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HomeMy WebLinkAboutZurich Herald, 1943-01-28, Page 2THE ROYAL BANK OF CANADA 74th ANNUAL MEETING Morris W. Wilson, President and Managing. Director, urges post war planning an 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 14loxris W. Wilson, President and Manrg ng Director of The Royal Bank of Canada at the banks 74th Annual Meeting. "Assuming intelligent co-opera- tion on the part of government," • said rill'. Wilson, "free enterprise, which has already provided for the people who live under it. the grea.est degree of comfort and se- eurity- 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 gains which fairly go to those who work specially bard. 'Tree enterprise, with its wealth oa 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 eeononnic heaven and earth as yet unformed, is not only misguided but danger- ous. 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 fife; the farmer- will still want to own his farm; the small house - owner will desire to retain his ownership; the retailer, the svhole- • safer, and the manufacturer will • be found as anxious as ever to carry on their own branches of • '`aur free enterprise; and the three million thrifty holders of their county's bonds will still look for, and be entitled to, their interest earnings. . "The idea of profit, which is merelenpayment for work and int- tiatiye, is deep -roots d in human nature, and after the war it will still motivate individuals and cor- porate bodies. In progressive countries, developinen is con- stant. As to sudden,.revolution- ary change which would. uproot • Mode ef'tle a a disperse the'.:. savings, investments and insure ance of -tile 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." COLLECTION OF TAXES Referring to the pre Blit 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 country. 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 cireuulstances, be- eome 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 settle 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 BENEFITS OF FREE ENTERPRISE \Ir. 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 disfusion of the benefits of free enterprise in the form of Tie- ing standards ,of living. This e-t- rerience and hese facts are Teed - ay as aiSble Business: should assemble and:analyze then!, and present to the public their irres- istible conclusions, showing the due intent and ability of the sys- tein of free •en terp-'ice to do the things that need to be done. That is the only real way to carry the judgment of the people. "There are 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 $3,30o Million. Your Hank alone has substantially over one ii: litrir dens t we/mints. There are more than three million Ciana- iients noldirg their country's s V ie- tery Bonds War Savings Certifi- c:ucs Pr othi' gov rn:ncnt tions. There are more than four 'ri:llioT iridis I'al holders ref life ,-saranze policies in Canada. These are the „cope who, alert to their own well-being. will tell the theorists and agitators what changes are aeeepta, e in the rettele of life whic, with .'til the x i:i_te it muy .asseseossese, !las :t:•o- dueed these savings and these -eel- wari s of personal and family se- c erity. These are the people who nntet be +CJI s dere3 br those who .1 ..L�1 a'+ .. .•e:;"'t' ethe. le.,r:a of }S�•: %V' :tog readily tech:tea-- :edged that the ry tern offret enterprise. 'r, fact the r r, > e ano,t:h' ey -e_' a'd our ,.ti- ut'olt t,f free Government, were • the re u tis £rt' eve:tit:en nus pre _tett the cenvictien. that senile oe the •ti.tange whi h had been .. ;ereeght about by the Sar would and `i$ ,�will . T retest. at. "11:c.{s I •_,via lc • c?err"outs elft. srthcularly -s the genii: • of. maximus .entpiesenent and freeilon fro= want. The or &ee v people of the weed will leoh to some neeney at the war's Cast' to avert- nnvss tere:naploy- 1'lc're.. No pretentious plan for pe.,. i,)..5. :rer : the socia' . se. e ri;y twee -ores creviced by:' - era' l e fe will he ed ea sig' with- out rt eohttier, ac'f!'e- employment pr eh,k re, re: stili!, • • In presenting the financial statement, Mr. Sydney G. Dobson, Vice -President and General :Man- ager noted that the present high tempo of business actrity due to war was clearly reflected in the bank's balance sheet and that under a nw.nber 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 bark's heavy investments in government bonds and to increased tales. Because of the decrease in net income, the bank had found it necessary to reduce the dividend rate of 8% to 6'"c., In this con- nection. Mr. Dobson noted that during the past 12 years bank shereholders had bad their divi- dends ividends 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- crew ncre g during the year of sue, 496, 5,» said Mr. Dobson. "Our liquid position is naturally 'sexy • strong, total liquid assets of $906,440,239 representing 75.44% of our total liability to the pub - lie," 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 noir $255,148,- 401. Included in. Vele amount are temporary loans of 542,971,183 to assist purchasers of Victory. 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 the Government, or, because of prompt settlement for monthly or fortnightly accounts, the manu- facturer is able to finance with- 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 commereial loans to depesits has been so low. The outlook in this respect is not encouraging. as un- fortunately the tendon,.;; stelae to be for the Government to ex- tend its policy of directly finan- cing industry engaged In war woek." The General Manager er reported that. in conformity with . the gov- ernment's with to co4e ' e man- power. the bank had ele ed 39 offices. This, he said, did not mean lessening of business for the• bank but rather a tri datien. It did. however, represent an i:t- convene gee to some Of the lateiles customere e hu he felt that, they Tivoid din+re rate that the exigen- cies en - cies of war reeceestiat•:i a.te'h steps. MANY OF STAFF IN UNIFORM "During the war. Our , stat in Canada has iliateecateti front 5.1*5 to 6.940, t . s new men*ergs 1'o'.ng altroz•t all Seung women. Our male etaff is row , reduced to 33 per cent. of .the total and it is not ti110.01'!•+.tn0el to find that at a :blanch with 15 { "0 employees - there are only 4 or 5 hien. 1 can nit .peak tie highly of the manner in which these newmembers if e staff, Many without a11"n peevi' hetsi- ' flees experience, have etarte.1 <n *y their dut'iee., often lender diffieelt d,tion e. Peattae e slots' . 4 `ti- co., x y treated a a remelt ell tl ware e -° + The• ±s i+"ind w e 9f 'i ieiax i leen, .i . nlie ttione are; the neenti.enten . 4, i Her name'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 assunie 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 ontrib ' tion made by our 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 I am 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 yof ng erten, whose names are reoordei ir. the printed proceedings n meeting, have given their lnres the service of Canada.' These names are held in honour, and we pay tribute to their memory." $IXMCENT SHAVE ANNA THE RIVETER Have You Heard The officer gazed sternly at the privet:, who bald been brought be- fore hint. Did you call the sergeant s liar?" 110 demanded. "1 olid, sir," "And a twister?" "Yes, .sir," ".Aud did you go an to describe him as a pop -eyed, knocked -kneed, black -blighted stooge?" The private hesitated. Then, With a note of regret in his voice, be replied: "No, sir, 1 forgot that!" The man at the theatre was annoyed by the conversat:on in the row behind. "Excuse me," he said, "but we can't hear a word." "Oh," 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 210 hotel here, but you can sleep with the station agent." "I'll have you know I'm a lady.�P "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 a 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 Arc?" "Noah's Ark was made of wood and Joan of Are was maid of Orleans." "You called the plaintiff a rogue, a swindler and an ass. Why did you box his •ears into the bargain?" "Wel:, he is rather hard of hearing." Pilots' Uniforms Made Flameproof A. new formula Whereby uni- forms worn by R.A.E. pilots may be Trade flame proof has been discovered by the scientists G. A. Petsoidt and his son 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 B.A.T'. 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, was sprayed with gasoline and set afire but was not harmed. British Tar Turns From Rum To Milk The modern Royal Nary is turning more and more from rum to milk. The navy reported that only 60 per cent of its sailors now take their rani ration, compared with 65 per cent in 1924, 38 per 'cent in 1913 and 91 per cent in 1350. It said 24,000,000 cans of con tensed milk were supplied to the fleet in recent months. or common ordinary sore throat - T i3 Relieves distress frorn MONTHLY FEMALE '' EAKNESS i ydia E. Pin'Shain's Vegetable Campo:tad not, may helps ee1te^+e Monthly pairs but also weak, nerv- es feelings -due to monthly tunne- anat dasturbaneet.It helps bullet up resistance steams: cristeess of "•acct cult deeea," Wade in. Can da. The British Y.M.C.A. ,services are staffed by 100,000 volunteer workers. 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 E. Brandi 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 la,st drop? 2. Is it proper for a lean to use a double sheet for his note paper? 3. What does it indicate when a person laughs loud and almost shouts when tanking? 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 boivl or dish of any kind 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 per- fectly poised will not laugh so 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 eaters the row fust, and her es- cort takes the aisle seat. 5. She may weer 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 unless the guest offers an explanation. Waste Paper Waste paper is so urgently needed in Britain that household- ers have been asked to seajrch • their cupboards and boukshelve`3 b. anew and send to salvage, au$hoxi ties any books not considered worth keeping. .: T� F�LASSIFIEDADVEHTISE�I�N FOR SALE PATENTS Jt TRADE MAltICS w<.µ A(1Tt)11OliILES-USED' R. WITH Ul) TIRES; GREENHOUSE, ONE AC1REn LAND. E 'ERted,Btates GanREGISTER ah USED OARS M l:U House hydro, garage, tors us mite. Mounted Pleasant A4 business, Box 102, '\Vingham, Ont. Patent Atgorney. Booklet gratis. Limited. Used "Car Lot at Established over forty years. 82 6040 Yonge Street; Head Office, 114 SHEEP, CLIPPING MACHINE, Bassam Avenue, Toronto. ronto. !!!Tent Pleasant Road, To- Dipping Tanks, Water Troughs, Telephone H. x181. Electric Fences. Arthur McKay, Holland Landing, Ontario. ANIMALS 'WANTED 'DYEING &' CLEANING .PUPPIES WANTED. CROSSBRED . HAVE YUU ANYTHING MELDS and others. Also StateRnnumber and dyeing U cleaning? Writs to S sex.' Ferrets. eMarket,and for information. We gra glad to sex. Hall, 8t, Lawrence answer your questions. Depart- mentroronto' li, Parker's Dye Works Limited, 7111 Yonge Street, To- ronto. DARN CHICKS FIFTEEN BREEDS ALL AGES, growing chicles same prices. Cat- alogue. at 'tlogu .ar Fairviewo 1t' a r m s, St. Marys, O GET TWEDDLE CHICKS NOW. . Last. year we couldn't supply the demand for Tweddle chicks. This Year our capacity is 100,000 chicks weekly, but the "all out" demand for poultry meat and eggs is still on the upgrade, because of scarcity of all kinds of meat. Your poultry and eggs can help meet the demand. Tweddie offers the same fine breeds, Govern- meit Approved chicks f r o m blordtesttd breeders that have brought big returns to so inane' poultry and egg men. It takes just as emelt time — and feed — and money — to raise "run-of- ite-nrilh" shirks as It does the husky, s turd y, fast-growing, heavy -laying Tweddle Chicks. Also turkeye and older pullets. Write for oatalogue, 1943 price list and contest folder. Tweddle Cluck Hatcheries Limited. Fer- gus, Ot.:ario. WE ADVISE ORDERING BRAY chicks now to get into this ear's program of home and overseas production. especially as hatelling is to order only. Cockerels good investments with next ' rationing' possible Intel'. Started oblelts. Bray Iintehery, lele John N., Hamilton, Ont. tersixitss FOR SALT \e' EEKLT NEWSPAPER AND JOB printing pl"ant in small Ontario tolr _itt excellent opportunity, a one man shop. Box 465, 73 Adelaide r\'., Toronto.. CHICKS SFxrt Dill: OUR RECt)F,D CHART f e and catalogue. Six breeds cliche and 1111 ages growing pul- letGovernment ;approved. Save money. early order discounts. Prompt deliveries. Satisfaction guerar.teed elo'tk`-on Poultry Perna, M. .,tong Ontario. noM1• •Tic IIFLP WANTED CHI' II T1 Ae7 WOMAN \;: ANT5:'D AS hrst•ke, e'er sad to look atter. aged t..+ 4 3 h'le daughter works: most be kind, trustworthy and non-smoker: [ eteel references' h:'ntt, lt.cY'a. I ..rrt '"redit. Boxuties. A ood 464, 13 Ad: t W. Toronto. FARMS FARMS S 11 REIAN PROPER - n 1 t Toronto. Apply B- =t-'gt.re.e. ?'srianrond Hill. 1'.A1211 11on2 'SALE „F' tt et Al.X. ::u ACRE FARM, 8- ✓ o s k it ettee,hydro, 114 ✓ t r i h 3 4t r ieeiy .ior e . ttti 11,1 lint RETS tint Fit �•i,- feraiates rtt. Goad- ttoo'r HALM BAUb1Eiii1U FOOT BALM destroys offensive odor instantly, 46e bottle. Ottawa agent. Denman Drug Store, Ottawa. HAIRDRESSING SCHOOL LEARN HAIRDRESSING THE Robertson method. Information on request regarding classes, Robertson's Hairdressing Acad- emy, 137 Avenue road, Toronto, MALE tIELP WANTED TWO SINGLE MLON, GENERAL farmer, good with horses, other good milker hand or machine. Fifty-five a month and board. Amherst burg, CCti.It. 3, Ontario.teau ters, BR,:DTC AL STOPPED QUICKLY -- Backache, Headache, l heum'itie pains, Diz- ziness, Smarting, Burning from Kidne. Liver, Bladder disorders, Constipation. Soverign B r a n d bottle Juke 51,00 liar edlii postprge ni. Write to -day, Windsor Drug Lo., 3385 Seminole, Windsor, Ca untie. GOOD ADVICE! E". 1 \ I'.ItY SL 1'.1 L:lt- er of Rheumatic Tains of Neur- itis should try Diiou's Remedy. Munro's 1\rttg Store, 335 Elgin, Ottawa. Postpaid $1.00 HEAD COLDS, SINUS, NOSH DRIP, Grippe, Influen :n Believed in five minutes with 'Vnpinoi inhalant, 60 treatments $1.00: trill size- :6a Postpaid, WINDSOR DRUG CO., 33$33 Seminole, IVindeor, Can. OF'L'I:n TO tN'i'I.\TOltt AN OFFER TO I"V 11Y iNeetieTteli list of inventions and Pull infor- mation sent free. The Ramsay Co., Registered Patent Attorneys, 273 Bank Street, Ottawa, Canada. n'nerrt1G1ianti \' DON'T TRUDGE THROUGH The (feat, hath, or Itail HAVE YOUR SNAPS Delivered by Mall Any 6 or 6 cxpestn•e film perteetly developeo'and printed far only 26e, Supreme quality and fast service guaranteed. IIVMPERIAL PHOTO SERVICE station 1 Toronto PATENTS Free Helps For Inventors Everyone with a good idea shaithl promptly secure the IUltati•atea Booklet "Fortunes From e �'rt t lnven- - €ions;' a::d the '*handsoma Corm Record of Your Invention," Get them to-day--Free—from W. Irwin Hasket., 53 Queen Street, Ottawa, P'ETH0:RSTUNHAUUll 8\ COMPANY Patent Solicitors. lilstnblielted 189s; 14 limn \Vett, Toronto. Book c'e of infortnatton on re- quest. ISSUE No: 5-43 POULTRY BUY EARLY COCA ERELS ,FOR. most profit, quick cash crop. Raise a brood before your .put lets. Available ever,: week. be horns, Ha4111. pshires. Hybrid , Rocks. Price lFlsherdLClrc�t ards, Bo:: w., Freetrn ak5) O'YBATE COCHIN I3ANT.AMS AND r;.• Pekin Ducks, $4.00 pair; Bronze Turkey Hens $7.00 each. Log Chatep.0 Farm, Fenelon Fells, Ont. PROPERTIES WAISTED TO BUY WE WANTorwithout `small HOeage trictcash with within ehundred Any miles diof Toronto. Send complete particu- lars with prices at once. No charge of any kind unless we sell. Powell and Company. 5 St. Clair East, Toronto. PROPERTY VILLAGE PROPERTY, 3 ACRE lot, Ili story brick, 600 capacity hen !house, small cow barn, also 70 acre farm, close main road near Stratford, new house and fences, exchange for larger farm. good buildings, pay dtffer.elre George Murray Avonton, Ont. r OL'l,'.fl1Y EQI"1PMENT FOR SALE. WISHBONE I CUBAT- or. double deck, crab burning:, rapacity 4,800 eggs, in good roi;- ditioe. Price trat t00,Ont., Herbert Kohl:milth, No. 2. vuorFarey RI cam .6 13 AC:' RES NE 1 (?rand lend, black truck garden, Young- urrhard. nice • new house. oleeti'ieitr'. Price $1900: $1200 down. Highway village 14 acres. gohouse, good stable t'eodr ralta lrbogs. hens, abundelit water, i•lci'trtrity. Price $2500, $1,000 down,—Wm. Pea ror, Ex- eter.. flirt. IRI:SX"'t .t. '1117 WANTED PONY CYLINDER PRESS S 2" . 3e" and Gordon 11" must be in good coaldition. Tit1S 162, 75 Adelaide W.. Toronto. lttlelt°.\ft'k`1t' PAIN S ['1'S terooirr \N'T - Leven v SUE - foyer of Rheumatic; Pains or Neuritis should try 1Boon's Rem- edy, etttnroe= l'ir'a? tt"r(,. $3'' lingto, ('1Biwa. i',i luted $1.00, 1'1' I't'II.S 1•'(112 $.%1.12 1tl'itllt$'Tl4i1t14:1) SPRINGER SPAN- leis. (inl'geoes puppies of. superior quality, Mrs. hector ,\rmstroug, :3ltelbotu'nr, nut arid. ST Ael[1'14 .he'l'l t1\'Alre: tl V 1'1 1' 'TWIINTY tlunhsirrnd different irritish ntid Foreign to eliteoae front, Rennette St/twee, 20 McMa (•r Aveviue, WTI BUN' tlt,l,t STAMP tl()I,IYECe t1 in't, !highest lir it tic paid. Crueler 11exi 9119 1ilritr\', AMontre!ti. I'•(3. 1t'ItlhiU WANTED 1 Y't I tt1'LElt, PROTESTANT 1ttoair'ln'r 111Iltrd tt'1 $.5. 1,7o,1, l"ttrli'1,'lt, tIcxila ly salver, aehin ,,Trot!, i.itiat'o elset 1,u dretl. +t,irnieene". alt 1,rne. 71rs. sal. '\forint;, 19 T,nit€tiI,iwtio Ave.., +atilt„: Ste, el it tent:,