Zurich Herald, 1942-01-22, Page 7The Royal Bank of. Canada
73rd Annual Meeting
Morris W. Wilson, President and Managing Director, haus
new partnership of Canada and the United States.
As Chairman of the British War Supply Council sees
Germany outstripped by Britain and North America
in 1942.
kidney G. Dobson, General Manager, reports assets over
.$1,000,000,000. Sees record business expansion this
year.
Prediction that Clermainy'e war
production. would be outstripped
in 19.42 by the combined output
of Canada, the )United States and
Great Britain, was made at the
lard Annual Ideating of The
oya1 Bank of Canada by Morris
W. Wilson, President and Manag-
ing Director,
an bis annual address Mr. Wil-
son gave factual evidence of the
3lremendoue productive capacity of
North American factories and
spoke 1n glowing terms of the fine
mord made by Canadian industry
since the outbreak of war.
°'Two years ago," maid Mr. Wil -
Non, "we were incapable of out-
fitting an infantry division; to-
day our industries can equip a
now division every six weeks.
iflsenadian equipment is being used
it every area of war."
Mr. Wilson paid particular tri-
Vate to the Government for the
vey in which it had approached
iduetry and persuaded manufac-
irere to go into production of the
strange and complicated imam-
-tee of war.
CONTROLS CURB LNFLATION!
Referring to the steles already
Taken to control inflation Mr. Wil-
iam said, "You cannot divert half
et million men into the armed
cervices to engage in the most ex-
travagant kind of destruction and
aonsumptlon of goods, and expect
business at home to proceed as
peual, or prices to remain as
�rouaL
"With the tragic memory of the
inflation of the tint World War
fa mind, thinking people believe
Oat almost any measure would be
*edified to prevent a repetition.
"If anyone is inclined to be cri-
i3aoal, let him think of how dan-
sterousaly our present position par-
allels that of the first Great War.
(ate increase in. the wholesale
price index in the first 26 months
Of that war was 20 points; in the
Nast 25 mouths of this war, t}ie
index has climbed 21 points. In
the face of these facts, it, would. be
difficult to argue that an effort
should not be made to control the
Situation 'before It gets out of
baud,
"It would be absurd to expect
eat in the midst of this colossal
diversion of material and man-
power we should expect to live as
Sirs have lived in peace -time.
"We have reached the point
eabere we must cut down unne-
'ee;asary consumption, in order to
shake available for the war effort
tai the resources possible.
"We must keep constantly be-
fore us the realization that our
Wear effort consists, in a material
Amuse, in things and services: that
4e, food, raw materials and manu-
factured products on the one
:hand, and man -power en the
ether.".
CANADA PLAYS HER PART
As a comrade in arms of Great
Britain, Canada, said. Mr. Wilson,
had been able to make a material
contribution to the common cause.
'"We pay the whole cofit of rais-
ing, arming and maintaining the
Canadian armed forces serving in
Canada, Great Britain, Gibraltar,
the Far East, the West Indies and
Newfoundland. We supply Great
,Britain with food, textiles, lumber
and finished apparatus of war,
and we do not demand "cash on
the barrel head." Not one dollar
of the $250 millions of gold. sent
to Canada by Great Britain has
been used to pay for goods of
Canadian origin it has all been
expended in the United States,
;With much more of our own gold,
to cover a part of the cost of raw
materials and machinery brought
to Canada to produce war goods
for British account,
Little opportunity existed, said
117fr. Wilson, for the making of big
profits out of the war. "There
,has been neither opportunity nor
disposition for our producers to
make big profits out of this war,"
;ire said.
CAN OUTSTRIP GERMANY
Mr. Wilson regarded with great
satisfaction the close co-operation
which has developed between
Canada and the United States in
8'eeent months and particularly
since the Japanese declaration of
star.
"Even Germany, with all its
vaunted efficiency, and with forced
labor, cannot snatch the produc-
tion possibilities of North Amer-
ica added to those developed with
such extraordinary efficiency by
Great Britain under the impact of
scar.
"Canada's war expenditure In
this fiscal year alone is estimat-
ed at two billion, 820 million dol-
krs, which is more than twice as
Ouch as our total expenditure in
all of the last war. The United
letates has already doubled its en-
tire expenditure during the first
Great War.
"United States manufacturers
sent to Great Britain in the first
seven months of 1941 nearly
twice as many combat planes as
were lost defending the l3ritisb..
Isles during the whole of 1940. In,
Canada, starting from scratch, we
are producing 40 or more planes
a week, of which 15 to 25 are Bur-
ricane fighters.
In conclusion Mr. Wilson paid a
warm tribute to the heroic man-
ner in. which the people of Great
Britain had sustained, for over
two years, the terrible impact of
war and at the same tithe per-
formed miracles in the production
of urgently needed implements of
war.
GENERAL MANAGER'S
ADDRESS
In presenting the financial
statement, Mr. S. G. Dobson, Gen.
eral Manager, noted that the bank
had enjoyed a satisfactory year
despite greatly changed conditions
due to the war. Notwithstanding
Government regulations, "which
at one time would have been con-
sidered Intolerable, but which we
recognize as necessary in the kind
of war which has been forced
upon us, your bank has continued
to expand. While it naturally be-
comes more and more difficult to
make reasonable profits, we have,.
because of enlarged business and
economies effected, been able to
show earnings comparable with a
year. ago."
Assets of the bank now standing
at over $1,000,000,000 were at the
highest point in. history, said Mr.
Dobson. Commercial loans had
continued to expand and deposits
by the public were at a record..
level—$152,259,936 higher than
at the peak of the boom era.
"More new deposit accounts
have been opened this past year
than in any similar period in the
history of the bank. We are doing
our best to foster this growth not
only because it builds up the
bank's clientele, but mainly be-
cause saving is an essential devel-
opment in our war economy."
1052 )ENLISTMENTS
Because of war conditions
greatly increased burden had been
placed upon the bank's staff, said
Mr. Dobson, and too much credit
could not be given for the com-
mendable way in which both men
and women had performed their
duties. •
"Since the outbreak of war," he
said 1,052 officers, including 43
from our foreign branches, have
been granted leave of absence to
serve in the armed forces. In Can-
ada and Newfoundland 40 per
cent. of our male employees under
30 years of age enlisted. We have
assured all these young men, of
whom we. are justly proud, and to
whose return we are looking for-
ward, that positions will be avail-
able to them.
"I regret exceedingly to report
that eight of our young neerrihave _
given their lives in, the country's
service. We extend to their rela-
tives our sincere sympathy."
PRICE CONTROL
Referring to what he termed
the new experience for business of
price and wage controls, Mr. Dob-
son said, "Some people view with
concern the institution of these
controls and it seems to mo an ap-
propriate time to point out that
such licensing and price fixing
are commonplace with banks.
"Our charters are granted to us
by virtue of the Bank Act which
collies up for revision at ten-year
intervals, at which time the char-
tered banks are subject to close
examination. by the Banking Com-
mittee of Parliament. All our
powers are strictly regulated by
law. The maximum rate of in-
terest we are permitted to
charge is fixed. There is even a
coiling on the commission we may
charge for collecting a bill dis-
counted in one city and payable
in another. We are not allowed to
charge more than. a fixed flat fee
for sinali casual transactions.
We are not permitted to own real.
estate except for our own use; we
must not make loans against real
estate security. We are subject to
inspection by the Inspector Gen-
eral of Banks. We must make
detailed and extensive statements
to the Finance Departinent. Since
the outbreak of the war we are re-
quired to be licensed by the For.
eign Exchange Control Board be-
fore we can buy or sell foreign
exchange and the regulations lay
down the commission we niay
charge on such transactions.
"I do not point to these things •
in any critical way, but merely to
show' that what is revolutionary
control of other businesses in the
interests of wartime stability, is
part of the every -day experience
of banks, Price ceilings are not a
novelty with us."
In conclusion Me. Dobson re-
marked that indications were that
1942 would see all records brokers
in business expansion,
Peace ---'.We are determined not
*soli to win the war, but also to
*abstain the security of the peace
which twill follow."
There are about 30,000 miles of
navigable rivets , in the United
States, the Departneent of Coni-
mercy says.
HOW CAN 1?
EY ANNE ASHLEY
Q. How can 1 prevent stretch-
ing buttonholes in a sweater?
A. Before ironing knitted
garments, it is wise first to baste
the buttonholes in order to pre-
vent their stretching. The threads
can easily be removed when the
garment has dried
Q. How can I retain the colors
in cretonne when laundering?
A. The next time it is neves»
nary to launder the cretonne slip
covers, or any other cretonne are
tides, try washing them in bran
water and see if they do not re-
tain their colors,
Q. How can I attach a meat
grinder to a white enameled kit -
then table that is slippery?
A. Place a small wad of paper
between the grinder and the
table, tightening the screws on
the paper instead of the table.
It will be secure and safe.
Q. How can I make a good
sake Without eggs?
' . A. Delicious cake without
eggs can be made by dissolving
a teaspoonful of baking soda in
a tablespoonful of best vinegar;
use this the same as eggs. This
quantity takes' the place of one
to two eggs; if four eggs are
Balled for, two eggs and the
above quantity of soda and vine-
gar can be used, if desired. Ex-
celent results, however, are' ols-
tained with soda and vinegar
alone, increasing ' the quantity
a trifle only in accordance with
the number of eggs called for..
Material superiority—"The sup-
eriority of the united nations in
munitions and ships must be over-
whelming."
Loyal Alumina 4th
1941 Champion Steer
For the second successive year
jhe Firestone Tire do Rubber Co.
purchased the Grand Champion of
the International Live Stock Ex-
position. Loyal Alumnus 4th wad
do judged on Dee, 2nd and two
days later purchased by Firestone.
Loyal Alumnus 4th, a cross be-
tween a full blooded Angus en
his sire's side and a full blooded
Shorthorn on his dam's side, was
Calved on June 4th, 1940. He
nursed his mother until 10 months
old, after which he was taken off
pasture and put in a dry lot
where he was fed cracked corn,
crimped oats, flaked barley, bran
and pea-sized linseed oil heal.
Alfalfa or clover hay and a little
silage was fed for roughage. This
ration was fed twice daily up
till three months before the ex-
position when it was stepped up
to three times a day. Tlie steer
was not over fed, but was allowed
all the food he would clean up.
W. L. Carlyle, manager of the
Duke of Windsor's ranch in Al-
berta, Canada, picked Loyal
Alumnus 4th as best of the class
from among steers from 37 states
and several Canadian provinces.
The steer was fed by Gilman
Stewart, 23 year old agricultural
graduate of Purdue University.
Coming frees a family of cham-
pions the prize steer's father was
a full brother to the 1936 Inter-
national lightweight champion
steer. His mother's father was
International junior champion
bull in 1935 and his maternal
great grandfather, Raveni Mas-
terpiece, was International grand
champion bull in 1934.
"PRETTY SMOOTH,
IF YOU ASK ME"
And when an old soldier tells a young soldier that he looks
smooth you can bet he is. At the left the representative young
soldier of Canada's Army is wearing the new 'walkingout uniform"
which will be issued to all Canadian soldiers early in March. The
veteran wears ''battle -dress," the uniform which will continue to be
worn by all ranks for training and fighting.
The walking out dress consists of a jacket and trousers of khaki
serge, Beech brown tie, black fine socks and low black slides. The
jacket is cut along the same lines as those worn by officers, has four
pockets and a. brass -buckled cloth belts When wearing the "off -
parade" uniform soldiers will ,carry a "swagger stick" -just like their
fathers did last time.
Auto A Necessity
Not A Luxury
The National Automobile Deal-
ers' Association in the United
States is campaigning to prove
that the auto 'is a basic neces-
sity, not a luxury. It cites,
among other things, that 12,-
678,823 persons in 2,320 com-
munities have no mass transit
facilities and must depend solely
upon -motor cars for transporta-
tion; that six of every ten city
owners of autos use them to go
to and from work; that thous-
ands of persons have purchased
homes in outlying districts in the
belief that the automobile indus-
try could supply them unfailingly
with transportation facilities;
that millions of farmers are de-
pendent upon motor cars to eon -
duet their business.
New Russian. Plane
To Seal Nazi's Fate
A BBC broadcast, citing the
Moscow radio as its authority,
reported that the Russian army
has tinder construction an anti-
tank plane "which will spell de-
struction to the German mech-
anized army and seal its fate."
The Russians, said the BBC,
are also working on a new type
of pursuit plane "said to be caps
able of a speed of more than 500
miles an hour,"
What Science
Is Doing
UNIVERSE NOT EXPLODING
The world's largest telescope
chows that the universe probably
is not exploding but is a quiet,
peaceful place and possibly just
about as Infinite in Baize.
The observations were made
with the 100 -inch telescope at
Vit. Wilson, Calif., and reported
to the American Association for
the Advancement of Science re-
cently by Dr. Edwin P. Hubble,
the astronomer who for years has
explored the remote parts of the
ttaniverse.
This telescope sees an area
about 1,000 light years across, ee
light year being the distance light
travels In one year. The earth is
at the center of this space, with
the Milky Way immediately
around the earth.
In this space there appear to be
about 100 million other Milky
Ways, or nebulae, each a vast
family of suns, gasses and pre.
suniably comets and other fam-
iliar celestial objects.
These hundred millior, nebulae
show two things:
One, they are on the average
uniformly distributed, about two
million light-years apart, with
arrear-vaeuum, between them.
Two,:.he light of the more dis-
tant ones is dimmed in a peculiar
way,. *lied the red shift, This
dimming' could mean that they
are receding, rushing away from
earth, and if that Is true, the fag-
thest away ones now visible are
traveling 25,000 miles a second.
This speed of recession led
astronomers a few years ago to
Stoat
QUICKLY
e&y the universe probably is axe
pioding.
But Dr. Hubble reported that
ear years' scrutiny through the
100 -inch eye does not bear out
the explosion theory.
If what the great telescope ap-
parently aces is right, Dr. Hubble
said, the nebulae may be end-
lesaly distributed, on and en, vir-
tually to infinity.
'Invasion' of Turkey
An "invasion" of Turkey ay
German troops "absent wifeeut
leave" from convalescence In-
ters in Bulgaria was repoed
by the BBC recently. Then-
nouncement said the Nazi .eal-
diers "preferred desertion to be-
ing sent back to the Russian
front" and were interned in ?':1r -
key.
MRS. LEROY'S
FEMALE PILLS
IPor Delayed and Painful
.Periods
Extra Strength—$4.00
Mail Orders Given Prompt
Attention
Sky's Drug Store
1981 DAVENPORT RD,
TORONTO
For common
ordinary sore
throat
Au""Itti 14
11�—aloatema.n�m
dcthk1"ildihaoa11t,alul sYMltats
�d6it aztat
tt
ik4t.for MP ar+'lalba" Prey of Itar utanay txtdit
RHEUMATIC
Aches and Pains
it Just one bottle of Ru -Ma does
not show you the quick, easy way
to get real relief from rheumatic
aches and pain, it costs you noth-
ing.
Don't suffer longer; try Ru -Ma
today and if you are not pleased
with the results, your money will
be refunded by any druggist. This
ie a generous offer to all rheumatic
sufferers.
You GIRLS NO SUFFER
DTSMEN1!1RL4EA
If you suffer monthly cramps, back-
ache, distress of "irregularities,"
nervousness—due functional
monthly disturbane -try Lydia E.
Pinkham's Vegetab_c Compound
Tablets (with added iron). Made
especially for tootnen. They also help
build up red blood. Made in Canada.
BABY CRICKS
SOOE YOUR BRAY CHICItS
early — save time, money, over-
head buying chicks that will give
you early, heavy production.
Higher meat prices should make
meat cockerels good inveatments.
Order now for delivery in time
for early markets. Started ehiake.
:Bray Hatchery, 180 John N., Ham-
ilton, Ont.
CAPES --- USED AND NEW •
MOUNT PLEASANT MOTORS Ltd.,
Toronto's oldest Chrysler, Plym-
outh dealers; three locations, 688
Mt. Pleasant Road 2040 Yonge
F. and 1650 Danforth Avenue.
tar Used Cara make us many
riends. Write tor our Free Book-
let on pedigreed renewed and an-
alyzed used cars.
HAIRDRESSING SCHOOL
LEARN EAIRDRESSING T11P7 ROBS..
ertson method. Information on re-
quest regarding classes. Robert-
son's Hairdressing Academy, 187
Avenue Road, Toronto.
LEGAL
4-
dl, N. LINDSAY, LAW OFFICE (1.42-
itol Theatre Building, St, T$oinas,
Ontario. Special Department for
farmers collections.
O.lr'1'ER PO INVEN7L'ORS
AN OPFE1t TO EVERY INVENTOR
List of inventions and full infor-
ation sent free, The Ramsay Co,.Registered, Patent JA.ttorney5, 27s
Bank Street, Ottawa, Canada.
PATENTS
"ETI1J0fSTONHAUGR & COMPANY
Latent Solicitors. Established
850; 14 fling West, Toronto,
XXX333oak]et et information an re-
quest,
— ISSUE 4-'42
POULTRY
LFRY
SAVE FOR VICTORY 6 BREEDS
chicks ,8 cents. Descriptive eat-
e,log ue. MON1TON POULTRY
ream, MONXTON, Ontario.
PERSONAL
ELIJAH 4 I N G BEFORE
Christ. Wonderful book sent free.
Megiddo Mission, Rochester, New
York.
SAWMILL WANTED
WANTED: SMALL CIRCULAR
Sawmill, Write 0011 particulars
and best cash price to A, Baker,
Gravenhurst, Ont.
MEDICA.li
GOOD RESULTS --- laa'20RY SUF-
ferer from Rheumatic Pain or
Neuritis should try Dixon's Rem-
edy. Munro's Drug Store, 885 181 -
gin, Ottawa. Postpaid $1.00.
Iuusv'IIfA'rIG PAINS
TRY 1T1 EVERY SUFFERER OF
Rheumatics Pains or Neuritis
Should t r y Dixon's Remedy.
Munro's Drug Store, 885 Elgin,
Ottawa. Postpaid $1.00.
BARRELS FOR, SAVIO
A.RRE1.S, CLEAN WOODEN, $8.00
each, f.o.b. Toronto. S. Barber &
Mons, 4000 Dundas St, West, To-
ronto.
WANTED
SHIP SFS YOt1R GOOSE AND DUCK
feathers. We pay rash on receipt
of feathers, 85e for t nolo end
60e for duck feathers. Only new
and dry feethers contniniui; no
quill feathers tva.ntcil, No "luan-
tity too Large. Leslie dotal 111o.,
1111pnrt:Grs of Feathers 't ntl 1)4 0,)1�.
k13i0, Men)1Ohe.
MAN WANTED AS HEL1'11t •_'•N
small farm and in ooinmert•t,at
Apiaries. Harold ltillin4. 7.2.11 r..
Weiland, Ontario.
WOMEN' WANTED
WANTED: WOMEN TO DO :10:410
sewing, i3est pay. Postage r:+•id
on all work. Sent a. ywh,ro.
Bontex Specialty Co., ilor7
Chase, B.C. °
FOR QUALITY
SERVICE
AND SATISf ACTI(iN
Tra IMPERIAL
'or 8 exposure films, :?s r`. 3:i
and printed, or 8 repri ,
Both with free enlargement.
IMPERIAL PHOTO SER% ICL'
Station J, Toronto.
LEARN "SHORTHAND"
AT HOME IN SEVENTY-TWO
HOURS
sl'E,10J) V1UTJNCi THF"
SHORTHAND TO 1.EA1tN--•-la 1. ail;
TRANSCRIBE --- 13 L 0 A. 1' S 10 !,u
use the Alphabet instead of i`tia..ge
new signs and symbols, reeevreng
' months to memorise.
The same SHORTHAND be..ag
taught Defence -work classes RL;,'h
is becoming so popular and ext,,ts-
ively adopted by Stenographe:
You cannot believe HOW EASY.
Q1IICI, VALUABLE, SENSIBLE E ---
AND 1NI)1r1SP1.NSIT3T T , this t i -
nised SHORTHAND System is,
which will make you a FAST Ax:°-
C'1TRA.T14 SHC)0THAND WRITER in
only 72 hour:). :BET'TER. POS.:.
TIONS,
'O$ -
TIONS, BETTER PAY, MOR1'. ;u-
Ti0a1 ST1NCI WORIt, SECXC1ITx 1, ---
will be ;Ours - a VOhr1,11C;+ --•
00 LESSONS -- plus Sk1Lt"-T1 A.. 1*..
1NC1 MANUAL, for only $10 La. .f
yon net promptly..
Send 510.00 for complrie all"i 1
Will TIN (1 531 3) TII.lNr SYSTE.g.
or sand your ((111)14It and pay nos° -
man,
JolIN•t:n(N 11OO1S,
41.0 Meer East, Toronto