PAGE SIX

Address delivered by The Honourable Es. L Patenaude, President

SCIENTIFIC AND RATIONAL DEVELOPMENT OF OUR NATURAL RESOURCES

The chief elements of prosperity and stability are industry, thrift and enterprise.

Addressing the Shareholders, the President, the Honourable Es. L. Patenaude, P.C., K.C., stated, in part, as follows:

Recalling the loss to the Bank of one of its former Vice- rcsidents, Mr. Jean Rolland, who had been a Director of the Batik since i937, the Honourable Mr. Patenaude paid his respects to the deceased and to the killer's father, Mr. S. J. B. Rolland, a

former President.

R ‘ "n; to the resignation of i W‘ 1.1:", C ". A. Roy, us President i iiLLI blzinngiitg Director" of tlic

llzink, he s'\1ti tfie services rend- trctl by his predecessor to the Bank from 1905 to the end of’ the last fscal year had been such ‘"1 ll" ticservrs from tlit- Share- t=. ';'.\ a generous itieastire of int-tr gratitude. Mr, Roy, lie add- L‘(‘l, had given himself unsparing- ly to the development of the Bank and this had contributed significantly to the present rteed if relinqut ling the heavy burden The President w s

HON. ES. L. PATINAUDL P- -- K.C.

President The Provincial Bank of Cnngflp

ltaptpy" to announce that Mr. Roy's 1°08 vXfierience would remain at lite disposal of the Board of Dir- ectors.

Referring to the Annual State- mrnt, the President said the year 1043 hnci been notable for a gratifying increase in assets. loans and short term invest- ments. At the same time p, strong cash position nad bean niaintztineduand profits kept at a s-ttnsfactory’ level.

Iltuiu-Yrr, he sounded a note oi

611111011 stating that current do- mestzc utirl international prob- ltlllh. etcn though their pres- ence was traceable to historic cuziscs, could become sources of llrtiftilird economic disturbance.

, he continued. economic. zind other, have invaded ‘llS vr-lillc becoming more . No nation can feel itself

- from the current unrest.

‘No point on the globe is free ("t-tn IIIIPFISIIICSS, Everywltew t-‘tittw: tirove the iiiicrdrpendence

of pcoplrs. Notwithstanding reper- ri;\ tins of this universal unsettle- ‘ on n young country such as (1.1. lie urged confidence in .- iiiltiro because of the sounyl- ot’ our economic structure.

the country's tininipeachable rec-

ord in meeting its obligations, the relatively large trolume of business maintained and its un- equalled resources.

Dueling with the utilisation of ll‘¢\illl'l|l resource" he advised scientific ttnci rational develop-

ment, adopting principles of con- versatlon ensuring a maximum DYPSPM ylcld without jeopardiz- ing the future. Raw materials without work and enterprise arc bnrrtin and cannot bring forth wealth.

If. to all that. we add thrift and savings, we have the princi- pal elements of prosperity and o.‘ success for both the individual 8nd the country as a whole. Ent- erprise. work and thrift create capital. It is never of spontane- ous occurrence. but 1t springs from the pooling of our mm- ative and effort. Everything which retards business progress destroys Billlital or hinders its formation.

Here as elsewhere equilibrium has yet to be restored. The wrtr is over, but peace is still awaited.

Half of the world revels in plenty and comfort; the other half suffers from deprivation. Dlssimliar interests are rending apart peoples who should be drawing closer. While some fear the super-abundance of money,

others are already hopelessly en- tangled in currency problems.

In a brief reference to the low rate of interest on investments, the President said the yield from high class short term invest- mentl appears too low, especial- 1y if the interest paid on savings end tilie constant rise In operating costs are taken into account. Yields, on longer term invest- ments, he added. would continue at a low rate for a long time to come because of present long term conversions of issues nonn- ally found in individual and in- stitutional portfolios.

The Honourable Mr. Patenaude advocated retrenchment in pub- llc budgets, reductions in taxo- tion, lowering of the cost of 1W- ing and increasing the return on

savings to contribute to the birth of new initiative and to stiiitulnte the desire to save.

Stating that such a policy would tend to develop self-reliance. he warned that the present paternal- istic trend in government cater- ing to individual needs was open- ing the way to theoabuses of socialism.

In closing. tho Hon. Mr. Paten- nude expressed the hope that we may recover completely some of the old-time qualities and vir- ttios of thrift. prudence, justice i-nd niuiuttl help. It is with a spirit of eo-oporatiriit umong all thnt we shall in- able to make necessary readjustments, to maln- taln the activity of our industry and commerce, to safeguard our economic structure. and to con-

Pttlilic Auction

Stile til‘ lazntls Adjoining National l‘.trlt

(‘opt oi‘ n Minnie of Hist Honour bin: Lieutenant-(in\'erntir-lri-(‘otin- cil (lilIf".l 21st November, 19-15.

sztti: or in-tivos ADJUINING xnritmzai, PARK

(‘tnineil tiitl und tlotll IICTPID)‘ or- tlcr liiiit. certain ltlnflrt at Tracudlc. in Tnvrniililp I15, orlgintllly- itt-tiuired for lflFilltvltlll in tlic National Park, illltl now the [IPUJIPTLV of thlq Gov- 4‘I‘|ll1lI‘llI~ be tlllPlTfl for tulle to the highest bidder, zit Public Audiol- at n time and tlutt- to be. tlxetl.

(‘ dlfictl n true copy,

L, t tSgtlJ C. J. STEWART. . (lei-k of the Executive f'ourlcll.

PUBLIC NOTICE is ereby giv- en llzitt tho following la d1‘ will be mm It! tho highest mime.- by the Sheriff of Queen's County nt n Ptibllt- Auction to he held at tho Luw (‘purist Bulltllny; In Charlotte- ltzwn, Province of Prince Edward Inland, on Mnndny the ttvrnty- seventh day of January A. l). 1047 It twelve o'clock noon.

COMMENCING at is point on the produced line dividing properties: of Jolm ll. Watts and Edward Watts. Said point being the Inter- lectlon of the south boundary llnn _&pduced of property owned by

. Halsey Hooper being part of the Ostlte of the late Jutke Stewart

. Iltll the flllll property llna produc-

Otl, which divides the DNIlrtIe-t of ‘John ll. wnm and Edward wrote. Thence from point of commence- Illvlt. thus eihbllshed. S 170-00’ B I distance of fourteen hundml and forty eight foot (1.448) more 0r loll,

. following courses of ultl produced

line which tlivldu the properties or the nnld John I. Watts and It].

‘i, t i s» m we file mite ma.

jlloepdtffluneetreo-orwohetieonste-ssra ldllflnequl

tinuc to honour our obligations.

following course of said south boundary line produced of proper- ty of tho sairl lVli-s. llnlsey Hooper a, distance of (ill: hundred and twenty; feet more or lens I120’) in point of cnmmr-nt-entcrvt. Compris- ing itn ilrcu of 21.91 of an acre. COMMENCING at u point on the line dividing properties nf Edward Whit; and John ll. Watts. Shirl point being marked by lrnn pin driven In ground ‘and designated LIX and being two thousand three huudretl and sixty feet 42.360’) more or less muth of the south boundary of National Park measured along the said lino produced dividing pIOpBPtIQst of the said Edward Watts and John Wnttrt. Thence N 170-09‘ W’ n distance of one thousand and twenty feet (1,020) more or less in n blazed tree. Thence ivoetiarly It right nmrlea a distance three hun- dred and thirty five feet i335’) more 0r less to n blazed trm on the pro- perty llne produced which divides properties of the quid Edward Watts and .l. F. Watts. Thence S 110-09’ E following course of the mid pm- lwrty line produced which dlvldel PHIDPPSIBH of the slid Edward Wattle and John F, Watts a distance of one tvhousnnrl three hundred and eighteen 11.318‘) feet more or less tn the original survey ling of the National Park. Thence N 310-53.!‘ I to point of commencement. Cont- nrislng an area of appro ' ‘y nine acres, , COMMENCING at a point on the south boundary nf the National rm. on It exists today being on the course oonlsectlng Iron pln LXVII and Iron pin 1.x. said mute being the Intersection of the pro- II-‘Pb’ "no producml, which divides 10m properties of the sold Alfred wam not: the ma. of the me William Campbell with the sold nouth boundary of the Notional‘ Park. Thence S 170-09’ I following course of the said property line which divides the property of the salt! Alfred Watts from on; "up of the IIM William Cnmpbql g tllrttaesee of flve tlmunnd two hun- dred 1M seventy flve tears’) mom or fern to the orininll survey line of the National Park. Thence N 10054.8’ I l dhfinel of Mlle hun- tlrotl feet to Iron plu lurked LVIII

The post-war period of rc- conversion has proceeded at an accelerated rate notwithstanding unfortunate strikes which temp. orarlly thave delayed production in some industries. However, he continued, the volume of business done by the Bank has been much more extensive than last year and the figures 1n the statement indicate a substantial increase under several headings and all time highs 1n some cases.

Referring to balance sheet fig- ures he pointed to an increase over 1945 of $8,848,691 in total assets which now amount to $141,657,913. I would ask you to take particular note of the in- crease in the total assets of your Bank which ls n criterion of tile confidence it enjoys and its broad- er participation in the wonomy said Mr. Boyer.

Continuing his continents, the General Manager stated that an analysis of the assets reveals a strong liquid position. 1n fact, cash on hand and other reitdfly realizable assets amount to $113,- 721,308 and represent 84% of the Bank's liabilities to the public. Cash an hand. deposits with and notes of the Bank of Canada and deposits with foreign Banks have been maintained at the usual hlgli level and amount to ate.- 737558. Investments include $42,- 764,934 in short term bonds of the Dominion and Provincial Govern- ments snd reflect an increase of $10,101,504 over 1945. Longer term, Fcder“. and Provincial Govcrnmen"; . .urities amount to $33,640,490, u decrease of $4,881,- 073 compared with last year. On the whole, these investments yield a low rate of interest to financial institutions because of the con- tlnued weakness in money rates,

Mr. Boyer, reviewing loans and discounts, said that the period of transition from war production to production for civil use reflects a substantial increase in loans to industry, commerce and agricul- ture. Loans to municipalities and school corporations have also been more numerous. The increase in_the production of agricultural products with higher prices 1n the latter prevailing, have en- abled many farmers to replace t-helr agricultural machinery, to instai electric systems on their farms and to modernize their dwellings. Current loans amount- ed to $25,513,908 on 30th of Nov- ember iast. an increase f 42.6% or $7,628,579 compared o last year.

Referring to total deposits. Mi‘- Boyer recalled that they now anwunted to $134,077,504 B5 against $128,709,770. a year ago and $49,333,803 <1n 1908. You will ob- sc-rve that savings deposits stand at $100,827,720 which reflects an increase of $14,910,360 compered to last year. Non-interest bear- ing deposits amount to $26,131.- 733 and indicate little chanSQ 1mm a year ago. The price of most commodities being higher, stocks carried represent a proportion- ately greater money value which is reflected in lower bank bal- ances. Federal Government de- posits whldi are sublflll I0 ‘Ade fluctuations appear to have been reduced generally and those ap- pcaring in the statement amount to $7,118,011. p

1n reviewing the profit and I055 account, the General Mann!" W‘ ferred to the satisfactory increase in the Bank's profits for the year. which after making the usual sp- proprlatlons, amount to 855W- From this amount 8161.736 has been set aside to provide for Fed- eral taxes; $08,262 has been writ- ten off Bank premises and divi- dcnds of $210,000 have been paid to shareholders. In this conncc- tion your directors have consid-

more or less to the 1170M"! “M dividing properties of the said AI- fred Watt! and J. F. Wattl- Tllfllw N 170-09’ W following course of the fluid property lino which di- Ivldea nroriertlu of "Id ‘aims Watts and J- F- wit" to the said south boundary t" "l9 yNntionll Pnrls. Thence S 81041.0’ t W to point of commencement. Corn- ‘ prising an are; of about 75.0 Ions. I about 40 acres of which ls laml and ‘the balance water. COMMENCING at a point: on the south bollll’ a "l w! N"|°"l Park as It exlah Madly. Said point Help; the intersection of the Dro- porty llno produced, which divides the properties of the slid J~ I'- Iwntta and Alfred Watts. with the slid south bound“! of the NI- tfunal Park. Thence 8 170-01‘ I following ooune of nltl property line which divides lie properties of J. F. Witt! Ihll Alfred Wlttl ‘n distance of four thousand two ,flIlfldfOd llstl hen feet H.210‘). llwII 0r lees to the orlginll survey lino ' of m, Notional Park. Thence u 31o- IILI‘ I n Ilshuoo of nine hundred and in: feet i910’) more or loss to eh; property llne dlvltllng proper- ties or J, 1'. Wnth and Edtvnrtl Watts. Thence N 170-00’ W follow-

ing the course of the property llno.

‘produced which divides the pro- perties of l-I‘. With and ldvrnrl Watts to the south boundary of the .Nltlonll Park. Thence 580-408’ W tfolltrwlng the course of the loath Jiourtflary oftle National hit to , Iron pln LX. ‘Iheasoe I 81041.0‘ W jt0 point of commencement. - prkln: la area of approximately 0i earn 34.0 of which ls lend and the hallo: vnhr.

l amt-Air sen-nip tn m» so;

national .

rttt: rittiutitctttt Bitittt or omtitnit

46th ANNUAL SHAREHQLDERS‘ MEETING _ Mr. J. U. Boyer, General Manager, Submits Alllulill Statement

NOTABLE INCREASE IN— ASSETS, LOANS, INVESTMENTS AND DEPOSITS

‘After approval of the minutes of the last annual general meeting, the Genenal Manager, Mr. J. U. Boyer, read the report‘ of the Board of Director's and presented an analysis of the fin-t ancial statement addressing the Meeting, in part, d; fgllqyg;

t lffeors feel: (3150 'nul'l_|ltlflnl are astronomical.

i

_ they can cause more serious trvllbk-

’ rim cnantorrrarowu GUARDIAN

i

i

i

J. U, BUYER l General Manager t The Provincial Bank of Canada | I ered it appropriate the dividend from 5% to 6% per unnum. The balance at credit oft Profit and Loss Account on 30th- Novembci‘ 1946 amounted to $306,- 629 as against $270,345 in i945. The sum of $1,000,000 which had been’ transferred to internal reserves from 1932 to 1939 both years in-! elusive, to provide for possible-I Contingencies 11nd not been used, and urns transferred to reserve fund which now stands at, $2,- 000.000.

In closing, the General Man- ager expressed his appreciation to tlle Board for their helpful co- operation and he extended hearty thanks to the officers and mem- bers of the staff generally for ttheir devotion to duty and close co-operation during the fiscal, year just ended. ‘

It was moved by Mr. Victor Levesque, seconded by Mr. Hec- tor Couslneau and resolved that, the shareholders wish to express their regret at the decision taken by Mr. Charles A. Roy to re- tire as President and Managing Director; that they vote their thanks for his contribution to tl constant progress of the Bank during his 41 years of service;- that i-hey congratulate the Board of Directors on their fellcitous choice in calling to the presi- dency, the Hon. Es. L, Patenaude. former Lieutenant-Governor of the Province oi’ Quebec, who ranks among the fore-most citizens of this country.

Were elected to the Board of Directors: Honourable Senator Elie Beauregard, K.C.. Honourable Jules A. Brilliant, M.L.C., Messrs. C. L. Carsley, C. G. dc Tonnan- cour. Hon. R. O. Grothc. M.L.C.. Mr. Alfred Marois. Jr.. Major R. H. Parent, M.D.. Hon. EN. L. Pat- enaude, P.C., K.C., Mr. George A. Savoy.

Were elected members of the Board of Commissioners --Cen- sors: Messrs. Narclsse Duoharme, _L. E. Langls Galipeault, K.C., 1L1... 13.5., Mr. Edouard Gohier, Hon. Senator Antoine J. Leger. K.C., Mr. Victor Morin, N.P., and Mr. Clement Tremblay.

Al: a special meeting of the Board of Directors held immedi- ately after the shareholders meeting, the Honourable Es. L. Patenaude, P.C.. K.C., was re- elected President ‘of the Bank and Messrs. Cell L. Cursley and Geotfls E. Savoy, Vice-Presidents. At a meeting of the Board of Commie-t sloners-Censors, Mr. Victor Morin was re-elected President and the Hon. Senator Antoine J, Leger, K.C., Vice-President.

i r

DATED at Charlottetown this 2nd dly rvf January A. D. 1947.

F. A. LARGE. Attorney-General-

itead colds mly be followed by car infections. National Health authorities st Ottawa advise suf- ferers from chronic head colds to consult their doctors so that these infections may be cleared up before

Wanted

TO IUY OR RENT

Store business in tovrn or country, or would consider

going into partnership with suitable person. WRITE XYZ, c/o GUARDIAN

BUSINESS FOR SALE‘!

If you hdvq a business

you vent to disposer of I either in the City or

within is miles, write Irn- I mediately to- ‘ ‘

IOX 2“. GUARDIAN

to increase‘ s

New York Exchange

B I a f‘ s , 3| cartel-pillar . so I C and O .. 52 1-4 l Chrysler U i Ool Gas 11 3-8 ' Comrand B 3 5-8 l Cons Ed . 27 5-8 Curtiss A 10 1-2 I Curties Com 5 7-8 Elec Auto 57 1-2 f Erie. 11 t Gen El . 36 5-8 Gen Mtrs . 54 t Goodrich 65 i Goodyear 54 5-8 Gt Nor P 4.5 l Hudson 16 1-2 Inspirtn . 15 1-4‘; Harvester 73 l Int Pap 48 1-4 - Int. Tel 1s 1-4! J Mnv 1321-31 Kennec 48 1-4 Montg 58 3-4 Nash Kel 15 1-2 Nat Oash 35 3-4 N Y Central 17 N Amer 30 Parmt Pix 27 5-8 Penn RR 25 \~B Pepsi .. 201-8 Phillips 56 ‘ Radio 9 I Repub 26 7-8 1 Sears R 37 1-8 ' Simmons . 37 1-2 Socony 14 5-8 S Poo 40 i . 43 5-8 f rry . .. 201-" Std Oil NJ B7 ‘ ‘ itdbkr .. 20 ‘- Texas _ 58 5-3 Union Pac . 129 1-4 . United Air l8 1-8 ~ Untd Corp 3 1-3 U S Rubber 50 3-8 U S Stl .. 701-2 Vanadium 13 l-2 Warner Bros 15 5-8 West U . 18 i-Z Westhse 24 Wtllys . 9 5-8 Woolworth 49 5-3

Stock Prices Ilip Sharply 0n llewYorkMarket

NIEW YORK. Jan. 12- (AP)- Stocks generally ignored three presidential messages during last week but in fsaturdayfls concluding session the market suffered its sharpest stumble for better than a monttrwtlth distiller: and a number of other issues hitting new lows for the last year.

Saturday's trend was down- ward from the start. Dealings quickened as offerings became more urgent and losses of frac- tions to 5 points predominated at the close.

The Associated Press oft-stock average was off .00 of s. point at 65. It was the biggest dip since Dec. 2.

At 1946-47 lows on the day were Schenley, off 3 3-4 at. 41 3-4; Park and Tllford 1 9-4 at 40 8-4. Publicker 1 7-8 at N 8-8. Ameri- can Distilling 2 at 30 l-‘Z, 30th Century-Fox 7-8 at 32 7-8, Para- mount Pictures 3-8 at 27 5-8 and Transcontinental and Western Air 3-4 at 18.

Du Punt conceded ll points at 188 on 600 shares and Norfolk and Western 5 on 70 shares. Santa Fe was down 3 at 9i. East- man Kodlk 21-2 at m 1-3. Southern Railway I 1-4 at 42 5-8 and International Harvester 2 1-4 at 72. Other casualties of the day were U. B. Steel, Bethlehem. Chrysler, General Motors, Good- rich, Montgomery Ward. Ameri- can Telephone, North American, Westinghouse. Southern Pacific and Standard Oil (N17,)