4‘

€L oy: ™ ey . a a - i RS A PN NE CLD IB AL OORT EIN LBP gy Gta Mn. % aa" ¥ * : . ' os 4 ‘ wis TL OS : ee f baer oS ae yy 2% = = ‘Rw fe “ ry a2 ‘ ' ‘ . Bee 8 i oe ee oe ; ULV SETS Ces Cree ew es. ee PePR ST PSS eh oh eg eet PR a ree ee that eee ‘ * : - . “ A ‘ 2 / Cs ” * + ” “ ‘ : : ™ # : . . : nt i . | , The Guardian, Charlottetown, Wed. Dec. 15, 1965.|"=ts= mew = 2 Reyroch a ee Windtal oes ' . DAILY MARKET QUOTATIONS : See met fe ee ee Ses Sa a - / Fergson ‘ to 3%. In the junior ; Louviers 2500 4% «8 6M OU | Newlen t100 18 617% 3@ & %| Roman 17% SS MS 06+ 66) Yukene m7 *% % ; ' industrials Brazil led the Macasma 8 _ \20 25% 255 253 Normetad 625 475 465 463 «6+ «6§/| Ryanor we 1% 24 ie | Yoke © te me & 5 8 : trad. ” ing, climbing % to % oe 6 8 2 a oem aevo .|=ase ee me stun fs te at, “sone fumping’ Ie co eee, Ho 21 me 0 — 3/5 Ame TS OO © 6 ties ht Se ew Yulapa' Ont 0 “lye . , ! ‘ . “230 6 @ @ N se a 1% —Ve | Sazimes SUMMARY Cr Ze A 100 HEA BA BH 14 PRODUCE JAM.” oe == ane 0 Ep te oe tes wlan aot a an ce Dist Seag 1525 837% 374 37% + % po Banks eased marginally with | Sa en. oe —_— mse & Aa | he Se +e By THE CANADIAN PRESS D Snage 300 8262 204 a % . MONTREAL (CP) — Agricul- jmperial-Commerce dowa % to jomort on ~"s . ~—* ents Can ie 19 “ws 1s % ante oo ie See | Teronto: Market slightly Glass Oe 86% 14% 14%+ “4 ture department quotations: 63% and Neve Sectie tan ee as a = 3, Nerthgat ons Tes ee ol amemen as = = Sy = Ss 2 Bod hivher tradin> quwet Pp ime ae pe ee 9 Eggs: Wholesale price to cou®- Among base metals, Hudson | Masemt 305 9161s, 1610 16% + | Norp'Aw sao @ 42 @ Si Miller «440 «U7%4 We 17% + 14 Banlt 00 ™ 7 Te — is Montreal; Market: mixed. pom Text 37 8% 33 334—% TY Stations tise meant — Bay and Noranda added ie ‘oie 108 = —s a 100 a 2 ia — ma > m1 = = - | calvest cone = bm Eu “ treading «wuiet 4.00 SI7% 17% 17% large: 592; large ; MediuM each at 76% and 52. Inco MeKea 10 9 8 © +2 >|O'Brien err 72 8 6+ 8 | Slarren > %6 | Cameras . "New York: Market higher, ro Pl» _— — =—-s 51: small 42; B 47; C38. Of- Ccmineo were both unchanged |MWst © 16100 4-46 M+ 8| OCenry oe & " -@ —1 |Sud Com a » 2 ae? cS Pee ee ae ie es *? trading active ; ' GL Paper 200. $21% 21M Zita > a ferings adequate Demand wend at 96% and 48%. : Mentor “ . = - +m" {| Goaas ee 2.2 — 8) Sullivan 2 1 wo ‘ee —2'C Deni 0 te te + ‘ oe a "Handy Andy ‘250 $144 5% Sa—% Butter:-Current receints tem — In speculative mining stocks, | Meta Uran 60) 102 10! 10% Paramaq = 08530-1314 +14 Teck Corp 2620 310 S05 ‘0s -wic ish Cr ais * > a = : sore = = ace oe derable 92 score 54s; 93 score Marbenor continued to Zain | Metal Min 3200 161 159 160 — 9 Patino 736 $10%4 WO 10% — % | Territory os 6 18 C Homestd 200 185 165 “185 CURRENCIES ay eee os oe? 55% . - ' ground pickingyup 2 cents te | Midi= 30 37 63S (643 | Pex It = cee Ok CBR O48 | Texment 420 122 121 122 + 3/C Li Pete 265 15 4 18 : ‘HBC 1950 $14% 14% 1498 Cheese: Delivered Montreal 3.00 after trading as bigh as a = tee 60 » & 2 oe * ~* » Thom L 120 3 3% 3 —3 |Cdm SupO 150 819% 19% 1% MONTREAL (CP) — United ‘Wushy on 413 19M 9m 10m waxed current reeeints, Whole 1965 record of 3.10. D’Eldena| Net moi 00 04 12 H+ |Pene 9 8 0 9 +l tamed me tet Mus ule” fe mie ae eS States dollar in terms of Cana- !mp 0 730 Site 50% HIM + 4 Bale Quebec white 40; colored was the most activ traded |New Ath (057 2% % M4—V Pick Crow 5107 37 27 27 ‘Tribag 0100 47 24S — 3 Dome Pete 610 S156 19M 15 — 4 dion Inds un 1-16 af 61.47%../ne te om SS ie issue as it alid 15 to OB cents, [use Se me oe Neet per ne ee ae eee me ‘Continued on vage 19) Pound sterling unchanged at int Pap 160’ $32 32 Skim v. pon. a ” Donalda dropped 512 to 22 cents eke a me ee uso 8 ie - on an u 4 im = ue = 2 id $3.1 15-16 j Int Ui 1010 $30% 30% 30% % cess No.1 in bags '5'2-16'; Tol and Wilco 6 to 4 cents. N Goldvue 300 6% % 6% Probe M oo «6© @ +4 Uaeness “oon ’ ————|Im Grp & 30 94% 104 4M — for process No. 1 in bags 134% "On index, industriale gd. |N Mowe 100 2m 2702 + 0laMl wo as 29 218” ba Mm ie % og @ ~2'(@ STOCKS AND BONDS ; ur Fin § $1 11M HM — 4 1. foog 13. butter milk powder y |New Jason 100 7 7 7 +4 |Que Chib 2235 17 154 154-14 /Us Keno 780 65 45. 40 + 8it Lobaw A’ 100 $10% 10% 1 anced .02 to 164.91, golds 07} Newsuna "6m +8 Lith 8 310 30 A? ECURITIES NEW YORK ‘Loblaw B 1135 $1% 11 11 —%4 11: whey powder 444-4'2 cents. (9 158.43 and base metals .08 to |N’ Molame ne es ole oe oe - 5 pha me xu im 4-H : “eS LTD. Loeb M 470 $1:94 154-1584 Potatoes: Wholesale selling 83.06. Western oils declined 45 | Newnor 0. LL 10% 10% Que Surg 2 a 6 ay 370 0 35 300 — 2 * wae. . . NEW YORK (AP)—A turbu- Maschine — 0 Sista ma 182 + M prices, Que (new) 30s 1.35-1.40: /t9 103.58 while the TSE index |N_ Seater %° 174 17 17 + | Quement 0 $10% 10% ~ w 1 3 1 «12 19 41 |$137 Grafton 5St., Ch’town lent stock market forged ahead Maritime T 185 $11 2 ft —% NB. 50s 135-140; N.B los 34 was unchanged at 105.46 Vol-| we’ tie ee 13 D Radiore 30 e o eo —1 — = a a P — SA. M. Wilson, Mgr. 4-83583 Tuesday with strength in air- Mass F "6185 S35 Mi 35 36 _ ume was 3,656,000 shares com | Nisto so 17 «66 16 Raglan eege 208 to S48 wen” eo Sh 8% a ; : lines some aerospace stocks | McAlimer — io dae ane a= da pared with 3,781,000 Monday, : ami electronics. Trading Wasiyon Trt 100 $21 31 2 | TORONTO CLOSING S : heav |Moore Corp 95 $7% 78 70% + % VE TOCK Distributed by OP 2: ‘ : Varie swelled to — 9.920.000 Nfld Light 130 Silte ‘Mie 1% Ll S Toronto Steck ExeRange—Dee, 14 . a | Noranda 1085 $52'% 51% 58 > 7 “py Tradl Complete tabulation of Tuesday trans shares from 8,820,000 Monday. |\¢'‘p im ia a ue MONTREAL CP Trading actions. Quotations im cents whlese The Dow. Jones industrial aver- | Ocean Fish 100 $12% 124 124+ % Tuesday was active on all marked $. 2—-Odd lot, xd—Ex age rose 2.51 to 954.06. Gainers Ostivfe 30 $1414 «14 ~— & classes of cattle Demand good yi ate xw—Ex-warrants, Net outnumbered losers by 620 to Shar = — * a » and =prices steady with last | ae ee Previous board-lot 606 among the 1,433 issues pow c, 100 3. 13-13 4 te | Week: . a Net —— oo for the. year to Price i 233 $38% 364%, 433% — Receipts oe Pile: 176 Stock Coles Blah Low Cine Cit talled 182, lows 47. QN Gas 1305 $13% 13% 13'4— %& calves; 10-sheep.a ambs. : : IBM-was down 10 points to oe A — ‘a. = = -@) Good cows 15-16: medium 14 ; Aaned Be = Me = eee 50642 amid unconfirmed rumors Rolland A 050_$10% 104 10% + ‘@ |24.73; common 12.50-13.75; can- Argosy 7660 35 4S that it would issue stock to ac- Ronalds F 100 $12% 12% 194-- 4 /ners and cutters 9-11.25, Rarnes a | : quire CBS which slumped % to nates = sone En —_- “) Good bulls 17-19; common and el cxpl 4 * ee f-, * -. ._ |StL Cem A 175 33 34 32) -- iq, Medium 14-16. a B-Dqu u72 14 oO Steels continued to rise (on Saalada F 600 $12% 12 12 —v%| Good vealers 30-33; ‘medium Belletere 300 3s © 3 —4 : pee Ne Rod de i a aL cop on ee 2 mand from the construction in- fe oe + Hog prices unsettled. ee ° ee : : . dustry, Autos continued erratic Sm? {2 4 E424 | Novsheep and lamb sales. scm om fe % a1 | GFOWth in all sectors of the economy gi the belenan ot puumerds of the reserve counvios: the Unied Staive end Greet spi i icti + an piienrererenerrmenner am tae, k 2900 2 : ag ae) ‘ : gy et cage = ee ee aa as oe Balen 7m ie M28 — 9) Extracts from addiesncby:the President of The Provincial Bank of Caneda, Mr. J.-Ubaht ee able that the system using the pound sterling to carry out one sian te a neces |Steiabe A 200 840% 4814 "48% — DIVIDENDS + Rroul Real 430016316 Ie th Boyer, af the 65th” Annual General Meeting’ of Shareholders, held in Montreal, ae ait international transactions no longer corresponds to the relative importance f etions Chrysler. nips a 625 $11% 11% 11% ‘| Brunswk + 555 915% 15% 184—%¢| December 14th, 1965. of the United Kingdom im the world, Besides, the growth of liquidity is the form of American Motors and Stude- tr can PL 420 $39 37% 3% + %& Bounty Ex 72153 21 M1 a} American dollars can be obtained only at the cost of a large deficit in the American baker were lower. (Tr Mt PL 275 $18'4 18% 184, 4s, By THE CANADIAN PRESS Bunker H 132500 40% 37 9 —IM% : : : : balance of payments. Even if the present international moneys are capable, in the The Associated Press average [’n Caarhide 60 oo a aa a British Columbia Telephone es <a . . 4 1 The period now coming to an end represents the fifth year of continual economic short term, of removing the current imbalance, it seems clear that within a few years of.60 stocks advanced .4 to 954.4. |U"n cer. seo sacle see a8 84 |CO-- 5% > per ~ cent pref. $1.48; [com “wine sie 7 ae " +1 Dur eton, es prt rare aerate. conacies ary ot eeonemis Sisess it will become necessary to increase the number of moneys used on the international Standard and Poor’s index rose |Wcoast Tr 350 $23% 23 23 —% |4.85-per-cent pref. $1.12; ordi- | caamfio 2800 385. 973 378 — 10 ur Gross National Product, according e_late Stimates, will exc ‘level. Meanwhile, a broader rdle will be extended to the international monetary institu- 05 to 9.188. Eleven of the 15 |Weston A, 600 $19% 194 1%%—% ‘nary 60 cents; Jan. 1, record Camo Chib 3310 710 685 685 —3g| Millions. spore stenificant ott the sree ae eet year's * Manes Bil tions already in existence. ; : cattva ~Y + Zeleras 425 $234 234 DI A pment a C--Tung ~~15800 130 125° 1396 @ “| —e@ccount the-advance-in-the-generat-price-tevel;this -stands-out-as: s {a a sriaemaceiremaiteessiaeeaiiadiiaal seaiariner=sare ~~ i active stocks rose. Four CANADIAN pa a sshpar - ein C Dae: is in 4a 4a since 1956... Our Canadian rate is higher, in real terms, than that of both the United Sia? \ : Alvorpe 4202 200.261 5 48. Vie) | Se pref. 9'.28) C Lencourt 2000 16 16 16 States and many European countries. It is clear, therefore, that other internal factors oreign capital American Photocopy was ae af on i oe So = #4-per-cent 1956, series me < on roe 3 5 a +14 have a part in the present upswing Ww t der th ff so st i ing 12 1% | Ams 7300 2S 35 - — 18: : _ S11; | Candore ee, Wh+ % . e must now consider the question of foreign invest i iall * sha koe 1% to 11% |Tr Mines 1000 25 2s — spe) bis ~ ae i ref, cantre 10675 36 MSOs / : Canada. Those who fear feaplan Gaeehts ou han Rael ane fren pels sob er 400 share’ Baarvalle a ete 8 per-c pret. 91.00; pret. | Captain 37600 22 2 F ntributing to the present upswi lack af concern for the national interests of Canada and the f . _— Canadians, Alumin- Bateman 145500 6 S$ 8 —I oe ere i. os Jan. a paca TS $13% 19% 139% 4 % actors contri 9 P P “ this attitude. Those isha advocate iegtinn tka Gite Goan ‘a Soroieh capitol ot ogg m- Ltd. i " Be wo 66S 6 1 ohn La > mmon Cent Pat 2250 182 176 189 — 4 : : - « Gooderham ggg — Biack Hk 200 200 200 289 6 conte Jan S ak Dec. a4, |Cheskirk 17600 18 161 Among these factors we might point to the bumper crop of western cereals. The beneficent effects in terms of increased revenue and employment. This argument is eine was ain Scand Hud Black Rvr 800 23MM} tntetaaitenal Bréace Bow. (et 7500 18% 17 IM" wheat harvest, in the order of 700 million bushels, was only slightly less than 1963's strictly economic. All underline Canada's need of massive capital funds which the ‘ Sali P ™ ere UGSON Blue Bon 300 330-330 330 laers Ltd. enka ae cae Chib Kay 4000 19 19 18 record. Consumer spending for both durable and non-durable goods advanced. Canadian markets cannot supply. It is not our purpose to settle the question. But we Canine’ lot. Lome Minn, [Maes Pre se in 18 tmnt lseroent Corel ST center Jaa |cxme, op ln. A ta nee me nvouenG ttt tee oie 26), Ferccnen: Vivesunent sume) ac: would like to emphasize the need of a study in depth of this question by the Federal pine ts, me Mines revceau ie DA OU me cents; Jan coch Will 1000 365 365 365 _ | counted fora more rapid expansion in building construction than last-year. The second authorities and the experts associated with them, so that our decisions may be based dropped % and Canadian Pa- i girnt Hin oo 2% 2 2 —2 19. record Dec. 30. Coin Laake 15100 22 3! 92 44 quarter of this year was 25°, higher than the first quarter: There was a corresponding on fact and not merely on opinion. Our personal beliet is that the questioh of control cific was off 'z. Camflo 16000 38) 380 380 Canadian Ice Machine~Co- comb Met 2100 2% % % —¥%| 20%rise in.industrial equipment. Moreover, appreciable increases in all manufacturing ceases to be the menace some understand it to be, in the measure in which manage- Prices were mixed- on the Cl Inv Tr 10 $32 32 32 —2 mon 10 cents; class A 20 cents; Coniagas 300 75 72\ 7% — 1| jndustries, except chemicals, are noticeable-in all revised estimates of investment. ment is guided by considerations of ecoriomic efficiency and competition continues American Stock Exchange. Vol- € ! Inv pr 100 soi oi os * 7g” Jan. 3, record Dec. 21. py omnes 1. 8. ee In every case, estimates are higher than last year's outlays. The same is true of public among those investing in Ganada. In this view, the rdle of government is not to restrict me was 4,030,000 shares com- chen 7 * * eg +® | Commonwealth. Savings and ca i kiw P| ine < Pd 4 utilities. If all these expectations are fulfilled, there will_be, compared to the preceding the entry of capital, but to keep close watch on its inflow and to take it into account in pared with 3,910,000 Monday. |C Secur A 150 275 279 275 Loan Corp., common 6" cents, C. Bellek 10450. 11% 10% wm year, an overall increase of investment in both the public and private sectors of about formulating coherent policies. The vital point is to make the different sectors of the Brazilian Traction was up % | Cessland 54750 «735 :«735«-18 (Dec. 30, record Dec. 16. Con Gildes 4000 6% 6 6% 20°;. That would be the highest rate of increase for the present period of expansion. Canadian economy.work together.” ~ : and Scurry Rainbow Oil added | Chemal 6300 156 147 153 +3 | Pate Consolidated Gold © Halli 7672 43 #4 —2 Let us now look at government spending. On the Federal levet, though the operations é 4 Citedian Starcom Gane. Chipman 1100 15% 19% 1 ‘Dredging Ltd. 10 cents. Dec..31;|5 2am 310 294 300 + «8! will certainly show a deficit on a cash basis, the budget may be in balance. On the Fulle 1 d lab li dian Javelin and Jupiter Corp. gg Ho Vi ates: as as [renmed- tee 0. ; "e we a a an an =| Provincial-Municipal levels, expenditures will exceed revenue over the whole year, | FU employment and labour policy dronped-'%%. . | Cominga is u ‘4 ae a | Cochrane Dunlop Hardware ig rahe g = ‘oe iss a Tia eames es sccentusted: efvective cjddinalamn : ' One of the most striking results of thése five years of expansion has been the continual What stocks did; e+ Sener 900-964-3498 sh \Ltd.. common 4 non-assessable, Con ‘Negus 11232 15° 14° M4 —% From this brief survey, itis cleat that the year 1965 is a year.of balanced growth of lowering of the rate of unemploymeént.While the national average was more than 7°% Tes Monm\c Mogador 190 2 24% 26 +3 (redeemable, preference shares |Con Nichol 1000 12 12 12 aggregate demand in all sectors. This is revealed in the rise of public and private in 1961, the outlook is that it will be close to 4°, for the year 1965. But here again, tar Advances 620 644 C New Pac 4520 4 39% 394-—% jof 20 cents par value for each |C Rambler™ 1:00 200 1% 200 + 3| outlay in all areas of consumer spending and investment. But these tendencies exert from being complacent, we believe that everything possible must be done to reduce Declines 606 «549 \¢ Viesiala an 2 * 2 +5 (ernie share held, Jan. 6, rec- |c a Pop oe 3 5 ; ‘ pressure on the price level.in the measure in which full employment is realized... knamaloueent, rascwueie pagreductivity of the labour force must be caeuved and ‘Unchanged 207 228 | Couvrette A 2% 700 700 700 + % Ord Dec. 21. . “\Geawest (00 1S MS ome — 8 so i Se ee tee Ee ee Sees thee oe 1433 1421 |c Rridge 4405 o > . +1 nee —— Canada, er a Corp oa 8 a Af a ‘ ’ Financial conditions : rer Sremplaenenk Week nowt Oh tame Chauhd dat geeend he TRO oh eoraee ae N! YORK CLOSING STOCKS Crusade 80 5 cents plus 5 cents, : elds %®— 2 . ) . oe) Br The Associated Press Dauphin I06 MM ONS A er a *|Cop Man 350 11 J0 10 —¥ An unprecedented growth since 1961 of all loans by the Chartered Banks supported use of an effective labour policy. By that we mean a policy that aims at adapting supply Bath Steel 37 “Monty Ww D Explor 10500 18 15 17 —2 | : Coulee 3230 24 ti p to, demand of manpower in each type of occupation and in each part of the count Rorg Warner 47% NY ven, wip canes “000 2 oOtCtD { | Cowict 000.79 «7 %:—1 this upswing of the economy. During the first ten months of the year, the money supply It will require the acceleration of the manpowee re-education program for the adie C and 0 76% Raadio Corp 46% Damont 13700 2% 0 O33 Dominion Scottish Investment | ceiomt 1901. $t1% 11% 11% — %| ‘has increased 9°;, a pace beyond previous years... Together with the appeatance etine ‘ * nal. mobility, this in spite of the.inert o9 h i Cons Edison 4'% South Pacific 41% E Ventures 2500 28 28 2 —2 Ltd-, common 7 cents, plS 7 Cstland 1660 2 2 +1 af inflationary signs in total demand, we«have witnessed since the end of the first that aan Ue ee oe csoneae sasteaty belivilon ts i cacao Gene ee OR NS eee re 300 13g 18 t jcents extra, Dec. 31, record | Croinor c= is hm arter of the current year an appreciable rise in the interest rates of the financial - md ¥ y g more technical, pogyear 48 Utd. Aircraft 9 _; Rane s ee ttt I Dee 12. Me a | Sarl Paralleling this evolution, security holdings of the Chartered Banks have - , Such re-education is a prime necessity. Piceenii pO cor geaes i: © ees hake 43508 ss E 2344 $1 Bank of Nova Scotia, 6 cents, aad coe io - was | continued to decrease, while general loans have advanced. As a result of external im pate ‘i Fritis.ors 500 38 «638 «638 «~—7 ~=— Feb. 1, record Dec. 31. Deer Horn 3100 29 37 39 +2 | factors, credit tightened in the middle of the summer, On the short-term market, lack Revision of the Bank Act ‘ ‘ Futurity 500 57) = S86 7 Hudson’s. Bay Oil and Gas Co. D’Elda ____ 653267 9% 75. 92..— 19.\.. of.capital rather than.rising interest.rates characterized this period. To this was added 1: aS # : ; é MONTREAL G Anulotron 200 70 7 70 Ltd., 40 cents, Jan. 2%, record Demiso# 1400 $36% 36° 36% + M4 far-reaching financial failure that shook the money market: Since the fall, the money In ous Repost last year, we stressed the merits of some recommendations of the ' | Equity E sO 8 7 83 —2 , We ae | Dicknsn 312 480 490 400 + 15) ly has been levelling off. : Porter Commission on Banking and Finance. Since then, we have had a bill providing iGlen Lake 600 173 170 173 +3. |Dec. 30. \Discovry 1472. 265283288 supply on beta caer < 1pm tak: soe tae Trams - Canada Pipe Lines | Dorhe 0 S874 OM forthe decennial revision of our banking system and we are now in a position to judge MONTREAL (CP) — Stocks Ciheniiies 00 8% SK Shah Lid. 25 es a Tah’ 190900. 274 2 5h |, what importance the gévernment is inclined to give to these recommendations. The continued their gradual drift to Lines c° < ame: ns ms 74+ Whee gt et Denne, am ak aut | Foreign trade ‘ i grins eaatediegant liamclatmertate Weare trcak to eonclleien sous \eiporiore uesday on } ft 1 73 re ee East — 10) ; ‘ ‘of 1 . i Montreal and Cuoniiae iccek ltet’ Ceram 1000 2 Ft Avco Corp., common 25 cents Fwest T 9000 1344 13 12-2 | <The considerable improvement in our trade balance last year eased the usual deficit clauses of Bill C-102 show small respect for this spirit. P exchanges Int Dredg 6200 23. 19 21 ae (U.S.), Feb 9 record Jan. 28. F Mar o~ 495 485 = * | in current epee ne year, on the ae Pahoa beet a oe cin cree : : ee ; | Je Bay 6 9% 27 27 — cae 2 ee ' & F Orenada ee — i ituation. exports of wheat to China an vi first limit loans prevents commercial banks entering Trading continued on the dull | jumiee m foe ae ae vintad e aa" oe. © Frncoeur 2500 134 12, 13% “| oa eight curdlas, one werchardise balance will probably be in deficit... In the: omer whieh the fla deans Wiener rates. Potential clients for these loans are ite ar as snes NE OOS ame tees tee tee tes 34 — ee ee 13000 2814 97 944 sty} Non-merchandise transactions, the deficit will exceed that of last year. All things forced to resort to other institutions. Sheltered from competition by the banks, such te a Hack” Goercoaite ind |Laduhora 2590464346 E pigs Wascel Cnt Maset 200 135. 135 135 ++ «3| cofsidered, we must expect a rising deficit in the balance of payments. institutions are able to demand and to receive higher and at times excessive interest closed up 0.19 at 155.05. i teoeere snr Pett 2 oa Lid., Kaiamon gape i Giicae 1000 2 11% ith ab What are the factors in#uencing the short-term development of our foreign relae Sirtnoyaoael Dek i bustier pat pip dserapaqrogin? Signed Por inee cn - Industrial volume was 132,300 |M. Hygrade’ 3000 12% 12% 12%+% lcents extra, Dec.. 31. cane Glenn Exp 2000 14 13 13 —% tions?... Canada will have to cope with the problem resulting from the American onante: The suppression atthe cane thle rheeliveig Pe er abbalta ca beth te shares, mines andoils 14217,600 | Massval ‘700 10 9 «610 +2 |e ay ' : Goldray 1567 61 58. 58 | Balance of Payments. This problem will become increasingly acute should the United lie ti Mave hank dtéth > erat a h i ' 9 es Thi : ; vn’, Match Cm 22900 130 122 122 ee Goldrim 6200 33% 3 NM —2% crates continue to correct the deficit in its balance of payments. Last year'this deficit the clients of the banks and to the general public through the existence of competitive ee coe tose ‘with -135,000 and wr chip 1128510 10 10 a oe Pacific — Railway, Gorterm — or = 7 _ * aaa WY ThE Great’ ot $2,800 millions: The-etfects of the voluntary restrictions recom- interest rates that would improve the overall efficiency of the banking and financial " onday. { Mid Chib 1500 19 16% 19 40, b. 7, record Dec 23. Granisle D45 28. +, TF % , , v “markets. They could system. : . i ? Decli i Mid 3 400.380 390 |’ Carib! Crandue 2160 325 315 325 mended by President Johnsonmee already evident on our money ma i y 121 ogy nner Sitare me soo -20° 19 19 1% Caribbean Cement Co. Lt Grandroy 1000. 2214 22% 2214 —144 produce serious adverse effects @n.our economy... Another clause of the Bill requires the banks to maintain a secondary liquid reserve, Banks fell 005 19°93! Utik Mistango 0 26 4 ta — jer cents, March 15, record Gulch 190-79 7 SY between 6 and 12°54, in.the form of Treasury Bills and day-to-day loans. This reserve, ; vem Motybe One a ee ee . 15. eee an ae ee . payer r existing up to the present in virtue of a simple agreement between bankers andahe ities were the biggest losers Mon Pre 3 7% % %%4-—%| Guaranty Trust Ce.. of Can- | Hastines (2400 24 230. 2 |° International liquidity droping 101 te -15 : wT Pun: oa a a a . Headway 3500-12 ° 114% 12 Bank of Canada, will soon become taw, unless the Bill is amended. It must be recog- ‘ rite i 151.04 CPR ina a ae Oe y's aaa, 8% cents, Jan. 15, record jeath 2500 11 «10 )«=«(10% 1, itis clear that the freeing of international trade is linked to the stability of the inter- nized that this reserve constitutes an inexpensive means by which the Government : pointe to 66%. Maritinae | import sates 170 106 ta +5 |B St aaa $00 960 950 950 — 2 stional-monetary system.and.to the existence ofa sufficient iumber of currencies _ finances itself in a coercive manner through the banks We hope that this measure will Telephone and Newfoundiand’ Newr'en 2000 165 164 164 — 44 | IVTL, Industries Ltd., pret~ap~ Hotlimzer ————s28- 49-49-2314 —tste-=- twa OB Poth sound and widely acceptable, This soundness 1s partly founded on not become a bermanent feature of our banking system, but will be considered by the Light dropped % to 21 and—11's. NW — Sues io a } a ‘cents, Jan. 3, record Dec. 23 spars vee ~ 2 22 2 Se contalanes in the key-currencies or currency reserves on the international markets. central authorities as an instrument of monetary policy to be used solely in critical sue ee Provincia Pi ; ties Nach exp” "oo 110 100 105 $20 | + Int Bibis T 16940 175 170 172 — 3, This confidence is itself based in part on the importarice and power of the national periods of the economic cycle, é ipe Line wy ‘ 5 + % | Wiseon 1300 Int ‘jun 2 7 + / : oneal : to 83%. Bry vee: toe 6 8s “ | West Mines $900" $00 $00 300435 Int Helm + mm 3.2 3 | ; : 8 Papers were down 0.13 to Orem Exp 22000 11 10 11 + % | Western 400 47 44 MOS enville Es a a a a : oe nwe a ai 4300 22 «28 ; “ } 112.98. Fraser: dr i | Pact Sivr 10800083 78, 00 2 =| Westville 2000 28) «6280 «(28 «+2 CIrieh §=Cop ; = Bie and: MacMillan Bloede! aun Persie “ED Hi 7 - "£ “ be oa oe jaa 4 2 ai 4 ik : - d fi guidance and stronger support in their work, thus allowing superior service to our .. Powell River “4 {0 2534. Price Pus Ged S700 6 6 $3. | Mamie I Olbime: ‘Entetltiole 1202000 Jaye Exp OD ST MH Loans at a recor gure clients, ; Pag 301 oi) et i é Jelex — : : * : , gh fell % to 38%. a he - Ro a sas i eee ee Joburke 2500 74 7 74+ %' Extracts from address by the General Manager, Mr. Léo Lavoie... Five new branches of the Bank have been opened during the fiscal year: two In ustrials were up 0.55: at Queens‘on 300 «9H: | i Bees -. oo 2 gg _ s | 2 Montreal North and one in Quebec, City of Laval and Baie Comeau respectively. v 50 4 6 | Jonsm 2 + . : * ; rer , ; : Among senior oil issues Shel! Rusty Taeke worn “e “i “3 : TORONTO eee ae eee The main aspects of the situation reflected in the 65th annual financial statement of Sua tecuter in on eeney pledge, she hice! pou, our femrerk Saneaeed added % to 28% and Imperial Su Colm 1320 199 190 199 + sewn "Add: poet om nm a 4 h -the Bank, that it is my pleasure to present, are: an impressive increase in loans, a 200 branches and 168 agencies. % to 53%. : Sjapawe = 10500 32 is | TORONTO (CP)—Industrials yon, Ded 1500 47 46 4 +1 | sizeable. but not quite so large rise in devosits and a modest improvement in profits. ; i Metals were mixed. In the ive: te 1300 oe iwere slightly improved with /K Anacon- 3271 295 20 290 — 35| : ee ts j ; Eight of our older branches were moved into new premises and four others are now b ti : Pee Nee sn. 1 MOR BS | several key issues making ‘sub- | Kirk Min 70 1@ 12 12 +% p : located in completely renovated quarters. : base section Consolidated Min- $*" S ms es & lst-ntial gains in qttet trading Soran ee ee t a new mark é ing. and Smelting added-;44--to Socena 2 181 92 tr aaa gal ‘s Toronto Stock | La? Miw-——-25 $32" 32% 32% oans A ‘ . ~- : — —— - The-book value of the Bank's premises account and of its investments in its Sub= 49. Among primary isses Al- s$ Dufault $2500 12 10 12 lweehae O86 ee ee cae the on in a Leaving apart mortgages and call loans, advances granted to all types of customers sidiary company "Pro-Can Realties Ltd.”, as shown on the balance sheet at the end minium rose 1'3 points to 31%. |Svrtan i ws pak ae oh pet list: ed. by ee toe aoe HA * Ms Se throughout the fiscal year have increased by'$41.1 millions, or nearly 144%, to reach of the year, was at $11.9 millions, atter deduction of the regular amounts for depre- Ceneda Iron and Dominion aur mh © moe je main L was pac . ee Oak 4500. 13 13 13 —1%! a naw high mark of $326.3 millions at the end of October last. This growth in our loans ciation, which is an increase of about one quarter of a million dollars over the core Bridge fell ‘4 to 61% and 28%. ‘superpack 100-425-428 425 +198 mae aes E NONG a he one | was shared among all our various categories of borrowers, and credit applications . ‘responding amount in 1964. speciative: mines and oils Tache vee ee ae ae ae ae = Oe aac (ee 1360 SISK 1614 104+ 4% trom small and medium-sized enterprises, as well as from the agricultural class, have . were mixed. fh Lage! ag ee ee : to up % to 2%, Distillers Seem: Aol ye *" + 84% Continued to receive special attention. Our ‘Budget Loans” have increased by $10 j eg yey oh age Tre rie 185 138 1 : aauae os a agit oe sl Leitch 4460 600 590 59 + 6 millions, which means some 50% more than twelve months before. Larger profits ‘: 7 an Press ‘ - |\Cana ipeline 44 to 38. Moore | ‘ : Mostreal Stock Exchange—Deo. 14 aan be = = = = ‘cap 'Corp., % . 782° and Massey- oma me aun 4 is | +8 Our loans to municipalities and school commissions at the end of October had Operations for the year resulted in a profit of $4,463,115, after depreciation and deduc-

Complete tabulation of Tuesday trans

actions. Quotations in cents unless marked $. z—Odd lot, xd-—Ex-dividend, |

Nt

‘

xr-—-Ex-rights, xw—Ex warrants. Net change is from previous board-lot cine ina_ale, * 3 Net

Rteoek Sales High Low. Close Ch’ge Abitibi. 2010 9% 10% Algoma 199 59%. 59% Aléaace 200 «($7 6s. nh—% Alumin _ 2675 $31% 30% F4— 41% Alumin 44 p 375 $31 31 7 ~—% Angt pr 290 1000 $37% (2% S22 + % Argus .- 19 30 OD Arg C pe) $908 812% 127% 12% 4 & A , 3-3 ny Atl Sug 300 $244 24% 214+ % Bank Mont, 640 $56% 69'2 *0%-— % Bana PC ose 64949 , Bath P wts 100 60 90 9: +50 Bell Phone 1795 $567 314 5+ — % Brazil 12544 39% 8% %+ % B Am Bank 25 $70 7 70 BA OU 980 $29'4' 29'§ 2% — % BC Forest i259 $23 «(23 3 +% BC Phone 50 $69% 69% 9% + % Brirco 365 $54 6% 6% CAE O05 $12% 12% 12% Caal Pow 125 $25% 6% 25%-—% Can Cem on 4 64 +% Can troa 175 962 61% GiI4— %) C Pak B 100 $86% 86% 8644 %

> 1385 $77% 37 37 + |! Cdn Brew 1180 $74 TA 7% ; Cdn Brew pr 7 $12 42 42 | C Brew B pr 250 $:0% 50% 514 + % C Imp. Bk 390 $63%4 62% 62%.-— % Cl Pow 275 $284 20°45 2% C Marconi 1500 SF 7 7 —-& CPR 4 pe pr 123 $94 8% 9% Cdn P Fina 125 SLI% 11% 11%—% Chemcel! 500 $13% 19% 17% — | Cheme 15 p 50 $37 37 77 ! Coch an 500 $14 13% 13% j Con MS 1185 39 +t fon Paper 34) $38% 35 3% | Con Text 0 S2I% 21% 3%

TT

These Common Shares having been sold to the public in Canada this adverlssement appears as a matter of record only.

New Issue ¥

“. Thomson Newspapers Limited " Uncorporated under the laws of the Province of Ontario)

720,000 Common Shares

without par value

Transfer Agent and Registrar: Montreal Trust Company, -Toronto, Montreal and Vancouver

Price: $15.50 per share

Wood, Gundy & Company ; Limited :

Investment and liquid position * Commercial loans having increased more rapidly than deposits, the Bank had to pro-

reached $47.5 millions, or approximately 60% more than twelve months before.

_Marked increase in deposits Total deposits were at $511.6 millions at the end of the fiscal year, showing an increase of $35.8 millions, or about 744% more than in 1964. | am particularly glad to point out the satisfying advance in personal savings deposits, where the increase of $19.2 millions is equivalent to a growth rate of 84%.

Term deposits other than personal savings deposits have also marked a significant advance of.$11.1 millions, nearly 12%. . i

&

ceed to a redistribution of its assets. Partly offsetting a reduction of $12.2 millions in our-call loans; cash resources have increased by $6.5 millions and investments by $18 million, se that total liquid assets were but slightly reduced in absolute terms. Proportionally to total assets, however, which ndw stand at a record high of $543.4 mi total quick assets at $198.8 millions represent a ratio of liquidity of 36.67., Compored to 48.25, in 1964, oe ei

The liquidity reserves of the whole: banking system, while always, plentiful, have come sou fe levels below which they very seldom have been seen-in the history of Canadian Chartered Banks. 2

Expansion of business

During the year, we have completed the reorganization of our administrative structures by establishing four new Regional Otficés for the Montreal region. In consequence, our whole network of branches is now directly supervised by oureight Regional Super-

. This new measure assures our branch managers of a more efficient

tion of the usual provisions for contingencies. This is approximately $160,000 mor than last year. After having set aside $2,260,000:for Income Tax purposes, net promt stands at $2,208,115, or $2.45 per share, as against $2.38 per share in 1964.

Dividends paid to our shareholders have totalled $1.70 per share, leaving about 30% of net profits for the year to be added to the shareholders’ equity and‘ permitting a transfer of $700,000 to rest account. Paid-up capital and rest account now stand at $27.1 millions. This is approximately 5.3% of total deposits.

The normal progress in our profits for the year has, in addition, been affected by a substantial revision of the scale of salaries paid to our personnel, We may, therefore, be satisfied with such results. oe

Personnel and staff training ~*~ = For several years now, our personnel has been acquiring part of its training through the medium of different courses organized within the Bank. During-the past year, these various activities have been combined into a single whole by the creation of a separate departmentin charge df professional formation and by the grouping of thé locals where such teaching was being given. The entire cycle of these courses has been designed as a complement to job experience, in order to cover systematically all the banking disciplines and-allow faster promotion. In addition, ourProtessional. Training Depart- ment gives guidance to numerous employees enlisted to courses dispensed by uni-

_ versities or other institutions. In the same context, we rejoice over and give every possible support to the proposal under consideration by The Canadian Bankers’ Association for the establishment of a Professional Institute. °

Those actions are more eloquent than simple words to express the importance that we attach to the value of our employees.We wish to compliment them on their true * sense of co-operation and their enthusiasm, which are primarily responsible for the progress of the Bank. Sia:

In closing, on behalf of the directors and the staff, | wish to express our deep grati- tude to the some 5,400 shareholders of the Bank, for the confidence that they show in our administration-and for their support on numerous occasions. : .

*

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