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HomeMy WebLinkAboutZurich Herald, 1946-01-24, Page 3Highlights o! the News Theme of UNQ Dominating the meeting of the General Assembly of the United'' Nations Organization in London,' was a theme expressed at a state. dinner for delegates by King George. He said; "Clearly the ontstandiing feature of membership in the United Nation, is service— not the selfish service of mere na- tional interest, but service of the whole community of nations." Immediately ahead of the Gen- eral assembly was the task of set - Ong up the UFO'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 to be elected to membership 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 siguificance, as the Security Council, the Social and Economic Council membership is highly valued by Canada as a logi- cal step in the growth of inl.portancc of the Dominion as a premier world trading nation. London newspapers over the week -end were laudatory of Can- adian action in withdrawing from the vote to allow Australia to take her seat on the Security Council. It was pointed out that had Aus- tralia 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 republic. The action apparently brings to an official end the sover- eignty of King Zog who has been under exile in London since the Italians overran his wee.country on the shores of the southern Adriatic in the spring of 1989. Truce In China China last week saw a prospect for real peace. A truce was signed by the Nationalist Government of Chiang Kai-shek and the Yenan. - Communist regime yhich have been at loggerheads for nearly twenty years and whose fundamental dif= ferences weakened the Chinese ef- fort dtiring eight years of war with Japan. The event put an end to the conflict that had broken out after the surrender of Japan. • The truce was attributed in large part to the work of soldier-dilo mat Gen. George C. Marshall, sent to China last month by President Truman. For four days last week : General Marshall sat with the Com- munist Gen. Chou En-lai and the Nationalist Gen. Chang Chun in a conference to draw armistice terms. Years of mistrust between the leading rival factions complicated the task. But filially agreement was , reached. Its main 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 "peace headquarters" to carry out terms of the trti'he. Atomic Fuel Last week a scientist of Colum- ~ bia University, New York, Dr. • John Raw Dunning, said the use Of atomic dnergy , as fuel "scents 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- propulsioti type, Dr, Ihutning reported cheaper production methods are in sight, too, hut to those clay -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 yotrld have to allow five to ten feet of space as protection again:;t radiation. The Magna Carta One of four copies 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 Icing John of England in 12.15 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. Lather II. Evans Librarian of Congress. The charter,, set between two pieces of armor plateglass, will re- turn to Britain in a wooden, zinc - lined bo c. 1E 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. . Soldiers chanted "We want Ike" and booed the name of Pen. Joseph McNerney. 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 'lit New York's victory parade, greatest since 1919. Famous division, which four times parachuted into enemy territory to spearhead invasions in European theatre, was cheered by 4,000,000 spectators as it marched in Manhattan. a NEW CBS PREXY In the first change in Columbia Broadcasting System's presidency in 17 years, Frank Stanton, above, has been elected head •of. the huge radio chain. A native of (Ruske on, Mich., and graduate of ,Ol»:¢.S ate. University, he had been.. geiif r•al manager of CAS. Von I•:nioy Staying Al The St Regis Hotel TORONTO every ROOM with dash, Shower nail Tclellhoae. a Single. $i2.50 up -- Drinble, 85.50 ens. p Goal r•'oorl, Dining and Dane - lag Vight17. • Sherbourne a1 Chrit0a "t'eb tiA. 4185 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-ariced field with front wheel drive. Other features include independent "torsionetic (spiral) suspension" on all four wheels and unique "monoqoque" body. The Royal Bank of Canada Annual Meeting. Morris W. Wilson, President, sees aro 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•=understandin° and well-being were voiced by Morris W. Wilson, President of The Royal Banlc of Canada at the Bank's Annual Meeting. 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 met in a practical manner, more or less satisfactory. If one or more sec- tions of the masterpiece we . desire to produce are not filled in at once, let us not worry too much, but look at the whole picture and its good prospects. Many 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, and life are continuous, not abrupt" READY TO MOVE FORWARD Solid ground for optimism was to be found, said Mr. Wilson, in Canada's tremendous record of ac- complishment since the turn of the century. "Have our people confi- dence in themselves?" asked Mr. ;Wilson. "if they would pause and reflect upon the historic advanca 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 nrciyc 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 toes 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 2,585 per cent. Elec- tric incandescent lamps, so numer- ous to -day as to be impracticable to count, numbered only 815,000 in 1900. Radios, automobiles and aeroplanes were not even predicted in the 1900 statistical books. The registrations of radios are not by any means a complete record of instruments in use, but total 13'4 • million. Automobiles number 1%s million. "And now, what should we do to make sure the progress of the past half century is continued and ex- panded in the next 50 years? I have no doubt that we have made mis- takes and will continue to make mis- takes in preparation for and con- duct of our economic plans, but if we look ahead carefully, make our plans as prudent individuals, cor- porations and as a nation, and carry them out energetically. I am very sure the greatest half century in Canada's history lies just ahead. "When we review the past 45 years and r•efleet on these things which have b een 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 posem copleted." answer to every. question 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 ' c goods Canada produces, it seem; 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, 11% 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 com- modities 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 many minerals. There is still a wide field which Canada inay 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 done 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 makes us the link connecting the two great industrialized countries, Great Britain and 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- quirements of any market; our rich store of natural resources assures supplies of raw materials indefinite- ly; and our historical capacity for tolerance wins for us respectful at- tention in the councils of nations. "Vet, some people persist in say- ing: ''l'imes 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 make to the world. All we need is faith in Ca- nada and confidence in our own en- terprise and energy to snake the second half of this century greater and more abundant than the first which was, in a .material sense. as I have shown, great indeed!' GENERAL MANAGER'S ADDRESS In presenting the financial state- ment, James 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- vice." Mr, Muir stressed the part being played by the Royal Bank in help- ing clients solve their reconversion problems through loans, an in- 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_r 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 been made. In March of last year the Farm. Improvement Loans Act came 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 loans under the Act for the aggreEate suns of $2,911,224. It is satisfactory to learn that our share of this total was the largest — namely, 1,245 in number and $998,570 in amount. We might say that the immediately foregoing figures were largely ex- ceeded, both as to number and amount, in the loans we road- 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 during 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 ,atrd, ninety-eight of the men formerly in the Armed Services have already returned to the bank, and they are being afford- ed every opportunity to re -acclima- 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 make him feel at home. Our set policy is to treat these returning men with fairness and understanding, and to see to it that in no case are they worse off materially than if they had never been away. Their response and atti- tude are most gratifying, and only make us all the more proud of then. 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 Insurance plan — plus war risk in their case — was maintained for them, 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 bank. Recently a retirini.i plan was inaugurated whereby women em- ployees and men not members of the Pension Fund are assured of an annual income when the time comes for them to give ep their duties. Generally speaking, warren employees will retire at 55 years of age. The plan is aeon-contributary on the part of these employees." Special reference was made by Mr. Muir to the part played by the bank's branches in foreign Sands in promoting trade and understanding. He stated that the Bank's 'irst foreign branch had been cpencd nearly half a century ago and that to -day branches abroad numbered 61. "tire are the only Canadian bank covering such a large field," he said, "and during the years we have in this way directly contributed io Canada's steadily increasing inter- national trade and cultural re- lations."