The Goderich Signal-Star, 1954-01-21, Page 10•aSe See'.
2nadian Export T e,. trtestic Living
Standard, Endangered by •
igh Cost Economy". Costs must
be Competitive with Foreign Producers,
says President
'Flexibility needed Co meet new conditions. "Time
ripe tor dollar countries to show good foith
by reducing trade barriers and red tape
as aid to Britain in making pound
T. H. Atkinson, GeneralaMatuagere
in reviewing the bank's 1953 ,
Part, stated that, total 'assets of The
Royal Bank of -Canada havenovirL
reached , the imposing , total, tif;
.$2,895„856,189.• This, he said; was
a rete high mark in Canadian bank-
ing hestory., and i the highest ever
reported by any. Canadian hanls.
Deposits likewise had reached re-
cord totals, said 1‘(Ine .Atkinson.:
They now stand at M3044,076,
Ian increase of $207,133,639 over.
"It Is encOurag-
convertible.''
the pie ous y gr. _
ing to mate," said- ,
The. tendency to become a high-
Mr. Atkinson
-that Canadian s generellY continue
cost economy in which• natural and , to save a reasonable proportion of
artificial barriers prevent Canada 4•
Ilex -their incomes. The increase in de-
--efrom achieving the degree -4 Ilex- I its af the hank has_been
aeoai-
Wally and mobility required for
-orderly adjustrneflt was the mair1
theme of the address of Jamee
Muir, Presid-ent, at the Annual
'General Meeting of Shareholders of
The Royal Bank of Canada.- In-
• creased flexibility is needed, he
• maintained, if Canada is to make
" those price adjustments necessary
to maintain stability and prosper-
ity at home, and insure a com-
petitive position in world markets.
Canada, he declared, should also
further in every possible way the
Movement towards a world of
liberalized trade and convertible
urrencies:
"A thriving export trade," said
• Mr. Muir, "is a means not only at
paying forl.mports, but of securing,
through quantity production, lower
eogts for Canadian goods whether
thiiiTare exported or consumed at
home. Canada can hope to main-
tain her standard of living only if
• she keeps . her costscompletely
competitive with those of produc-
ers abroad':
HIGH t OST ECONOMY
, "Cots and prices-- in' the Can-
adian economy tend,to be insulated
in two ways: first, there are busi-
ness taxes, sales taXes, excise taxes,
customs duties vihich, because
:they are largely ata the- manufac-
s turer's level, are embedded in the
' cost base. Second, there are cer,
• tain "invisible insulators," whose
existence is none the less evident':
which make some Canadian prices
even higher relative to foreign
"prices than the disparity warranted
by taxes, duty, and costs Of trans-
port., For example, a certain Bre
tish book thateretails in the United
f; Kingdorn for 28s.• (or .at the cur-
rent rate of exch'ange .$3.92) sells
• for $5.00 in New York and $7.50 in. •
Toronto -4 certain piece :of
Bri-
tish manufactured equipment re-
tailing at £41 in the United King-
dom (the equivalent of about $112
Carredian) brings $219 in the Un-
ited States 'and $275 in Montreal.
An Ameriearemade article of
household requipinent sells for
$77.50 in New England; but the
• price of the same article in Mon -
treat is $149.00.
GOOD PRESS ABROAD
ENCOURAGgS COMPLACENCY
abill •
The 'means to our a ty -
and prosperity involve an in-
creasingly mature attitude on
our own part towards our future
role in the society of nations.
The amiable charge commonly
levelled by critieseat home and
abroad that, as a flation, Can-
adians tend to be 'unduly con-
ventional and complacent is not
without foundation. These
characteristics may actually be
fin -trier -encouraged by the good
press we contintle to get abroad.
Yet nothing could be more dan-
gerous than the blend assurn
tort that as a people we'a,re
pressing -the world ,with the
superiority of our character and
accomplishments.
"More correctly, perhaps, our
• situation is akin to that of an
heiress who can never be sure .
that she is admired for herseLt
and not merely for her wealth.
Our great wealth of natural re-
• sources is an inheritance which,
like an individual's inheritance,
• is evidence of. good fortune
rather than talent. We have.
still to prove that we can make
the most of these natural re-
sources s in building a great
nation. •
"It true that foreign invest-
ment is a relatively sniall, part
of Canada's gross public and
private investment; but it is
precisely this foreign invest• -
ment that has provided • in good
measure the risk capital need
in resource development. This
IS the usual course of events in
rapidly growing country.
Nevertheless, until we , prove
ourseivesa, it is safer I think lo
proceed on the ,unflattering as-
sumption that our popularity
• abroad is based not so much on
what we' are as on what we
have.
• "Canada is so dependent for
prosperity on a healthy flow of
goods, services. and investment.
funds across her s herders that
the meinraiiitne—df" TaVatirable
opinion abroad is an especially
important consideration.,
"But, ifeeve are not to disap:"-
- point our friends abroad and
• even more important if we are
not to fail in achieving the
economic developmerit promised
- by our great natural resources,
we must adopt thOse long -run
measures: that remove or reduce •
certain special barriers to, our
• economic growth. The most
important of these barriers is
the smallness of our population,
witheassconsequent narrowness
of our national market.
MONEY MARKET NEEDED ,
• "We must not ignore the fact,
• that the attitude of our govern-
ment is generally one that favours
freedom Of international trade -and•
exchange. • Pressure for special
treatment, even when backed by
•sevidenf hardship on the part of
some produeer • grou.ps, has been
net by clearly moderate conces-1
• sions. Moreover, as I have already
- ' C- . will
, said, our monetary authority has can afford once more to consider
eadoeted a policy appropriate to a freeing the pound sterling with the
nationthat must maintain a om- great advantage that mawshe
petitive .position in foreign mark,. move from a ,position of strength
ets. Not the least important aspect rather than weakness.
- of this policy has been the actiVe "I think we can say that Britain
prie-Outagement by our central bank •and her partners in. the sterling
of a money market in Canada: The area, as well as most of her NATO
Batik of Canada's -activities and its partners in western Europe, have
• co-operation with financial institu not only accepted convertibility as
• tions in this respect have led to desirable in pfincip e,
anied by the expansion in the 0
number of accounts on our books.
We now conduct over 2,350,060
Amp' WE wo.4. *.nivr.ALL:
•AN.AEM.AL (iditkari
vinsm 74*TR1O. ROTA-
_ • s„. • • ,
TOB, IMUS TV SRT -IN YOUR HOME AT NO OBLIG.A.--
,„.
TION TO YOU.
Thiatwo-year-old ehhnpanzee, one of the- more chimp shows the same tendency in selecting
talented residents at the Balthrenre Zoo , ,10 a bright colors as the average child, and seems. j
some pretty -eititing-dellor Studies. info $ IS • all mltsW—
devotee • of finger Pointing an& Is timant; out to have the -aallqe Immix -at jetttbas the paint_i__
accOunts, _audit is of interest to
note that the number of deposit COLBORNE TOWNSHIP COUNCIL
accounts in Canada has more titan •
Atkinson reported profits for
eicellele-d Since 1942.
Twoliew Councillors Given Welcome
sed
Mr. A
Huron --To-wer indallatio,--n-
i
SOUTH ST . •• ,
.,, , ......,.... 'GODZ,RICII
otoogiteeetost*******esmiogasee••••••••••••••sisee•es
- ,
over the previous year. After pro -
"y Reeve Terence,Hunter At Inaugural
.year amounted
the year had increa$1,506,051
D
dividends, the net pW635rofits136for the! The inaugural meeting of to . The ,
Col -
bank's 1. Reserve Fend now stands borne Council was held Monday
at $70,600,000. This, the President of last week with Reeve Terence
noted, was for the first time in the Hunter, Councillors John Kernigh-
bank's history, equivalent to twicelan Anthony. Vrooman, Tait Clark
mid Ralph Jewell taking e their
necessary declaration of office.
Hunter welcomed the two
new members, Tait 'Clark and Ralph
Jewell. asked for Divine guid-
ance in all of the Council's prob-
lems which the year may being.
The business of the year was then
begun by the reading of the min-
utes and correspondence.
The various bylaws pertaining
to ,appointmentof officials, salaries,
road appropriation and authorizing
the borrowing 'of money were duly
Oise&
the bank's Paid-up Capital.. This '
year's increase in this fund, he
said, had resulted from the trans-
fer to it of not only a part of the
year's, earnings but also of
$12,000,000 from the bank's re-
serves for contingencies.
The bank's prOgrannue orbrefich
improvement continued during the
year: Construction of a new, build-
ing to houae, ,its Calgary business
was commented, •and • a new Wild-
ing or its Hamilton Branch will
be underway shortly. gix new
branches and four sub -branches.
were opened in Canada, and 'three
branches and four sub -branches
were opened abroad, bringing the
• total number branciae-as up, to,
793, of tvhich 70 aresin the foreign
field.
ROYAL BANK ABROAD
Mr. Atkinson dwelteonsthe grow-
ing number of the bank's branches
abroad, especially in the West
Indies and British Guiana. .The
bank now operates 66 full-time arid
four subsidiary branches abroad,
and' new has under consideration
the opening of two additional ots
fices in the Caribbean area.,
"Naturally the volume of our
business abroad fluctuates with the
trend of conditions in the many
countries where we operate. From
time to time exchange restrictions
imnosed in certain countries delay
remittaaces but, on the whole, over
the long period your bank has oper-
ated Abroad, ,a satisfactory solution
has always been found to such
temporary problems, and the con-
'tribution made to the overall earn-
ings of the -bank by the foreign
division has always been worth
while. It is, thetefore, gratifying
that I am in a position to report
that profitwise and. in other re-
spects results have been excellent
from our overseas division for 'the
period „under re,,view.
"With ,respect to the general
character of our business abroad,
we continue our policy of wide dis-
• tribution of risks and our portfolio
of toasts and investments is diverSi-
fied, and sound from the standpoint'
of liquidity." - ' s
PRAISE, FOR STAFF
e t im rovement But toda
All dog licenses for the year in
the Tpwnehip of Colborne are now
due. Payment ' may_ be made to
Mrs. Sallows either before or when
assessing, by order of council.
The Tax C011ector; William Wat-
son, was instructed to collect all
unpaid dog tax licenses for 1953,
theseeto lae collectedebyllnuary 30.
• The following accounts were sub-
mitted and passed for payment:.
Road vouchers, $324.90; ...Gordon
Martin; three fox bounties, $6.00;
Clarence Hoy, two fox' bounties,
$4.00; Raymond Haggitt, one fox
bountare.$2:00; Grant Fisher, one
fox bounty, $2.00; Fred Bowra,
salary, $100`.0(); Amos Stoll, work in'
cemetery, $8.00; Walter_Smitzes,
work in cemetery, WOO; ,Vern
Been., Trial and work, township
hall, $1 :50i Fred C. Kalhfleisch &
Son, ma nal for .bridgese.$79.11a-
the Paint Shop, oathofallegiance.
fornfa, $1.82; Mrs. William SalloWs,
stamps, $5.00eeCounty of Huron,
maintenance al indigent patients,
$336.00; Edward t oal Co., fuel for
relief $44 25; Henry Bradley
, .
for relief, $11.00; Wilfred Fisher,
relief accoaht, $35.00; Thomas
Morriss_ relief account, $28.18; Ben
Chisholm, stove eil for township
hall, $7.49,
council adjourned to nieeftues-
day;, February 2, at 1.30 pail. , I
Average weekly earnings -in
manufacturing in Canada increased
from $3&25 id 1946 to $59.74 at
October 1 1953.
If you care to let me go,
get4hut of Goderielf- right
away."
That was the promise Albert
Gummersone• no fixed abede,
gave to Magistrate' H. E.
Holmes, Q.C., In:court here -leat .
Thursday..
Facing a vagrancy charge,
Gummerson said he didn't want
to plead ,guilty. "I have a
home to go to;" he told the
court. He • was pcked up by
Constable John Cartwright, .of
the town police force, when he
was seen approaching a num-
ber of people on, the Square.
The constable told the court
that the aceused when se arch - ,•
ed, was intoxicated and had.
,.only- six cents in -his posses-
sion.
Gummerson claimed he had
been looking for work and
intended -to stay with an aunt
here. He -said he could stay
with a son at. Fruitland, ,,near
Hatnilton., • His request was
granted by the' magistrate. ie•
was given a Suspended sent -e
ence on the condition be „go -
to his son's home.
WINTER',CATCH
Bayfield had a -fishing record set
last week when Ed. Siddall and
Ray Miller, of Goderich, together.
with -John -R. MacLeod, of Bayfield,
broke a , channel through the -ice
and lifted ,six nets of perch and
herring—a 'total of 4,200 pounds.
The'nets were set nine miles out.
The catch was considered to be a
unique one for this time of year.
Alberta i4v. as the first province to
•_ - _. Impose a gasoline tax—two cents
a gallon, iir1902. All prokinces
I(E 1"I6.
, now collect gasoline taxes, varying
, ... allon
, from nine to fifteen cents per
g:
"The past years business, the
biggest in the history ofeCanadian
banking, was built on precisely the
same foundation as has served this
bank so well eversince it first
fact subjected' themselves to the dayS. There is little spectacular or
• •' something more is needed.' It is." ,discipline in their domestic mone-
.
• time now bar the chartered banks tary and fiscal policy which is one
and all other financial institutions of the prerequisites to convertibil-
s Canada: not only to support the 0. •
• e _efforts of the central bank but to "1 believe the time has tome for
take positive steps to increase their the dhllar- area to: show evidence
• own 'initiative and activity in the of good faith by reducing ,trade
• '-developfnent of a Canadian money barriers both in the form ortariff
-market. Such,a market is not Only duties and in the form of customs
,A symbol of economic maturity and fortna',Iities and red tape. The-dol-
•'`:,'Slrength but is in fact prerequisite lar area must in addition show wfl-
to continued progress in a country, lingness to. Undertake certain re
...like Canada; vvItosePkothoznies retire "Sponaibiliffes in the International
depends on the expansion of world monetary, field.
•-i':filde-rand investment.,
ULTIMATO REWARDS GREAT
DOLLAR AREAS' ROLE , "I have eniphasized the serious -
"We seem nearer to coiriertibil- •ness of the problems we have to
th f b Uri the iminedlate and in
today an we have been since , ace o n ••
-the.impoaitionofwartime exchange the"ifibre
distant fiiture This does
cOntrol throughout most of the not mean that I have anything but
dramatic about it: st ere are no
secret weapons in our,. armoury.
Thebase of our sliccess is the
superior service given by our irent,
line staff in 'courtesy, friendliness;
helpfulness and genuine interest
in aour eustorners' welfare. The
work of executive officers woiald be
of little avail without it. •
"Wherever we go, we hear.froin
customers—some of them old -estab-
lished, some new, and some casual,
-A-about how graciously, they have
been treated by ,0111- braneh officers.
That reputation is an asset beyond
calculation, and in -,behalf of the
executiveael thank every member
of the staff for his and her part in
building it!' -
T. . H. Atkinson, General -Mana-
ger of The Royal Bank of Canada
since 1949, whose election to the
ratigt of Vice -President has been
announced.
More than 400,000 Canadians are
employed by Government and state,
oWned enterprises:
' Mr. and. Mrs.'Wm. Snazel are in
Toronto this ----week where Mr.
Sum]. had the honor on Tuessiiii
nt
eveing of Pacing 'the Master -
elect, Mr. Harold Mears; _in .the
chair as Worshipful Master of:
Shang -belt Lodge, 533 A., E. & A.M.
Mr. Mears liras a harmer Brace -
bridge , boy and a close friend
Mr. Snazel's.
Mrs. N. Colclongh, Mrs. Earl
Haskell and Mrs., Allen Larder, of
town, motored ,to Niagara' Falls
last'Week,and visited with Mr. and
Mrs. Cecil Colelough and family.
MAN ESCAPES INJURY
AS TRITON HITS TRAIN
William i�fltR 5de• -
rich, had a narrow escape on Wed-
nesday morning of last week when
the truck he, was driving skidded
into a *C.P.R.- freight train near
Beiimiller.
Mr. Turton, who 'stayed in the
truek, was tininjUredebut the truck
was deroolished. The vehicle cols,
dided with the firsts car:behind-the 4--
loco otive.
OnFriday, 'a twb-car collision on.
No. 4 Highway at Loudesboro caus-
ed heavy damage to both vehicles. •
Cars were driven by James W.
•McGool, 0± Londesbnro, and Gordon.
W. Buchanan, of Wingham. The
Buchanan car ,received about $700,
damage while 'tlJvIeCnoLcar re-
ceived an estimaid $600 daniage.
Both accidents were inve4igatid
by Constable A. B Summers, of the
Goderich detaelinienVOntario Pro-.
vincial Police. .
SUPErRIOR PROPANE GAS
- for better cookin—g,
" water heating and
refrigeration
4x, -Schmidt,
representatry▪ e.
Stratford Phones 3260.. .
Rei. 38742. , P.O. EWE 98
-2811
• .....tworld;littt the prerequisites to con- the most abundant faith in our
vertihility hante not changed. ability as a nation to solve our
• "Since the end of the war the problems; but I have thought it
world's. hopes -for cons/arability better to risk gorge over-emphagis
have waxed and waned 'with Bri- than' tO encourage false hop'es. The
eethiree -exchange reserveS. Today - economic policy required to solve
eevsith reserves at $2;520 millions these problems will involve the
nd steadily improving, Britain sacrifice of , expediency to sound
• principle in, a number Of matters
where the choice meetbe political-
ly very difficeelt,-But the ultimate
reward is great; no •less in fact
,.--than the growth of Canada to the
e-coricanic stature she -needs' to take
her place among the great nations
of the world." - r -
•_ !„.
ENRIPC.BUNDS PHYSICIRNS,,G SURGEONS • COSTUME RENTAL • AIR LINE COMPANIES iv
"Immediate
service"
IN YOUR LOCALITY
Fok
Estate Planning
and Wills
Investment
Management and
Advisory SerViee'
4% ,Quaranteed
investments
2% on savings 7 -
deposits may be
Real Esthte,Services
For prompt atter'aidra call
RAYE B. PATERSON
• Trust Officer
Ontario, Phone 51
Firstthing to do in Detcon is check
•in at Hotel Toiler! You'll enjoy
every minute. 'Nevely etiodernized.,
Beautifully decorated. Within'
walking, distance Of alidoitintoKin
storis tltse.heyaettireysitn,edobjuosliingrvLe:„
—.green atmosphere GrandCi
Park . -The Toiler Coffee Shop or
Cafelteria for excellent 'food
Modestly priced. • •
DI T ROI I'S Hairy L Paulsen
FINEST, General Manager*
.,
AL THOUGH thperalting cost-ofdry cleaning as --increase due
the rise in price of cheinicals, spotters, hangers, Paper tags, etc.-- ‘,
WE FEEL, in consideration to you, the public, that the -Present
`Y/11,trith,