Zurich Herald, 1945-12-13, Page 2BANKERS REVIEW CANADIAN ECONOMIC SCENE
George W. Spinney, president, and B. C. Gardner, general manager, who
addressed shareholders at the Bank of Montreal's 128th annual meeting.
�luti
0
George W.
nary rens : res Gre 4 ter
m �
ng , ° .Wares
k 1 onto .1 G resi en!
Spinney Tells ]Bank of Montreal Shareholders Of
Anti -Inflationary Needs
GENERAL MANAGER B. C. GARDNER REVIEWS MOST
ACTIVE YEAR AT 128TH ANNUAL MEETING—
HIGHLIGHTS BANK'S LOANING POLICY
Montreal. — George W. Spinney, President of the Bank of
Montreal, told shareholders at their recent 428th annual meet-
ing that inflationary pressures were probably greater now than
at any time during the war and urged continued voluntary re-
straint as a means of offsetting this danger to the nation's econ-
omy. He declared that it was desirable to have some of the war-
time controls remain in operation, but that these controls should
be constantly watched to make certain that they do not inter-
fere with rapid reconversion to peacetime economy.
Speaking at the same meeting, B. C. Gardner, general
manager, reviewed the most active year in the history of the
bank and told of the B of M's contribution to the financing of
the war effort and of the many "human relationships" arising
out of the financial problems of customers, both of large and
small means, particularly the latter.
Stimulus to Production recently released annual statement.
Mr. Spinney said he knew of no , He noted also that deposits had
better stimulus to production than reached a new peak at $1,619,429,
healthy competitive effort, free 000 during the year, an increase of
from unnecessary restrictions, almost $200,000 0U0 over last year s
total. Quick assets for the bank
consumers home reported at $1,464,826,000 and
"As never before," he said, "Ca- holdings of Government and other
securities at a total ,.of 8,1,117,938,-,„
Hodson hu.iness and iixdnad' in 000 Here•,"' rerunced. -
tei ahead =.i11
y ' Mr Gardner said that, in the
heed niei5 ypit new ideas and absence of an adequate demand
with the capacity to put these' for commercial loans, the bank also
ideas into effect.' made some purchases of securities
Speaking of social security pro- . in the open market, thus helping to
jects and suggestions', Mr. Spinney maintain a ready market for Vic-
tory Bonds and other government
securities 'in the hands of the
public.
'He made it clear, however. that
the function of the bank as a pur-
chaser of Government securities
had arisen from circumstances
Iargely beyond the bank's control,
in that the wartime expansion of
industry had been accomplished
largely through direct Government
financial assistance and without the
aid of bank credit in form of loans.
"We are hopeful," he said, "that
as industry resumes its normal
patterns, and as civilian business
replaces government contracts, the
lending function of the bank will
take on increasing importance and
scope."
seeking to fulfil the myriad desires
of at h me and abroad
said it would be very nice if 'we
could all live on government
cheques, but life on this planet be-
ing what it is, someone has to
plough and reap, to plan and
build, to exercise qualities of initia-
tive. foresight and daring; and only
this totality of productive effort
can provide a real and enduring
basis for material welfare . and eco-
nomic security."
"Nothing could be further from
my intent," he continued. "than to
argue that social security meas-
ures, are without value to the com-
munity, hut," he added, "we would
deceive of:rselves and others if we
accept ant- promulgate the idea
that securxity can emanate effort-
lessly from government, acting hi
the role of benevolent and boun-
tiful provider. Government can
distribute no benefits that indi-
viduals through their labor, do not
provide."
Personal Loans Increase
He noted that there had been a
welcome increas- in personal loans
and stated, "It is not our policy
Problems of Peace to encourage people to incur un -
Canadians, both those in the necessary debts but we believe
fighting forces and those at home, ' that our personal loan :acilities
had a right to be proud of their may play a useful part in a well -
mighty war effort, he said, adding ordered financial programme and
that after six years of cor_flict a may be used by borrowers in a
certain amount of war weariness manner fully consistent with the
was not unnatural. "But although principles of thrifty and. sensible
we are war weary," he continued, management of their affairs."
"the problems of reconstruction "This bank does not deal in
will not bide our time. The post- money alone. In our day-to-day
war era about which so much has dealings our managers and staff
been written and said is no longer are concerned with the many hu -
a theoretical abstraction. The post- man relationships arising out of
war is here and now; and with it the financial problems of our cus-
comes the realization that, in its tourers, both of large and small
own way, peace will hake its de- means,, but particularly the latter,
mands no less than war." who seek assistance from a reli-
able and trustworthy source."
Mr. Gardner said that the prob-
lems of the refurning war veterans
were receiving special and sympa-
B. C. Gardner in a review of the thetic attention,
New Peaks Recorded
A new high in total assets of
$1,715,934,000 was reported by
CROgSTOWN
By Roland Coe
"And just
a year
ago I thought. I had to go out with him to protect
him FROM the, other children!"
N THE HOME FRONT
i vis clusr our ro 1iiE
CIALCKE.N COOP, DEAR.,
AMC, t ltt41 DO YOU
Tr ltwK ? 1VE GOT
Ivo EGGS?
By C. Kessler
PERKIMS`, CALL UPa T31E
PROIDUCE3XC`FMA
AND ASK lig_ iSi':
PRICE
OF' GRA A
MGT/
be1N Neve ..ale
REG'LAR FELLERS — Debunked!
THINK
-r44' STORY 15
A PHONEY,
zQ0t 1 E.'
-BUT
PINHEAD --
LOOKIT
TH 15
PIGTUR.E'
THAT PICTURE.
15'A FAKE!
COME ALONG
AN' I'LL SNOW NIA;
Tires for Paris '!i usses
Rubber tires from Britain will
help put 1,000 Paris busses back
on the road before the end of the
year, as a result of a French agree-
ment with British tire factories.
HOTEL BrIEUMNIE
All Beautifully Furnished
With Running Water.
Rates:
RN up
NIAGARA FALLS
OPPOSITE
C.N,R. STATION
as `.Lenerato
The )3iirrna government is seek-
ing a submarine with a view to
solving the present shortage of
electricity, Rangoon radio reported.
A submarine, it said, could gener-
ate current for n large section of
Rangoon.
WITH MASTERLY SKILL
„ ..1C'llaxw�ell House Coffee
is blended from rare
extra -flavor coffees. More
people buy Maxwell House
than any other brand of
coffee in the world. Have
-you tried it?
AMERICAN HEROINE
HORIZONTAL
1,5 Depicted
American
heroine.
11 Area measure.
12 Elis English
(abbr.).
13 Extent.
14 Negative.
15 Age.
16 Veranda.
18 Haul.
20 Skills.
22 International
language:
23 Symbol for
samarium.
24 Nevada city.
25 Staggers.
27 Concealed.
28 South Dakota
(abbr.),
29 Exclamation.
30 Mire.
31 Street (abbr.).
32 Compass point
33•Mineral rock.
34 Iron (symbol.).
36 Symbol for
tellurium.
37 Born
Answer to Previous Puzzle
SE
R
T
AN
E
D
AD
I:SAS
NIr Ta -1 P A
YI�E rNAS
C A i R 0
AR I.SEN
O SUNER
10.Supp-tes of
ammunition.
R�-'1.15Organsof
hearing.
17 Behold!
19 Drop.
121 Sloped.
24 Regains
possession..
26 Broad piece of
cloth.
27 Kind of soup.
30 She was the.
heroine of the
Revolutionary
Battle of ---.
34 Speaks falsely.
35 Make rich:
38 Narrow sea
inlets.
39 Aramaic
(abbr.).
41 To worship.
43 Different.
3 Limb. 45 Half (prefix).
412 months. 46 Stove part.
5 Friend. 47 Half an ern.
6 Angers. 50 Decay,
51 England
(abbr.).
52 Before.
R
S
OT
WE
S
R
38 Music note •56
40 Insert. (abbr.).
42 Essay. 57 Editor (abbr.)
44 Small. nail. 58 Warming. •
45 Therefore. 59 Listens.
47 Dawn (comb. VERTICAL
form). 1 Spoiled.
48 Portico. 2 Make a speech
49 Thus.
50 Item of
income.
53 Herman
54
5,61
Transpose
r•);, 7 Call.
at (abbr.) 8 Islet.
9 Come in.
3
22
23
26
27
29
30
31
3Z
33
36
37
4z
43
44
49
143.
52
56
59
By GENE•, YRNES
1.1E WAS
TRYING TO
PROyE. 'THE.
OID WOMAN
IN TN' 5HOE
STORY WAS
A FAKE!
3F. 3,,
mJ�
MUTT AND JEFF—
As Usual, It's Up to Me to Give 'ern a Merry Christmas
WHAT
CNA
TNINKIN'
A3ouT,
MUTT?
I'M Ti M\' lN' How'
I CAN BUY THE
SWEET WOMAN A
CNRISTMAS' PRESENT
WITHOUT ARV
t1oUGH�'. —II
All, YGOT ITE
1 HAVE Ill
'TW EweooLLAR5,Ele
t5 -rms GOOD
'ERFUME?
THE
ksE.s•r! =" l
y BUD FISHER
o.44. ER—JUST `/cr4 _ GM ACC -0014
CRRARGS tT oN I W;, �T , of NIM Ul4
MY M000 tT! �AccOC r HAVING
�•l - I ANY
DouGH!
ue,,
A
le�
• JIJ
L
liwaT
Kt? YOUR
mouTH
, GLoseoll
rakes
MAV 0E
UeTeHmet
4aml
(•`.:74.3
A College of Aeronautics for
post graduate -instruction in aero-
nautical science and engineering
is to be opened in the United
Kingdom early next year.
1elievethatcough
NOW before it be-
comes serious.
1,ymoia Cough
Syrup usually sets
instantly loxelieve
distressing
brori cold -
symptoms in chit.,
dreri And adults.
ATArn 25a GGIBrt1
NIORS Or
"SIN lav RE LYMOIDS
� v
l7
1 „'((jj
'i'l[gtiilllIi'I'',!i`w'` II �ti
IUIVli'Illlll0l,
POP—Pop Seems to Be About Normal
no YOU ENJOY
�' GOOD HLAITH?
WELL —
.By J. MILLAR WATT
I CAN'T SAY '1 BNJU'Y
F3AD . HEA LTH
(feelenee8 by ''trie ltelt;theidlenie, 1e
1,4