Zurich Citizens News, 1961-12-07, Page 10PAGE TEN
ZURICH CITIZENS NEWS
B of M President
Urges Canadians
Hold Prices Doman a
Holding
prices down and in-
creasing productivity should be
Canada's objectives in the face
of intensifying world eompeti• ,
tion and changing market align-
ments, according to G. Arnold
Hart, president of the Bank of
Montreal.
Mr. Hart told the bank's 144th
annual meeting today that this
country should follow the Euro-
pean example in developing
greater co-operation among la-
bor, management and govern-
ment towards these paramount
aims.
Shareholders also heard R. D.
Mulholland, vice-president and
general manager, report busi-
ness to October 31 at a record
level, with growth in assets of
$464 million, which represented
"the largest increase ever ex-
perienced in a year by any Can-
adian bank." This expansion
brought the B of M's total re-
sources to a figure just below
the $4 -billion mark.
3,000,000 Customers
Mr. Mulholland also noted
that the B of M is now banker
to more than 3,000,000 Cana-
dians from coast to coast, with
the number of deposit accounts
increasing 134,000 in the year.
Mr. Hart said that while
business has shown signs of in-
creased activity in the past
year, the pace of recovery from
recession "still falls short of
the rate of growth we would
wish to see." He added that
Canada today lives under con-
ditions of "managed money,"
so that it should be recognized
that Canada's fiscal and mone-
tary policies must be closely
Artist Jack Reppen's impressions of Danny Gallivan
(left) and Bill Hewitt, picture them with a most appropriate
prop --a CBC microphone. Although their faces may not be
familiar, the voices of the two men are known in millions
of Canadian homes. They describe the action during Hockey
Night in Canada telecasts Saturdays, on CBC -TV. Gallivan
covers Montreal Canadiens home games from Montreal
Forum and Hewitt is his counterpart for Toronto Maple
Leafs, from Maple Leaf Gardens,
interrelated,
In the future, he hoped that
"level-headed commons e n s e "
would prevail in management
of the money supply, With flex-
ibility as the key.
Even so, Mr. Hart believed,
"there is no monetary formula
that will, in itself, create wea-
lth," nor can there be a sub-
stitute for the "technical skill
and energetic salesmanship re-
quired in an increasingly tough
competitive trading environ-
ment"
Positive Approach
Advocating a positive ap-
proach to new problems for
Canada caused by the Europ-
a
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SEAFORTH
ean Common Market; the B of
M president said the stimulus
to economic expansion likely to
follow Britain's entry and the
consequent greater demand for
Canadian raw materials, might
well in the long run offset oth-
er disadvantages,
In any event, he continued,
Canada can "reap nothing but
disappointment from taking a
negative attitude in our inter -
nation dealings," so that "we
should be active in meeting the
competition, and in adapting
ourselves . .. "
Progress Noteworthy
Reporting "noteworthy pro-
gress" in a year when monetary
conditions were "appreciably
easier," Mr. Mulholland pre-
sented a statement showing new
records in almost all areas.
Assets rose to $3,950 million,
deposits to $3,647 million, loans
to $1,934 million and invest-
ments to $1,107 million, he said,
while earnings were $14,578,-
817.
Expenses rose substantially
during the year, due mainly to
increased interest paid to depo-
sitors and to increased salary
costs for the larger staff need-
ed to handle the rapidly in-
creasing volume of business,
Mr. Mulholland said.
887 Offices
Forty-five new B of M offices
were opened during the year
bringing the October 31 figure
to 887 at home and abroad.
Loaning services to the small
business borrower have been
readily available, including
loans under provisions of the
new Small Businesses Loans
Act, and advances by the bank
to fanners also rose to new
records. The general manager
also reported expansion in the
B of M's international business
and in operations of its affiliate,
the Bank of London and Mont-
real in the Caribbean and Latin
America.
When In Zurich
GET YOUR HAIR CUT Al
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BARBER SHOP
Open Thursday
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FINE GIFTS
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JEWELLER -- ZURICH
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Large Assortment of Costume
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Fine Bt lova, Elms and Omega
Watches
Westminister Chime Clocks
Fascinating Cuckoo Clocks
400 -Day Wound Clocks
Community Plate Silverware in
cabinets at reduced prices
Many patterns in Stainless
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up
Just a $1 purchase may win you
a fine ladies or gents aut-
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ANNUAL CHRISTMAS FREE
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Just a $1.00 purchase gives
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LAST T'EAR'S WINNER.
Mr. Donald O'Brien, Zurich
Federation Fieldrnc n Compliments
Huron Soil And Crop Improvement
(By J. Cart Hemingway)
Huron County Soil and Crop token he has no income unless
Improvement Association held there is margin of selling price
a well attended dinner and over cost of production. While
annual meeting at Belgrave, improved production does in -
November 28, crease returns to certain indivi-
President Clarence Shaw cival producers, it has resulted
pointed out the advantages that in decreased returns to agricul-
have been provided by improv- cure. This statement is support-
ed by ed plaant breeding that the O.A.C. Ralph Campbell, of
has done much to increase In recent years Ontario far -
our yields of cereal grains and mers have enjoyed prosperity
forage crops. However, he add- in the late forties and early
ed that if farmers are to gain fifties and improved produc-
full advantage of the built-in tion played it's part, but the
potential of these new seeds we basic reason was due to the
must provide a corresponding- losses suffered by European
ly improved environment. countries in a disastrous war.
Through the next year the It appears that 1962 may also
efforts of the organization will be a prosperous year for On -
be directed toward soil and tario farmers, but again it
cultivation methods in order seems to me that this prosperity
that the efforts of the plant will be clue to a drought, that
breeders may be fully utilized. was disastrous to many western
It was a real pleasure for inc farmers, Can Ontario farmers
to attend this meeting in which then only expect to improve
I had no definite responsibility, their position at the expense
and I wish to 'express my ap- of someone else?
predation to the organization
for their kind invitation.
However, it has become a
habit with me to try and some-
how reach some evaluation of
all organizations. While it is
readily apparent ,that a farmer
cannot make a living unless he
has product to sell, by the same
One might take this synical
attitude except for the most
important 'crop" that this and
other farm organizations is
producing, namely an abundant
supply of capable, experienced,
and talented leaders. Never was
their a time in agriculture
when need was greater for out-
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HERE i COME:
YES, CHILDREN, I'M ON MY WAY TO GINGERICH'S, iN
ZURICH, AND i WANT YOU ALL TO COME AND SEE ME
THERE ON
SATURDAY, DECEMBER 9
(In The Afternoon)
Youngsters, parents! Don't miss - our Christmas Toyland,
when jolly old Santa himself comes to Gingerich's in person,
to start the holiday season off with a bang. There'll be gifts
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talk to Santa Claus, while Mom and Dad look over our complete
selection of toys and gifts, You'll find all the latest in mechani-
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games, and lots, lots more here at Gingerich's in Zurich.
Be Sure To Visit
ZURICH'S ONLY TOYLAND
THUiRSDAY, DECEMBER 7. 1961
standing farm leadership. We
owe a debt of gratitude to
these various organizations for
providing the opportunity and
training for these men.
In closing I would extend ap-
preciation to all those respon-
sible for a most successful Fed-
eration annual meeting on
November 29, to the ladies of
Londesboro for the dinner, to
the officers of the Federation,
the guest speaker, and to Miss
Gilchrist, and finally to those
who have accepted responsibi-
lity for the coming years.
olwoys FINE FOODS
SERVED iN OUR
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