m

Bracken

LEADER

PROGRESSIVE IIUIISERVATIVE PARTY

._QN.._

“Reinforcement: or Betrayal"

STATION

_..AT_..

11.15»- 11.4s ran,

CFCY

TONIGHT

-_...__.__.___‘

OTTAWA. Dec. 4 — (GP)

market can be found fo Products and well fin ‘York,’ ‘at least until t diff. Agriculture Min iner said today. Welcoming deie ates to the 12th minlon-Provinc s1 senator's agricultural program.

conference

lilhCd he end of ;ster Gar-

r u, aha: slnglon, R liVB-i

k‘

iioori Dairy, livestock Market I

J. A. McLEOD

Mr. J. A. McLeod. the Bank of MS-th Annual Meeting was in l-i..llfax, December 6th.

Official List of iiasualties

President held

o

t ROYAL, CANADIAN AIR FORCE OVERSEAS

Missing 0n Active Service After Air Operations Klnsler, Thomas Francis. F0 Thomaston. Georgia. U. A. Sellars, George William, FL-Lt. Toronto. Ont. Previously Reported Missing On Active Service-Now For Official

Purposes Presumed Dead Robert James. PO.

Bandle, Leo, P0, Toronto. Ont. galley, I-Iarry Morley, Sgt Balm o

ronto Ont. Dack. Philip Robert Arthur. Sgt. Montreal. Que. Dancey, Glen Allen. l<‘.-Sgt.. Blackie. Alta. Dlgneé, Roderick Joseph Fl.- Lieuiz. dmonton, Alto. Doig. John, FO., Winnipeg Man. Ellwood. William Ralph. FO.. Bolton. Ont.

n. Gibson, John, PO,

. O. Hampton. William George Sgt, Ciovan. Sask. Horn, John. F0, Regina. Sask. Hunter, James Mitchell, R-Sgt MarNutt, Sask.

King, John. P0., Hamirion Ont. Allthynn, Barry L‘ve:ett, F0., Oran,’ a.

Meek Robert Alexander F-Sgtqi London. Ont. Overholt. James

I-Ienry. Sgt.

Eastwood, Ont. Rogers, Bartlett Leadbstter FO..i'

,Toronto. Ont. I Schioler, Thomas PO., Winni-i

neg. Man. haver, Howard William, WO.. Port Credit, Ont.

Van Fleet. Ralph Douglas. FO.. Hamilton, Ont. i Vincent. Peter Horace Gordon.‘ l".-Sgt.. Vancouver. B. C. | Wilkinson, Thomas Edward. P0.

Toronto. Ont.

Seriously Ill

McLeod, Malcolm George Sgt. Winnipeg, Man. i Seriously iii As A Result 0i Accidental Injuries i Reid. William James. S.-i.. Fort‘ William, Ont. i CANADA ' Died I-‘rom Natural Causes l Strachnn. David Gordon. Cpl..! Edmonton, Alta. i

ROYAL CANADIAN NAVY

Missing at lea as of 17th of Nov-

ember. i944: I Kuzenko. Harry William. Able’

Seaman. Winnipeg. Man.

Died duc to drowning on the 19th

of November, 19M:

Morrison. Daniel Angus. Able

Seaman, Lmglehart, Ontario i

CANADIAN ARMY OVERSEAS

(Maritime Provinces) Previously Reported Missing Now Reported Killed In Action N.S. ‘and P.E.l. Regiment Grouse. Everett Mansfield. Cont.

Brfdgewatcr. N. S. Killed In Action

N.S. and I’.E.i Regiment Smith. Lzuvson Mitchell Cont. New Glasgow. N. S.

Wounded

N.S. and P.E.I. Regiment Barnaby. John Edward. Lieut. Halifax, N. S.

Wounded Remaining 0n Duty

Reconnaissance Units , Caselcy, Samuel Lehman. Mouth! - Mrs. Dorcas Ii‘. Cnsclcy (wife). Ken- i.

. 4. - . flied In Action N.S. and P.E.I. Regiment Ingraham. Harold Stnnir-‘y. Pte..

Perry, Pie... Mrs Rose i). Perry (wife) m. Louis. i’. E. i. New Brunswick ilcnimcni

. (3 McCaffcrty. James Edwari Pie. a-rieiiif"“°l..éii" Bliilfmwiii "enven- N- B» tie,- y an c," before and ad_ 'I‘herinirli. Leopold. Pie, (‘hori- l"! that the Dominion Government 5"“ en's?‘ N' B‘ was commuted w take an my Thomas. Sywcstcr, Ptc.. ilpuai ‘fictions oil the shipment cf beef Tm" Rd" N 1,3), d cattl n e u ileietlintittleed Sgffiifih gas‘; Corps 0f Royal Canadian flips an war he 'for proper A , Albmtum”; s . ‘ , '.l' ,,';°1:slhl)il%ri_,of essential food make Enfgblflcoir N’ l“ “m” NEW N SOYQdTCIYER¥OIIRIIGCIG l i cg ___ .S. an P. .. cg nun: . '- Newcafiléméduigglgftlasd (c: Baker. Calvin Anderson. Pie. h" flllvroved a scheme for the 34”“ 5MP“- N- 5- “mlelavcutn hol ship ma’ w°“"“°" enables one ggudg‘ t? "l" wmne Canadian Armoured Corps , Dari o1 the 3mm‘ commonwealth Walton. Ernest uubcrio udam.

fill’

"Ch of the next seven years.

Centreville. N. s. I Reconnaissance ITnits

COLQaFsTE-R _ McDonald. James. 1'pr.. Angus in‘? m,“ mspglggmgoelvefp.) EMIcDonnid (father) Arumdnlrp ‘mterffi ljfummfl m“ ““ m“ os-nrn Ontario Rcgimci-t l tits he hel may“ who“ qlmcul‘ Go poll, Melville wiilian. Set. on den,» “ff °° 1° W M)!!! inn ax, u. s. i mime“ time. - ~ _, i

TH

‘i

1.

AT "rinse" resume. i

iedrnlocdionogoohholmpenmr viraminn

moon! you lo have. 5

'lll' . Milli . F T11‘ 'h"\LI.- bearer... an: “ii.,.2;'.‘.i.ii.'r‘$'.‘ Vi (pills valuable minerals Ind yeast). You need

l

use each the other to function. Try "ALL- l Ira-ONE" Vitamin biets for a month. See how much t ghbletl (l month's supply) only $2.16 '

IAI\

NB" ‘filtf-‘Z. 1

créaiondfaurca Hirst, w<>,, To-'

Etienne Francis, Sgt. Toronto:

I i Vancouver ’ I

TIE CHARQLYVI‘ ITUWN GUA“ "'5'

WILL CANADA RISE T0 HER OPPORTUNITIES

IN THE POST-WAR PERIOD?

General Manager, H. D. Burns, stresses benefits of recent legisla- tion aimed to broaden use of credit to farmers,

.~ home owners and small business. Nova Scotia, whose ‘

~ Discusses effects of new Social Security measures on business and

Thc address of’ the President, Mr. , J. A. McLeod, to t) ie shareholders, was,

in part, as fcllowri:

"With llitlo or no advance notice

we may iind our.- o lves facing the prob-

, lcrns of construe/ring o. better post-war 'l‘hc.=c problems are urgent,

society. both interaction filly and at homo."

' When Germany Collapses . e s What?

"So long as the war with Germany continues there in unlikely to be any radical change in the brood economic ' But when Gerrunny il de-

situation. fcatcd the position will change. “Some say that i be moment f‘

is beaten our problems will be thosh of unemployment and excess capacity,

flint dciintlon rnth er than inflation wil

fact flint 407 I energies are d

the end of the wn r in Europe." Risk ofSip ending Spree

of deferred needei which undoubtedly

exists-to the shortage of housing, of

household equipment ond_ appliances, of automobiles ar l( l of farm un emeuts, and to tho ncciird repairs homes and form buildiniga which have been put off for some years. They stress

tho amount of maintenance and re- nrpost-

plnccmcnt. deform: l, and ex_ ponerl, in iuanyr spheres of non-war nctivity—-iu manufacturing, in truck and rail trnnaiivrt. jo the highway systems, in conon vatron of nptural ro- aources, and so no . Thcyfpini) to the grout store of accumulate purchasing power in tho f'orm of_ government securities, bunk deposits and cash, nnd improved Iirp iidity and borrowing capacity. _

‘They claim flbat some costs have increased despitc- the price ceiling, be- crtuso of ahortnigirs of materials and experienced lnbon r, higp labour tum- over, overtime, etc. ‘boy say that (‘nnudiun prices are relatively lower than those of other countries and to some extent an: being held down artificially throuyh the use of subsi- dies. In those nircumstances, so the reasoning goes, fl! o danger is inflation, not deflation."

Canada Mush Find 1,000,000 Nu .v Jobs

“These two vie ws are contradictory and yet there is 1 n irn ortant clement of truth in each of tic-m. There is some risk of uurlmployuncnt. Canada will be confront: rd with a transition of enormous prq ioirtlflfli 11nd» 9-5 I51)" Minister of Reconstruction has said, we need o. milliu n more 'obs than In 193i). 0n the oi licr ban , we cannot (llsl‘(‘g.'|l‘il ilic risl: of inflation particu- lurly in the early stugcs of tlrc transi- tion. "Flu-re is aflrenl danger of both- an iniiationor Tboom followed by a sharp deflation.”

Short-lived In mm, then Slump?

"l do not sugig 2st that the conditions following the 1i "out of Germany will be ideniicui wi those after the last wur. ‘Ilicre arc ‘important differences. The; wur may eni l in staples rather than nll at once. Wq. like t e British and AliiPflCliliii, knovl for more about eon- iroliini: lillliillilli than we (lid a_. gcnerit- iiou ngo. Victory will notfind industry urnl (rvcrurncnt so completely unpre- purcrlf to incci. ill 0 P10171011’)! 0f T900!)- vcrsion. Also it isccins to mc tliaiithc Canadian peoplo arc apt to be a little more cautious e r d a little more suspi- eious nflboorn i: mtlitions in the light of their experience in the great; dc-

rpmblti" flilli in tho slump uftcr the last |l().\‘i.~\\'lil‘ lu": m.

“liut. irnporirg t. cs these diiTercnces

gay bc, ihcrc u! ill still remain potent

. factors workin‘; tn produce a short- livcrl lmum nud.latci' slump. Deferred nerds arc lurip. Accumulated ppr- (‘lififilflfl powcr .ls lurgrar. Production costs huvo incieflfl and Cflflfldlllfl prices oro low rfrllitive to other coun- tries. If tho I i not of these factors wcrc to come qr c -ly while government expenditures uoro still comparatively high, if tho nni i- hiflution controls werc to be nurldcul relaxed or removed, we might easily get a booru which would tlissipntd‘ accumulated buying power, distort re conversion and set the singc for a prtini ul deflation."

Clone the ll Door to Inflation

"Ilol- our-h I'm] tons believe that. tho Government's is tcntiou of continuing

NS. and I".E.I. Regiment DcWolfc. l3u'.ur1 Charles. Pin. Port Grcville. Iii. S. New Ilrunuivicit Re imcnt Brenu. Edgar uloseph. to. Ghat-

ham. N. B. itiillm. Scott. Douglas Olvde Sgt. Cnmpbeitran. N. mo» n. crime-d Lcvris. Clros it‘l‘ Lhfield Ptea Kcntvrllc. N. E_ Slightly Wounded Royal flirmdiau Artillery Gnyion. William Dollard. finr. iiiilltown. N. E.

.n lured New Brim» vick Regiment Merrill. l~‘.»n.\ld H.121"- Szrlut John. ‘N; 13 r NS. and Pl - Smith. Reaine 1d

Pie"

t Pte..

Grant.

he tho major risla. They point to the

to 60% of our notional evoi ed to war activities and that with the) remaining 607 to 60% we have been able to provi e a somewhat larger volume of consumer goods for civiliarui than was the case prior to tho war. They point) out that tbcrc are nearly one million persons in wor industry mod three-quarters of a million in the armed forces. They wonder how all the people and pro- duciive facilities m leased can be utilized i for peacetime pus poses when our war airtlvitics ore cut. by half shortly after

"Others eontrhid that. therein no danger of deflation for some time to come. They point to the largo volume

employment.

to bold to the price ceiling principle so long as the inflationary pressures are powerful should receive the support of the business community an the public generally.

"Though early relaxation and re- moval of price control might temporarily enlarge profits and rrnrt further w e increases, if) woul open the door the sort of boom which wo had after the last war and at tho vcry lenst would result in o. variety of price in- crcuscs that. could not bo maintained except at the cost of restricted pro- duction and employment.

Canada can prevent that sort of price inflation, our chances of de- veloping larger and more looting mor- kcts at home and abroad will be enhanced and the ' cquent risk of deflation lessened." Exports Greatly Expanded by Wu “There are avarlety of other domestic llcies which can and no doubt will elp in the process of transition, and in this regard tho General blauagcr will have some comments to make. In addition, however, external condi- tions and trading olicies will have a major influence. he problem _o_f the transition before us can be strikingly illustrated in terms of two export figures. The first is_$3,400 millions, the annual rote at which our merchan- dise exports are running today. ‘The second is a figure somewhat under $1,000 millions, which was the level prevailing prior to the war."

Exports Make Jobs and Incomes

"Though few would sug est that exports could be maintainer at their t level because of the temporary character of our trnde in munitions, it is abundantly clear that Canada needs a much larger export trade than before the war. Exports make jobs and incomes. Largo exports generate ros rity throughout) our economy. ‘ma ex orts have the opposite effect. “We e end on exports not only t0 make yobs and generate business activity but, also, to gets us the large volume of imports which we nccd to be prosperous. On all counts Canada's interest ilea in the cstrt‘ lisiirneni) of a relatively frco international trading system In which she can obtain the benefits of specialization. If external conditions forced us to work toward self-sufficiency, much of our resources, of our capital equipment and of our organization would go to waste."

Encouraging Steps Towards World Order

"In recent months, some im ortant steps have been taken t0\\’:\i'( cstnb- lishin the sort of international system in wilcli expanding trade would bo ihlc. The meeting at Durnborton Bhkse made progress toward the goal of world security upon which all other international measures must depend. “The Monetary Conference at Bretton Woods made solid progress in agreeing upon plans for on orderly system of international cxchungo and for o. reconstruction bank. It is to be hoped that this agreement will soon be ratified by the cvernments concerned. "It is also to e hoped that asimilnr attempt to agree upon commercial policy will be rnndc soon, bcforo the difficult problems of transition are upon us and prcoccu atlon with domestic issues weakens t e will to reach a ree- mont as to principles and metho of trade."

Trading Relations Disrupted by War

“In saying this, I am acutely conscious that it will not be ens to arrive at conditions under whic a rclativcl free system of international trade wi I be feasible. It will not bo sufficient to agree upon the sort of international arrangements that. are desired apd to rely exclusively upon them until the circumstances arc such that these ar- rangoments can ho mode to work. Un- fortunately, the focte of international economics toda ore not conducive to the ready esta iishmcnt of an unre- stricted flow of international trade. The pre-u-ar system of relationships in world trade strained rind crcnkin as it then was, has been disrupted, un a difficult transition lies ahead."

Look ll Great Britain's Position

“The position of Grout Britain illus- trates the difficulties nnrl is clearly of great importance to Canada. From an economic standpoint, Britain hos lost much as o. result of tho war. In addition totbe reduction in hor standard of living and the very extensive bomb damage, sho has had to scli a. largo part of her foreign assets and has in- curred very heavy international debts. "Quito npnrt from Lend Ilease and Mutual Aid, Britain's net deficit iu hor current intcmntionnl transactions isestimatod tohavc totnilcd over 133.000 millions in tho iivo years from 193!) to 1943. _'i‘bia deficit, which is still accumulating, hos been, nod is being,

Grand Prc. i B CANADIAN ARMY OVER-SEAL (Maritime Provinces) Killed In Action NS. and PJLI; firginirct Schofieid Elmer Danie. Kentviile. N B. Seriously Woo-tried

Ptr..

Corps Of yo! Canada-n Engineers Lindsay John El-‘onc Sm" Pail River, N. S sever-e W \un:ied

NJ. and 17.! Regiment

Hayman. l-‘rasier Thornton. L.- Cpl.. SPIIIIflITII, N. B.

MacLeoo. Phiii. i'te.. West Bay, N. .

New Brunswick Regiment Preston. Frwnk Dcuizan Pte.

Queenstown N. I. '

financed by the sale of gold and ex- change resorn-ces, by the solo of foreign assets, particularly in the United States, and by incurring ncw debts, largely in the form of Sterling balances, espe- cially to India, other Empire oountrita, Egypt and Lutin America.

“'l‘ln's development hos atly re- duccd_Britain‘s net. income rom ovcr- seas investments ond has greatly increased her almrtwtcrm liabilities nnd tho demands on 1P1‘ very limited dollar resources. In ac ditiou, because of her heavy shipping osses and the coinci- denii expansion n United States ton- nage, thisouflook for maintenance of her sluppln IIICODJB at pre-wnr levels is fur from right _ “Faced with nubh losses of external iucounnnud with the continued nccd for n. high volume of imports, Britain mustpxpuud her exports substantially --it_is generally understood that she requires a merchandise ex orit trrtdc at lcru;t_50'{. larger in vo unie than pre-nutrin order to balance her current international accounts. In (loin so, she labours under serious diflicu ties for the war has curtailed and disrupted her normal export trade."

Brilnirfls Exchange Problem Acute

“In these circumstances, Britain will be unable for some time to establish free convertibility of exchange and it was for such reasons that the Bretton Woods agreement made provision for a transition period-wt from three to five years—in which those countries in a difficult inter-notional position could continue to maintain restrictive exchange practices. Britain's nccd for imports wi I be greater than over hcfcre. but; her capacity to ‘pay will be limited by her exports an she may not be prepared, 0i‘ indeed able, to provide more than n limited amount of convertible cxclmnge to her vnrious suppliers."

How Will This Affect Canada?

“It is not diflicult to appreciate the implications of such o. policy for Canada, heavily dependent as wo nrc upon exports to the United Kingdom and the Sterling area. Britain is the largest purchaser of Canadian farm

rcducts. She is a large buyer of

anadian forest products and metals, and with the other Dorninions consti- tutes a very important market for Canadian manufactured products of n. kind suited to the industrial capacity which hos been so expanded by the war. We should like to maintain our Empire exports at much hi her levels than prior to the war; indee wc must, if we are to achieve nn orderly recon- version nrnl n. satisfactory level of post- war employment: and income. But there is a. genuine exchange problem which somehow must be overcome."

Trade Restriction Wrong Answer

"It is nothing new for Canada to

hove o. large surplus in her balance of payments with the United Kingdom. Phat is a normal feature of Cituodinn trade, just as is the trading deficit with the United States, against which much of this surplus is usually ap lied. There is every indication that nnoda will continue to have a surplus in her current. accounts with Britain and the Empire and, if anything, n larger one thou before the wnr, rovided that the exchange problem ocs not pore down our exports.

“That, indeed, is one of tho two ways in which the wide prospective gap in Britain's currcuti requirements of Cnnudiun (lollurn could be nnrrmvcrl. Tho solo of Canadian goods to lirituin could be restricted as a consequence of British exchange control and of cur- tailed purchases by the British Govom- mentof primnrycnmmoditicsin Canada. “Such n. development would strike the Canadian economy in the most vulnerable spot-—nnnicly agriculture and the other primary industrie... its results could only be de ressed income and unernpl Iyuiuio. <rom Britain's

oint of view, n restrictive policy also lins grove ciisndvnntagca, for it would ilcprrvo the liritish pcoplo of goods wl ' -h might oibcnvisc have helped tn r ' their war-depressed standard of

'lll living. Canadian Financing Can Help “There is. howctrcr, another way in which the exchange iznp could be nor- rowccl Illlfl which scours to he the only sort of policy by which it will bo pos- sible to steer thropigh tho shoals of the trunsltion pcrio to an open and expanding system of international trade. That is for Cnnndn to provide s icclal menus of financing purt of tho elicit. as well as to give British goods every feasible encouragement in the Canadian mnrkct.

“Such apccinl assistance in financing might. take tho form of nn extension of mutual nid for particular reconstruc- tion purposes in the transition period. To r-rorno cxtcnt. it might inke ihc form of credits under thu new export credit

_ "Iii/Iounilod Cllindiun \tli nid L-uv-‘on.

Royal Allen. Reg Pugwash. N .. Eastern nta Luckl. Siephrn

lcry r. -SRt.

Regiment ccicrick Pt!

. lientvrllc. N. 8

N35. and l’.i-).l. Pcginunt

. - - _ _ lax, N. S. _ i mggrgéi, u‘ M“ P“ ltiurray. Alexander" MacKcnzic. McDornflrl Leo Frederick. Pie. Pm" WC“ Bram“ N" s" Enrmd N '5_ N.S. and I'.E.I. Regiment Ilehifcrp. lvfirrdcck Snvcster Nlchmsimr Glide Juselm» He" Ptc Halifax u s ' “"“i“*- N- 5~ “ ' Rawding. Frank Herbert. Pic. S

Slightly Wounded

Canadian Armoured Corps Vnillnncourt. Francois Jenn Rene. Hmx. Cnmpbollton. N. B. Slightly Wounded N.S. and I’.IZ.I. Regiment

Lewis. Owen Hammond, Pie.

“Bydn”, 1w a

I legislation. It might also involve long-

Courageous handling of our foreign trade and inflation problems. advocated by J. A. McLeod, President, at the l 13th Annual Meeting of The Bank of Nova Scotia.

term loans nt unusually low rates o intercst._ Whatever methods may be appropriate, some special means of financing is (essential. The alternative is restriction of trade, depressed income, and unemployment." '

Initiative Reels With North America

“The North American economy is far out of balance with the economies of o'er-torn Europe and Asia. That is one of the costs of the u-ar. Until reconstruction is completed, much of the rest of the world will be incapable of paying for the goods which it; wants from North America and which this continent is able and anxious to provide.