The Brussels Post, 1943-1-27, Page 6THE ROYAL BANK OF CANADA
74th ANNUAL MEETING
Morris W. Wilson, President and Managing Director, urges post
war planning on basis of free enterprise—Only system
likely to appeal to self-reliant young Canadians.
Sydney G. Dobson, Vice -President and General Manager,
reports assets over $1,291,000. — Liquid position exceed-
ingly strong—War adds heavily to routine duties of banks.
The intent and ability of the
free enterprise system to meet the
challenge of the post war world
was the keynote of an address by
Morris W. Wilson, President and
Maneging Director of The Royal
Ban': of Canada at the bank's
74th Annual Meeting,
"Assuming intelligent co-opera-
tion on the part of government,"
said 111r. Wilson, "free enterprise,
which has already provided for
the people a'ho live under it the
grca.est degree of comfort and se-
curity in the world's history, can
meet the challenge of the post-
war world, It can, by accepting
further social responsibility, save
the people from the evils that
accompany state control—obliter-
ation of private life, destruction
of personal freedom, elimination
of individual incentive, and the
extinction of those extra gaihs
which fairly go to those who work
specially hard.
"Free enterprise, with its wealth
of experience, established posi-
tion, and wide resources, is the
only system known to us under
which the job can be done. The
prophet who now foretells that
-our whole system will be swept
away in favour of some economic
heaven and earth as yet unformed,
is not only misguided but danger-
eus. He is dangerous because his
preachings interfere with confid-
ent concentration on the war
effort, and they are menacing to
the practical solution of the prob-
lems of peace.
"Changes must take account of
realities rather than theories.
When this war is won, the soldier
will wish to get back to his every-
day life; the farmer will still want
to own his farm; the small house -
owner will desire to retain his
ownership; the retailer, -the whole-
saler, and the manufacturer will
be found as anxious as ever to
carry on their own branches of
our free enterprise; and the three
million thrifty holders of their
country's bonds will still look for,
and be entitled to, their interest
earnings.
"The idea -of profit, which is
merely payment for work and ini-
tiative, is deep-rooted in human
nature, and after the war it will
still motivate individuals and car
porate bodies. In progressive
countries, development is con-
stant. As to sudden, revolution-
ary change which would uproot
the economic system, upset the
mode of life and disperse the
sittings, investments and insur-
ance of the people of this nation,
I think the proposition needs only
to be stated to reveal its folly.
At the same time, it is dangerous
to allow its propaganda to go on
unanswered."
BENEFITS OF
FREE ENTERPRISE
Mr. Wilson said he did not ridi-
cule the views of anyone upon the
sole ground that he was a socialist
or demagogue,
"The weakness however, of
those who theorize about post-
war economy" he said "often lies
in their lack of practical experi-
ence of business and their disre-
gard of the widespread, undeni-
able diffusion of the benefits of
free enterprise in the form of ris-
ing standards of living. This ex-
perience and these facts are read-
ily available; Business should
assemble and analyze them, and
present to the public their irres-
istible conclusions, showing the
true intent and ability of the sys-
tem of free enterprise to do the
things that need to be done. That
is the only real way to carry the
judgment of the people.
"There aro plenty Of hard-
headed people in Canada who, for
instance, have money in the bank;
there are more than five million
deposit accounts, totalling more
than $3,300 million. Your bank
alone has sullstantially over one
million deposit accounts. There
are pore than three million Cana-
dians holding their country's Vic-
tory Bonds, War Savings Certifi-
cates or other government obliga-
tions. There are more than four
million individual holders of life
insurance policies in Canada.
These are the people who, alert to
-their own well-being, will tell the
theorists and agitators what
changes are acceptable in the
mode of life which, with all the
faults it may possess, has pre-
duced these savings and these but -
Werke of personal and family se-
curity. These are the people who
must he considered by those who
seek to influence the course of
events,"
Mr. Wilson readily acknow-
ledged that the system of free
enterprise .--- in fact the whole
economic systen and our insti-
tutions of free Government, were
the results of evolution and ex.
linseed the conviction, that some
of the changes which had been
brought about by the war would
remain. "Then must and will be
development, particularly in the
realm of maximum employment
and freedom from, want. The or-•
dinary people of the world will
look to eome agency at the war's
close to avert mass unemploy-
ment. No pretentious plans for
pension, nor all the social se.
eerily measures devised by Gov-
ernments will be effective with-
out a solution of the employment
problem," he said,
COLLECTION OF TAXES
Referring to the present method
of collecting personal income
taxes, Mr. Wilson expressed the
opinion that the present eight
months' lag in payments created
a most serious difficulty so far
as the individual taxpayer was
concerned and could not be in the
best interests of the couutry. He
pointed out that at present the
taxpayer was always eight months
in arrears in his payments and
that this extra tax liability could,
under certain circumstances, be-
come a very serious burden. He
felt that a cancellation of taxes
for the eight months involved
would not necessarily result in
any diminution of revenue to the
State. It would only become
necessary to retain the higher
scale of taxation for a somewhat
longer period, and at all times
the Government would then be
collecting its taxes from current
earnings and not on earnings of
the preceding year. Mr. Wilson
hoped that the Government would
respond favourably to the many
representations that were being
made to it on this subject,
GENERAL MANAGER'S
ADDRESS
in presenting the financial
statement, Mr, Sydney G. Dobson,
Vice -President and General Man-
ager noted that the present high
tempo of business activity clue to
war was clearly reflected in the
bank's balance sheet and that
under a number of headings re-
cord levels had been attained.
Despite steady expansion in the
bank's business, profits had been
reduced, due in part to relatively
low yields on the bank's heavy
investments in government bonds
and to increased taxes.
Because of the decrease in net
income, the bank had bound it
necessary to reduce the dividend
rate of 8% to 6%. In this con-
nection Mr. Dobson noted that
during the past 12 years bank
shareholders had had their divi-
dends reduced more drastically
than those in most other lines of
business and that on the basis of
to -day's dividend, the return is
only 3.27% on the average cost
of the shares to the public over
a period of years.
"Total assets are now $1,291,-
615,946, an all-time high in the
history of the bank and an in-
crease during the year of $216,-
496,185," said Mr. Dobson. "Our
liquid position is naturally very
strong, total liquid assets of
$906,440,239 representing 75.44%
of our total liability to the pub-
lic."
Mr. Dobson also noted that de-
posits totalling $1,181,217,192
had increased by over $225,000,-
000. Of the total $929,039,940
were in Canada.
COMMERCIAL LOANS
"Commercial Loans in Canada
expanded during the year $13,-
365,555, and are now $255,148,-
401. Included in this amount are
temporary loans of $42,971,183
to assist purchasers of Vietory
Bonds. As there was but a small
total of such loans current at the
end of the previous year, it will
be seen that ordinary commercial
loans are considerably lower as •
compared with a year ago.. Con-
sidering the tremendous expan-
sion in business activity through-
' out Canada, the situation is
anomalous, but the explanation is
that the expansion is largely in
connection with war work. This
is either financed directly by tine
Government, or, because of
prompt settlement for monthly or
fortnightly accounts, the manu-
facturer is able to financewith-
out any, or at any rate with very
moderate, assistance. There has
never been a period in the history
of this bank—and I may say a
similar situation applies to the
other banks—when the ratio of
commercial loans to deposits has
been so low, The outlook in this
respect is not encouraging, as til -
fortunately the tendency seems
to be for the Government to ex-
tend its policy of directly linin,
ding industry engaged in war
work."
The General Manager reported
that, in conformity with the gov-
ernment's wish to conserve man-
power, the bank had closed 39
offices. This, lie said, did not
mean lessening of business for the
bank but rather a consolidation.
It did, however, represent an in-
convenience to some of the bank's
customers but lie :felt that they
would appreciate that the exigen-
cies of war necessitated such
steps,.
MANY OF STAFF iN UNIFORM
"During the war period our
staff in Canada has increased
from 5,165 to 6,040, the new
members being almost all young
women. Our male staff is now
reduced to 38 per cent, of the
total and it is not uncommon to
find that at a branch with 15 to
20 employees there are only 4
or 5 men. I cannot speak too
g y tmanner hly. of
hi he in whioh
these new rnenlbee of our staff,
many without any previous busi-
ness experience, have carried on
their duties, often under difficult
conditions. Routine work has in-
creased As A result of war activity.
The handling of Victory Loan tip.
plications and the negotiation of
ANNA THE RIVETER
Her mane's not Rosie, but she's
the champion woman riveter at-
a Canadian shipyard somewhere
on the Atlantic coast, Like many
other women, Anna Mae Mac-
kay helps build 5000 -ton ships.
coupons alone entail a great deal.
of additional work and the volume
of cheques in circulation has
grown considerably. Many of the
young women recently engaged
are called upon to assume respon-
sibilities which under normal con-
ditions would be performed by
experienced men. This means
that the senior officers, in addi-
tion to looking after their own
duties, must devote much time to
supervision and training.
"We are proud of the contribu-
tion made by our staff to the
armed services. Since the out-
break of war we have granted
leave of absence for military
service to 1,876 men. Of this
number, 1,792 enlisted from Can-
adian branches, and this is equiva-
lent to well over half of the male
staff under 45 years of age at the
outbreak of war. I am sure Ilam
voicing the feeling of the share-
holders when I say that we wish
a safe return to these men who
are serving their country so patri-
otically.
"Unhappily there have been ca-
sualties. Thirty-four of our young
men, whose names are recorded its
the 'printed proceedings of this
meeting, have given their lives in
the service of Canada. These
names are held in honour, and we
pay tribute to their memory."
Pilots' Uniforms
Made Flame -proof
A new formula whereby uni-
forms worn by R.A.F. pilots may
be made flame -proof has been
discovered by the scientists G. A.
Petzoldt and his awl. G. E. C. Pet-
zoldt, it was revealed recently.
Their research was financed by
the shipping magnate, Sir Hector
MacNeal, who wanted to contri-
bute to the safety of R.A.F. fliers
after his son-in-law; was killed in
operations over the North Sea in
1940.
In a demonstration of the
formula, young Petzoldt donned
one of the flame -proof suits, waa
sprayed with gpsoline and set
afire but was not harmed.
British Tar Turns
Froin Rum To Milk
The modern Royal Navy is
turning more and more from rum
to milk.
The navy reported that only
60 per cent of its sailors now
take their rum ration, compared
with 65 per cent in 1924, 88 per
cent in 1913 and 91 per cent in
1850.
It said 24,000,000 Cana of cot
densed milk were supplied to the
fleet in recent months.
Relieves distress from MONTHLY
FEMALEi
WEAKNESS
Lydia 21, Pinichaln'e Vegetable
Compound not only helps relieve
monthly pail but also weak, nerv-
ouafeelings-due to monthly func-
tional disturbances, it helps buildup
resistance against distress of "dirs-
coif days" Made in Canada,
Have You Heard
The officer gazed sternly at the
private who had beeu brought be -
fort' him.
"Did you call the sergeant rti
liar?" !le demanded.
"I did, alr,"
"And a twister?"
"Yes, sir."
"And did you go on to describe
him as 0 pop -eyed, !stocked -kneed,
black -blighted stooge?"
The private hesitated. Then,
with a note of regret in his voice,
he replied:
"No, air, I forgot Oar
The man at the theatre was
annoyed by the conversation
in the row behind. "Excuse
me," he said, "but we can't
hear a word."
"Olt," replied the talkative
one, "and is it any business
of yours what I'm telling my
wife?"
A young lady, finding herself
" stranded in a small town, asked
an old man at the station where
she might spend the night,
"There ain't no hotel here, but
you can sleep with the station
agent."
"I'll have you know I'm n
lady."
"So is the station agent."
"So he said I was a pol-
ished gentleman, did he?"
Well, yes. It meant the
same thing."
"Ah! What was the exact
word?"
"He said you were n slip-
pery fellow."
A teacher, examining a class,
asked the following question of
a little girl; intending it for a
catch:"
"What was the difference be-
tween Noah's Ark and Joan of
Are?"
"Noah's Ark was made of wood
and Joan of Arc was maid of
Orleans."
"You called the plaintiff a
rogue, a swindler and an ass.
Why did you box his ears into
the bargain?"
"Well, he is rather hard
of hearing."
The British Y.M.C.A. services
are staffed by 100,000 volunteer
workers.
SIX -CENT SHAVE
Cigarettes may be six dollars in China, but this American soldier
in India is getting a shave for six cents, Mohammed Yagub,. the
barber with the many implements in his belt, goes the rounds giving
Yanks in New Delhi shaves before reveille. Sergt. Wilbur B. Brandt
of Cleveland is enjoying this one,
Modern Etiquette
By Roberta Lee
1. Is it proper for one to tip
his soup plate at the dinner table
in an effort to scoop out the
last drop?
2. Is it proper for a man to, -
use a double sheet for his note
paper?
3. What does it indicate when
a person laughs load and almost
shouts when talking?
4. Does a woman ever take
the aisle seat when she is at-
tending a theatre with a man?
5. What kind of flowers should
a bride wear if she is married in
traveling costume and prefers not
to carry an arm bouquet?
6. When a hostess notices that
a certain guest is eating but'very
little, should she call attention
to it?
Answers
1. No. It is far better to leave
a little soup in the plate. A bowl
or dish of any ]rind should not be
tilted. 2. It is all right to do so,.
but a single sheet is preferable..
3. It indicates one of two things,
ill -breeding or nervousness. A
person who is well-bred and pec•
fectly poised will not laugh se
loudly that it can be heard fifty
feet away, and in conversation
will always speak in •a low, modu-
lated voice. 4. Never, She always•
enters the row first, and her es-
cort takes the aisle seat. 5. She
may wear a corsage of orchids,
gardenias, or any flower that
suits her fancy. 6. Never. Per-
haps the guest is not feeling well.
It is better to say nothing unlesa
the guest offers an explanat'on.
Waste Paper
Waste paper is so urgently
needed in Britain that household-
ers have been asked to search
their cupboardsand bookshelves-
anew
ookshelvesanew and send to salvage authori-
ties any books not considered
worth keeping.
CLAS5IFIED ADVERTISEMENTS
AUTOMOBILES—USED
USED LIARS WITH GOOD TIRES.
See us first. Mount Pleasant Mo-
tors Limited, Used Car Lot at
2040 Yange Street; knead Office,
632 Mount Pleasant (toad, To-
ronto. Telephone ELY. 2181.
ANLIIALS WANTED
PUPPIES WANTED. CROSSBRED
and others. Also Rabbits, Guinea
Pigs, ferrets. State number and
sex. Hall, St, Lawrence Market,
Toronto.
11,1111' 01010165
FIFTEEN 000110DS ALL AGES,
growing chicks same prices. Cat-
alogue. Fairview 1' arms, St.
lturOs, Uatarin, •
GET TW11I11.1LE CHICKS NOW.
Last year we couldn't supply the
demand for Twaddle chicks. This
yens our cupanity is 100,000 chicks
weelcll', but the "all out." demand
for p0uilry meat and eggs 18
Still 011 the upgrade, because oC
scarcity of all kinds of meat.
Your poultry and eggs can help
meet the demand. Tweddle offers
the same flue breeds, Govern-
ment Approved clucks f r n m
blood tested breeders that have
brought big returns to se. many
poultry and egg men. it takes
lust as much time — and feed
and money — to raise "run-of-
the-mill" chicks as it does the
husky, s 10101', fast-growing,
h0avy-laying Tweddle Clucks.
Also turkeys and older pullets.
4Vt•lte for catalogue, 1045 price
1101 aril contest folder. Tweddle
Chicle Hatcheries Limited, lrer-
gt1". Ontario.
W11 Alli )010 ORDERING BRAY
chicks now to get into this
300111's program of home and
overseas' production, especially
'1s hatchingis to order only.
Cockerels good investments with
meat rationing possible later.
Started chicks. Bray hatchery.
180 John N., Slari111ton, Ont.
11[181111055 10011. SAL10
Wl EELY NEWSPAPER AND SOB
Printing plant in small Ontario
town.- An excellent Opportunity,
a one than shop. Box 463, 73
Adelaide W., Toronto.
CHICKS
SEND FOR OUR .RECORD CHART
free and catalogue. Six breeds
chicks and all ages growing pul-
lets. Government approved. Save
money, early order discounts.
Prompt ieliverles. Satisfaction
guaranteed. tMIonitton Poultry
Farm, tli.orlcton, Ontario.
noso19s'iwo lama. WAN'rl413
CHRISTIAN WOMAN WANTED AS
housekeeper and t0 look After
aged lady While daughter woke;
Must be kind, trustworthy and
potram01100. good references;
ROE hou5Ohold duties. A good
hone, near Port Credit. Box 414,
72 Adelaide St. W., Toronto.
V A.nitIS
10A.RIKS, SIi110110BAN 1'110P)0 -
ties, north of Toronto. Apply
It Rano, Riohmeld 10111,
5.05100...1(011 SALE
501t 8A1.111, G5 ACRE FARM, 8 -
room hived; house, hydro, 1.14
miles from 'Tilbury. ,Apply Joe
Clnittler. 11,R. 5, 'L`illnit'y,
514111114'10
BROWN AND WHITE, CLI, IOX,ClOL-
lent banters Males $l,001, romalos
$5.4s, yearlings 4, 1,000: Wm, Geod.
WIn, lingerrvl1lr•, Ont.
It' 0It SALE
GREENHOUSE, ONE ACRE LAND.
House hydro, garage barn. Good.
business. Box 192, Wingham, Ont.
114 SHEEP, CLIPPING, MACi31NE,
Dipping Tanks,. Water Troughs.
Electric Ponces. Arthur McKay;
Holland Landing, Ontario.
DY KING 61 GLEANING.
15Avli YOU ANYTHING NEEDS
dyeing or cleaning? Write to us
for Information. We are glad to
answer your questions. Depart.
men 31, Parker's Dye Works
Limited, 70' i'onge Street, To-
ronto. •
80OUT BALaI
BAUM iJ4iiA GOUT SALM destroys
offensive odor instantly, 450
bottle. Ottawa agent. Denman
Drug Store. Ottawa.
HAIRDRESSING 50110001
LEARN HAIRDRESSING THE
Robertson method. Information
on reeuest regarding classes,
Robertson's Hairdressing Acad-
emy, 137 Avenue Road, Toronto,
MALE REM. WANTED
TWO SINGLE MGN, GENERAL
farmer, good with horses, other
good milker hand or machine.
Fifty-five a month and board.
References.' Beneteau Brothers,
Amherstburg, R.R. 2, Ontario.
11113111CAT,
STOPPED QUICKLY — Backache,
Headache, Rheumatic pains, Diz-
ziness, Smarting, Burning front.
Kidny, Liver., Bladder disorders
Constipation. Soverign B rand
Herb juice Compound, large
bottle 41.00 mailed postpaid.
Write to -day. Windsor Dr0g ea,
3085 81101101e, Windsor, Canada.
GOOD ADVICE! lsvERY SUrl1i1R-
er of Rheumatic Pains or Neur-
itis should try Dixon's Remedy.
Ottawa, Postptald$1.g 00,'S35 Elgin,
BEAD COLDS, SINUS, NOSE 00107',
Grippe, Influenza relieved In five
minutes with Vapinol inhalant,
50 .treatments $1.00; trial 8135 25e
postpaid. WINDSOR DRUG CO.,
5985 Seminole, Windsor, Can,
01PF1011 TO INVENTORS
AN 01'1'1012 TO EVERY tel VIONTUll
List of Inventions and full tote•-
nation sent free. The Ramsay
Co.. Registered Patent Atto'neys,
. 273 Bank Street, Ottawa, Canada,
1.110,1`41(111A I'UI Y
DON'T TRUDGE THROUGH
The Dent, •: Ruin, or Hull
HAVE YOUR SNAPS
Delivered by Olnil
Any 0 or 8 e24Osuro 0111 Dcrtebtly
dovelolled. nasi pinned for only 28 ,
$uarant quality and feat service
guaranteed.
IMPERIAL PHOTO SERVICE
0.10 tion J, Toronto
I'.A'1'ENT S
Free Helps For Inventors
Everyone with a rood Idea Slhoui
Y 6 d
Booklet
secure the Iltustratee
nVen.
Booltrt "fortunes .G`rohl InVon-
Hone," and the handsome form.
"Record of nut, invention."on
horn tb de.y-lrae—fr0rn W. Irwin
Ilaslcet 53 Qtteolt Street, OttAWS.,
PET HIO1bSTONtIAUUH tis COMPANY
Patent Solieltors, Establlslied
18501 14 living West, Toronl0,
0001051 of Information 011 re.
Ones,
ISSUE No, 5-43
PATENTS dt '11151)00 MARKS
EGERTON R. CASE, REGISTERB1?.
United States, Canadian, British
Patent Attorney. Booklet gratis..
Established over forty years. 82.
Balsam Avenue, Toronto.
POULTRY
BUY EARLY COCIsMRELS 0O1t
most profit, quick cash crop.
Rothe a brood before your pul-
lets. Available every week. Leek
Ito r n s, Henpshires, Hy br'ids;
Rooks. Price list. Flan 00 Orch-
ards, Box W., Freeman, Ont.
WHITE COC'L•IIN BANTAMS AND
Pekin Ducks, 54.00 pair; Bronze
Turkey Kens $7.00 each. Log
Chateau Farm, lrenelon Palls,
Ont.
PROPERTIES WANTIOD . TO 1111*
WE WANT ATTRACTIVE I1051161
with or without sma11' acreage
for cash buyers, Any good dis-
trict within hundred miles of
Toronto. Send complete particu-
lars u'I111 prices at once. No
charge of any kind unless we
sell. Powell and Company, f, St
Clair East, Toronto.
�PROPERTY
VILLAGE PROPERTY, 8 A0111')
lot; 136 story brick, 000 capacity
hen house. small cow barn, also
70 acre farm, close main road
n0ar Stratford, note house and
fences, exchangeforlarger farm,
good buildings, pay diffet•a'tce.
George Murray. Avon ton, Ont.
POULTRY 104011001117151
5011 SALE. WISHBONE 1.NOU59T-
or, double deck, coal burning,.
capacity 4,800 eggs, in good 0011 -
Clition. Price 4200.00. Herbert
Kohl:udLb, Strclthroy, Ont., 8,01.
No. 2.
PROPERTY
HTC41IWA'Y 10 ACRES N 10 A it
Grand Rend, black mucic garden„
voting .orchard, nice new house.
electricity. Price 81800; $1200
down. Highway village 14 acres,
good brick house,- good staple
f -or cattle, hogs, liens, abundant
01,080 doW11,—i electricity.
Pace �lE001
x-
eter, Ont
1.1RIESS WANTED
WANTEI9 PONY CYLI)b7R PRESS
25" x 88" NIand 'Gordon 14"
must be in 150011 condition. T15*
462, 73 Adelaide t'3.. Toronto.
1t1110U11IATIC PAINS
IT'S IMPORTANT 10VI1RY S'CSI'.
fere• of Rheumatic Pains or
Neuritis should try 1110011'0 'Rem-
edy. Munro's Drug' Store, 030
:Elgin, Ottawa Postpaid 0100.
PU1'1'I70S won semi::
REGISTERED SPR10403012. SPAN -
leis. Gorgeous puppies of superior
quality, Mrs. Hooter ArinstrOng.
Shelbogrne, Ontario.
STAMPS
AP1'ROVA L5 0 V L", R T W11NTY
thousand different British and
Foreign to oiooso from. Bennett's
2 McMaster
Stamps, 0AvOnue
'Toronto,
e W:io BUY Old) STrar1 0OLi.110-
tions hi ioet prices paid, Cram r
Reg., DDD 101euiv Montreal, P.O.
!08OACIf ii11t WA.V'l'.(01)
SOULAIS :EOTVER, P100'1'T0STANT
toaoher wanted for 01.511. No. 2,
T.rntttvinlr, Glom a]s River, shall
school, salary elghL hundred;
commelne at once, Mrs, Ail.
YoungR•, 10 Lansdowne Ave„ Sault
Ste, 701511e, Ont,