The Brussels Post, 1958-02-05, Page 5retail prices means today, as in
that earlier period, that we have
suffered not only from open in-.
fiction but from a concealed in-
flation of production 'and district
bution costs., The process of
healthy adjustment would seem
now to require the elimination
through price reductions of in-
flated production and distribu-
tide costs. A tight money policy
has inhibited itifiation and has
indeed been instrumental in
breaking the circle and ending,
for the time at 'least, the round-
robin Oa cost and pride increases
that can continue indefinitely
only if the money supply or the
velocity of the monetary cireu-
laden is allowed to increase."
"Fete years ago I Mentioned
that it Might be worth while to
investigate the possibilities of a
short term Money Market in da-
nada. Such e, mg-11d did beetle
into being, about sbt. intniths
later', We theilld e I believe, now
study the possibilities Of breed,
erileig the base of Otte money
Market, Ad• Of now the Only itia
,ettatirierita available for use
within this Market are Govern=
,meet TreatairjeBills and Govern=s •
Meet Bonds With a Maturity sloes
exceeding three years, What I
have particularly in tilled is a
study of possible Steps to achieve
the stature of a real Money indiee
kti4 that lei a market that *bind
,14
Backache IS often tidied by taffy kidney'
khan. When kidneys )Ref but of etsiee
and wastes remain es the
leitate. Then backache diatufhed rest
Si that tired-our Snd heavy-headed feeling
inay soon follow That's the tune to take
Dodd'i Kidney Pala. thidd'i Stimulate
the kidneyi to. normal action. Theri yoit
led better-sleep betteS*Worls bend-,
Gil Dodd's Kidney Pills now:
How Can I?
By Anne Ashley
Q. How can I relieve a sore
*moat?
A. A remedy for sore throat
is to gargle with a warm solu-
tion of salt water. Or, dissolve
one teaspoonful flour of sulphur
in hot milk and sip slowly.
Q. How can' I clean nickel
.faucets?
A. Try using lemon rinds, af-
ter squeezing out the juice. Rub
thoroughly, then wash, and pol-
ish with a dry cloth, The fau-
cets will shine like new.
Q. How can I prevent rubber
boots from cracking?
A. Rubber boots will not crack
and the air will be permitted to
circulate freely through them,
if the boots are held erect with
rolls of cardboard when they
are not in use.
Q. How can I overcome the
'difficulty of pouring catsup from
a bottle?
A, All necessary is to push
back the thickened portion that
Congeals around the top. The
catsup will then pour easily.
Q. How can I prevent starch
from Sticking?
A. Starch will not stick if a
drop or two of kerosene, or a
little lard, is added to a small
basin of starch and then allowed
to come to is boil.
ISSUE 4 — 1958
AGENTS WANTED . . , ...I GO INTO BUSINESS
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ARTICLES FOR SALE
cof.,QVart44 past stone facing applied
any house front, Free estimates, Rome Cast Stone, .Box 342, Stouffyille,
Qatatio.
NO, 1 extra white honey. 48 lb, eases,
8 lb. pails $11, In b4 lb. pails $11.50. In 2 lb. palls 512, gd Howard, Emo, Ont,
WET-PACK Shammy always wet, Packed into moisture proof self-sealing poach, Ideal for; Windows, Chrome, rile Porcelain, Large 17" x 20", Keep one In your car, truck or kitchen. Only $1.59 plus 100 for postage and handling, Fred Quegnel, 90 Donegant Ave., Valois,
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Power Spark Plugs are guaranteed to
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LANG BROS. — Box 25 E.,
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BABY CHICKS.
MIXED chicks. In a wide choice breeds, crosses. Pullets, including Ames In-Cross. Dual purpose cockerels, Broilers (these should be ordered now for Feb-ruaty — March. Complete list. Bray
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HELP WANTED
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INSTRUCTION
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MECHANICAL PARTS, REPAIRS
MOTALOY
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While you drive for only $8.00. For cars — trucks — tractors, etc. Un- conditionally guaranteed. Effective for life of car. Mataloy saves you money.
Motaloy Sales Co., 34 west Street, Goderich, Ontario. Dealer Inquiries invited.
ptiERLAAPTITI:A;$XV948RYNEtitIFITEIR$FRol99PoLo
TRY DIXON'S REMEDY,
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PRICE OM PER JAR
POST'S REMEDIES
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TORONTO
OPPORTUNITIES FOR
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this list is so hot it's burning tits ;And e yeses profits tip in, smoke! Statistics show 43% of firms whose records arc destroyed by
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liktYLI •
145 FROIIt STR EET EAT, foliOnfe$ te.4106'
Although the round-robin of
cost and price rises is undoubted-
ly en inflationary factor, even
the best intentions on the part
of both labour and management
cannot long resist an inflation-
ary environment created by ex-
cess spending through errors or
inefficiency of monetary and fis-
cal management, declared James
Muir, Chairman and President
of the Royal Bank of Canada
in his address at the bank's an-
nual meeting in Montreal on
Thursday, January 9th. "In such
a situation, wages would rise
even without trade unions to
press for them," said Mr. Muir.
"The employer finds that to in-
crease production in response to
rising demands, he must bid for
labour at a higher price. He may
often find it necessary to raise
price% but these higher prices
can be paid only because the
original inflationary environment
makes it possible for his cus-
tomers to pay them. Under these
conditions, wages and profits rise
together, but they are symptoms
rather than the cause of inflation.
"However, once the circle is
broken, by effective monetary
and fiscal policy, mutual res-
traint is clearly in order. Profits
fall first and unions might well
at this point temper the wind
to the shorn. lamb. In fact, if
we are to obtain not merely full
employment and growth, but
stability as well, the exercise of
restraint in making demands
must become the responsibility
not only of labour and, business,
but of electorate and government
as well."
FREE EXCHANGE RATE'
Mr, Muir mentioned that
among the 'built-in stabilizers' of
the economy Is Canada's free
foreign exchange rate, and point-
ed out that in the absence of
flexible price levels and with a
domestice fiscal policy geared to
`full employment', the floating
exchange rate provides the only
mechanism of adjustment, other
than rigid exchange controls, to
the ever-changing requirements
for equilibrium in. Canada's in-
ternational accounts. "It is some-
times argued that the ,investment
flow covers our trade deficit,"
said Mr. Muir, "and that any
stoppage of this flow would be
disastrous. But we should re-
member first that a large part of
our imports are the result of
the inflow of investment funds;
and, second, that, should foreign
investment (a n d investment-
induced imports) fall off, our
flexible exchange rate provides
an automatic device for adjust-
ing any deficit remaining in ,our
trade in goods and services with
the outside world."
HELP FOR EXPORTERS
Mr. Muir pointed out that de-
serving businessmen seeking ex-
port markets may be hampered
by inadequate export financing
compared with that available to
their foreign competitors, "As
matters stand at the moment," he
explained, -"We have an absurd
situation. A Canadian industry,
for example, obtains an order
from abroad amounting to mil-
lions of dollars and the export
Credits Insurance Corporation
guarantees to any lender the re-
payment of this paper over a
period of years. However, when
the exporter considers his own
James Muir declares. Electors
and Government jointly
responsible with Business and
Labour in curbing inflation
Creation of new financial institution suggested
to fill need for more adequate long term
export financing. Time ripe for Money Market
to assume more positive function.
financing, we have no device
within this country suitable to
his needs.
"What he requires is the dis-
count of paper maturing over
a period of years or a term loan
for a similar period secured by
that paper. During a period of
tight money, the chartered banks
do not have available in any
quantity funds for this purpose.
The result has been that some
of our Canadian corporations
have had to go outside the coun-
try to arrange their credit re-
quirements with non-Canadian
banks. We have actually seen
cases in which the absurdity
arises that a Canadian bank is
asked to lend its customer money
which he, in turn, deposits with
a non-Canadian bank to facilitate
that foreign bank's lending
operations.
• "I would like to suggest that
a consortium of Canadian banks,
Canadian exporters, and perhaps
other interests, should consider
the formation of a company with
power to'. discount commercial
paper covering the kind of long-
term export transactions which
I have here described."
SMALL BORROWER
NOT NEGLECTED
"Generally speaking, banks
are in position to take care
of the legitimate needs of all
credit-worthy small to moder-
ate borrowers," said Mr. Muir.
"In the past few months, how-
ever, there has been a, great
to-do about scarcity of credit
for this sector of our economy;
and government authorities
have apparently become ex-
ercised about it. Frankly, I
am baffled when I read of
these things and I cannot es-
cape the impression that the
whole case must be grossly
exaggerated, or that, perhaps
without realizing it, we may
be witnessing an evolution in
this field. It may be that a
fundamental change is taking
place in our economy and that
the small merchant is experi-
encing something that credit
cannot help. There is some
evidence not only that sales
outlets are becoming more and
more concentrated, but that
sales and production units are
developing an increasingly
close relationship with one'
another,
"From the inception of the
tight money policy, your bank
has made it clear by word of
mouth and by .repeated writ-
ten communications to all of
our branches that they were
still required to' deal sympa-
thetically with applications for
personal and small business
loans.
"In spite of our lending pol-
icy there has been a reduction
not only in the number of bor-
rowers but a substantial re-
duction as well in the amount
borrowed in this particular
field, As far as this"bank is
concerned, the credit facilities
have been available, our Man-
agers have known of this pol-
icy, and yet it would seem
that Small borrowers have not
taken advantage of their op-
portunities to obtain credit."
•
.CLASSIFIED ADVERTISING
'Total-Assets
have now passed
$3% billion mark
Sedgewick, General
Manager, noted that not only
had the assets of the loyal Bank
reached the -imposing total of
$3,760,544,017, but that mortgages
under the National Housing Act
had increased by more than
$30,000,000, reaching a figure of
$210,590,000 which represents ap-
proximately 38% of the total for
all Canadian banks.
Mr, Sedgewick reported the
year's net profits at $13,919,550,
an increase of 11.6% over the
previous year, and that capital
funds now stand at more than
$202,000,000. "The Balance Sheet
confirms that the cash position of
the bank is strong," he said. "As-
sets in this form, coupled with
Canadian Government Treasury
Bills and Day-to-Day Loans rep-
regnt 22.5% of the bank's ag-
gregate liabilities to the public."
"Because of the peroicl of so-
called digestion through which
we are now passing," remarked
Mr. Sedgewick," we look for no
particular increased demands
from industry as a whole, but
we wish to emphasize that the
real needs of our credit-worthy
customers, small or large, are of
concern to us, and are needs
which will be satisfied within the
limits of our ability."
Discussing the bank's exten-
sive building and renovation
program, Mr. Sedgewick report-
ed that the bank now operates
a system of 821 branches in Can-
ada and 82 abroad — a total of
903, representing an increase of
31 during the past year, Includ-
ed among new branches was one
established at Frobisher Bay, the
first Canadian bank to be open-
ed in the Arctic Islands.
ROYAL BANK ABROAD
"Due to experience gained in
more than 50 years since our
first branch was established
abroad, we era well equipped to
deal with the peculiarities of in-
ternational banking," said Mr.
Sedgewick. Referring to the Brit- s
ish West Indies area where im-
portant • constitutional develop-
ments are taking place, Mr.
Sedgewick mentioned that the
benk is playing a part in assist-
ing in the economic growth of
this newly developing member
of the Commonwealth family. He
also spoke of the unusual op-
portunities which exist for
young men with the aptitude and
desire for a career in interna-
tional banking, pointing out that
there are openings in the bank
for a select number- of such
young men each year,
BROADER MONEY MARKET
Four years ago, Mr. Muir re-
called, he had mentioned that
it might be worth while to in-
vestigate the , possibilities of a
short-term money market in
Canada. "Such a market," he
said, "did come into being about
six months later. We should, I
believe, now` study the possibili-
ties of broadening the base of
our money market, As of now,
the only instruments available
for use within this market are
Government Treasury Bills and
government bends with a matur-
ity not exceeding three years.
What I have particularly in mind
is a study of possible steps to
achieve the stature of a real
money market, that is, a market
that would include commercial
paper in the form of bankers'
acceptances. Useful as our pres-
ent money market 'is, it would,
I believe, be worthwhile to de-
termine whether or not it is
ready by this" time to outgrow
its swaddling clothes and become
a more lusty and an increasingly
independent part of our financial
system," ,
include commercial paper in the
form of bankers' acceptances.
Useful as our present money
Market is, it would, I believe,
be worthwhile to detettniee „
whether or not it is ready by
this time to outgrow its swad-
dling clothes and become a Mete
lusty and an increasingly inde-
pendent part . Of out financial
systerri.
"Today, in contrast to the high
spirits and great expectations Of
a few years agos we find a grows
ing uncertainty and leek of en-
thusiesm. This is an extreme
that we should avoid. After all,
We haste the same country With
the saute people,- the same cries--
Mous natural resources, and the
same potential for prosperity
sled economic growth. There is
DO reason, therefore, for a pees
eitniSm bole of a temporary
check to the almost unbelievable
prosperity arid eXpaissibli of the
peet few years*, Let us thefi re-
member' the principles of sera
Vide and humility Which, in press
Peri% We tend ablnetirriee tc
forget. But 'let us remember
thein f not iri a Spirit of glooni
and guilt, but as sources of even
tree* strength iri Catieda'a
continuous afid inspiring etitige
gle toWards the great destiny"
Which, I believe, Providence it-
edit ordained for this' Yeting,
sarong,• growing, :giant Of the
Martha' .
REAR GUARD -- Well padded
where it will probably do the
most good, Mark Dzeda, starts
out for a spin. The ,two-year-
old tot was trying out his new
wheels for the first time,
Figureheads —
Old As History
The use of a figurehead is as
old as recorded history. The early
Norse naeigators sought to terrify
the "Old Man of the Sea" and
other denizens of the deep by
placing figureheads of fierce
dragons or menacing warriors at
the bows of their vessels. The
Chinese put eyes at the bowa of
their junks so they could see
whre they were going; for "No
can see, no can go". The down-
cast Yanks put a figurehead at
the bows of his vessel because it
was the decent and traditional
thing to do.
A' dignified captain of a ship
would as soon have appeared on
the street minus collar and neck-
tie or have ignored the waterline
of. his vessel as to put out to sea
without a figurehead. She simply
was not shipshape without it, A
suitable figurehead under the
bow of the vessel gave every last
man aboard a feeling of security.
With its gaze fixed directly
ahead„ never turning to right or
left, no matter how great the
whistle of the wind or how loud
the creaking of the tackle, it
seemed to be the very embodi-
ment of that steadfastness of pur-
pose so necessary to the life of
a' sailor,
.American captains, as a whole,
took great pride in the appear-
ance of their vessels. Every-
thing• aboard ship was kept as
spick and span, as smooth and
polished as paint, varnish and
elbow grease could make it. The
figurehead was the darling of
many a skipper's heart. The de-
coration and redecoration of
such' figures cost as much as an
outfit for the good wife—and in
s many instances probably the
good wife came in second. Her
position was less conspicuous.
In one of his stories Conrad tells
of a skipper who was bemoaning
the loss of his figurehead. A so-
licitous friend, not realizing the
depth of the old salt's attach-
ment, suggested that after all„he
could get another one, to which
the mourner replied, "A new
figurehead! Why, I've been a
widower for eight and twenty'•
years come next May, and I
would as soon think of getting
a new wife!"
Figureheads were discarded,
however, and replaced by oth-
ers when the vessel's name was
changed, which was done fre-
quently. The chief point to a
figurehead, aside from its decor-
ation, was its symbolism. A ves-
sel named Andrew Jackson
Might be a "she," but, it would
have been nothing shoat of teen-
dalots for her to carry under
her bow the figure of a women.
Men who could execute a satis-
factory figure named their own
price, As competition increased
this expensive bit of artistry
was abandoned, The schooners,
although many had fine lines,
especially about the bow, had
no ornamentation there other
than a billet head or a very Mo-
dest scroll. — From "A Town
That Went to Sea," by Aubigne
term ond Packard.
JUST IN TIME
A woman driving 75 miles ail
hour in a 65 Mile limit area no-
ticed a Motorcycle cop closing in
on her, She stepped on the gas
and shortly thereafter noticed
two motorcycle cops closing in.
She pulled into a Oiling station
with screeching brakes and dash-
ed into the room marked
"Ladies.' The cops Were still
there when she dame biet.
Without batting an aye the
lady Said ''I bet you
thought I tVetilift Make it."
Q. itoia tan prevent rugs'
Curling et the corners?
A. small triangular
piece of Corrugated rubber to
the wrolig tide of each censer.
Sig Business •
As A. Macy & Co,, Inc.,
began celebrating its 100th year,.
et• just-published book gives an
idea of the magnitude of the
giant enterprise.
Besides the parent, store (19
floors, 1,08 sellingdepts.), Macy's
numbers other complete de,
partment stores, including five
branches in the New York area.
Its 50,000 employes sell mer-
chandise at a $450 million-a-year
clip, packing it in 4,50 miles
of cotton twine and 5.7 million
boxes,
The whole incredible story at
the growth of this greatest of
emporia is told in a new book
by Margaret Case Harriman,
"And the Price Is Eight," She
te114 Macy's story in terms of
its people from Rowland H,
Macy, the seafaring Quaker who
started it all, to •autocratic "Mr.
"Jesse" Straw, who turned it
into a public corporation in 1919.
Macy set up his store in 1858
at the then-residential corner of
Fourteenth Street and Sixth
Avenue. ("Come, come, time,
'time, cease, come, time, time,
the time has come," roared one
of his early newspaper ads.) The
Strauss family, which had, oper-
ated a china concession for Macy,
becaeae partners in 1888, after
thessfounder's death, and owners
in 1896. Six years later, the
Strauses moved Macy's uptown
to 'Herald Square, where bright
merchandising — plus a long-
standing policy of 6 per cent off
for cash — sent Macy's rocket-
ing to success.
There, beginning in the 1920s,
Kenneth Collins left off teaching
English at Harvard to organize
the group of bright young
women who wrote the ads that
gave Macy's its modern stance.
One was Bernice Fitz-Gibbon,
who wrote the famous slogan;
"It's smart to be thrifty."
Mrs. Harriman does not over-
look 'such minor characters as
Torn Maloney, a porter "with the
shamrock in every syllable." A
male customer once asked Toni
if he could point out the' Chintz
ROdOm. "That I can," said Tom,
escorting him to a door labeled
"Men."
She also lists the distinguished
Macy graduates — fiscal expert
Beardsley Ruml, hat merchant
Lilly Dacha, poetess Margaret
lishback, to name• a few, An-
other later won fame on Broad-
way. walked out at 1, o'clock
one day and never went back,"
says actor Tom Ewell. Macy's
nevertheless sent him a full
week's pay. "I guess they didn't
miss me," EWell adds,
—From NEWSWEEK.
Unafraid .Of Toil
People in the Agricultural ,Ex-
tension Service at Athens
(Georgia) are quite elated this
week, and understandably so,
over the accomplishments of a
4-H Club member in growing
sweet potatoes.
Freddie McLeod had a net re-
turn of $1,152 from two acres
,of sweet potatoes. Freddie is
just 13, but he prepared and
cultivated his crop with all the
forethought and care of a jiive-
nile Burbank.
Naturally, he used certified
seed. The two acres received
heavy applications of fertilizer,
and the crop was hoed twice and
cultivated twice. It was properly
dusted to keep insects away.
Freddie put the money in the
bank, against the day when he
attends college. The Extension
Service happily observes that
I'reddie, at the rate he's going,
should be able to send money
home instead of writing home for
help.
In these days of juvenile way-
wardness and the aversion of
many boys for anything resem•
bling toil, the example of Fred-
die McLeod shines like a beacon.
Georgia could use to advantage
many more just like him.
—Atlanta Journal.
MERRY MENAGERIE
'Going home' to her mother
again—but she can never stay
mad long- die:Melt to get
there'
Royal Bank Head
Reviews Past,
Envisions Future
lear. Tarries Muir, Chairman
and President, said: "I shall not
attempt today • to determiee
whether in the gobbledy-gook
of economic forecasting we are
keying a 'recession' or a 'rolling
readjustment'. Whatever We call
the phenomenon it is abundant-
fy clear that, though all infla-
tionary forces have not disap-
peared, we have reached what
seems to be the end of the latest
Inflationary surge, A mild slump
at, this time should cause little
surprise or apprehension: it
eiesaitid be unrealistic to expect,
our economy tb expand-
ing indefinitely Without gonad'
kind of beeathirig spell,
"Lower iriterest Pates do not
Mean that 'money has betel-tit
Sally 'eaSy' and it is Unlikely,
my View? that the time is yeti
ripe to' adept either= deficit finest-
sting by government or . easy
crone policies by, the Monetary
authority and the Chartered
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SLEEP
CAN TO-NIGHT
AND RELIEVE NERVOUSNESS
4111DAY TO-MORROW!
SEDICIN tablets token according 10
directions Is a safe way to induce sleep
or quiet ihcts j e nervesi when tense.
0 $1.00 - $4.95
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