I-rPilIrsIs-

DECEMBER 12. 1942

$100K QUOTA nozvsf"

ybninrll srocl rxcnivcr

(Canadian Pres!)

Close stocks Bell Tel 1g 5 a Bruzilian ' C“ C“ Nu“ 2g a 4 Can CB1‘ a ' Pac Stcamshlll! 9 cockshult Plow 8 1-4 Dist 3453f '7 3-8 pom Goa Pfd 12 1-3 Dom Bridge 23 1-4 Dom T131111 77 r Dryden 4 "'3 Gen steel Wares I '1 1-8 mp Tub l1 1-2 1m Nickel 32 Lake of Woods 20 1-4 Massey Harris 51-2 M63011 Frontenac 8 Mil Power 23 5-8 Nat Prew 26 1-2 Np sfrcl Car 33 1-2 39 1-2 5 3-8 1 4 1 2 7 B 8 4

16 59 66 2 I

Montreal Curb

{Canadian PR5!)

Slorks Close Asbestos 21 Bziiiuist A 13 1-2 Dom Tar 53-4 Don A 8 3-4 Fraser V T C 11 1-2 Fcrd A m Home Oil I42 ‘nip Oil 10 1-2 Price Com I 1-4

(Canadian Press)

stocks Close Conlrnerre 128 Montreal 143 Nora Scot-la 225 Royal 128

MONTREAL. Dec. 9-—(CPi—

canlidllin Commodity Exchange.

Bfilblfif‘ spot: Que (92 score) 38 1-4 .

Eggs spot: Eastern A-large 50B; A-lntliinln 451$; A-pullets 45B; E- B 4313; E-C 40B,

MONTREAL, Dec. 9—(CP)— Produce prices today as reported by the Dominion Department of

Eggs: graded shipments selling iAzlllllle 50; A-medlum 48: A-Dul- e s ~15.

. Agriculture l'ollow;_

utter: first grade creamcry prints, jabbing rice 38-38 1-2; lrst grade soli s, ebbing price,

3'1 1-2-38; wholesa 8, Que No. 1 pasteurized storage 36 3-4—37. Cheese: current receipt, colored, western 20-20 1-4 FOB Montreal, willie. western 19 13-16, Que 1o 5-11 FOB ifoiltrciil, wholesale western Mid Que lvllltc 201-16-20 1-5 first Wide FAS Montreal. " ' Potatoes: '15 lb h0g5 No. 1 mo

2.1m Que 1.25-1.45; m; 145-1352? [Dalhousio Osisko

PEI 1.45-1.55.

\

school.

The Charlottetown Guardian.

1 New York

Stock Exchange

(Canadian Press)

“wk! ' Closo a at“ 1' . =-

8: Te _ Anaconda ‘Z2 g3 Baldwin Loco u 14 Bendix Av 33 34 Beth Steel 54 Ches d; Ohio 33 3.4

ysler 65 14 C011 Edison 1Q 1.8

E166 29

cfill M0101‘! 42 14 Gt Nor Pfd 20 1.4 Kennecott g7 ;_4, Mont Ward 33 7.3 NY Central 10 14 Nor Am Co p 14 Pen RR g3 Phil Pet Co 43 Std Oil NJ 43 5.5 TBXRS Corp 39 1M1 United Air g5 7.3 US Rubber g4 5-1; US Steel Co 45 5.3 Vanadium Corp 15 1.3 West Union g5 7.3 West Else 77 1.4

MINING

(Canadian Press) TORONTO, Dec. 9_.

‘llelp Wanted’ Advertisements

Under the new government regulations which bocnlno of- fective on Septombe 4, It is still permissible lll 11111111511 "V" an advertiser's own name "llelp wanted advertisements for domestics; farm help: teachers: fishing and sffllllllll] help. and for

All othor "Help Wanted" advertisements. however, must be submitted by tho advertiser to the National Selective service officer, Unemployment 1. 0. 0. F. llall. Richmond Street, and on receiving the of- ficer's approval tho advertisements can then ho inserted in

nurses and probationers; employed after

lnsurnncc Commission,

L?

unskilled 3o per l~_lorul and S lritulil Offering: Londulonco 7 o nor inch; W‘ sud l0 cents for ovo Appreciation, 70o por-

cents per inch. Address and t sppllcatlon,

Ju-

Advertising Rates‘ - Payable in Advance

Minimum Churn for Any Alvenbouonu ll Cent

Central Guardian locals. lo per word: Weston and Eastern locals 2c oer word; Announcement: and

Coming Events 3o por wot-ii:

word; in Memorial Notices 10o nor inch Link of

Cards. an. 5c Lam" o1 ding ongagomon additional I IOIIII. No ch or do pa: Iord.

nsnie; o0 words for 11.110 ticosdof Thsnh

sud ll lptlo ntstlun 81.00. Other rates

Wanted

WANTED-LOCAL CARROTS AND Parsnips. Apply J Pope Cnrke. 12-10-11-12-21

e FURNISHED HOUSE 0R 8 ROOM Apartment wanted slznble tenant. Fam‘1y of r- tilts and three small girls- lll Sign year's lease. Call or tele- Dhone 1376, Hamming Co. 13-10-11 ,\_________________

To Let

LET-UNFURNISIIED HEAT- "! Almtments and rocmo. strnth- Cons Hotel. 12-9-21

l VERv paslnilona FURNlSlI-_ I'd residence for rent. Phone 1783. 12-9-81 I0

be LET-HEATED FURNTSBID nil-sitting room on tho Bruund °°'- Allllly I Lower Prlnlcao 95:6

Miscellaneous scs

“lll SPECIAL! MRS. Boauty Solon. 13-5-71

"lg-Pill rrucas PAID roo

n 11°! 1nd Fir Logs. Lengths ‘l

"Id B ft. a inches. Montana "ml-ihliia co, no. Montague.

. n-ao-is Lost .

W" - r u it s a con-roman

chequ ' have e

P.

and sum of money. Ptndor st Pollen-Static

I'l- ll-lfl-ll-I w“ -

For Sale

FOR ‘SALE-TWO COATS 1 SIZE 42 a most new. 1 sire l8. Apply 33 Spring -Pork Rd. 12-10-31

FOR SALE-CHOICE ‘rill/luv T0 lay Buried Rock Pulleto. Currlo airview. 13-10

War-ZS Years Ago Today

(By The Canadian Press) Dec. 10. l9l7~mpublic of Panama doclorcd war on mills-Hungary. Germans. strongly ffllll-Wmd I X man and T1115 from Hussll. l big offon vo preparations on Western

o Front .

Drive oiil ACHES

Stocks Close AJBX .13 Aunor 1_19 Bldgood w B01110 .07 3-4 Brit Dom ,2; Broulan 51g 1-2 Buff Ank 140 Cent Pat 311 Cent Por m Chester 51 Cocllenour- 54, Davies _11 Delnlfe A0 Ea Mill 1.04 Eldorado .62 Falcon 3,41) Gold E _09 Goldws .02 1-2 Gold Gate .02 1-2, unnar .09 1-2 l-falllwell 04 1-4 Hard R0 .43 Hasaga .11 H1 Sale .10 Inspira .25 Kerr Add 4.35 Kirk L .48 1-2 Lil LL .83 Macassa 2.10 MncLeod 1.43 Madsen .54 McDougall .05 McKenzie .64 Mciicllnn .02 Nipiss .81 1-2 Norgold .03 1-44 OBrien 1.51 Ont Nick .13 Pacalta 01 1-2 Perron .78 Pick Crow 1.60 Pioneer 1.10 Premier .50 Reeves .20 Sand Riv .01 1-4 Senator .18 1-2 Sherritt .65 Siscoe .38 Sladen .25 S E Pete 93 Stedman 16 Steep R0 1-55 Upn Can ~76 Ventuyes Verm. ata - wood g .01 1-2 ~ t-UNLISTED .25 l0

l) thou‘

THE‘ CHARLOTTETOWN GUARDIAN

PAGE FIVE

'Canada’s War-Time Economy Reviewed By Bankers

Government Policy in Price Control and Taxes Praised by

Bank 0f Montreal‘ President

HuntlyR. Drummond Says, However, It is’ To Private Enterprise The Country Must Look To Convert War Factories To Peace-

Timo Production.

BANKS PLAYING BIG PART IN WAR EFFORT

The national economy 1n war-time, with its remarkable industrial

expansio -— ir- r 1t ' 1 t t1 conuols {dud till: llrslglegsslilyle lPglCgifile%l Zflliflgncmflleegfinwmtglliliarplylgl 1119911118 financial requirements-was reviewed at the 125th 331,111,131 meet-

ing o1 the Bunk of Drummond. Mr. effects of inflation, witnessed m the

Montreal yesterday by the president, Drummond said the government's effort u; prevent; the

the support of every thinking Canad

your ago that government controls and

possible speed after the war,

Huntley B.

81118111110011 of the last war, merited 1m. but he reiterated his plea of a fflgulation be removed with all

so private enterprise may have the op-

portunity to convert war factories to ihekprodluctioh g1 pegce_tune goods

Referring to Canada's expansion in the production of weapons of war “which our manufacturers had never contemplated undertaking but which they are now producing, staggerlngly large 111 quantity and o1 qulity equal to any”. Mr. Drummond declared that, in a word, Canada had risen in a single bound to the rank of a major industrial nation. But he made it plain that the first purpose of industry was service rather than profit:

“While this unparrelleled ex- panslon in manufacturing has token place, with the present income and excess profits taxes no com any to- day can retain large pro its. In- dustry is working, not for profit but for furtherance of our war effort, and merits our unst-inted praise.

“Nevertheless, it is vital to the future welfare of the country that industry should be allowed to re- tain sufficient ressrves to enable it to meet the strain of rte-converting plants to the roduction of peace- time goods at. t e end of the war."

BUSINESS m WAR-TIME

The record of business in Canada in these days practically amounted to the history of the government's efforts 1n the war, Observed the president; controls had increased until they had invaded every seczion of business and society. He con- tinned:

“Even with a great increase in our national income, we are spend- ing to-day more than half of the total on war; of this expenditure. approximately one-half is being raised bv taxes, which are probably as high here as in any country, if not higher.

"The balance must come from loans, and it will! Canadians. re- alizing the issues at stake, are rising to the occasion. and their willing response to appeals is a tribute to our- national spirit."

INCOME TAX IS HIGHEST

Canada's income tax, company and individual combined, was rc- icrred to by Mr. Drummond 115 "probably the highest 1n any 0i 11191 Allied Nations‘ and ‘covers practical- 1y every individual. As to W118i this meant to the Canadian people he said: _

"NeCessarlly, this had bmuzhl hardship to that. large and often forgotten class of older and depend- ent. persons who have to live on savings of bread-winners who have passed on. These have been caflflm between the upper and nether mul- stones of higher taxation andlower interest on investments. It also af- fects adversely the ever larflel‘ 11°11!’ ol office walkers and mose o1 tllc professional class who have had no increase in comings to enable 1116111 to meet higher taxes. Nevertheless, the cheerful acceptance of hardship by all Canadians has been notable and is an encourazlns sign 1°!‘ m9 future.

"We have in our own 01115111113119" a wonderful example of this spirit. All told, 4,337 members of the Staff subscribed to the last Victory Lioari a tutnl 0f$921l,7n0 in bonds. Of theso. 3.848 members who earn less than siifmgoger annum took no less than $465. .

"Today we 5,11 called 011 by me leaders of our Government to make sacrifices, and we do so willinllll- we call, and we have a 118111 1° call_ on our Governments to cutdzis deeply as we do into every 9x115" ', ture they make which does 110v further our war effort

norms PLAY THEIR PART

While giving credit to the 801/9171‘ mcnt for the conduct of its finanvirxegs in this wax and its fight nsnlnst - fiction-whim, he said, merited 1-118 supper; o; gm, “filming h/dlliidihlti -the resident said that. we mus .

.. 111111011. compared with

in Just co to the Banks of tho Dom- inion. tell of the work they 111141‘ hum long before and during ths time of war to lav b10114 find “rm the foundation on which the 80V- el-nmentfs efforts are founded and which ,in fact, made them 1105541)“! i he continued:

‘in the health oéagw gantry 1:

nd, in mono so .

lgil-lgely do: to the wise conduct by tho Burks. over many yell-Pi. 01 011611’

1r 1 , d their help and 31711111115110: $4.1 tll: business affairs of all Canadians

"Thus. m-déiv my m able to support to the full tho Govern-merit in its stupendous task of fiinorlcfng t

h war.

Ewe can fairly claim that in Con- ada our banking system has moro than Justified its existence and, with irrefutable facts, onowocr‘ those who talk of’ tho Btoto taking over

o . Th spooke found it In that ethe Cord-adieu farmor hug?

g with ksnlporisticn. m. lJ-urnmond referred 0o tho splendid way in which tho railways hsvo rne the sudden demands imposed on them the war: it "no s trlbulc

to those who direct theiroperstions and o _oourco of lotion lo - clans.

Lin til

CONTROLS "FOB. m DURATION" E

Mr. Drumrn a Wat 1-111! Wldeogxpauziilorroilrliwgidflgf ‘F1111 Production had been financed "Y 11111511011 811d Bovcmment bor- gélgs “"1191 Kovenmient direction ntrol and he urged that such control and regulation be removed with all BlJeed after the win- is over In gals connection he said‘ ' " e GOl/ernmen has provided the $191’, uaranteed the overhead t’ Pm‘! 116d the market. for the a: ut. These conditions will not, cannot, obtain after the var.

which it has been so successful i115 12.10118" or r-w-i- a "v? u” °Y\ °1' Deacetlme oods. he" I 1m appeared fore You. I used these words: .Dem°_ 2:221 5:121. "5 i-ivi-m- w» mg dun _ tell]? as its correspond- Y- 0 66D theprivlleges we Prepared to sacrifice eiicellt ultimate free- . When the war 1s over, 1! essential that Government controls 1mg 11381115110“ be "mow ed wi all possible speed, m, y; any“ in - v-i-m o: rprise for which we are ggglungi 11' 1-5 11° Private enterprise we t 1 of nonnaTlditivljtllefiulgr resumption

names ASSETS OVER A nnfi$§'“‘"“

Dealing with th 3 1;, 905111011, the presladedt." mtiiilimgfll hat the average assets u; me 53"!‘ 41111118 the your were $1091 lion in the preceding $113132 ‘x1133: lloslts — the safet of which is “our first considerat o " -amouht. ed to $1,064.645é000éma1f{hi1lg egg-n- mxes t 275w’ ncrease, aqlllyhlhf-gllieifi 000 were consider- the gcsivergrrfgnttfixgttallély fiiwlsfifigfi 1118 not earnings m 709; o; Mb war-standard profits. The incid- once of this increase in the 111m of “X” annmlnced by the Illinlster f Finance in-his budget speech "as felt only 1n the last foul- 1110111115 of the veer: the taxes for the coming twelve months woum be sharply higher. Dealing 1m, i» “ is year an 1 _ of 011!‘ 38526612 ‘ggegeplya-‘g-g- - lnvelllllents; these a1. most exclusively shim gem’ md immediately realizable’ place the 33%: b19310 1P8 ' 511M189!‘ Position than " ncl ~

businesgr n30“ beicrldldiftiggrivcedwilirll

increasingly large measure b Government funds. our commer}:

cial loans hflvg been 111011811 they are still hlghgd 1.1%:

at the 1192111111118 0f the war “These facts — hi her taxes a Rreater total of lnves ents fewer combined with tho Govern.

ff “ earning po€.e§°%r°'..1i'°l§?.'l?.“ 15:11 are reflected in reduction of our

div end. \ believe our shareholders

"9 111111118. is are all Canadians,’

to f rth

wayllm g1‘ £111’ wsr effort as they are til Prime

in make o. contribution, dvliis. w that end. As e Minister has said ‘Nothininmitiers now but Vic- iory’

"Nevertheless, owing to its strong position, the earnings of the Bank remain reasonably satisfactory. We believe that the hlstor of the Bank. which has never {lined m bay a dividend for well over fl hundred years. is our 1051111119,- tilon for making safety our first, “n”

R/l-feri-ln w the 1min iiutoi-v o 135 h anniversary your. ‘Mr. Drummond mentioned that when its doors were opened in capital was $250,000. Since that be inning eight sovereign; had 1'9 Bnfd in England, and it hns survived nine wars. He added: "While tho Bonk is on old one. 1t hos boon in tho forefront in s11 114 years in all constructive busi- neu developments."

GREAT BRITAIN AND THE U. B. A.

“In the United Kingdom.” llld Mr. Drummond, "we seo tho in- spfring taclo of s notion with- out on i lo person."

“Men, women and children are s11 working with but onc purpose. that of winning the war. with tho result that the on ut of war moi- tel-fol per pol-son higher there than 1n In other country. Tho ml-Jori _ of {he workers spend their leisure ours ln some of the mill- ‘ting; duties civilians hove to shoul-

"Britcin tods is producln two- t-hlrds of the ood rho roqu res, s great achievement which may have re ussions after the war. Above

also the spirit of Britain re- mains the admiration of us all."

Referring to conditions in the United states - "transformed into s notion at. war since Joplin mode itl treacherous attack on Pearl flarbouP-tho president sold:

"Their production of every wea- DoIi-tonks, pianos, guns shim - been s miracle. and the end is it‘ is constantly rising to

s

"Hie Prof-lam» new b" PM power to stabilise urieos and

Ill". ls isnsdo hos do“. m.’

this vitally 1m 1y hold to, wil 1n tho

"Int- effort, firm- bs n largo factor future prosperity of tho

try.

The United States and the other Allied countries are now producgfs much more than the N115; 1-! 1611 the war and will do so increasingly till Victoryfgwoll.“

STAFF IN WAR- SERVICE

The Bank had continued its policy of lending men to the gov- erronent, Mr. Drummond said, and he mentioned especially tho work 0f Mr. Spinney, tho General Man- ager. "to whom the overwhelming success of tho ‘lhird Victory Loan, Bo well so the previous Victory M8118. has been in o large measure

duo; his orgnnintion and the patriotic lesponu of o million nine hundred _, possible this wonderful result.

Reference llso was mlde "J 1M

retirement of Mr. Jackson Dodds.

Joint General Manager, who “asked to be relieved of his duties so so to

be able to devote rnoro of his tint:

ls many patriotic interests. and tribuh was paid to tho esprit do corps of sll the members of the staff, "shouldering increased work

with efficiency and choerfulneu.’

Mr. Drummond made fitting re- ference to the death during the year of two members of the Board of Directors. Mr. C 1-1. Houoon one Mr. W.N. TilleyK C , while Hon. Louis St. Laurent. having accepted the portfolio of Minister of Justice had resigned.

That liberty itself," said

slty therefor. By cstablishin pri

We have freedom 1 1f.’ overboard has

much. or how little, they shall tfon shall be open to them and,

may not consume.

"All these things are essential. -of what? Of ultimate freedom. being imposed We gladly subrni ently b the en 1n view, which ls freedom

make up democracy-freedom of

"On tho Shoulders of Free Enterprise Stand Those Other Freedoms

"We have gone a long way toward sacrificing everything but

Mr. Drummond in the course of his address, "and We have witnessed a truly astonishing manifestation of nat- ional willingness to do so and national understanding of the neces.

trol of non-essential product on, and of the individual activities of our whoe man and woman power, one far toward sacrificing every thing except ultimate one how much, or how little, men s all produce, or sell or buy; how mfit by their work; what occupa- what shall be closed; where they sholl work, and when; what they may consume and What they

individual lives by Just such relilmentation as that which is now

cause the alternative is having them imposed upon us brutal foreign tnskmasters. But never let us lose sight of

the shoulders of free enterprise stand those other freedoms that freedom of labour, and equality before the law. o

Make Up Democracy”

cc and wage‘ control, rigid coli- rogressively severe control

liberty in every direction —

‘Ihat iswar. That. is the price Freedom from the control of our

to such temporary sacrifices be- 1171811- itself. Nor let us forget that on

conscience, freedom of speech,

G. W. Spinney Explains How War Conditions Have Caused

Balance

Sheet Changes

Discusses War Financing

— Says Despite Magni-

tude Of War Loans, Total Interest Charges Are At Present Less Than 10 P. C- Of

Dominion

Revenues.

WAR‘ CONTROLS AFFECT BRANCH SYSTEM

Significant changes in the balance sheet of the Bank, largely aris- ing from the effects of war conditions were reviewed by G. W. Spinney‘,

general manager, in his address to tho difficulties experienced in main

the meeting. Ho also referred taining tho branch system and to

the staff problems arising from war-time controls and the demands

of war service. A five-year review

of salient features of the bank's

balance sheet shows that, between 1938 and 1942, total assets increased by over 300 million dollars, an increase that was paralleled in total deposits, while investment in government securities expanded by more

than 245 tnillion dollars.

Reviewing operations for the fisc- ' a1 year ended October 31. the gen- eral manage;- drew attention to the contraction in net profits, which were 01f at $3,283,000 from $3,437,000 for the previous fiscal year These gompamtive profits were after de- duction of $2,540,000 for Domlniflfl govelnrnent taxes in the 1942 PET- iod and $2,243,000 in the preceding period In this connectionhe said: “In spite of higher operating c0515 and lower yields on investments, the net earnings position was re- latively well maintained, but I should point. out that tho effect of tho increased Dominion Govern- ment taxation imposed under tho last Federal Budget was felt during only "part of the year under 1'8-

ew. Dealing with the changes in the balance sheet, he pointed out that at the end of the fiscal year under review total assets amounted to $l.1'15,319,000 as compared Wlth $l.046,551,000 at the end of the pre- vious yeiir. Quick assets aggre- gated fi6935000 or 81.65 r cent of all bflities w the pub ‘c. Notes of and deposits with the Bank of Canada amounted to $110,- 704,000. representln approximately 12 per cent of all eposit liabilities in Canadian dollars.

SHORT TERM INVESTMENTS

Drawing attention to tho fact that investments not exceeding market value were carried at $684.- 147,000, an increase of $185,223,000 during the year, Mr. Spinney sad: “At October 31st, the average mat- urity of our bond portfolio (ex- clusive of ‘Treasury Bills and De- posit Certlficatcs) was approxi- mately 2 1-2 years The increase in lnvesiments is mainly under the heading of Dominion of Canada securities and resulted almost whdly from our purchase of Deposit Cert. fiestas. These Certificates are a now t of instrument devksed rovl o flexible short-term fin- anc g for the Dominion G-0vem- merit. and are similar to the ‘Prens- urv Deposit Receipts used in Great Britain during the War of 1914-18 and rye-introduced by the British Treasury of. the beginning of July 1940. Dominion of Csnods Deposit Certificates carry o rote of 3-4 per cent as compared with o rate of i 1-8 percent on United Kingdom Treasury Deposit Receipts since the date of our statement our holdings of Certificates have been somewhat reduced out of the pro- ceeds of tho Third Victory loan,

but this typo of Treasury instru- ment is likely to be represented in our assets to a greater or lesser degree for the duration cf the War. While the Certificates are as fully negotiable as other DuninionGov- eminent obligations, they are not. intended as a trading‘ instrument and in practice their liquidity is a matter for arrangement with the Central Bank.

“While our holdings of Domin- ion Government securities have in- creased substantlaly since the bo- ginning of the War, our holdings of Provincial and Municipal sec- urities have been sharply reduced. This is a reflection of the improved zevenue position and the lower public borrowing requirements of Provincial and Municipal Govern- ments clue to war conditions, and the trend is healthy and commend- able. The szme trend is indicated in our loans to Municipalities and School Districts, which were re- ducggoduring the year by over $5,-

00, .

Reviewing balance sheet changes further, he continued: Loans and Discounts at $244,415,000 showed a contraction of $59,290,- 000. Some of the factors involved in the decrease were the growing difficulty of replacing inventories, the reduction in financing of con- sumer 800d: resulting in part from governmental restrictions on time and instlfvnent sales.

industries, rind reduced activity in the financial markets “Total deposits at $l.064.645.090

showed an increase during the year of $136,257,000. These figures re- ex- pansion associated with the enlarg-

_Pay- Victory Bonds have resulted in substantial

fleet the general monetary ed volume of production

ments by customers for

tempormy withdrawals. both in- notice and (lfbflillld deposits by the public. The first effect is a corn- mensurate increase in Dominion Government deposits, but as the moneys are expended by Govern- ment. deposits by the public are re- penished, although not necessarily under the some headings. The substantial riso in deposits since 1940 hos been in the dcmond catc- gm?"

Drawing attention to the effects of government controls on the branch system of the Bank. tho general mannger said: "In accord- ance with Federal Govemmont policy, o; announced through tho Wartime Prices and Trade Board,

The effect of war conditions once sheet. position ma be seen

Assets Show Large Increase Through War-Time Financing

on tho Bunk u! Montreal's hol- from the following rough f s,

thousand Canadians mode

I

"Current

tho increas- ed Government financing of war

‘of curtailing s11 non-essential oct- ivitios with s view u» conserving man-power for tho wsr effort, the Chartered Banks are taking steps to reduce all umieoem banking services. ‘Ihis entails closing of branches in area; where over- apping exists.

“Caro 1s being exercised to rec that no ores is loft without ado- quuto facilities as it is recognized that banking service is essential for tho orderly conduct of general bus- iness.

"In the year ended October 31st we closed twenty-five branches, of which sixteen won situated in seven large cities across Canada. We have also reduced three branch- es to sub-agency status. At the moment the Banks are actively engaged in a programme for the further contraction of the branch system.

“with the some end in vlow of conserving man-power, tho Banks in collaboration with the author- ities ot Ottawa are studying the matter of elvninating non-essent- ial servlces as well a5 the simplific- ot‘on of routine and of Goverrment returns.

On the subject of Dominion gov- ernment flnancing, Mr. Spinney told the meetin tilt during the year ended OctO er 31st, new and refunding issues of the Dominion Government. exclusive of Tdeasury Bill financing but adjusted to in- clude the approximate total of tilo Third Vicio Loan; which yvas is- sued in the utter part of October and the early part of November, aggregated approximately $3.150.- 000.000. This figure, he pointed out, includes $645,000,000 of the new Dominion of Canada 3-4 % De- posit Certificates, sold to the Char- tered Banks from July to October, r031; of which have since been re

STAFF SHOULDERS ADDED WORK

Particular mention was mode cf tho manner in which tho staff of the Bank had undertaken and ful- filled the heavy additional duties imposed upon it by war condi- tions. Long tours have been the rule rathe than the exception, he said, an extra duties have been loyallyl undertaken. "In spite of tho eavier demands.” ho con- tinned, “they have gone about their daily work with cheerfulness and enthusiasm. After hours, many have taken up duties with the Reserve Army and under civilian schtomes for furthering tho war ef- or.

"At this point I would like to digress for a moment to pay s well-deserved tribute to those on

wars. We were doing blminoss dw- ing tho troubled times of tho Crim- osn WU’, the Indian Mutiny, t!” American Civil War, the South African War and the First World War. We are now in the thmq 0! 1119 kreatcst conflict of them all. 0'11 every working day 1; m, p55] 135 years the doors of this Bank have been opened for business. We tsko pardonabla prido in. marking this Anniversary and were 1t not for the War- the occas- ion would have been observed with greater emphasis. Those of 11,5 who are privileged to serve the institu- tion in these trying days are mind- ful of the princigles and tradition; that have ena led this Hank through all the yes-rs of its history to steer s course steady and strong and to provide under all conditions and circumstances tho highest typo of blinking service."

OPERATIONS QUTSIDI DOMINION

Reviewing operations of tho Bank outside of Canada, the gen. oral manager stated that, as a ro- sult of large scale defence project! _commenced in 1941. s11 svailabiq labour in Newfoundland had been absorbed and the country hos con.- tinued to enjoy s wave of pros-

peri . Paper mills operated at capacity for a large part of the car but in midsummer difficulty n securin woods labour resulted in s sligh reduction in operations. The base- metal mines worked st full time throughout the year and tho Lron ore mines at Bel Island produced to capacity during the summer and on a slightly curtailed scale for the remainder of the cor Government revenues or ti; last fiscal year were tho highs 0n record and resulted 1n o sun plus over expenditures of up- wards of 87.000000. In addition some $8fX),0O0 was raised from oiilo of War Savings Certificates. Dealing wit-b conditions i Ihfi United Kingdom, ho said " f s tho places where tho Ba is r01,»- resented fnndon has. of course, been the most affected by the War. Under most trying and at 1111168 dangerous conditions our staff have carried on the day-to-dey business in our two London Off- ices without s break and we owo them s debt of gratitude. Our Branch at Waterloo Plififi. which was of such invaluable service to our soldiers overseas in the last War, is agln extending special ser- vices to members of our armed forces, and wo are lad to make thy?‘ {Millllhl avails le.

he United Ntates, where C118 Bank has long-established an highly useful agencies in New

the other side of the counter — the general public. Under con--

York, Chicago and San Francisco." he continued, "the pressure on bank

War: Financing Throug Kept Within

arnoun far been kept wrlthlv reasonable

the flota ions.

pcnditures." he continued may

000.000. A substantial part of

And Manageable Proportions

In roferring to tho large scalp borrowin ernment. for war purposes 1n tho course o spinne , the general manager, expressed the opinion that the of war financing through the Charldrtd Bflnks 11M l0

“The extent to which this type of borrowing can be kept. check," he pointed out, will depend largely u ubllc distribution from time w time o

"some idea. of tho magnitude of Dominion Govornmon

the six months ended October 31st the average monthly rate was $357,000,000}; contrasted with an average 000,000 in the year 1938 The highest average monthly rate of ex- penditure in any year of the First World War was about $55.-

course, provided from increased taxation and 1t should be remem- bered that the portion not covered by taxation is being funded at much lower rates than in the First World War. ing debt is increasing the interest burden. the total interest. charge; “sanuanal 110111111106 J0 91,01 118L161 9591 quasald 1a are

h Banks Reasonable r

of tho federal gov- his address. G. W. and manageable proportions.

n tho success :1 Government lot-n

t be gained from tho fact that for

monthly rats o1 $45.- tho increased expenditure is, of

While the mount-

ditioris u they no today. Wlf-h l» greatly augmented inexperienced staff. and with the increased tempo of business, it, has not. al- ways been possible to extend a set: vice of pro-war standard. Bu» our customers and friends have shown every considtrntlon in many cases by doing their bank- ing earlier in the day ‘Whcll me rush 13 nut, so great, and generally by exercising patience an under- standing, and we are grateful for thei eta-operation

“During the past year additional members of our staff have been loaned to branches of Government to assist in the war effort. In spite of our own difficulties and the fact that some of these loaned officials held kev positions in our organization, we nave gladly mime their services available. "Enlistments out of our ranks 1n 1,11, Navy, Army and Ali- Fbico now number 1.043. Those who enter the Armed Forces are gran..- ed leave of absence without 111165- tlon or delay and during the time

the are on active service we ma ntain their seniority in $119 Bank and their standing in tne

Pension Fund Society, THE 125th ANNUAL REPORT

The general manager made _le- ference in his address to the 11.5-

torlc significance of the fact 11111 the annual report beins 111959111911 to the meeting was the 125th fin- anclal statement made by tho Bank. "On November 3rd,"l8l7. in a house in st. Paul street, he sad “this Bank was first opened f-n business. Thus our hlstorv WRAP only two years after the Battle of Waterloo. In the course of n cen- quarter we have seen booms and depressions. 800d 1111195 and bad, wars and rumours of

1 Dorothy Dix

husbands who sre married to fine,

parents invested everything they they worl old and helplell- And

other girl hovo him.

for n husband

_<,°<>"*i1“1=9.£¥°e-Jrg" Lit-s ~

right to expect her to repay the debt by Mk1"! "Ye

reserves and the largo offerings d new ‘Treasury oblige ions have rc~ suited in s slight hardening in short-term lending rates, ‘out 11v terest rates are not expected to move higher, r" statement-s mad! by 'I'1'€B.5l11‘y (IAAACAQLS indicate policy of holding rates ai-ounq present levels. The dollar alncun of bankers’ acceptances outstandi- ing at present is the lowest flr‘ Q m twenty-five yc-tirs and tnuc- if very little demand for clill money, which is freely offered at 1'7». ‘The securities markets, sillo

the low point of the spring, hay registered substantial ltpprcciation and during the year Dominic of Canada bonds have been fir and 1n demand by inrestors."

YEAR. 01-" AnrNlx-lxr CROPS ‘ On the subject of Canadtrs crops

Mr. Spinney pointed out that thil has been n year of abnndancs

throughout Canada with satisfac- torv crops in ever-v Province,

un- ilsually" heavy crri] uls- iricts and : _ cerciLs Slllfldflvlll; 111i p" cords. "The Dominion B statistics estimate: the l9 z. when

crop." he said, “at neaiy 6011.000,- 000 bushels, wlrlch is by a con- siderable margin the liirgesh willcnt crop Clliiflllfl ‘has producifd and is nlmcs; double the 312.000,- 000 bushels harvested in 19-11. We more than doubled our production of oats, barley, rye and flax. ‘Niiilo bumper crops. added to the sub- smntial carrfr-overs. will involvo storage problhis. I cannot but feel that this large and bountiful harvest will ultimately 1ir0ve of great benefit in a world where tho forces of destruction and the ab- sence of production have been so

widespread."

_t

Says-

intelligent, educated girls if they 11M

to oottlo for then‘; on s cash vsluatiozi f‘: Whit they l" Tel“? "Wm I I ‘ u 11112:’ irppgclsts wellntathtll‘ own parent: h!" 4°" f" “l” but fow of than ever give s thought to what b11811‘ 1 m!“ a done for thorn. They realize they we o duty w help the rhnfl they need ti. but they are not big enough to thlrk tlifll W B"