HomeMy WebLinkAboutThe Brussels Post, 1942-1-21, Page 3'e Royal Bank of Canada
73rd Annual Meeting
Morris W. Wilson, President and Managing Director;haus
new partnership of Canada and the United ,States.
/is Chairman of the British War Supply Council sees
Germany outstripped by Britain and North America
in 1942.
Sydn$1,000,G. 000,,000., Sees record Manager,
ss expanorts ssiots n ther
is
year.
Prediction that Germany's war
production would be outstripped
7n 1942 by the combined output
of Canada, the United States and
Great Britain, was made at the
18rd Annual°' Meeting of The
Royal Bank of Canada by Morris
W. ;Nilson, President and Manag-
ing Director.,
In hie annual address Mr. Wil-
son gave factual evidence of the
tremendous productive capacity of
North American factories and
Spoke in glowing terms of the fine
record made by Canadian indnatry
since the outbreak of war.
"Two years ago," said Mr. Wil-
son, "we were incapable of out-
fitting an infantry division; to-
day our Industries can equip a
new division every six weeks.
Canadian equipment is being used
In every area of war."
Mr. Wilson paid particular
'bute ,to the Government for the
way in which it had approached
,industry and persuaded manufac-
turers to go into production of the
Strange and complicated ap5ara-
ins of war.
(CONTROLS COBB INFLATIONt
Referring to the steps already
taken to control inflation Mr. Wil-
son said, "You cannot divert half
a million men into the armed
services to engage in the most ex-
travagant kind of destruction and
consumption of goods, and expect
business at home to proceed as
usual, or prices to ' remain as
usual.
"With the tragic memory of the
inflation of the first World War
in mind, thinking people believe
that almost any measure would be
justified to prevent a repetition.
"If anyone is inclined to be cri-
tical, let him think of how dan-
gerously our present position par-
allels that of the first Great War.
The increase in the wholesale
price index in the first 25 months
of that war was 20 points; in the
first 25 months of this war, the
index has climbed 21 points. In
the face of these facts, it would be
difficult to argue that an effort
Should not be made to control the
Situation before it gets out of
band.
"It would be absurd to expect
That in the'midat of this colossal
diversion of material and man-
SSvewer haveolived should
n beaee ime. as
"We have reached the point
where we must cut down unne-
eossary consumption, in order to
make available for the war effort
all the resources possible.
"We must keep constantly be-
fore us the realization that our
War effort consists, in a material
Sense, in things and services: that
2s, food, raw materials and manu-
factured products on the one
band, and man -power on the
ether.",
CANADA PLAYS HER PART
As a comrade in arms of Great
Britain, Canada, said Mr. Wilson,
bad been able to make a material
contribution to the common cause.
"We pay the whole cost of rais-
ing, arming and maintaining the
Canadian armed forces serving in
Canada; Great Britain, Gibraltar,
the Par hast, the West Indies and
Newfoundland. We supply Great
Britain with food, textiles, lumber
and finished apparatus of war,
and we do not demand "cash on
the barrel head." Not one dollar
of the $250 millions of gold sent
to Canada by Great Britain bee
been used to pay for goods of
Canadian .origin—it has all been
expended in the United States,
with muck more of our own gold,
to cover a part of the cost of raw
materials and machinery brought
to Canada. to produce war goods
for British account.
Little opportunity existed, said
Mr. Wilson, for tile making of big
profits out of the war, "These
has been neither opportunity nor
disposition for our producers to
make big profits out of .this war,"
be said:
"United States manufacturers
sent to Great Britain in the first
seven months of 1941 nearly
twice as many combat planes as
were lost defending the British
Isles during the whole of 1940. In
Canada, starting from scratch, we
are producing 40 or more planes
a week, of which 15 to 26 are'Hur-
ricane fighters.
In conclusion Mr. Wilson paid a
warm tribute to the heroic man-
ner in which the people of Great
Britain had sustained, for over
two years, the terrible impact of
war and at the same time per-
formed miracles in the production
of urgently needed impleinenta of
war.
GENERAL MANA:G•DR'S
ADDRESS
In presenting the financial
statement, Mr. S. G. Dobson, Gen-
eral Manager, noted that the bank
had enjoyed a satisfactory year
despite greatly changed conditions
due to the war. Notwithstanding
Government regulations, "which
at one time would have been con-
sidered intolerable, but which we
recognize as necessary in the kind
of war which has been forced
upon us, your hank has continued
to expand. While it naturally be-
comes more and more difficult to
make reasonable profits, we have,
because of enlarged business and
economies effected, been able to
show earnings comparable with a
year ago."
Assets of the bank now staudng
at over $1,000,000,000 were at the
highest point in history, said Mr.
Dobson. Commercial loans had
continued to expand and deposits
by the public were at a record
level—$162,259,930 higher than
at the peak oil the boom era.
"More new deposit accounts
have been opened this past year
than in any similar period in the
history of the bank. We are doing
our best to foster this growth not
only because it builds up the
bank's clientele, but mainly be-
cause saving is au essential devel-
opment in our war economy."
moss ENLISTMENTS
Because of war conditions a
greatly increased burden had been
placed upon the bank's staff, said
Mr. Dobson, and too much credit
could not be given for the com-
mendable way in which both men
and women had performed their
duties.
"Since the outbreak of war," he
said 1,052 officers, including 43
from our foreign branches, have
been granted leave of absence to
servo in the armed forces. In Can-
ada and Newfoundland 40 per
cent. of our male employees under
30 years of age enlisted. We have
assured all these young mei, of
whom we are justly proud, and to
whose return we are looking for-
ward, that positions will be avail-
able to them.
"I regret exceedingly to report
that eight of our young men have
given their lives in. the country's
service. We extend to their vela-
Lives our sincere sympathy'."
PRICE CONTROL
Referring to what he termed
the new experience for business of
price and wage' controls; Mr. Dob-
son :said, "Some people view with
concern the institution of these
controls and it seems to me an ap-
propriate time to pont out that
such licensing and price fixing
are commonplace with 'banks.
"Our charter's are granted to us
by virtue of the Bank Act which
comes up for revision at ten-year
intervals, at which time the char-
tered banks are subject to close
examination by the Banking Com-
mittee of -Parliament.„ All our
powers are strictly regulated by
law. The maximum rate of in-
terest we are permitted r• to
charge is fixed. There is even a
ceiling on the. commission we may
charge for collecting. a 1)111 dis-
counted in one city and payable
in another. We are not allowed to
charge more than, a fixed flat fee
for small casual transactions.
We are nut permitted to own real
estate except for our own use; we
must not make loans against real-
estate sootily. We are subject to
luspection by the Inspector Gen-
eral of Banks. Wo must make
detailed and extensive statements
to the Finance Department, Sind()
the outbreak of the war we aro re-
quired to be licensed by the For-
eign IExebauge Control Board be- .
fore we can buy or sell foreign
exchange and the regulations lay
clown the commission we may
charge on each transactions.
"2 do not point to these things
in any critical way, but merely to
show that what is revolutionary
control of other businesses in the
interests of wartime stability, is
part of the every -day experience
of banks. Price ceilings are not a
novelty with us."
In conclusion Mr. Dotson. re-
marked that indications were that
1942 would see all records broken
in Wetness expansion.
CAN OUTSTRIP G)I1LIMANY
Mr. Wilson regarded with great
satisfaction the close co-operation
Which has developed between
Canada. and the United States in
recent months and particularly
since the Japnneee declaration of
war.
"liven Germany, with all its
'vaunted efficiency,and with forced
labor, cannot match: the produc-
tion possibilities of North Amer-
lea added to those developed with
sucil extraordinary efficiency by
Great liritaidt under the impact of
war.
"Canada's war expenditure In
this faecal year alone le estimat-
ed at two billion, 820 million dol-
Lara, which is more than twice as
100011 as otic total expenditure in
all of tate last war. The United.
States has already doubled its en-
tre expenditure during the first
Great War.
HOW CAN I?
BY ANNE ASHLEY
Q. Bow can I prevent stretch-
ing buttonholes in a sweater?tted
A. Before ironing
garments, it is wise first to baste
the buttonholes in order to pre-
vent their stretching. The threads
eau easily be removed when the
garment has dried.
Q. How can I retain the colors
in cretonne when laundering?
A, The next time it is neces-
sary to launder the cretonne slip
covers, or any other cretonne ar-
ticles, try washing them in bran
water and see if they do not re-
tain their colors,
Q. Flow can I attach a 'neat
grinder to a white enameled kit-
chen table that is slippery?
A. Place a small wad of paper
between the grinder __and the
table, tightening the screws on
the paper instead of the table.
It will be secure and safe.
Q. How can 1. make a good
cake without. eggs?
A. Delicious cake without
eggs can be made by dissolving
a teaspoonful of baking soda in
a tablespoonful of best vinegan
use this the same as eggs. This
quantity takes the place of one
to two eggs; if four eggs are
called for, two eggs and the
above quantity of soda and vines
gar can be used, if desired. •12x-
eelent results, however, are ob-
tained with soda and vinegar
alone, increasing the quantity
a trifle only in accordance with
the number of eggs called for..
Material superiority—"The sup-
eriority of the united nations in
munitions and ships. must be over-
whelming."
Loyal Alumnus 4th
1941 Champion Steer
Por the second successive year
the Firestone Tire & Rubber Co.
purchased the Grand Champion of
the International Live Stock Ex-
position. Loyal Alumnus 4th was
so fudged on Dec. 2nd and two
days later purchased by Firestone,
Loyal Alumnus 4th, a cross be-
tween a full blooded Angus on
his sire's side and e. full blooded
Shorthorn on his dam's side, was
calved on June 4th, 1040. lie
nursed his mother until 10 months
old, after which he was taken off
pasture and pot in a dry lot
whore 11e was fed cracked corn,•
crimped oats, flaked barley, bran,
and pea-sized linseed oil meal.
Alfalfa or clover hay and a little
silage was fed for roughage. This
ration was fed twice daily up
till three months before the ex-
position when it was stepped up
to three times a day. The steer
was not over led, but was allowed
all the food he would clean up.
W. L. Carlyle, manager of the
Duke of Windsor's ranch in Al-
berta, Canada, picked Loyal
Alumnus 4111 as best of the class
from among steers from 87 states
and several Canadian provinces.
The steer was fed by Gilman
Stewart, 23 year old agricultural
graduate of Purdue University. -
Coming from a family of cham-
pions the prize steer's father was
a full brother to the 1936 Inter-
national lightweight champion
steer. His mother's father was
International junior champion
bull in 1935 and his maternal
great grandfather, Raveni. Mas-
terpiece, was International grand
championbull in 1934.
"PRETTY SMOOTH, IF YOU ASK ME"
ONE'
• And when an old soldier tells a young soldier that he looks
smooth you can bet he is. At the left the representative young
soldier of Canada's Army is wearing the new 'walkingout uniform"
which will be issued to all Canadian soldiers early in March. The
veteran wears "battle -dress," the uniform which will continue to be
worn by all ranks for training and fighting, •
The walking out dress consists of a jacket and trousers of khaki
serge, Beech brown tie, black fine socks and low black shoes. The
jacket is cut along the sant lines clothbelt. those
woWrn offic rs,g tl ahas
` o fourpockets
and a brass -buck. ed
parade" uniform soldiers will carry a "swagger stick" just like their
fathers did last time.
Auto A Necessity
Not A Luxury
The National Automobile Deal-
ers' Association in the United
States is campaigning to prow
that the .auto is .a basic neces-
sity, not a liixury. It cites,
among other things, that 12,-
678,823 persons in 2,320 com-
munities have no mass transit
facilities and must depend solely •
upon motor cars for transporta-
tion; that six of every ten city
owners of autos use. them to go
to and from work; that thous-
ands of persans have purchased
hones in outlying districts in the
belief' that the automobile indus-
try could supply them unfailingly
with transportation facilities;
that millions of farmers are de-
pendent upon motor cars to Con-
duct their business.
New Russian Plane
To Seal Nazi's Fate
A BBC broadcast, citing the
v1oscew radio as its authority,
reported that the Russian army
hasunder. construction an anti -
stank plane "which will spell de-
struction to the German meclx-
mired army and ace), its fate,
The Russians, said the BBC,
eace—"We are determined not There are about 80,000 milers of aro also working on 'a new type
only to win the war, but also to navigable rivers in the United of pursuit plane "said to be eap-
maintahl the security of the peace States, the Department of Cont«able of a speed of more than 500
which will follow;" ntoreo says, miles an hour."
call
BIJy'
BETTER
VALUE
What Science
Is Doing
UNIVERSE NOT EXPLODING
The world's largest telescope
shows that the universe probably
is not exploding but is h quiet,
peaceful place and possibly just
about as infinite in size.
The observations were made
with the 100 -inch telescope at
Mt Wilson, Calif., and reported
to the American Association, for
the Advancement of Science re-
cently by Dr. Edwin P. Hubble,
the astronomer who for years has
explored the remote parts of the
universe.
This telescope sees an area
about 1,000 light years across, a
light year .being the distance light
travels in one year. The earth is
at the center of this space, with
the Milky Way immediately
around the earth.
In this space there appear to be
about 100 million other Milky
Ways, or nebulae, each a vast
family of suns, gasses and pre-
sumably comets and other fam-
iliar celestial objects.
These hundred million nebulae
show two things:
One, they are on the average
uniformly distributed, about two
million light-years apart, with
near -vacuum between them.
Two, the light of the more dis-
tant ones is dimmed in a peculiar
way, called the red shift.. This
dimming could mean that they
are receding, rushing away from
earth, andif that is true, the far-
thest away ones now visible are
traveling 25,000 miles a second.
This "speed of .recession led
astronomers a few years ago to
IU
ICKLY'
say the universe probably is exp
ploding,
But Dr. Hubble reported that
six years' scrutiny through the
100 -inch eye does not bear out
the explosion theory.
If what the great telescope ap-
parently sees is right, Dr. Rubble.
said, the nebulae may be end-
lessly distributed, on and on, vir-
tually to infinity.
' 'Invasion' of Turkey
An "invasion" of Turkey 'by
German troops "absent without
leave" from convalescence cen-
tars in Bulgaria was reported
by the BBC recently. The an-
nouncement said the Nazi sol-
diers "preferred desertion to be-
ing sent back to the , Russian
front" and were interned in Tur-
key.
MRS. LEROY'S '
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Mail Orders Given Prompt
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RHEUMATIC
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Don't suffer Longer; try Ru -Ma
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You GIRLS WHO SUFFER
DYSMENORkijEA
If you suffer monthly cramps, back-
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nervousness—glue to functional
monthly disturbances—try Lydia B.
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build up red blood. Made 03 Canada.
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HAIRDRESSING SCHOOL
LEARN HAIRDREISSING THE ROB-
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quest regarding classes. Robert -
sortie Hairdressing Academy, 18?
Avenue Road, Toronto.
LEGAL._
N, LINDSAY, LAW OFFICEI OAP-
itol Theatre Building, 8t. Themes,
Ontario. Special Department for
farmers collections,
OPFER '1'0 INVSONTORSS
OFFER TO EVERY INVANTO1
List of Inventions and full infor-
mation sent free, The Ramsay Co,:
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Bank Street, Ottawa, Canada,
PATENTS
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WANT OD
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feathers, We pay cash on receipt
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WOMEN WANT 10
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sowing. Beat pay. Postage paid
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