wanted
W A N r E D -"woiuc av nsr. Phone 820-I. before 1 P. M.
. WANTVIEvI)- IJGI-IT
0' by 12 only 575.00 delivered. rayon carpet oriental de-
red back- ground. Rcfiind if not used. lloiiir '11:-xlilcs
Made of fine all yarns in exquisite signs on wine and
Agency open. Promlr tregisteredl. 2057 Diindas West Toronto. Ontario.
FOR SALE - I OFFER MY PLACE
at North Carleton. consisting of barn. 7 room house. 4 roomcd aparinicnt. with electricity. All ir. first class mn- dition. 1'4 miles from Bordon. on
one acre of land.
inf-Z room. Phone 451. City,
ltroduce
MON'l'REAl.,"Jan.T ll -- r(,'pi -.
' Federal Department of Agriculture
quota tloris:
Eggs: Cass free, extra large 43: larize 43; medium :19-40; small 37; B 37: C 34. Receipts: 324 cases.
Butter: Que, No. 1 pasteurized fresh 62; wholesale Que. No. 1 pos- tciirizcd fresh 62V,; first grade
h1ShWlY- MM MIHZV Muttarf. Creamery prints job price 63-631,4, M53117. 1-1. R. Phone Borden Receipts: Nil. S5-ll.
-. START THE NEW
YEAR RIGHT
WITH GOOD USED CAR OR. TRUCK SPECIALS
1947 MERCURY SEDAN-
dition
All Reconditioned and
Wlnterized.
. stowart Motors Ltd.
New motor, newly point-
31550.00
1960 MERCURY 172-TON- Low miles. Excellent eon- 51225.00
1951 MERCURY U2-TON-- Good as new .... .. 311450.00
none 881 - 224 Gt. Geo. St.
vmixzvi
Cheese: Ontario white 30. color- ed ."il'g. F.O.B. factory; Quebec white 30. colored 31 F.0.B, Mont- real; wholesale Ontario white 31- 11; colored .73; wholesale Quebec While 31: Quebec .72. Receipts: Nil.
No. 1 potatoes: (Small wholesale lots) Que. 7.35 2.40-2.50; NB. new 45s 2.80-2.70: N.B.. 50's 1.75-1 R0; NE. 105 .40-.42; PEI. 755 2 es- 2-75: P.E.I. 105 .41-43.
Markets At A Glance
(By The Canadian Press) Toronto -- Western oils gain. Montreal - Papers gain, indugg.
ed good tires. A Be.r- 1"” 4””- gain at H g1050.00 spzckiz flirt-it - Demand for rslls 19;)A:0'g) CUSTOM Si? s2:O;o2ut2idred,i?:i:?1r.hWn' mm A' - cater and Radio New York -- Cotton closed as
cents to 81.95 5. Dale higher.
Sealed Tenders will be ac- cepted for janitorshlp of Parkdale Hall up until 26th January 1953.
Apply to:
MRS. OVID DOLLAR . Second St., Par-ltdsle RJI. 8
4
700 C Dec. War . 71200 C Dec . R0 2200 Cdn Dev Pete . 100 150 Cdn Oil .. 14 1-11 95 Cdn Oil 5131: 98 3-4 700 C Will 310 800 Cariboo 135 4255 Cassiar 7.75 .740 Cent Expl . 550 3650 Cent Leduc 395 2530 Cent Pet. 90 1140 Cent Pore . 23 1-2 2000 Centrmy 13 1-2 500 Chmbrln 33 500 Charter 183 1200 Chem Res . 135 7200 Chestvl 27 129400 Chimo 93 3000 Cit Lac 9 6725 Cobalt. . 27 1100 Coch Will . 142 4000 Coldstrcam 51 1000 Colomac 4 1-" 500 Coniarum fl) 7350 C Allen 93 .7000 Con Astoria 11 1-21 2890 C Disc . 175 2300 C Guay . 08 2000 Con Howey 57 203 Con Smelt :13 5-8 4316 Con Nich . 20 1000 C Roch 13 3500 Csannorm 11 3258 Conwcst .. 405 43773 Copper Man 43 1-2 100 Cosmos .. 13 1-11 1000 Crestaurum 11 1-4 500 Crowshore 14 1000 Daragotri 10 5-11 1165 Deldona. 40 1-2 1625 Del Rio . 330 2000 Detta. . . 15 1200 Dev Leduc 235 120 Dome . 20 3-8 700 Dome Exp 800 3500 Dom Asb . 415 5 Dom Scot. 12 1-4 25 D Scot Pr 4.1 1-2 12800 Donald . 52 5000 Dragon Oil 84 2700 Duvex .. 43 1-3 4100 East Crest . 12 1950 East. Mslart . 280 28650 East, Rim . 145 2595 East Still . . 850 17200 East Mtls . 51 2800 Elder 62 9000 El Pen Rey - 12 3700 Elm Glacier 38 18300 hiteiia .... .. . 75 9200 Eureka . . 130 20993 Filmbdge 22 3-8 56900 Fargo . 12.5 3125 Fed Pete . 720 . Frsncoeur .. 7 14870 Froblsher 755 3570 Frob Wis . 100 27458 Gas Expli 1 175 20 Gen Pete , 900 400 Gen Pete A 025 500 Geneva 11 2800 Giant Yk 11 3015 Gods L .. '70 75700 Goldcrest 25 10()0 0 Arrow A 1-2 1370 Gold Man . 800 1000 Goldhawk 4 1-2 13000 Goodfish 4 3-4 113900 Grsh Boueq so 19500 Grandlnes :15 3500 Cirldoll New 475 2500 Gulf Lead 9 174085 Gimnar 280 700 Halllwell 2 1-2 100 I-fellnor 225 1000 Hard Roe 14 1-2 1000 Hurricane it 7-8 0200 Her I-Iib .. 7 1-2 woo H of Lakesl . ill 29500 Heath 15 2500 1-Ieve. 7 1-4 101700 High Or at 500 High Bell 45 700 Holllnger 15 1-2 510 Home Oil 12 7-8 uooo Horn Yk 13 3-4 045 Hudson Bey 57 2815 Hugh Pam 51 400 Husky . 12 1-4 4600 Hy Oherg 22 4411 Insplr 45 1000 Jeoknlfe 4 1-2 4500 Jaeulet 10 soon Jet 51 1!) Jollet 275 400 xetore . 9 9-4 10 xeivui ............ .. ill 9
15000 iusivitis --. mo
a...;Hw
THE GUARDIAN.
Montreal Stocks
MONTREAL, Jan. 3 1- (OP) -
mg 3900” Closing stock quotations: Sales Stock 1530 Acad Atl .. . 75 Acad Atl A .14 28962 Acad Uran Z5 3'4 0085 Ajax 44 1'3 2230 Altait 39 1100 Am Larder 10 3'4 0000 Am Y1: .. 11 1'4 000 Anacon 33 1'1 25300 Anchor 7 1'3 1900 Ang Cdn 75 150 Aug Hur 27 1'1 12500 Aug Ryn 15 1'” moo Anlu-mo 13 1'4 2500 Apex R. m 2000 Aquarius . ” 172 1000 Area . 32 1'4 500 Arjon . 1" 7500 Armistice 15 3'4 0200 Ascot 33 573 1300 Asher . 35 3'4 3000 Athens 25 1'4 2000 Atlas Ylr "1 4500 Allin Ruf .. 13 4500 Atibelle Dom 5 & C 16 2000 Aumaque Dm" T37 39 1'4 200 Mme, Dom Tex 10 5-8 60500 Bagamac . Fndm - 13 1'4 aeaz Bailey Sci .4 F735" Xd WHY - 17 5300 Bax-nah Fordt ? . . . 65 1-3 202:: Baritte g gglldvar -- 3,7 F- 200 Barv War 175 1 SF -5 ' 3 400 Barymin H 135 How Smith . 13 mm Base Metals .12 Bud BU - -57 1700 Beta 43 mi) 0” 35 3-4 54200 Eellekeno . 51 pimp T05 9 5-3 2100 Berens 75 mt Nick 75 1'4 2000 Bevcourt 94 mt PW 53 7.-ion Bibis 22 W PM 23 10500 Bidgood 11 11" PW - 70 55m Bohjn 20 Lake Wds Pr . . 144 com Bonvl .1 1-3 W5-W - 9 3-4 1 13500 Bordulac 13 5-8 MCCMI - 37 24500 Boymar 16 1-2 N 5119” - 27 2000 Ei-alorne 4115 N0”"d”' -v 75 500 Bralsaman inc W09 V 32 5-8 Z1500 Brewis 10 0"! PW - 18 I-2 3100 Bristol . 50 ROVRNC 15 5-8 3450 Bi-itaiiii . 905 St L" CD - 32 7-8 6500 Brit Em Oil . 131 Slmlfm 42 5,50 Bwul Reef . Shwngii 4Pc Pr .
1010 Ker Add
20 5500 Keyboycon R 36700 Kirk I-I 125 2200 Kirk Lake 72 2000 Kirk Town in 4000 Klondike 20 700 Kroy Oil 190 2740 Labrador 10 1.2 6500 Ladulama, . 23 3300 L Duf . 91 720 L Shore. son 1500 L Wasa as 100 La Luz 235 100 Lamaque 5()0 92800 Landover 48 so Lang 10 500 Laps. C 7 4000 Lavalie . '7 1-2 3500 Led Con 60 600 Leitch 104 100.7 Lomega 4 2000 L I Pete 29 2000 Loucrt. in 1500 Lynx 15 350 Mscassa . 170 1500 MacDonald 109 100 MacFie 111 .1500 Macho 4 3-4 12500 Mackeiio 70 900 MacLeod 259 200 Msdsen . 105 1500 Malortlc 175 2750 Maralgo 4 7-3 28000 Marbennr . 13 1-2 1500 Marcus . 10 1-2 2800 Marigold . 711 .1000 Martin . 4 7-3 7100 Marweyne , 74 1500 Mata:-row , 9 7.3: 1500 Mayo ..... .. . 12 1-4 1800 McD seg . 25 2 McIntyre . on 8100 Mid Con . 35 13000 M1110 . 01 2900 Mindamsr . 415 9600 Mind Scot . 13 251 Min Corp 13 1.2 4800 Moneta 40 500 Mylsmoq . 6 7-8 1400 Net Pete , 157 1200 Negus . . 20 38700 Nes Lab . 249 500 New Alg . 16 500 New Bid . 3 1-2 .1925 New B Dom . 2411 5100 New Cl 115 2450 N Cone . 217 7800 N Cont 188 71885 New Del 08 100500 N Dev . 70 1200 New Dick .. 325 5000 N Fort . . 15 11500 N Goldvue 40 17.000 N I-Iugh M 12 14000 New Jan 7 3-4 9700 N Laguerro 7 '1-2 148318 New Lard U 45 25949 Newlund .19 500 N Mor .. 14 2000 N Mosh 50 39100 New Non fl 1-2 4200 New Pac .. . 10 19861 New I-lighridge in 27500 N Ryan L 26 100 N Ben 26 150 N sup . aeo 2050 New Thur - 9 3-4 200 Nib Yslo . 4 18600 Nisto 18 500 Not Acme 100 322 Norands 70 1656 Not-metal 405 0466 Norpex 34 1300 NO Olll .. 191 3500 N Den .. . 11 500 Not Inca. . A 2500 North Trln . 25 30100 North Cat) . ....... 85 7000 Nor Ext 15 1-! 4500 Northlsnd 0 180921 Nuber . 800 Obssks it 1-2 5100 O'Brien 10600 Oil Bel 1800 Okelte. . moo Omnltrsns . . 21731 Ont Pyrites I90 700DoAWts 41-2 2370 Do 3 Win an 100 Opetlilskl. no 200 Oi-lac 5 1-! 7500 (bloke M 4500 Flo lest . 12 1000 Pee Peta . ti 1-! 18m Pnmatr , 106 3 Pen west 43 Eeyateeeer . so
cHARLOT'rE'rowN
New York Stocks
Nlw YORK. Jen. s - (AP) - Oloeing main stock quots.
Stock close Am Car & Fdry . 30 1-2 Beth at.
Cdn Pac . 33 Ohm 6: Ohio as 1-4 Gen Ed . :8 Gen Hi 72 1-4 Gen Mot 67 1-2 Gt N Ry Pf 55 3-8 Kennecott '13 3-4 Mtgmry W 64 1-8 NY Cent. 24 5-8 Radio Cor 28 5-8 Std Oil NJ 77 Texas .. . 56 Utd Airct 37 3-4 U5 Rub . 30 3-4 US Steel 43 1-4 Varied 42 7-8 Westinghouse 47 5-8
WINNIPEG. Jan. 8 - tCP) - Prices held a narrow range but showed it feirly steady undertone today on the Winnipeg Grain Ex- change, Flex was the strong point.
Trading generally was dull, with the odd flurry of activity.
Fair-scale buying attributed to export. accounts appeared in the deferred months. of. barley. some eastern shipper demand came out in both oats and barley.
Flax uncovered occasional orders for industrial interests. American houses were on both sides of the market in rye.
No information was available on export loadings of Canadian wheat.
Prices for the top grades of close two wheat northems advanced 115 cents from yesterday. Class vwo durums were up 51.4 cents. All I'WA prices advanced 14 cent.
Closing pit-ices:
Oats - May 7754, July 7515-78; Oct. 76.
Barley w May 1.22562 lluly 1.17M: Oct. 1.161413.
Rye - May 1.67; July 1.tl87iA; Oct. l.697i.A.
Flax - May 3.22543; July 3.24.4; Oct. 3.2513,
12600 Pen Cob ..
1000 Pershcrt 11500 Petrol
108 Pick Cr
300 Pioneer
145 Placer
900 Ponder . 59500 Porc Pen 12500 Prado
600 Prwton
1500 Pros Air
1500 Punch P
5000 Que Lab
2500 Que Man ..
8400 Queenstoii
665 Quemont 19 1-4 500 Qiiesabe it 1-2 111925 Radiorc M 1000 Radnick 1.1 1000 Red Pop 9 1300 Reel P 28 1-2 100 Regcoiirt . 5 15900 Rlx Athab 172 201500 Roche 14 3-4 23900 Rowan C .. 25 8100 Row A Wts 8 1400 Roxana 32 1-2 41500 Rupununt .1 3-8 2000 Ryanor R 100 San Ant. 212 500 Sand Riv 5 5820 sapphire . 245 6200 Scurry . 262 1700 See Fre . 240 600 Set Wis 32 10033 shswkey A 500 Sheep Or 110 7835 Sherrltt 550 50 sigma 775 100 Bilsnco 32 7350 S11 Mil 118 2530 Spooner 36 76202 Stsnwell 157 3380 Steep R 745 13000 Bud Con 17 1-2 550 Sullivan 282 2500 surf In 6 1-2 1500 Sylvanlte 142 20400 Sweet Ctr .. 72 810 Teck I-I .. 21 l 700 Thom L 121 500 'mmvhill 25 100 Torburt 1-42 4000 Tow Pete 41 1800 Trans Res 45 2500 Trend P . 30 1 16400 Triad Oil 270 2700 Tung 24 7850 U Ash 355 5845 Un Reno 800 2100 Un Lead . 46 4900 Un Oils 150 3800 Up Cen- 182 3200 Van R01 12 1759 ventures 24 1-8 2000 Villbons. 4 1-2 5700 Vlolsitilic 150 2000 Vulcan 55 1270 Waite Am 12 1000 Weedon Pyr 50 8900 West Ash -40 1000 W I-fometd 18': 800 W Lease 660 360 W Tungst 350 12200 Wilrlch 103 400 Wiltsey 9 10000 Windward 13 100 Wlngsit .. 4 3-4 500 wlnors .1 30 Wt I-fer .. 210 2500 Yale Lead 44 5500 Yan Can 22 1-2 2200 Yk Bear 170 2300 Yukeno .700 Bulolo .. 000 Del-housle
2020 Yukon Con . on Total sales - 3,778,000 shares.
BANK!
235 Bk Mt!
323:2: er”?-e
-busisbu
INDUSTRIALS
275 Cdn Brew .. ll 3-! 1125 DMII . .
at Blinp A 431 Slim) D
POPPITIIR SCHOOL Prague - (OP) - A school for trsining operators of puppets was
or uusicsl and n-emetic Art. The four-year course for these who went to specialise in the m is be-
litvtd MO flit of ltd kind in tilt woflis
opened st the Pngue Academy -
The Annual Meeting of Shareholders
The Royal Bank of Canada
Encouragement of
Canadals dependence on the world economy, and her responsi- bility to it because of her increas- ed importance in the world was the main theme of the' annual address of James Muir, Resident. at the Annual General Meeting of Shareholders of The Royal Bank of Canada. Self-interest and high moral purpose, he said, lead in the case of Canada to a common goal: the rehabilitation of the world economy. Reliance on the free price system. he felt. is pre- requisite to the removal of numer- ous obstacles to healthy world trade which exists today.
"Unfortunately the world's eco- nomic ills are more easily disg- nozed than cured." said Mr. Muir. ”The most spectacular symptom is. of course, the so-called shortage of dollars which still pea-slats seven years after the end of the Second World War. t
”In international trade, goods must be paid for either in the ex- porters currency or in funds that are freely convertible into that currency. The world chooses to buy goods and services from the United States and Canada at such 8. rate that, even with the multi- tude of restrictions imposed by the importing countries. dollar pay- ments for imports exceed dollar earnings from exports by more than 35 billions per year.
THE DOLLAR. SHORTAGI
"Exchange control can check the loss of dollar reserves for s. time. but it. does nothing to combat, in- deed it. may intensify, the under- lying unbalance that causes the dollar drain. In contrast, a free rate moves automatically to re- store balance in the international accounts. ,
"I do not mean to say, nor have I ever said, that free exchange rates will solve the whole problem; there is no simple solution. Nev- crtheless, it is surely unwise to forego the advantages of s free market merely because after its adoption, some problems will still remain.
"In the short run, the dollar countries snould act without delay to remove excessive tariff barriers and customs formalities that now present unnecessary obstacles to overseas imports. Canada, espec- ially, has much to gain by reduc- ing the preponderance of U. 5. goods among her imports; and at the same time the release in this way of extra. dollars to overseas countries would tend to reduce Canada's dependence on the U. 8 export market.
”In the loniz run. lln liivcsimcnt programme will be of the greatest importance in correcting the fun- damental economic weakness that lays our allies open to recurring dollar crises. Briefly, inv t it may provide relief in thre main ways: first, soft-currency countries may concentrate tlieir domestic investment on industries producing dollar-earning experts or produc- ing goods which otherwlse would have to be imported from the dot- lar area; second, dollar ores countries may concentrate their foreign investment in the same types of industry: and third, the soft-currency countries may make direct. dollar-earning investments in the dollar ares itself.
PROBLEMS OF INVESTMENT
"The way to encourage private investment in 'unde1-velaped coun- tries is not to create another in- ternational lending agency but to secure s general elimination or reduction of the present restric- tions in these countries on the repatriation of earnings. on the capitalization of earnings which are not or cannot. be transferred. and on the effective control by its owners over equity capital when the majority interest resides out- side the under-developed coun- tries.
"In tihe last analysis, interne- tiomil investment and economic development depend upon achsnge of heart in the underdeveloped countries themselves. I believe this change will be easier if those countries adopt. the short-run monetary and exchange-rate poli- cies I have already discussed. Any easing of the dollar shortage by these means will make it. easier to transfer interest. dividends, and capital sums out of these coun- tries; and the mere power to withdraw will in turn encourage new investment and thus create a further improvement in the ex- chantze Dolltion of these countries. Nevertheless. the will must be there if healthy long-run invest-
plan or assistance programme or
ment is to be encouraged; and no
Free Exchange Rates. Lower Tariffs.
Foreign Investment,
1 Keys to Healthier Economy. Says President
Urges dollar countries to remove excessive trade barriers and customs formalities. "Canada serves high moral g purpose and own self-interest by accepting her present-day responsibilities."
"EASY" CREDIT CAN BE COBTLY T0 CONSUMER-
Three devices. Mr. Mule said, but been available to eorreot the lull in business which had occurred early in 1952. These were tax reductions. price re- ductions. and easier credit terms. Demitas some reductions in excise taxes, the effect of the 1952-1511 budget but been to impose a heavier over-e.ll bur- den of taxation; price reduc- tions, while they had occurred to some extent. played e relat- lvely'sme.ll part in the revival of trade which took place to- wassrds the halfway mark of 1 2.
tilt was the third device." he
said, "that of easier credit terms. which was apparently ” by business and govern- ment s.s the means to restore a stronger current of business activity. Consumer credit con- trols were ebollshed on May 6th. 1952, and the voluntary restrictions on bank lending were re'moved.st the suggestion of the Bank of Canada. on May 20, 1952. We are experiencing the buoyant effects of these decisions. Indeed, there is some evidence that the decline in activity has been OVOE-COfTCCbe ed, and that inflation has again become a. threat to the economy.
"so-called 'es.sy' consumer credit. can be costly both to the consumer and to the economy as a whole. 'me effect on sales is immediate end gratifying to business; but repayment of the debt by the public in the future may well result in an enforced reduction in coneumer,spend- ing on durable goods to it level quite as low and depresslngces that which followed our pre- budget. buying spree of 1951. If this reduction were to occur along with other denstionsry factors, such as heavy invent- ories and s reduction or s lev- elling off in urmamen' expen- diture, our present boom might seem. in retrospect, en unsound and temporary one. Indeed, the economic pattern tiodsy bears no little similarity to that of 1928 and 1929. Then; sis in 1952. the expansion of consumer instalment credit played an important pert in increasing sales and maintaining retail prices at a time when r'ew mater-lsiprlees were on a steady decline. The result then. as in 1952, could only be a. concealed
inflation with its attendant dangers. "I believe that a sounder
prosperity in 1952 would have resulted from greater use of the two other corrective devices, namely tax and price reduc- tions. These interect with and reinforce one another in pro- moting a healthy expansion: in other words. the expansion they promote will not be based on the shifting sands of con-r sumer credit".
investment institution can nerve as a substitute.
BASIS FOR OPTIMIBM
Mr. Muir concluded with an ap- peal to Canadians to exercise dis- cretion when discussing Csnede's prospects to their friends in other countries. "It may be pleasant". he said, "to have one'e nation re- garded highly sbrosd: but the boom psychology that prompts even smell investors in other coun- tries to rush into Csnulisn securi- ties should tesch us caution. Both our good repute s.nd our long- term promerity will be far enter it we do not ovei-sell Canada now. Let us then temper our private optimism with e little public caut- ion. especially when we are balk- ing to Canada's many friends abroad.
"Canada made a valuable con- tribution to the revlvel of faith in the traditional price mechanism when she freed the dollar in Sep- tember, 1850. and removed all ex- change controls s little over a year later. In other countries there no legitimate differences of opin- ion on whether or not the time has come to make I. similar dash for freedom. But there is e eur- prising emount of eetnent that ultimately this is w at must be done.
"Our country is Yolml. ill C00- nomle system is straps. and its cgpeslty for growth .will put our
General Manager Report: Assets Over 52.6 Billions
T. If. Atkinson. General Men. eger in reviewing the banks 100: report stated that total assets of The Royal Bank of Canada have now reached the imposing on or 32.691.458.873. This, he said, was s new high mark in Canadian beak. ing history. and is the highest ever reported by any Canadian bank.
Deposits likewise-had reschsd
record totals, said Mr. Atkinson They now stand at 32.827.610.487 an increase of approximately 0170.- ooo.ooo over the previous yes: "This increase", said Mr. Atkinson. "reflects not only substantially higher balances in the names of former clients but has been sc- companied by a record making number of new names on our books. The number of deposit ac- counts on the books of the beak now exceeds 2.280.000. an Increase of well over 100,000 during the year." Mr. Atkinson reported profits for the year had increased 31,762,881 over the previous year. After pro- viding for taxes. depreciation and dividends, including an additional dividend of 3875.000 (at the rate of 25c per share), the bank transfer- red s3,000.000 to Reserve Fund. which now stands at e55,ooo,ooo. The bank's programme of - prcvement to branches. which hes gone on steadily since the end of the war, continued during the yes: to provide the public and etsff with modern, up-to-date facilities and surroundings. some 275 bran- ches were provided with new or improved premises. 1! new brunch- es were opened, and I. further sev- en are in the course of prepara- tion.
ROYAL BANK ABROAD
Mr. Atkinson reviewed the his- tory of the bank's extensive or- ganization abroad. pointing out that its go-orwth had followed aet- ual or potential channels for Cut- sdian trade develo menit. Offices were established ony after A cure- fui survey on the ground to ascer- tain whether the field was ade- quately banked. and t if not. whether the bank could not only service Canada's export trade, but could contribute something worth- while to the business community in the particular country. and op- gaitiuon s. reasonably profitable
"The volume of busineu tren- sected by our foreign branches re- mains very substantial indeed. and profitable. During the past year. our overseas-chain has again de- monstrated its worth as an im- portant complement to our Can- adian organieation. Not only wet this so from the standpoint of record earnings. but the contribu- tion made in the direction of busi- ness to the Canadian field through contacts tsblished abroad wel well worth while. As has been Illf. in our published reports of previ- ous years, through our extensivt overseas direct representation plus our world--wide relations wi'.'ti'i cor- respondent bsnks and the mecie1- Lud departments we operate in Canada to aid traders. we ere proud of the services we proyide and also of the contribution we make towards facilitating traders, the value of which can hardly be assessed in a. nation which ranks third in world trade.
PRAISE FOR STAFF
"It is a daily occurrence in Head Office to receive letters indicating that at one point or another some member of the staff has gone otit of his or her way to deal kindly and thoughtfully with files prob- lem of a client. Public opinion of e bank is by and large the opinion held of individual branches of the bank so that our repute- tion is largely dependent on the depotrtment and actions of branch personnel. That it is in good hands is amply evident.
"An expanding business inevit- ably places increased demands on the staff and in the past year we are well siware that at man? points out officers have been fsoed with difficulties which at the moment may have seemed in- sui-mountable. In no case, how- ever, was there the slightest evi- dence of a breakdown in service to the public and so. on behalf of the executive officers of the bank, I say A heartfelt "thank you" to the staff. In turn. on their behalf, I have no hesitation in suuring the directors and shareholders that the demands of the future will be met. by the staff in the efficient. warm end friendly men- ner they -have displayed in the past".
resources of imagination and en- terprise to e severe but welcome test. This is what we should re- member when we become toe grestly. imlpreemf with the dial- culties still ahead of us. There is little excuse for gloom in A young country that even now stands confidently on the threshold of national greatness."
aio -roUms'r armscfion
Switzerland entertains about 450,- 000 tourists annually ln its Alpine ruorrt-3. ,
mm FARM WANTED-
Ciient requires medium priced farm on paved high- way near Charlottetown and handy to school, Presbyter- ian Church and shipping point. Kindly quote lowest price and include snap of buildings in first letter.
F. A. LARGE. Q.(1., Charlottetown
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Ilvll. IALIIING The annual rise and fill Of the two River has been the main basis or myprs agriculture.
Finsnoel Loans made within:
lltti VIA! IN CANADA
CASH
When bills pile up, get 250 to 31000 feet at Household
BOOK-FORMING MINERAL Epidote is a rock-forming min- ersl which is essentially it siiicnu
of calcium, aluminum and iron.
on You own. eicusruite
tbsnkeble security. Repayment
pleas to fit your income. Up to 24 months to repay. Phone or stop in today for fast, friendly. dependable servioel '
iiouseiioio riileiicc
D. J. loot, Manger too Great George 81., wire I. MIMI! 1993 GHAIl.Q1'fI70WNp ..I.I.
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