iv A Pact: EIGHT RRIIIDE EDWARD to-luv - sit. ISHQWS 3:30-7-9 VIRGINIA MAYO SINCE SURE EN -'ADVENlU.RE cit . . I TICHNICOLOI Extra: News of the Day-Novelty-Snow Fiesta-Cartoon CAPITOL TD-DAY - SAT. Shows: Mat. 3:30; Eve. 7-8:45 FIRST WINNER-S III MIRACLE FEED DDIITEST . . The Ogllvle Flour Mills Com. lpnny Limited announces the win- lners In the first plane at the i"Mlrnclo" Feed 3 Car Conan. A new Chevrolet Sedan was won by Mr. Janriea Pollock. I25 Trans-Can. 3130 Hlkhwsy East. Clillliwack. Other prize-winners nre;- Leonard Refrigerator: Ernest Jacques. St. Bernard. Que. Gur- ney Range: Ernest. L. Getson. Ba- ker's Settlement. N. S. Gainaday Washing Machine: Alexandre Bois- lrlair. St. Severe. Yamachlchc, Que. Console Radio Combination: -.Hector Chaumont. St. Lin, Que. Topper Radio: Leonard Anderson. SUSSEX. N. B. Topper Radio: Mrs. Gladys Hounscll. Sault Ste. Marie. Olli. Topper Radio: Jean Paul Biron. Ste. Briilitte des Saults. Que. Topper Radio: E. A. Birch. Gladstone. Man, Topppr Radio; Len Bolduc. St. Luc la Matte. Ab- Illbi. Que. Topper Radio: Jean .Fitc. Arscnniilt. St. Fcliclle. Que. Baby Champ Radio: Lewis G. Henderson. -Knowlton. Que. Baby ;Champ Radio: Mrs. William VV. & igfl.;lEll.CrIlbIItv Wlltshire. P. E, I, ll .V amp Radio: M . F d DDRDTIIY PAIRICK lLandon. Brockville. On? Bglciy IDOII ELDIEDGE - IAIIRA FUIIEI IDIEIT RDISKVIELI. - ANN DDIAII ta-iunuuuuia an--a IEPUILIEHILLCIDIE ,Champ Radio: Fcrme St. Joseph, .0tiawa. Ont. Baby Champ Radio: ,Mrs. R. R. Cooke. Grande Prairie. ,Alta. Baby Champ Radio: Fei-me '5'. Charles. Coin dc Liaise. St. Laurent. Que. Baby Champ Ra- tfxigi .81.; Bglrison. Shaughnessy. ,. 8- n.v rm Rdl: s. - M591 CQm8d.V - Cartoon. luei A. Batty. lilting. shat: 3?; Serial, "Pirates Of The High.Champ Radio: Andrew Cleln, port seas”. - -lltrlfiur, Ont. T; 'Wiil you be next?' Enter the . rs MBDCII II. J. MAEU" orromrrnisr FEEDS I-lltiirig and Supplying Clauses ' ' 2-Car Contest me: ' TODAY! I "ONTAGFE. "v E. 1- room office Hours: ID to I2 A. M. 2 to II P. M. "bL?NDgN - (CP) - Smallest ',', by .99., mm L . E Y be born at the London ., . l M Zoo is R wuth African marmoset. l-i Office Connected with Although classed as a rodent. this i Dlllg store. dimunitive creature is the smallest of the monkey tribe. OUGHT TO BE A LAW .THERE ' Eon WEEKS -may uao TIC row. l A ate moor our our -rue nan , ,. INTO ass-4 Si'l"I'Ei2 -roouatis. N0! WE MAD A DOZEN BABY gtTTER6' LIN D 1lcIfi1S1b'l'HE . mg UP tunnel: macs I gtxf;-i izvzgo our on us! iufbiigz WU C "T? !J . JIEI it K. J! rig EASTERN uuinniiii; THE. GUARDIAN. AGENTS:-MONTAGIJI: Ila:-old F. AGENT OEOIGITO Bruce IIIQPIIOO. Mina Joyce Wnlrgglnlon. MID Joan Jolutaa. Landry, lilrnrlyroa dtswart. In. x Walden haven. Montague: Tbs Guardian may bc' bought Biua Dome Restaurant. and Guardian Office; towa: Tag Post Offica: in Soui-la: Th. Slllck Bar ind ll. llicia. 'at the loilowlng places In in Georg. January lftth. Re- corded music. i . - . I Mr. Joseph Vuozzo. Montague. left last week for Toronto. where he will spend the winter months. ..fThe many friends of Mrs. Cari Stewart. Montague, are pleased to learn that she is out again. after her recent illness. Rev. M. Wat-terworth. and Mrs. Wntterwort-h. Lower Montague. motored to Red Point last week where they attended the funeral of the late George Dixon. JFUNBRAL OF MRS. MINNIE Mat-.LUIlE - Friends and relatives from far and near came to pay- tribute to the late Mrs. Minnie MacLure. who passed away very suddenly at her home in Murray Harbour North on Wednesday, Jan- uary fird. The funeral. one of the largest ever seen in the district. was held from the Murray Har- bour North Presbyterian Church on Friday. Service was conducted ' by Mr. Louis Harris. Murray Har- bour. assisted by Lic. William' Johnston of Montague. Music was by the Murray Harbour Baptist Choir. Hymns sung were "The Lord's My Shepherd". "Good Night and Good Morning” and "Abide. With Me". A duct. "Lt-ad Me i Gently Home". was fcelingly rend-l cred by Mr. Louis Harris and Mrs. I Al-bcrt MacI..eod. Pall-bcarers were. Lloyd Reid. Everett Condon. Wil- lard IIEBCLUFC. Ray Kennedy, New- ton I-lickcn and Hazcn Ma.cLuie. The sympathy of the entire com- mu'nity is extended to the bereav- ed family. RUSSIAN VIEW (Continued from Page ii The plan will he submitted to the Red Chinese regime as soon as the Assembly approve: it. It calls for: l. An immediate cease-firo with safeguards "ensuring that it will not be used as a screen for mount- ing a new offensive." 2. When a cease-fire is obtained, whether through formal arrange- ments or as "a result of a lull in hostilities pending some such arrangement. advantage should be taken of it to pursue consideratio. of further steps to be taken for the restoration of peace." 3. All non-Korean forces to be withdrawn in stages from Korea and "appropriate arrangements.- in accordance with U. N. principles. will be made for the Korean people to express their own free will in respect of their future gov- ernment." 4. "Appropriate interim ar- rangev.nents" to be made for the administration of Korea. pending the establishment of the new Kor- ean government. 5. "As soon as agreement has been reached on a cease-fire. the General Assembly shall set up an appropriate body which shall in- clude representatives of the Gov- ernments of the United Kingdom. the United States of America. the Union of soviet socialist Repub- lics. and the People's Republic of China with a view to the achieve- ment of a settlement. in conform- ity with existing international ob- ligations and the provisions of. the U. N. charter. of Far Eastern prob- Iems. including. among others. those of Formosa and of repre- sentation of China in the United Nations." .. HIGHFIELD W. I. On the evening of Jan. 8. Mrs. 1-talph Baldcrson was hostess to the members of Highfield W. I. The president presided over the meeting. which opened -with the creed, fol- lowed by the roll call and the min- utes of the last meeting. There were eighteen members present. The, treasurer reported a. pounce on hand of 858.15, and gave a de- tailed statement of the money made on the last three dances. A committee reported having pre- sented four aick persons with Christmas kifts. and em-euions of thanks were received by the 1". stitute for these gifts. It was stated there are now snough bundles of wool ready to ship for blankets, and that. these. mtg be sent away in the near lu. Ana Lee: was AN uouiz Airrsrtoisv GAVE THEIR TICKETS AWAY 746- . A new sick committee and a Eyfgggqlyg or Shorter. -7. us MA! :- CE5 SiIRPRt9E vounsaizt ".)'!-?333'u'"'?a2.'5.'5 ' Pl.AN6AFzR'I'llE arda 5 Son. ----'1-VANCE. I-Ower Monlaiiue .31-Ila friends are pleased to see hill. Friday. Mr. Arthur MacNeil. Montague, back to work, after being confined to his home for the past week owing to illness. "C. G. I. T. HOLDER SIS!!- .VlCE-The Murray River C. G. I. T. held a church service in the United Church on January 'i'th under the leadership of Mrs. Jack Ferguson. The president, Ina Acorn opened the service. followed by responsive reading led by Marguerite Saunders. and the singing of the hymn "Jesus Keep Me Near the Cross". This was followed by the Scripture reading and prayer by Ester Ferguson. and the Lord's Prayer in unison. nfit-r whirh lhc choir sang "I Am Thine 0 Lord" and a special numbrr was rendered by the C.G.I.T. choir "Toke Time To Be Holy". The C.G.l.T. anthem "Let The Sun Go Round was the Earth.” The meeting was then closed by the singing of ''I Am Thine 0 Lord" lol- lho Benediction. hymn lowed by Prayer Services At Montague continue Trinity United Church. Monta- i:uc, was fillcd to capacity Thurs- day evening for the fourth meet- ing of the Universal Wcek of Prayer servicrs observed in Mon- tague this week. The service was conducted by Dr. A. D. MncKen- zie. The guest speaker was Rev. M. D. Dunibar. minister of Central Christian Church. Charlottetown. lie delivered a penetrating and hcl-pful Iddrcss. using for his text St. Paul's words to Timothy, "Stir up the gift of God that is withiii you." He spoke especially to the young people. cautionin-g them that they could destroy. store u-p or use their God given talents. He con- cluded with the. words, "It all dc- pends on you." The music was under the direc- tion of the organist. Mrs. Howard Vickerson. Special music by the choir included the anthem. "Take Time To 3e Holy." The meeting opened with the hymn. "Come Holy Ghost". foi- iowecl by prayer by Will:aiii Johnston of the Baptist Church. The scripture lesson. the first cha-pter of Second Timothy. first eight verses. and the 12th chap- ter of John, the twenty-third verse. was read by Rev. Paul Richardson. minister of New Glas- gow Christian Church. Following the-singing of the hymn. "O Come Let, Us' Sing To The Lord". Rev. F. N. Young of the Presbyterian Church led in prayer. The meeting closed with the hymn. "Faith Of Our Fathers" and the benediction by Dr. MacKenzic. new school committee were named. Mrs. Perley Taylor and Mrs. JOITII Stockman were appcintcd to confer with South winsloe Institute re- garding the furnishing oi the teach- er's rocm in the new school.' The hall committee for the com- ing month eonsisLs of: Mrs, Pet'- ley Taylor, Mrs. James Cotes. Mrs. music. A janitor is to be located as soon as igzsslblc. and it was voted to hold wee ly card parties. concert: Munn. and Miss Morrison. given to Elie March of Dimes fund. will be Mrs. Saundcrson and Mrs mittee in charge. stavao time A Aginier "MIC lt- Bryenton and Mrs. Neal. It was moved and seconded that the fccs for the use cf the hall should be 55.00 for all outside of the district and (3.00 for all district functions. except men's meetings and school The following persons were ap- pclntcd to get material ready for a Mrs. Wallace Rodd. Mrs. Guy Kennedy. Miss Vlllett, Miss It was moved and seconded that all bills be paid. and that 110.00 be The place of the next. meeting is undecided. The lunch committee Pcrley Taylor for sandwiches. and Mia. weeks and Mrs. aid-ney Taylor for cakes. The meeting adjourned, after which lunch was served by the hostess. assisted by the com- , erlcsn CHARLOTTETOWN Muiray River JWMS. Meeting . . . . The monthly meeting of the .Womsn'a Missionary Society of the United Church. Murray Riv- er. was held at the home of Mrs. 'Myron: Fergusson. on Thursday evening. Jan. it-h., Due to the absence of the president. MI. I”. D. Bi-ehaut presided. and tha meeting was opened by singipil "Standing M The Portal." The secretary then read the min- utes of the last menus which was followed by roll call. Thirteen members and one visitors were present. This was followed by the: theme of worship which was "God working together with .us". and was very appropriate for the oc- ginning of the new year. The members then joined I: singing "Jesus Thou Divine Coin- panion". followed by prayer by the leader, Mrs. F. D. Brehaut. after which the worship service closed by singing "rake My Life And Let It Be". .The following reports were read and adopted: Secretary's report for the y ar; report of the Mission Band y Mrs. Giddings: report of temperance and citizenship by Mrs. F. Giddings. This was followed by H19 new business. Mrs. Brehaut asked the members to plan to sand I box. to the needy people in Europe. first box to be sent" in March. The program wasla stony. "The United Church Re-enters Japan Through Partnership ln Church Work." Chapter four of the story was given by four members: Part 1, Christian education in Japan was read by Mrs. E. A. MacDon- ald; part 2, Work camps in Ja- pan. read by Mrs. Dr. B. C. Keep- ing; part 3. Women's work in Ja- pan. read by Mrs. F. D. Brehauut; part 4, Rura work of the Church. read by Mr. Walter Dalziel. The society was invited to the home of Mrs. Daniel Giilis for the next meeting. y The meeting closed by re-peatms the Lord's Prayer in unison. A delicious lunch was served by the hostess. aid was followed by a period of fellowship which was enjoyed by all. Murray Harbour North and Vicinity Mr. Elmer Millar of Murray' Harbour North was a recent vis- itor to Charlottetown on business. Mrs. Samuel Lecco. Point Plea- sant. is spending some time vis- iting her son-in-law and daugh- ter, Mr. and Mrs. David Irving. Mr. and Mrs. Roy Clow. PIUICUG and Judith Ann, Montague, were recent visitors to Murray Harbour North. the gucsts of Mr. and Mrs. John Claw. A Christmas.pariy for the pupils of Peter's Road School was SW9" by their teacher. Miss Muriel Pcardon. at the home of Mrs. Raulston Johnston on Friday, Dec. 22nd. Games were played after which a delicious supper was served. Later in the evening Santa Claus appeared with a well filled pack much to the de- light of the children and especial- ly the children of pre-school age who were brought to see Santa by their mothers. Services on Sunday were held at Murray Harbour North:Pre.sbyter- ian Church in the morning and Peter's Road Church in the after- .noon. and were conducted by Rev. E. C. Evans of Charlottetown. Rcv. Mr. Evans brought an in- spiring mcssagc. choosing his text from Revelation 3. verse 8: know thy works: behold I have set before thee an open door. and no man can shut it." Hymns 8003 were "Let Us with A Cladsome Mind". "At Thy Feet Our God And Father". "Siandin-g At. The Portal." and "0 God Of Bethel By Whosc Hand." 2o.tigtLiisi5 tcontlnued from Page 1) .Cm.:M..::m-- ground one and a half miles south of Wonju Thursday night. It was filed at io p.m. Thursday (8 A.M. L28. T.) but was not received in Tokyo until early Friday morning. Wonju is 8 key rail and highway centre 45 miles south of the 38th parallel of south Korea. lind as miles southeast of fallen secul. After titres days of fighting south of wonlu. a.n estimated 2,100 enemy dead and wounded littered the 1 freshly fallen foot deep snow. The vetonn 2nd had driven a four-mue bulge in wad lines south of Wonju .in a counter-attack ita- algned to Interrupt the timetable of the expected Oommunist offen- sivc. - l A and Division apckasman said an Allied soldier who escaped fom Red captors roporfod that I num- bar of communist trauma in the Wonju area were withdrawing northward becsusi of intense Allied artillery fire and tbat...lI9I.Vy.- cas- ualties were inflicted on the Reds. In their stubborn atand nan Wonju. the Dutch. Franoh and:Am- troops had stopped cold a drive by 80.000 north Koralns. - j: MPALIAI toontinuoinrom Page ii i from Anglo-saaon todgaa generally and anti-rralialoua tsndsnciaa tau lad it into frtctlinrwith state an- tttoritlss or the -Vatican ' ' llIdoIl!lI'I Fascist- ba ed imam mm Italy on , :I'lll'lO that it was giidin definite clarification of the our "1 attack the symptoms and leave the vly. The dam-es acid they must not ' ions of canon Law No. cu when lGV01'l!ll'i'0III - w ' on - A loobaaman at the headquarters of llotaryintqrnatlonai in Chicago u Physical controls. useful a real ottocli on in expenditures must How the inflationary splml can undermine the very basis of- free Canadian democracy and the pos- ltiva steps which should be taken now to meet this threat were em- phasized by James Muir in his Pres- idential address at. the annual meeting of shareholders of The Royal Bank of Canada. The Korean war. sold Mr. Muir. and the threat of war elsewhere. had posed new inflationary prob- lems on an economy already fatigued by the long struggle against infla- tion since the clcse of world War II. I "We no longer have that excess, capacity in capital and manpower that made , lble more guns and more butter in the early years of the last struggle. "Full employment of men and re- sources is a symptom of ecommlc strength in peacetime. It mean: however that any additional de- mands upon the economy can be. met only by curtailing demand eiso- 1 where. This means that the addi- tlonal demand umn our economy arising out of rearmameng must be met. by cutting back our normal; peacetime demand for capital and consumption goods. COST OF REARMAMI-INT "This curtailment. of peacetime de- mand is the cost of wartime realm- ament. This cost cannot be post- poned. It must. be met at once. and the fundamental problem of war; economics is to ensure that only the least essentlal:pa.rt of peace-- ttme demand is thus curtailed. "In this way we can reduce the dislocation of our economy caused. by new armament expenditure. If we can reduce this dislccatlon we can increase the effectiveness of! our war effort. and at the same time we can ensure that the free-I I I dom we alrri to defend will in fact be preserved. "what part of peacetime demand oan most economically be szicrlficedi to the needs of defence? I "There are broadly three areas of l demand in which cut-backs might. conceivably be made. They are tlit the demand by consumers. espec-1 ially for durable goods; (2) the de-. mind by business for materials needed in the expnnslcn of plant: and equipment; and (3) the de- mand by governfnent for non-mtllt- ary goods and services. "Further inflation can be avoided if the money value of increased armament is offset by the reduced demand by consumers. business and government. for non-military goods and services. CONTR.0LS'NOT ENOUGH "once the limits of voluntarv saving have been reached we are forced to rely on increased taxes. and on physical controls. Physical controls may operate indirectly through credit curbs or directly through government. allocation of scarce materials combined in vari- ous degrees with price control and rationing. "These physical ocntrols are not. properly speaking. deflationary at all. From bitter experience after the last war, we know that physical controls conceal but do not direct- ly reduce Inflationary pressure. They disease itself unchecked. Their proper use is to divert demand from scarce to relatively less scarce goods and services; or. in some cases. to provide a stop-gap until fiscal and monetary policy can reduce infla- tionary pressure through direct ac- tion. Physical controls have their use. especially in total war, but ey are no substitute for devices at really attack inflation. TO FIGHT INFLATION "The suggestions made in this ap- praisal of ways to fight lnflation would. I think. be broadly accept- sbla to A majority of citizens, whe- ther inside or outside the govern- ment. I would summarize them as follows: 1) Voluntary saving through the patriotic restraint of consump- tion should be encouraged. by the precept and example of ltovernment. business. and private citizens: l.e.. through less non-military expenditure by government. less capital ax- panslon by business. and less consumption (especially: on credit) on the part. of private citizens. Voluntary saving should be Gnocllflled. borrowing dis- couraged. and fiscal policy made effective by allowing a continued movtment toward higher intorsat rates. Taxes required to prevent in- nation should penalize con- atnnption and reward saving. whether through direct tau: Ivan attend Rotary inoatlnga. Layman. the decree said. slbuld tic aaliortod to follow the dfapogn. Rotary ia oonosrnad. Thai law warns Ostito as against. ineinbaealitp ucrat ornniaationa. llsaliurtan uolto-ian x h-gfunlaatlon had navar tis- diniroit that ha ooiitd rutnaanboa. "we aantt this pna--put." 3753.-'.'i'aii:"-'.'l-3l't.l... .:...".'.'i''':.. &Il. - If Ballad ..A.s fCC1'HI,Xi, -iv .- progro Hid taxes. but ef-Gfnni vfgilum I The Motilzingl of is The Royal: Balnlt o Volunlcy Curb on..Spendlnq Would Speed Re-armament and Preserve our Free Economy but no substitute for floflon. Non-military be cut. President proposes four point anti-Inflation INCOME TAXES COULD BECOME TWO-EDGE!) SWORD The most powerful weapon in the fight against inflation is gen- erally supposed to be 3. stiff in- crease in tlie income tax. But the test. of efficiency must be lvhli any income tax increases Shell penalize spending and re- ward saving. Such a criterion would rule out drastic increases in om-poratc taxes, tend to enooursga wastsi in management: and. in addi- tion. excess profits taxes are or- W-1'R-Vy In their, lmplct and in- flationary in their final effect. The personal income tax is it- self a. blunt instnirncait. that may hit. spenders and savers alike; nevertheless it may prove in bg "16 Only weapon with sufficient power to check spending. even though in the process some sav- ing is hit as well. To minimize these faults. and to ensure fairness. I would sug- gest that. any increase in income tax burdens should recognize: (i) that an effective attack upon inflationary spending can only be made by broadening the tax base through lower personal ax- emptions; (2) that equity de- mands the vigorous reduction of income tax evasion, now all too apparent outside the fixed wage and salary group: (3) that equity and efficiency alike demand the exemption from income tax, wherever possible. of the bona fide saving of the public. In its simplest. form. this might in- cluds the limited exempti of insurance premiums and or net purchases of savings bonds over the year. I am aware that to ixnplgmgnt the third suggestion may be work for a genius in political and so- cial invention; but. it go, we should be looking for him. Om. envlse. as tax rates rise, the blunt instrument of the income tiu may be a dangerous and perverse weapon that pen- alizes saving even more than it penalizes spending. The failure to exempt saving when income taxaa are very high W111 I103 only reduce their power to prevent inflation in the short. run. but may in the long run prove ii positive danger to dem- ocracy itself. The extremes of "left" and "right." in the wo:l.l today are mediated in the great, democracies by a strong middle class. It would be a tragedy in. deed if democracy mould perish because. in the supposed interest of its own defence. it liquidated this guardian of democratic ln. stltutlons. on consumption or through income taxes that exempt to some degree the bona fldo saving of the public. DITOCII . especially In the form of price control and Hilonlntt. should be measures of the last resort. and should be trsatedas afobgap devices. not as substitutes for a true anti-inflationary pollcy. "Pellhlilil we should not ignore the possibility that. having failed to realize their hopes of capitalist col- IHDSC ihlwlh post-war depression. the oommunis- are now trying to engineer capitalist colinpsti through the inflationary pressure of a con. tinuous armaments bcoan. But onca the required t of : LAIWUARY '19si: Ill'.l'CIIOIJGf.r8 F Car-ash Genard Reports 2 Million Deposit Accounts '.ll'.H. Atkinson. aonmi Maud in reviewing the bank's 1950 Anauegrf Rwort. stated that total nuts -0; The Royal Bank of Oanadn now 080905011 83.497.000.000, the highest Mint in the field of oanadtsn bang. flux. Deposits has also Incregged i't2”ii:i:..” .::.-r ...”'i?I2”""- n e t th;hbank. pa - "i ”' are had also been a grntifylng increase in the number or the ba.nks' depositors. the act-uni num- ber of accounts being over 2,000,000 mteticauy i.soo.ooo of which wen; in Canada. "Since January 1, 194,5 the number of accounts on om! books in Canada has increased"bv about 600.000. or me." said Mr. Ali. kimon. A An increase of 3926.093 in pmms was noted by the General Manager. MW Dl0V1dlng for the usual de- dllctiull-S. including taxes of u,ou,. 000. and dividends. there was . carry-forward to profit and loss ac. count of 33.059325. bringing on. M. count to 36.V20.030. From this tom, 8.000.000 has been transferred to the Reserve Fund. which now stood at 850,000,000. NEW BRANCHES "During the year. is new bram-h 0mm were completed. in addition to which rather extensive renoi-.1. tion were made to 63 other officcll. Work was commenced on an addi- tional 14 new branch buildings has to extensive alteration pi-ojectg which work had not been completed by the year's end. we have qpehed 24 full-time branches and 1 arm. branch. we are now operating 55:; branches and 3'1 sub-branohesl in Oansda." . t : AID T0 TRADER-S The General Manager rgpoj-gm another satisfactory year for the bank's branches in the West. Indies, Central md South America. and in other areas outside Canada. Ila noted particularly the Important service performed by these branuiica I” Iwmtal-1118 I-nd promoting trade between Canada and other nations, All Imvcrtant and necessary coin- Diement to the Government's trada activities "are the banking aorvicss and first-hand knowledge which our branches abroad 'can and do oun- tribute. Wth our chain now nam. boring of offices outside of Canada trained on the ground. speak the l-niru-ac. and are fully ccnvsrasnt with local requirements, ws no in an unrivalled position to assist Can.- adian exporters and all those dir- ectly interested in the development Of 10l'Eilm commerce. over the years the foreign service of the bank has offered xccllent opportunitics tn Null: Oanadfana who have desired to make a cores: to international banking. Such opportunites still 9X1" 901' young men of courage who have the background Ihd..pg'.p.gg- tion required to qualify for fmu Domini posts in our foreign net- work of branches. . . TRIBUTE TO ITAFF "The Rratifying figures we iiava before us today are due to a v" 1311! degree to the efficiency, is - thusiasm. and aggressiveness of tha members of the staff rom junior clerk ill). and it is fiting that it ” ':' say to them a. format but very sincere ttliankr for a Job well done. "In the ordinary day-to-day busi- ness of the bank. our staff contin- ued the happy tradition of frienilli; nau always associated with Tho Royal Bank of Canada. "For their friendly ocnduct of bus- inais as well as for their readiness to use and meet emergencies. I sit- Imu the thanks of management to our ahnost 12.000 staff members and as well to those other employees of the bank who contribute so much to the efficiency of the orgmlzatioii. "1 con assure the Directors and " roholdsra that mounts is high. and that whatever new crises coma Il90n' us it the now-opening year. your staff will nieasurs up. I expansion has been determined. the inflationary problem created by that expansion must. somehow be met. "As a means to this and I should like once more to unphaaizo the moral and economic obligation of democratic governments to main- taln ordinary expenditures at Lhg lowest possible level. If dgmocnuc governments fall to most this ob. lllllvlon. they will in effect be giv- in: t measure of aid and conifnlt to the enemy. At this stage, the molt linportlmt weapon in tits whole arsenal of wa.r controls is the control of ordinary government ox. lllndlture. . k knphatically. the plea of mu- 8?IODy is not only the expcnditm-Q o vaattsuma provided by gum" the uses to which than funizsoiig but. A major dsfancs effort has with In Impact upon our economic resources and our standard of uv. ing that a dainocrll-It government 33331 l.f”it'tilildIt i..?'.i.?i'i'i'"'3f..' 1:; preserve the "RID! its ordinary ir..rrr..”.......- we or . . 39 political and mg a munbaranlp i Until? alnbsln . lefxrapbf y "09 by up- to any trouble with the M the absolute minimum. "We have all heard it said at one time or another that American cnii-' ital is taking over our economy. My "P17 is simply that. if this is true. ' then we have no one to blame buf- ouraalves. if camdian capital Is not pinyin: Ilarge ancugh part in ne- veloplng our resources and exp.ir.d- I'll 0"? Ind"! y. the reason mint. ba not that Canadian capital is too macro for the job. but that. in spite of the high atokas. Canadian Clllltal refuses to take the risk; From here on let. us see to it that our vision, our energy -and our risk- itgking spirit are not found want- g. Actuclly a new spirit of enterpris- isabroad in iha land-personally I nlgelftgtuflnith In it. i inufhve lung spr nppropr to a rut Canadian claarsclar, U. - '-, .13 may not.ta.too, much to how that Canada may become, 9 it ware. I -woe niodal of the free e . and a constant nminder to the writ: at lam out to. nomlai freedom is " and at road to - . t I the .road . "..i'..."i......' .. -u . ' (JIM. iii hm