Winnipeg Free Press

Winnipeg Free Press (Newspaper) - January 13, 1940, Winnipeg, Manitoba Winnipeg free press saturday january 13, 1940 Page seventeen improvement in car loadings Ottawa Jan. 13. Load Ings in Canada Rose to in the week ended Jan. 6 from the previous week As nine of the 11 major groups recorded increases the Dominion Bureau of statistics re ported. In the corresponding week of 1939 loadings totalled cars. With the previous week pulp paper shipments decreased by 188 cars Grain products by 625 while livestock gained 313 cars Coal 742. Coke 71, lumber 170, pulp Wood 294, other Forest products 274 Ore 374, merchandise 358 mis eel 209 cars. Loadings in the Eastern division declined to 25.068 cars from the previous week while in the Cor responding week of 1931 they amounted to 22.489 cars. In the Western division total loadings were 13.790 cars compared with remained fairly steady at Moose a Saskatoon. Southern Alberta Trade was generally More quiet than for some weeks past. In the Mountain area to the North wholesale retail groceries were fairly Good As were hardware paint sales. Meat grocery houses advised fairly Good volume with some improvement shown Over last week. Hardware sales were fairly brisk up Over same period of last year. Gannar earnings 8.5 cents a share it earnings of Gunnar Gold mines available for dividends for the year ended december 31, 1939 will probably work out at just Over s 230.000, or around 8.5c per share As against 6.7c per share in the preceding year says financial counsel. Slight decrease in tonnage milled More than offset by substantially higher average recovery throughout the year in addition to which the company received some s20.000 extra Revenue in the final Jour months of the period from in creased Premium on new York funds. With operating costs other deductions understood to have been proportionately about the same As for the preceding portion of the year net profits in the december Quarter from a arc estimated at roughly or 2.5c per share As a list or 6c per share officially reported for Allied economic co ordination needs vigor London Jan. 13. To ensure co ordination of the Allied High economic command with far greater vigor were urged Friday by the British financial weekly the economist. In an analysis of the Franco British monetary Accord the economist emphasized that existing agreements Between the two coun tries provide considerable advantage for the franc Over Sterling said that this situation must be corrected. The initial expenses incurred in France by the British expedition Ary forces have been the economist said. As for the evident that France seventy first annual meeting of shareholders of the Royal b Ank of Canada Morris w. Wilson president managing unprecedented business activity with maximum employment. Reviews Canad ass relation to War. Economic Structure transformed since 1914 with manufacturing now in leading role. Can perhaps do More than any other Empire country to strengthen Britain s position. Any. Attempt at profiteering should be ruthlessly Sydney g. Dobson general manager reveals assets of Bank highest in history deposits increase commercial Loans profits show moderate gains. Foreign Exchange control working smoothly. Taxes now equal seventy cents for every Dollar paid shareholders. The 9 months. Dividends paid in 1939 were equivalent to 6c per share at earnings rate established in the few months the Outlook for the can last More Liberal disbursements in 1940 appears to be favourable. Seasonal declines in Canadian business business conditions generally re imagined satisfactory throughout Canada this week although some districts experienced seasonal de i dines according to the weekly Trade report issued Friday by the f Canadian credit men s Trust Asso i elation. Collections ranged from j slow to Good with improvement i noted in Vancouver. Maritime retailers reported Satis j factory sales in All lines. Trade in Montreal District i had a mixed tone As a number o j orders were received in the whole j sole markets for specials fill in merchandise. Dry goods House advised an improvement Over the previous week Woollen Mill i Are Busy. Toronto shelf heavy hard Ware reported Good sales although they were Down a Little from Las i week. Seasonal declines were noted in paints varnishes. Dry goods dealers had a goo i week in the Winnipeg area of Wes can Canada while unset Snabl weather continued to have an i verse effect on men s furnishings. Retail Trade was reported shown natural decline since the Holida season at Regina while most line improved business greater employment More general distribution of purchasing Power looked for. Future it is require More Sterling from he Empire than it can sell to it. 3n the other hand the expend ures of the expeditionary Force re bound to grow the ration applying to certain joint expenditures will react persistently to cards levelling of the account. Nor should it be forgotten that1 France has started the Clearing arrangement with an advantage Ither than the initial accumulation f Sterling balance. This lies in the act that the rate of Exchange of brately undervalues the franc Ive values Sterling. The seventy first annual Gener Al meeting of the shareholders was held at the head office in Montreal on thursday january Lith at 11 o clock a.m., or. Morris w. Wilson in the chair. President s address or. Morris w. Wilson in moving the adoption of the directors report said a year ago i commented upon the Uncertain International Outlook. Today we meet in the Shadow of War. The conflict we feared has been forced upon Lor the second time in a Quarter of a Cen Canada must Cope with All the problems that War imposes. There the disparity Between this rate economic parity May indeed appreciably if we in this country allow the Drift towards Light a wages costs prices to continue while in France they Are the rigid vice of mobilized Economy. The need for cohesion in eco nomic policy will have to be watched with All the greater keenness because it will be blurred by the restrictions on Exchange transactions imposed by both countries. These restrictions at present apply with As much severity to the inter change of the franc Sterling to the movements of capital the two Allied countries Between As they do to the these currencies i conversion i that of unlisted stocks t. R. Billett co it. Of. Of. . P. P. 7 . Burns co. A can. Life Assur. Co. Dunlop tire 7 . I. Federal Grain of. Goderich e. To. Guelph carpet , Lon. West. Trust prov. Paper 7 . Of. Reliance Grain of. Sun life Assur. Co. Traders finance a unlisted . P. P. 6 . 1950 Calgary Power o . I960 can. Cement . 19al can. Vickers 6 . 1947. Dom. Tar . Fed. Grain co. 6 . 1049 Gat. Power 5 . Gvp., l., a., 5 i . 1948 Maple u m., 3% . 195b Power corp., pc 19o9 Simpsons 4 a . Lyol United g. G., 5 . 1948 bid asked 55.00 7.25 8.00 435.00 475.00 22.25 45.50 8.75 103.00 37.00 105.00 65.00 355.00 83.00 Bonds 70.00 103.50 106.50 102.00 40.00 83.50 97.50 103.50 97.50 74.00 99.00 100.00 97.00 gg.50 102.50 100.50 106.00 100.50 76.75 101.50 102.75 Stewart director Montreal Jan. 13. Mag. Stewart k.c., of Halifax was elected Friday a director of the Mont real Trust company. Are thoughtful people who Are inclined to ask if we Are Ever to be rid of responsibility for the insanities of Europe but in the present situation there was Only one Choice. Whatever other countries May think we know that the British Empire represents the greatest Force for the Good of Mankind that the world has yet developed Ana at the present time the very exist ence of that Empire is at stake. Should it perish moral values will be lost far More important than any material considerations that can possibly be involved. Fortunately Canada is in a position to contribute assistance to the cause in truly impressive proportions to an extent in fact that May decisively turn the balance if the other con tending forces Are anything like equal. Let us Analyse the situation of Canada today As compared with the last War when we recruited an of men of whom 000 actually served overseas when we supplied the allies with Bil lion Worth of shells explosives million Worth of ships air planes at the same time enormously increasing our agricultural production. Canadian Industrial Progress since 1914 your attention has frequently been directed to the Industrial development which has taken place in Canada since 1914. This has involved the virtual transformation of the Canadian economic Structure from one based mainly on agriculture to one of greater diversification in which manufacturing plays a leading role. This trend will undoubtedly receive an even greater stimulus if the present conflict is prolonged. During the period of the great War of 1914-18, with a very depleted labor Force Canadian Farmers extended the area planted to farm economic military resources Are exhausted the decision in the present conflict will depend largely upon economic staying Power. It therefore behoves us not to wait until necessity compels it to make our plans. The government has Givan us sound leadership. What then should be the attitude of the individual never before in our history has it been so important that every Allied goods in addition to what i have suggested As a definite policy i am t very much impressed with the a views which or. R. B. Bennett has to recently been advancing across can n a namely that we should buy the maximum amount of goods from great Britain As Well As from France. In this Way funds will be i made available for purchases of wheat War supplies in Canada i minerals vital in War Canadian production shows phenomenal gain since 1914 or. Wilson in referring to Canada s mining Industry said War Power to Day depends largely on minerals particularly metals. The expansion of the Canadian output of such products since 19.14 has been nothing Short of spectacular. In 1914 Canada produced Fine ounces of Gold. In 1939 production exceeded ounces or nearly seven times As much As in 1914, with the Dollar value increased More than ten times. Nickel an essential War material in which Canada enjoys a practical monopoly increased from a production of 45v2 million pounds in 1914 to 227 million pounds in 1939. Copper production has increased eightfold during the past Twenty five years from 76 million to 607 million pounds. Lead output is eleven times As great 391 million pounds As compared with 36 million in 1914. Zinc production has gone up from 22 million to 381 million pounds. The output of aluminium is eleven times as1 great when Plant extensions now under Way Are completed production will be increased to nearly fourteen times what it was in 1914." of us should practice Thrift Industry. If the time comes when unemployment is no longer a problem we May find ourselves compelled to curtail luxury other non essential industries to make Way for More essential production furthermore capital other great Britain her ally leaving the Gold foreign Exchange. Reserves of great Britain for use As a last resort. I believe immediate consideration should be Given by our authorities As to How this May Best be accomplished. Under any conditions great Britain s purchases business prospects i make no apology for having de voted practically All of address to the War since it is the subject uppermost in the minds of All of us. However i cannot conclude without making some reference to business conditions in Canada. In spite of the disturbing effect of the outbreak of hostilities the necessary readjustment of our activities to a wartime basis Busi Ness during 1939 was reasonably Good maintained a level Well above that reported in 193b. We were blessed with Good crops with the result that generally speaking the purchasing Power of the Farmer is higher today than at any time in a great Many years. Last Spring the Dominion government. Guaranteed a minimum Price to wheat Farmers of voc a Bushel. Since the outbreak of War the Price of wheat has advanced above this Point so that the government Are Likely to be relieved of any liability under their guarantee., furthermore the problem of marketing our Large supplies of wheat is no longer a serious one. The Forest industries generally Are Active with prospects excellent. I have already referred to Mineral production As being at a High level. What of the future if for any assets at Keched level total assets during the year in creased to the second occasion on which they crossed the billion Dollar Mark Are now the highest in the Bank s history. On the liability Side of the bal Ance Sheet total deposits have grown 452 now total this increase is abnormally Large partly because the balances due the Dominion govern ment Are larger than usual partly because there is also included a special Deposit for account of the British government accumulated for the purpose of paying for War purchases in Canada. These two items represent of the increase. In segregating Canadian for eign deposits we find that the for Mer increased whereas the latter decreased profits for the year after provid ing for Dominion provincial taxes were being an improvement of added to brought for. Ward there was available for Dis Trita ution dividends paid amounted to was contributed to the pension fund society was written off Bank premises leaving 252 to be Forward to profi loss account. Profits tip slightly the increase in profits was mod Esi when we compare the totals 01 the balance Sheet with those of year ago but the rising business activity which made larger Profil Rily for one must speak subject to lose imponderables which can Only met As the Progress of the War reveals them. Subject therefore to lat observation we May look for Reater activity in 1940 under the impetus of War orders with stronger emand for Canada s products of Forest factory mine. The material Outlook is for improved business greater employment More general distribution of Pur Hasing Power. It follows that the Ery ices which a Bank performs which we Are Well equipped to Neq ride will be More widely called for n financing this development. Possible was not equally distribute Over the whole year but Curre for the most part during the Las Quarter. Our outlay on Bank premise account during the past year a been relatively Small no major sex Small losses in . Prices Broom special to the free press Buenos Aires Jan. Spite of continued decline at Winnipeg Chicago Argentine wheat prices held to Only fractional losses Friday wheat being off v to cent at the close. February was quoted at 64% March at 66. Orn closed Down to cent with january at 4.9% february at flax was cent lower to changed february closing at 125% March at Rains in Buenos Aires province helped relieve the heat wave were beneficial to the new Corn crop for which prices were unofficially quoted to exporters at cents deliverable Buenos Aires. Wheat shipments for the week total bushels with the United kingdom taking bushels the continent taking 000, other countries outside of Europe bushels. Flaxseed shipments for the week total week s Rice changes Ovcek Jan. 5-12. Wheat wheat one cent lower at july cents lower at october us cents lower at coarse grains Oats to to cent a i to i cent Iii incr v to cents lower. Rye i to cent lower. The Market editor Jan. Shattered during by Winnipeg corals were the directly related to winning the War nor essential to keeping a nor eco nomic machine functioning efficiently should be definitely discouraged. It is to be hoped that under these circumstances labour wage Dis Putes will be completely avoided. Those who Are fortunate enough to remain at their regular employment in Canada must not exploit the situation for their own ends. More Over it is absolutely essential that the phenomenon of All previous wars namely a rapidly increasing Price level should not under present conditions be permitted. In this connection i offer the opinion that the arrangement in great Britain whereby Union rates of wages Are automatically raised with increases in the Cost of living is under sent conditions unsound constituting As it does whereby increased vicious Cost of Circle living arid the higher costs of transport insurance will have to be borne by her. If great Britain is thus enabled to pay for her require ments to a considerably greater extent without borrowing she the will necessity of emerge from past week when the British go eminent extended their Large scale War buying policy to wheat taking an amount estimated close to 000 000 bushels of Canadian wheat flour making will Australia for around Tiu shuls. Some estimates of the purchases which were by the British food ministry on wednes Day thursday ran As Hightii As bushels in addition to the reported sales of Canadian australian wheat it was by loved that considerable a anti tics of Argentine wheat had been contracted for. Good sales of can Adian wheat to neutrals were also reported bringing the week s Export business in Canadian wheat near the Bushel Mark or the largest for any similar period in the history of the Trade. Market rally checked the huge purchases however f ail re to stir up any spectacular action from a Market standpoint. At Winnipeg where offerings attributed chiefly to the wheat Board appeared sufficient to meet the Export de Mand prices responded moderately to the Good class of buying in Evi Dence but Chicago s reaction was disappointing with declines there holding the Winnipeg Market in Chuck the Southern Trade Gener ally appeared under the influence of morn favourable conditions in the United states Winter wheat Belt in late sessions headed 3 Down the Price attractive at this level in making such substantial purchases. In supporting this theory it was pointed out that it has been six weeks since there has been any United kingdom demand of account that this previous buying had been done at a much lower level. Irrespective of immediate Market action however the Large sales of Canadian wheat Are most constructive from a Canadian standpoint for in addition to cutting a sizable slice out of Canada s wheat sur plus the purchases will reflect in increased shipping activity at can Adian ports sharing in the business. Crops from 33 million acres in 1914 to 51 million in 1918, an increase of 54 per cent. Wheat was sown in 1914 to some 10 million acres a crop of 161 million bushels was harvested. In 1915, the acreage was increased to 15 million with favourable weather conditions a crop of 393 million bushels was produced. Expansion continued after the War with a record crop of 567 million bushels in 1928, acreage rising to a Peak of 27 Mil lion in. 1932, slightly higher than the acreage planted last year. It is most fortunate that in our past crop yields were again abundant the total wheat crop for All Canada falling but Little below half a Bil lion bushels. Thus the second higher wages constantly react on each other until such time As unemployment again intervenes. Employment wages full employment even at some what reduced real wages will nevertheless tend to improve the Posi Tion of workers As Many members of families now totally or partially unemployed will then be Contri buting to the family income. It is of course inevitable that any sub Stantial Rise in prices should be reflected in increased wages but we begin the War in the fortunate position of having Large surplus supplies of Many essential materials we have developed new techniques in financial other control which if properly used should stand us in Good Stead in prevent ing unwarranted Price increases. But if labour As a whole is asked to make up even a moderate decrease in the purchasing Power of wages by longer hours or greater production arid this will be essential if we Are to obtain the maximum capital must also be willing to contribute its full share. Some industries of course will be the War with less complicated Finan Cial problems. This in the Long run will be of reciprocal Benefit to Canada. War Canadian Trade but we can also do much to assist the general cause by making a maximum Effort to command Purchas ing Power abroad on our own account. The time May very Well come when we have to restrict arbitrarily non essential importations from foreign countries. On the other hand we must do everything possible to command foreign Exchange by stimulating our exports to foreign countries. I would not have you think i am pessimistic about Canada s prospects. As i have already pointed out we Are in an absolutely unique position to Supply goods to great Britain France. This must necessarily Lead to business activity such As we have not previously known. If eventually we should be faced with an acute labor Short age we Are most fortunately placed. So Long As the United states choose to remain out of the present Strug Gle to give no financial assist Ance to the cause of our allies it is reasonable to suppose that they will not be Able to relieve themselves entirely of an unemployment prob reason peace should come within a comparatively Short time we would soon revert without difficulty to the not unsatisfactory conditions which prevailed before the outbreak of hostilities. If the War should continue for a protracted this is the basis on which our plans must of necessity be think we shall have a period of unusual Industrial activity. But As we prosecute the War we must not sight of the readjustments which will follow the return of peace. If our precautions Are adequate the hesitation in our Progress will not be great. What Ever happens we should be of Good courage knowing that the cause for which we Are fighting is worthy of Trie Best that we can give. General manager s address or. S. Dobson general Man Ager referred to the financial state ment As follows the annual report balance Sheet before you reflect the Posi Tion of the Bank at the close of seventy years of operations. In them you will find evidence of striking Progress it will i am sure be a source of the corporation of which you Are shareholders has steadily maintained the services for which it was chartered taking its full part in the development of our country. Through the acquisition of other Banks we have inherited a record of such services running Back Over one Hundred Twenty years. These services Are provided not Only by our 618 branches in Canada but also by 75 branches agencies in other countries. Year Marks the Fortieth anniversary of the opening of our first Branch outside Canada. The balance Sheet submitted to Day is noteworthy in that the totals shown under such headings As Cash assets securities. The other hand we have continued our policy of making Liberal provi Sion in our property accounts. The usual sinking fund appropriations of have been made by our property holding companies the Globe realty corporation limited the Canadian realty Corpora Tion limited the indebtedness of the companies reduced a corresponding amount. This sum. Added to the reserved for Bank premises account makes a total appropriation of for the year against our real estate holdings. While we All realize the necessity of taxes in order that the business of governments May be carried on. There is a limit to which they can be imposed without affecting Busi Ness adversely. In the Case of Banks taxes have become a real Burden. In addition to. Those referred to As remitted to the Dominion provincial governments amounting to there have also been paid to municipalities in Canada in business taxes in heal estate taxes on the Bank s properties. This grand total amounts to a very heavy charge considering the Bank s earnings equivalent to seventy cents for every Dollar paid to share holders. Everyone concedes that sex 000 being made up of i 23 to the United King King Dom. To the continent to countries in non Europe bushels on orders. Corn shipments total bushels. Port stocks of the new wheat crop Only Are now bushels Corn bushels flax bushels produce Markel prices of butter cars. Until Lurther notice will be those supplied the free press by the Secretary of the advisory committee of the Dairy manufacturers association. Batter Creamery prices according to Dominion Rovern ment . Wholesale to shippers. De liveries Winnipeg cases returned. Grade Larse per dozen a Trade. Medium per dozen pullets per Doken a Trade. Per dozen a Trade Ner dozen poultry dressed . Winniece a Giac chickens Over 5 ibs. Per in. Chickens. 4 to 5 Ide. Per in. Chickens. 6ndcr 4 ibs. Per in. Fowl Over 5 ibs. Per in. Owl. 4 to 5 ibs. Per in. Owl. Under 4 ibs crib. Boosters All Wonleh Jcj. Or in. Gecic. Per in. Ducks per in. 17 15 13 .14 i2 Lem. Under these circumstances. We May expect the repatriation of Many thousands of canadians now living in the United states if necessary will be Able to draw on their surplus supplies of skilled unskilled labor. Foreign Exchange the operation of Pur Exchange control the freezing of foreign balances have had the effect of dampening the enthusiasm of our neighbors in the United states for Ward trend which was reflected at Winnipeg. Market observers placed various interpretations on the influence of the Large scale British purchases some commentators believed that View of the heavy commitments in Canada elsewhere. United kingdom requirements would be satisfied for some Little time that Export demand would be con the from a statistical Point of of View the week s Canadian sales to great Britain represent about 30 per cent of can Ada s exports of wheat hour to the United kingdom during the crop year 1938-39 when great Britain took bushels. The bushels taken in Australia will be particularly Wel come in that country in View of the Large crop harvested this year which As been estimated at bushels. The australian exportable surplus has been placed around bushels so that the British purchases will represent Large proportion of the exportable supplies Are nearly double last year s total exports to. The United kingdom of around bushels. The Large australian takings How Ever May have a somewhat bullish influence on the statistical situation As this surplus was overhanging the Market presented a problem of disposal in View of the distance from overseas markets the de Cline of the Oriental Trade. Turning to the United states situation the week brought More favourable conditions in the Winter wheat Belt. Further Snow was re ported in several sections world War finds us in a unique position to continue As the granary of the while Canada s manufacturing Industry played a noteworthy role in the production of munitions during the last War should the need arise we shall be Able to outstrip greatly anything we were Able to do at that time. Plans were Early formulated for the speedy reorientation Dian Industry to a War basis. The Iron steel Industry which under War time stimulus reached a Peak of a million tons of pig Iron annually potential in 1918, output. Has doubled its aircraft Manu lined to Neutral countries in immediate future. Price attractive others took the View that the the eventual Harvest. Fields were said to be amply protected in Many areas. Hains freezing weather in the latter part of the week were giving some con Cern while the moisture was Welcome it was feared that wheat that had germinated might be injured by alternate freezing thawing. American observers Are still Puz Jed As to the effect of Snow on unterminated wheat As it has been estimated that As much As 50 per cent of Kansas wheat acreage is in this class the results which can Only be observed in the Spring will have an important bearing on factoring under the impetus of local demands important orders from the British government prior to the outbreak of hostilities has assumed important proportions the groundwork has been Laid for rapid expansion. In fact so great have been the advances in Industry agriculture mining every phase of our Economy since 1914, that today Canada is a very different nation from the Young unseasoned country that went into the last War. War the Canadian Economy but so far we in Canada have not Felt the Impact of War in anything like the degree that we did in 1914. Financially the transition from a peace time to a War time Economy As been made without any notice Able dislocation or Strain. The de Lay in placing orders for munitions air planes other War material due to the fact that hostilities to Date have principally taken the form of a blockade May have deceived Many As to the Prospect. It seems to quite Clear that we tersely affected by the War but the Canadian investments. I predict majority will undoubtedly expert jul i ence a great stimulus. The benefits therefrom must not be retained by stockholders except to a Normal degree. The government has devised a sound system of taxing excess profits but it is also essential that any attempt at profiteering should be ruthlessly suppressed our taxing system should be constantly under study applied to direct our efforts to those activities Essen tial to giving the maximum econ Omic assistance i winning the War. Canada s financial Kyle the fact that Canada was Able to finance her contribution to the last War without on balance borrowing outside the country is proof that no difficulty should be experienced in financing a much greater Effort at the present time. But destiny the bounteous winess of our natural resources clearly indicate a More prominent financial role. Unlike Canada great Britain entered the present War in a less favourable position than in 1914, liquid funds at her disposal Are undoubtedly less than at that time. If As we must anticipate Large scale military operations Are ultimately involved expenditures will be enormously in creased. The great bulk of the total deposits Are at the highest figures recorded in the history of the Bank. While War financing by the Dominion govern ment is to some extent responsible for the unusually Large increases which occurred during the past year at the same time they reflect an upturn in business which began in. The summer which under the stimulus of War orders became quite Active in the fall of the year. Cash on band balances due by Banks total Domin Ion provincial government Bonds this is an in crease under the latter heading of the larger part of which special taxation is necessary if we Are to do our part in winning the War but the amounts i have mentioned do not include such special imposts which do not become effective until 1940. They represent Ordinary peace time taxes Only. Foreign Exchange control of the various War regulations put into effect under the War Meas ures act the one most directly affecting the Banks was the establish ment of the foreign Exchange control Board which came into operation during september. Naturally any Advance notice of such control would have been exploited by speculators so that absolute secrecy was necessary. Branches were advised by wire Only on the Day on which the control became effective so you will appreciate the immense vol ume of additional work suddenly thrown upon the staff. The ramifications of Exchange control Are Many we Are Natu rally called upon from time to time to interpret the various regulations to the Public to assist Industry agriculture in arranging per mits for their Normal requirements. The manner in which this new at first apparently complicated machinery was handled was most creditable while the regulation will during the time it is in Force entail a great Deal of routine work the whole system is working smoothly without undue inconvenience to the Public. As such control was not required during the last War. Many people May not a Cradoc 2c Jess than Trade so Lesa than turkeys per Job per in. Per Job. Old hens per in. Per id. per in old Toms per in. Per Ita. per in. 16-170 i3-i5c -14c i3-14c 3-13c 3-Ljc u-10c 11-12c 13-140 16c Loo 12c Joc 7o 120 Ioc 7c .20 vegetables Man. Forcen onions doa. Turnips per cwt Man. Cabbage cwt. Potatoes. 100 ibs. beets. Ib.01 Manitoba onions. Bag. ,50 imported California Green peas Nam per. 3.25 California Beans hamper 3.25 California Bro col Case 4.10 Sweet potatoes. In. .05 mexican per Case California head Cit acc. Care 3.00 California Green peppers. In. .18 California Parsley dozen .50 Calif. Brussels sprouts. 23-. California cauliflower Case 1.73 California radishes per Doz. ,50 California spinach hamper. 1.10 13.c celery per Cape California celery Case Small lots Fluur deliver cd 2.10 2.75 co sex elevators or consignment stocks Maple Leaf purity Robin Hood five hoses Royal household Quaker Manitoba Saskatchewan Alberta per sack 98 ibs. Two 49-. Sacks rolled Oats 3.17v, clearly understand Why it is now necessary. During the last War Canada was Able to borrow in the United states to pay for her Pur chases in that country but on this occasion the neutrality act forbids Loans both private governmental to governments of countries engaged in the prosecution of a War. Therefore Canada must conserve her foreign Exchange in every pos sible manner in order to pay for purchases necessary to assure full prompt assistance to the Allied cause. While such a regulation is of course essential during wartime. Small lots to dealers 30-Jb. Sack 3.20 retail to Consumers 15c extra Mil feed Man sask. Bran per ton 24.00 shorts per Ion. 23.00 Arberia bran per ton. 22.so shorts per ton Green Green Frozen. Of skin. Green Rren Frozen. ,09va Calfskin fir Cen Orcen Frozen dry hires -10 horse hides. Large 3.00 Hor chides medium 2.3u horse hides. Small ponies i.ou-1.50 hoi Suhair. Per Tail j8 .40 mane .12 .14 sheepskin each .25 Seneca Root per Ita.45 Fleck s Wool. In. .16 .18 that this situation will not last Long that american investors will soon be Able to see in this country profitable employment for their funds that they will not be Able to secure elsewhere. War finance interest rates our ability Jjo finance our War Effort properly while dependent to a Large extent on exports Exter Nal conditions generally will also be conditioned largely by internal policies. The acting minister of finance in outlining his preliminary War budget dealt with the proposed method of finance in a Clear Able manner. He voiced the Hope that the Loans which it will be necessary to float could be obtained without material change in the present rate of interest. Should any such expectation have been voiced at the time of the previous world War it would have been regarded As ridiculous. Nevertheless Bur experience in recent years would seem to indicate that within reasonable limits such a policy May be feasible that it May be followed without any Strong tendencies towards the generation of unsound Boom conditions provided proper controls Are applied. If this is so the Effort to hold Down to. I . Iii is a a c..wi. I i a . Cost of keeping the sea lanes open. Interest rates is certainly Worth Falls on her As Well As the heavy while. To illustrate this i would have facing us the Prospect of Maxi mum employment if due to the unusual character of the present War the demand should mainly be Lor products which we normally produce so much the better. Unless our enemies collapse through deterioration of morale before their Cost of economic warfare Iri coun tries adjacent to natural sup pliers of essential materials to Ger Many. No matter How heroic the efforts of Canada May be we shall not be called upon for anything like the sacrifices which great Britain must make. Unlike the last War a far the United states have decided to lend no financial assist Ance to any warring country. Under these circumstances our course is Clear. We must study every possible Means to strengthen the position of great Britain. Her resources Are not inexhaustible although combined with those of the rest of the Empire France they Are Noth ing Short of colossal compared with anything our enemies can Canada can do perhaps More than any other part of the Empire or any other country with the single exception of the United states. How then can we be of the greatest pos sible assistance tourist Trade efforts to attract tourists should he redoubled referring to the importance of the tourist Trade under War time conditions or. Wilson said it seems to also that the War affords Canada a unique Opportunity to develop further its tourist Trade. Obviously under existing conditions travel to Europe will practically cease. U therefore behoves our governing bodies both Federal i provincial to bring the unquestioned attractions of Canada As prominently As possible to the attention of prospective visitors do w o i-------1 from the United states with special emphasis upon the fact thai such visitors will find in Canada practically none of the restrictions a Means i Exchange our efforts to attract tourists should to redoubled. A Short biographical sketch of it. Hon. Leslie Hore Belisha will be Given by miss Miriam earn second year student at the next meeting of a Utah University of Manitoba Branch of the american students zionist federation. The meeting will be held sunday at 8.15 p.m., in the zionist Hall at Flora Charles. Recall what i pointed out to you at our last annual meeting namely that the Dominion government was carrying a debt of million at an annual interest charge of million the same amount that was paid in 1921 when the debt was Only million. The first Public instalment of War time financing is. Shortly to be offered. Under present conditions any amount that can possibly be required will undoubtedly be secured quite readily but there will come a time if the War. Is prolonged when this May not be True. It is for. This reason that i advocated earlier in this address that we should begin now to practise All possible Thrift As individuals As Well As in corporation govern mental affairs. The heavy demands of upon our National in come can Only be. Met by rigidly excluding All unnecessary wasteful expenditures. Is represented by this Bank s participation in the Dominion govern ment s recent Issue of sold to the Banks to provide funds for refunding War purchases. Adding to these two items. Other securities. Cheques on Banks Call Loans we have total liquid assets of or 69% of total liabilities to the Public an increase of Over one Hundred Mil lion dollars during the year. Of the Dominion of Canada obligations held in Pur port Folio 95% mature within five years of which Are due within two years. There was a greater demand for commercial Loans in Canada. Durig Conj Rucj ill Eli a 1939 an increase of is shown the total now being this growth was comparatively the increased activity in business while there was an encouraging de Mand in certain substantial repayments were received in others. For instance a perusal of the bal Ance sheets of the major pulp paper companies Many of which Are customers of this Bank will show that whereas a year ago their Bank borrowings aggregated a considerable sum these companies Are now practically out of debt to their Bankers. Loans outside of Canada show a decrease of to it should be viewed As one of those necessary evils which we cheerfully adopt for the foreign business shareholders will receive them High the mail with the report of the proceedings of this meeting the usual detailed report on conditions in the various countries in which the Bank operates. On the whole our foreign branches have bad satisfactory year for the most part have been Able to remit in creased profits. This is True in particular of those in the British West indies Cuba. Again it is pleasure to record deep appreciation of the splendid work performed by the staff. We have in our employ Over 7.000 men women in Canada in other countries. They constitute an organization of which you As shareholders of the Bank might Well be proud. They have been brought up in a tradition of Public service no responsibility or even sacrifice is too great in the interests of the Bank. It has been customary on this occasion after reviewing the results of the past year s business to express an opinion regarding the out look for the year ahead. Foreshadowing the future course of business today is More difficult than Cardin notice cite of Winnipeg zoning Hoard in the matter by Law i483i of. The City of Winnipeg amendments thereto premises known no. 776 Bannatyne Avenue notice is hereby riven that the application of Compa Sulc font acre be Mani Toba limited for an order zoning Board. Winn Peb City Council Marylne the provisions of the residential no 1 restrictions now applying on premises known As no. 775 Bannatyne Avenue to permit of the conversion of he said premises into an apartment building or three suites for use of same of such. Will be considered by the Board at a Mcc inc to he held in 1he committee room. Cite Hall. Wynn let a. On tuesday. January 23. 1940. Al 2.30 p.m., at which time Ned place representations Lith for no Anat the said application will be Hemni n. H. Avent. Secretary. Winnie cd Zolna Board. Winnipeg. Jan. 0, 1h40.______________ under the trustee act in the matter of the Klau of John apostal. Late of the municipality of broken hand in Manitoba Farmer de the above estate duly verified by statutory declaration must be sent to the undersigned at Beaus�jour. Manitoba on or by lord the 14th Day of february. . 104 j. Dated at Beausejour. Manitoba this i2th Dav of january . 3040. Drach Matlin. Solicitors for Julia Panchuk. Executrix. Notice hereby riven that an application will be made at the next session of the legislature of the province of Mani Toba by Charles s. Landon Antl others for a private act being an act to incorporate engineers 3ated at Winnipeg in the province of Manitoba this 21st Day of december. Thorson Smith Barrist cab. Etc. 803 great West permanent Bull Dolnic Winnipeg Manitoba. The said applicants. Notice to creditors in the matter of the estate of John w. I Pownall. Late of the town at Cona n the i Rovance of Manitoba re tired railway employee. A claims against the Obi c estate must be sent to the by 003 Paris building. Winnipeg. Manitoba on or before the 15th Day of of Cru dated at Winnipeg. In Manf Lith Day of january. A a. 1940. Rumary 1040. In Toba this to. Kelly solicitors for Edwin own set administrator ;