Winnipeg Free Press

Winnipeg Free Press (Newspaper) - January 11, 1947, Winnipeg, Manitoba Page 6 Winnipeg. Free press saturday january 11, 1947. St. Vital group wants municipal affairs report ratepayers of St. Vital thursday night took action to get a first hand report on the situation in the municipal offices from Council members. In a Resolution passed at a regu Lar meeting of the ratepayers association Iti the Glenwood school they asked for a full report on the municipal affairs. A deputation consisting of l. R. Orchard president of the association George Davidson and r. S Mcclay. Was elected to interview the municipal Council. It is instructed to request the Council to have one member of the Council authorized to submit a. Full explanation on the present municipal affairs at the next meeting of the association. In another Resolution submitted by b. J. Mclean the deputation was also instructed to request a report from councillor t. A. Silverthorne on the investigation of the Public works department. Or. Orchard explained that or. Silver Thorne had promised a report on this matter last september but none had been received. George Collins Deputy minister of Public works guest speaker dealt with the functions of the various divisions of the department asked by a. Jacquet if there was to be an International Highway trom Winnipeg to Emerson going through St. A s Road or. Col Lins replied that a Survey is being made on the International Highway on each Side of the red River from Emerson to Winnipeg but that a report on it would Noi be ready until this Spring. Legal societies to Honor judge Hon. E. K. Williams recently appointed chief Justice of the Mani Toba court of King s Bench Wil sit for the first time under his new office in court room no. 1, the Law courts at 10.30 . Monday. Representatives of the various Law bodies will be on hand for the occasion including w. P. Fillmore president of the Law society h e. Swift president of the Manitoba bar association and a. Warner president of the Manitoba Section Canadian bar association. It is also expected that a number of members of the bar generally will attend. Reception planned to Honor Brackens or. And mrs. John Bracken will be the guests of Honor at a Public reception to be held in the vice regal suite of the Royal Alexandra hotel Between 5 and 7 . Tues Day. The Bracken club of Winnipeg is sponsoring the reception and the event will Mark their first visit to Winnipeg since the by election in Portage la Prairie. Arrangements Are in the hands of a committee including mrs. A Bruce Johnston mrs. Frank j. Sutton r. R. Pattinson Leo c. De Gagne Ian Ubienski Ralph Misener and a. H. Warner. Stewart to address Unity Council meet Alistair Stewart. . For North Winnipeg will be guest speaker at the annual dinner meeting of the Canadian Unity Council in the Empire Steak chateau monday at 6.30 . A. V. Pigutt president will be in the chair. Or. Stewart who received a to Ken certificate of Canadian citizen ship at the ceremonies in the legislative building Friday will Dis addresses made at the annual meeting of shareholders the Royal Bank of Canada j _ Sydney g. Dobson president declares increased Industrial output co operation Between management and labour and substantial tax reductions would provide Bedrock of future Prosperity lavish government expenditures no Assurance of Good times less production and higher wages cannot raise living standards. If business labour and government keep their Heads there is no reason Why we should not Complete our delayed reconversion plans this year and prepare to step Forward in stresses present and potential importance of forests in National Economy James Muir general manager reports assets at record level for sixth consecutive year notes in creased financial assistance rendered business and individuals deposits at reach new High Point Deposit accounts Nurnberg extensive Chain of branches in foreign countries valuable Aid to traders the seventy eighth annual Gen. Changed and that is a hopeful sign cuss intercultural citizenship. Education for youth advisory delegates named at a meeting of the coordinating Board of youth centres tuesday delegates were chosen to serve on an advisory Board to tighten up relations with the Council of social agencies. Jack Shapira president of the coordinating Board was chosen As were Harold Curtis Alan Ellithorpe Barbour and Betty Marshall. Rick Bergson and Bob Macdon Ald were elected chairman and vice chairman respectively of. A standards committee commissioned to draw up a set of minimum standards under which the youth centres of the City should operate the personnel of the committee will be chosen by the chairmen. Following the adoption of Standr Ard rules by the committee certificates of Merit will be Given to those youth centres that conform the most closely and the Short comings of the others will be pointed out. A publicity and Public relations committee was set up with Al Christie and Al Ellithorpe chosen for the work. Thirteen youth centres were rep resented at the meeting by 20 Dele Gates. Mrs. Robert Mcqueen of the Council of social agencies was also eral meeting of the shareholders was held at the head office in Montreal of thursday january St at 11 .-, or. Sydney g. Dobson in the chair. President s address or. Dobson fhe president in moving the adoption of the directors report said it is my sad duty today to refer to the death on May 13th last of our late president Morris w. Wil son. He was with us in his accustomed a year ago. Or. Wilson joined the Bank As a Junior clerk in 1897 at a very Early age when he became a member of the staff at his Home town Lunen Burg Nova Scotia. He soon became a marked Man and occupied through the succeeding years important posts during trying periods. He was made Branch manager at Vancouver in 1912, at the time of the real estate collapse and he was appointed general manager of the Bank in 1929 just a few months be fore the beginning of the great depression. His administration of that position during the difficult thirties and his masterly handling of the Many problems which arose during that period will always stand As a Monument to his great Ness among those of us who were privileged to be associated with him. He assumed the presidency in 1934 and during his term of that office added much to the prestige of the Bank. He was a Man of out standing ability. He had unusual breadth of View insight into human nature skill in financial affairs and a Strong sense of Justice and right. In addition to his duties in the Bank he devoted his time generously to Many worthy charitable endeavours. He was a director and took an Active interest in the affairs of a number of. Our largest corporations in Canada and served for three years As Chancellor of Mcgill University. We have lost a great Man and his passing is a grave misfortune not Only to the Bank but to the country As a whole. During the year your directors have added As a member of the Board or. E. Mcdonald vice president of the metropolitan life insurance company and we shall ask you to elect at this meeting As new directors or. Henry h. Hewetson president Imperial Oil Ltd Toronto or. Raymond Dupuis president Dupuis Freres limited Montreal and or. H. R. Miner ., Edmonton Alta. The general manager will re View in detail the Bank s balance Sheet which is before you. And which has been published. I be Lieve you will agree that the year s results have been eminently Satis factory. Once again we have established new records in Canadian banking totals under most head Ings having reached new highs. Furthermore i May add the Bank was never in As Strong a position As it is today. We Are living in a Complex per As a people we in Canada have become Richer in terms of Money wealth than we Ever were before. Our per capita Money Supply to Ward the end of 1945 was con sisting of Bank deposits and currency in the hands of the people which is More than twice what is was in 1939. This Money is not All hidden away under mattresses nor is the a Lount in Bank deposits lying Idle deposits Are turned Over and Over again. The circulation of Bank notes last october totalled 390 per cent higher than in August 1939. Our people Are buying More than Ever before. The Index of departmental store sales has jumped from 100 in 1938 to 255 in 1946. So while wartime incomes enable people to Lay aside substantial sums As Sav Ings and also to increase their cur rents pending the savings do not mean stagnation nor do the expenditures necessarily mean wasteful extravagance. Given an intelligent approach by education and proper control regu lating systematic cutting. Though pulp and paper creates More employment than any other manufacturer and. Is the largest single item. In car Adas Export Trade yet fire insects and disease consume 60 per cent More Wood annually than do the pulp and paper Mills. Other countries have succeeded in practically eliminating wastage due to nature. In Sweden with less than 8 per cent of Canada s Forest area there Are More than twice As Many Forest engineers As in Canada. Forest itself mainly into two Broad classes that which is privately held 7.8 per cent and that owned by the provincial governments 90 per it seems to me that the Way to make our Forest resources economically sound is. By consultation Between provincial governments and be tween governments arid the Forest using industries with regard to Success is not made of dreams Progress due to sound sense and ingenuity of Canadian people. Iod of world affairs. Some people Call it the age of certainly the diversity of political social and economic organizations in the world adds 19 the confusion caused by extraordinary advances emphasizing the importance to the general welfare of prosperous business conditions or. Dobson said i think that experiences the past few years have brought Horne to All of us the fact that business and Industry to satisfy the needs of people. There Are Many wants such As political and economic Security facilities for improvement and relaxation competent health services and wider education but i shall speak particularly of the business aspects. I believe that prosperous business conditions will be the Bedrock upon most of their other wants. I need not dwell upon the Well known fact that Market conditions Are changing rapidly. Instead of a population eagerly stretching out hands for anything we could produce there will be a buyers Market in which selection Between proffered goods will be the Rule. This is the time for business to take Stock and prepare itself for the years to come. We need of course to look after today s details but we cannot ignore the need for looking ahead. There have been All sorts of plans Laid out by advocates of improvement in our economic affairs but it is. Becoming Clear that Many of the old principles of sound economics will survive and some that had been abandoned must be returned to. On the whole our Canadian people Are sensible and sound. They Are entertained by pictures and stories of Utopia but they know that Success is not made of dreams. The Story of Canada s Advance ment is one of people and resources and the ingenuity of the people in using the resources. Roughly 68 per cent of our population Are under 40 years of age. That Means that the numerical bulk of the people is not yet set in its ways but is of an age to demand the latest or better than the latest in devices comforts and services of All kinds. It is to keep every business executive on the Alert because people s wants Rule the Market and decide the profit or otherwise of production. Given an intelligent approach by business executives who Are trying in a sincere Way to develop a better knowledge of what the Consumers want there is no reason Why Canada cannot look Forward to a period of great expansion profitable business and higher standards of living. I regret very much the irresponsible Outlook Many persons have regarding work and wages i am one who believes that the time will come again when Possession of a Job will be considered an asset when having a Little Money As a standby will loom larger in people s minds than Leisure hours. True satisfaction can be found Only when the worker values mainly the work he does and not How much he is Able to compel his employer to pay. I believe in a High Standard of living for everyone and in Leisure but i am sorry to say that too Many of our people to Day make Hish wages and plentiful Leisure the greatest Aims of their lives. They pay too Little attention to the fact that every producer is also a consumer so that what they gain As producers they lose As Consumers. It is wholly false to say that less production and More pay per worker can assure us of Prosperity just As false As to think that raw material and labour costs can be increased without at least a corresponding increase in the Cost of living. Ford to waste or carelessly destroyed any portion of our great Forest resources. Throughout the responsible financial press during late months we have seen articles to the effect that today More than Ever in creased Industrial output is a necessity. We need not Only capital outlays and working capital a re turn to Normal ways of trading an expanding world Market and a freely functioning Price system but the Best cooperation possible be tween management and labor. The High rate of productivity which would result would be the Only effective influence i know of against inflation. In general Canadian Industry has a right to View the future optimistically. The Success of our manufacturing industries in formulating a business policy deserves great credit and the fact that administering it has fallen behind schedule is due to shortages and labour difficulties it was impossible to anticipate. I do not believe our Cana Dian industrialists Are one Whit behind those of any other country in their readiness to adopt or adapt new technical devices or new methods if these will tend toward greater efficiency. Development of these Man fac icing plants which take the raw material provided by our natural resources and Mould it into shape to satisfy people s wants can be indicated in a very few words. In he years before the War our manufacturers doubled heir production and then in the six War years they doubled it again. Canada now stands in the first rank of Industrial nations and she will i am confident continue to go Forward. Immigrants needed one of Canada s outstanding needs today is increased immigration. If this country is to develop As it should More people Are required and a policy of selective 1m- people will put their approval 6n anything that helps provide the safety of the country but in peace time the situation is different. A let the government do it attitude will not. Get us anywhere and necessity alone should be the decisive Factor in judging whether to retain some of the wartime controls and practices. I believe the government did a Good Job in its wartime control policies and meth ods. This is borne out by the fact that our Cost of living Index has advanced Only 27.1 Points since War started compared with an increase of 65.7 Points Between 1914 and 1920. Wholesale prices have risen 38.5 Points during world War period compared with 100 Points during the first War. I do not think there is any doubt that considering the fact that we have just engaged in the world s worst War to which we gave All our efforts and much of our material the Price Rise has been kept Well within Bounds. At the. Same time it must be recognized that there is another Side of the picture. In some cases the manufacturers profit has been squeezed Between rising costs and the Price ceilings. I approve the policy of removing controls gradually out As quickly As goods and services become available and i am hopeful that world and Domestic conditions will soon permit us to return to a free Economy. Unfortunately in some important industries the transition from War to peace has been badly impeded by wage disputes. The loss of Man working Days has been very heavy and the. Effect will be Felt in Industry and among other people for months and years. Those who were on. Strike will feel the effects More than most others. It has always been expected of a Bank president that he will give his opinion of what the future holds in store. In making predictions we should be guided by the knowledge we actually have and by the reasonable deductions our experience leads us to draw. Let me recapitulate our position employment figures Are at a Peak in Canadian peacetime history. Our Standard of living is perhaps the highest in the world. We have per capita in Bank deposits and currency in circulation. Our people have More than savings accounts in our chartered Banks. Assets Are at their highest we have still Many in migration should be upon. Certain o f ? embarked restrictive regulations which make a Prospect Ive immigrant Uncertain of being Able to enter Canada or remain after arriving in this country should be revised. Countries such As Australia South Africa and new zealand Are adopting an Active policy of encouraging desirable people to Settle in their countries and unless we move quickly the Best types May go elsewhere. There is another feature of can Adian economic life about which Many people feel something should be done. I am thinking of taxation. War expenditure is Down in the current year to 35 per of what it was in the Peak year yet the government is collecting in this taxation year an amount equal to 24 per cent of the approximate 1946 nationals income compared with 11.05 per cent in 193s. The sentenced on 6 counts for Fasse statements pleading guilty to six separate counts of making false statements for the purpose of obtaining unemployment insurance. Herbert a. Spearman 48 Smith Street was sentenced to one month on each count sentences to run concurrently by magistrate d. G. Potter in provincial police court thurs Day. Fire at Hartney Hartney Man Jan 10 Spe Early Friday morning caused damage estimated at to the Home of Sam tre Levin in Hartney. It started in a bracket Chimney and. Ate its Way into the. Attic and partitions. There was no wind and the fire department and citizens confined the Blaze to Trie upper Storey. Considerable damage was caused by smoke and water. London destroyer St. James will escort the Battler ship Vanguard when she takes the Royal to South. Africa next year. In science. The Long and crowed Agenda of the recently adjourned United nations general Assembly an indication of the number of International problems challenging the nations. There has been some impatience with the apparent slow Progress of negotiations during the Twenty months since War ended in Europe but the United nations organization has made substantial Progress. It is encouraging to note the growing cooperative spirit because it is Only put of Broad minded give and take that the world can win lasting peace. Canada flays full part Canada is playing her full part in the peace organisations and served on nine International bodies. She was the second largest contributor of food and the third largest contributor of Money to Urra. She has the largest store in the world of the Basic essential of atomic i believe that though in numbers the Cana Dian people carry Small weight in the world when the account of world Well being comes to be added up it will be found that the weight of Canada s influence was a big Factor in whatever Success is attained one of the problems pressing for solution is the restoration of Freer world Trade on a High level but we must approach this question with care. It is All very Well to talk about the huge volume of business that would result if All Tariff barriers were knocked Down but re Moval of tariffs on some goods would utterly ruin certain Indus tries which Are important in our Economy the matter of reducing tariffs must be gone at in a busier Ness like Way keeping in mind the necessities of countries particularly Small population countries to maintain certain industries of an economic basis the volume of our exports which is our very life blood depends largely upon the state of tinal affairs arid while the world picture has not been As Bright As we for there Are evidences of improvement. The Trade Reg a business executives who Are trying in a sincere Way to develop a better knowledge of what the Consumers want there is no reason Why can Ada cannot look Forward to a period of great expansion profitable bus iness and higher standards of Liv ing. In the first place no country has greater supplies of the Basic materials of Industry. Our natural resources fall into five main classes farm lands Mineral areas forests water Power and fisheries. These contribute in varying degree to our National income not Only or even mainly by the Sale of raw materials Irig Fioris Are getting together in the spirit that and harm nil Dei Bend. In Meas lire Aurorf the e free Dpi with a Nicoli goods Are sex the use of their products in the making of goods for con sumption by our people Export. These natural resources and All the manufacturing stems from hem the transportation involved n getting them to the places where people want them the Trade organizations which put them on Sale and incidental services provide employment for almost 5 million persons. Our resources and the industries which Stem from them therefore Are not just of interest to a few executives or the govern ment they Are the business of All the people. Forest wealth time permits of my referring to Only one of these resources in Der Tail arid mention if in particular not Only because of its present Greal importance and its future possibilities but because of the necessity of full and proper Steps being taken to conserve this greatly Pur productive forests which cover an area of 813.qoq Square Miles. Canadians Are de when they earn that their pulp and paper a nulls take Only about 23 per cent of the annual Forest crop while fuel Wood takes 31 per cent lumber and miscellaneous products take 41 per cent., and pulpwood exports use Over 5 per cent. There is a general feeling tha the for ests should be maintained As a renewable asset yielding Harvest in perpetuity and As such they be come not Only a source of Public Revenue but a matter of Public re Ponsi bitty. If the nation no to its capital sufficient must be expended to protect Anc maintain the forests. This Means re search organization of defences heir use and conservation. Value multiplied from the standpoint of capital pulp and paper is by far the larg St Industry in Canada. At preset the sum invested in the oper Ting Mills stands at and this does not include the Subr Tantal sums invested in Timber limits or in Hydro electric devel in meets. I wish to draw one fact particularly to your attention. In 1945 the mip and paper Industry took pulp Vood valued at million and converted it into products which iad a Gross value of million. N other words the Industry multiplied More than threefold the value to Canada of its pulpwood Cut. In course of that process its Mills gave employment to persons and paid them Mil Lon in salaries and wages. In addition it supplied workers in the Woods with employment and wages amounted to million. When you add the Purchase of materials and supplies million you realize How important the Industry is to the whole economic life of the nation. That this Industry could be fur ther expanded is evident when we consider that the pulpwood ship Ped out of Canada in a raw state in a year would Supply a Large paper making Industry. There would be a considerable difference made in the Economy of the coun try if the one arid a half million cords of Wood we shipped out 1945 were put through the Mamie capturing Here instead of shipped outside for Man fac finance minister set his require ments at in his last budget compared with in 1938. Drag on business now it does t matter where that Revenue is accumulated by the government or How it is taken the withdrawal of this Money constitutes a drag upon business. Sub Stantial reduction in taxes would give an incentive to individuals and to Industry encourage expansion and new ventures encourage greater production and lower prices and therefore prove an Aid toward a higher Standard of living. I am glad to hear that the government is. Planning substantial reductions in outlay for the coming fiscal year. From 1913 to 1920, during the period of the first world War our per capita National debt increased from to from 1938 to 1945. During the Sec Ond War our National debt in creased per capita from to in the past 33 years we have had National deficits in 26. Bank Point. Appeased desires assuming that reasonable pro Gress is made toward solution of Broad National economic problems labour difficulties and International Trade the business and financial prospects for Canada in 1947 Are favourable. This country reached maturity through its War Effort politically and industrially. If business labour and government keep their Heads there is no reason Why we should not Complete our delayed recon version plans this year and pre pare to step Forward in future. But let us make no mistake. This in not a time to take things easy rather it is a time for work Effort and initiative based upon sound i reasoning farsightedness and co operation. General manager s address James Muir general manager referred to the financial statement As it has become our custom for the general manager to limit his remarks to making explanations and comments seem Neces sary and proper in connection with the annual balance Sheet. The one which has been placed in your hands in printed form to Day is the 77th annual report of the Bank and you will note that it reflects a further expansion in the volume of business. The assets now stand at which total is greater than at november 30 a year ago and continues into the sixth consecutive year the record in which total assets of the Bank Lave attained a new High figure. It is not unnatural that we should take Pride and satisfaction in seeing this continued expansion of business giving As it does a leading place to your Bank among the great Banks of the world. At the same time it would perhaps not be out of place to repeat our remarks of a year ago when we said it is not our Conception that Mere size is an end in itself but rather that our ambitions for the Bank Sre to see it Excel in the character and Quality of service rendered to the Public at Large. Cash on. Hand and balances at our credit with other Banks and our holdings of Dominion and provincial Securi Short and medium two arnouts plus a further in Call Loans cheques on Banks and other securities give an Over All total of which comprises the liquid assets of the Bank and represents 81.69% of total liabilities to the Public. Loans the volume of commercial Loans in Canada is up by but this does not give a True picture for the reason that at november 30, 1945, a Victory loan Campaign was in full swing and the com parable loan figure in our balance Sheet a year ago included a Large volume of advances which had just been made to assist our clients in purchasing new Victory Bonds during the Campaign. Highlights or. Dobson said 1 am glad to hear that the government is planning Lub a Cantini reductions in outlay for the coming fiscal year. From 1913 to 1920, during the period of the first world War our per capita National debt increased from to from 1938 to 1945, during the second War. Our National debt increased per capita from to in the Nast 33 years we have had National deficits in 26. Canadian people Are sen sible and sound they arc entertained by pictures and stories of Utopia but they know that Success is not made of dreams. The Story of can Ada s advancement is one of people and resources and the ingenuity of the people in using the resources. Canadians Are generally surprised when they learn that their pulp and paper Mills take Only about 23 per cent of Forest crop while fuel Wood takes 31 Pur cent lumber and miscellaneous products take 41 per cent and pulpwood exports use Over 5 per cent pulp and paper creates More employment than any other manufacturer a and is the largest single item in Canada s Export Trade yet fire insects and disease consume 60 per cent More Wood annually than do the pulp and paper Mills. Other countries have succeeded in practically eliminating wastage due to nature. One of Canada s outstand ing needs to Day is increased immigration. Ii this country is to develop As it should More people arc required and a policy of selective immigration should be embarked upon. Substantial reduction in taxes would go an incentive to individuals and to Industry encourage expansion and new ventures encourage greater production and lower prices and therefore prove an Aid toward a higher Standard of living or. Muir said it is not unnatural that we should take Pride and Satis faction in seeing this continued expansion of business giving As it does a leading place to your Bank among the great Banks of the the same time it would per haps not be out of place to repeat our remarks of a year ago when we said it is not our Conception that Mere size is an end in itself but Rattler that our ambitions for Bank Are to see it Excel in the character and Quality of serv ice rendered to the Public at Large. The smaller class of Cus Tomer continues to take sub Stantial advantage of our facilities. This is demonstrated for example by the fact that during the past year we have made a total of nearly Loans of and under for personal purposes the num Ber of Deposit accounts in operation continues to grow and As a matter of fact has in creased by in Canada alone during the year brine ing the. Total in operation up to our Branch representation in Canada being already so extensive it naturally follows that the scope for further openings is limited to a degree. Nevertheless it is our to see it that new Fields where there is need for banking services and a reasonable Prospect of building up a satisfactory business will not be overlooked. The unique position which we occupy As the Canadian Bank with the most extensive Chain of foreign branches enables us to Render exporting and importing clients a Bank ing service which cannot be paralleled. The managers of our foreign branches Are con stantly called upon to assist visiting executives of can Adian companies. With Many years of experience As to the requirements and with first hand knowledge of opportunities which exist coupled with the ability to extend a general banking service we Pride ourselves on being Able to give invaluable assistance and direction to these visiting executives. We think they have found it Worth while to be numbered amongst the clients of the Royal Bank. Some will say the government needs the Money for social welfare and subsidies and so on but i would Point out that lavish government expenditure has been unsuccessful in creating Prosperity. Some of these people have Faith in the idea that All things Here on Earth can be settled Jay calling on the government for deficit spending in creased social Security and Public works. In a wartime crisis our. The repayment during the year of these substantial borrowings has been More than offset by new Bor Rowings for commercial purposes during the same period. Even then the extent to which commercial borrowings have been increased is not fully revealed. This is because the loan total is not a Complete Index of the Finan Cial assistance which is being sup plied by the Bank to our clients in their Post War business activities. Included under the heading other Bonds debentures and stocks Are Many millions of dollars represent ing the Purchase by the Bank of Short to mid Tern Bonds and debentures issued by clients to enable them to carry out expansions and improvements of a capital nature. Call Loans in Canada show a reduction of and Here again the incidence of the Victory loan period of a year ago makes itself Manifest because there were substantial borrowings under the Call loan heading arising out of dealings in Dominion of Canada Bonds by our clients All As part of the Victory loan Campaign. Natur ally there Are no comparable Fig ures included in this year s totals. The foregoing data illustrates the financial assistance that is being rendered by the Bank to the larger Ture. The lumber Industry which includes production of sawn lumber shingles and boards has been in creasing steadily. At the last government report there were Mills in operation employing up wards o f 45.000 persons with a pay Roll of million. As in the Case of the pulp and paper try the value of the Forest Cut has bean much increased by processing in this Case almost doubled. New products from Wood in addition new horizons Are opening up for the use of our for est products such As in the Manu facture of plastics and textiles. This Field so far has Only just been tap Ped and holds tremendous possibilities. We cannot therefore Al tribute to staff one of the Bank s most important assets. High Praise for the ability loyalty and interest shown in the affairs of the Bank by All members of the staff was voiced by or. Muir. In my remarks so far he i have endeavoured to comment upon and to explain the More important items that go to make up the printed balance Sheet which is in your hands. In a sense however it is an because one of the most important assets of to my Concep not listed nor is it possible to give this asset a monetary value in the balance Sheet. I refer to the staff of the Bank. It has been my privilege during the past year to meet personally nearly 300 of our Branch managers arid in addition a Large number of other members of the staff .1 Cari assure you it was an inspiring and heartening experience. Happy and fortunate is the fact that your Bank is what it is because of the Talent the loyalty and the personal interest in its affairs displayed Over the years by the men and women who make up its personnel your Bank is not the Handiwork of any one Man nor even of any Small group of men. On the contrary it is a Monument to the co operative Effort of Pahy each one serving with Enterprise arid enthusiasm in his or her particular sphere of duty. I cannot commend men and women too highly to you nor As i see it can the management of the Bank Render a greater service to you than that they should at All try to ensure that a staff such As i have described is fostered encouraged and maintained. While we cannot see into the future the probabilities would seem to be that we have entered upon arid her year of High business activity. That the staff of the Bank will As always measure up to the needs of the occasion you May take Lor la cite their business and prut then Confidence. the profits for the year were greater than for the preceding twelve months operation a after providing for. For Dominion. Government taxes the net amount of profits which after payment Rof ear bringing the total in operation up to naturally we feel gratified a this evidence of the continued an growing extent of the Bank s con phases is a departure from methods with which we tact with the Public and we App re ensuing year. Have been familiar. It remains to be seen How this Lew method will operate in future As the period during which it has seen in Force has not been of sufficient duration to express views. Our assets in the Republic Are in a readily realizable form and the of our operations during he past fiscal year has been such As to give a satisfactory return not withstanding the effects of this legislation. In keening with former practice he printed record of today s proceedings will also include a sum Mary and full comment upon conditions throughout the districts both at Home and abroad in which the Jank operates. Board of directors the following were elected directors for the ensuing year w. F. Angus Hon. Viscount Bennett p. C., John Burns 11332 Harold Crabtree. Arthur Ross George a. Debbie Sydney g. Dobson Raymond Dupuis ., h. H. Hewetson j. D. Johnson Ron. Ray Lawson. n. Each Gordon w. Macdougall ., j. W. Grant Macewan w. H. Makiri. e. Mcdonald. H. R. Miner. Burnhart l. G. Macgregor Mitchell g. H. John s Norris . W. E. Phillips. M.c., Conrad s. Riley Howard p. Robinson John t. Ross Paul f. Sise g. Harrison Smith Cyril w. Stairs. j. Mag. Stewart. w. Taylor Bailey Norman c. Urquhart. Arthur a. Wood and Hon. William c. Woodward. At a subsequent meeting of the Board of directors. Sydney a Dobson was re elected president and w. F. Angus and Burnhart Mitchell vice presidents ;