The following text may have been generated by Optical Character Recognition, with varying degrees of accuracy. Reader beware!

y "â- -♦v"!-!..:**.*^ BANKERS REVIEW CANADIAN ECONOMIC SCENE George W. Spinney, president, and B. C. Gardner, general manager, who •ddrctted shareholders at the Bank of Montreal's 188th annual meeting. Inflationary Pressures Greater Now Than During War, Declares Bun k 01 Montreal President George W. 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. â€" George W. Spinney, President of the Banic of Montreal, told shareholders at their recent 128th annual meet- ing that inflationary pressures were probably greater now than it any time during the war and urged continued voluntary re- rtraint 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, boih of large and small me.iii.-:, particul.nly the latter. Stimulus to Production I recently released animal statcnifnt. Mr. Spinney said he knew of no He noted also that depoMts had better stimulus to production than ' reached a new peak at $1,61:^,420,- healthy competitive effort, free "<"> during the year, an, increase of from unnecessary restrictions, seeking to fulfil the myriad desires of consumer-; at home and abroad. "As neycr before," he said, ''Ca- nadian l)ii-iin-> and ii.dustry in the years immediately ahead will need men with new ideas and with the capacity to put these ideas into effect." Speaking of social security pro- jects and suggestions, Mr. Spinney laid it would be very nice if "we could all live on government cheeiues, 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. foresiRlit and daring; and only this totality of productive effort ran provide a real and enduring basis for material welfare and eco- nomic security." "NothinR could be further from my intent," he continued, "than to argue that social security meas- ures arc without value to the com- munity, but." he added, "wc would deceive oiir.-elvcs and others if we accept and promulgate the idea that security can emanate effort- lessly from government, acting in the role of benevolent and boun- tiful provider.' (iovernnieiif can distribiifo no benefits that indi- viduals llirMiigh their labor, do not provide." Problems of Peace almost $200,000,000 over Ian year's total. Quick assets for the bank were reported at $1,464,326,000 and holdings of Government and other securities at a total of $I,117.'J"8,- OOO were annomiccd. Mr. Gardner said that, in the absence of an adequate demand for commercial loans, the bank also made some purchases of securities in the open market, thus helping to maintain a ready market for \ ic- tory Bonds and other government securities in the liands 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 largely beyond the bank's control, in that the wartime expansion ol industry had been accomplished largely through direct Goven -lent 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 hank will lake on increasing importance and scope." Personal Loans Increase He noted that there had been a v.clcome increas in personal loans and stated, "It is not our policy to encourage people to incur im- Canadians. both those in the necessary debts but we believe fighting forces and those at home, had a right to he proud of their mighty war effort, he said, a<lding that after si.\ years of coi.flict a certain an.ount of war weariness was not unnatural. "But although we arc war weary," he continued, "ihc problems of reconstruction will not hide our tiine. The post- war era about which so ninch has been written and said is no longer a theoretical abstraction. The post- war is here and now; and with it comes the realization that, in its own way, peace will make its de- mands m> less than war." New Peaks Recorded A new hixh in total assets of »1 ,71 5,934,000 was reported by B. C. Gardner in i review of the that our person.il loan acilities may play a useful part in a well- ordered financial programme and may be nsed by borrowers in a m.anner fully consistent with the principles of thrifty and. sensible management of their affairs." "This bank does not deal in money alone. In our day-to-day dealings our managers and staff are concerned with the many hu- man relationships arising out of the financial problems of our cus- tomers, both of large and small means, but particularly the latter, who seek assistance from a reli- able and trustworthy source." Mr. Gardner said that the prob- lems of the returning war veterans were receiving special and sympa- thetic attention. CRO««5TOWN By Roland Coe "And just a year ago I thought I had to go out with him to protect him FROM the other children!" ON THE HOME FRONT By C. Ke«»ler Tires for Paris Busses Rut)ber 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 METROPOLE All Beautifully With Running Rates: Furnished Water. $1.50 up NIAGARA FALLS OPPOSITE C.N.R. STATION Sub Ks Generator The Hiirma government i* se.'k- ii.g a submarine with a view to solving the present shortage ot electricity, Kangoon radio reported. .•\ submarine, it said, could gener- ate current for a large section of Raligoou. WITH MASTERLY SKILL . . . Maxwell House Coffet; is blended from rare e.xlra-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 Ells 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 Previoiis Puzzle 38 Music note. 40 Insert. 42 Essay. 44 Small nail. 45 Therefore. 47 Dawn (comb, form). 48 Portico. 49 Thus. 50 Item of income. 53 Herman (abbr.). 54 Credit (abbr.) 55 Sign. 56 Transpose (abbr.). 57 Editor (abbr.) 58 Warming. 59 Listens. VER'nCAL 1 Spoiled. 2 Make a speech 3 Limb. 4 12 months. 5 Friend. 6 Angers. 7 Call. 8 Islet. 9 Come in. 10 Supp les of ammunition, 15 Organs of hearing. 17 Behold! 19 Drop. â- 21 Sloped, 24 Regains possession. 26 Eroad piece ot cloth. 27 Kind of soup. 30 S'le 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. 45 Half (prefix). 46 Stove part. 47 Half an en-.. 50 Decay. â-  51 England (abbi:.). 52 Before. 1 2 3 4 5 6 â- 7 e â- â- â- â-  9 10 ;) 12 13 14 '^ m 16 17 m IS li 36 ai â- 2Z 13 W& 34 as 26 ^^SBF^ ^^^ ''J m 27 26 29 30 "1 J 31 32 36 33 34 35 37 38 3J AO 4/ 4i ^3 44 45 4£ 47 P 46 ^^ PI so SI ^2 S3 59 m 55 S6 M M^i S7 Ss 59 23 *{ 5 'J* REG'LAR FELLERS â€" Debunked! By GENE BYRNES PROViL THli ^ -' (XD WOMAN IN TH' SHOe A FAKE! / "^- % â- 4 MUTT AND JEFFâ€" A» Usual. It's Up to Me to Give 'em a Merry Ckrbtir.rs By BUD FISHER ^^^^â- â- l A College of Acronaiiliis for pMt graduate-instruction in «<ro- naiitical . <>rirnce and engineering li to be opened In the United Kingdom early next year. COUGH SYRUP Relieve that cough NOW before it b«- coxnee seriouB. Ijimoid Cough Syrup usually act* iji«Unllytorcli«y5 â-  nd bronchial •ymptomH in nhfl- dicn find adult*. AT All. DRUoamS S9c POPâ€" Pop Seems to Be About Normal By J. MILLAR WATT (MOC lYTNt 0RI8JIMT0M0F LYMOIDS c J DO YOU EWJOV -^ GOOD HEALTH? gi.(B«1««»«« >> 7>« »«ll gjaaiciilt. t«>.) A ^ "^