svf"_* Z ' “The ‘IF-accident of ti: Blhkbgull ha?‘ Izlllllflfid many “of our ‘bittilona used to combat 1t. since lolkgns are athnglars profitable - ,_ , usually sornethln sa t rown us in an a es ere sourc_e_o comings overn e t The address of the President Mr- ths ,. ,. for cxlsaort trad: I Idlwhich t constructive advances slul‘ nhfll“ BM“? securities. Itls erLually thgir res mmii- H.- D_. Burns, to the shareholders, wherelargewarindustrieswerelocgtpd imagine a_ moredhruptivs combing.- make no ppolpgy fo_r again returning are possi In‘ or in which with ,“In addition, there is a risk of a bllaty to the pu lie to provi c the fil- Mm l‘ "'°"°“ l" """ "iil.i“..i’.i'§ld.l‘§l°li3'iZia.o.la-m. filial-Kill? asoiiilifiuilill-Zilllflflii iii’? °l a f dado.- sun's “doll-h... 5on3.’ iillildélwildfi ‘li'.°°l".°”- “ufwfliiom”? "$55 3T“'“"‘.I'.°i1.°;’.‘l“.§3 ““’.'“l’°l‘.lii‘“l‘§i 3i “lvvod‘°°“'fib“ili.~°"i'iifl°l?.l‘i'fil g QII] . . . . . . . . . r . . . . ' . . . , , . < l: If.‘ ‘um; lisdiliiliiiiai: N! President of ‘lair institution, I am case that the supply df labour has siddwwil, u” P! n ‘ ‘ l y ‘ ' “l At the preheat frond belsvrittgn ry o m rather than credit glllphgflldll which sense.‘ I gm it [Ive cents a word, strictly pay- doe lgafiiztllmclousfoefhp-hmspomblhty up wlthuor palsscd the demémd allowing ‘mug’ ouglldu un- films, the purospccts for ‘our clvlhau- llTgmpoflhln andT alllatlng vivlll 001:“. lllaygth a"; _ cogsgqélalcee, -! ed gecdAfol-J _ _ m’ I an,“ a_n 1011s o_ _ _ ca’ _ 1n_m areas _oug ln some ln us- ou dly s e on ype expo ——our war- ypcexporta no onger su ca. e choice lea no ony _ ep lclpall u our mprov u dmmmrauon ticularlyofthe distinction vnthw ch tnes and lpupartlcular occupatlons the anua loledscalaMorethanthat are of course rapidly vanlsbln betwaanboldhnd oou eous measure progress 111 leconverslon. But here “The Paid“, h“ ‘bud - it was filled by my immediate ple- demand s ’ the supply, Be- a sharp u _ in tbs price level good and, in some cases, so as on the onehapd and aster 01:1 the again, particular measnrm would, if somethin about (gm-Quin of lllfiyllf-ffil - cBASWELL [or Photographs. ggfccssor, Mr. J. A. McLeod, and cause a good many persons laid of! wodld not provl a lasting stimulus to be embarrasslng. For example other. _Tbls 1s true _p_ollt1cal1y and needed be more appropnate than a u m, 0 taxation I should like m _ _- ore hlm Mr. S. J._Moorc. Each of from war industry and releasedfrom _to new unvestment _and enterprise: such lathe case 1n regard tomcat an econpmlcall for political and eco- general contraction of credit whlch d a few words “bum um newhiw OONp-Engggq-[QN up] u. thcso men brought into the conduct the armed forces dld not lmlflflfllfllkly lndeed, lts_cf_fecta might shortly be- lumbcr. The fact ls that u war- oornlc declslons are lnseparablyunter- would threaten our progress toward a of improving me udlninistrufim‘ u, SUQANCE of thc ‘Bunk s activities a quality of seek new employment and because come restrictive beoallse the fear ravaged world desperately needs thc twllled. _lt 1s clearly the case 1n the lugb level of |. acetlmc employment we corporam inwme tax“, for in the Judgment and abreadth of ax rlence dcmoblhzatlon 1s stlll far from com- that prlccs would decllne and because food, the wood and the paper, and the sphere of lntsmntlonal relations wherc and increase the rlsk of a postwar duvqmdfly conduct o, ti“ Bu,“ 000KB for Christmas Phono- mphs. nveninss by eDDOIiIIT-lfif-‘Yég- OGEBS HARDWARE THE F Bank's oflicers. Ha pi we Fglligiyllz» “Eliza lg“: continue to have the ‘benefit of advice and counsel, Mr. Mo nalval zed Sheet Iron. 12-7-21. om- sann. - Knitted wear. “d M'- iglielblg'af Ha.“ elder statesman on the _Board. islargaly unavoidableinsuohadrastic _._._ “l take this op rtunlty of elcom- change in our economic activities. yARflQTY 5mg tgdgy 3 p_ m, ing on behalf o the Directors and But_ while there will be many difli- H0mmn‘s_ zlon Ladies Gui , Shareholders our new General cultles,thcrelsnovauseforpesslmlsm. 12-1-11 Manager, Mr. H . Eamon. The On the contrary, it seems to mo that NEW GLASGOW AND (DAVEN- lslL-Servlcm Lord's day, Deo. n; at New Glasgow at 11 and 7.30. of General Manager ‘ d varied; Mr. man brings to his new a which have invaluable._ n these cbaugmg tunes their ship has been a constant pourcs of encouragement and inspiration to the Chairman of the Board of Dirictflrs Moore as a contlnuulg Director-u", if I may say so, as an responsibilities attached a. the on.» in these critical l l. I l Canada’: future holds great opportunities for improved and better ways of living, says H. D. Burns, President, at the ' 114th Annupl Meeting of The Bank of Nova Scotia General Manager, H. L. Eamon,- emphasizes widening scone 0f Bank Loans to businesses large and small- Danger of Inflation still imminent NEXTYEAR ‘SHOULD SEE LONG STEP FORWARD TOWARDS A HEALTHY PEACE-TIME ECONOMY IN CANADA ‘welfare iayearstn some. Continued uncertain’ ty in culty of arriving at division of rcsponslb tion in war activit on the supply Canada Should Move Forward Towards Healthy Pence-lime Economy shall their as the outlook for the coming year reasonably good and that the gene level of ex En- ' should be suc wldc plated, the full impact of the contrac- labour has not yet ecomo apparent.” _ “In saying this, I am simply point- lng out what must be obvious to any serious student of the facts and what nditurc and lncomc as to allow us to move f o at home and "abroar . “Final! the decl would inevitably fol nsin and indcfinltely ,_ i price level rmanently is that the present is no r a whole structure of of the simple fact that hlglh prises diminish market opportuni ' es both prices which ow would restrict production and employment, upscttug ng our hopes and plans for a better peace-time society. While the emergency ' ration controls should not wlth a view to insulating the C "ian stabili- be used from higher prices in otlieer countrles, the condi- tions abroad where scarcity and 1n- flatiou prevail are conclusive evidence time for a sudden upward sdustmcnt in the anadlan prices." Must Avert Economic Disorder Ilflvefidlsll all 3 Hm"? “lelmllla- experience in banking and a broad forward along stcp towardahealth 7- w- Haw”- Mlllllsm" 12:14]" and activgefi interint tanadill: peace-aims economy. t Tpougllédthh “During this wipr, sranadians , “’_—. economic airs. n no emp cu ac in war activi y las to managed to or er t sir airs in an slvlélglllfi-smfl-IETILG Hull}; gel; size here, where he is so well known, some decline in incomes, the level of efficient and common sense manner. new Ghmlom w '8 15_M_ his special knowledge of and lnusrlmt income is being supported by riséng Through collective action on the part [mpommm A“ membws m- ed w in the Marltlmo Provinces 1n wblc_l1 c1v11ian_ employment by soldi rs of the whole community and ‘ ugh ltlend. Iz-‘l-ll, our institution was born and cxpen- gratllfltlca an crcdlts, by social publlc understanding and co-opcra- ___ ‘ cnccd its early development." security payments, and by Govem- tion, our coo y has poms through OBWELL-VERNON CHARGE. ment crcdits d ' J to maintain the most severe test 1n history 1n Alherry Valley‘ 11 A. M. Vernon River 2.30 P, “Orwell 7.30 P. M. Eev. Roy E. Webster (Presbytery- upply). ' 1 -7~ l- ‘ rowan; cannon. - United Church ot ices Carlada, Sal-v Sun- llay. December 9th. 11.00 A.M. C11!- to peace-time actlvltlm has reasonably well. It is true ages, bottlenecks, and strlkes the vast scale . ., mm, but _ cf" "0"" for urable ods and housin and first world wars for themselves. aaryobjectivefor t-waryears. The ML “'30 P‘ M' M E gerM V1700 l“ rlsllllelll‘ llllll.l'll° llllllllllllfls.‘ “ll as the v1 nsitlon progresseashoguldbd Collective option through government a. tainment of thigodbiective depends have increased from around $2600 "ll" mllmal‘ Rev‘ ' ' w ' ra dlt wthwhlchwaractlvltleeare ' *1 ' - ' " - ' " " ' ‘ 1st,,“ 1g. . PI Y, l of gloat assistance ln sustaining the ls stlll neededto avert mayor economic 1n large measure upon economic and m1ll1ons immediately prlor to the _war neccsesrll _ curtailed. 911° 1'9""! l0 level of ex ndituronnd employment. disorder andtoprovide an atmosphere physical reconstruction _1n Brltaln and to an aver e of over $5500 m1ll1ons CENTRAL PARISH. — Scrvlo glib‘: ‘ tl-"illll Bllclllllrlflad- M lflnally, t Vere are tha_ recent reduc- in which _we can move_ forward to- ContinentalEuropcmhlcharenatural in the two vs months ended 8e g Sunday, December 9th. Clyde cto r s , ‘py a l cg!!!)lgre trans 111 taxation which Wlll assist w a_ high and spstaiaed level of and traditional mirkcts for much of tember,_1945—au1ucrsasedur1ngt e vcr 11 A. M. St. Catherine; then a year BSO-t t!" W911 "ll business expulsion on the one hand peace-t1me production and employ- our prllnary production, and above war rlod of no less than 110%. 9- M- Glllflllllll 7 P- M‘ can“ C° 9"” lllllll°ll lll°ll “d W°lll°ll l" W" and increase the net incomes of ment. Such action n not threaten all for farm products." “ his is a very notable expansion 5- 5- 23° PM- T- w- °°9‘l"lll1',l‘;‘l"' "ldllllfY "d "W" ‘lmalleflete of individuals d. the other. an in all, our democratic traditions and one. s I u s ,. P b, V“, in mg mesns of payment It is the ml’- ' ‘ ' l’ 5 "Film" 111°" l" ll“! "mlld "Wlllefl- though the coming year will be one To suggest that it does is to intimata ° l‘ “ll l” l" "'5 “l ‘m l direct result of huge war outlays and w!“ No.1, m “Wm e d Wllllq HP llPjw-dllfi 58"!" l" “Yuk of gent change, it should also be one that we arc incapable of acting as a “The provision of export credits as of the national wartime licy of u? a,“ 3 1g“. ‘lllevllmfllllll’ °l°lll "lmll-ll‘ llllllm‘ of igb activity-not so high as the people to protect ourselves against a translti I measure is tbua an financing the largest war c ort that nogagak o! Gram $118589‘! P! W" lmlllm’! “dig l" peak war-time years, but very much conditions which threamn the welfare essential step toward the re-cstablish- it was feasible to achieve out of our bmmem.’ you Wm be aswmgmd ~ @0111 _ 113W]? "Mu ind u“ d°' igher than any former peace-time of all; and that is certainly not the msnt of mr trade on a. coco-time resources of manpower and materials. t the Quality and Prlw- 51W“ lg)‘; alfilllzllwilylll; $F£fif§$dll§ veer!‘ case.’ staid. It a an tilamest o Canada's It a fairly wergddn lluB witg 31w sleet on nob to make - . . in ntiontn la er tinrc airing increase 1n uction an e more WI shopping caster. 12-7-3 "filo "Y lllllll- 55°“ ll mllll°ll "l ll” hhlllll‘ sllll ' Dmi" T“ Reducllml‘ “ll cmnnlcll" the destructildn had dihlldcationpof war moderate vance in the general level G 1 b. lllllillwll “ll lllllw‘ “um” .ll;l"°ll' “We arojn the curiclla posi" “"JI'he roblsms inherent in the andinre-ostablishingaa orderly world of prices; in other words, the increase 6153mm“ 350713;“ wllsho. "3 an" .lll ‘W’: lll “hm? todayof be1ng_a prehcnslve of both _ _c _ve_r to and the _ _,. Canadian mtlon, however, 1n bank deppslts and currency has PW"? l0 fill a‘? 1°59 S“ l" I- ll"!!! 5mm“ l“ 7°" P" deflation and 1n atlon. Thc scope dlfficultles o tlmlng e removal of ls obviously incapable 1n itself of been proportionately finite slmwr to mm‘ B esmmm a 11°" 5*" “llellllell- And Y“ Wlll°' and s of the changeover arc war-time measures are also reflected restorin thosort of multilateral trad- the rise in the nation income. .t ls Wham 331.11: woS-hoes for ‘plead unllllllllllymelll‘ ll” llllll ‘l°' likely to produce transitional unsm- in the first post-war bud et. Hero a ing conditions which are so much in loss marked than the ln also whi~'l “gingham pd“ o; v°l°P“l lllll" lll-lv ll°l' ll“ lllell’ 59°" ploymcnt. At tbc same time, wide- balancohad to be struck etween the Canada's ‘ntcrest. Solution of the has occurred in the United Stat. l“ 12-7-31, “Y .l°.c?s‘l°ll lll llll’ llellvl’ dlflllllllll spread shortages and the continued continuing risk of inflation and the foreign exchange r u v girl-im- dWQlOPmEBlF which" l" ‘mil ‘f’: 1°!’ ""11"! 8°°dl "id "mml h rate of spending provide the risk of restricting reconversion and larly with regard to Great ritain, Canada's greater sucmss 111 k(3pls4’ Expansion In Clvllhn Employment oa urllll background for inflationary economic expansion. Thus, on the dspendseolsrgely upon action by the her price level ln hand." and footwear industries, despite tailed war contracts, bad was tho case a ycar earlier. stantially more people were em in building construction apd building materials industrlu. ployment in l was mu exam of a year ego ‘ paper and printing lnduatrll shown maternal pension. working force in retail and service industries an were em loyiag more workers “In wabtyps course, employmcn hll hill so ‘r. M. ——' in some cases . . . . . . . .. . . .. . . . . . . . . . . . . . . . . . . . . . .. SIIBVIOIB. - Dlvlm ' - - lot artll be co llnl tclybcre ." the best of herb amlngpostlon 1n to f b nk lnvastments and t b In h5g5, .. , - l-s - M»? “l.'.°u'll*l§‘"."““l°.':‘°l‘..2d.‘ii*”‘?-1=hm5es-msgillvh-gvyellllmnm? v... "T2"... bee» e»- ‘iih v- -»'-=»=-1~--~l~%~-° c‘&l=l....l ......."':.f:l"l.::"°.'ll::.m""hurls 9th alt mt - a an ‘uprising, conga“ foocf await the next harvest and the l w‘ l“ l‘ ll “n” which are dependent on her market “So far as loans are concerned. an to minimise the importance of the inform you m,“ the pa,“ mhsuaky M- QNO 3 P. M. Alex- a a” ° w - sup ly available for the domestic “'3'” and which can accept ln aymcnt ’ ‘ volume of business borrow— banks‘ lending functions. It mains l - -- - ~ 7m P mum Employment m tho fun; . . . . 1 . . _ llstnowahons 75 men hlllNl lll actlon - ~ - RW- slfiflllllt - I m,’ Md "m," "m mar etlsclosely relatedtot surgent "It shouldbe noted, however, that star and the things staring Wlll lng 1a clearly essential to stimulate a {not that bank loam have a vital 4diedincmadu and 2 5m, m one,’ Mlnht. 12-7- algéilzl‘ h“ bu“ ‘llvwmnu negds of our customers an former the question of Dominica-Provincial buy. uch a policy‘ would inevitably and support the needed expanslon 1n function to perform in our economic missinip To ,,,,',,,.,,,,,.,, [musics o; N017‘- . 6d Wm]. u Elsa w. allies. Yetcthers, llkc tbatof housing, relatlons and responubllltlu still be- tsnd to divide the world lntn t1me activity. _ In jegerd to lfldlfity: They are stlll a mayor form the“ men who have given meg, “vea o‘ ‘a’ sllnlky “mun ' p - p will in the very nature of thing be cloudsths ‘ ‘ ‘ andmdeed and would lace investments therelshttlelfan pros- of credit which 1s nccess to cvc ' - - 9th. (illicit o! England dccllnesin thosteel mlllsan lathe .ll f u l Gm ,, n“ cum“ . u C d“. l- cdim u" i‘ _ t f ma t. . u, i k, i d“ _ _ d 511',“ _ {IX for theircnnntryvlcotlcrnurslnccra eld d?“ w“ Pmm o‘ S l I ‘l’ m aulomobne ‘ll-llamas w", u. or qm ‘on! c. in eactfiumber d-lpllllcouml! ampecA wI-lrbctlvilednmlldr c1005 rellallllsorllsollips braiding: for shliilllaotrimleuto C($°l'h6.a{l‘ll:lf3£?l inmggmylrflws all sympathy? Crunch“ smwddsllrliili" Com: Mwwmpmméllmfl ‘ "m" c°'ll'°l5lllll“ _ l. Pominion-Provln settlement is, with snail. and with the United Government's deficit a still a verylfor la vats-rig upon_ competition, H _ Trill-vel» Swfl‘ an 11.00 pa, M_ 5L your; 3v!" wit"!!! "I"! "W"! In these circumstances 1t follows an n-y opinion, one ofour moat t Statssand unable to divorce herself large one, and inayremaln substantial | opal-l tbegrw of medium-sized and _'lhcre nro now 3.306 011 our stall. Prayer ‘Theughagoodbeglnnlaghaabasn that complete removal of war-fins post-war It is perfec e from elther. _ forsevcral years. This means thattoc Bmflld bub-nails which mus_t_l1ave T1115 represents an mvl-eusoof 1811f": 1. P. M. Rev. . Ream. . mule, it would be lmreallstlc to eontroh would means hlgbc that difficult polltlpl questions are w nun “nun of quantltyof governmcllt obligations readily available credit facilities to the plusf. your, which is Illltflf‘. up wry . l 12-7-11. imuinggbggcmadaoauld fljmush prim, and a repetition of wlnt mvnlvad. B11 1t 1| also true that ' ll" 3 outatandln will goon lncreaslng, mist . expansion. Bank loans largely bymenrctul mal from lfll-llfllv - S ncern - i the hansition without friction and occurred its: the first world war. iodine to arnve at . lettlcment, con- Nowlf t e ubllc were to contlnuc have l. vary llnl_v0l‘l.ttllh pan. w play duty and by c lldlci-sion (H 1:». 1 or - - wkhent tam lmsnlployment. Controlslhouldcartainlybereznovod solved wil inns-nation Ind lwre- "fhatiswh thetalksbetweaalu its recent hig ratc of savings, such in is transition to a peacetime junior clerks. Th . a~~ now 1,3“ 11 A_ u“ 7 can“. Dufltc the m tbewar llntaapromptl as the conditioned prhte to the loci-f and economic British and s _Amerieans now in further , ' in the " ‘debt . L. ‘.- in many ‘lines women 011 our stuff . ~.co_1_“_......_.'i p‘, 3x111?‘ in two stages. the seals and rapldlt shortage which ed tothelr imposition conditions of the tunes 1n which we 1n n are of very might be absorbed without an adrll- are (‘I021 usd. More wcrklng capitol 1,867 n vmr ago and 4%. a; - 1c out. 12m, ch.’ groggy,“ 30y" (Hume; of the ohallgeovsr are vmy are overcome, and the GOVUTIIIDJF‘EVI, would Ielu-ov our economic special concern to Canada. If tanta- tional purchasing of securities by the isrequlred by many bruins-roe which hrellk of war. mun.‘ swat’ l lndggd, dun‘ I045 _and I946 there by 1ta_ actions and statements hbllprngrel and kilo-lotto‘ delay the tlve agreement is arrived at-and banks. Butthat 1s not llkcly tobe the plan e anslou 1n their facilities and ‘HNIG past plourhll- Incl» upurtil-ll. ‘ Birch will bemorec anlfll" I05! Ind Pf"- lllllll“? "Yldflii Willi-Milli! Pvm-ylmlaatlnvn of a balm program of thsreseem be reasonfor ops case and as clvlllan p. uctlcn ex- reduction. Spthelmmcdlalo outlook ,llll'ly llusyllv lill l\I"' .» \\':l_\'..»ll ivy-u; . . w, , , , 11¢ on u In] me ll I110 securl . or 0 — on we s 1 - an a _ a 1 u‘ 0 a‘! reason. ly goo . (one or 1c .. ‘ 11v tllrnov 1n ' l’ " f‘ ~' " “w. .... all...“- 2. ".ll: lyjygr... ,,.§!.j:..'§. arch: “a... ,§:...¥.Z.P...."l",....l;,.'5 ...*.:*....,.‘.:fl.‘.'. ....‘"..t:',§§.l;:. lyhsa.lsllg.l.z.gs.lstlllz.lrs '3 m ,,,_,,,, 3",, .,;"” l. OENTIIAL BEDEQUE BAPTIST plant we‘ :10?“ Ilfmall oonltlrlolsllnwould aural-ly- malllzmltllilese ode represlmlraalllbue 21d lnallitllstil till: tan o Edditlisnfevarntime ilnviilnoylillllllle forlii l" M"! h"? -" flllntlllllfllaghat‘ zlilllnllllllllllllllll‘:‘illr wkf’ 5 _ Y» 99°‘ tiale, shortage! of nsodcd materiel! llvolve. _ andvlgllremtflflrttndeelmllstlcallv which may berequlred. of Victory Bonds and Var Savings "Eirthcrmore, the scopc of bank staff, bl.‘ l:“n ml WIIIIIPH, uvli ha ‘Th’ Ts!!! = he mnrnill “d supplhe have to be own! ‘Trips coutrg, for sxanlple don with problemsthatcanncwbeevaded “This 1s a tllne_of glbat decision. Certificates will be drawn upon to a lcndlng has been steadily widening, llllnk_ ‘ndt- -l l..-.~.l flvrtunaz.» m ‘w.’ ‘i, - and“ _and ‘mtn aoxt S ring masons _ the buslnessmensfreedonof only at great cost and with much If a forward-looking course la npt considerable cxtcnttopayjor houses not l_n the seaseoftalnng llnduc rlsks the high .lc1:.-~c v1" tlliv‘ fllltl ro- w 2J5 - ~ i,’ '- l “a meuzmm wlllly mir-lataxpan- actloa, and 1n particular ilmtanel it frlptlon. taken, the worldlwlll unavpldsbly sl-lp automobiles, new fsrmequlpmcnl and bllt 1n the sense of making mczllum- o YllllUll sLln-vn l._.- il 5' m‘ dolly; 5 a.M,_ _ _ . ‘ . °h'°"fz_1_1|_ . zlcuilspomolmportaat sativihuslldr mresglgolacyhxtiyllatlafitlthers ‘Let gmremenabg “taint failure i: backyard” ' mpmlemloa - industrial llllllwulllclaldultalg expen; tofu-in lllwullllillort-fefrlneléxllllslanfl (‘llfilmlh _f'»‘lllll. ‘lrllliv l..-.~.-» nun-i ...._._. . ornsaaecaseonstrucon. q encclreacha elnen seriously -um, ~10 lnno lneu con- slon,ll.n again ls 1 amos o cvcol s ores twll- l 1cm». -.~:‘~'.-.~'--...- ‘fl-Ia: pmggymgug gm; “There are today d! un- ct’ removing ce control, vrauld be mom prcarus in thg immediate trihuted to the war and which would l ' " dcvclo ment at the llppro- were forlllllci-‘g llanllnptlfitaglf. ol" ban-id Vftlrllllfl:lllllllllilillllwlbfirt) (Jlrglllululitv QANAD ‘:1 l - lvaploymsnt in eular Icsalltlu far moi-ares otlvs. Itisdlfllcultto ticn an sleet _.'., our ‘ ‘ " _ ’ egainan“ prim time. T ' course of events, by leglslatio . Perhaps the alostim- ticns andappmcizltirll." I o‘ - -- ll% halluibc‘; 1r i " ‘ ' * . laor‘. m‘. fir: ou-noltsnaw aamar m. Duly who is 1a m l rs 1 t... . v l ~ ¢_l.,;f.§7t“‘ "I fin smiles: will be - . cranberry newer and ltfliiier“. ‘or: ‘iii hs ‘alhenrliili iii: and‘ mm” h“ “'1 °d“°" Balm“ wlll‘ “ll m°lllll°ll “lmlll orTllrfiaNclvm nrta Society was D Y I . tlcn ln this cit befom her car roads.) . Bonshav 11 A . m‘ having :1 acres under ctlltlvutlon, 10ml machinery n» furniture In 1mm in the nlted Stefan. a W‘- ‘l-l‘ M‘“°l‘l‘°" ll“ "w" Eflabnflh "flmQ felmed by m. my lnwdm “ulnar. P. M. M. 6- A- Hbrs. - has had 1 wonderful cro ml- m- m. house. As the an" started n verv dlv mnsmbsred w m: ‘l°l“' °l"l°°'l" “m” °l ll" l“ ' herself oncs a omen! at m: .. - . ' “'7'”- IM Wml 8001i Plfll- 0W I to lack a late hour, it was not noticed un- school trtmds. Despqt meem“ we" n“ md ‘Dprovem provincial m- .11 hocvllll , " o! halo. M. - ll nnnlnr tll the fire was well unde . was: mlgfi Blll-t W" "lmllm l°l' "l°l“‘“ same B- 698 ler-‘llllml Axxouyf rwey wlll B0 Otlt thlfl l!!! v i“. d" l0 "u" b"! bllllfllll l“ he Hell‘ otbln was saved. No one has J. bent and Donald. who lmve l" ll" ‘mulled men‘ ‘lllllnl "ml ' ' 6151""! ll W" Vlwaml l° llllz.‘ . ~ “h future. been Irv! on the prsmlnl tar lost mguqq, “I; u, h,- for cigarettes for the men still o~ _ rgiponglbllliy for thrs: WWI 11 ‘D 8 P M --— . t s the owner Ir. sisters Emma Mrs, Blltcn V. Cass, vcrseas. as well as sundry llama. from lr-llal institutions until 1 p“; fi 1;“,- uraol anon magma-s ‘pfimfl, ,,,.,,.,,,,,, Wm, mum vv , which. on motion. were voted bald. n," had time w adlust them- Mw ' , ' “i; ' lg Clearance Sale o! omen‘ __ ‘M; In, y," g mm . Jmsph C18‘ . Wq, ty; The evening was spent ln piecing vmogu-vgg, prov, 5.499).. selves to the world- , ' ' ~ ._._.. 3 n‘ 9mm 5 I a hem-sag. I Mill N"! 9V8! Kelli! I flum- I" m6 "W" 01 u" In" hrlnatlon two years mo o! the Here women come to llv for I . "L; P‘.IQ‘AL . notmaneo! a ',‘ a .‘ ' G one hm- null meeting mention by the vlos p" w,“ 50m“ h" bmmm m, was“ o; mtrnthg nil the! .... gm cuftomers a _ 111,1]; the: Mr. Icy Keenan w this president. o: the work of Mrs. Wfl h; in” w g4 woman 1n 3mm; find labs. make friends. I16 l - - l. cu wll In t3: . v ways 11am Maonouull was rerrettmblv rermer mental lloa- elm for themselves in eworle a ._ - mus 7 lhlger in the _ol thus who omitted. Mrs. MacDougall has pggcl pat-tents. their release was that is without walla and locked m“ '_ - 1W“! N!‘ 019M311 GWM! hi! made an outctanlllnv contribution s! tad through the elfcrts d? doors. Prom this horns tivevlbre _ _ _ , Ill! A’! WI! V _- g v separated them l many years. n, the work of the Rad cross hav- the society srsduated as teachers. wrttrr-"s . . , ~~ Li! "Ill" "w"! well?“ "-— lnll’ knit l6! pairs-of rocks. Oollsc- Th; mm had nun unable housekeeper s Irsdustl " e ~ ~~ ~ more ll about w» 1 1mm nlvlln usn close tlon amounted to l.oo rm lneet- to obta ma: release because In of - sperm. We“ arcane o Mn» - ‘r11; -"v‘n‘ monthly Ins closed ln the usual my to um. n; 1m egg c, an. m» more tar so vests. wort- mv with! when! "vrmel I'll -'l~~= i 12w ve-l meet stain on .l~nu=l-v lth u u» out. or use l-lltlf lemma Ins u a lrmormer. arr- Q‘ W1" m“ h" "P- He"! ‘he ' ' icn “- 11cm! of M.~s.l..W.R.lD1e¥- - could not crovlde them with l.v tlwl rut nwav the homo ul llrs. lrspk- suitable hemesdurlng f-ha period her " an. . 1 r Good Progress ll! Ilpconvcrslou “Thus far the transition from war IOKH impeded reconversion. But when one the ro- “Tha most encouragua feature of the economic pieyure 1s rapid ex- ganslon in clyillan emplo meat. morally, the lviliuzitiypein ustrlss havsad edtn lrs s. Thetutlle lncreworkers on their payrolls in September than dth uluhid e all N! PPh-d wholesale trade was notably higher and the d transportation industries, of dlttlln- necassluy exports. employment is the accumulation hnve SBVIIIQB lll eluded manta. siphon q urpose of which was purc hi h cub not be malched byhvddlitioual suppl of civilian goods y», cl. the llll° Em. vlcq, as I have already like! to be sustained at level. Supplies cannot be 1n Th. plants, formerly on war work, facilitlshllf they are to meet shortages, such as those of vey. were burnol tell-la . around. "A further important factor sus- g that: taining the level of expenditure and has been friction-continuing short- th, hands o; individum and corporations. These savings are a ma'or clement in the houvy demand price increases. We have just con- a Victory Loan one funds.- exccss purchasin power- ay could andservices. For the time being and perhaps for a good tbs to come we shall con- fsced with a varlety of r . “mo demand for goods and sof- a sated, ls a alrly high creased overnight. The job of rcconverting takes time. Some supplies and parts cannot ct. he obtained ln sufliclcnt volume. dultries require new plant the sores- pectivs demands upon them. me other country. . "nued of one hand, to sidcrabl red 1n nal income. ies xznfla‘ rate of “The Minis excess profits tax’ pro tion 1n the rah provision for raising ores‘ uced and a moderate cut was m o in the extremely high rates (h the other can , tax concessions _wsrc limited because of the continuing danger of ' and of the prospective high government outlay _ ter of Einance em ha- sllsed the clear restrictive cfiect o the excess profits tax on business expan- siob and ‘as an mtarim step to- ward the ultimate abohtlon of the % and made the stall profits of small busmessss. These changes are constructive and should do much tostilnulats emplo, actlvltlca, more especially since t sy are combined certain auurance that the excess profits tax better order than that of almost any “The facts of the present day-the shortages and which are the immediate and direct consequences of the wa1~and the record of what ha pened after the P188611!“ . _ taxes directly restricting lncentlve and initlatjve were con- B. a reduc- r with the own needs. man transitional means o ports and of be! lng ormer allies. this policy. uite more rcsponsi ilit countries 1n their in Export to the war as one of for a high level of c In a immediate pre-war ls United States. been vs tion to The we!‘ restricted h investments and pr which Great multila‘ t ' barri to f: ' fill‘. lfi°$pl.vam°' l, “infill? meats between governments lor peedadpublicworlu,whieh' ' ln the present ltuteof. _ _ ilities and jurls- diction, ls also a matter for grave Necessity for Export Credits variety of reconstruction au plies which we can produce beyon “It is also a fact, of our customers are unable for be present to finance their re- quirements of Canadian goods. Mutual aid no longer bridges the gap and in these circumstances the Government has embarked upon a policy of providing ex <ew will quarrel with 'ro need, we also have a vital interest in sustaining income in our export industries dur- ing the transition and in aiding re- construction abroad so that we may have lasting markets for Canadian goods." Canada Needs 25 Increase “It is well to remember that Canada needs larger export markets than prior reduction. _ gems’ wof this Bank 1t was suggcs that an increase in the physlcal volume of exports of around 25% over the The cost of victory to Britain has heavy-out of all propor- ‘cost to North America. apart from munitions, to less than one-third of its pro-war volume. The war greatly diminished her foreign cdpced an enorm- ous sterling debt, particularly to countries as India and Egy termination of Imnd-Ilcasean Aid has brought Britain's exchange problem into clear relief of malor concern to international trade and to the welfare dard of this Continent. "If North America docs not see to it that conditions are established in Britain can engage in ‘trade and rovidc forfrce convertibility of cxc will have no altematlvs but to make totaxationisa 1a inherent doubt as tc the 0U! however, that rt credits as a sustaining ex- our friends and apart from our to help thcsc rade 3 l1 the foundations mployment and recent MonUlll vel was a net-cs- er export trade, such t Thc Mutual as a matter the future of e, Britain i l . glean of friction hoped that the W and Agrlculture prevail and couthlue 1n lhis the most thorny and most economic problems. ' Future Holds Creel Opportunities “Thesegenlarh have largely eon- Ilstedof ' ' ‘ " of the war an though no Ian difliclalt ones that d 5'21",“ holds condi one and better ways o living increased by 90% durin rising from an average of l1 ut $2400 millions in the twelve months ended and warlock it l. t3 lmaglaa ion an of which there has been evidence in the Bmtton Agreements and in the Food ' tion, will urgent of the world's bothathonlesndlnthospbersof afar-national relations. _ evident that the future 1s studd " with problems, some the direct result It is self- d others the familiar us before the war. But I it is also evident that the future topporttmltles for im roved however, does mcan that th banks are likely to be not buyers o securi- ties for the time being. ' "So it is ‘u t ed u ages ve . are are grm van this position. It means that recon version is unlikely to be dalqed or obstructed by any IOIlOLI general contraction in the means ozcaaylnuit tan -that the stimulating e8 of de- ferred expenditures up unlikely to be counteracted by restrlctlve monetary developments. There are also some nlsks. _As the I‘ ldeat has s thereuanlmmediate andp ' anger of inflation, resulting from domestic and world-wide shortages induced by the diversion of produo, tion and the datruction caused by the war. Given t1me, we have the fields. terms larly of cooperation and self-dlsci lme. It nations must be prepared to relinquish some of their rights of unrestrlcted action in favour of an international authority. We must meet the chal- cnEe 0O highest hopes of the world as we knew it ln I989. ' of our times. If we succeed, we forward to a future beyond tllc General Manager’! Address After reviewin the Bank's Annual Statement, Mr. . L. Enman, General Manage ' part, as r s kc to the Meeting, 1n f OWIZ The Wartime Ex melon in Bank Deposits an Currency "Bankdcpositshavecxpandedagain during the past fiscal year to levels gently above those prior to the war. ho total of private Canadian de- ita with the Chartered Banks has the war, cptember 1939 to one of $4570 mil- one in the twelve months ended September last. If to these totals are added the notes of the Bank of Canada and of the Chartered Banks in the hands of the public, we find that the total cash means of_ payment at the disposal of the Canadlan public Deposits Likely to Re vein High "The fact remains, however, that the increase in tho moans of payment in Canada has been very _ A higher level of bank eposlts and currenc has undoubtedly been estab- lished. ndced, there is every prospect that tho total moans of purulent in tho bands of the public wlll be sus- tained close to the curl-out level for some time or further. Thou currency in the _ may well decline some! ‘at from its extraordinary wartime pea}: 1t is 11m likely that hankdspuiits wl very much. _ _ _ volume of bank deposlta varlcs 1n accor’ vestments and loans made by the banks. Or to put it another way bank deposits can decline only 1f the renounced. may even increase h tho amount of and: 1i the public lld crease ‘As a general rule the with changes in the in- ‘ securitirs “scour. Lcd for slightly more portan the ' of bank I the lagrsi-Ziliillqudlvvolfifiilafwjlu holdings, many cl them it ls no longer to om: ' and havebeenexten gbusiness loansofamsdlum-tuln‘ ‘ and tllisprocamwillundnubtedlyeor ue ‘The: then _ sponsored schemes deal late the-use of bank c t in partmllar Plan is in operation and a new Improvement Plan is provided for in the National Housing Act and presumably be brought into efiect at an appropriate time. to bank loans to farmers and treascaforthisvqideningln expansion 1n unty arftbe government» The Farm Loan Improvement I-louas will In addition,_ths as to relating particu- eoncern. It lngbt mean that for lack together. The war has brought our capacity and ability to make good fishermen were substlmtiull widened of lgnnin an preparation necessary roblems into sharp relief. It has these ortrgeg audtn catch up with ln the revision of The Ban Act and pu llcwor could notbeoommenced brought a growing " " t ‘ ,, ‘ ‘ ' level of these changu should be of distinct when and where they might be re- we cannot avoid or overlook our spending. The immediate danger of advan e topotontinl borrowers. quuedtoslutsin ‘ activity." ponsibilities to our ' l‘ ' “ " i“ ‘ bein ‘ ‘ ’ as _“Fln y,the banks wont to malo- Warhaabrougbthomotollstllc value e " .ll-n ‘ f-Nn the‘ ‘ ‘ ‘ ‘“ level of loans. r r .7 , emergency measures _are proplerly It 1s hem‘ .. slump. Thus while there are risks in the great expansion that has occurred in e means of pa ment, it is quite clear that any s arp contraction would roduoc far greater dangers anddi culties." Lounging Character of Bank Assets “Now let me say something of a more s cifio character as to the cfiect o these broad changes on the business of L ‘ irlg. It is well known that the main increase in bank assets, whlch lies behind the expansion in bank deposits, has been 1n govcm- meat securities. Though as a matter of policy the Government's borrowing from the b has been kept as low as possible-and it is worth noting that the Canadian record compares favourably with that of most other countries-the cumulative increase in the security holdings of the banks over six years of war has been large. In the last statement of the Chartered Banka—that for September 30th- holdinga of I} million and Provincial Government securities were $3,530 millions which compares with $1,180 mlllions 1n the same month slx years earller. “Meanwhile loans in Canada have shown only a small increase: they were $1,110 millions in the last state- mentvaa against $131K) millions in September, 1939. Directly or in- directly the Government largely finan the h expansion in mum- tions output w ilc at the same time Government ,_ " ' ii, and deliberately restricted expansion in civilian lines of activit . Moreover, tho combination of hig demand for goods and of shortages of labour and materials produced): condition of in- creasing llquidit 1n many lines of business and le to curtailment in inventories. In these circumstances, it was not surprising that bank loans showed no great expansion. “The effect of these changes on the composition of bank assets has been quite striking. Security holdings now represent more than 55% of the total aasats of the banki system while Imus i1. Canada are ess than 20% of lhl Vital. Just before the war, bined ll! able early stafi _ leave from , than -e ‘P. oE bank lisscts while loans -. ‘a in tl-o_ L,_'t1n)\lX'l1l)Od of 30%. Ii‘ we so ha: so the lata ‘twenlim, we find than ‘was! comprised a lllikll lFIVBI‘ pr< mvrtlon of bank assets than (l-ll securities, and if we look back before the First World War, we see that. over 60% of bank assets were in the form of loans and that securities were comparatively unimportant. The truth is that the war accentuated a trcnd which had already been in evidence for a generation not only in Canada but in the United States and Great Britain." Bulk Loans Have Vital Function "I do not propose to go into the they Disti reasons _fo1 long term trend. Sufiicc 1t tu- su that this radical change reflects uroao. .ll altera- tions in the busl structure. in the role of govsrnmer. in scout-cu life and in intcrnafion J lylatcn. 9‘ v. an conditions. It is luillrly {bot loam will regain tbllirfurmsr {he}. atsrance afialrs we naturally sec :1.l1d learn a ood deal about tbs tax problems of anadian business. The complicated tax structure and the degree of lati- tude in administrative decision, con.- truined staff, has resulted in the settlement of taxes and ln decisions on particular tax questions, whlch have become a vcry serious matter. tinned, these delays, often runnin for a matter of years, were undcrstan - unsatisfac‘ y conditions in the post- war period would have the unfortunate consequence of restricting expanslon. There are qullo enough unavoldable uncertainties in the busi- ness outlook today without adding one which can be corrected by im- proved tax regulations and ' tratlon, and it is to be hoped that up tax settlements." Reestablisbmcut of Bank's “We are looki return of those Services. of the male mcmbe a of our stafl on active service 1s that of ofliccrs on position in the Pension Fu aficcted by their military service and the Baal; pays to the Fund the . o . A -. .- for those plliccra who rejoin the stafi. In addltlon, the Bank pays their group insurance premiums during the period of their military service. “We have given a great dcal of thought to the matter of re-cstablish- mg 111 our organization men returning arrange for a. temporary period of rcadJustment to glvo those men an ogportumty to reabsorb the atmos- p ere of the liank and to familiarize themselves with prescnt-da routilla and pro they are attached temporarily to suit- able Branches. After an appropriate period of readjustment, appointments. will be made to those posts for which the individuals concerned seem fitted. I_m'1ght add that the salaries of returning men are being aduslcd upward to take account of t a in- creases which the celved in the o inary course bad ployment of the Bank." “Since the last Annual Meeting f urthcr honours have been won by members of our staff. It is with pride that I give you thc rccord of decora- tions won by members of the Bank’! stafi during the war: Service Order and Platlngulshcd Flying Cross. . . . . Dlstlngulshcd Servlcc Order . . . . . . Member of the Order of the British Empire. Military _Cross . . . . . . . . . . . . . . . . . . Distlngulshcd Flying (‘ross and Bar l Dlullnguishcd Flying Cross. . . . _ . .ll , Dlsiinguishcd Flying M . bolted States Army Bronze Star Medal l clearly in their own interests with the wartime shortage; of ya So long as the war con- But- a continuation of tbcsg business ‘mis- action will be taken to speed Returned Men forward to the‘ members of our who are still in the As you know, the stat-us Their of absence without salary. n is not .1 A military service. Our policy is to urea. During t is period best would have re- been continuously ln the cm- Callanl Overseas Record s-l- pa‘ cdal . . . . ..l