“JANUARY 13» 1950

meals ls per Ward; word; Classified 8o per word; inch;

per name;

s wordl; 5g per word;

for

Advertising Bates — Payable In Advance

_ Minimum Charge For Any Advertisement 2b Cents Central Guardian Locals Bo per word; Announcements and Coming Events so per

Lists of Floral and Spiritual Offerings, Cards, etc., 5o Letters of Condolence Mo per inch; meats 40 words for $1.00 and l0 cents for eiery additional Notices of Thanks and Appreciation, 84o per luch or Lista of Bubscrlp“

and Presentation $1.00,

Other Bales on application.

The advertiser agrees that. the publisher shall not be liable damages arising out. of errors in advertisements beyond tho ‘mount; paid for the space actually occupied by that portion oi m; advertisement in which the error occurred, whether such error is due to the negligence of its servants or otherw a, and there lhall be no liability for non-insertion of any Huiuftilﬁillellt beyond the amount paid for such auwrtisemenf.

Western and Eastern In Memorlam Notices Mo per

Wedding Eu-

. l9 cenia per inch; Address

Agents Wanted

. UOUSEWIVES WELCOME THE vamilex Man for the wide and varied range of guaranteed iicc- vssities; reasonable prices; prem- iums; quality and Service. Become a prosperous business man by selling Familex products- wriie today and we will tell you How. Familcx. i600 Delorinuer, Montreal. 1

"ABE YOU SATISFIED IN YOUR present position?" "Arc you in- terested in a selling career?" A ‘veil known company is expand-

mg sales pcrsoiiiicl. Ilemiiiier- ation much abuvr- ail-rag». ll you are interested in a better

'l1Bli’8\'6l'3§€ position with op- portunities for promotion, write full particulars. Confidential. Box 14 Guardian.

. _________________________

AGENTS WANTED - GO INTO business for yourself. Make store- ‘reepers proﬁts without; store- keepers’ troubles. we'll put you into business. furnish everything you need_ train you, carry stock to: you, without your investing one penny. Well work with you until we‘ve made you a success wove done it for others. We'll do it for You providing you are honest. ambitious and willing to work hard. If you are. wrfta us. You'll hear from us at once 11th facts. Address Dept. 74. Sales Manager. P. O. Box 68. Montreal. Que.

Boarders Wanted l: A u ACCOMMODATE 0 N i:

male boarder. Phone 2S02-R,

MALE BOAR-DEBS ACCORDIO- dated. Phone 503-1..

BOAR-DEB WANTED — GIRL ‘H!

share room. Private home. near Business College. Guardian Box

1.3. liars & Trucks For Sale

Wllnises Ants. Wanted”

IVANTED — IIEATEU, UNFUR- nished apartment in sl-lecl dis- lrlct near city cenLrc. ‘z bed- rooms. illllf-llllllf‘ ))(‘l‘lt)i|. iin children, Write Box i". Guani- ian.

___i______________ llelp Wanted WANTTJD-YOUNG PLAN 0R “ﬂ-

innn, knoivlellge of boolvkr-epiii",

for a fro-operative Apply lilll‘ reference or lwrson. Earl lugs.

Lost _ LOST -- BLUE S LK UMBRELLA. Please Pliuiir- 1 l.. Reward

Piiult_r_y

FOR SALEi-ISO Iii. ll. AND B. R. Puilcts. Richard Wail. Baltic. Lot. l8.

Personal

I08 NEUBALGIA. LUMBAGU. Rheumatic Pains. Chest Colds apply Hut Penetrating Glorl Oil. At your Drunist.

Painters and Decorators

PAINTER, PAPER HANGER and decorator. Phone ‘Zllﬂ-J.

Salesman Wanted

WANTED- MAN FOR. STEADY travel among consumers in Char- lottetown. Permanent connection with large manufacturer. Only reliable hustler considered. Write Rawleighs Dept. liiL-AATU-l-ll. Montreal.

Teachers Wanted

TEACHER WANTED AT outs for Wellington Centre School. Emmett. McNeil], Secretary cl Trustees.

Typewriters

1'08. BALE —- 1938 CHEVROLET Sedan. '44 motor. Good tires and healer. Devil Ferguson. DeBsbic, R. R- P. B. I.

For Sale FOB BALI‘. - TIRE CHAINS size 1O Excellent. condition. Phone 1B65-L. I03 BALE — CHOICE BUILDING Lola. $300.00 up. Stewart Mee- Kay.

IOEB-BALE-ONE 3H.P. 1N- ternatlonal Engine. Melville Mor- rison. Stanley Bridge. P. E. I.

IO! BALI! - ONE BABY'S CRIB. Also one carriage. in good condi- tlon. 2.1-- Elm Ave. Phone 2125-1.

FOB SALE-ELECTRIC FRIGID- nlro range. perfect condition. Phone 2088-J, Lorne H. Ives.

NEW DRJVITNG SLEIGIIS FOR sale. the famous Marks make. Elton Sharpe. Mar-gale.

FOR SALE — GOOD DRIVING sleigh. Gordon MacLeod, Brook- field.

~ FOR SALE — TWO STACKS 0F hsy. and one De Laval Separa-

tor. Willard Stcuarl. South- port.

FOR BALE - NEW DRIVING slcighs. Black With 8191*" 01‘ wine. Plush upnoniw. lush grade repairs and paint-ills- Tcrms given. J. s. l-‘rancis 5a Sons. Manufacturers, Fortune Bridge.

..__________________.___-_ T0 SELL OR EXCHANGE-NOR- tliern Scott, good for one quar-

fcr in J4 seconds; also four pure bred A yrsli ii-c cows, (re- cords) freshen Jun, and bob-

l'\il1i'_\'. 20 young plus. 35 l‘\1\""l5~ Earl lngs.

For Rent looms 1-0 our. r501 esiu. M TO ‘KENT —- PHONE

_1 2.1..

TO LET-LARGE FRONT ROOM. furnished. Sullablc for list" housekeeping. Business Bill! ll"!- ferred. 25 Hillsboro.

Female llalp Wants-d

wanna ._ airuanm mm. Good wages. Apply 7 Green St.

i

WANTED

GIRL with some Book-keeping Experience APPIY _ giving references. 1 re IOX ll can of Tl-ll GUARDIAN i

BEE THE ALL-NFAV PERSONAL Portable ‘Typewriter - the only‘ oﬁice typewriter in persona‘ size. New~ portable design. new sparkling performance. Cash or terms. Remington Rand Limited. lMJtlchmond Street» Montreal. Que. _ ‘

Work Wanted _

._._...____-_-_--- - GIRL WANTS WORK AS SALES clerk, preferably grocery store. Apply XYZ (‘BTP Guardian Office

Wanted

FOB SALE _ GENERAL PUR- pose mare, John Bulman, Ncw Glasgow.

Mtlliiféilijlltlldllgﬁ

Abltlbl M Asbestos .. B A Oil Build Prod Bruck Silk . Bell Tel Can Brew .. Bathurst . Can Cement . (Ian Pnc . Celanesc . . Can Cur Found Cnn Car Pfd . (‘an Steam Coils Paper Cockshuit Can Vickcis . Dom Bridge Dom Coal Pfd Don A . . . Dis Sear: Dom Flt B Dryden . . . Frusci-

Ford A Founda - gs" 5g \‘\'.'\l‘r\, How Smith Ham Bridge . Hil- Walker . (‘an Ind AI int. Nickel imp Oil . inf Polo . inf Pmvrf‘ int Poll" imp Toll .

w n l‘

(Jon Smelt

Lnkr- Woods ,_ " binssoy liar j‘ f: hlcColl Front- . M‘ Nat. Si. CHI‘ ‘y, Can Nor Pfd k; I2 Norandn _'_ "'4 Price 3T0! - - 6L "1 Quebec Power l) 1" Shswinlseu - - *"

Rt Law . H

st Law Pfd . Ff‘ M s. Law rm 2nd to‘ 1,, Um“ T” " ' 1r. l‘; Dom Tar . ~__ ' \Vpg Elf‘? A - 1'2 st of Can Wm '73,

Brazilian

NOT ICE

e “ill be received sysotaodunizﬁigviisd. up imltl Mm" pry 3i, 1950, for the building of a new School at Alberry Plains. $1,001“, be finished complete. oiear of foundation. Plans may be obtained from

IIENITON CURBAN. ' Secretory of Trustees.

M’

Toronlo

THE xGUARDIAN, CHARLOTTETOWN

Stocks

(Canadian TORONTO, Jan. Sales Stock

‘l 13S i000 ‘i000 4000 1500 1.1200 E8000 ‘H5 200i) ‘llifiﬂ (‘itilltlfi 133800 14504) .f1()l) 1110.’) I ll’) 1301i T‘! l

Acme AP Coil Aiii Ncpll

Aiiucon Aug Cdii

All; Roii . Arczi .\l'lf\l\

All O|l

Asi-nl Aliiuziqiie .\l.lllril ltiiilificlrl

GR

1t ll ifll) ‘JI-l ll l |uri 123i n i l0: in i001) Ullilﬂ .1000 ilirin glinn l; lit

Bl: (if Tor Riiiirii Burn NM , lzlclls-lelvp, liciciis

Bidgood Bobjn Bonclal .. Roriltilfll‘. . Pour)“ llixiloriip llril Dom Broulin Biiffnd Riilf Aiik Riilf ("dii ' iivlin

Campbell

(“as Trclli Foul Lcrl l'("llf Pnl, l"l‘|ii For _ 1020f) 14075 1S0 i100 1300 .700 i000 JllOf) 600i’) i700 176'.‘ 4-1.’. 1500 .1000 i500 600

Cliestcrville

Com Pole tTciniz-iriiiii . (Ton Con Con Con Con (‘on

Dav Decalta Dclnlle Del Rio . llcxlci‘ - Dl$i‘r\\f?l'v , Ilf-lll Tlruii» 2'1!) llciu Ell: 4800 Dnralda l8500 Duiama 1000 llllVdy i500 l“

1-‘

ti! Sol Ffiircka, Fzilvnll .. Fcri Kirk Fcd Pole Flori

Francociir Fl't"l‘l$lll=l' Gen Poi-e. . I'M A

Gvinl

(limbo

(Ynlrl Hag . Gold Mun (Tull Load Hlirll Rn . llliri-ivniia llcrllcy Hcvzi . . Hirzliridge HfllllllgPl‘ .

Jar-filer. Jolicl

Kclorc Kcnlvillo . Kcri" Add Kirk Kiri; Hud l\'|i'l.' Lake liilllfllflﬂi‘ IAHIUPITP 0300 l. hufriiill i000 l. Forliiiic . l. Lineman Lrikn Sli 29805 l. \\'.'is.'i l.;i .l.ii7. lilliillfllil’

lmilcli .. Lilllc Li. lmivicoiirl. IJ_\|I\ M’ "Kw . lllucﬂnnnld Flclcfio Flwclin ., lilriclmoi! i\llil'l§(‘|\ l-lriitiiol Mil (if l\l~-liil_vi'r~ llll-lilnrmrm “l-il ("orp Yilnsliri‘ Nogiis

l)“ Pl< New lTirl I PVPV.‘ Iv)‘ . " N(‘\\‘ Gnlri Now Jas New Nnrr. Now Pric New llnu . hls-(vlliurl Nicholson

l .' m‘ (i000 l 000 V???‘

Nora iidu Nnruiclnl ' Nnrplck Norseman

(isiskn Osulnko ' Pric 1000 Psmnur .. i000 Pandora 15M Pan \\’esl. i000 Partanen .

2000 Payrnasfcr .

i000 Piccadilly i687 ‘Pick Cr 60f) ‘Pioneer

G200 Porn Reef

100 Pow Gold

Acadia Uran .. ._. .. .. . . 04 T-S

Am Yknlfe"

Atlas Yl-znife

Bk oi’ COM‘ (‘dn Brew .

Vilicm Res .

Chromium _ _ ._- (Tochenntir .

Gold .

Nlppisslng ..

PrcaaB 12-

Ang lluron ..

B]: of blunt _ Bk nf NS

B€‘\L‘Olll'ii

. 115 -_. 215

Iiil Nickel .. Jack “ialio

Nﬂflfiflil‘ 64 Nor Can . 45 Nnrlhlruid 0R OBrleii 194 Okalfa

Omnllraiis .

Orlac

Pcfo .

New York Exchange

Anaconda .. Am Car and F Beth Steel . NY Central Cites Ohio Con Edison .. Elec Auto Lite .. Gen Elec Gen ftiolors . Gt Nor Pfd . Std Oil NJ . Kenn Copper Mont Ward . North Am Co Phil Peta

U S Rubber Radio Corp Texas Corp United All‘ Van Air \\'i>.<l. Elm‘ Wcsl; llnioii . U S Slccl

(Jonimcrre

Montreal .. Nova Sculls Royal Bank

“TNNIPEG, Jan l’) -_ fcPi_. Prices fluctuated today. in un- steady trade‘ on the Winnipeg

Grain Exchange, with buying and selling alternately faking command of a market’. ivlilcli jumped from dull to fairly active,

Oats prfccs held tho only steady session.

Barley developed an easier tone due to increasing hesitant tenden- cies in the Chicago barley market.

Rye. enjoyed fairly good United

film. to post showing of the

Slatns. demand at one time, but. during the latter part of the trade local selling moved up to dominate the market. Flax was listless.

in export trade, 220.000 bushels of Canadian wheat went to the Llnited Kingdom under thc Anglo-

Caiiadiun agreement. Prices of class two wheat came down one cent, to $2.14.

Closing futures: I

Oats: May 79 1-2B: July 76 ‘I-SA.

Barley: May 1.25 1-4; July 1.19 34A.

Rye: May 1.55 1-8B; July 1.52 3-4A.

Flax: May 3.70; July SJOBnnt.

Cash prices:

Oats: 2 CW 81 3-4; ex 3 CW T9; 3 CW TS 1-4: ex l. feed 78 1-4: ax 1 feed 78 1-4: 1 feed 76 3-4: 2 T5 3-4, 3 feed 72 1-4: track 7G 1-2. '

Barley: 1 CW G-row 1.44 1-4: 2 CW B-row 1.44 1-4; 1 CW 2-row 1.40 1-4: 2 CW 2-row 1.40 1-4; 3 CW ﬁ-row 1.42 1-4; 1 feed 1.22: 2 feed 1.19 1-4; 3 feccl 1.14 1-2; track 1.22: 2 (‘W yellow 1.25 1-4; 3 CW yellow 1.24 1-4.

Ryc: 1 C\V 1.49 7-8: 2 CW 1.49 7-8: 2 C\V 1.49 7-8: 3 CW 1.46 1-32 raj. 2 CW 1.35 1-3; 4 CW 1.39 1-8; truck 1.49 7-8. »

Flax: 1 CW 3.69; 2 C\V 3.64: 3 CW 3.49; 4 CW‘ 3.44; track 3.68.

I Shipping News

AT HALIFA.\— Arrived Thursday Empress of France, from Liver- ool North Coaster, New York imperial Gods-rich, Saint John, N. B. Eskimo. Si. Pierre Sullod Thursday Lei-lave, for San Juan Imperial Welland, St. John's, Nfid. Lady Nelson. West. Indies Empress of France, Saint John Due Sunday Franconla, from Liverpool Due Monday Canadian Challenger, from West Indies AT SAINT JOHN- Arrived Thursday Bcnverglen. from London Siilled Thursday Prins Alexander, for Rotterdam

Markets at a Glance

(Canadian Press) Toroiiio--Stocks down; break in ll0fl\'_\' late selling.

prices

lvlontareal-Slocks down; papers. lndiisirizils lend ‘decline. New York—Stdcks weak; late

soiling liits market.

500 D0 Vt. 72.’) Preston . “G25 Qun Man .. .

2. bfvil Qucenston {i325 Quoniniil. . Il-‘lflll Qucsabn .1500 Roche

49500 Rochelle

140 Roy Bk

fllflﬁ Rnyrillle .. 28900 Roybni: 34600 Rupuiiunl . i000 Ryanor R00 San Ant 2000 Sc-nalni" i000 Slinwl;c_\' . F00 Slicop Cr 7775 Slir-rrilt

150 Slszmn 602.‘; Silv Mill 535 Simmons A 100 13o Tl .

90 Dr: f‘ . 1000 Slscno 51400 Slsden 0566 Sludacona . 1700 Slarraf-t. . .

52072 Sleep Ro 6300 Sullivan 43000 Sup Oil

300 Sylvanile . 2375 Tcck Hu 1000 Toburn I000 Tombll

15100 Torbrlt . RflfXYTovvagman . 14500 Tran Res 1500 lln Keno . 6220 Unit Oil . 42ft Upp Can

B20 Ventures . i015 Waite 5000 Wiltsoy . 325 Wright. Har . 2500 Yellorex 2000 Ykrilfe B

CURB

6020 Delhousle . 41 60f) Foothills . . . . 320 100 Pond Ore . 550 5000 S\V Pete 38

Total sales 1553.000."

Consumers Not Benefiting From low Egg Prices

“It. is bad enough for poultry- men to have to accept. from i3 to 22 cents for a product like eggs but. it is far worse when the low price is not. passed on to the con- sumer," comments Mr. W.R Sitaiv. Deputy Minister of Agric- ulture, in the department's wick- ly report on farm markets and prices in Prince Edward Island.

"If tllr: low price was passed on." Mr. Shaw added, "it. would help materially to clean up t.lie surp- luses in deniers‘ hands by increas- liig consumption. The farmcr is therefore losing in two ways.

“Generally, present. rétali prices to (lie consumer are AL 43, and some have been quoted as high as 4'2. AP 35, B‘s 38. Let ‘us work this back a hit.

“It is generally conceded that grading, packing. and transporta- tion, from the local grading sta- tion to us at Charlottetown should not; exceed 6 cents. This. added on to 22 cents that. the farmer is getting tor Grads AL. makes 29c. The difference betwccn '.I8c and tlie retail price of 43-4.‘) is 15-18,

Something Wrong

"there is something radically ivroiig when it. takes 15-18 sonic- vihere between the wholesaler and the retailer. to handle eggs and it. is 11ml" time something was done about. it. This markup is entirely out of proportion.

“It. may be argued that. the eggs being sold for this price have been the eggs that. were bought at. 2F cents. 1i. is a remarkable l-llillg that. as soon as prices dropped to the producer there is no immediate corresponding drop to the consum- er, but as soon as prices go up to the producer the finger is on the trigger right; a-yay and the prices Immediately go lip. This practice should work the same both ways."

Since preparing the above state- ment’. Mr. Shaw said the depart- ment knew of one store which is quoting 37 cents to consumers for Grade A carton pack. He added that: in the present situation n floor price under the Agricultural Prices Support Act was complete- ly justified and should be applied at the earliest. moment.

"Pvultly wives." he reported. “have been pretty well maintained ivith the exception of fowl. Pos- sibly the tendency to lower the slz; of ﬂocks may have had effect upon some prices. One farmer vis- iting our office stated that. fowl were worth about 50 to it. Cents which seems to be a very low fig- ure."

He strongly dlsadvised against. the ivholeszile slaughter of poultry flocks, as possibly in a few months m"? may actually be a scarcity of eggs in Canada.

Wall Slreei SllldlS Take Nesedive

Wall Street stocks look a slid- dcﬂ nosedive Thursday and the setback produced immediate ro- sults on llie filontrcnl and Tor- onto exchanges.

There was nothing in the news to account for the diop. Losses ranged from fractions to two points in the lust hour of active trading on the Canadian markets as a result of the New York stock decline.

The The Montreal Exchanges in- dustrial aycrngo was down 2.7 points while papers fell more than 11 points nnrl losses outnumbered gains about R lo 1. Losses also outnumbered gains by a wide mar-

gin ln the mining section while oils were quiet. and irregularly lower.

Torontds list of 2O lnclustrlals dipped ‘more than flii-r-c points.

if was New York's worst. sel- bzick in l4 months and climaxcd a seven-month upward trend. Sonic qunrlcrs in ill-ill Slrocl reported tlic- rlccliuo was slnrlr-d by soiling from professional traders.

fTlllice

MONTREAL, Jan, l2-—lCP)— Produce prices quoted licre today

were reported by Dominion Dc- pariment of Agriculture n: fnl- lows:

Pllzlzst "rim cusps, .’\ largo 2S- 29: molt 2i~ A piillcts 20; I’. 20-21; C 17-48. Recclpls: 400

cases.

Butter: Current. rccclpls Quebec m» l pasteurized 60 1-4: no 2 Q 1-4: ivhols-salc. Qucbcc no 1 pas- lciirizcd lrcsli ﬂllll sloriizn 60 f‘. - 61: nn Ll 5f) .'l-4 -li0 for 21R score; first grade crcnniciy prints job pricc 62-452 l-2. Receipts: Nil. Cheese: Curl-cut receipts (Quebec

wdiltc Til 1-4; Qiichcc colorcrl Til 3-4; \\'ill'i|l"Sl-llf‘ Qucbcc wliilc Til. 1-4; ("lnfiirin white -"»l 1-4: Whnlh- sale Ontario colﬁrcll Til l-Z. R"- celpls: Nil.

Potnlncs: Qllcbcr rm 1 ‘T5 lbs 1.15-1.20: NB no l 1-25/1-35- 1° lbs 20-22: PEI ‘l.4(1~i.4.'1. no 1

-i0 lbs ZZl-jihiw‘ h w‘ Montreal Sh pyards Are Reported Busy

Reconstruction and off-season rc- air jobs on inland and coastal Silp5 will prnvidc cimplnymeiil here for nearly cwry trade rlur- ing the winter months. shipyard officials said today.

be to

The jobs arc estimated to worth approximately $-‘>('l0.000 shipyards and workmen.

The jobs are at. three of Moni- rcals main repair plan-ls -— (‘anti- dian Vlckers. Montreal Drgrdock and St. Lawrence Drydock.

Biggest and costliest job is on the coaster North Pioneer.

Originally built to carry 12 pass- engers along the north shore and Newfoundland. the Pioneer wil‘

leave her capacity TilSlKI lo 7'» passelu by spring.

MONTREAL, Jun. l2 -- (CF) — l

Canada's reputation,

of resources,

A five -p0ini, prograrrune for world recovery was a feature o! James Muir's Presidential address at the Annual Meeting of share-

holders of The Royal Bank of Canada. Mr. Muir also stressed Canada's economic development

and licr continuing role in world economy.

Reviewing international currency raxperience during the 19th and 20th

centuries. Mr. Muir referred to the stability of sterling before i914. “Several important factors

contributed pctillubiliiy' I .

it) the enduring de- of the sterling slan-

tlT‘.‘(l 1.2, debtor nations ac- cepted “change panties which they were able to maintain

through relatively small adjust- ments of prices and money in- comes. Second. debtors were will- lug to accept the discipline o-f the gold standard and to acquiesce, under the rules of that standard. in the price and income adjust- ments which their trading posi- tion required. And. third, the worlds creditor, Great Britain, marl-e additional sterling avail- Zltllf‘ through the vigorous inter- itziiioiial lending of her financial and business community and the free trade policy of her govern-

ruenl." COMBINE PAST. PRESENT

"in meeting any emergency we must combine the lessons of the past with inventiveness and im- agination in the present. lri the past, as in any relatively normal period. responsibility for inter- national economic stability was divided between the creditor and (ls-blot: countries of the world. But, in the period immediately follow- ing the second world war the primary responsibility lay with the creditors; and in meeting this responsibility. the IUnited States rinzi Canada cmbaik-sd on an uri- llFoifdllltCfi program of loans and gifts to the war-torn coun- tries of Europe . . ."

“The nations of Europe. through their own efforts and with the hélp of loans and gifts from abroad, have built up their pro- duction to ilie pro-war standard.

FtlYlllPl‘ poogrc-ss in production would be immensely beneficial. but. the immediate problem has

become not. production as such but efficient production. In other ivnrds, we are back to normal times again ll'l the sense that the old problems of competition in international trade. such as costs. pxiccs. and salesmanship. must out-r: more be met. Under these conditions. we still need the iri- venliveiicss and imagination which llavc l lped dCblitil‘ and creditor count cs by urn-operative effort t-o 010E930." as far as tiiriv have along tho. road to ivorld recovery. Bill ivc need also to restore as nearly as we can the favorable economic enviroiiniciii that made interna- tional stability posible in the golden age of the sterling stan- dard "

THE CANADIAN ECONOMY

Mr. Muir discussed the Cana- dian economy in i949 under four main heads: "(ll Canada's reputa-

tion. (2) Canada's record, (B) Canadlzfs weakness. and (4) Can- ada's strength,"

(ll (Jenna's Reputation. IMr.

Muir pointed out that. among for- eign nbscisvers "Canada is at once ihc bulwai of fi-re enterprise, and a modal of wisdom of gov- crn-mcnt regulation: thc possessor of an zidxiiivslilc private banking system and of the best practice in efficient Liciilral Bank control: the stronghold of a sound con- scrvaiivc tradition and the home iii‘ llli(l‘(‘.'~‘llll_'l cxlcriiiir-iits in poli- llCIll and economic ordciz"

“We don't have to be loci mod- csi. at least anions’. ourselves. We can iwpi-irc ourselves an inferiority’ complex and tiic abnormal na- tional bFhGYiUl‘ in which it may gun rikc As a nation. we have zlccnznplislicd much: not all of it is good, nnl tlic new)‘ for hood 1S ihci-c; and in i949, as in previous jccars‘. our good rcpuic is, in li-irql- moasiirc, supported by our record I'll

bricliy’

Canada's llocord. lilr. Muir slimnia1'.zl_=d Canadian l‘ "lll‘\\. tjlllllililtlli“ lll‘ i949. The _ s1i\\' "a further incriasc lll Canada's industrial plant and cqliipiiitul. lhc maintenance of the lllZll lcvcls of consumption at- taizird Ill ill-l’), and iiic over-ail 0x- prinsicn of lhc not and gross na- iio Ill yivodurt beyond‘ the YCCOFd icvcls of a year fit-Ill» H" notefly for. my "tﬁilizillzi lS ouc of the frui clii|».ll-_c.< ltltlli)‘ that can still boast l.‘ suhqfpﬂliﬂl luidgcl, sin-plus. This “n1 only i-oiiti-iiiiiics to stability. but it turns piospcrily l0 Z000 B‘? (‘Oillit by lnivriujjns the “PM ° tho govcrviviicn. _

i!) Canada's iii-aimless. _Mr. Mm,- y-nfQYYPd in some detail to Canada's export position and i121- vulncrabilily_ to the currcn kt!“ balance iii inle-rnaiinnald mat; lid-e- Aficr summarizing rCana as ija in 1949 “m main COlICIUSIOIiR were stressed: "First, our oéver-ad‘ surplus with the worldus “in ling; and. second, our direct carn- lugs nf dollars through exports l“ the UfiliPd States IS becomms

The Annual” Meeting 0i Shareholders The Royal Bank Of Canada

Programme For Trade Recovery‘ Calls For Exchange Stabilizer

_ _ achievement: and strength offset anxieties caused by world conditions -- development

_ increased population and foreign trade needed

PlRlEShDENT ADVOCATES FIVE STEPS TOWARD WOiRLD TRADE RIEVlVAL

Devaiuaiion has at least bro. ken the log ‘Jam; but we mugp take ‘lltflfllédlilt? advantage of this initial break ill the bar- riers to trade which have been thrown up by overvalued ex- change rates and rigidly held 1n place by government. cnn- trols.

The slaps. in are as follows:

First, nations of the xuorld should re-learn a basic lesson of the first world war, and settle their vrar debts. _ . ,

Second, for a certain fixed period. we should let the mar- ket. determine rates of ex- change, asut did immediately after_ihe First ivorid War. . . . K Third, at the end of this per- iod of free-market valuation, we should stabilize currencies by reference to the rates which the free-market has determin-

lll_\' CPJILUZ,

ed. . , .

Fourth. having stabilized ex. change rates at the level de- creed by the free market, the world must adopt some device to keep them that way. . _ , , The ‘gold standard kept nations within their means before the days of_the great illusion that international’ equilibrium can only be achieved by clamping the feizters of exchange con-

trol upon free international trade. . . . Fifth. the gold standard (or

its equivalent.) must be made to work by the proper dlwlp. line _not_ only of die-biol- but of creditor nations as well. This means a return to the two basic T@ql-\_1P@men’ls_ of responsible CFBdilCl‘ nations: Vigor-pug in. ternalional lending and free trade.

relatively more important than our indirect earnings 0f dbllgrs lhilollgh" trade with US-finaiiced Europe.

Mr. Muir referred to the danger °f 105mg cstablishedrrtarkels in Europe out ‘the continued failure (If our overseas customers to can. sufficient dollars, tluough tirade and investment rather than UIFQUEYK gifts from the dollar area may force us to realign our tradc. That is, we may have u; m“. template the contraction of fizqdi. tional markets in_ Europe eﬂsgt t0 some degree by increased sales to the dollar area."

"The least transferable of our mayor exports overseas are wheat. and wheat flour.“ In this case, he pointed out, “shifting is difficult owing to large exportable sur. pluses of these products within the United Slates._ To finance Wheat EXDOIftS through new loans to the United Kingdom would mean a return to our lending pol- icy of 1945-46 and a return to our dollar-short position of 1947."

"The most favorable develop- ment in our ivorld trade would be an increase in our imports from Europe and especially from tho United Kingdom. or increased dollar comings by llicsc countries in their trade with the United States."

“To attempt this shift through further curbs on imports from the United Slates would be a move backward to more rigid exchange controls ivitli all the disadvant- ages of such a move for ourselves and for the world economy. For- tunately‘, the recent devaluations have provided some incentive for precisely the shift we have in mind without an increase in con-

trols. . .

“The plain truth is that Can- ada's domestic prosperity depends upon our handling of a complicat- cd foreign-trade problem. And in the final analysis both our domes- tic prosperity and the future of world trade itself will depend upon a concerted international effort by all nations l0 return along the path we outlined earlier: that is. along ilio path to multilateral world trade uiiliampered by ex- change restrictions. bilateral pacts. and all the paraphernalia of gov- ernilcnt control."

t4) (lanadrfs Strength. “ll is rc- fresliing to turn from Canada's difficulties in the next few months to her ‘prospects ovcr the next few years. or bcllcr still over the next decade and many more to come. Wc have the essential elements that need only a llttlt: time to iii-mg about nu enormous increase in our national ivc-alili. These sources of economic strength are our natural resources and the temper (if our people.

"Canada's scarccst natural rc- sourcc is hm" working population. Herc. as with our forests. mines, and oil fields. we must practise conservation through the wise and economical use of what we have. But to parallel our new discover- ies and .lo ensure their full and efficient use we must embark on a bold policy of iiilmigvalion. In this way we can increase the

l PAGE ELEVEN

General Manager Reports Assets, Deposits Are Ilp

Mr. T. H. v Atkinson. Genera! Manager. reviewed the 1949 An- nual Report and stated that. the bank's assets had risen by $113,- 498,000 during the year to $3,334, 985.000 and that liquid assets cori- stituted 76.277, of the total liabil- lties to the public. Commerciah loans had also increased. Mr; Atkinson reported deposits at a new all-lime high of $2,192,140. 000, an amount two-and-a-ha times that. of 9 years‘ ago. Th! number of deposit accounts f/Otﬂlﬂ led nearly 2,000,000, which includ< ed more than 1,500,000 savings act counts in Canada. Ari increase of, $1,400,810 in profits over the prc-c vious year ivas noted by Mr. Al- kinson and after providing for iii customary dccliiciions, itltfltldilia taxes of 9.435.000 and dividend for shareholders. there was a carry forward in Profit and Loss Ac- count of $3,860,313.

IDIPROVED FACILITIES

Referring to the provision of new premises, Mr. Atkinson said: "Since our last report eleven rietv branch offices have been con- structed at points where facilities were inadequate and where ex- tension o! existing premises was impracticable, and at forty-sl. other points improvements an extensions of a major character have been completed. . . . In order lo better serve the public, in dis- tricts which are expanding will opened twelve branches and si: sub-branches in Canada. _At th year-end we were operating 663 branches in Canada and 6 abroad."

SERVICE TO TRADERS

I Mr. Atkinson stressed the rol played by the Royal Banks _6 branches abroad in facilitatin foreign trade. "For well over quarter of a century We have DP“ erated an extensive chain of our own branches in foreign countries; in fact. at certain points we haw: been established for over half 1i. century, arid as at_Noverrvber 430, 1949, we had 62 otﬁices WIhlCh iri- eluded representation in the ‘ cities of ulsmalvr South MM"- can Republics, tilroughﬁllli 10° Caribbean are-a and’. °5 mil-limo we are established in London. Eng-land, and New York Ciiv. and. our affiliate operates in Paris France. . ." “The widespread chain of branches coupled with our ex- tensive correspondent relation: throughout the world serves as. a. constant source} of statistical and other information including 1m- port. and exchange reEVlBlIOIiF- which otherwise ought not be readily available to us. 511i Oil!‘ central bureau >111 Heady Oﬂice a thus in a position to give llPrlkf d-ate and complete information. to Canadian CQTDpEiTIiGS‘ and ot. having tinder consideration _ lablishing business relations ‘fill i. clients abroad. We firmly half“

that through helpful information ‘ given to Canadian businessmen our foreign organization vl-l.

continue lo serve a most. useful purpose

plus goods." . PROUD OF STAFF

to the benic

~ i 'b i A “am n ue Mr. Atkinson.

staff was paid by 4 "There's nothing this Bank Vi“ prouder of than the quality 0i l“ personnel. ivlthin every otfic I believe, there i5 a fine ‘sense of. pride in this great institution- pride not only in its achievement! and its pro-eminent place in Cani- dian and vrorld banking, but prld. . too. in its being a good place t» work. The executive. Supervisor"- and branch managcis have all travelled the long road of elp— prenticeship within the Bank; the.“ talk Llic some language as the young people who are followiur; the same rouic. and they arc. united iii trying lo make Wbfkltll‘; conditions as pleasant as pos- sible. .

can remove the‘ one factor that: sets a present limit lo the growth of our natural wealth. Against this prospect the few hundred millions of U. S. dollars that mea- sure our present dollar difficul- ties paie to insigniflcancc.“ “This prospect of economic in- dependence duos iiol mean a re- duction in iradc. We do not have: to turn our backs on the micr- dependence of nations that ac- companies internalional commerce. Trade among independent.‘ in- dustrially developed countries is the most. profitable trade of all. The \\'0rld is gradually moving’, away: from trade between it'l- dusirialized countries and under- developed arcar. away‘ from trade that requires colonial de- pendence. lo trade among indus- trial equals. And in this evolu- tion nf world economy, Canada is at present leading the waiﬂ" ' in the development_of Canadas natural resources, their use by a larger population. and the e_\'- change ol her increased industrial output in “an expanding and eu- riched foreign trade." Mr. Muir saw "an effective guarantee that: Canada shall achieve an assured.

sr. ROCK scnooi. (‘RKISTMAS concern

On Dccemhor 22nd the pupils of Si. Rock School held their Christ.- H185 concert in the Sf, Rock base- ball clubhouse. In splic- ol‘ bad ivcathor there was :1 fairly largo attendance and the applause and cheers of (he audience encouraged llicsc woo liillr tots in their many performances which for many of iiiPhl was their first appearance on the stoic

The following was the program;

Music.

Welcome.

Tlu- Very Idea-Jtecli aliori.

Nursery Rhyme Novelty, You Can't, Fool his-Recitation.

A Different Christmas—DialoIue.,

quantity of the one resource that and pro-eminent place in the is in short supply. in this way we economy of nations. . . The Enchanted Boxes-Dialogue. many others present. The teach-

Mrs. Santa Claus-Recitation. Instrumental Music and Singing. Too Much Borrowing-Act I, ii, and III.

We Never Know-ltecitatlon. The Bachelor's Sale-Recitation. intermission for sale of candy. Music.

A Christmas Lesson-Dialogue. The Spirit of Christmas- Dia-

logue.

Christmas Carols-Chorus.

The Christmas Story-Reading, The Christmas Carol-Recitation. Tableau —

Midnight, Clear". Closing Recitation. Here Comes Sarita Claus.

At this time the good old faith- ful Santa arrived and distributed and

gifts and treats in pupils

"it Came Upon The

er was also remembered with many gifts from her pupils.

The school chorus then greeted old Santa with a favourite Christ- mas song and then he himself lri his jovial manner sang a lovely solo. After his departure, Mr. Peter Blanchard then thanked the pupils and teacher for their un- firing efforts in prcparing this en- tertelnment.

After a few brief remarks by the teacher, thanking the district for their help and co-operatlon giv- en. this program closed with “The King."

Monaco, s. town on the French east. of Nice. had gambling tables as early as i856. -

to Canada in the dcvelul" .- ment of markets abroad for, :lu"- .