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HomeMy WebLinkAboutThe Seaforth News, 1946-01-24, Page 7Highlights of the News Theme of UNO Dominating the ineeLigg of the .General Assembly of the United Nations Organization in Londqn, was a theme expressed at a state 'dinner for delegates by I{ing George. He said: :'Clearly the outstanding feature of membership in the United Nations is service-- not ervice-not the selfish service of stere na- tional interest, but service of the whole community of nations." Immediately ahead of .the Gen- •eral assembly was the task of set - ling up the UNO's three, main agencies -the Security Council, .the Economic an Social Council and the International. Court of Justice' —and electing a Secretary-General, Prestige lost by Canada's failure tobe elected to;inetnbersbip of the UNO Security Council has been -offset in the -minds of the Canadian delegation by membership on the, .Social and Economic Council. Although not vested with the same far-reaching significance as •the Security Council, the Social and .. Economic Council membership is highly valued by Canada as a Logi- •cal step in the growth of innportance of the Dominion as a premier world trading nation. London nesyspatiers Over the week -end were laudatory of Can- .adiain action hi withdrawing from the vote to allow Australia to take herseat on the Security Council. It was pointed out that had Aus- °tr:tlia not gained a seat, the South- west. Pacific arca would not have been represented and the voting weight: would have been concen- trated in the South and North American delegations. : Republic of Albania The Albanian Constituent Assem- bly ha declared the tiny mountain- ous Balkan country of Albania a rept:hlic. The action apparently briars to an official end the sover- eignty of King 'Zog who has been • L.c under exile in London since the Italians overran his wee country on the shores of the southern Adriatic in the: spring of 1039. "Truce In China China last week saw a prospe. t for rent peace. A truce was signed by the Nationalist Government of Chiari Kai-shck and the Yenan Communist regime yhich have been .at loggerheads for nearly twenty years and whose fundamental dif- ferences weakened the Chinese ef- fort'dur.ing eight years of war with Japan. The event put an end to the conflict that had broken ottt after the surrender of Japan. Tilt truce was attributed in large part to the work of soldier-dilo- mat =en. George C. Marshall, sent to Clsiia last month by President -'t Truman, For four days last week General Marshall sat with the Cont- nnunist Gen. Chou En -tai and tine Nationalist Gen. Chang Chun in a conference to draw armistice terms. Veers of mistrust between the leading rival factions complicated the task. But finally agreement' vas reached. Its stain provisions are that both sides retain their present military positions in the disputed areas; that railway, highway and postal services are to be resumed in all China, and that a three-man commission headed by an American be set up in Peiping as a "vice headquarters" to carry out terms of the truce. Atomic Fuel Last week a scientist of Colum- bia University, New York, Dr. John Ray Dunning, said the use of atomic energy as- fuel "seems possible" within three to five years for large stationary plants and transport units;; such as ships, and possibly in super -sized aircraft of the jet- propulsion type. Dr. Dunning reported cheaper production methods arc in sight, too, but to those, day -dreaming about atomic -power -automobiles he was discouraging. He- said he saw "no evidence" of possibilities in that field because of an automobile's space limitations;- Automobile -de- signers yottld have to allow five to ten feet of space as protection against radiation: Tho Magna. Carta One of four topics of the '730 - year -old Magna Carta, held for safekeeping during the war by the United States Library of Congress, was returned to Great Britain last week. . The so-called ''birth certificate of democracy" was signed by King John of England in 1315 as a volun- tary relinquishment of most of his 'Powers. Brought to the United States in 1939 for the New York World's Fair and kept there when the war started, the Lincoln Cathedral copy of the manuscript was handed back to British Minister John Balfour by Dr, Luther H. Evans Librarian o. Congress. The charter, set between tiro pieces of armor plateglass, will re- turn to Britain in a wooden, zinc - lined box. HE WANTS OUT This U.S. soldier mounted a post to drive home his argument as 1,000 homesick G.I.'s met in Frankfort, Germany, to protest slow down in demobilization. .c Soldiers chanted "We want Ike" and booed the name of Gen. Joseph IslcNerney. SHE CAN STILL: SMILE Mrs. Karen Oaks of Detroit, Mich., victim of a rare polio which doctors say occurs only once in two million cases, probably will spend the remainder of her life in an iron lung. Only other person known to have similar ailment is Fred Snite, "Iron Lung Kid" of Chicago. VICTORY PARADE IN NEW YORK Paratroopers of the 82nd Airborne Division march through the Washington Square Arch in New York's victory parade, greatest since 1919. Famous division, which four times parachuted into enemyterritoryto spearhead invasions in European theatre, was cheered by 4,100,000- spectators as it marched in Manhattan. NEW CBS PREXY In the. first change in Columbia Broadcasting System's presidency in 17 years, Frank Stanton, above, ]las been elected head of the huge radio chain. A native of Muskegon, Mich,, and graduate of Ohio State University, he had been general - manager of C.B.S. ,Rutty.e, *7F9.�tF2_GS�ri3If3R'J28.LEZZEM5t 2 t'nu Will iheioy Slaying The Si. Regis Hotel TORONTO.. -. ® IEvery 15 with Ilat'h, tihower find Telephone, • Single, s2.50 tip .— Double, :4a.tio. up. ® 0000 Pond, .Dining and Danc- ing Nightly, Sherhourne a1 enrtion Ti!. RA, 41xt THE NEW KAISER AUTOMOBILE Just unveiled is the new Kaiser automobile, above, low-priced companion of the Frazer, to be manu- factured by the recently formed Kaiser -Frazer Corp. Named for famed wartime' shipbuilder Henry J. Kaiser, the six -cylinder car is full size, seats six passengers, is light weight, has 117 -inch wheelbase and is described as the first American car in the low-priced field with front wheel drive. Other features include independent "torsionetic (spiral) suspension" on all four wheels and -unique "monogoque" body.: The Royal Bank of Canada Annual Meeting Morris W. Wilson, President, sees no quick and easy solution to reconversion problems. Believes greatest half century in Canada's history just ahead. Dominion fortunately placed to help foster world co-operation. Questions whether Canada making most of trade opportunities in South. America. James Muir, General Manager, reports assets exceeding $2,000,000,000 at new high level for Canadian banking. Bank fully equipped and ready to assist reconversion. Seeks wider field of service in loans to firms and individuals. Solid confidence in Canada's im- mediate future and the important part she can play in the promotion of international understanding and well-being were voiced by Morris W. Wilson, President of The Royal Bank of Canada at the Bank's Annual Afeeting. Referring to reconstruction prob- lems, Mr. Wilson said: "The first important task in our post-war re- construction is the conversion of industry to production of the basic needs of a civilized- community, with the minimum of dislocation, unemployment, and friction. For two or three years, since we passed the peak of our war effort, we have been giving thought to the recon- struction period. Now, we are in it. The problem is no longer specu- lative, but is gradually being net in a practical manner, more or less satisfactory. If one or more sec- tions of the masterpiece we desire to produce are not filiecl in at once, let us riot worry too- atuteh, but look at the whole picture and its good prospects. Arany of our people, not realizing the nature of the real problems in reconversion and reconstruction, want a quick answer to all questions, and an im- mediate completion of all plans. There cannot be such an easy way: changes in nature; people, •:nd life arc continuous, not abrupt." READY TO MOVE FORWARD Solid ground for optimiser was to be found, said Mr. Wilson, in Canada's tremendous record of ac- connplishment since the turn of the century. "Have our people confi- dence in themselves?" asked Mr. ",rilson. "If they would pause and reflect upon the histori,: advance of their country, they would find few reasons for depression and many reasons to justify hope of success. The record of what was accom- plished is marvellous, the advance- ment of every year being built upon that of preceding years. Some in- terruption occurred, but now we are ready again to stove forward. A comparison between our material circumstances in 1900 and in 1945 is well worth looking at, "Here are some figures which should be considered alongside the - fact that our population has in- creased just 123 per cent. in the 45 years under review, The num- ber of acres occupied for farm pur- poses increased 176 per cent.; the value of farm property, in dollars of the same purchasing power, jumped to 251 per cent. of what it was in 1900; the value of agricul- tural products exported rose 300 per cent., and the number of bush- els of wheat we produced grew by 685 per cent. The increase in our production of minerals was; cop- per, 2,079 per cent.; gold, 114' lead, 377; nickel, 3,781; silver, 204; as- bestos, 1,115. Our "output of wood pulp- increased 1,892 per Cent. Our railways expanded their track mile- age 133 per cent., the number of Passengers 214 per cent,, and tons of freight 302 per cent. The ton- nage of sea -borne shipping cleared at Canadian ports rose by 288 per cent. Telephone instruments in use increased by 2,535 per cent. Elec tric incandescent lamps, so numer- ous to -day as to be impracticable to count, numbered only 115,000 in 1900. Radios, automobiles and aeroplanes were not even predicted in the 1900 statistical books. The registrations of radios are not by any tueans a complete record of instruments in use, but total 154 million. Automobiles number 1;4 million. - "And now, what should we do to make sure the progress ofthepast half century is continued and ex- panded in the next 50 years? 1 have no doubt -that • we have wade mis- takes and will continue to snake mis- takes in preparation for and con- duct of our economic plates, but if we look ahead carefully, make our plans as prudent individuals, cor- porations .and as a nation, and carry them out energetically. 1 ata very sure the greatest half century in. Canada's history lies ,Inst ahead. "When we review the past 45 years and reflect on these things which have been accomplished, surely we find it evident that Can- ada and its people, with a record like that, do not need to be fearful of the future just because they can- not pull out of a pigeon -hole the complete answer to every question posed." Mr. Wilson, however, warned that Canadians could not rest on past achievements. Future progress depended also on a frank appraisal of weaknesses and demanded im- aginative leadership. Particularly he stressed the danger of proposals to make of Canada a self-sufficient nation—a policy which if pursued could be disastrous to employment and national wealth. One of the greatest needs of the immediate future, he said, was the healthy development of foreign markets. TRADE OPPORTUNITIES "While all countries in the world req;q,•e goods Canada produces, it seems well to look particularly at a continent where many well -versed persons think Canada is not mak- ing the most of her opportunity — South America. The total value of imports to the South American Re- publics in 1940 was one billion, 1154 million dollars. This indicates the extent of the market in general, and it is particularly interesting to take note of the fact that so many coin- ntodities required by these coun- tries are products of Canada, in- cluding iron and steel, chemicals, paper, wood and manufactures of wood, vehicles, paints, wheat and other foodstuffs, mining machinery, industrial machinery, electrical ap- paratus,, and litany minerals. There is still a wide field which Canada may cultivate, - "If we admit that prosperity in Canada is not just local, then the next step is to consider how we can help ourselves by measures de- signed to raise the purchasing po- wer of other countries so that they can buy our goods. "The International Monetary Fund and the International Bank of Reconstruction set up under the Bretton Woods agreement are evidence of a good spirit. I believe we have dame well so far in making these arrangements; they present an outward and visible sign that na tions are conscious of the world outside themselves. "Our geographical position stakes us the link connecting the two great industrialized countries, Great Britain aind the United States: our membership in the commonwealth of free peoples gives us a world position much higher than would be warranted if we stood alone: our great industrial technical skill helps us meet the re- quiretsents of any market; our rich store of natural resources assures supplies of raw materials indefinite- . ly: attd our historical capacity for tolerance ruins for us respectful at- tention in the councils of nations. "Yet, some people persist in say- ing: 'Tintcs are going to be hard.' This is no occasion for thoughts of failure. `I refuse to believe that after so long -continued slow but sure pro- gress mankind will allow itself to be annihilated by atomic bombs, or to be enfeebled by long drawn out decay, or paralyzed by disputes which ruin international trade and co-operation. This country should have no doubt of itself or of the contribution it can snake to the world. ,All we need is faith in Ca- nada and confidence in our own etn- tertirisc and energy to make the second half of this century greater and more abundant than the first which was, in a material sense, as I have shown, great inideed." GENERAL MANAGER'S ADDRESS In presenting the financial state- ment, lances Muir, General Man- ager, reported assets of $2,007,546,- 978, the highest in the history of the bank. He remarked, however, "that size is not the gauge of the bank's ambitions — but rather that, always mindful of its responsibili- ties to its depositors, it should fill the role of providing all classes of the public with a high order, of prompt, efficient and helpful ser - Mr, Muir stressed the part being played by the Royal Banlc in help- ing clients solve their reconversion problems through loans, anin- creased number of which "are be- ing made for Capital Expenditure purposes and on more extended terms than used to be customary. Naturally, we endeavor to appraise these risks with care. This policy is not only of benefit to customers in assisting with the expansion and improvement of their ' operations, but, in addition, is an important fact = in the over-all picture of em- ployment and rehabilitation. Many loans of this character have been made at branches across Canada. Other lending activities might be mentioned; For example, during the year the needs of the personal or casual borrower have been met to the extent that in round figures, 127,000 individual loans of $500 and under have b.vn made. In March of last year the Farm Improvement Loans Act carte into force. Figures released by the Government dis- close that up to the end of last October, all Chartered ,Banks had made a total of 3,669 lans under the Act for the tggreeate sum of $2,911,224. It is satisfactory to learn that our share of this total was the largest — namely, 1,245 in number and $998,579 in amount. We might say that the immediately foregoing figures were largely ex- ceeded, both as to number and amount, in the loans we mad dur- ing the same period for exactly similar purposes in the ordinary course of business outside the pro- visions of the Act. "The details I have given you illustrate the policy and aim of the bank to render banking service and assistance not to any narrow sec- tion. either in a business or a geo- graphical sense, but to all classes of clients in the different communities served by our branches. We try to render this service and assistance in a spirit of friendly co-operation, and our doors are open to all who need a banking service." PROUD STAFF RECORD Referring to the bank's staff which now numbers over 10,000, in- clusive of those still in the armed forces, the General Manager said: "Total enlistments ducting the war were 2,321, of which 2,171 were from Canada. Many obtained high rank, and a generous share of hon- ours and decorations for valour were won. It is my sad duty to place on record that 193 of these splendid young men gave their lives in the great struggle, and I know you will wish me to extend to their families and friends on your behalf and on behalf of their colleagues expressions of our deep- est sympathy, "Seven hundred and ninety-eight of the sten formerly in the Armed Services have already returned to the bank, and they are being afford- ed every opportunity to re-acclinta- tize themselves quickly. Upon re- porting to . us, each is interviewed by a senior officer familiar with his previous record and service, and everything is done to stake hint feel at home. Our set policy is to treat these returning men with fairness and understanding, and to see to it that inno case are they- worse off materially titan if they had never' been away. Their response and atti- tude are most gratifying, and only make us all the more proud of them. Their years of service in the forces are allowed to count as years of service in the bank for pension pur- poses, and if their service -pay was less than their salary at time of en- listment, they were not required to contribute to the Pension Fund. The bank's Group Instwance plan — plus war risk in their case. — was maintafued for theta, the entire premium being paid by the bank. In addition to these security mea- sures carried on for the staff, hos- pital and surgical benefits insurance is maintained — a substantial por- tion of the cost being borne by, the batik, Recently a retiring plan was inaugurated whereby women em- ployees and sten not members of the Pension Fund are assured of an annual income when the time conies for then to give up their duties. Generally speaking, women employees will retire 'at 55 years of age. The plan is nom -con tributary on the part of these employees." Special reference was made by Mr. Muir to the part played by the bank's -branches in foreign lands in promoting trade and understanding.. He stated that the Bank's first foreign branch had been opened nearly ]tall a century ago and that to -day branches abroad' numbered 61. "\Ve arc the only Canadian bank covering such a large field," he said, "and during the years the have in this way directly contributed to Canada's steadily increasing inter- national trade and cultural re- lations."