VI-IE GUARDIAN PAGE THREE JANUARY 12. 1952 - ' t,iitJnt.l'i of ENGLAND "5. PETER'S CAIHEDRAL Anglican Ilochford ", . the Reverend Canon'E.M. Malone M.A.. D.D., Incumbent. Miss Suzanne Brenton. Lie. illusio- organist and Choir Director SUNDAY SERVICES 5.00 a.in.-Holy Communion 10.00 a.tn.-Matlns 11.00 s.m.-Choral Sermon 2.30 p.m.-Sunday School. 7.00 p.m.-Evensong and Sermon. Daily Services as usual. . ALL SEATS FREE. EVERYBODY WELCOME A-mm---j?'Tj1"r S. PAUL'S ANGLICAN CHURCH THE PARISH CHURCH Established I169 by Royal Foun- datlon. rhe everend J. T. Ibbott. Rector vi.-. Royston F. Mugford. A.R.C.0. Organist and Choir Master. L30 p.m. Holy C ' I,-,.ymen'a Associati . Corporate Communion. 0.00 Sunday School. 1.00 Morning Prayer and Sermon. Subject: "The Urgency for Loy- alty." 7.00 Evening Prayer and Sermon. Subject: "My Father's Business.” 3.15 Fellowship Hour, at the Rec- tory. ' PRi:3BYliiklAN - UTHEIKIRK or s."iAMss" The Reverend T. H. B. Somers. M.A., S.'I'.M-. Minister Miss E. Lillian Molfcnsie. Mus. Bae. Organist and Director of tho Choirs Eucharist and 10.00 a.m. Church School. 11.00 a.m. Divine Service and Ser- mon: Past." inthem: "Grant Us Thy Peaoe".- u Mendelmohn I p.m. Vespers and Meditation: - "The Epistle to the Romans." Solo: ”I Wonder as I Wander" Appalachian carol, arr. Niles -0- Miss Muriel Hurst. Inihem: "Blest are the Pure of Heart"-Eaton. VISITORS CORDIALLY WELCOME ZION PRESBYTERIAN CHURCH iciiilu-cuts TOMETITBW "What We Owe to tho- GOSPEL HALL Upper Prince street Order of Meetings for Lord's Day IO A.lil.-Sunday School I! A.M.-Breaking of Bread 1.30 P.M.'-Gospel Meeting "ettlng forth man's total deprav- IIY till! salvation through the re- demption which is in Christ Jesus. All welcome. no collections. United PEN Ecus I Al, CHURCH 3'! Elm Avenue Rev. Quincy Stairs. Pastor. Phone 27904.. SERVICES 10 a.m.-Sunday School 11 s.m.-worship and Praise 2 p.m.-Children's Church 6.30 p.m.-Prayer 'l p.m.-Evangelistic Meeting. EVERYBODY WELCOME "The Church That's Different." IRINITY UNITED CHURCH Ministers: Reverend II. E.-I). Ashford Reverend J. T. Irwin Ch 'rmaster and Organist: Raymond Player, M.A., Mus. Bar. 11 am. New Year Family Service. Sermon: "I was Here when It, Started". Solo: "Come Ye Blessed" -Phyllis Coffin. 7.00 p.m. Sermon: Reverend Mr. Ashford begins a new series on the Ten Commandments - The C d ' Everyone Breaks. Anthem: "Lord, For Thy Tender Mercy's Sake" (Fan-ant). (Scott) THE BAPTISI CHURCH Corner Prince and Fitzroy Streets The Reverend James D. Davison. B.A.. B.D.. Pastor. Organist' Mrs. G. Elliott Full a. .. Sermon: "What A Time For The Gospel!" Anthem: "I-last Thou Not Known?” -Pfleuger. 12 noon: Church School. 7 p.m.: Sermon: "When. Gain Is a Sure Thing." Hymn-Anthem: "Softly and Ten- deriy," Anthem: ."Turn Thy Face From Our Sins"-Sullivan. TIE SaIvaIion Army: Prince and Grafton Streets Reverend G. Carlyle Webster. nlster organist and Choir Director Mr. Frank Johnston. A.T.C.L. MORNING WORSHIP 31.00 a.m. Theme: "The Fourteenth of John"-Mr. J. E. McEwen. liymns: 37. 606. 612. .1nthem: "Bless The Lord 0 My Soul" (Inavoss) ” 2.30 P.M. The Church School. All members are urged to be present. EVENING WORSHIP 7.00 p.m. Theme: "The Door of the Kingdom". Mr. A. A. MacDonald. .i.-itlsem; "God who Has Made Earth and Heaven". , iiymns: 592, I52, 075. Hymn Anthem Selected. Anthem: "And the Glory of the Lord"-Handel. "Enter into his Gates, with thanksgiving and into his Courts with praise." i YOU ARE CORDIALLY INVITED T0 WORSHIP WITH US. CENTRAL CHRISTIAN CHURCH 2l9 Kent Street. Marvel D. Dunbar. B.Th.. Minister. Miss Thelma Burns. Organist and Choir Director. 10.00 s.in. Islble School and Family llour. 11.00 a.m. Morning Worship and Communion. . Anthem: ”Dark Was the Night." Sermons by M. D. Dunbar. 7.00 p.m. Evening Worship Service. ll'cmen's Sextet: "Room In a Man- let". sermon by M. D. Dunbar. Central Christian Church in- ilies you to the services of the Lord's Day, The British. and Foreign iiible Society IN CANADA AND NEWFOUNDLAND PRINCE EDWARD ISLAND AIMI'I'.IARl' 0! FOR sonm GOOD NEWS! From any lands come many rep ris of many hap- Denlngs. In the main evil . tidings predominate and sand tidings are scarce. but It is well to beware of al- lowlni bad news to blot out ""”l'01)' what is of good re- port. "Al cold water to a thirsty soul. so is good news from a far country." and "the feet of him that bi-ingoth good ildlnin" sounded like beaut- iful music to listening hu- mmilty. In- the Bible the Good News is proclaimed with no uncertain note. and it is for UI to hand on that Book to all mankind. Gifts will gratefully re- ceived throu h the Bible oust. I00 litaroy I II Charlottetown. P. E. I. "HOME OF EVANGELISM" Great George Street Sr. Capt. and Mrs. Les Titcombe Corps Officers. Saturday 8.00 p.m. Prayer and Praise meeting Sunday li.00 a.m.: I-Ioliness Meeting - Topic: "Believe It or Not." 2.00 p.m. Directory Meeting. 2.30 p.m. Sunday School. 6.00 p.m. Young Peoples Meeting. 7.00 p.m.: Salvation Meeting - Topic: "Engaging the Enemy." WISETESTON. Hereford, Eng- land. Jun. 11w(APl-Brig.-Gen. Sir Joseph Frederick Lnycork. 85. died last night at his home after a short illness. H-is son, Muj-Gcn- eral Robert Laycock, was Bri- tain's chief of combined oper- ations during the Second World War. -O-O-O40-CO-O-O The Standard Requires a few smart carrier boys and girls for home delivery service in Charlotti-towii. All boys or girls intcrcstcil in selling t is , ' weekly newspaper telephone I241-L between '1 and 9 p.m. Friday and Monday or Sat- urday afternoon. Our local super- visor will be pleased to interview you regarding a personal route. OGO44OO4O4O& .m.:. FOR Tailoring and Alterations RITE - WAY CLEAN ERS Phone 2387 FOR THE BEST Ill iIlilIiiS'I'0liE IIEEIIS V Stop It -p.....a.o....'A...nui. Mussel sun vin- m O0Ml'i.h.TIf. visual. REFIIAU 'iiIN and ANALYSIS G. F. HUTCHESON In SON Optometrists ....... Strange But True ' By F. It. MacArthur "Children of the Moon," is what some Indiansol California call the shooting stars. and when the maid- ens of these tribes seea shooting meteor they face to the ground and cover their faces fearing that if the meteors saw them, their faces would become ugly and dis- eased. The Mexican Indians have a great dread of failing stars. be- lieving they are dead sorcerers coming to the earth to avenge a former enemy. When they see one they go into a huddle and scream. When setting out on a long journey. the Moslem takes along a death garment. If he gets SICK, the caravan moves forward with- out him. Should death be near the sufferer performs the sblutionx with sand, Then he puts on the shroud. digs his own grave with the pile of sand on tlhewindy side and trusting to the desert-blast to cover him, he quietly lies downto await the end, with a last prayer and his lonely grave may not be forgotten by the resurrection ang- el. at the last day. We should overcome our dis- couragements like Disraeli, whose maiden speech in the House of Commons was a flunk; or like Theodore Roosevelt who became tnnge-tied in his early speeches. or like poet Alfred Tennyson. who faced the fiery blasts of criticism when his first volume appeared; or like Thackery when the publish:-v-: rcfused to consider his "Vanity Fair," or like Thomas Edison, who was kicked off the train where he worked as a ncwsy. because something he was experimenting with exploded. see Ilorse races in honor of the dead. wnre held by the ancient Greeks. When the person so commemorat- ed had been a leading blgwig in his lifetime, his ghost would be deemed cqually powerful after death. and the games celebrated in his honor might attract crowds of fzins. In ancient Ireland, horseraclnz played an important role at. their festivals. But trade was not neglected, Marriagcabie girls were bought and sold as wives for one ycar. The place where these sales took place still bears the name of "Marriage I-follow." At the fair of Taillen. the horses and chariots alone, exclusive of the pedestrians, extended in an linbrokcn line for more than six miles. The event usually lasted for two weeks with a horse race be- ing held every day. Harpcrs and pipers bhe music. and lords tales of murder, love. adventure. clc. Prizes were awarded to the best performers in every field, as they are in our day. Believe it or not. but the world's population has increased by 826,- 000,000 since 1900 and is now going up at a record net daily rate of 60,000. furnished recited tall After a whale drifts ashore the Maritime natives of north-eastern Siberia hold a communal festival. The idea behind the gala event is to show the sea monster that it is being respected. so that its relat- ives will come in numbers to be killed. These people entertain the 1 curious notion that whales con- stitute one family and like them- selves live in villagcs. when a white whale is taken the women put on masks which are supposed to guard them against the spirit of the white whole which. they fancy. hovers invisible in the air. - These superstitious folk, when they catch a sable, permit no one to see it, lest good or evil be said about it, The mere whispered word "Sable" would cause the other sabics to leave the vicinity for their home in the great waters. I O O Cari-icr Indians who have trap- pcd martens or beavers take care to keep the dogs from eating the bodies-; for if a dog were to eat these animals the Indians believe that the other martcns and beav- ers would not allow themselves to be taken. our forefathers attached great importance to dreams and many of them uncovered more mysteries in their sleep izhan they could ex- plain after waking. If they dmanii. of ii green garden it meant the death of a friend. etc. But let me tell you of a dream that came true. St. Cyprian, in a dream, heard the order that he should be be- headed. Just. twelve months lafcr. the dream was fulfilled in all its particulars and his head was struck off. ORE DEPOSITS The Erzgeblrge Mountains sep- arating Bohemia and Saxony in Europe are rich in silver, copper, tin, gold and iron. ....?.....m nunns Anniversary concert .iAii. 25th. P.W.0. Auditorium : STOPS RITICVNEURALGIC emu! ASPIRIN THE CENTRAL GUARDIAN This column is reserved for news of local interest, but advertising of a newly nature may be Inserted at five cents a word, strictly pay- able in advance. JIMMY'S TAXI - Phone 525. isowann. M.selNNIS roos- WEAR at 175 Queen Street. CRASWELI. for Better Photo- graphs. MADE TO MEASURE suits for men with extra pants free at Jack Cameron's. PLAYTEX GIRDLES now Ii. new lower prices at The Fashion Shoppe. FROM THE Auld Sod. cloths. at J. P. MacPherson and Son, tailored-to-measure sale at 2079 discount. SATURDAY SPECIAL at Slew- art Bakeries. Molasses Layer Cake, thickly coated with fudge icing, new and delicious. YOU'LL DELIGHT the kiddies with our tasty cookies, and wide variety of quality bakery goodies, visit our store. Stewart Bakeries. Ma.cDONALD RADIO SERVICE 180 Kent Street. Radio repairs, sound equipment. Disc Recording Rogers Majestic and Stewart War- ner Radios. ' CAVENDISH UNITED PASTOR- AL CHARGE. - Sunday, January 13th. North Rustico 11 A. M. Stan- ley Bridge 2.30 P. M. Rev. George Goug'h, Minister. "FAMILY ALBUM" featuring Central Royalty Glee Club at P. W.C. Auditorium next. Tuesday. Tickets 500 at Henderson and Cudvmore. SEE A NOVEL INTERPRE- TATION of Shakespeare's tragedy, Romeo and Juliet-at the Family Album show, Prince of Wales Col- lege, Tuesday, January 15th. HEAR THE OLD BARBER SHOP QUARTETTE as they lather up for a few old time songs at the Family Album show at Prince of Wales College, Tuesday, January 15th. ENGAGEDIENT. - Mr. and Mrs. John Bulman, Oharlottetown, wish to announce the engagement of their eldest daughter Olive Margaret to Bruce liamllton. only son of Walter A. Graham and the late Mrs. Graham of Toronto. On- tarlo. Marriage to take place at Victoria Presbyterian Church. High Park. January 26th. A NEW PHYSIOTHERAPIST- Miss Kathleen Jackson. physio- therapist with the Canadian Red Cross Society and the Polio Treatment Centre spent the New Year's holiday at "The Lauren- tian" in Montreal and in St. Agathe, P.Q. While in Montreal she was joined by her friend. Miss Dorothy Kcllock of Eng- land. On her return to Charlotte- town. Miss Jackson was accom- panied by Miss Kcllock who will be assistant physiotherapist at the Polio Centre. Ellen's 0lary Continued from page 2 with the sticks that in turn pro- vide heat and warmth for the household we remember how good it is that James' forbears farmed their forests so well. "Hewing" it is true many new fields from the vxide extent nf once. yet reserving enough to serve the requirements of their successors down through many generations. 0 0 So. quietly now, though still busily and along a winter wonder- land of days the new year turns. Leaving further behind the brood- ing silent ones of fall and bearing farm folks toward a fascinating period of which granddaughter spoke today. "Do you know what's going to -happen before very long?” she queried!" There'll be new calves . . . and woe lambiesl My grandfather said " And whatever comes of good or gain. of disappointment or loss, as the weeks turn into months. as seasons came and go, there will beI granted. we are sure sufficient strength for our day. "Give me Thy day, Lord, That wheresoclcr I go There shall no danger daunt me, And I shall fear no fee. so SI'ii'lII no task o'eicomc me, so shall no trial fret So shall I walk unwesrled The path where my feet are so shall I find no burden. Greater than I can bear. So shall I have a courage Equal to all my care so shall no grief o'er-whelm me. So shall no wave oierflow... Give me Thy strength for my my. Lord. ' Cover my weakness sol” Until Monday - - Diary- Good-night. . . . . " IN MsM,oinAM- In loving emory of our dear Jcssie MacPherson. who died Jan- uary me. im. . Memories are treasures. no one can strciigth x for my set, sie . . Death is a heartache no one can heal. Some may forget you now that youire gone, lat we shall remember, no matter how long. Ever Remembered by Mother. sisters and Brothers. IN MEMORIAM In loving'.n.i:9mory 0' THOMAS H. MILLS . who passed away January lath. I047. DRESSES AND COATS II In OFF at The Fashion Shoppe. . ADD To your meals by serving Stewprt's freshly baked home made tasty breads. RANGE AND OIL BURNERS serviced by Vickerson Engineering Co. Telephone 2480. FLIGHTS DAILY except Sunday to New Glasgow and Halifax. Phone Maritime Central Airways 2001 or 501. SEE DR. SHRIVEI5-sfhrinkem in his amazing reducing feat-at the Family Album show. Prince of giggles College, Tuesday. January MR. W. I). WORTMAN. Presid- ent the Gideons International in Canada. will be the guest speaker at Zion Men's Association Supper Meeting Tuesday, 6.15 P. M. MILTON-RUSTICO PARISH. - Rector, Rev. A. E. Piercey. R. D Services for Sunday. January 13th, are as follows: St Mark's. Rustico. 11.00 A. M. Holy communion and Sermon. st. John's. Milton. 3.00 Evening Prayer and Sermon. "Come and bring the whole fam- u MR. BANKS PROMOTED .. Friends in Charlottetown of Mr. A. Gordon Banks, will be pleas- ed to hear of his promotion to Sales Manager with the G. E. Barbour Co. Ltd. at Saint, John, N.B. Mr. Banks has been man- ager of the Halifax branch for thc past several years and left the first of the year with Mrs. Banks for Saint John where they will in future reside. "Personals Mrs. Arthur Gormley entertain- ed at bridge on Friday in honor of her sister, Mrs. Leo Murphv of Halifax.- Miss Mary Donahue, Librarian. Prince of Wales College. who has been visiting in Philadelphia with her aunt, Mrs. McNichoi. has re- turncd to Charlottetown. Mrs. J. J. Connolly. 101 North River Road. is leaving on Satur- day for Jersey City, New Jersey, where she will visit with her s;s- tcr. Mrs. Henry Palace. Mr. and Mrs. Lauriner E. Taylor and daughters Anne and Jean ar- rived home in Providence. R. I.. after spending Christmas with his parents, Mr. and Mrs. Daniel N. Taylor, Nine Mile Creek. It was 28 years since he spent Christmas at home and it was a very happy reunion. Hospital Junior League Meeting The regular monthly meeting of the Junior League of the Char- lottetown Hospital was held on Tuesday evening, Jan. 8. at the Nurses' Residence, with 23 mem- bcrs present. The meeting was opened with prayer by the president. Mrs. George Chandler. and the min- utcs of the previous meeting were read and adopted. The following letters of thanks were then read, from the Sisters of the Precious Blood, Catholic Social Welfare Bureau. the Char- lottetown Hospital, Rev. Mother Paula, Str. Mary of Good Council, Sir. Mary David and Mrs. Eric Dewling. The financial statement was read by the treasurer. Mrs. Gerald Johnston and approved. The president then thanked Mrs. Mitchell MacDonald and Miss Emma Wheian for the efficient way in which the very success- ful doll lottery was carried out. Mrs. Jules Gaudet reported for the sewing committee and stated that a number of articles were turned in to be used in the nurs- ery, also articles which were used for the Christmas layettes. A baby gift was sent to the first baby born in the Charlottetown Hospital in the New Year. Following the adjournment lunch was served by Mrs. George Chand- ler. Miss Mary Cronin. Mrs. Harry Conway and Mrs. Reginald Cronin. Bell Applies For Increase In Rates orrawa. Jan. l0-iCP)- The Bell Telephone Company mdiy urged the Board of Transport Commissioners to scant I-he.Iuh amount of rate increases sought on services in Ontario and Q11!!- bee. In final argument of Bell's HP: pllcation for higher, rates. com- pany counsel J.W. Pickup of Tor- onto sald the company need! 1” the additional revenue - about 310,000,000 9. year-that the pro- posed new charges would bring. At today's adjournment, Mr. Pickup was nearing the end of the company's argument. It was ex- pected the case would be con- cluded tomorrow, fifth day of the hearing. after argument from a half-dozen Ontario and Quebec cities opposed to the increases. The rates proposed by the com- pany would send up local res- idential and business-pb”.. bills, respectively. by it and as per cent over existing charges. I..ong-dis; tance tolls. lifted five per cent in November. would not be raised further. Mr. Pickup said in his argument today that. on paper. the pioposed rates would give the company a dividend of 82 a share on its cap- ital stock this year. plus so cents a share surplus. But it would be optimistic" to believe that the 56-cent figure would holdup. 58 lilrslton St. Ives Remembered by wife and insulin. There was the possibility that fuhma wan innrauas and moi.- The Annual Meeting of M Shareholders The Royal Bank of Canada Suggests long range Sees danger in large Need for a free and flexible econ- omy to meet the challenge of in- flation and foster the long range development of Canada. was the kl'-Ynote of the annual address of James Muir, President. at the An- nual General Meeting of Share- holders of The Royal Bank of Can- ada. Inflation, he said, was still a major problem, and he doubted the effectiveness of high taxes as a curb on either private or corpor- ate spending. Nor did he consider the unexpected budget surplus of 36.35.000.000 a reason for complac- may: it could become an inflation- ary "time bomb" unless rendered inert by being impounded as 9. deposit in the Central Bank or used to retire Government debt held by the Bank of Canada ”By itself". said Mr, Muir, "this unplanned surplus is neither an effective check to inflation nor a reason for comnlacency and self- congratulation. The danger here is that the Government with its in- creased surplus and the public with its increased savings are better able than ever to increase expenditure in the future. ill do not think we need worry too much about the private In- dividual dissipating his savings and so adding to the Inflationary pres- sure. Nevertheless. he should re- ceive every encouragement to add to rather than snend what he has accumulated, Unfortunately, ex- perience does not point in quite the same direction regarding the Government's surplus. This sur- 1-ius. induced as it is by increased taxes. perhaps designed to check inflation. actually becomes an in- flationary time bomb unless it is rendered inert by impounding it as a deposit in the Central Bank or by using it to retire Government v-chi. ii-id bv the Central Bank. FLEXIBILITY NEEDED ”The ability of our economy to sustain the shock of adjustment to the economic needs of the defence program depends in lane measure upon increased flexibility. By fiexibllity we mean in the most gen- eral way the ability of prices, in- terest rates. and exchange rates to adlust to changing economic con- dliions. An example of this flexi- bility is the Governments interest rate policy of the last year or so.. Higher interest rates reduce infla- tionary pressure in two ways: firs: they curtail the unwarranted ex- panslon of credit: and second. they encourage thrift by making saving more remunerafive. "Another example of what we leave in mind is the freeing of the Cauadian dollar in September. 1950. 1119 removal of import restrictions of January 1, 1951, carried the pro- cess another step forward. The success of this exchange policy is shown bv the strength of the Can- adian dollar in the face of a lame trade and service deficit. The so- mlled "hot monev" that came into Canada during the summer of 1950 has been effectively cooled off. In- deed, we have seen a significant in- flow of stable investment capital into Canada throughout 1931. More- over. the basic strength of the Gim- ndian dollar has been such that the Cicvcmment in December. 1951. re- moved all remaining exchamzc control. and so restored to the traditional channels of private fin- ance complete freedom in the field of foreign exchange. "All in all, the frele economy in the western democracies has gain- ed on balance during 1951. We have seen the urgent demand of the de- fence economy superimposed on an eennomv already strained hv the effort to reconstruct a war torni world. It should be a source of comfort in these trying times tint. our advance towards military strength has not required a whole- sale retreat into controls. Indeed. we have mrnaged to gain in mili- tary strength and at the same time to achieve a fuller measure of flex ibiiity in our economy. Our satis- faction should not make us com- rinccnt. But barring the final tragedy of large-scale war. we can hope throiich right policy to con- tinue our advance towards the twin l".iI'iIS of economic as well as poll- ticai freedom. 'Economic development means -11 that Canada's population must expand at a rate possible only with large immigration; (2) that her capital investment must continue for it long period to be at large pic- cmtion of her national income. and (3) ithat outside capital must have confidence in a Iovemment nolicy of just and equal treatment. Econo- mic deveiooment means anything but ii quiet life for workers. busi- nessmen. and aovernmcnt officials. FREER TRADE "The need for aujustmeni would not be so great in thd long run if we were content (which we must not be) to continue as a producer of primary products for finalmanu- Inc-iure elsewhere. on the other band. the use of the tariff or other Industrial Development and Freer Trade can be achieved Together says President programme to speed process and bring prices closer to U. 5. levels. budget surplus . . . "Reward saving. penalize spending." HEAVIER TAXES NOT EFFECTIVE AS SPENDING CURB The real test of tax policy to combat inflation is whether or not that policy penalizes spend- ing and rewards saving. With this in mind one must recognize that a whole multitude of the spending public are not even touched by the more drastic of the additional imports. In con- trust, a large segment of the fixed wage and salary group has been hit and hit again. That is, of course, unfortunate in it- self, on grounds of strict equity. But the real question is, "How much of the increase in taxes on this group in the last half of 1951 came out of savings?" The more that came out of savings, the less the effect on inflation- ary pressure. Corporations were even harder hit in the 1951 budget. But again the real question is not, "Is this fair?" but "Did the new corpor- ate taxes penalize spending and reward saving?" To this ques- tion, the answer is simply "No." Human nature being what it is. heavy corporate taxes tend to increase spending by corpora- tions because the Government is paying a correspondingly large part of the shot. The increase in federal excise and sales taxes is unpleasant, but these taxes do hit the spender where it hurts. Unfor- tunately he does not know what is hitting him. Why? Because the taxes are levied at the man- ufacturing icvcl, passed on plus mark-up at various points from there on. and finally concealed in the retail price. The system is therefore. "inefficient, for it takes out of the consumer's pocket much more than it yields to the Government in revenue. But. worse still, the purchaser sees the whole increase in price not as 9. tax. but as a rise in the cost of living and a reason for demanding higher wages for his work orb higher price for his product. A further aggravation is that provincial and municipal sales taxes. levied on the retail price. obviously become in part a tax on taxes. This is bad in prin- ciple, and, as we have seen, it lacks even the virtue of expedi- ency: in the fight on inflation the federal tax is ineffective be- cause eoncealed. It is unfortun- ate that in 1951 this slap at spending had to be administered with an anaesthetic. home-manufactured goods merely rt-introduces some of the inflexibil- ity we have been trying to avoid. Whatever one may think of pro- tection as a means to economic de- velopment. it is true that our posi- tion next to the United sates makes a high tariff both a cause for dis- content and a temptation to break the law. The alternative. competi- tion with US. industries enjoying the low costs of a large mass mar- ket. might seem at first glance (at least in the opinion of many) to rule out a diversified industrial csanomy for Canada. "Now the dilemma I have posed is a serious one. particularly in tin.- immediate future; but I believe it ran be resolved, Indeed the prob- lem may appear bigger than it real- ly Is: for tariff protection tends both to retard and to conceal the true efficiency of a nation's indus- try. ”At this point I wish to make it clear that in the remarks I. am about to make I take no position in the political controversy so ion". associated with our tariff policy What I shall try to do is to discuss the economic problems involved. "There is little doubt in my mind that Canada can achieve both in- dustrial development and freer trade. Our problem is to hasten the process. Our first step should be a long-run programme to re- duce or aboilsh.excise and sales taxes at the manufacturer's level. thereby reducing the disparity be- tween prices to the consumer in Canada and to the consumer in the United States. The result will General Manager Reports Assets liver 32.5 Billions T. H. Atkinson, General Manager in reviewing the bank's 1951 upon stated that total assets of The Royal Bank of Canada has now reached the imposing total of 32,- 515,645.208. This, he said, was a new high mark in Canadian bank- ing history Ind a. figure which would undoubtedly be noted throughout the financial world. Deposits likewise had reached re- cord totals. said Mr. Atkinson. "Apart from government balances which, as previously mentioned, are lower by some 840,000,000, interest- bearing deposits have increased 019,805,000, to 31.123.723.000 and non- inierest bearing deposits are up 5471969-1,000 and now stand at 31.- 085.717.000. The balances in both categories constitute new records. We are particularly pleased that the number of deposit accounts on the books of the bank increased over 100.000 during the year and now exceed 2,100,000." Mr. Atkinson reported profits for the year had increased 31,137,926 although this had been somewhat more than counterbalanced by in- creased taxes. After providing for taxes, depreciation and dividends. including an additional dividend of 3700.000 (at the rate of 20c per share) the bank transferred two million dollars to the Reserve Fund and carried forward 310213.153. The bank's programme of im- provement to branches, which has rent: on steadily since the end of the war, continued during the year to provide the public and staff with modern, up-to-date facilities .and surroundings. Branches in opera- tion on November 30th totalled 761 of which 62 were located in coun- tries outside of Canada. ROYAL BANK'S UNIQUE SERVICE Mr. Atkinson noted that Canada is today one of the foremost trad- iniz nations of the world and he paid a tribute to the Government departments responsible for devel- oping new markets for Canadian producers. Withou t world-wide banking facilities. however, Canad- ian traders would be seriously han- rlicaoped, he said. The Royal Bank of Canada was in a unique posit- ion fo provide such service be- cause of its 62 branches in the Caribbean area. Central and South America and its direct re- presentation in London. England, New York and Paris. "We have. of course, world-wide relations with correspondent banks in all countries where we have no branches and from these sources obtain information and reports on conditions and commercial regula- tions which are of incstlmable value tc our trading clients," said Mr. Atkinson. "but based on over 50 years of operations abroad and wide experience in foreign fields.wc are flrmiv convinced there is no rraily adequate substitute in any business for direct representation by the organization itself. Experi- ence with trading customs and in- timate knowledge of local practices in the many countries where we oocratc, coupled with the close liaison which exists between our. representatives abroad. bpth direct. and correspondent, and our Head Office Foreirn Departments. places us in a position which enables our bank to provide facilities for clients and others directly interested in international trade which other- W752 would not be available. PRAISE FOR STAFF "It is always a pleasure to con- clude my remarks to you with an enthusiastic tribute to the mem- bers of our staff. The success of any company or institution must. of necessity bear a direct relation to the degree of efficiency of its uorsouner but this is particularly true of a bank where the things we sell are service and friendliness. The friendly annroach is tradition- nl with our staff and service be- gnlld the call of duty is the rule rather than the exception. The sloff of the bank numbers 12.400. in addition to which we emplov approximately 1.200 people in other capacities, or is total of over 13.- 600. Their loyalty to and enthusi- mm for the bank are most; heart- crio to the Executive and it is prrwcn daily by the reports we re- ccivc in Head Office from client: across the country. The gratifying report before you today is a logical outcome of this fine service and to the staff I wish to say a sincere ithanks" on behalf of the manage- mcnt as well as the shareholders. whatever may be in store in the your just beglpning. I am confident the staff wil meet the situation with efficiency. loyalty and enthus- iasm." be a more rational price and tax w-' structure for the developing Can- adian economy. "Our second step should be an- oiher long-run programme to get reciprocal concessions in trade, particularly from our nearest neigh- bor. the United States. "Moreover. both steps in the sug- gested programme would reduce the present disparity between prices on a wide variety of articles to the consumer in Canada and to the consumer in the United States. This is not only good in itself but may give some assurance at least that our trained and talented device to force Canadians to buy young pcople' will not be templ- :..:..,..m......j ed away. but will seek their for- tunes in their native land and con- tribute to its development and pro- future will deny that, given time. all these difficulties of our econo- mic development will be triump- hantly overcome. "If we Canadians will become fired with pride of country, be- come 'fully conscious of our tre- mendous meterial endowment.faee our task with imagination, initia- tive and courage and apply hard work. we can make the next few decadea by far the greatest age yet. in Canada's economic history." ready had indicated they were in 1952, and each one per cent cenis off the be-cent surplus. ions-d1'lf.anI-o revenues for 1061 materials costs would scale down ran 8000.000 below estimates. while the surplus. Employee unions al- operating expenses were above the estimates. Those conditions looking for substantial pay boosts could persist through this year. In view of these and other fac- ofwagclncreaae would knock four- tors, he said. the company feels the suggestedraie increases are The company 'counsel slso said "fully justified." Pickup also disagreed with I man stock. Mr. evidence submitted by the city of TOPMIID. implying that Bell could save itself and its customs - money by resorting to a greater extent to bond financing for it: O0.000.000-a-year plant-expansion program. Bell plans to do mat of its 1002 financing by issuing com. ess. , "No one with faith in Canada's