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

'V'WTTURflA? TWft 1'Tth. 1959 T CANAD!AN ETATISMAN, EOWMMITILLE. OUTMtTO PAGE NUIU Tight Money with Problems Price We Pay for Sfemming *Inflation, Says B of M Head, Motreal-Tight money with Montreal. with ail its attendant problemis But, i. Hart told B of M bathfor those seeking and those shareholders at their 142nd an- granting redit, bas been the nual meeting here, Dec. 7th, price of stemniing al-out in- "by putting up with the disci- flation, according ta G. Arnold plines of monetary restriction," Hart, president of the Bank of1 Canada has already "laid a sol- IVIGOR OIL CO. LTD.i BEST QUALITY . .6 FUEL OIL STOVE OIL AT MOST REASONABLE PRICES For Delivery PHONE OSHAWA RA 5-1109 78 BOND ST. W. OSHIAWA id foundation for orderly, sta- ble and enduring economic pro- gress. Shareholders jalso heard R. D. Mu]holland, the bank's gen- eral manager, present a state- ment reflecting an unpreceden- ted demand for credit, with B of M boans rising more than 25 per cent during the year la an afl-time high of $1,773 milion; while net profits amiounted ta $12,191,060. Nevertheless, ~a strong liquid position was m-amltained and lie bank's capital structure was en- larged so liaI ils paid-up cap- ital is now tie 1largest ai any Canadian bank. "lStmang, Healthy Reeovery" Mr. Hart said th. ecanomie recovery this year frornilie re- cession oi lie year 1957 anci 1958, iad been strong and healthy and on a broadening base," while lie grass national product had been rising and might approach $35 billion i 1959, versus $32.5 billion last year. Since October, 1958, the cen- tral bank bas nsaintained Can ada's money supply "on a vit--: tual plateau," Mir. Hart said, SHEPPARD C& GILL LUMBER ""E VERYTHING FOR BUILDERS" 96 Eaug si. L lowmanvihoe NArbi 3-5715 P. j' while the napid recovery af business bas produced very sub- stantial deinends for credit from all types of borrowers. In attempting ta meet these' needs, the. banks have lent more and more maney, until the time camne when they could grant furtiher credit only by disposing af gavernment securities aI a ioss, he continued, so tiaI there was tien no alternative but ta reduce the volume ai new boans. No IMagie WanS" Nevertheless, sa, far as thi. B of M is corcerned, "considera- tions of prof it and loss have been, as far as possible, second- ary la a desire ta meet the es- sential normal requirements of barrowers bath large and sraal," he said. But, i-. Hart added that he knew af "no mna- gie wand" tiaI would enable the bank ta meet ail the re- quests made, "however desir- able and credit-worthy." Eventually, he euggested, Canada would look back on tie present period oi tigit money as one in wiich "a solld ioun- dation for orderly, stable and enduring economie progress" was laid, -and he reiterated that, in his opinion, "a long step has been taken U-ts year in arrest- ing the ris. af prices." General Maaager's reina*ku R. D. Mulholland, general manager ai the B of M, present- ing the. bank's 142nd annual statement, reported liaI in a year of "restrictive monetary eiivironimeiiî," net profits were increased 17.7 per cent, ta $12,- 191,060, after setting aside $12,- 642,600 for incarne taxes. 0f this record profit, $10,684,730 ,vas çrovided for shareholders' r dividend1s equivalent ta $1.85 per share. Hlghest Paid-Up Capital Followin.g a "rights" offering of 675,000 new shares of capi- tal stock-whicih saw 99.2 per ceint of the. rights being exer- cised-B of M paid-up capital stood at $60,649,513, and camn- pletion of the stock issue wil result lu a paid-up capital af $60,750,000 and a rest account ai $139,850,000,, Mr. Mulholland said. Loans Up 25 Per Cent Total boans oi $1,773 million were the hbighest in tie bank's hisory--up more than 25 per cent over lhe 1958 total, with NHA morigage boans siiowing the largesî increase oi ail cale- gories-up 32.5 per ceiýt or $56 million, ta $227 million. Even so, the general manager went on, the bank could not meet al th, demanda for boans Imade upon il, aithougi it had been 1"particularly niindful ai the needs of the saial business- man aud the âuaU personal borrower." To meet thie unprecedented demands for credit ai ail kinds, the bank reduced its investrnent portfolio 27.9 Per cent to $886 million, compared wlth the pre- vious year's holdings of $1,230 million. Depasits showed littie change at $2,998 million, compared with $3,038 million a yeam ago, and -the sarne was true oi total B oi M assets, whIoh stoad at $3,259 million, versus $3,277 million in 1958. "Quick" assets were reported aI $1.578 million, or 51.0 per cent of a&U liabili- lies ta the publie, canipared with 62.1 per cent a year earlier. YELVERTON GIad te report Mr. Gordon Robinson relurned haone on Sunday from Peterboroughi Ci- vie Hospital. Welcm. home Gordon. Also happy te ueo Mmr. Ma- bis Rawan. and Mrs. Annie Mc- Quade ouIt tochurch on Sun. day bath improved in health. f&. Arthur Evans of Acton is ourrently visiting with the Rowan i amilies. A wedding reception hanour- ing 1&. and Mrs. Arthur Hy- land on their recent marriage was held at the home of the bride's parents, Mr. and Mrs. Wm. McCabe last Sunday. A quartet oi Yelverton curl- ing enlhusiasts parlicîpated ini lhe annual bonspiel sponsored by Victoria County Holstein flreeders' Association and lim- iled te farmer curlers at which they contributed a flawless per- formance, 3 gamnes and 3 losses. Two of the quartet were more fortunate ini catching Lady Luck's eye otherwise. Mir. Flayd Stinson won a turkey and M1r. Howard Malcolmn a capon in a recent lucky ticket draw lu Lit- tle Britain. Nice going lads. Famiy Club On Friday night retiring Pre- sident Art Rawan chaired his last meeting ai the year af Yel- verton Family Club in Church Hall. '¶Away in a Manger" wvas sung. -Minutes read and adopt- ed. Secretary Mm. Rowan gave a repart of the year's activities and Dave Wilson an encourag- ing financial repart. Expenses mdcuded doiiation ta Church furnace installation $25; Exten- sion fund $10; Retarded Child- ren and M. & IM. Fund. Inccsne consisted mosbly ai revenue from. last xring's auction sale and boothI, approximately $150. Report of nominating cciii- mittee for 1900 waa accepted aS follows: lion. Pnosideuta, Mr. Duifiand 13e. sonumerv".. e;r. sident, Normani Wilson;, Secre. tary, Lamna Wilon; Vice-prusi- dent, Clarence Page; au't Sec'y Vera Staples; Treas., Ellenandý; Halward !Mlcolm; M. & M. ta- surer, ErnestM SW R Pay Rot>- inson; hîr. and Mm Ted Spefoeley convened the Devotional. Ted read thé Seipture Mat. L -1 Jazuice read the story "TMe Liltlest Angel", a hoeney littie bit Of ianlasY much enjoyed by aIie cdevotliaa wus losed wit*i prayoe afered by Ted foi- lowed by a Clriialm Carol. 'Mr. Bd Mà&& D. Wilan. biest fùr the evening, provided me- creation whidi was iollowed by a fine lunch. lIe appreciation of lie Fanily Club memnbership w«~ expressed ta the Art Row- ans for the fine leadership dis- played during Iheir tenure af office. Singer Prenented Wfth Awarde W. are pleased ta extend aur heartiesî congratulations te a former high-school calleague, of Blackstock Hi Sciool, Miss Jeanne Coulter of Pontypoal, who brought recognitiono« hem own ability and reflected glory1 ta our Manvers Township in whioh she resides tirougi hem noteworlhy singing talent. Dec. 2, Miss Coulter, Mr. Wes- ley McMahon accompanîed by Mr. and Mirs. H. J. D. Mass of Lindsay 0&m. Moss is Jeanne's musical instruclor) aîtended lie reciçlal and presentalion ai Sil- ver Medals lu the Concert Hall of the.Royal Conservaltory ai Music in Toronto aI which lime Jeanne received tie Silver Medal for her Grade IX Sng- ing Exam (tried last Februam-y). Thie mark abtained by lier 87% was nat only tie highest in On- taio, but proved ta b. the high.. est lu ail Eastern Canada (from Ontario ho Newfoundland indlu- sive) aI either February or June examinations. On the basis af being the -highest contestant in a&l Eastern Canada, Miss Caulter also won the Fredrick Harris Scholarship af $50. We shane the prIde of Mani- vers Township residents in Jeanne's most notewarlhy adi- Ïevement and wish ber lie best oi luck in a future musical ca- meer. We extend aur sincerest con- gratulations ta Manvers Town- ship's newly elected Council for 1960. Reeve Robt. Brown, Deputy- Reeve Henry M. Jeke- man, (aur warthy opponent) and Councillors Fenton Failis, Alex MeMaster and Jack Payne and wish thern lie besî af luck as they face lie new year pre- pared Ia grapple the many con- troversial and contenliaus pro b- lemns liaI await their attention. W. should like te lake this apportunity oi thauking those who supporled us in aur unsue- cessful bld for Dep.-Reeve wit.h special thanks to aur local poil- lu g stations ai Lotus and Janet- ville for thein particularly fine support In lie contest. When ralepayema promised to 'Help us OUT" we did not intend tint they ahould lake that statement qulte 50 literally. Sunday callers aI Malconia and Janetville were Mr. and Mmr. Rlph M.Alcolm and fam- ily of Peterborough. Mr. and im. RaY Robinson aud family were Saturday callers aI lie RalPh Malcobua lin Peterbor- ough. Following Saturday'a freezlng nainstarnu lie rural areas are a panorama ai glistening beauty -atwlnkling, sparkling land- scape wilh eaoh tree and sbrub crowned wili an arboreal tiara ai gemn-like radiance under lie Sun's reflected rays. By full moonlight Mother Nature's ex- travaganza is even more breath- takingly beautiful, sud awe- some, lie white ice-crusîed snow shin-mieriug under the moon-glow witi sulent dark sein- tinels ai Irees resplendent in their silvery halos, providing a pleasiug eye-catching contrast lu black sud white, lu combin- ation with the lowly rail fence snaking along froru thither ta yon, arousing lie aesthetic even in our sod-bound soul so accus- tomed ta Nature's beauty in the rural scene as ta be inured ta almost anything but the most spectacular. »Read by Over 25,000 Potential Cuatomers'w Phone MA 3-M30 THE MAN Ur TRE TaIk ta the Mmn up there, Yes, look to the Man up ther% He'll ease your sorrow, He'11 bear your care, If, my friendas, you only tarzl To talk to the Mmn Up ther. Talk to the Mýan up there, He knows your heartache, Hie sees everywhere, Sa, please don't b. weary, Just talk to the Man up there. 1 Talk to the Man up there, Yes, contact the Mafl Up there, He'll wipe your tears away, He'll beside you stay, If, dear friends you'1l believe me, And faU downa upon your knee. .Marion Ford Air. Rail or Steanship TI1C KETS8 TO EVERYWHEREC Consuit JU IY & LOVELL 15 Kint St. W. MA 3-S778 1 - B.wmanville1 Where does ýSanta get his ý best ideas? W here 'doe s Santa look f irst when he's on the prowl for bright ideas on Christmas giftin*g? You guessed it... in the pages of his newspaperl There (before he ever sets f orth to shop) he can f ind a world of Inspiration on WHAT ta give ta WHOM ...and WHERE to get iti H is wif e, Mrs. Claus, follows the sanie time-saving method in searching out the best ideas on what ta give Santa, himself as well as to ail the other members of her Christmas-expectant family. And (just like a woman) Mrs. Claus is especially inter- ested in VALUES. That's why she appreciates the convenience of being able, ini one front-to-back scanning of her paper, ta f ind out who's got what and for HQW MUCHI She has leamed that this cuts hours from her gift shopping time ... and resuits in the very best selectiona for al! A ctua Ily, you might say that "Christmas begins in your es paper" because thzt's where moat merchants FIRST present their best gift suggestions ... and where most people FIRST look for the best ways ta make Christmas for ali the happiest time Bown.m ille Lot lb!. smpap.r hour fiue-savumg guide le Nsrry Chrienla. 0lag nte 4hmiblan stît#lmn 1 . Tm CARADUN STAT£oxm. .-- ONTAM . TffLTREDAT. DEC. 17th. 1959 PAGE NM