HomeMy WebLinkAboutThe Seaforth News, 1945-12-13, Page 6BANKERS REVIEW CANADIAN ECONOMIC SCENE
George W. Spinney, president, and B. C. Gardner, general manager, who
addressed shareholders at the Bank of Montreal`s 128th annual meeting.
Inflationary Pressures Greater
Now Than During War, Declares
Dank Of Montreal President
George W. Spinney Tells Bank of Montreal Shareholders Of
Anti -Inflationary Needs
GENERAL MANAGER B. C. GARDNER REVIEWS MOST
ACTIVE YEAR AT 128T1I ANNUAL MEETING—
HIGHLIGHTS BANK'S LOANING POLICY
Montreal. — George W. Spinney, President of the Bank of
Montreal, told shareholders at their recent 128th annual meet-
ing that inflationary pressures were probably greater now than
It any time during the war and urged continued voluntary re-
straint as a means of offsetting this danger to the nation's econ-
omy, He declared that it was desirable to have some of the war-
time controls remain in operation, but that these controls should
be constantly watched to make certain that they do not inter-
fere with rapid reconversion to peacetime economy.
Speaking at the same meeting, B. C. Gardner, general
manager, reviewed the most active year in the history of the
bank and told of the 13 of M's contribution to the financing of
the war effort and of the many "human relationships" arising
out of the financial problems of customers, both of large and
small mune, particularly the latter.
Stimulus to Production recently released annual statement,
Mr, Spinney said he knew of no He noted also that deposit lead
better stimulus to production than reached a new peak et $•1,01 ,450,-
healthy competitive effort, free 000 during the year, an incre tae of
almost 5200,000,000 over last year's
total. Quick assets for the bank
were reported at 51,404,320,000 and
holdings of Government and other
securities at a total of 51,117.918, -
from unnecessary restrictions,
seeking to fulfil the myriad desires
of con. unlet at home and abroad.
"As neer before," he said, ''Ca-
nadian ia-these and industry in o0n neve epitomical:
}
the ears immediately ahead trill
needmen with new ideas and Mr. Gardner .ata that, in the
with the capacity to put these absence of an adequate demand
iait.into effect:' for commercial loans, the bank also
made some purchases of securities
Spea•:;ing of social security pro- in the open market, thus helping to
jects anti art'gestions, Mn. Spinney maintain a ready market for Vic -
said it would' Ike very nice if we
could all live .p government
cheques, but life on title planet be-
ing what it is, someone has to
plough and reap, to plan and
build. to exercise qualities of initis.
live. foresight and daring; and only
this totality of productive effort
can provide a real and enduring
basis for material welfare and eco-
nomic security."
"Nothing could be further front
my intent," lie continued, "than to
argue that social security- meas-
ures arc without value to the com-
munity, but," he added, "we would
deceive otrr.elvcs a, 6 otlicrs if we
accept and promulgate the idea
that security can emanate effort-
lessly from government, acting in
the role i f bsirse deet and boun-
tiful provider. Government can
distribute no benefits that indi-
viduals thr. a 1, their later, do not He noted that there had been a
provide." welcome increase en personal loans
and stated, "It is not our policy
Problems of Peace to encourage people to incur en -
Canadians, both those in the necessary debts but we believe
fighting force= and those at home, that our personal loan :acidities
had a right to be proud of their may play a usehtl part in a well -
mighty tear effort, he said, adding ordered financial programme and
that after six years of coi.flict a may be used by borrowers in a
certain amount of war weariness manner fully consistent with the
was not unnatural "But although principles of thrifty and. sensible
we are war weary he continued, management of their affairs'
"the probiems of reconstruction "This bank does not deal in
,eifl not hide our time. Thepost- money alone, In our day-to-day
war era about which so nisch has dealings our ,tanagers and staff
been written and said is no longer are concerned with the many hu -
a theoretical abstraction. The post- man relationships arising out of
war is here and now; and with it the financial problems of our cus-
comes the realization that, in its tomers, both of large and small
own way, peace will make its de- means, but particularly the latter,
mends no less than war," who seek assistance from a reli-
able and trustworthy source."
Mr. Gardner said that the prob-
A new high in total assets of lents of the returning war veterans
51,715,014,000 „was reportedby were receiving 5peciat and ytnpa-
B, C, Gardner in a review of the thetic attention.
tory Bonds and other government
securities in the hands of the
public.
He made it clear, however, that
the function of the bank as a puts,
chaser of Government securities
lit.,d arisen from circumstances
largely, beyond the bank's control,
in that tele wartime expansion o1
industry !h:(1 been accomplished
largely throng:, direct G', scrnn'ient
financial assistauite and witit'1,1 the
aid of bank credit in los!..—in of loans.
"We are hopeful he ,aid "that
as industry resumes its onma1
patterns, and as civilian btt. i less
replaces government contracts, iltee
lending function of the hank will -
take on increasing importnr.c.e and
scope;'
Personal Loans Increase
New Peaks Recorded
CROSSTOWN
By Roland Coe
'' r
"`And just a year ago I thought I had to go out with him to protect
him FROM the other children!"
ON THE HOME FRONT By C. Kessler
t \VAC JUsr art r Ys1E
eNICi EJ COOP, PEAR,
/WD 'U.1'r' 170 YOU
11-1944 ? pi1+lf GOT
w GGGJ/
PERKIAJS, CALL. OP Tt1E
Ft OIDUCE EatCNA/JSE
AND ASK141 P1 3CE
OF GRAM A
EGGS'/ ll.
,r,d u..,.-,..:
Tires for Paris Busses
Rubber tires from 13ritaili; will
help put 1.000 saris 'busses:?baste
on the road before the end of the
Year, as a result of a French agree-
ment with British tire factories.
HOTEL METHOPOLE
ABI Beautifully Furnished
With Running Water.
Rates:
L5® up
NIAGARA FALLS
OPPOSITE
C.N,lR, STATION
Sub as Generator
The l3uriia government is
ltig a submarine with a ytvw til
solving the present si'rot'lage of
electricity, Rangoon radio reported,
A submarine, it said, could gener-
ale current for a large sect'i,:m flt
Rangoon.
WITH MASTERLY SHILL
. . . Maxwell House Coffee
is blended from rono
extra -flavor coffees. More
people buy Maxwell Howe
than any other brand of
coffee in the world. Ht wo
you tried it?
AMERICAN HEROINE
HORIZONTAL
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(abbr,).
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language.
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samarium.
24 Nevada city.
25 Staggers.
27 Concealed.
28 South Dakota
(abbr.).
29 Exclamation.
30 Mire.
31 Street (abbr.).
32 Compass point
33 Mineral rock.
34 Iron (symbol).
36 Symbol for
tellurium.
37 Born.
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REO'LAR FELLERS — Debunked!
f t enat el Ie \ - BUT
TN' STORY 15 - PINHEAD --
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A College of Aeronautics for
post graduate•instruction in aero-
nautical science and engineering
le to be opened in the United
Kingdom early next year.
Relieve that cough
NOW before it be-
comes serious.
Lymoid Cough
Syrup uBually acts
inetantlY to relieve
diutreeeiag raid
and bronchial
dren and adult o-
A'rALLnav mon
25e
""E6` "IE V g�jIfl®D S
ORIMATORS OF
Md � V •
POP—Pop Seems to Be About Normal
By J. MILLAR WATT