HomeMy WebLinkAboutThe Brussels Post, 1949-2-2, Page 3ro�
Annual Meeting of Shareholders
e oya1 M, auk of Canada
Sydney 0, Dobson, President, declares private •enterprise the very basis of Canada's progress
and freedom—Right to take risks and reap rewards the major motivating force in country's
development—"Socialism and communism are not systems of freedom, but of rationed de-
mocracy, in which liberty is doled out like social security benefits."
James Muir, Vice -President and General Manager, reports new high records in field of
Canadian Banking—Royal Bank assets exceed $2,222,000,000—Deposits reach new Canadian
record of $2,067,488,000—Profits moderately higher—$4,000,000 added to Reserve Fund,
The threat to personal freedom
inherent in the Socialist and Com-
munist p1 ilosophies, and the high
promise of Canada's future were
stressed at the Annual Meeting of
the Shareholders of The Royal
Bank of Canada. "On the evidence
before the world today, capitalism
works" said Sydney G. Dobson,
President, "it works so well that
the lowest paid workers in these
North American democracies are.
better fed, Netter housed, and better
supplied with the comforts of li
than are the great mass of the
population of collectivist countries.
And they enjoy freedom.'
"Our successful development of
natural resources confirms our be-
lief in private enterprise as the best
motivating force. in an economic
system. All the, natural resources
imaginable are is:less until they are
brought out where they can be
turned into serviceable goods, and
the primary seeker, the most suc-
cessful finder, and the greatest
manufacturer has been private
enterprise.
"Under this system people think
hard and work hard because there
are reasonable rewards. The need
of incentives is recognized in every
country where men are free to
choose whether they shall work o
not work, and how hard they shal
work.
million Higher than in the corres-
ponding period of 1947."
Turning to domestic affairs, Mr,
Dobson noted that while the pres-
sure of demand has tended to push
prices steadily higher, there has
been a levelling off in the rate of
increase,
PRICES
"It is with regard to prices," he
said, "that the manufacturer and the
business pian have their greatest
fe worries. No matter how they bal-
ance increased labour costs with
technical advance, and other in-
creased costs with prevention of
waste, they are driven, in spite of
all their ingenuity, to raise prices
t" their customers,
"It seems to me that those who
work for wages are ill-advised when
they rush into demands 'which are
planned to give thein an immediate
a .vantage through increased wages,
while losing sight of the filet that
there is an important long -terns as-
pect to be considered. How much
money a worker makes is far less
significant than how much he can
buy, and if he is to buy anything
at all his employer must be able to
stay in competition with manufac-
turers in the rest of the world."
ELECTRIC POWER
"In all collectivist economies—
Communistic or Socialistic— the
idea prevails that dictators or bur-
eaucrats can arrange the lives of
people better than people can do it
for themselves. Capitalism, on the
other hand, believes that individuals
should be free to express their abil-
hies and thereby bring about a bet-
ter standard of living and a Netter
social order.
"Our system hinges on initiative,
the courage to invest capital, the
right to take a 'reasonable profit
from such enterprises as are suc-
cessful and the obligation to stand
such losses as may ,be incurred in
enterprises which fail.
THREAT TO FREEDOM
"Socialises and Communism do
not seek to snake the best of
people's minds and enterprise. On
the contrary, their process is to
level all people by dragging down
those who might have superior at-
tainments. They need a strong cen-
tralized government with control
over all sections of the economy.
They are not systems of freedom,
but of rationed democracy, in which
liberty is doled out like social secur-
ity benefits. Incentives are lost, and
individual initiative is smothered.
Standards of work and product 'e -
main unimproved because jobs are
assured without regard for effi-
ciency or performance. The ambi-
tion of men declines to doing just as
nmuc' as has to be done and no
more. Progress is sacrificed to a
worship of averages—and they are
-averages somehow arrived at so as
to be well within the reach of the
least progressive, - Promotion on
merit is abandoned in favour of pro-
motion in turn, Skilled workers re-
c•eire very little more than ,unskilled
v orkers. It is only natural that such
a state of affairs should drive the
best brains out of a country.
"1 believe in equality, so long as
it is equality of opportunity in edu-
cation, careers and public life.
Socialism is a force which holds
back, while enterprise_ is a force
which propels us forward, and gives
men and women a chance to display
their tales' and their worth."
FOREIGN TRADE
"V hile Canada's export figures
had shown satisfactory gains during
the past few months, Mr. Dobson
warned that, "there is nothing in
our foreign trade picture today
about which we can afford' to be
cmn ilaC
i enf,
"Our present peak of business
is being maintained to a large extent
by artificial respiration IaUon i
1 n the form
of credits from Canada and the
United States. To realize our posi-
tion we need only imagine what
would be the state of our commerce
—and therefore of our standard of
living—if the Economic Recovery
Programme and our ,own loans to
3nropc were suddenly cut off.
"'t is true that we can examine
atm rising • export business of the
past few months with certain satis-
faction, Last October saw us strike
a new high, record in domestic ex-
ports. both in total and in shipments
ti the United States, Our total in
the first 11 months of 1948 was $250
The importance of Canada's hy-
dro-elecric power development to
the national economy was empha-
sized by Mr. Dobson. Wide distri-
bution of power and its healthy
development has been, he said, vital
factors in promoting Canada's in-
dustrial progress and maintaining a
high standard of living. "Each in-
stalled hydraulic horse -power, if
operated continuously throughout
11e year, would be the equivalent of
the power obtained from 4 tons
of coal. On this basis, the present
hydraulic installation in Canada
might be said to represent the an-
nual use of about 44 million tons of
coal.
"There are still large reserves
available for development. A gov-
ernment tabulation shows 40 million
horse -power available, `and a little
less than eleven million developed
by turbine installation."
Discovery of additional oil in At-
berta and Saskatchewan was a
favorable development to which Mr.
Dobson made special reference. "It
has become evident," said Mr. Dob-
son, "that Western Canada, and
particularly Alberta, has become
one of the brightest prospects for
our future supply. It is forecast that
by 1950 the oil requirements of our
Prairies will be satisfied out of
home production and there inay Se
a surplus available for other mar-
kets. This is intportant because
every barrel of oil produced and
consumed in Canada conserves from
three to five dollars of United
States dollar exchange."
CONCLUSION
"I believe that more attention
needs to be paid to the education of
our people in the responsibilities as
well as the advantages of democra-
tic citizenship. Too much stress is
being placed, these days, on human
rights and not enough on human
olbligations.•If it is reasonable for a
man to expect to be taken care of
when disaster threatens or strikes
him; he should be educated to know
that he needs to contribute his share
to the welfare of the nation, I
deplore the increasing trend among
a portion of the younger generation
today to think too much of security
and ,mt enough about going ou
acid really accomplishing something
for themselves.
"We live in a world where we
should not expect to receive some-
thing for nothing. This is an old,
old law recognized in economics,
and no discovery by any political
tart
or reform faction a •
on h
as ever
fo
and a permanent substitute, Queer
creeds based on ease and leisure
may rise at.d flourish for a time,
but they aI
wnYs run into difficulty
ctt
1•hich can be overcome only by
work,"
GENERAL MANAGER'S
ADDRESS
Mr. James Muir, Vice -President
and General Manager, reviewed the
bank's 1948 Annual Report and
noted that new high water marks in
the bank's progress had been es-
tablished during 1948. Assets had
topped $2,222,000,000, a point never
before reached, The bank's liquid
assets equalled 74% of all liabilities
to the public. Commercial loans in
Canada !tad also increased denoting h
"an expansion of connections and
clients as well as the fullilnlent of
the additional needs of old custom-
ers." Mr. Muir also noted a further
substantial increase in the number
of depositing clients and total de-
posits of $2,067,488,000, an increase
of $133,303,000 over the previous
year, and a new high water stark
it the history of the bank. Earn-
ings had been moderately higher,
and in addition to providing for the
customers deductions including
taxes of $3,150,000 and increased
dividends for Shareholders, -lad en-
abled the bank to transfer $4,000,-
000 to the Reserve Fund which now
totalled $44,0000,000, This left a carry
forward in Profit and Loss Ac-
count of $1,532,000.
AID TO TRADE
The important role played by the
Royal Bank's extensive system of
foreign branches in furthering Can-
ada's trade was stressed by Mr,
Muir. "We have had a half -cen-
tury's experience in this regard,"
he said, "Gur oldest branch outside
of Canada and Newfoundland, and
still in operation, is that in Havana,
Cuba, opened fifty years ago this
spring. Apart from those in New-
foundland, we have at present 62
branches outside Canada, and, in
addition to this direct representation
which covers New York, London,
Paris and most South American
countries as well as the Caribbean
area, we have unusually extensive
correspondent relations with banks
throughout the world. Your bank
is hi a preferred, if not unique posi-
tion to facilitate, as it has for many
years facilitated, Canada's foreign
trade activites,...
NEED FOR ENTERPRISE
"Whatever tate outlook for Cana-
dian business in the short run, our
long -run position should be secure.
For our economic fortunes as a
nation depend, not on disturbing
short run ups and downs, but on
our tremendou's wealth in natural
resources. Of •course, natural re-
sources are 'of little use unless they
are developed. And I agree I- candy,
therefore, with what the President
has just said about the need for
ambition and enterprise,
"We Canadians night appraise
ourselves and our possibilities a
little higher than we are inclined
to do, No country on earth has a
future that promises to surpass or
even to equal ours, Whenever we
forget that fact, some Canadian
voice must speak out, reminding as
both of the greatness of our resouc-
ces and the responsibility that rests
upon us to take a mature and an
ardent view of Canada's capacity
for economic development. Then,
surely, a breed of courageous, clear-
sighted and Canada -conscious teen
will arise who will become acutely
seized of the fact that we are in
duty bound to develop these re-
sources and endowments and deal
with theta in our day for the great-
er good of generations of Canadians
yet to come. .
PRAISE FOR STAFF
'It is no secret that public opinion
of the bank is formed by and large
through dealings with the staff, and
so the Royal Bank's prestige is
largely dependent on personnel—
for it is through then that the
bank is known to the world for
what it is—good, bad, or indifferent
In all modesty, I feel I can propel':
ly say that the bank in held in the
highest esteem, not only in Canada
but in the many countries where we
have branches.
"We have a large organization,
10,567 men and women, and if there
is sometimes a tendency for mem-
bers of the staff to feel that they
are but very small cogs in a vast
machine, I ask them to dismiss the
t! ought, for ever single job in the
bank is insportattt—every single
job must be we' done. That our
staff, both
men t an
d women, el are
discharging these important duties
with untiring efficiency and in good
spirit is properly exemplified in the
fact that the success embodied in
this year's Annual. Report is in no
small measure due to their efforts.
The Executive are fully aware of
this—and acknowledge it gratefully,
"We have reason to be proud of
our staff, and on their behalf I can
tell the shareholders, the public, and .
our clients that they can all rely on
the knowledge Col led
v e
g that the members of
the staff will endeavour to continue'
t' serve then well—With efficiency
—with accuracy—and with friend- -
y, sit, but there's no tole
in the operating roost:"
Silly Solomon!
The prim, bespectacled Sunday
school teacher brought her young
class to order,
"Now, you have just heard ane
tell you the story of wise Icing So-
loulotl," she said, "And of the two
woman who both clainsed tete baby,
and hbw King Solomon ordered
tiie baby cut in tw97 and half given
to each supposed 'Mother: where-
upon one of the woaieil cried to the
king to give the child to the other
woman, thus proving that she her-
self MIS the real mother." The
teacher l'0a.cd and glanced. around
her etas.
"Now, 1 11111 going to ash one of
i hl in the class what you would
have done if you had been in King
Solomon's place. Alright, Willie."
But to her horror and constern-
ation William, In all the bright in-
nocence of seven years, spoke up
thus: "I would have said: `txrhy
mull you ladies quarrel over a mere
baby?—there's plenty more where
!Iiia one carne front."
Which?
A track supervisor received the
following mento froin his foreman:
"I'm sending in accident report
about Casey's foot, which he struck
with spike maul. Now, under 'Re-
marks,' do yob want mine or
Cabey's?"
Blinded In War, Now a Promising Sculptor
Arthur Schneider was blinded by a bullet during the war. One
night, to while away the time, he picked up a piece of plastellin,
and by morning the blind veteran had fashioned a crude elephant
—also a hobby that has since developed into a career. Now, at
35, he's recognized as one of the most promising of sculptors.
Above he shows some of the remarkably lifelike animals he has
created; while below he works on a bronze bust of his little son.
Act That 'Threatens
All Our Industry
Decision cc$ the Privy Council rul-
ing the Saslnatellewan Trade Union
Act valid is of immense significance
to independent labor and employers.
This is not some local hill designed
to get control of industry in a pro-
vince where industry is of relatively
minor importance. It is a pattern
to be followed in all Canada if the
OCR ever succeeds in gaining power
of Ottawa.
This particular legislation, like
several other lcey bills put through
Regina since 1944, is actually the
work of the CCF national high com-
mand. Saskatchewan, which has the
only CCF government in the Do-
minion, merely happens to be the
laboratory for CCF lcey experi-
ments. Because it is largely rural
it has proved a most convenient
laboratory for CCF industrial ex-
periments. By a .-little judicious
handling, and by exempting agri-
cultural employ,lmeat, the Douglas
government in that province has
been able to. put through radical
legislation with little opposition.
The fact that this bill has been
upheld by the Privy Council has
nothing whatever to do with the
quality of the legislation, of whether
it is good or bad. In declaring this
bill valid the Privy Council merely
rules that it �
is constitutional, stitutiotal, that
labor matters of this kind come
within the jurisdiction of the pro-
vince. The blunt truth is that this
bill is bad, a direct threat to the .
independence of labor and nmanage-
ment throughout all Canada, says
The Finacia! Post.
Under this discriminatory act all
control in labor matters is vested
in a government -appointed Labor
Board with unlimited dictatorial
powers, F,irtns which disregard or
disobey the rulings of this board
tan and actually have been seized
by the government. Orders of the
board are enforceable without the
right of appeal. Labor anions are
virtually placed beyond the reach of
the law and need have only 25%
representation in any plant to reach
that privileged position. Employers
can be fined up to $5,000 and im-
prisoned for a year. They must re-
instate any employee discharged for
what the politically appointed labor
board may call union activity.
Legislation of that kind, if allow-
ed to spread, could deliver all Can-
adian industry, absolutely and final-
ly, into the hands of a government
board appointed by the CCF party,
It would be a death warrant for '
private enterprise from the organ -
grinder to the largest corporation.
The Happy Life
Two old " friends, apart for 20
years, met the other day.
"Great to see you, Joe," hailed
one of them. "I guess you're a mar-
ried man by now."
"No," answered his friend, "I
never took the plunge."
"You must be crazy, Joe," the
first one exclaimed. "You don't
realize what it means to be married.
Take nae, for instance. I come home
every night from a hard day at the
office toa 'warn, comfortable !souse.
My wife is waiting to hand me my
slippers
and s t
h
pp the evening paper.
Then she cooks' me a.luscious din -
nee, topped with my favorite
liqueur, and d Ptanis
o in my
easy
chair bythe t e fire, She hands me
my pipe and she washes the dishes.,
Finally, she comes and snuggles
down by my side and starts to talk.
She talks, and talks, and talks, and
talks, I wish she'd drop dead."
Thankful
Al} elderly than sat down beside
me in the lobby of a hotel remark•
ing, "I feel like I was 75 years old
this morning,"
"That's tbo bad," I replied am
pathetically.
"No, it ain't," said the old boy
cheerfully. "Because I'm 85."
Contacts
by Night
By Art Taylor
"Again tonight?" asked Bitty,
trying to be light and casual and
succeeding only in sounding strained
and acru..ing.
"'Frald 1 lutist," said Brace. He
also trial to be casual but he
sounded weary. And looked weary;
ton tightly drawn. Some burden of
the spirit was beginning to break
through his outer defenses. "I
have to stake contacts, you know,
It acid—"
"I know."
Indeed, she did know it. She had
listened to it at regular intervals for
the past six weeks. It had sounded
plausible at first, but contacts that
had to be made every night for :x
weeks seemed slightly incredible.
"race didn't argue. I -Ie just said,
"Sorry, hon. I'm hoping it won't
last much longer. I know it's tough
on you/ sitting here by yourself
night after night."
"Think nothing of it," Kitty said
brightly. "i adore being a business
widow."
Brace mored over to where site
sat, trying to decide whether he
should tell her now or let the thing
drift. He knew it couldn't go on like
this much longer, but again he tem-
porized and remained silent, merely
squeezing -her arm.
But tonight, Kitty was definitely
off the beam and there was no re-
sponse to the private signal. Prob-
ably Brace had expected none be-
cause he picked up his hat and left
without another word. Kitty knew
Brace. was deceiving her but she
didn't know why or how.
From then on, life for Kitty be-
came conjecture, trust, distrust and
despair.
Maybe it was the war. It did
strange things to men, everyone
said. But Brace was the same old
Brace when lie came back. The
first six months were practically
idyllic and Brace and Bill had been
so enthusiastic about this new busi-
ness they had hatched out in spare
moments out in the Pacific. And
then the flood of strikes had inun-
dated the country and swamped
some businesses and washed others
into stagnant backwaters. That was
- her; Brace became worried and
restless; and began stepping out,
Each !tight it was harder to take.
This night, she knew, was going to
be very bad. The phone rang. That
booming voice on the other end
could belong to only one person.
"Uncle Edward!" she squealed in de
light, 'W'here are you?"
"At the leading hostelry. I just
had to come see if you were.stlll in
existence. I'll give you and the boy
friend just fifteen minutes to don
the glad rags and we'll oahit thl,
burg a nice vermillion."
Kitty said, "The boy friend is out,
but give me ten minutes and I'll
Help you give it a double coat.'
She took hint to the Chateau in the
Pines. It was new and swanky and
thirty miles way. It was too ex-
pensive for Brace and Bill so there
was no danger of running into them.
She was too proud to try to follow
theist, whatever they were up to.
And Hien she saw Bruce and Bill.
Very handsome and immaculate
they were in their tails, too. The
captain beckoned to Brace, Bill
tried to step in front of him and
take the call but Brace pulled him
back, and with steady pace ap-
proached the table.
Kitty's heart turned over. Why
the two crazy youngsters. Work-
in,; night and day to keep their -pre
ci us business from going on the
i ' lc,i:ii{.l 1 ,,' p 4.1:1.' Is, 1,'1 Inst
knell ilrkW ;feel Wert cil.;n _. ;t,
kV id IWO". a ncr.g„itiwn.
brace ,S1,i ori tin• U- i ' 111 tltS iii•
front of then. "1 lee _caviar s .In -
usually good to -night, sir," he said;
"also the baked pheasant."
"Hilus about it; Kitten!." befouled
Uncle Edward.
"Ir doesn't Crake a bit of differ.
mice, Miele Edward," caroled
Kitty. "If this handsome young
waiter should bring tate fricassed
sawdust, it would taste like am-
i.rnsia and nectar."
And slipping her baud up under
the napkin draped so properly over
the handsome young waiter's arm,
she squeezed the arin--hard.
Why They Split
Because her husband made her
address hire by his military title pf
Major and salute him whenever he
passed, a Milwaukee woman was
granted a divorce.
6
5 5
A woman complained to a De-
troit court that her husband
sprinkled snuff on her and then hit
her with a cabbage.
In Missouri, a housewife charged
in her divorce suit that when she
served steak and onions, her hus-
band had Itis own ideas about shar-
ing them: he ate the steak and left
her the onions.
A Pittsburgh woman didn't con-
sider her husband's attentions dur-
ing an illness as being properly
solicitous. She sought divorce,
charging that while she was ill her
husband sent an undertaker to see
her and also ordered funeral
wreaths.
WILLIE WEATHER Says.
I wonder if
more women act
haughty in the
winter or in the
summer.
Probably in the
winter, which
would only be
natural. There
are so many
more cold shoul-
ders during the
winter.
DOES YOUR
BACK ACHE?
Sitting in a draft—working in a damp
place—wet feet—there are dozens of
things which may cause a backaches
But there's one way thousands of
Canadians have found to help relieve
this cpndit on—Dr. Chase's Kidney -
Liver Pillet Thls effective remedy tones
up both the kidneys and the liver—
and brings welcome relief from pains
In the sinall of the back caused by
"cold" in the kidneys. So insist on this
reliable remedy—proven by over half-
a-centurys use—Dr. Chases Kidney -
Liver Piles. At all drug counters. le
LAea
taairs 65eONOfM ft"
17.44
it
1net inhale the well.
healing fume., for
quick relief. 11'e fact
actingl Geta bottle today,
YOU@ r'i N
HO SUFFER
0
FIASHESthen
EELCHILLY
AlN
Here's Good News!
Aro you between the ages of 88 and
62 and going through that trying
functional .'middle -ago' peeled
peculiar to women? Does this make
you suffer from hot flashes, feel
clammy, so nervous, irritable weak?
'Then no try Lydia E. Pinkham's
Vegetable Compound to relieve such
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any wise 'middle -age' women
talbe s
ke Pl
d.
larly t nhelpbuild up resistanoa
against Chia distress,
-e?inkham's Compound contains
no opiates—no habit-forming drugs.
It helps nature (you know what we
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tonic effect.
oAiALs'~uh orxNtcsns xUErLYDIAeLYDIA
Lydia E. Pinkham's VEGETABLE COMPOUND
REMSMMB6R,
Vit; HONESYRts 1716
fel . BM' POLICY r
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