PAGE . 51X. i - Bank of Montreal President Declares That An Economic Millennium Can- not Materialize By Order-in-Council URGES DISTRIBUTION OF COST OF become better balanced and GOVERNMENT IN SUCH A WAY AS NOT TO DIMINISH INCENTIVE George W. Spinney Addresses Shareholders At Bank’s 127th Annual Meeting \\'.'ii-niiig against lll’: lissiiinptitln that a lii_i>l'\\'fll‘ economic ed, a factor of no small signi- . _ v . _ -_ _ ,~ , ., ., mh. -, finance from the standpoint of iililltini.iini. iii uhith citrybody \\ill be llllJlL stunt, llL tr ‘nil external trade. Mureoverl we ilrcsiiiiinlil)" hilppicr, can lllalfiflillilt‘ by (Jrilcr-iil-Cotiilcil, Licorgc have been able m acmmpush \\' Spiiliit-t- C311}. in his presidential address at the 127th our vast mobilization of mate- annunl meeting of shareholders of the Bank of Montreal, urged an jam“ our ccmwn“, m the hmwsllv rmiisvlc junk at the post-war prospect. He suggested that stresses and our iibcple to the tlic irrimit-rsit-ii of industry ll) civilian iirudtictitni, thc FC-Qlilltltty- nicnt ill pezice-tilnc ptirstiits oi those llil\\' iii the .~\rliicd litirccs and achhayjng our Dust-wim- 51mg in unr work and the restoration of our external trade on a s: favwry M45 “nulll involve prohlcnls of treineiltlous illzigiiiiiidc. Hr. Spinney urged that the ivztrcs of the Ililllfiffhi vciirlnrs hc i lrtzttrd with ll "nice sense oi (llalifllllilifllltlll: '_ 1111' 1111i‘ "1)J1‘1‘1"'v95- 1 n, lig nqiv ihein, ivcre full employment arising out oi productive conditions oi individual libel-iv to ‘billion dollars annually. just about agtivify and operating under ‘ _ produce a high standard of living in real -teriils oi goods and is probable that m" more than 25 v; on of The Bank Act,_ Mr. Y5l1111" said that the banking system ' 3 i -t eating." fiat? lilgrobiservlex-‘d, would be dealt sonic lcilgih by the Gell- erul lylanuiicl‘ middle would refsl‘ only to the reduction of thp h value of bank shares and o t. e lone; discussions before the Stand- Committee oi the House Commons on Bankllli; and 69m‘ mtyce on the subject of Inner or the recommenda- tion cf the Committee, Parliament enacted that the par value 0f 1111’- sharcs of all banks (ruin $100 to $l0_ per share. In our case the result ls that instead of having outstandin! 3501090 5115'” at 5100 each. the issue is now £1.- eooooo slriarfs attgéorggsfl. g1 m: Course o {me a wider distribu- f ownership of our stock, ivliich we would welcome. CONTINGENT nasnnvas "The subject oi Inner or Con- tingent Reserves occupied atantlal part of the _ the Banking and Commerce Com- mittee and as the discussions re- vgaled many basic ‘misconceptions, some of which received wide P1113- should like to comment on certain features of this Jegil/friv I say at the outset that the custom of adding to the Inner or Contingent Reserves of a b11111‘ during the years when It‘ is pos- sible to do so. in order to cushion less favourable periods when loans may unexpectedly become bad anid the vnlue of assets may 51111111“ 5 one which the test oi exileemnge in all countries has provcn to he [he only safe iw11¢v 1° P11111111 l 1-‘ interests of dtBPQ51iQ1f5- The Pr“)? tine nos been recognizedfrom t E inception of banking 19815‘ lation that in valuinll 1155015 111°" vision should be made for esti- mated und unforeseen losses. In-l security", finance and trade: we operate make itcblizatory for The history of Can- that many of the banking diffi- cultles of earlier days would have been avoided if proper provlslvn _ i‘; lies not only iigriiis ffllfltllligS allllllji. to bank mcr - crs, which in many C8565 dwwtd have been unnecessary 1f B Efiillfl B reserves had been set up. "It is elementary that in com- mercial banking risks must be ac- ted and even though lendinfl ts be surrounded with management can do is LOJIIIIIIIIIIZB the risk of l perience has shown that social betterment in our time and - iii develop w losses w either foresee nor P1“- per community service to the pm without making losses. nor bank be operated prudently without reserves t0 111W! losses. The keystone of the bank- system is public confidence. and this confidence can easily bt: through any sharp coil- words. But as the end of the war 111Z.11'111C11 perhaps in earlier earnln n zomic reality. n or the published reservw f the banks. Inner Re- serves are the principal means by ‘union banks provide for unfore- my earnest d re that our hope: can do much to influence for good and expectations shall be achieved. or for ill, the conditions of future But I sometimes wonder whether economic progress. I hold strong- all the brave plans for the future 1y to the view that a supine de- nre accompanied by a full rcaliz- pendencc on government would re- i ntion of what has to be aocomplisli- present thc negation of the qualit- tly needed than in the field oi ex- ed if these plans are to material- ies most necessa .v to an enterpris- port trade. To find our way into 1M1- Ifldted. it would seem that many ln'g and democratic economy. At new markets, under conditions of people are assuming to-day that a the same time it would be idle to active international itlon, pout-war economic millennium. in ignore the fact that by reason of will require a tremendous effort, which everybody will be more sec- the coats of reconstruction and the Even under the most. favourable lire. richer and presumably happier, more permanent demand for social conditions, our fortunes in export can materialize by Order-in-Coun- security measures of various kinds. markets will, in the final analysis, cil. But to take an honestly raalis- the financial needs of government depend upon the factors of quality ood and bad years. rves nnd it is doubt- id gave wteatiaiqergtgagll s orms of t e pas . iiiirjiii dontinued throushfluli 1° P1" our part in serving the communa lty, if the management in 81:13 times had not prudently w e11 1 reasonable sums to meet the n- evitable chtmflfl 111 5113mm‘ cm‘ ditions and the effect changes upon the value Bank's assets. At the ... ~z's'_¢.-_ ..._ . ‘_ sion of in 000,000 of deposits entrusted must be the first consideration of e f our assets. “lilqiifeliie Mg“ cothslderable discus- aion before the committee o! osalg that all Inner or Cont ng- t Reserves should be disclosed. 1 am opposed to such disclosure “can” n1’ my belief that it would remain a vast area of effort and op- ment and living standards. portunlty that will challenge to the “Nor do I believe that. there is might develop in poet-war export utmost our courage. ingenuity and an ensy way out of this problem oi trade a world-wide re utatioii for financing governmental expenditure specialty products of ex remely high powers of ctr-operation. thins. we are going along the road deficit spending baled upon the Gemially followed to totalltarlan- comfortable theory that ‘we owe our external tradoweehnll be faced ism. 1711s is what we are fighting the debt to ourselves and therefore with the problem of DftWldIflll ways abroad. Let us fight. also against-its the size of it. really doesn't mnt- and means whereby our foreign ter.’ I suggest that it is because we customers can pay foi- the blah vol- theso reserves ml ht disturb the Dub“, mind and gve rise to feats and miqlvlngo which might be entirily tilieigulxtilefclzga-n iillilime eenctfmes. ‘rneir publication beginnings at home. because n mere return to pre-War , hi h in practice could {Qrsmilzulliirnvialigd without violating m; qunfldontiol relationahlp be- m,“ banker and client, would_ THE CIZIARLOTFETOWN GUARDIAN Bankers Ask for Realism on Post- War Problems "WEIYIBER o. i944 A Vantage Ground For The Future "I am no peulmist concent- ing this countrykpost-wnr pos- sibilities." Mia Mr. Spinney in the course of his address. "Canada will start, out int» the post-war era with some great advantages. Due to tile tremendous stimulus of war production. our economy has diversified as between the pri- mary industries and manufac- turing than ever before. Our population has acquired new skills. We have brousht 8170111 n veritable revolution in pro- ductive methods and techniq- ues that is full of promise for the future. I think also it is fair to say that our reputation and stature among nations of good-will has become enhanc- rial resources without sub- criicl injustices of inflation. It‘ seems to inc that our hope of 5- depends in large measure upon maintaining these advantag- es." three times the pre-war rate; but it percent of our present exports re- presents ordinary peace-time bus- iii s. These facts in themselves indicate clearly that reconversion of our economy will not be effort- less or easy. REAL BASIS OF WELFARE “We shall probably hear much from the panacea vendors within the next few years and we shall do well to cultivate n nice sense of discrim- ination in apraislng their wares. We shall also need to have a clear-_ headed appreciation of the true, significance of measures whiclii may redistribute goods and services‘ but which do not of themselves in- creasc productivity. Some of these measures are undoubtedly desir- able from humanitarian and soc- ial standpoints, but I hope we shall not fall into the error of regard- ing them as short-cuts to national prosperity. Even full employment, _ it seems to me. is not necessarily wholly synonymous with material welfare. There can be full employ- ment in a slave state as the opp- ressed populations of Europe know their cost. There can also be om- ploymcnt that because it is aimless‘ and unproductive is void- of benefit . to the community and spiritually dc- gradirlg to the individual. Then too, SPINNEY. CM G. . a high national income is not neces- esldent lsarily the ultimate end of econ- ——-—-——-—~-~~"~—>———-~— l omic policy. The national income m; Qnly be dnnggyqug but tl-ouid may rlsc in reflection of an inflat- bo misleading to depositors and 111111115’ 11P111Ee in P119115 5111111 a" 5hgrehg]dei'5_ increase ould not bring about an “I do not propose to review in 1111-1111111d improvement in 11111118 detail tlic long discussion on the standards. but would simply make tax position of Contingent Reserves lllinzs more cXpF-‘Ililve 101 81/9151" as this was dealt with by the Min- "Q1111 ister of Finance in his statements "As I see them. the true objec- before the Banking and Commerce lives of post-tint plliunlnl; must GEORGE W’. i General Manager Says Bank Act Revision Permits Maintenance of High Type of Banking Service B. C. GARDNER OUTLINES PROGRAMME FOR BANKS PERSONNEL IN SERVICES. Tribute Paid To Co-operation 0f Customers In Difficult Times B. C. Gardner, General Manager of the Blillh’ ofllloiiircal, stated iii his address that the revision of thc Blink Act this year permits thc hanks to itiaiiitziiii thc high standard of banking service to ivliich tho people of Canada have been zicctistniiicrl. lii his review of the Bank's ziccoiiiiis hc >Zll(.l that profits for the year :iliioliiited to $3,i9.l.000, after all cxpcnscs including provi- sinii for had lttld dtilihtflll tltllis zintl for l‘_t.(l‘.‘l'lll govcriitllcilt taxes of S3.7.>5.ooti. These profits compared with $3._3o3,oo0 in the previous year. "In considering the Profit and Loss statement now submitted." be said, "I should point out that in1 comparing the figures with the preceding year regard must be had tn the adjustments in taxation. to which the president has referred. As a resitlt of the tax adjustments a comparison of net. earnings be- fore taxation shoivs a reduction of just under 81.500000 from the lid- justed figure of the previous vcar. Gross curent earnings were in l1ighei~ figures. notwithstanding a lower level of commercial loans and reduced revenues clue tomaln- tenance of higher cash reserves, but thc increase ill gross earnings was more than oflset by increased ross operating expenses, tvhlch neludetl all increase of more than $1,000,000 in interest paid to de- positors, and a special additional contribution to thc Pension Fund Society made possible by amend- men to the Income Wnr Tlix Act." TRANSACTIONS AT RECORD The General Manager reviewed the more important changes in the, balance sheet. ivliich has already appeared in the press. pealing witii the services oi the bank, Mr. Gardiner stated that they have been maintained at a high level of efficiency aiid coil- tinued: "The voltune of transac- tions cxceedcd all previous records. We have litld a satisfactory in- crease in the number of current and savings depositors and in the number of borrowers. The increas- ed volume of normal banking rCu- tine is in addition to the substan- tial increase in special war-time services relating to Victory Loan distribution, Ration Coupon Bank- ing. Foreign Exttiatige Control, ei ceteru. "We have continued to co-opcr- ate to the utmost m every endeav- our to facilitate the war pro- gramme. Special efforts have been made to widen the distribution of Victory Loans among our tlellusit- Committee. It was, however, made 1>'~‘—1'111I 91111110311101“ 111E111! 0111 01,- ors and the general public. We are clear that reasonable provision for Dmdflflive activity 11nd, 0961111111! pleased that our safekeeping filCl- losses must be considered as an 11111161 00111111111115 0f 111d1V1d1l111 111l- llties are being availed of by nsub- expense of doing business and, 01W 10 P10111106 K 111211 81111111111111 01 stantially larger number of Victory therefore. as a charge in compnt- living in real terms of goods and lng taxable income." services. I know of no other objec- REALITIES 0F rosr-wluz menus of a progressive and free-I PLANNING (loin-loving people. Nor do I know. Mr. Spinney spoke at. consider. be achieved except through pro- Bond purchasers as we consider" _ _ this is all important factor in thc tlvca that will satisfy the require-l maintenance of such distribution. "In view of the greatly incl-cased volume of transactions and of ’Il'E-,‘ of any way in ivhlch these ends chili sent. staff conditions, I would like‘ to pay tribute again to our cus- able length on the important sub- 1111611011 0n tho 11101111651 DOBS1111B- tomers and to iiie public generally jcct of post-war plans and plann- scale and the ireest possible ex- for their cheerful co-opei-ation in ing with special reference to "social change °f ‘he T931111“! P10111191! these difficult times." within our own borders and beyond “Thanks to the courage and 111E111- sacrifice of those on the fightin El fronts and to the efforts o; an SOME PRACTICAL OBJECTIVES On the contrary. I believe it is well who have pin ed their parts faith- within manageable proportions in fully and wel in their appointed “Accepting these broad objec- relation to our present and poten- places at home, the year n35 tives, and keeping our initial ud- tial productive capacity. But if brought the United Nations far vantages in mind. certain practical over the long term we complacently along the road to victory. It is not, consequences follow. In the first accept and apply theories that so: unnatural. therefore, that dcspltg place it ‘VILI bc essential that the no practical limits to the size of the sobering) knowledge that inucli {success achieved thus far in the war the debt. then we shall only have e remains to done before the final in holding down prices and livin ourselves to blame if the value of goal is reached, men's minds are costs be maintained and carrl that debt ultimately and inevitably now turning forward to the days through into the period of post-war diminishes in terms of the quantity of peace. It is quite obvious that readjustment. Up t0 the present wt- of goods the dollar will buy. I do there is emerging in Canada a have been able to avoid the ex- not ailment that in each and every deep and overwhelming conviction cesses of inflation because as n peo- yefll‘ 1119 81199111111111“ 01' ifvvemmfiilt that after the pain and struggle pie we have had the common sense should be c0ml>lefe1y 0011016111 by tux- of this war there must come newland the will-power to do s0. These ation. What I do suggest ls that opportunities for individual and for our children. Hence, we find that post-war planning is a suh- iSllIeS. Blit even more important._in i attitudes of mind and will have over a period of years governmen- been manifest in intelligent com- tal income must bear a reasonable pliance with price control men- relationship to governmental outgo f the value of the debt and the ject on everybodys mind and ‘my opinion. has been the growing currency and confidence therein lire 1111 vverybodys tongue. ‘Full realization of the value and slgrilf- to be maintained. Moreover, what employment’ and ‘social security‘ icance of voluntary saving, l.‘ have said emphasizes in my own 3V8 become almost household post-war relations I take seconlurlle t0 no man in eminent and individual enterprise‘- through our great national Vic- mind the need for an approach to ltory Loan and Wai- Savings cam- post-war reconstruction in Canada approaches. this post-uiar piann- lpaigns. in holding down the cost of along lines that will in every pos- iving and in providin s. basic fin- bible way encourage the processes of ‘days often took the form of a anclai reserve for mill ons of lndiv production and lnterchan _ licr pleasant, intellectual exev- iduizis. private agencies rather than cise, now looms up as a hard ecn- “Secondly, I su gest that the through the channels of ZOVCIIIIIIEIII‘ p between 801/1 511911111118- FOREIGN TRADE AND ITS IMPLICATIONS “Nowhere will qualities of init- ative and enterprise be more great- tic look at the post-war prospect arc likely to remain at a conalder- and price. I-Il h production costs at is to recognize that the reconvcr- ably higher level than before the home can str ke a blow to our ns- ustry to civilian produc- war. Under such conditions the dls- pirations in the export. field. Nor tlon, the re-emplo ent in petlce- tribution of the cost of government can we gxpgcv, our iorglgn cugtom- time pursuits of t ose now in the becomes a matter of peculiar im- ers to favour us at the cost of sac- Armed Forces and in war work mid portance. For if these costs are dis- riflce in quality, or to accept a the restoration of our extemnl trade tributed in such a way that incen- product not wholly suited to their on a satisfactory basis will involve tivcs arc diminished and individuals needsl Here I suggest that Canada, problems oi tremendous mamiitude. or corporations are thereby discour- with great natural resources and a And after giving full value to ev- aged or deterred from entering into highly intelligent nnd adaptable erything thatgovcrnmentaiagencies productive undertakings. then the population. has a potential advan- ' @1111 1190111113’ do to aid the traiisi- net result. will be a loss to the tage oi real promise. Is it not. con- tion from war to peace. there will Canadian people in terms of emplny- ceivable that with sklliul and carc- ful use of our opportunities. we "If We let Government do cvery- by resort to n long-term process of quality and a dependable standard? Then too. in the development of "The challenge is the greater owe the debt to ourselves, because 1ume of Canadian goods which we the bonds that Canadians hold to- iwould like to see thorn bu . In large conditions obviously will not be, dav rear-amt their work. savings measure we have met ths problem good enough. There are to-dayi mid self-denial throughout the in the war years by the simple ox- aomething like 1.300.000 more Can- “era rf war. and their assets for dient f l i ood away, It liriians lit work or in the Armed p. o in“; a s Jhe future. that llle trend of this will undoubtedly be necessary for Forces than at the start of thr- dcbt in rears to com:- dncs matter some time after the war to keep on war. We have an export trade that very much indeed. I am not alarmed doing this to some extent as artof is running at the rate of over tiireel at the size o! the national debt. our contribution in rehnbiitatlon :tall with the long discussions rm which took place within the Hank- ing and Commerce Committee when The Bank Act was under that in the record of the hearings many erroneous statements and other: were equally sure that the B. C. GARDNER General Manager REV ION OF THE BANK ACT The Bank Act revision was re- ferred to by the General Manager who said iii this connection: "Dur- tlic banking system of Canada was the subject of wide public zittc-iition as a result of the revision of The Bank Act. ‘Itic new Act. into force on September l, _ extends the charters of thc bailks scrvcd the country well and I am confident will continue to do so in the days that lie ahead." ford, Ont. the regulations and controls gov- embodles the result of seven de- cennial revisions 11.1’ Pl11‘1i~'1111~“111 0f the first banking legislation Dominion of Clanndzi by The Bank That Act in turn was iiie product of more than lmlf a century of previous experience. be- tlon of this Bank in 1817." REQUIREMENTS in the Bank Act and, continuing, said: "It would be difficult in the time at my dispo- sal_to undertake IIIISQCXIEHSlVC un- and rclicf. But to continue such practice on a wide scale as normal pence - time procedure would mean that we would be drawing upon our domestic financial resources to bay for exports, instead oi tnkinu pay- ment through ll. l‘i9l.lll‘ll flow of goods. Hence, We shall be compelled to adjust our thinking on international trade and finance to the realities of our post-ivar creditor position. “Both because of our tremendous concern in thc restoration of multi- trado nnd because of our position on international account, Canadians have a very direct and definite interest in the ‘Ci o I"! Monetary Fund and an Intemat- ional Bank for Reconstruction and Dcvclopnlcnt recently put forward at Bretton Woods. There may well be dctiiils in both these llysla 'of The Bank Act unend- ments. We naturally welcome such of the amendments as give us ex- tended powers to meet the soimd credit needs of our customers. We $11111 00mm to to, the fullest pos- sible extent with the new govern- of a spec fled nature available for domestic or export purposes. ‘rho new interest limitations will make it difllcult to handle some types of personal loans at R prom but this will not deterus from making ov- ery effort to meet the credit re- quirements of wort-by borrowerl. whether the transactions are large or small. While the main lending function of the banks must be in the short-term field. it is our de- sire to make credit available to every competent raon, firm or corporation requir g funds for‘ constructive purposes. In follow- lng this aim we hope that within reasonable limits and subject to appropriate safeguards it will be possible for us to extend credit of a somewhat longer term. particu- larly in the approaching period o! conversion from war-time to peace- time production. In this connec tion we stiall place special emphn sis upon the ability and integrity of the borrower. "The removal of the long estab-_ lished note-issuing functions of the banks follows upon tho cur-, tallments imposed in the 1034 re- vision. As the notes of this Bank have served as a well-known and 1 acceptable medium of exchange- u o a 1 for more than a century. we naturally re ret their disappear- ance. althoug in recent years thisl privilege has yielded litt ilrofit to the Bank. I e if anyi “I do not propose to deal in d6-;' banking and monetary theories consideration. It is unfortunate charges remain uncontrndicied. Some critics blamed the banks for extending credit too liberalluwhlle banks were tco restrictive. Much time was taken up with abstract. discussions of monetary policy and of such matters ns ‘costless credit’. ‘debt-free money‘ and the ‘100°..'. reserve plan.’ It is obvious that lacking extensive and expert study a number of specific proposals were put forward without knowl- edge of their real implications. “The Act, as finally passed, gives- the banks adequate scope to pro-I vide the snrne high type of batik- people are accustomed and which. indeed, they accept as a matter of course. The banking system. like is always capable of improvement and must change with changing times, but it is a system that has The unusual difficulties under" which the staff oi the Bank has‘ been labouring were referred to by the General Manager. who said in ‘$111511. 0111 this connection: "I now wish to are open to criticism. el that thc successful application of: the principles underlying these two proposals could do courage and facilitate the flow ofl international commerce upon which the fortunes of all nations of good- ' ‘will so greatly depend. SECURITY THROUGH RISK "To my mind. a survey of conditions under which Canada shall seek our economic objectives. leads to one inescapable conclusion. This is that real and enduring economic urity can only be achieved through risk. I do not know whether this is a law of economics blit I am convin- ced that it ls a law of life. This may seem at first slglit to be n ctirlciia doctrine to be put forward by banker. since bnnks. above all oth- er institutions, are popularly believ- ed to be rather more than ordinarily rte through , tzlibute to regard anything ‘risky’ with vcry scant favour. It would be a fair question. therefore. to ask what I conceive iiie function of the banks to be against the background that b bunk will be able to fulfill its post- wnr functions adequately unless it enters into that period with‘ coin-ago and confidence that only come from inherent strength resulting from sound policies con- sistently applied throughout years. TllflulhlfllltlOll of the Bank of Montreal is to carry into post-war years those same attributes of sound and constructive banking that have characterized our operat- ions in the past. Wbi proud of our long traditions does not mean that. we have been or will be tradition-bound. We shall t to seek new ways of cxtenclinu and improving our sor- vice to the colnrnunit and of play- ing a couraleoua an part in the year: thlt lle record our sincere appreciation of FL-Llfllh. Hlkfl-Slilllfi. 011t- {lie lcontinueduefficient seirvice nbtzd DY! CO-OQEIB 0n 0 CBO mem 1‘ lot the staff throughout another Bled in the Royal Naval Hospital. difficult year. They have coped Plymouth. Devon. Ellllandr on the cheerfully with an ever-increasing ‘ volume oi work and have main- Iillllltéffl a high standard of servlcewlly -AB81-B1I-111. T010111". 0M- 0 to the public. I feel I must add a special word of commendation of. our Managers. Accountants and other senior officers who have borne the brunt of the load in training new entrants and handl- ing successfully a largelyaugment- ed business. London "I wish £150 to gay particular _oir___sta in Post-War Building Explaining that the increas- ed .volume of business has a number of the banksoflices, Mr. Gardner said: "We nave adhered to our decision a- to our buildings in war-time, but in a number of branches we have rte-arranged the in- ter use of the space available and provide a faster and more gramme has of necessity been enlarged during the year. In- cludin the completion of our ‘Ibron building. the projects substantial contribution to at 012,000,000, after writlngpif 0500.000." mental agencies in making credit the daya were broken by igoeqlrent inc service to which the Canadian Tor-onto, QnL Stonewall, Mari. RECONVERSION PROBLEM flue..." Tum, Reviewing developments in the __ win i; L business field. Ml’. Gardiner said: lsgst up ' M“ "While business activity continilcd.onl_ at high levels throughout the past Pfgvlqugly Missing 0|, “u” twelve months. a slight recession sor-vlnh-ivnw Rgpnflgd pr-iwm," iii industrial production was in evidence in the latter half of thel year. Employment continues high|mn Pulls’ Qng and shflrlflks 01 11111119011/61‘ 15- 111g. Ranger, Joseph Alban, W0.» general, still a problem for indiis- one try mid agriculture. Retail trade has been active. with sales run- ning nilcad of last year's figures. The gross cash income of farmers has been particularly buoyant, and well diversified as between reve- ‘nue from fit-id crops, livestock and dairy products. Jnlkeith, mand Emile. 110., Big River, Sask. Previously Reported Missing On Active Service - Now Reported Gait. Ont. _ Previously Reported lllisiilng On “The business outlook is. of Active Service-Now For Official course. influenced by uncertainty us to the extent and nature of war production requirements. is probable that iii thc ensuing twelve months. major problems of icconvcrsioii of industry from war to civilian output will become an important. element in the business icturc. Already it has been found Tllbur , Ont. possible to make some relaxation war-time restrictions ln the use Armstrong. B. C of.matcrials for civilian produc- tion, and further developments in this direction. as niid when war orders taper ufl, should ease the ad ustments of the transition per- io . If the European war ends be- F0. Portland. 018E011. U. S. A. fore the war in Asia, the change from war to peace-time activity onto. Ont. will be in two stages and this will have an important bearing on the problems of re-conversion." Gilmer, Texas, L'.S.A riincg, Man. F0" Montreal West, Que WO., Millikcii, Ont. Dauphin. Man. Lieut., Solsgirth, Man. Edmonton, Alta. TRIBUTE PAID TO rm: STAFF! egvorhiiwodah Peter. P0. Winni- .D . an. 13th of November. I944 rkedericton, N ————————i' tax, N. s. - bridge. 1v. s. Programme 01111111911 Vanbusklrk. Douglas Lambert. Pte., Melvern SqutLrekN, S. caused crowded conditions in Saint John, N. B gninst constructing extensions Lower Glencove, N S teriors in order to make oet- Woodstock, N. . ‘convenient service lo custom- Montague Mine. Ha ifax N. ers. “our poet-Will‘ building pro- no We have in mind will make a Saint John, N employment in tin building Monoton. N. B. and allied tudu when labour Lovlgne, Paul Urban, Rm, Black is released from war aetivit- Point N B ' s. "Bank Promises are carried Nash Crook, ‘England. who. during the year, lliave undergone more trying hard- ships with the advent of the flying and rocket bombs. Apart. from those whose homes were destroyed or damaged. a number of them had narrow escapes. At the ofiice 5 i? sudden interruptions 1nd was added the anxiety of what might be happening at home. In spite of all this the staff at our two offices carried on successfully and cheerfully and with a dogggd fingclty for which no praise is o iAs I mentioned a year ago, the question of absorbing our men who an now on Military Service has been the subject of a great deal of study and our plans have been prepgred well in advance. It seem- ed us that many of them would be interested in knowing what our policy is. With this in mind we have prepared an outline of the present arrangements and the procedure we expect to follow ind sent it. with a covering letter. to our men serving with the Forces. ‘Briefly, it is our intention to place these officers on the salary and, within a reasonable time, in the position which they would normal- ly have expected to attain had they been in the continuous ser- vice of the Bank. Our object. is to see that they have not lost ground of Casualties ROYAL CANADIAN AIR FORCE OVERSEAS Killed 0n Active Service Cameron, Alexander Angus. Sgt. Ottawa, Ont. Ciurrie, Charles, FO., Toronto. n . East, John Douglas Alfred, F0, Kcrenieos, B. C. ogleason, Michael, FO., Toronto, n . Knowles Fred, I".-Sgt., Strat- ford. Olit. Lloyd, Deuel Detvitt, FQ, Lea- niingtoii, Ont. Martinson. Douglas Stuart, Fl.- Lieut., North Battleford, Sask. Pike, Lawrence Ellwln, F0, Ker- wood. Ont. Roy, Duncan McKenzie. l".- Sgt. Montreal, Que. - Stubbs, Norman Richard. Sgt... Previously Reported Missing-Now Reported Killed 0n Active Service; Kite, George Robert CvrahamJ all other fields of human activity. F0., Pettniilcce, Man. . Missing On Active Service After’ . Air Operations . Costello, George Arnold. P0,! k Laverne John, F0.. Brant- Kennedy, William Wallace, Fl.- o, On . Schlciliiiiif, John William, F.- E b19801. Julius. F.-Sgt., Toronto. 0i War -- Germany Crlsptii, Jean Paul, PO., Sturg- I St. Arnaud, Joseph Geoffrey Ar- ‘ Prisoner Oi War-Germany Nicholson, William, FL-Lieut. Purposes Presumed Dead Adkison, Thomas James, I".-Sgt.. Bclycn, Allan Contvriy, p0, Win- Crowdy, Charles William Cyril Dc Dauw, Andrew Francis, PO.. Dun ey, George Cyril, F0» Freeman, Alexander McGowan. I-Iarrigaii, James Francis, F0- Hutchison, Richard Baimaln. Mazur, Apollon Paul, 110., Tor- Roberts, Warren Ainsley Fl.- Shortliffc. l-Iance Logan, 110., CANADA Killed On Active Service Drake, Henry Reginald, Sgt... Grove, Sidney George Norman. ROY-AL CANADIAN NAVY O‘Leary, Stanley Michael, Stip- CANADIAN 1mm | OVERSEAS (ltlarltlme Provlncel) Killed In Action New Brunswick " ’ Quinn, Murray Francis, Lieut... lulled Iii Action Royal Canadian Art 0 needs of each partlculn St. Martins. N Ptc.. Sydney, N Black River, N. S. combeville. N aid. Gnta, Saint John, N. B. SAL” 'T JOHN. LV- CIIARLOTTETOWN M try. Their stnndi ‘ Fund society has“ “b91311 Lgisiheiiston " 86nd thlilllf cal/Emile llndtii-tahtimi roup e I iu been contlnuedflsurance H“ hat "We recognize time them will l, “"111 6i which to M15321: tiieriiRii/s "m1 1n ilian life and we proposes g’ S11v- lhem a period of r f .i. ing. varying in lenfglliis all", “.31; fore assigning in r cm“ b!- duties. We are sactxinsficii) rnernbe a of our Service will be efliiailtittfiveilil “Aim” in the Bank wiunn l. ,,,,,_,§,,‘°“° flme- There will certainly m‘ place for everyone and, we b ample scope for advancement " “Approximately 1,400 of our “um have enlisted! th A Of these men “amfwekfifid 33".“ xvnvlnelv proud and r wish t. " knowledlé $119 dEbl Of gi-ggttgg; ere long they will b . f . home. Sixty-mic ole dilrollénii-igl: men will not return. Our new.“ sympathy goes out to their r915. tivds and friends. Their me through their service to their coun- will be honoured for all time" mory Slightly Wounded Canadian Armoured (‘m-pi N31171- Rfly Iris, 'I‘pr, Gym“ ville Station, N, s_ Slirhtly w d N.S. and IKEJTNlRIeSllmcnt 5481114011218. Russell ‘Prize, pie Archibald, Harmony, N, g Meliinson, Alphonse Joseph m“ Weymoutli, N s Turple. Ernest Reginald, p“ Upper Kenlietcook, N, 5 Wounded Remainl o us. and r.r.i.nigtegi,'i.e,l.l"" Bputiller. John Roderick pl, . s. ' ~ Glace Bay, N ‘ti? CANADIAN AR O (Maritime Trovint-esl Killed In Action N.S. and P.E.I. Regiment Pate. Simon Amablc, Plo_ p..." Boulgcois, N. s New Brunsivick if ‘ Hollohnn, sJolm Josciiiglifncifiicul“ Sydney. N Jennings‘, Claudius l-l.ir,.cr 1,. N. B ' 58h. Janeville, Dangerously Wounded New Brunswick Rogimr-nl Jeffrey, Williiim Lennard. Pr; llolfgpictglirclyqn B-CTOSSIIIGII lsistel-l Seriously Wounded Now Brunswick Reglmfl" Brewer, Eugene Douglas Pr, . B. ' ' Fredericton, N Wounded N-S. and P.E.I. Regiment Otter. Josepn Patrick, Pita. ma. mouth, I-Ialifrx. N. s Perkins, Maurice William, 11th Bear River E,, N. s Richardson, tgeorgri Wilbur, PM“ Rockiand, N R0 William Clifford. rte. Y. Westviilc, N. S New Brunlv‘ k R ' Hamilton, II/Qlfllgfll fihlrlifmrtg, Moricton, N. B McFarlane, Cgorge Lynn, ply McLean. Donald Lionel. Pie, CIIZIIlO Station, N. B Slightly Wounded N.S. and P.E.I. Regiment Landry, Gervnse Alfred, Pte. Bourgeois, N MacGiilivray, ‘Stephen Lawrence. . S. Smith, Kenneth, Norwuod. Pie, New Brunswick Regiment Murphy, Mygs Duncan, L.-Ciil., ' Salisbury, N Wounded Remaining 0n Duly Corps 0f Royal Canadian Engineers McSavaney, Milieu, Spr, Do- minion. NS ms. arid P.E.I. Regiment Meisncr, Lloyd Earl, Cpl. New- Injured Accidentally Royal Canadian Artlllr-r Moore, Richard Atidci- l-‘ilairr- ‘* tr‘ i“ n1 UNC TON 7,00 A. M. 11,30 A. M. 619g i’. M. flMnnctun 0111.11 Fry, James Ernest, GriiifM-Iali- T0 NEW GLASGOW N.S. and P.E.I. Regiment Brown, Norman Leslie, Pie. Cam- New Brunlwle Bradley. Edward Leroy, Pte., Dangerously. Wounded N.S. and P. .I. Regime L00 P. M. ‘$00 Ono Wny 11'1"! n” RESERVATIONS-INFORMATION‘ PHONE 540-206] Carter, JosepE William, “PM, Wounded. Roconnnlaunce Units Rathburn, Douglas Hutton, Gnr.. N.S. and P.E.I. Regiment Lcwin, William Henry. I...-cpl.. i . B. Snow. Cecil Stephen, Pte, Syd- y. N S New ‘BHIIIIWIDK Regiment Ewart, Harry, Pie, Saint John . p. Goguen, Walter Joseph. L.-Opl., Horsman. Miiién Donald, rte. ouéilettef Roland Robert, rte. N. B. British Columbia Regiment I-fasnren, Eric Selcov. Pte.. nun. AIRWAYS E1111“ ll. J. MABOII OPTOMETIIIST Fitting and Séraplviiiz Glasses Montltuio. l‘. E- l- Ofiioo lloun: Ill t» 12 A- M‘ I to 5 1“- ' t llolltlayl ate. by aiwelnm“ Offloo Connected Fm‘ DlufflflTflna-