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. If the United States uud Canada are not prepared in deal with this financing problem on terms that the rest of the world can reasonably meet, then we may be sure that tho countries of Europe and Asia will sock their own solutions in policies of bilateralism apd of regional and notional self-suffi- ciency. For this continent, that would mean problems of surplus capacity and iuiemploymcnt: ltwould doom Canada's hopes for a world order in which she could nuke she best use of her great capabilities. For tho world it would mean n. lower standard of living and new causes of international friction. Most of us remember all too wei what. happened offer the lost war, when the’ ' " inin - ' itr ' relationships was much less than wifi be the case when this war is over. To solve the oven more difficult problems of the near future will cull for goodwill intelligence, international planning mnl organization and n determination to witch workable solutions. “Above oil, it will call for a realistic and understanding attitude on the part of North America, for it. is with this continent that the initiative rests." General Munagefs Address After review’ the Bank's Annual Statement, Mr. . D. Burns, General Manager, spoke to the Meeting, in port, cs follows: “'I‘lic ncscnt car has witnessed the regular ccenniu revision of Tho Bank Act and the enactment of other legisla- tion dcsigned to encourage the use and extension of credit for certain purposes looking toward the post-war. The re- view by the House of Commons and its Ban ing and Commerce Committee. of the terms and conditions under which the Chartered Banksoperatc, again demonstrates the earc with which the public interest in the important function of banking is protected by Cnnndianlegislotionand ractice. at chongcs were made in ' ‘ho Bank Act wcro not fundamental and it is fair to say thot the results are further evidence that the Conn/Jinn blinking system bus been operating in an efli- cicnt and useful manner.” Constructive Changes in Bank Ac! “The maximum rote of interest on loans Wus reduced from 7'," to 6f’. The notc circulation of the Chartered Banks which _ creased since the establishment) of the Bank of Canada is to be curtailed further and eliminated by the begin- nlng of 1950. A change of particular interest is the reduction in the or value of bunk shores from $100 to 10 per shore. This should filtlillbdffi a wider distribution of bank shares, together with the reduction in the shore qualifications required for onc- uarter of the number of each bunk directorate, should bclp to dovclop a broznlor basin ofgiublic interest in and understanding 0 commercial banking operations. _ _ _ “There have been certain revisions in Section 88, that important port of The Bank Acts which is the basis for lending to primary producers, whole- soicrs and manufacturers on the secu- rity of merchandise and Primary products. In the interests c agricu - ture the scope of lending to farmers has been considerably widened by new provisions and bv the Farm Improve- ment Loans Act." New Credit Facilities for Farmers, llomo Owners and Small Business "Other important measures have been enacted to permit) and assist the wider extension of credit) at: moderate rntcs for economically and socially de- sirable urposcs, particularly on an intermediate and ion cr-term basis. The legislation covering arm improvement loans provides for u. new type of credit and will. I hope, develop an important new field of lending not previously open to the banks. The Farm Improve- ment Loans Act is on extension of the sarno principles which were formerly used for homo improvement loans. In this regard, a new homo improvement plan similar to the previous one has ccn incorporated in the National Housing Act and will como into cflcct we soon on the Government believes it. to be appropriate. “Another significant measure is that establishing tlrolprlustrial Development liank n5 a subsidiary of the flank of Canada. Herc, too, the intention is to complement the existing finuuciul uinchincry by providing u. source of capital for industrial enterprises, and particularly small businesses, whose reasonable needs are such as cannot ho fully met either through ordinary bank loans or through financing in the long-term money market." Credit for Exports and Construction “The last. session of Parliament pro- duced two other credit. measures of major importance, designed to cn- courage and stimulate export trade and construction of housing. Both involve loans or guarantees running lntu lurnrlrcrls of millions of dollars. lflcn Gum; An Export Credits insurance Corporih ltfcCurdy. Samuel Armin. Middle Musquodoboit. N. S MacDonald. Sanford Gerald, Pie. New Abcrdccn. N. S. iVlcDonald. Wnlicr Lewis, Pic. Sydney Mines. N. S. Morris. Peter Gflfiiffl. Pic, Hali- ICICIIIEBIKSDOIL, N. irnnge, Kenneth ‘Thurston. Pte. Waterloo, Que. Missing New Brunswick Regiment Rousscl. Georges, Ptc. N, l. has been steadily do- o and taxation t-ion is designed to exporters against tho risk of loss involved in u tprovcd contracts for tho export of (amldian In pddrtivrl. the Canadian ovcrnment is enabled to guarantee the obligations of other ovemmcnts or Ieu _money to them or .he purpose of paying for Canadian ex rts. ‘As for home building, the new Housing Act provides for long-term loans at. a net maximum rate of 4 lg‘... through existing lending pisututiuns with marginal particrpntrornby the Government at s. low rntc of interest, as well as making funds available for slum clearance and certain other purposes." Slimulus for Reconstruction “Taken together, all these measures should be hclpfui in tho reconstruction riod. 'I‘hey are nll dcsiyqucrl to stimu- hem enterprise and to promote useful activities). They mnkc full use of existingfinancialmachrnerynndtln-ough a variety of means broaden and expand its lending capabilities. _'i‘h_cy provide stimulus where stimulus rs likely to be needed-tn exports and construction- and they increase the availability of credit’. to the farmer, the home-owner, and the smaller businesses." Business Tax Methods Can he Improved "Also it seems to me that the revi- come and Excess gimiii-r taxation nu- nounccd in the lust bznlgct urc. useful steps in the direction of restoring bu ucss enterprise looking mwarll the [rust war transition. Nevertheless, more might he done to improve the methods of taxing corporate iuccmc wrtlnprt reflecting current mvcnrrns. For‘ iii- stnnce, much unceri uiv nrl-cs from failure to establish standard profits in period of time. In a number of cases settlement has been deferred for a mutter of years and. while one can appreciate the technical difficulties in establishing strn lllftl pro- iits where prc-uxir prolil '- prcsscd, iii is most‘. unsatisfactory for a. business to be n prnuchlng tho tran- sition period wit rout. knowin wlnlt its financial position may final y turn out to be. I might also ndd that". more rapid (lcterminniion of toxliirbiliiies generally would be most LI(‘$II‘lil)lL‘." some Tax Ifcduclions Will Aid Reconstruction "For the time being, war require- ments stand in the way of any general reduction in tux rates, and so long as the Government has to spend sums of tho present. magnitude and tho tlircut of inflation hangs over_our economic structure this will continue to be ‘tbc ease. When, however, war require- meats are curtailed, some tax reductions should be ex ected. “In the sp rcro of corporate taxation, ill is quit/e clear that the excess profits tax should be reduced with a vrcw to its eventual eliminatioru It is an emer- gency tax and one which admittedly as very discouraging effects on busi- ness expansion. To those who argue that ‘excess profits’ should bc tuxcd heavily as o. matter of justice, it can be replied that corporations nrc im- personal entities and that income in the hands of the final recipients is already taxed at highly progressive rates. It can also be pointed out that. incentive is necessary to enterprise and than enterprise is essential to full (‘ill- loyment. It is true that largo estab- ishcd corporations could continue to rate under an excess profits tax t ou h they would be much less in- ciin to expand their activities. But the worst impact) of such tnxutlnn is on new businesses and snntll businc wishing to expand, particularly u . there is any considerable clement of r sk. “In the sphere of personal income and it is sometimes over- looked that this tux also affects enter- prise and particularly small Cilt0r])l‘l.~‘i‘, it seems to mo that a first stcp might be to raise the exemptions, thus liglricn- ing the tux burden where it Izears most heavily and reducing the load to a modest extent on all tux aycrs. A next step should be to re ucc t x rntcs throughouii the wholu personal rate structure." ll Growth of Social Security Program “In making these suggestions l am, not under any illusion that it will be possible to bring about n drastic rc- duction in rates of income taxation. Some significant reductions slmulii IN‘ - iossible and are obviously desirable ior economic us well as indivirltinl roo- sons. Bub the trutb ls that (1:11 kl like the United States and (lrcnt Britain, has taken and is taking stops that assure a permanently high level of taxation. The Government is in the process of building up a broad social security rcgrain. Unemployment in- surance um been extended and family allowances are on the statute books. Plans for increased old-age pensions and health insurance urc under dis- cussion between the Dominion and tho Provinces. Tho policy of supporting the income of farmers and fishermen- and that, too, is n. form of e: l security-has been approved by Pm lio- ment and methods to institute the floor- price program are being developed.” Social Measures Will Help Prevent Deprcssiouo “Whatever opinions may he of the social security, tlicrc is a luruo mcnsuro of agreement us io i . significance mid dcsirnbllity. In addition toils obvious social purpose of providirn grcnicr security for tho citizen. it ms very important. economic irnplirxriinris. (in tho one lifiliil on I have said, it moans a permanently high level of income taxation. "On tho other bond, myments under these social security so rcrncs will fond to enlarge tho current or." cnilitirrcs n tho population, nnd will :0 grc t in times of contrnciiu busiucs-‘s u- . Social security wiII help to corulmt business (lcpressions and tn prcvcnt the sort of cumulative rlcflziiiun which wo experienced from 192i) to ll):l3. nod it will therefore aid in kccpiuu liiirlliifi") sinus in the methods of corpogute in-' dctuils of this cincrlrirn; program of . s e to ‘ ' ' It can contribute materially to economic progress and opportunity." Government and Bushnell Mull Work Togellfll‘ "Social security, useful public works. carefully timed decontrol, external trade ilicics and government mea- sures csigncd to encourage enterprise and corn ietition, should all help to achieve tho gonl of high post-war em- ploffilifliib and better living standards. it is clcnr that. government has a vital rnlt: to pluy both in the transition from wur to peuc-a und more permanently. lf government fnilctl tn recognize it] developing responsibilities in the eco- uomlc and social spheres, private enter- irisc could not function efficiently and high employment would be out of the question. "iiut lei; us remember that govern- ment planning and control is not an onrl in itself and let us not stumble into the pitfall of setting government nod private enterprise ii] twp opposed camps. Government policies s ould help to protrirle conditions which will encourage enterprise, not thwart. _it. (‘rovcrnrnent and private activities should bu complementary, not 00n- fliciing." High Empluymenl ll Prime Objective r "Our pnsi-tvur objectives are pretty clear. \‘.' 1t we want is high employ- rncnt and I better general standard of 11'" ' iiilli we “out. i0 ‘ re it, With- uui. unpniriug our rights as individuals; iurlcerkbwo wish to strengthen these rights innproving economic op r- ituniiy. ylf we kcc these cbjoctfvgel , corisizmtly in min , if we work for i rziiiouul l-nlriilunrl to our economic and I probicirrs, nnrl if we ure willing ,‘to cept reasonable compromises whcrc group interests conflict, then we shall make real progress toward these objectives. “i doubt if there was ever a time twin-n the nccrl for rational considera- ‘ lion of our prulilclns “"118 greater. The wnr will icnvu uuniy tired and impa- iicni, and tborc may be a tendency to divide up into sectional and economic groups, each striving for its particular inicrc-"lrl without sufficient regard to il|(.' ut-lfnro of the community as n. wliolr. it is not enough to agree as to the ricsirirbiliiy of full employment. It will bo necessary to reach a reasonable measure of agreement through the usual democratic procedures as to tbs kind of polii-ics wc propose to follow in working toward that objective, and tlicy must. be iollcics which iLre in accord with tho facts of economic life." Our ProblemsAflectod by Events in U.5.A- “I should like to mention one other factor in our post-ivar outlook, that is the cxtcut to which our own problems will be nifcctcrl by the course of events in the Fnitod States. Like Canada, the (‘nitod States will be faced with staggering transitional problems. She will have tho added responsibility of knowing that hcr actions will exercise it great influence on the welfare of the entire world. \\'e in Canridrt have irccn enormously encouraged by the wartime achievements of our great neighbour both on tho battlefront and on the production line. They are s. good nugury for tho future. Though (IilIlCHlllPS will bo great and mistakes may be rnoilc, I have high ho cs that our neighbours will mcct the c mllenge of peace as they have met that of war." Tribute to Slnl “We now have 834 of our young mcn a rl l8 of our young women in‘ c5. 0f our male staff of 4o in the British Posscssions, 69.5% is nnw in the Armed Forces. “r t the last Annual bloating it was mentioned that 4 of our officers had been awarded the Distinguished Flyin Cross. It is with pnrdonoble pride I um now ublc to tell you that since ibcn one of those valiant members has, in wlilition, been awarded the Distinguished Service Order; two others have boon awarded the Distinguished Flying Cross, and one the Distinguished Fly-in", Medal. “The wnr has taken a further toll of life. among our enlisted men. ‘Vhen lust; I atlilicsscrl you it was my sad rlut ' to rcport. tin-t since its outbreak '27 ind been killed on Active Service 4 died in Cunullu, 7 were missing and 4 were prisoners of war. Since that time I regret to suy that 25 have given their lives in ihc service of our iruuutry’ iiurlurllrig7ivliii hail previously i it, been ri-poricd missing), another 15 were reported missing and 8 more are risoncrs of war. The Bank's Honour loll at tho cud of October totalled 03S. Of_i.lrcso S31 mcn (of whom 15 urc missing rind 12 are prisoners of war) Itllll 18 young women are on Active Service, 52 mcn have been killed in action, 4 died in Canada and 80 have bccn dischar ed and have returned to The Bunk. ‘life extend our best. \\"irlll‘fl for tho welfare of all our w uni: mcn and women on Active Ser- itlili our -rnc.-'t hopes for their iiliiifl? return. To tho bereaved inunhra of those whose lives have been fukcn izoco our sincere and heartfelt sympathy. “We now have 3,117 on our staff. This is on Illt rcia-‘c uf 103 for the ten mouths, i‘t']lTl“" uicrl almost entirely by u on ilic emergency . r. v flit. .o\v 1.8436 women in our scrvico compared with 1,753 ten mouths ago and 4S7 at the outbreak loarvy burden of duties de- pon mrnnbcrs oi’ cur staff duo to iffllilllllllnri fins not lessened ll|l'l', I)il~‘ in "c: x1. The (lifii- r-uiiico duo in fl;c~.c c r:t duties per- forrncll uuilcr the handicap of staff slim-logos und the necessity of training cmcrirrnvv stuff, lntvc lrrcn consider- llllli‘. (inly ilic spirit of loyalty and c0- opiv-niimr which lnrs hccn everywhere in evident-c tlirorrgliotii. tho Bunk has crmblcll us in ruziiuiulu u. standard of scriicc in keeping with its traditions. 'l‘lro.->c. mcn nnd women-and cs eciaily z-honll l pay tribute to ihc eta nt our Brunt-ins - orcjro-ilv cnfiticd ton pride on an cvcn keel. Provided iluit. other factors, such as external innit‘, nrc iiisenhower Speaks iBiontiy To iiennans in llll'll . i-umpllsirrnurfs. ivliich if. is , luy duly and privilege to ncknorvicdge." nnrl reported by the Office In format 101i. Eisenhower thr wa rncd i (Nu. i (icruun proplo lhut “the hopes o. c (lrrurzm people lo avoid econ- ii‘l1C collapse aLcr tlie defeat arr ln:;;.'l\' drpciidcnt upon the extent -- r- r.’ (‘rcrninn opposition to Nil ‘ ‘plans it) dcstrov German property NEW YORK, De 5 on?! Gan.‘ ' rl Gonna.- ii '11 resources be Eisznhnixrr hluufy. inlorrnrrl rho _ the occup n by Allie! Grrmcn proplo today tho! ‘hev, troops." "cannot count upon food. iucl .i _ H w ~.-- clothing from the I... Lory Gov- IRISH MILK Li) UP crnmcni." and must rrly upon. - - their own rrsourcrs. l EDINBURGH - (CF) _ Sever The "scorchcri earth polirtv" oi p.119; inisrzuptzi sltifpinil betweel the rclrcaiiiriz German Army." will Northern serve onlv in multiply the suffer- iing and hardships of the German Smmm. i people. ho said in a proclamation i (IPWFIKI upon Ulsfer htfds i0!‘ i110 liuinnd and scotlane cnii'"tl n ieriizorory milk shortagf in rout-i‘ iinrts of Scotland whic? read over Allied transmitters in|.,..;.,~.ii”_