HomeMy WebLinkAboutZurich Herald, 1940-01-25, Page 7verity. first Annual Meeting
Royal Bank, of Canada
Unprecedented Business Activity With Maximuxn , Employment
Foreseen By Morris W. Wilson, President and Managing
Director - Reviews Canada's Relation to War- Can Per -
baps Do More Than Any Other Empire Country To Strength-
en Britain's Position.
Sydney G. Dobson, General Manager, Reveals Assets of Bank
Highest in History Continued Progress Shown --- Foreign
Exchange Control Working Smoothly
A. striking comparison between
the Canada of 1914 and to -day
with particular reference to the
important economic contribution
this country can make to the allied
cause were features of the address
given by Morris W. Wilson, Presi-
dent and Managing Director, at the
Seventy-first Annual Meeting of
The Royal ]3ank of Canada.
"Canada," he said, "is in a posi-
tion to contribute assistance to the
cause in truly impressive propor-
tions, to an extent, in fact,that
may decisively turn the balance if
the other contending forces are
anything like equal."
PROGRESS SINCE 1914
Since 1914 Canada's economic
structure hacl been virtually trans-
formed, stated Mr. Wilson, from
one based mainly on agricultureto
one of great diversification in
which manufacturing played a
leading. role. He predicted this
trend would undoubtedly receive
an even greater stimulus if the
present conflict is prolonged.
"In our past crop, yields were
again abundant, the total wheat
grop for all Canada falling but
little below half a billion bn?;hels.
Thus the Second World War finds
els in a unique position to continue
as the `Granary of the Empire.'
"While Canada's manufacturing
industry played a noteworthy role
in the production of munitions dur-
ingthe
last war, should the need
arise, we shall be able to outstrip
greatly anything we were able to
do at that time,
"The iron and steel industry,
which under war -time stimulus
reached a peak of a million tons of
pig iron annually in 1918, has dou-
bled its potential output. Aircraft
manufacturing has assumed impor•.
tent proportions, and the ground-
work has been.laid for rapid ex-.
Mansion,
MINERALS VITAL IN WAR,
"War power to -day depends lar.
gely on minerals, particularly
metals. The expansion of the Can.
adieu output of such products
since 1914 has been spectacular. In
1914 Canada produced 773,000
fine ounces of gold. In 1939 pro-
duction was nearly seven times as
much as in 1914. Nickel increased
from a production of 45 i million,
pounds in 1914 to 227 million
pounds in 1939., Copper production
has increased eight -fold during the
past 25 years. Lead output is elev-
en times as great. Zine production
has gone up from 22 million to 381
million pounds. The output of al-
uminium is eleven times as great,
and when plant extensions now un-
der way are completed, production
will be increased to nearly four-
teen times what it was in 1014."
"To -day Canada is a very dif-
ferent nation from the young un-
seasoned country that went into
the last war.
WAR AND CANADIAN
.ECONOMY
"It seems to me quite clear that
we have facing us the prospect of
maximum employment. Unless our
enemies collapse through deteriora-
tion of morale before their econ-
omic and military resources are
:n exhausted, the decision in the pres-
ent conflict will depend largely
upon economic staying power."
"Never before in our history
has it been so important that every
one of us should practice thrift and
industry. If the time comes when
unemployment is no longer a prob-
lem, we may find ourselves com-
pelled to curtail luxury and ether
non-essential industries to make
way for more essential production.
Furthermore, capital and other ex-
penditures, public or private, not
directly related to winning the
war, nor essential to keeping our
economic machine functioning ef-
ficiently, should be definitely dis-
couraged. It is to be hoped that un-
der these circuinstances, labour
mid wage disputes will be com-
pletely avoided. Those who are
fortunate enough to remain at
their regular ennploynnent in Can-
ada must not exploit the situation
for their own ends. Capital, must
also be "willing to contribute its
full share. Some industries, of
course, will be adversely affected
by the war, but the majority will
undoubtedly experience a great
stirnullis. The benefits therefrom
must not be retained by stockhoid-
ars •except to a normal degree, The
Government has devised a sound
system of taxing excess profits,
hut it is also essential that any at.,
tempt ant profiteering should be
ruthlessly suppressed."
In view of the strides which had
been made since 1914, Mr. Wilton
Walleyed that Canada, "can do per.
hapsmore than any other part of
the Empire yr any other country
with the single exception of the
United States."
BUY AWED GOODS
Mr. Wilson emphasized particu-
larly the need for buying a maxi-
Muni •amount of goods from Great
I3ritain•and France. "In this way,"
he said, "funds will be made avaiI-
able for the purchase of wheat and
- war supplies in Canada, -leaving
the gold.and fareign exchange re-
serves of Great Britain for use as
a last resort.
Everything possibte must be
done to .stimulate Canada's exports
with a view to conunanding pur-
chasing power abroad. "We are in
an absolutely unique position to
supply goods to Great Britain and
France. This must necessarily lead
to business activity such as we
have not previously known.
TOURIST TRADE
"It seems to me also that the
war affords Canada a unique op-
portunity to develop further its.
tourist trade. It therefore behooves
our governing bodids to bring the
unquestioned attractions of Canada
as prominently as possible to the
attention of prospective visitors
from the United States. In normal
years, tourists spend as much as
$250/300 million in Canada. This
trade is thus an important factor
in our internattonal balance of
payments. As a means of strength..
ening our economy and providing
foreign exchange, our efforts to
eattrac't tourists should be redoub-
led."
BUSINESS PROSPECTS
Mr, Wilson reported that in spite
of disturbing conditions business
during 1939 was reasonably good
'and maintained] a Ievel well above
that of 1988.
"If for any reason leace should
come within a comparatively short
time, we would soon revert with.-
out difficulty to the not unsatisfac-
tory conditions which prevailed be-
fore the outbreak of hostilities. 12
the war should continue for a pro-
tracted period -and this is the bas-
is on which our plans must of nec-
essity be made -1 think we shall
have a period of unusual industrial
activity. But as we prosecute the
war, we must not lose sight of the
readjustments which will follow
the return of .peace. If our pre-
cautions are well-planned and ade-
quate, the hesitation in our pro-
gress will not be great."
GENERAL MANAGER'S
ADDRESS
Mr. S. G. Dobson, General Man-
ager, in reviewing the 13ank's bal-
ance sheet remarxed that the gen-
eral progress of the bank durhug
the year reflected an upturn in
business which began in the Sum-
mer and which under the stimulus
of war orders became quite active
in the Fall of the year. The bal-
ance sheet was particularly note-
worthy, he said, in that the totals
shown under cash assets, securities,
total assets and deposits were at
the highest figures recorded in the
history of the bank. Total assets
now standing at $1,014,708,343
were the highest on record, this
being the second occasion in the
bank's history on which they had
crossed the billion dollar (nark.
Mr. Dobson reported a greater
demand for'Commercial loans in
Canada and that the total under
this heading was now $212,627,-
311, an increase of $14,424,408.
Profits for the year showed a
moderate increase but, taxes now
borne by banks had become a real
burden. "These totalled in the case
of The Royal Bank $1,967,751,"
he said, "a very heavy charge
considering the hank's earnings
and equivalent to '70c for every
dollar paid shareholders. Everyone
concedes that special taxation is
necessary if we are to do our part
in winning. the war but the am-
ounts I have mentioned represent
ordinary peace -tune taxes only."
FOREIGN EXCHANGE
CONTROL
Foreign Exchange Control was
now operating smoothly, said Mr,
Dobson in spite of its very wide
ramifications and the responsibility
with which the banks were faced
at the outset of interpl;eting the
regulations to the public. "The
manner in which this new, and at
first complicated, machinery watt
handled was most creditable," said
Mr. Dobson.
In conclusion the General-Man-
agerforesaw greater business ac-
tivity during 1940 under the int -
petits of wai orders, greater sin-
ployment and more general distri-
bution of purchasing power.
Use 'Alarm Clock'
Jo Release 'Chute
' `die HUSsiall .itirl' .forme is adopt-
ing tan "alarm clock" release ler
parachutes. Honors have been cask. -
forted on three brothers whoilt.
anted i
•
The apparatus, attached to at
parachute, may be set to open it
automatically at any time after
the jump, '
It was asserted the device int
"Infallible" and greatly inereabsd
the safety of parachutists.
The three brothers, beamed Day.
nein, ,aro engineers.
t
Former War Secretary Inspects Canadian Troops In Eng.
Leslie Hore-Beleisha, former British Minister of War, is shown
here as he recently inspected troopa of the First Canadian Division who
are at present completing their training in England.
m-a-ae •• J k 9.. R t e•
Modern
Etiquette
BV ROBERT, LEE
'6''16"=^4'•3'®'•P-q•^Y-K Iii*** • 0 644.4-6
Q. Isn't It well to know the var-
ious flower symbols for each
month?
A. Yes. A list of flowers chaxec-
terlstie of each month often cotyles
in handy when planning a party.
Here they are: January, carnation;
February, primrose; March, violet;
April, daisy; May, liIyof-ttie valley;
June, rose; July, sweet pea; Aug-
ust,
ugust, gladioli; September, aster;
October, dahlia; November, chrys-
anthemum; December, holly or
poinsettia,
Q. Isn't it the duty of the hostess
to assist her guests into their •
wrap§ when they are Leaving?
A. Not unless the guests are very
elderly or crippled.
Q.. Is it all right to rest the left
artn on the table while eating?
A. While this is often done, it is
not correct,
Q. What could really be called
true politeness?
A.. Chesterfield's definition is:
"True politeness" is perfect ease
and freedom. It simply consists in
treating others just as you love to
be treated yorrsoir,"
Q. When You are invited to an
out-of-town wedding, where you
must stay over night at a hotel,
who should pay the hotel bill?
A. You siioulri pay this bill. with-
out even "hoping" that someone
else might in so,
Q. What are a few appropriate
closings when a woman is writing
a letter to an intimate friend?
A. Affectionately yours, i)evoteki-
ly ,ours. Lovingly yours.
Have Yu Youlleard
New York's Senator Royal S.
Copeland, who is also a physician,
tickles the funny -bones of his din-
ner companions with this medical
yarn:
A man who had been bitten by a
dog found that his wounds didn't
heal and consulted a doctor. The
physician, alarmed by the appear-
ance of the wound, had the dog
caught and examined. The dog had
rabies: As it was too late to give
the loan a serum, the doctor told
him he would have to die of hy-
dophobia.
The poor malt sat down at at
desk and began writing. The phy-
sician sought to comfort him.
"Perhaps it will not be so bad,"
he said. "You needn't make your
will now."
"I'm not making illy will," 1'e -
plied the man, "I'm writing out a
List of people I'm going to bite,"
"You've been married for
years," said the young wife.
"Can you tell erre the best way
to hold a husband?"
And the *Id frau nodded:
"Sure, by the car, by the hair,
of by the throat,"
---o-
At church parade the gloomy
padre had ,spoken about the wages
sin; and had fceely 'Voted the
TOR Cominfelnee ie]1ts.
,cfiitg; out of the churchyard,
the regimentalelelack sheep thought
deeply for a few minutes, then
turned to his pal.
"Ah, well," he muttered, "I've
never made a graven image, any-
way"
--0--
Dentists are people who
bore you to tears.
--o-
Little Winnie had evidently
been thinking hard as she sat on
mother's knee before the fire. Pre-
sently she asked:
. "Mother, why did you marry
daddy?"
_Mother looked at her sadly and
sighed,
"So you've begun to wonder,
too, have you?"
-0._...
•
Out of ninety thousand wo-
tn" ,.tlr.ere'wili be eighty-nine
thousand. nine hundred and
ninety-four who will read this.
The other six will be blind.
-0-
Along a country road came a
$7,000 limousine. As it caught up
with a small car, the owner of the
big car could not resist the temp-
tation to slow down and jolly the
other "'feIlow a bit. "Heavens,
man," he said, "what is it about
your car that makes such a dread-
ful rattling sound?"
"That? Oh, that's the ;56,500
jingling in my pocket," replied
the small gar driver.
F u n Hunting
For Ancestors
Girl Says Genealogy Is Very
Much Worth While -- Here-
dity Very Important
Hunting ancestors is her busi-
ness axil in the last 22 years Ma-
bel Thaehei Washburn, of New
York City, has traced literally
thousands of them, good and bad.
Prom her long experience Miss
Washburn finds "on the whole an -
Every 1 Ib. and eine.
linkage of Lipton's
Tea carried eye/e-
el:de coupon. - Save
these coupone care-
fully. They are
exchangeable for
ileautiful Wm.
Rogers & Son
Si vcrplate,'Write
k?, for Premium
Book to Thomas
J. Lipton Limited,
Lipton Building,
Toronto, 1.e
8
IRONS
FULL -FLAVOURED
SMAtt l tAI TEA
t i
RED D$AWG'E
YELLOW
1218 1 ' t.AStt IA EIt hl
cestors are a pretty fine lot. fill
constantly being filled with a
sense of how good they were."
• "Genealogy makes history real,"
she said. "It reduces it to the in-
dividual, How much more fasein-
ating Historical events become
whoa you actually know that your
own flesh and blood took part in
them."
Names carryimpressions of fam-
ily characteristics. She has got so,
when she .hears a name, she auto-
matically classifies the individual,
She also attaches great importance
to heredity.
"Both my grandparents were
related to the Thacher family of
,New England," she said, "For gen-
erations back they .have been
scholais and clergymen. I find my-
self strangely drawn to all branch.
es of theology and anything per-
taining to the classics."
Feathers Bought
Canadian Feather & Mattress
Co.
41.47 SPRUCE ST., TORONTO
CLASSIFIED ADVERTISEMENTS
b e
A(IJ:NTS "WANTED
127 HOMEWORK PLANS
13E YOUR OWN BOSS. TelES1.
piens can be worked anywhere.
Particulars free. Guardian Ex-
change. 971 College St„ Toronto.
BABY CIDCRN
QUALITY' GOES IN BRAY Celunee
before the Chicks go out. "Hoi,I
their own on any Prize Ee:fiibi-
tion," says iiire. E. Darby, Ontario,
of hers. 2 Batches weekly; limit-
ed number started ehicks. Chink
Guard .free with 200 ,:hick order',
Cate/oft Bray Hatehery, 120 Jolin
St. N., 133alnilt0n, Ont0t•10.
YOU CAN SAVIi Tele TO $6040 PER
thousand on your chicks provid-
ing you order from us by mail.
Send for free catalogue to -day.
Compare our quality. compare our
prices. Grade A White Leghorns,
Brown Leghorns, White Minorcan,
Black Minorcan, Anconas, $9.45;
90 per cent. Pullets, $20.90; Barred
Rocks, New Hampshire (Zeds,
Rhode Island Reds, Hybrids, sev-
eral crosses, $9.90; Pullets, $16,90;
Cockerels, $6.00; White Rocks,
Jersey Blae ck Black .Aust-
rolorps, $1.0.40; Pullets $15.90;
Cockerels, 86.90. Tw.'ddle Chick
Hateheries. Limited, Fergus, Ont.
J t'S'Ixtes5 OPPORTUNITY
LUNCH ROOM, WELL EQUIPPED,
seats 48, soda fountain. tobacco
and confectionery eases. Cost
$5,500, will sell for $2,500. For in-
formation address Mr. Henry, 656
Davenport Road, 'Toronto.
CHESTERFIELDS FOR SALE
CE3:ESTERFIELDS - $1 WEEKLY.
We pay the freight, all you pay
is a rock -bottom price for chestea
fields from Toronto's largest dir-
great pieces. - chesterfield, 2
chairs and modern stool to match,
rebuilt and upholstered in brand.
new repp and tapes, tapestry cov-
erings, spring filled back, cosh.
ions, attractive design, only $49,
Another bargain, originally ex -
Pensive suites, thoroughly$recon-
balance ,$$29.50.
00 5weekiy We pay othhe
freight to your station. Satisfac-
tion or your money back. Royal
Chesterfield alfgrs„ 06 Richmond
]:last, Toronto.
EDUCATIONAL
STUDENTS NOW ENROLLING FOR
• courses in Matriculation, Sliest
Story. • Journalism, Shorthand and
Speech Culture. Make use of your
spare time. Write today. Canad-
ian Correspondence College, (es-
tatii:,hed 1902). 229 Voage Street,
Toronto.
L•'LI.O'rnto MOTORS
ELECTRIC MOTOR, 2 H,P,, ALSO
several other sizes, Jones &
Moore Electric, 296 Adelaide St,
W., 'Toronto.
Y.,tltM IiQUU'MCNT
FANNING MILL (KLINE) FARM.
ers say best seed grader; wild oat
separator, testimonials. Kline
Manufacturing, Islington, Ont,
FILMS --- PRTIQTS
FREE ENLARGEMENT IN STUDIO.
Folder with each order. Films de-
veloped and printed bit experts,
25e; reprints 10 for 25c. Nu -Way
Photo :service, Station ".A,", Tor-
onto.
FOB. SALE
t'_WlCING PLANT SITUATED IN
the centre of the city of Ottawa,
completely equipped modern
necking plant, 2 -storey brick
building and outbuildings, 11 re-
frigeration rooms. Lindy refriger-
ation equipment, electric hoist,
sneers, scales, etc. First-class
condition; reasonable, Apply -
J. T. Guerin, 125 Rideau Street,
Ottawa. Telephone 6.0764.
'USED DIESEL POWER UNITS.
37 H.F„ Blackstone, complete; 48
H.P. 133 ekstone, nearly new, PD
40, 'International. Save money,
write for prices to -day. Hanna's
International Diesel Dept., Guelph
On tarso.
MACHINERY FOR SAM
WADE PORTABLE DRAG SAWS
reasonably priced, easy to operate,
a money-maker, wherever there
are locks to be cut. Write for free
descriptive bulletin, The A. R.
Williams Machinery Co„ Ltd., 84
Front St, West, Toronto.
HHAftUY Al'i'l.li L'lt.itib S
HARDY APPL17, 1•L{19122 50 CTS,
each, Uansda'3 Lowest Priced Nur-
sery, growing leading varieties
Fruit Trees. Ornamentals. Write
Immediately requesting sensation-
al offerings. '.robe's Treery, Nia-
gara -on -the -Lake, Ontario;
O VieteAt PO 110i V 50N'rU LLS
AN uleieUlt JO EVERY 1NVION1'Ult
List of inventions and full inter-
mation sent tree. The Ramsay Co.
Registered, Patent Attorneys, 2,•
Bank Street, Ottawa, Canada.
Guaranteed
CAR AND TRUCK PARTS
Used - New
SPECIALIZING IN TUlillltillaT 510 -
TORS, i'oWER.UNITS, IIydrauito
Delete, Winches, Generutorae Start -
era, iif,gnetos, Carburetors, Radint-
ore texeirange Service, Ghent w..
eatissfatrtioie nr refltnti. Levy Auto
Parts, Toronto,
FOR SALE
Iu1Iig1: GIUTAT DANT( MALE, 5
months, $12.00. Toy Bull females.
Bronze turkeys. Storrings, Tam-
worth (1ntatlo
ISSUE NO.
MUSICAL
BARGAIN: 100 popular radio cow-
boy songs, with round -up car-
toons, only 25e postpaid, Empire
Novelties, Peterboro, tint.
f.teli :elle( el
QUIT TOI3At't'U. SNUFF, EASILY,
inexpensively Home remedy.
Teatime n is is. Guaranteed Adviee
free Rartlett'a ]nos 1 Wending,
ARE YOU 1tU1"rlelti3D? RELIEF,
comfort positive support wia a
our advanced method. No etar±tie
or understraps or steel, Write
Smith Manufacturing Co.. Dept.
219, Preston, Ortariu.
STOPS RuPTUP.E. GUARANTEED
fiat, self-adjusbieg springs. No
understraps, $4.50, Free Trial,
Fleming, 1009 Urauville, Vancou-
ver, B.C. .'
SEEDS
SEED DEALERS - GROWERS -
Secure Highest Market prices.
Sample to Harry Fisher, 30813
Jarvis Street, Toronto.
SONG BIRDS.
YOPIi.SHIItES Alen ?;ORDER FA.; .
cy singers, 37.28; Warbler Ilene.
'Sc; singers, $5.00, lilies Bons':h-
kowsky, Carmangay, Alta,
TWELVE REMNANTS - $:1.00
ALL WOOL REMNANTS - FINISST
men's suiting material, minimum
a size 9" by 56" and larger. Mailed
Collect. Money -back .uarantee.
Aronoff Bros., Ltd.. 274A Demon- •
tigay Bast, Montreal.
TRAINED DETECT! V105 -ea.=
AMB1T1UUS MEN 17 AND OVER
wanted immediately for secret -
service and detective work, com-
plete training course by corres-
pondence. Free information. Write
to C. M. Julien, Bo:; 25. Station 1,
Montreal. •
USED CAR AND TItUCle PARTS
PARTS FOR EVERY MODEL AND
make. A11 taken down ready to
'ship. Every part guaranteed or
money refunded. No order too big•.
No order too small. Osler Auto
Parts, 95 Osier Avenue, Toronto.
FURNITURE FUR S tLil
LYONS
JANUAI(.0! CLEARANCE,
RE -CONDITIONED I'leitNlTUIih'i
Every :article conal>fetety recondi-
tioned and guaranteed thoroughle;
clean and maid with a positive uton-
eyp-back guarantee oe sati,ttaetion.
1 0.50 Solid oak Dining lemma
Suite, buffet, extension
table and 6 leather seat chairs.
00 Fumed oak Dining Suite,
25.
buffet, extension table and
6 leather upholstered chairs,
00 Complete oak Dining Suite,
39.
buffet, china eabinet, exten-
sion table and 8 leather seat chairs,
49.00 Walnut finish Dining Suite,
buffet, china cabinet, ex-
tension table and u :eather seat
chairs,
69.00 Beautiful Engi;th oak Suite,
cabinet, perfect
e tension of ble,aand b61 lee.
they upholstered chairs
75.00 Solid walnut lt.enter suite.
buffet, extension soon table.
china cabinet, and 11 leather uphol.
stored chairs.
0nn 0 Beautiful ?nztt Dining
59,
Suite, le buffet, china
enbinet, extension table and 6 lea-
ther seat chairs.
39.00 Large ' '+ ece Dinirg
Suite Isoet new 8075.).
buffet, china eabi. e., exte usiou
table, serving cabinet, end 6 drat'•
with seats and backs upholstered in
blue mohair.
6.95 Odd Buffets and Dining.
Room Tables in oak oar
walnut finishes.
8.95 and up. Lame , esertanent .r
odd Chinas t' r, ts,
.00 Bedroana u:.0 ian two-tone
walnut finish, dresser, lass
and full elze bed with sale-
39less spring.
45,00 Complete 11 i" on, Suite.
` in rich walnut finish, dres
-
ser, chiffonier, full a' re bed, sae -
leas spring and new mattress.
59
.00 Beautiful Bedroann Suite in
the new b;eaclled nt ilnu;:
finish, with waterfall fronts dres-
ser, chiffonier, full size bed, sagiess
spring and new mattress.
69.00 Large Bedroom Suite, in se -
lid walnut, beautiful dres-
ser, chiffrobe, full size bed, sagiese
spring and spring filled mattress.
05.00 Modern walnut Bedroom
Suite, (cost new $350.), large
dresser, chiffonier, vanity, full size
bed, saglesa spring and new mat-
tress. Perfect condition.
5.95 and, up. Large assortment or
Dressers, Dressing Table*
and Chests in various finishes,
Q.05 Chesterfields in repp and me'-
' hair covers, Marshall eoat-
truction.
44.50 8-pioce Chesterfield Suite.
in brown n'nhelr, figured,
reversible Marshall spr•inE Cushions,
22.50 Apartment size Chesterfield
Suite, 3 pieces uphoistered
in blue filled° figured velour. Re-
versible Marshall spring eushione,
29.00 Largo 3 -piece Chesterfield
ed repo,SreversiblelMarelitlt figur-
ed
cushions. Perfectly r.Ie,3.11.
35.00 Large 8-pleco brown nloliaiv
Chesterfield
i'figured Mahalsigcushons..
completely. reconditioned.
45.00 Studio Cowl/. upholetere.i
in figured homeepnn, unite
back and wardrobe.
8.95 and up. Lare ,::o^tni,'nt of
I{itehen Can;•rbin. c, kith
oeiain sliding tops, cr c,.1srs finished.
Buy With (..".onrlllonr'e
All mereitaltdise sold sritll :6 positive
Mole.oney-back warrantee i,f knffrlle,'.
'h
LYONS FURNITURE CO.
478 Votii St., Toronto