blur. cimzpojrfijaroww GUARDIAN _ PAGE FIVE

Canada's War Effort

-lf"""‘“_' S‘°°" New Y°"' 5”“ Through Taxation Bank Works W‘ E’“""“"'“ E"°"‘"'“ llalf 0f Year For Governments W“ (canadian Pres!) 1490b“ (Canadian Press) n.

,97'OCK QUOTATIONS

Reviewed by Bank Iieads

year. due to increased temporary facilities provided by the elevatol companies and continuance of III: quota delivery system. Our va

wheat reserves undoubtedly are rm gzirded with satisfaction by the B!" tlsh Government as an IIIIDOYUH: war contribution from Canada."

I' DECEMBER a, 1941' _ __________ ___ .

Banks Iiave Done Everything Required To Speed War Effort

_________-_ GOVERNMENT FINANCING i, Jackson Dodds Tells of Co-operation With Government

Dealing with government fina

T91 w] ism‘ I I" mach ch" and gandlftof galliladfliIayiawIgn or sing, idile genleraldmirinagers’ rep? Am O 5nd p _ re 1 an 0w a5 e pontc out t. at ur ng the per “s2: film" a 1-= empire iii l-i “fir” M°""*=' Preside" "uric-e "hirer-- which ~————— . _ i235: 0% W, ,1, A 6 H mmwm Low s-a aintenance of Democracy I_s Demanding-Sees Can- WIDE GROWTH 1N ALL ACCOLNTS ment, exclusive o; Lfg-Qgury 1,11, m, W, Pacific 1 a 54 Ema”, m, as adlans Ready to Make Sacrifices Needed in Will to nliclns, Wgmgated $1,206,820.00“ pin 5Mmh9 711-3 Beth Steel 119 1.; Victory Canadian banks have been eible to render every service required “This figure". he ‘mmmucd- “I! $01191?” ._. ghesslohio 37 g4 of them in helping in the prosecution of the war. Jackson Dodds. ‘fwd? p2,, “cewtisszfeff Ofgmzgogio 3g er _ O. B. EL, reporting for himself and G. W. splnne , Joint General an- ' e" - n * 5 1° pills 5mm‘ 215 Con Edison S: 124th ANNUAL MEETING agers of the Bank, strrd in his address to the rrxeeting That thilewhas Chartewd banks I.“ DPCPIIIIIGT Ind pit 5Bfl§gge 931-4 E‘e0 Auto Lite 25 5.3 been achieved with complete oo-operation between the banks thegov- 363a,“, IYIIIImIIQtISSU‘; “I 5200-09“ - Gen lee _ erriment and th Bank of Canada ha ' i ' P" C?" - 11° "5 I" l‘°"°“"» mm steel B g I z Gen Motor: SI II-I The Imandil and industrial affairs of a country engaged in oil-out great, extent. by ethe mariner in WIIICIIS IIIIZeYCIQIIIIIIIIIIIIa lapirorfibillzshieiasrchiedtolt: °I szoo-UOQGOO 2 p" “"1" “m” “a 110d?" m _ Gt nor Pfd as 1-4 w“ "e" “IN” ‘i “I” 124th ennui" meeting of the Bank oi Montreal responsibilities and by the stability which has distinguished its execu- “’ m“ “m” shml-i’ "1' 1' ‘"6 W“ pen "1 w‘ n 3.3 Kennecott so i-a y°"‘°'d’“' by u" President. Huntly R. Drummond, who told of the nc- tlvn of monetary policy. “m” °' "'- TI“ m0“ Imlwri“ i M, jrob 32 ,4 Mon; ward so 74 complishments of Canadian business-and of the need for still greater “pemtwn °I the Year “I'M m“ hm?“ lii Nickel 1'1 1-2 N Y Central _ effort. "we are fishtlns an enemy whose whole effort has be n d RevIeWIng operation‘ for the pa“ thmugmut me ummry‘ This "wn" 1y sucimmu djsmbuho“ or “I. e ‘Wtds 3 1-2 Nor Am co l2 1-8 throuah years to one end. world domination“ he declared t‘ ed ievowd year and changfi In the balance has been s“ to w°'k_parm' by m4] VIIIK-"vi ma“ nfafpm: my “m” N011 liiont. 21 Penn RR a 34 w meet m," challenge" Inustratm me ether‘ o‘ c M ,. 0n we have sheet of the Bark, Mr, Dodds refer- the owners themseives in new 1n. 11c subscription early in June, ‘lire 1m Brew 33 14 Phil Pet Co 44 3-4 taxation the president ‘aid. i-yo 3 an as war effort on led to the increase or $35,000,000 in dustrial activity gfdflfing 0111 0g amount nnmcd in the 11in i4 illt steel car ‘a b‘ std o“ NJ 45 b. it do” é‘ divldendr ms m. ur Bank pays in ALL taxes as much as DRUMMOND total assets which, at the end of the Canada's war efforts and partly by W“ 3500909900‘ but U“? Milli“?! inland“ 3 1,3 ‘Ilexa-s Corp 45 we work for ' o er Wonk’ 1°’ m‘? mil’- BIX months of the ygpr HUNT“! B‘ Year amounted to 81.046.600.000. The the government though the agency °Y Final!" reserved the Ylilllt i0 Mei’ 001D l3 l4 Unlwd A1,. as 74 Bflfvemments, the last 51x month, (o; ourselves-n increase in assets, he pointed out. of’ its greatly increased expendm", accept subscriptions 1n excess a! uiriiifa“ I8 U s Rubber __ The part the bank has la ed in occurred mam!’ I“ m“ “d m‘ based °“ "”““I°“ “d b°"°“'“‘3- is m°um m“ mm sub5°“““°“' pi Lnll‘ 9°" 17 U S St C0 ll ‘I-l 11118061118 a war-time ‘rial’, 1,1 1 ?——— Mtnmmmond mgenedwme dcm, counts and in investments. Deai- Secondly, the employment of money I'° the ma" “swirl-med $337i0°°i°°° 51 Law Pfd 651a vanadium Corp 20 1-4 which has brought caring‘. g oin frondof business in Canada, this finance c; commerce and Indusf/fy ing with other important changes, for non-essential and speculative "m" nufli’. a mum)“ SIIb-‘CTIIYJTS- El l)‘ U“ 7g 1.3 West Union 25 1-2 Hess w its higncl recordixd lgIIe-l en may be expemed to conthue" in the former country by the exi- he 5H1d1— Purposes has declined. And in the w” have “SSIYMI. mm-Y “I m" m“ m1 Cali PMQ west m“ T’ 1-8 was marred w. assets having ex_ WHEAT SURPLUS REDUCED gencles of gtie dfiIéfillCtlé grozranmée. qz-lflysulgkraizetg toftal fr)’; third] place, mailéiy pre-war bormw- £13135: rtgr fitllllIiSCglbxop making ail- ‘ -“'— Woolworth _ panded to the 1113,1195; Mel-as, m with expen lures, cu mg as - . e n. o a a . es ers ave repa their bank loans. ,, 5 .5 " ~ _ the bank's history with 10am in ni dealing with on Lend ow euons, now runnino thepubiie. ‘The effect oi these various fac- Gross rewnts bi" '1“? Dominion ' - ’ 9 IBflOUItIIIaI Jth. "Note f d - overnment from th a‘ canoe; 1 e _ close to $1,500,030.00!) er r1101 s o an deposits with the tors is repeserited. as far as this g . e s ° °f W“ Ii T98R41 b Over $36,000, situation. Mr. 0nd referred 1n Britain, he said, hat, beyond Bank of Canada are $9,600,000 tank is concerned by a gr-Qwth o; Savings Certificates rind stumps

Montreal C urb

5v Bernard S. 01h" (Canadian Press)

. '. Press Financial WfII-Gl‘ ‘Iéyliiugoirlc, Dec. 2—(AP)—Re- vtry showered 50W“ o" the ‘we fro, rosin; oiler a long dry wig 5W5" no IIIC list enjoyed one of Abnmi c ‘m; ,,d,»a1n~¢5 of the year to date. 1 0m (Iallaiiiall stocks rallied" to close Abtibi Pfd m“, fr,-acg.jgns higher. Interna- Asbestos II-Iill Nickel common and prefer- Beauharnois “'4 hares 01th gained 3-8- Hiram Don A w, a 1 Canadian Pacific and Fraser VTC D1511}, - ‘mm 1-4; Dome Mines Hir Walker 111- l\Il‘Illl-'l(‘ and I Lake Shore Home Oil lnir. l-li enn. Distillers Scagrnm Imp ou ddeclulrd 7-8. Unchlifigefi We" Int Pete gtziliril Traction, Ford A and Price Com

Q O S

'15 r1 § I! D. ta I 5| e355! idiot:

. '.l

%€lIAs-.D¢1a1ed press average of “sucks Wat‘ up '7 nOIaiQIvIlIIrIiIc-et DI m, duiilicii mg i1 ,

i. i. r- BANKS

"wrong by this CClTIp-SIIIC once

1101.21. Heavy offerings of issues _ IZIIJX ))'ll 3'05 continued but. buy- _i_ ‘u! 1n; eiscv. .ev\v-.1s slfefidlf I" the (Canadian Press) Nnglufhng ni-iod and transfers to-

lrlni 1.182240 shares. largest stock:

Illriiover since July 22. _ Prominent shares in the days Canma _ rung column included Union Pa- commerce 153

Close

tilt, Atlantic Coast fine. Santa Montreal 185 Fe. southern Pacific, Great North- any,“ Bk 152 14 iiii. Southern Railway, U28. Steel, Nova scam _ Eeiiilchcnl, Youngstown Sheet, General Motors, Chryslenn Ggoorlii- ilcli, US. Rubber, Sears oe- uc . , Untied A‘ "aft, American Tele- piiolic. American Srneiting, Amerl- A can Can. u; I i-mgléoitltse. Du Kigali llilb Cur 1w. a. man a ini goulh Porto Rico Sugar. 01108 l Steels overcame early apathy oc- czsi-nril by talk cf a new '03:’!!! in" ____ - " a . s "4 dine lglynlilll‘ (tayrsanadsgrigticiélk (Canadian he") "I 17*’ Iwflmncy du” m Pm‘ Toronto and New York-Stocks jetted n cc ceilings on passenger clued m hm (1.5 Cflfi Sifimififi OLII: ID IIOIII. VIII-I’! Munureal__ "nu" lower: toms.

the motifs.

gapers and other industrial: lgher. Winnipeg-Wheat l-8--3-8 lower.

Professional Bards vg,g;»;,i,,-,_c»io-. w» n- i»:-

McLEOD 8. BENTLEY

iv. E. BENLEY, K. C.

J. A. IIENTLEY. K. C.

(t. F. BENTLEY. LLB, Barristers and Attorneys-n- Dec 2 (o?) “w

Law ‘IWWN 1°. - — —

Toronto stock market had a spurt

"0"" T° W“ of trading In the final hour today I54 "In" 5""I with prices firming and all four

lndices were u at the close. Indus- -_____i.-- trials advance a full mint 1n the

i s£::..":.i..%“: inter. fiknfrififi IIoirelI alifI Company II. F. IIIIOIIIBALII

groups were Just slightly better than even with Monday's closing prices, Volume amounted w 230,00) shares

Chartered Accountants

Eastern Trust Building

Charlottetown

To. into Exchange

Trading was quiet. until the final hour in which 79,000 shares chang- ed Ilaiids. Utilities, steels, senior Z‘é‘i.‘.“'..“i‘“‘i“o“2i’.'tii.‘i“ii‘*; n s e pe . n e upIzward. Hiram Walker szld at 50, its liigll for this year and closed at 49 'i-8 for a gain of 1 3-8. Other industrial: posting gains of a point. -»_~______--- 01' morenwerf Gaygieaulgfweil; Pid- MMGwGAN s, fRMNQR Massey- arrs p (o . age- lilnii n. MncGUlGAN. IL o. ffjflfyg “d st‘ “ma” Wm"

' d III

CST. CLAIR TRAINOR. K. O at Mk“ PM," p‘ W“; back 2 1-2, Huron and Erie lost 2

Barristers. Solicitors

IIIINEY To LOAN d W l Al xander was down 3-4. uggico: (_)vcertPr0vI|é1;:5:_|B-nawfl “IIhe 31d sIocks reduced or eras- ‘“~ '5~—-———5—— -——- ed their losses in the final period.

Upper Canada was in demand at a gain oi a few cents, gains of a to

cents came out for Perron, Queenston, Broulan and Madsen and Little Long Lac firmed 15 cents to 1.70.

Trading in Steep Rock picked up late in the day and" the price od- vanced t: close at 1.01 up l0 cents net. Shel-rift added 2 cents and Waite-Amulet welkened 5 cents.

British-Dominion a in featured the western oils. tra in; in vol- ume of 21,400 shares on on advance of a 1-2 cents to l0 1-2. Calgary and Edmonton firmed 6 cents to 130. Home gained '1 to 2.55 and Davie; timed a cent to is.

ii EYES EXAMIIIEII

AND

IiLI-SSES FITTED J. S. TA YLOR

OPTOMETBIST

c New Location vrnor Kent and Queen Sh. olliinslte Blx‘: Grocery

"mmls B A intmenln. Phone Risldegg: ioia.

i’? Montreal Exchange

PALMER & HASLAM Li. HASLAM un.. LLB. ainnlsraa, arc.

i “°“T'§l§““tnD'i§r “$5513.95 “Incl: llvoro Scotla oil-mom {rflflynfifinfieuf Wfmomru m. ‘h. Maiifififmfg" Eofint stock market wrIay after early ir-

IEI5 |,_ °_ a" u turned firmer in tone.

except utilities were .5 II- I- McPHEE l.A., . . hlgmhlting the average in Indul- ‘Annagganv be. r trials gal‘: 0:32:22‘ gins‘ gal;

. . , r Bllllillnr ‘ ‘IIEII-Ihwl?» If? Mission, the lest-named ‘Witching frun a loner to even. Behind were Dosco "B." 13411-00" bridge and steel of Canada pre-

III ~~

IELL & MATHIESON

i MONEY r0 l. fr,“ Pwp0:IIIIEiIeI-PA"‘(IIIg hesit- Iiuieron Block, (‘IIQIQONICOMIII telrwirrfni-Igvlllrlnfs Ind Bl. I-lV/"Ii" {- ~ - e u res - nlfd=z= cvgioifion vafitm agrarian‘ Co, M. ALIAN FARMEI innbia Dower "A" and Bhawinlllfl- -~~ n- f°“"°’i i:".:.iii...:":....:. :2: (Imflifrn. s0|.|r-.|1~0|\ 31-1; ‘a rliglIi. advance. 1n “gall- n s. ' i , nger uorfifrdiocliimiiii" m‘ foTeiigggrhfir Yofiooirnii» o. o- podln t ala r . .- AL ‘ T?" Metals and oils were mixed. in- ~ ix W. MA HESO tgrnltionul Nickel hardening and

-' I IiIr b k- ~'I.‘""TER soawrrnlr no. §°=II§III'I§IrII'v“sIt°PloIr. rriiireiin a "I u!" Collusion advanced and International Pet.-

i flmt George ltrsoi. rolsiln unwed In (WI-

000. but with eam-ngs practically unchanged compared with the pre- vious year. The return of profits of 833137.000 on assets of $001,000,000 was mentioned‘ as showing how slender a margin of profit remains to a bank, considering the amount of funds it employs.

Canada's war effort which hog been attended by an industrial and economic revolution in this country, had a dominant place in Mr. Drum- mondb address. To say that busi- ness in Canada. had reached a level unparalleled in the country's his- tory he regarded as doing but scant justice to the effort which had been Put Ivflh- In a country cccupied in Peaceful ursuits, a large army and navy an . it was not exaggeration to say. an unsurpassed air force, had been built up. and cm the hcme front war industries of a nature un. known here had come into being and were doing splendid work in furnishing the tocls of war to our soldiers and the Eimpire.

As to the wor-time relations be- tween government and business he continued: "More and more our Government is entering the realm of business by building or financ- ing the plants which our war ef- fort is calling into existence. In the present circumstances. a de- tailed review of business activity is not necessai . Sufficient it should be to say t at business has now reached a point where unemploy- ment is practically non-existent and to continue to increase our war effort we must curtail l_-l other spheres, be prepared to accept ma- terial sacrifices and to subordinate individual interest to the common punpose.

"Starting with a bonus on wages to compensate for the increased cost, cf living. the Government has imposed ceilings on both price; and wages. necessary steps to avert in- flation which proved so disastrous after the last war. Wit-h work and wages at the highest point in our history, the fem tatloii to spend in- creased wages natural

“The Government's action is a venture without precedent in any free country. The Government itself admits that it is an experiment and that, to be successful, it must have the whole-hearted rec-operation of the people at large".

GOVERNMENT CONTROLS

‘fin regard to price controls Mr Drummond declared that such con- trols “must inevitably be followed by rflslllctlons on e production and sale of goods not essential to our war effort; in fact the Govern- ment nas already put into effect curtailment of instalment buying and restrictions on many ccmmodi- ties”. He continued: "You will agree with me that the people of Canada are ready-more. they are eager -- to make any sacrifice the goveigiment calls for in their will

v

ory.

“Meanullile, the plan is a re- minder that, in a war for our very existence, profits must take second péace lii our minds. Morally, profi-

erins. has no relation to size, nor does it apply exclusively lo em- ployersdn spite of the contrary im-pression fostered for so many {firs in the minds of the papilla-

u.

“When the war is over and Gov- ernment purchasing disappears. itis essential that. Government controls and regulation be removed with all possible speed accompanied by the fullest amelioration in taxation that is allowable, for, i.f we are to continue In a system of free enter- grise for which We are fighting, it

to private initiative that we must look fcr resumption of normal acti- vities. NOthiHE f-an stifle individual effort more effectively than exces- sive regulation and high taxation and no oine can undertake new ven- tures unless permitted to retain the gaflitt: which arises from successful

or .

“Through its taxation. the Gov- ernment has conscripted capital in all business; enterprises: it controls the credit situation thro h the Bank of Canada. curbs ent buying. limits the some goods such as automsbfles. radios. Mo. fcr-bids wage increases except as the ccst of iving rises, and doubtless will have to I0 even further nion: similar lines.

IANICS ASSETS A RECORD

In referring to the bank's year, ‘the president pointed" out that the average assets for the perlcd had risen from 80731100000 In the ore- vious year to s1,oof.0oo.ooo, "the highest in our history". Further. in regard to urrungs and operations he said: "Our earnings of $3,437,000 compare with $3,438,000 last year.

Thu-s we can see how slender n mar. 1‘

gin of cflt remains to a bank. ccnrder ng the amount of funds it employs The reason fcr th‘s is. as comcarod with pest years: eel-ease In loans. wit-h r-crrespon lng in- crease of investments which re- duces our earnnvv. Nevertheless, the Bank has not swerved from its policy of carrying in Its portfolio snort tenn bonds. even if the In- terest yield is lower.

"In point of fact. over 9Q per cent. of all lnve-frrerits mlIllN be- fore the end of 19's

"In this year it u satisfactory to m-l- our tears lrve increased B0,- 000000 and with the vest expan-

to the fact that a year ago cnnndn

providing the bare essentials of a

W“ fwd with the largest stock of greatly modified standard of living,

wheat in the count ' histo

means 0f Subsidies gas Goverrnfinegst had reduced the acreage sow; w wheat and nature had reduoed m, or? so that today Canada 11rd 91; ml ion lvusheh less than last year;

trade and industry are being devot- ed dlmcst entnrely to the prosecu- tion of the war. Continuing, he

ra : “Nowhere among free nations has industry ever been keyed b0

such

but it would all be needed in time Intgnglve and relentless product-ion,

t0 Iiellp to meet the needs of the conquered nations of the world, Whom Geirnnny was deliberately siflfvlns. Further. "the knowledge that it is the intention of Great Britain and her Dcmlnions to sup. alls; this. help given w the world by

far-sighted Prime Minister of Great Britain, wlngim Chm-chm will enczurage the will to resist; or “I! the “BI-IONS now under the Ger- man heel",

As to the improved position o1 the farmer as regards cash income he continued: “It I5 o. pleasure u; see that the cash income of Cana. dill" fflnners Dr mlses in 1941 to be substantially largel- than the to. i111 o! $715,000,000 for 1940. and Whle no precise estimate will be

almost to the total sacrifce of the

rsrnal element. as in Great Bri- ain at the present time I am sure

we cannot but admire the courage, the steadifastness and the resolu- tion of the whole British P901319 under conditicns not yet had to endure here".

which we have

He added that “welearn from Oil!‘

London Manager that the extraor- dinary and continuing increases in Canada's contributions of men and material to the prosecution of the war have deeicly people of Great Britain.

impressed the RESPONSIBIHTIFs 0F DEMO- CRACY

1n appealing for greater efffifi Ill

INDIVIDUALS AND BUSINESS

national financai effort:

tures undertaken by Canada on

this year.

his obligation to 96y taxes."

available until January, tentative estimates. based on incomplete fig- ures for the volume of agricultural marketizlgs and the official index for farm prices range from $900,- 000,000 to $950,000.00). The dISI/Jl- butlon of the increase is by no means uniform, however".

EXPANSION OF FOREIGN TRADE

With the country's foreign trade increasing to record levels, colloi- tioned almcst entirelyby the war, Mr. Drummer-id emphasizzd that the attem of the Lrst war year had n fuirther lficcentuatfd, wiith thug report on o expcrs gong great Britain and other Empire countries increasing from 51 per oent. to 56 per cent. of the total, while the bulk of imports, actually 60 per cent, con-tinued to come frcm the United States. I-fe went on: “A notable development dliring the past year has been the cultiva- tion of clcser (iirplomatic and trad- ing relations between Canada and Latin America. Ministers, have been exchanged with Argentna. BMZII and (mile and new trade agree- ments have been concluded m‘ Bif- mnged with Argentina, Brazil, Chile. Ecuador and Uruguay. The exigencies of the war and the lack

of shlppln may prevent the full benefits those closer contacts froim bein realized immediately,

but they w ll be rewsnlud on both 51d” 11g d gmstructive basfs for the development of wider trade chan- nels when peace returns".

Credit was given by Mr Drum- mgnd to ilie agreements between Premier King and President Roose-

velt for ha obviated. to a large extent, the ficulties in financing the purchase of increased war-time supple; from the United States, foilowi the dlsa. once of the free exc ange ma for the pound sterling. The ex on of the

GOVERNMENTS SHOULD SAVE ALSO

In calling for public rt of the Government's ffnanc II wor

e invol emenditures Ior the year MWIIJIOILOOOOOO or more, the s alter stressed me need

to save, 0d ing: "The duty to nave not onl on the citizens

Dlylnl a great part of his incune in taxes and who ls making genuine sacri- fices in order that he may lend his savings to the Government, as every right to expect that his gov- ernments. Dnrn'nion, Provincial and Munloqnl. shall curtail ordinary outlay and eliminate capital expen- {Iitfiie m the utmost mulble ex- en ".

BRITAIN'S GREAT lI-‘IORT

Dealing with conditions in the United States and Gnlt Britain,

“No one who is carrying his fair share of the doubt as to what. these figures mean. or regarding the courageous manner in which the Government is meeting the problem which they present. Federal taxes this year. together with relenue from other sources, are calculated to produce over 31.400.000.000, which represents nearly three-ifcurths of the tctal anticipated expendi-