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:Analysts Are Disappointed .Record Earnings Not Higher

.. TORONTO iCP)——Four of the

dive largest Canadian chartered banks have reported increased "filings for the latest fiscal year — but even this doesn't please security analysts. ' ‘Most analysts have expresSPd disappontiment that earnings. While at record levels. here only modestly ahead of last ‘year's.

For the year ended Oct. 3'. 'ILoronto-Dominion Bank made v3.03 Ia share compared min $2.92 in 1963. For imperial Bank of Commerce net profit was 5307 against $2.93; Bank of ,-Montreal $2.94 and $2.75: Bank of Nova Scotia $3.24 and $3 03. -Ted Walker. of Gairdner and (70.. Ltd. investment dealers. said: "The increase in profits by the banks was disappointing since 1964 was a year during which excellent economic con- ditions prevailed

“Banks, of course, have never reported full earnings. They al- ways put money into hidden re- serves. However. one bank paid only a fraction more in income tax this year than last so maybe earnings were not there to be hidden."

EARNINGS UP

He said that 1965 earning: should show a large increase since money made on loans ‘usually starts to show only after

the loans have been outstanding for six months or so.

Robert Stone of F. H. Deacon

and Co. said he had expected a modest increase in earnings ibut was disappointed that the increase was not sharper. ; He said: “1 suspect they have 'hidden some of their profits In .reserves. This is why banks are 'such strong institutions. Even during recessions in usiness they are able to show earnings growth by drawing on these reserves.“

Another analyst said: “I really disappointed at earnings Because of the g conditions in Canada the rate. of growth by the banks has cc:- tainly not lived up to expecta- tions.

[WANTS FEWER CURBS ‘ “I' like to see restrictions 1 taken off the banks. such as the .six per cent ceiling on loans. But if they do have these re- strictions removed. they should also he made to show true earn- ings instead of slashing their money in those hidden re- . serves." i A director of one brokerage l company said bank earnings did 'not live up to expectations. but . he was sure that this was inten- ‘ tional.

He said: “The banks. as good. solid insitutions. don't want to

it

Gift Counsellor

Credit - Gift Wrap -

Gift Certificate

Delivery -

Satisfaction -

"he 4‘- .

Trim The Tree -

Monogramming -

if George Come Down! Mei HOLMAN‘S WILL DO ii

Another added feature from Holman‘s -! ——A gift counsellor in all departments

lboth stores). to asisst you

make your Christmas shopping easier. Ask anyone in our store who the gift counsellor is in the department you wish

to shop.

Holman's optional charge account. can be tailored to fit any budget.

Free of charge to save you time and worry.

Worried about

" special gift?

ficate from Holman‘s and let him 0 rher buy whatever they wish.

Personalized charge.

Quick and efficient at your beck and call.

The Holman guarantee on all your pur- chases "Goods Guaranteed or money ro-

funded".

Yes. George. you can come down now! Holman‘s are equipped and ready

to take the screaming meemics out of Christmas preparation. We will ' help you with your budget, gift wrap your purchases free of charge, “apply you with the services of a personal shopper. monogram your gifts, ".- dciivsr them to your borne. help you plan your indoor and outdoor decora- flal—so you can come down now George, we will make it easy for you.

HOLMAN’S OF P. E. l.

We'll help you choose your decorating items, both indoors and outdoors.

to in for reporting chucked“ profits. They want to appear conservative. But they may be in trouble if certain restrictions aren't taken off because labor costs are climbing and their earnings are being restricted by the six per cent ceiling they are allowed to charge on loans." BANK MEN PLEASEDi

. . vice-president and general managtr. told the anni-Irl meeting of the Toronm— ‘ Dominion Bank: "In the favor- able economic climate which has prevailed it is not surprls- 1' ing that the demand for bank services has been strong and l am pleased to be able to report a satisfactory increase in the gales" and services by the

He said the bank is in the strongest position in its history and he. is confident that a year from now the Toronto-Dominion Bank will report further expan ‘sion and progress.

SPLIT CNR SCHEDULE

WINNIPEG 'CP’i — Heavy bookings have led the CNR to split its super Continental into two trains in Western Canada for 17 days during the Christ- imas holiday period. the govern- ‘ment-owned railway announced lWednesday. Normally a single. ltrain runs daily from Caproel,i l0nt.. to Vancouver and hacku But this will be divided into two sections. one runnini’: the other. from Dec. 17 to 23 1and from Dec. 26 to Jan. 4

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OPEN SATURDAY AFTERNOON

SUMMERSIDE 8.30 am. to 5 pm. CHARLOTTETOWN 9 am. to 9 pm.

gm .ON SALE AT

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2 P.M. SHARP

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what to buy for that Why not give a gift certi-

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gift items at a nominal

Men's Dress Hose

Q Plain or neat panel designs Q Shades in blue, grey, olive, brown

Q Sizes 10 to 12

Boys' Sweaters

Q Pullover or cardigan

Q Brown, olive, red and blue I

Q Sizes 8 to 16

I

Men's Sport Shirts

Q Neat checks or stripes Q Blue. olive, red and grey Q Sizes S. M. L.

Reg. 1.49 Reg. 5.98 to 6.98 Reg. 3.98 97° 4 97 2 97 O O 1 "9"" Wk" Wool Gloves Sweaters : Stretch Slims

Q Pullover or cardigan style

Q Colours olive, blue, red .and grey Q Sizes 36 to 44

Reg. 10.95 and 11.95

3.97

I i

Q Stretchy slims in aspen fibre Q Sizes 10 to 20

Q Black, brown, greyI red, blue and green Reg. 6.98

5.47

Q Warm cosy gloves for winter

Q Sizes S. M. L.

Q Black. red, brown, white and beige Reg. 1.98

1.49 __

Girls' and Boys' Snow Suits

Q Two styles, trimmed and untrimmed attached hood Some with zip off hood Nylon/Cotton. Nylon/ Neoprene Neoprene. Sizes 4-6X

Q Colours Red. Royal. Beige, Navy

Regular 18.95 to 22.95

11.97

Table Lamps and Shades

Q Table models up to 24" hei ht

Vinyl shades

Porcelain bases Assorted styles

Reg. 5.98

3.47 7

Electric

Alarm Clock

Q Popular town crier model by Westclox

Q Colour ivory

Q Plain dial

Q Clear Alarm

Reg. 5.99

3.97

Keowood

Blankets

Q All wool heather

Q Whipped ends

Q Striped border

Q Sizes about 60" x 84"

Sleighs

Q This better quality sleigh is made with high carbon steel runners and hardwood slat seat with natural finish and colored trim

Q ~Easy positive steering Q About 13%” wide x 36" long

Outdoor Christmas Lights

Q 15 life set with spring clip sockets and textension con-

nector

Q For Christmas tree or out- door decoration

Q Each lamp burns lndetpendontly

Wm

6.97 2777 I iii

Boot Tray

Q Protect your floors and rugs from mud. sand. snow and

to clean. rinse and WW! 11V Q Size 27% x 17%

Reg. 2.98

1.47

Camp Stove

Two burner model that folds for carrylnl or

Heavy gauge steel cmstmc-

tion with green enamel finish Q Adjustable wind baffles

Reg. 17.49

teor email . 127 film. Memos-irone- venison O UsesmmnlulAG-lm.

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Iogular 18.05 SPECIAL

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13.49

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99

extra Christmas store

hours

Perhaps the most important ser- vice we. as retailers can offer our customers is to be open for shopping convenience during the evening hours before Christmas. So that we all can shop in com- fort without too much rush. con- fusion and furore . . . Our staff like this also because. by stag- gering their working days they are always fresh and eager to

serve your every want.

Charlottetown store

Dec. 3rd to Dec. 23rd open

9 A.M. to 9. P.M. Daily

Including Saturdays

Closed Christmas Day and Boxing Day

summerside store

Saturday Dec. 5 and Saturday Dec. l2 Open 8:30 to 5 P.M.

Dec. l4 to Dec. 23 inclusive Open 9 A.M. to 9 P.M.

Except Sat. Dec. I9 9 A.M. to 5 P.M.

Closed Christmas Day and Boxing Day

9%-