The Brussels Post, 1955-01-26, Page 6• ,;„„
• The Royal Bank of anacla
1955. to be, "Year of Decision" for
Canada, Determining EcOnOmIc
Welfare for Years to • Come, •
• Declares laMes Muir . ft.
Prosperous Future Lies in Improving Competitive Positionf -,
Not in Hiding Behind Trade Borders. Scope of
Existing Agencies Should be Broadened :to
Provide Long-Term Export Credits
aft
%% Sit Cookie jar getting empty
again? Well, it's a habit it has
In most families, in summer or
in winter, especially the latter,
Sc here are a few recipes for
"filling,"' all of them highly, ree-
`'Ommended, *
ORIENTAL CHEWS
2 cups brown sugar
g eggs (large)
1 cup flour
% teaspoon baking powder
24 dates, cut f7, ine
1 cup chopped walnuts
Put brown sugar in bowl and
break eggs into this; Mix well.
Add flour sifted with baking
powder; add dates and nuts and
mix well. Spread on well-
greased shallow pan. 'Bake at
350° for 40-45 minutes. Cut into
squares while still hot.
.0 .0 4.
'MOLASSES DROP CAKES
2 eggs, beaten
1 cup sugar
1 cup sorghum or light
molasses
1 cup melted shortening
1 cup boiling water
teaspoon each, salt and
ginger
3 teaspoon soda
413/2 cupfuls (about) flour (do
not make too stiff)
Mix all ingredients together
in the order given and allow
to stand 20 minutes in the refrig-
erator. Drop, by spoonfuls ,on
cookie sheet and bake at 360°.
7. Frost- with orange or vanilla
frosting, if desired.
* * *
OLD FASHIONED COOKIES
pound butter
2 cups sugar
2 eggs
3 cups Hour
1 teaspoon taking powder
34 cup milk
1 teaspoon vanilla.
Combine sugar and margarine
and then .edd eggs e d mix
ihoroughiy, Add milkg Sift flour
and baking powder together and
combine with first mixture. Add
vanilla. Roll and , cut with
cookie cutter XI use heart
shape). Bake on cookie tins at
325° F. frorri td19,minutes.
4i .T.e •
))e, see
etee 's---eeise
e6..
the.. Otte l f ..Sectorcon
who thhih allomortato practice moderation' today
,r,ZN
( k(e))),7)„,
,
RFT
True' happiness
springs from
Moderatin
(1749 -1832)
41,
ar Modern Etiquette
ciar Amitiews.
3/4
party and the guests rise to
flrimic the couple's, health. Then
the bridegroom, rises and ex-
presses thanks for himself and
his. bride.
Q. Is It proper to sip your
coffee or tea with the spoon?
A. Net the entire cup. The
spoon: may be used for tasting
only, never for drinking. After,
stirring yonr beverage and
tasting, lay the spoon in the
saucer and let it remain there.
Q. I have sometimes noticed
a man holding a cigar or pipe in
his mouth while talking with
a woman. Isn't this considered
very rude?
A, In conversation, with a
woman, a than of good breeding
will always remove his cigar,
cigarette or pipe from his mouth.
Q. Is the double-ring mar-
riage considered proper these
days?
A. Whether the man wears a
wedding 'ring or not is entirely
a matter of personal taste, and
not of etiquette. He may or may
not wear a ring, and in either
case he will be perfectly proper.
k
NEW STAMP—"Towered. Italia'
is the theme of this stamp just
issued by the Italian govern.
ment. It has the head of a young'
woman wearing a towered-wall
crown. The crown is symbolic of
the many towers In Italy, such
as the one at Pisa.
Q. How long is it correct for,
a hostess to wait .for a tardy
dinner guest?
4. Filter' or twenty minutes.
It is said that nothing short of
illness in the family excuses one
for being late for a dinner en-
gagement, At any rate, the tar-
dy guest's excuse to his, hostess
should be a very good one.
Q. Is it' considered improper
to use the knife in, cutting the
lettuce in a salad?
A. There is no ban at all
against cutting the salad with a
knife. Lettuce can sometimes
prove very stubborn when one
tries to cut it with a fork.
Q. Is the prefix "Mr." ever
omitted front a man's card?
A. It is omitted from his
business card, but never from
the card which he uses socially.
- Q. Whose place is it to pro-
pose a toast at the reception to
the bride and bridegroom?
T. The best man, whereupon
the members of the wedding
!yaw DOUGHNUTS
314 Ms sifted flour
4 teaspoons baking_ powder
I, teaspoon each, soda and
salt
yo, teaspoon fresh gronnd
nutmeg
2 small, or 1 large, egg
1 cup sugar
cup rich buttermilk
2 tablespoons butter
1 teaspoon grated lemon rind
Sift together the flour, bak-
ing powder; soda, salt, and, nuts
meg, Beat eggs and sugar to-
gether until light; add butter-
milk, shprtening and lemon rind.
Add flour mixture to, egg mix-
ture and mix. thoroughly. Chill
dough overnight or for several
hours. Divide dough into 4 parts
and roll each part separately to
% inch thickness. Cut with
floured doughnut cutter. Fry in
deep, cleat fat (375° F.) until
golden brown, Cool and coat
with confectioners' sugar.
To coat: put doughnuts, in
paper bag with sugar and shake
gently. Or, doughnuts may be
Iced with chocolate or vanilla
icing.
a * *
Annual Meeting of Shareholders' ►
•
•
"FREE”. LOADER—Tiny refugee rides to freedom in a basket as a
relative fleeing Communist-controlled north Indo-China is helped
aboard a Freech. evacuation craft off Phat Diem. Baby:is com-
fortable in the basket, and there's less chance of losing him as
thousands surge southward seeking sanctuary.'
MD
Patient Consumers Plan To Avoid
The Common Cold
Finally, here's the recipe• for
a cake that doesn't' need any
topping, for the simple reason
that the topping is haked on.
It's especially, good when eaten
fresh from'• the oven. ,
BUTTERMILK CAKE
2 cups Rear'
% cup butter
2 cups brown sugar
1 egg
1 teaspoon soda
% teaspoon salt
1 cup buttermilk
1 teaspoon vanilla.
Mix flour,. shortening, and
. sugar until it' is the consistency
of cornmeal. Add beaten eggs.
Add soda and salt to butter-
milk and mix well. Add 1/2 the
buttermilk mixture to flour
mixture; mix well,. Add remain-
ing buttermilk mixture; mix
well. Add vanilla. Pour batter
into shallow, greased baking
pan and sprinkle with following"
topping. Bake 30-35 minutes 'at
350° F.
TOPPING
2 tablespoons sugar
3/2 teaspoon cinnamon
s, 34 cup chopped nuts
Combine all ingredients.
4
KEEPS NECK WARM - Mink tails,
end matched pearls 'are ,corn
`Dined to make 'This expensiVe
bit of finery .,for. formal, wear
which was recently, enOcleled;In
'Rome, Italy.
Money All Over -
tiien the most blasé globe-
trotter gasps when he enters the
famous "Copper Room" in Bre-
men; it is part of an inn whose
proprietor's taste in interipr•dec- , orating has taken a unique form:
Gleaming on the walls and-
ceiling of the room are 10,574
genuine German copper pfen-
nigs. In some cases the coins
are arranged to form figures
which include Bacchus, the god
of Wine, and Lucullus, the' cele-
brated Roman gourmet.
Hans Herbert Giethmann, the,
Innkeepet, explains: "It was my
mother's idea. For weeks on end
she, mused how to- attract cus-
' Miners.. Then she remembered
that' in 'the early" 1920's, shortly
after the inflation, a German
innkeeper plastered his walls'
-with million and billion mark
• notes, at that time almost worth-
„less, and thought of the coins.
Ten thensand Germanpf en-
files eqtal eimroximately $30.
Proverbially, the ass is the
standard of patience for th'e ani-
mal kirigdom, but on occasion he
has been ;known' to 'rebel. A
better symbol of patience for
modern use is the consumer. He
rebels less..frequently and less
effectively than his animal coun-
terpart and is more generally
recognizable. Persons who are
acquainted with both asses and
consumers can learn to disting-
uish, between them by remem-
bering that the latter have -the
shorter ears.
In happier days there was a
theory that the consumer was
always right. When he bought
anything, he expected the shop- ,
keeper to deliver it M him in
usable condition and with. rea-
sonable promptness. Since the
latest great war, when, all goods
became "difficeilt to' obtain and
fteghentlY were unsatisfactory
when bought, the consumer's
status has ,declined. Goods •are
,now better and more abundant.
There seeins to' be some •:corn-
petition for the consumes dol-
lar. ,But the diecovety 'that he e
is patient and can be" pushed
around is still exploited.
Once upoh a time it. was cus-
tomary for any article of an
electrical or mechanical nature
to be guaranteed for a year, and
as a rulebeuch ,an, article did not
get out of order' until the 366th
day after purchase ; or the 367th
in leap years. Now some dealers
in television 'sets "seem' to :count
on getting 'a ptofitable business
in service to 'the sets ae• soon as
they are spld, ,.,,„ „
Or, to consider' other articles
of furniture, observe how pa- ,
tiently the consumer puts up
'with being delivered goods `in a
"knocked-down" condition. He
might Complain if, when he had,
bought a car, he received wheels,
tites, chassis parts and motor"
arid was left to assemble these.
for himself. But when„he, buys a
table or a bed or a cupboard or
a coat-rack he may receive some
seemingly unrelated .pieces of''
wood and hardware, with or
without a book of instructions.,
The seller seems to feel that he,
has done his duty, not by
a usable piece of furniture, but
by providing the customer with
a hobby for the long *winter
A miracle cure for the com-
mon cold is in the offing, a medi-
cal research team reports, but in
the meantime family doctors
continue to use „a verbal' vac-
cine that was 'probably first
prescribed by Hippocrates him-
self: —"
"Keep your feet warm and
dry; and., don't sit around in
drafts."
fie't 'feet are one of
the most common causes of
' colds; the medical men say, and
can touch off. ,a lot of foot
troubles, too. BLit this doesn't
mean you ,should suffocate your
feet in%-eetea-heavy socks and
*shdesemeade.of impermeable ma-
terials;. They'll,,Make your feet
perspire,,eleasing - them ae prey
to :blisters, skin Irritations, and
ever frotthite when the weather
gets told enough. to ,Ar,eee the
unevanorated, moisture: „
To keep Yotie feet 'et "a'. com-
fOrteble tempartute,' many doc-
tors teZoriimend the wearing of
'medium-weight .hose and all-
leather shoes. Leather's" finely „
interwoven fibres are a natural
insulating material,' 'permitting
the feet to "breathe" and thus
quickly evaporate foot moisture,
while allowing .cool, dry .air to'
enter the shoes.
Weir feet—Will weather the
winter months better.:— and
give your 'respiratory system
greater resistance to cold r germ's
-- if you treat them to a nightly'
soak in warm water, followed
by a short exercising "session
that' will loosen up the numer-
ous tiny muscles and ligaments
and whip up blood circulation.'
Before you go to bed, try
-walking on tiptoe two or three
Miles "around the 'room, then rub
the soles of your feet vigorously
with a dry towel.
Betty — "That Smith woman
is certainly lioity-toity."
Maxine "She may be hoity,
but she'll never see eoity again."
to
evenings. . , •
The shopkeeper is not to be
blamed for the beret of ditec-.•
liens that accompanies this 'game.
This is Packed in With the PieceS
at 'the 'factory Adgethei with es
diagram drawn mental. de-
fective. 'Just add inteeest to
the game, direhtiops' and
gram
dia-e
have been ptepared for an
earliee -friedef. Piece - "A": in 'thee -
diagram; diagram; if the customer can find', •
it, is now piece "K" or "Q" arid.
of a different shape.
It may be taken for granted
that, if two pieces are intended'
to fit together, the jeintie too:
loose or too tight'. Two boit4ibles,-
never beiribide 'exactly`: The co,:,,.-,
inciderice,, if it 'Oectitred,,,,evotild 2.
be eehalited by the fuereitete, " •
Makers: union.
Iii the privacy of hiSAieffie,-
Struggling' 7 to'litrt the '?darned
thing together, :.the • .0Onsifiriet,
May lose his ,patience, plat the
victim is ,not the,„§hOplt4per Or
e pee ManufeCtureel if is only the
eorisurneiee "Win or
child, upon whom' he has called
for eesistance...besthe faMily dog
,•64eat.or haS strayed
within earshot
runt the Printed Word
:''195S.4EAR4 OF DECISION '~
"I believe that 1955 is a
`year of decision' in which our
solution of immediate prob-
lems will have a tremendous
capacity for good or evil in
the Years to come," said Mr.
Muir. "During 1954 we have
seen not only a defeat of in-
flationary forces in the econ-
omy but the reappearance, at
least in a shadowy form, of
the deflationary bogey- of the
1930's„ In, ,January; 1954, I
referred to the • fact'-that` the
inflationary 'boom had already
become: for, 'some sectors- Of
'ti the 'economy, -thing of the
• Pest. Since then, we have seen
a rise in unemployinent and
a'-reduction of some Magni-
tude in 'certain components
of 'the National Accounts
as . well as, in the Gross
=National Product -itself, We
have- seen as Well increased
competition in, home and for-
eign markets from the re-
vived industry of the United
Kingdom, Western Europe,.
and Japan?'
' "Within an overall climate
of political and, economic
freedom, our policy decisions
in government and business
during 1955 should take due
account 'of four interdepend-
ent goals of an economic
policy directed, towards the
economic welfate of the coin-
. munity. The first of these is
to ensure that our human re-
sources are not wasted in' ih-
„voluntary •idleness; -that is,
ePweeshould try, to maintain a
,high andAtable level of basil
nese activity, and: .employ-,,
m enteeThe4second
and,,
Is. to
,ensure „that ?. our. resources.
&whensfully'etriplOyed are al-
1 ideated Kinshell a way lcasto
produce the,riseXimi.inf Vol- fi
ine e of goods and services
andeto,obririgitheee wields bride
eeeetreices to market in the pro,
eresetioneln 'which Coneerhers
want them. The third 'goal
is to ensure that the distri-
bution of the national prod-
' uct= efid.•, -income ,e,combiees
the lailieSt''pos-
sible incentive to increase the
total amount of preduct to
be shared. The fourth and
final goal is to ensure that all
,our policy decisions are con-
sistent with an appropriate
rate of economic progress and
growth in the economy. as a ”
Whole."
•
sources, necessary to Make our
own efforts worth while;. and So
in the end ours progress depends
upon, the' quality and, quantity
-of Our 'human tesources:. I :do
not think We need' have many'
doubts' about, the high quality: Of
our human resources. But it re-
mains for far-sighted policy in
business and government to en-'
.seire not` only that 'this high
quality is fully" and efficiently
used,. tei as to realize fully our
Capacity to Produce .end ptosper
today, but that we-achieve the
proper degree of- .'expansion :in
the quantity Of eheee 'resources
available fokeusd tbineekbie e We
Must start today to create thee
economic environment that will
both encourage, and enable its to'
take fulladvantage' of, that
growth in"pdpuletieri and capi-
tal, without Which- we ,cannot"
realize the great potentialitieS':
that lie.in ,ont wealth Of natural
resources.
"How 'we' 'Meet nue probfems.
,in .this Year of deCisiole aS.
I have saide profoundly' affect
the direction end rate of Cane
'ada's growtley the decisions we':
mike are In „keeping both with
:the tealities,.oe the present end
with those of 'that greater Can-
ada Which then be 'Seen
line eveii nev., mils 'safely".'
,
Lydia "'Did soil ever hint
of aria husband more lien-Peeked
then Leine?"
CiltidYk "Sure, one taw; b`iett
he was bigainbe
The conviction' that 1955 will
be a."year of decision" in which
.the solution of. immediate Prole
lems .will have a tremendpus
capacity for good or ,evil in
Canada's future Was eipressed,
by Jarries Muir, Chairn3an and
President, at the, Annual Meet-
ing of Shareholders of The Roy-,
al Bank of Canada. Only a rare
combination of ,statesmanship
and good fortune, he declated,
could .guarantee a peopet &Diu-
Eon of ...these. problems. "
•, "In :a -period of obvious inflae
'hem or deflation," -said Mr.' Muir,
,10'cotiiparatiVely easy to 'de-
:6de ondhe" appropriate direction
of- monetary and fiscal 'policy,
arid the nitaoe problem beam:hes.
that 'of chobsing: the combina-
tion that achieves •maximum
effectiyeness 'with the least cost,
• and dislocation' to 'the economy.
The really difficult 'decisions must
be made at a time like the pres-
ent when it is still unsafe ecOepro-
flounce ihtlatien entirely; cured
and still less, so to assume that
the paramount danger of the
moment is, the galloping defle-
tion of the early 1930'se
ECONOMIC PROBLEMS
"The ''problems posed by the
high cost economy .become more
acute with every increase in the
aompetitiVe threatof foreign
industry to Canada's-• markets
at home and ebroad... Pressure
for protective' measures becomes
more insistent as the immediate
affects• of sharpened cempetition
become apparent. I am still of
the opinion that 'Canada's fu-
ture lies on the side 'of ineprov-
ing her ',competitive position
rather than isolating herself be-
hind' heightened: liatelees to
trade. te•-•
tancreased ,Protection is no
answer. The disadvantage
out ddllar'ehigh exchange Value
is general:: t affects all Can-
. ediant orechic.ers. It. imposes a
tax on exports' and a subsidy. on
imports 4Peetection . helps only
those Canadian producers who
must compete in the, home mar-
ket against- imports: . it does
nothing for= ours'exporters ex-
cept to .subject "them .to a fut.,
ther 'rise 'in ,domestic costs and
hencetO"d further limit on their
ability to icompete -eh foreign
marketee ,
LONG401tIVI 'FINANCING
• "The rfoticeable decline in ex-
'POtts ,sinee 1952 -May also be ate
tributed to a nUitibet of inter-
related. causes: 'price declines, in-
creased dompetitiOn learn lOW
Cost producers abroad,ethe re-
covery •of industrial capacity in
war-torn countries, and the like.
All these tend' tcieelter relative
cost -and :price relationships in
•the world .market to Canada's
.dieadvantage. nit; • in. addition
to the important matter, Of rela-
tive costs;a new factor es been
injected by European' ,suppliers
*he are able; With.. government
support, to . offer lorig-terei fin-'
arcing to .tbeir. •etistenier,s„in the
,world enatket.
"In view of the "importance'
tee Canada; today• • and in the
Suture, 'net Only. of. inalpitaining
exports, but Of . maintaining in-
*tad her industrial leggey from
Wartime expansion, it -.,seems
abundantly.elder. that definite
ettiOn shoud now be taken to
prOVide Our, traders with the
credit facilities they lack, These
facilities , :night take various
forme:, but, In ,gerieral, they
Could be PreViadd,bY a corpor-
ation, Seeened . Pattly Or wh011Y
by the GOVettiffiente With the
powerte ecount, export panel'
Of longer .tettilthan chartered
banks ten handle. The essential,
function 'Of such' a corporation
could indeed 'be tetovided very
eirtnelY by.. widening the scope
and Operations of 'existing gOV-
iliteltheint" entities now active in
jeosieting trade arid industry,
FORESIGHT NEEDED,
"W have the naural, re-
General .Manager
Reports Assets
Over. $313 illion •
T. H. Atkinson, General Man-
ager, in, reviewing the bank's.
1954'repeort, stated, that total as-
sete.of The Royal Bank of Can-
eida.have now noised', the three-
billion This, he pointed
out, was ,a."•new' record in the.
hietorY of Canadian banking,.
,;and, areeindicationThf the bank's
epreeerninenceeeire. the opinion of
the ptiblid.
Deposits ,had also reached rec-
ord totals, said Mr. Atkinson,.
pointing out that they now stand
at $2,797,548,149. "It would have.
been reasonable to expect a de-
cline in loans to accompany
falling off in the •gross national
product," he commented, "but
this has not been the case, al-
though the pace at which loans.
were expanding has slowed
claim Our Mans have increased
to a total of $1,188,022,047."
Mr. Atkinson said that for the
first time, the revised Bank Act.
enables banks to advance money
against new ,resideiitial construc-
tion under the National Housing
Act. "Wethad advances outstand-
ing in this category amounting
to $22,672,390,' he said. "Actual-
ly our total commitments are'
something Over .$62,000,000 —
the difference hetween the two
amounts to be loaned as " con-
struction proceeds.. This xepre-
sents approximately 40% of the
total -commitments" of all the,
banks."
ROYAL BANK ,ABROAD
Mr. Atkinson reported that.
the bank's foreign * branches had
Made further Progress during,
the year, with most satisfactory'
results.
"In keeping with our past pol-
icy of extending our services ton
new areas' where development.
warrants banking facilities, e*e.e,
have opened one branch outside.
Canada dtiring'ehe past year.and
in the near filter& will open
three more, in. the Ceribbean
Area 'which will bring the total
,of our foreign brerichee to -74..
There 74,branches Mean 74 C--
Mllen ,eepreaentatives abroad.
whoSe ,serVices . are at the dis-
'peeel of Canadian businessmen
give them first-Band- informa-
tion on conditions in their e re-
spective - localities, :At a time.
when Canadian export trade has.
been, declining as a result of in-
creased and intensified competi-
tion from other exporting coun-
tries., these 74 information cen-
tres abroad can be of inestimable
Value to Canadian exporters by:
assisting 'them through tip-to-
dete and first-hand .knowledge-
of the local markets.
"Our . foreign service is a,
source of gteat pride to us and,
we feel, jestifiablysesce,„DoOng
the past. 55 years; We have built
up an enviable reputation abroad.
and are very much an integral
part, ef the busineses life of the
countries where we 'Operate; ;in
fact, `in some cases we axe con=-
sidered a local bank' rather than
a -foreign one.
"GREAT STAFF' TEAM:
"Including .inaintengnee staff,.
.technicians,and',0,,,therg With, Spe-
cial duties, we.. now ernPloy, W,ell
in excess of 15,000 people. They
are welded into a great and
olute ',teeth' Which:. takes second
plaee r hone., e 954. -Wee no .:ex
gentioneto, the pattern Of :the-
poetsweir period eethielethas .seek
the e'inergeilee annually Ofe in-
creased volume and new bug-
Hess ;proced.14yeS tp .Place 'fresh
demands; tipOti the Staff. Again
theIlfallefeeti'ffaa beetisniet With.
'skill and devotion.
"We .are proud of our etaff,,
not Only for. what they aedem-
eihsh on eteiiiters and at
their desks but for the services.
!these Petfoien Veluntatily '`out,
bide the bank in the hundreds' of
communities in which we eete•
,represented. We hayee,fileae of
heartWarniing letters as 'elo,
giient .. teglinoey thee' their eefs
Mete', do not go unappreciated,
. •
'leave our doubts behind atid•-• by
inalang the . decisions appepprie
ate• to gtoatileee . bring greatness
itself 'within ritir