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

X ***% o y I~ 8 move 1 in sive oi the back .1 a coup then g £1TCC befort "Il¢ take 15 Decembe: April 20. in# thi es [ sees the hiey cou as well Ocmb‘ne: Monday‘s Hanebert they wel night â€" hroke out counted fo bhe Porkics alive VE "YV it! 044040440400# 0040000484884 CLASS3 The trey m They v SALV ATION SUN. 11 a.m. 215 p.i ple‘s Company 7 clal Serivces for SHunday. gotter woOrid s n Biock:o‘ln trip ahnea THURESDAY. DECEMBER Ith. 1948 UI Winter zer kitchen mediu ular kitchen, have two roon We will give : veur used J1l1 n home THURS and seoe the Sports Cm‘ner; 2. .A THIEKT} AVE. PHONE 391 / 888584448414 % * * * * 4 4 % 1 WASHER and MOTOR Service sn mont We havet PHONXE 3185 14 Wilson Ave. SimpsO0n Full Stock of Parts Cycle Changed â€"â€" Any Make. Fast.â€" relfas make elecdt washer, vy3 1¢ : XCOrpS Public Meeti J. F. PAP (CD 11 ‘(J Hol ine St. South Timmins 70 Bruce Avenue South Poreupine QOul of Cratt but polishey at USE D FURNITURE 0 0000460000000 you h OP byv HDoug MeLellan CcOME iN HE VALUES AT All_ KIXDS® al and wood range Orâ€" lrauner * fÂ¥icCe ut any râ€"engineâ€"drive fleor h n Orders clr Shipment i( 6 1¢€ 3Y nt plan too sood untl Maki‘s maulers iree starts by fonday nigh‘.‘s following that the ton team of Hepwor‘hâ€" > big guns but 1 on Monday stcn» the Porâ€" tonâ€"Sicoli {ri0 rash and acâ€" home with the farmers in be for racle in 0n Un ; _ as though ) their own. season‘s bzâ€" Timmins It mi. lles m which is ete in the »lonship in i wonderful e Canadian ‘djdule which he tour will England ¢n fit vour on Sim ilâ€"sSOor}ng but their the lowly s ‘Until he re on the London April 12. Max Silâ€" will be all over ir trainâ€" rip ch! if you It will untrices or the ABUC Watch Pooâ€" Speâ€" Roi play~ and then tuff and *A % ~ nz to get some comnetition from came a* cluse as possib‘e to registerâ€" va‘entm> who now : has 25 minu‘es. ir: a shutout as cnly one goal has Taees totals were comnued after Monâ€" â€" slipped by him in each of the last two Ccay night‘s tilt and © do â€"not xnclud.ax“es Torrmy Houston was the other assists, and Theriault has potted 8 and assis‘ed in 10. Johnny Kovich and Adamo are tied on the next rung of !w1ider with 17 points having 7 ard 10, and Kovich 6 and 11. Hank Porkie winger, is fifth w.th 7 goals and 9 helpings for 16 pgnints, and rounding out the ‘Big seven‘ are Hepworth and Ladds of the ‘orkies wi h 15 points. Jack Ladds res been gzing all out the past few "«mes and his spurge made him the it goalgetter with 13. Alithough idle, Jchnny Kovich still heads the assist depar ment with 11. Steve Brklacich ~f the Juniors stil} holds the penalty record with 33 minutes but is beginâ€" frats not enough to catclh thelést night Greenshirt pair of Andy â€" tiere a Theriau‘t Raliph Ofrlando, who Porcupin nead the scoring parade with 18 Porcupin wints. Orlando has 12 counters and 6 onuto ove After providing for Contingency Reserves, $247,000 for. Bank Premises depreciation, and $950 000 for Dommmn and Provincial taxes were. S1, ‘sout> of 3 ‘nds ( "C'HO r paid, and 3422 000 carrwd forward to Profit and Loss account. This now stands at $1,054,000. Mri~‘Rae bointed out‘ that the Bank‘s statement, showed a : highly liquid position, and‘| that ;total Hssets standing at $393 milâ€" lions, had ‘réachetl the highest point in its history. Capital:$7,000,000 and Reserve Fund of $10,000,000 â€"remain unchanged. «# mmmpoaits Show Increase Deposits increased by $35 millions to a total: of. $358 millions, $8 millions being in Dominionâ€" Government deposits and the balance: almost equally divided between interést bearing and nonâ€"interest bearing accounts. â€"â€" Loans, Investments, Up Investment in Dominion Government securities increased by $19 millions, to a total of $138 millions, comprising the bulk of a total investment of $162 millions, the balance being in Provincial and Municipal Government Bonds and other high grade securities. Current Loans in Canada at $132 millions wereâ€"3.7% higher. Splendid Work By Staff ROBERT RAE, GENERAL MANAGER REVIE}VS ANNUAL FINANCIAL STATEMENT Cash Assets at over $68 millions are equal to 18.63% and Quick Assets at $241 millions are over 66%, of public liabilities. its daily business operations. The Balance ‘shect which has been presented today is the result of the loyal and efficient labours of all members of the staff. We are grateful to them for their coâ€"operation and service during the year: Being closely in touch with all our employees, I know w{zljt a splenâ€" did job they have done and I wish to thank them sincerely on your behalf and my own." Cautious Attitude Advised "Statistics have recorded the unparalleled increase in prices and volume of business and employment over the postwar years, and have lately shown signs of rising less abruptly or even flattening out. This sugâ€" gests the advisability of business, large and small, an adequate working capital position and adopting a conservative attitude towards inventory accumulation and capital epansion.. We are hopeful that the smaller increase recorded in our current loans is an indication that the customers of this Bank, in the main, are following this At the 78th Annual Meeting of The Dominion Bank, held at the Head Office, Toronto, on Wednesday, December 8th, the President and the General Manager addressed the Shareholders. The President, Mr. C. H. Carlisle, was in the â€"Chair. Competitive Banking System preferable to Nationalization Pres. C. H. Carlisle tells Shareholders "The Bank is dependent on the services of its personnel for the successful conduct Canada‘s Banking System "We are in the midst of a worldâ€"wide *cold‘ war which has already ~burst into in China. Canada has taken an increasingly important part in the United - ”'I‘otal ‘Assets Reach New Highâ€" z.=<~~, Loans and Deposits Up, Gen. Manager Robert Rae Points Out Business Advised to be Cautious in Matter of Inventories and ~~Capital Expansion 78th Annual Meeting of Shareholders THE DOMINION BANK «# Hope for Lasting Peace _ here and There. . . . One South Porcupiner down but anco‘ther South Porcupiner up was the theme in Torâ€" outo over the weekend. Les Costello was sent to the Hornets for a little mor. season‘ng and Charlie Blair of Mar‘es was brough: up for 3 games. When KHKe: Clark of Clark‘s Men‘s Wear agreed at the beginning of the season to dounate a hat to any player tuining in a hatâ€"trick or a goalie reâ€" gistering a shutâ€"out at the game play in the Sith End Arena, he never guessed tnat he was going to be santa Claus os often. The last two home games o1 the Pork‘es ccs; Reg "0 less than 3 SEtetsons and came dangerously close to making h:im dish cut another tric, Ladds has earned himself two of the sombrercs and Hanneberry one while Cv Freeman came a* cluse as possib‘e to registerâ€" ir: a shutout as cnly one goal has slipped by him in each of the last two THE PORCUPINE ADVANCE, Nations Organization and we trust that the deliberations of that body, backed by preâ€" paredness, will result in a settlement of the differences which have arisen between Russia and the Western Democracies and that a lasting peace may ensue. We are sure that every Canadian will wish to support those in whom he reposes authority at this critical time." Mr. Carlisle then reviewed the major factors pertaining to the banks‘ shareholders and the operations of our banks. ‘"Your Bank pays a dividend of 10% on the par value of its shares. This rate, to many, may appear excessive as compared with the rates paid on commercial investâ€" ments and government securities. The 10% which you as a shareholder receive on the par value of your shares is only equivalent to 3.87% on your total investment, or 4% on the current market value of your shares. » ‘‘‘The shareholders have contributed much to the fipancial soundness of the Bank. Out of the $12,900,000 paid for their shares, $5,900,000 has been transferred to reserve. Since the ‘inception of the Bank in 1871, out of yearly earnings additional amounts have been transferred and the Reserve Fund now stands at $10,000,000. At all times adequate amounts have been set aside to‘ provide for credit losses. In his address to the Shareholders, Mr. C. H. Carlisle, the President, said that a sound, economical and competitive banking system was essential to the state, to the people, to ‘business, and to their relations with foreign states, and that Canada had such a banking system. "Notwithstanding the successful operaâ€" tion of our present banking system, and the prosperity of the country and its people under this system, one of our political partiesâ€"the Coâ€"operative Commonwealth Federationâ€"has declared that, if called upon to form the government, it will nationalize the Canadian Banks." "With a 3.87% return on the shareholders‘ total investment, can anyone fairly or justly claim that the shareholder has been receiving unduly high and unjust returns on his investment?"‘ The security of this sound investment, greater now than at any previous time, must be maintained for the benefit of both shareâ€" holders and all who deal with the Bank, said Mr. Carlisle. "Legislation governing chartered banks is more comprehensive and exacting than that governing commercial companies. The Bank Act in part provides for inspection of the banks by the Inspector General of Banks, the submitting to the Government of monthâ€" ly detailed statements of the banks‘ operaâ€" tions, the â€"auditing of the banks‘ affairs by two auditors, appointed by the shareholders at each annual general meeting. In addition, each bhank has its own supervisors who mainâ€" tain a continuing audit on all the branch operations of the bank. ~Therefore the Government has adequate information perâ€" taining to the transactions of each and all of the banks. This procedure does not conâ€" flict with the ownership nor with the operaâ€" tions of the banks. "The functions of the Bank of Canada are primarily to regulate credit and curâ€" rency, to promote the economic and financial welfare of the Dominion of Canada, and to transact businessâ€"both national and interâ€" nationalâ€"on behalf of the Government of Canada, but it is in no way a trading bank. Therefore its operations do not conflict with nor duplicate the operations of the chartered banks. The ‘Bank of Canada and the chartered or trading banks give Canada a banking system surpassed by that of no other country. C,. H. CARLISLE, PRESIDENT, DISCUSSES CANADA‘S BANKING SYSTEM An Unsurpassed Banking System Legislation Regulates Banking player to almost wear one of Clark‘s free chapeaus as he mailed two goals an‘ missed many more. Reg will unâ€" doubtedly be glad to see Hollinger and McIntvre come to town rather than the Falls and Combines Dutchy De‘monte seems to be having kimself a g r e at year with the Ranger‘"s farm team at St. Paul in he USHL Here is a piece from one of the St. Paul papers, "One of the most improved players in the USMHL. is Dutch Delmonte of the St. Paul Sain s. In 43 games last season Dutch could on‘!ly bag 12 points Thus far this seas:n in 14 games he has 9 goals and 8 assists for 17 points, and is playing brilliantly both on the defense and attack. . . . Many fans will rememuer Red Reynolds the shifty centreman wi h Dome Porkies about 10 seasons ago. Well, the popular redhead ahs shunned the stick and is now refereeâ€" mg in the American League. The South End Arena has added a hockey games. Be ween the perlods TIMMIN3, ONTARIOQ Provides Maximum Service "The chartered banks are owned and conâ€" trolled ‘by:their shareholders. Bank stocks are widely distributed.. The largest group of people holding Dominion Bank shares are those who hold from one to fifty shares, and constitutes 34% of the total number of shareholders. j "Bank directors are carefully chosen from various professions <and: occupations and from â€" différent ~sections »of. the country. Therefore, the banks have . the necessary information to enable give the maxiâ€" mum service to the people in all sections of our country.© This is evidently: a more effiâ€" cient procedure than could: possibly exist under Government ownership, where a few directors, appointed ‘by ‘the Government, would have control.. The chartered banks are under no p()htlcal direction, neither are they responsible to any.party. The directorâ€" ate of a Government owned bank may change with a change of Government; that would be most disconcerting. In countries where Government cownership exists, <political inâ€" fluence exists. Could .we anticipate that Government owned . banks would . be an exception? Government owned banks deprive individuals as well as incorporated organizaâ€" tions of the right to invest in bank stocks. Government ownership of banks provides only one source for your banking requireâ€" ments; such a bank is absolute as to the terms, condntxons and amounts that you may borrow or the service that. you may receive, whereas at present .you, have the right of dealing with ten competitive banks. One is freedom of banking; the. other is dicâ€" tatorship of banking. the auditorium is> open t and refreshments and t to the piano stylings Ken. .. . â€"Theé m par‘icipate later the Fall‘s improvted showing is the blueâ€"line work of a rugged basher by on, the name of Mathieu. He can real‘ly handle himself and throws his weight around with marked abiity. He cerâ€" tainly would have looked good on the Combine‘s defense last year and Carlo Ca tarello came very close to snagging tim. Kirkland Lake product was all est to come up and then received a very handsome offer which took him to the Halifax St.. Mary‘s Jun‘or team. Cieveland Barons â€"<f the American liked the lad and sent him to San Francisco for ‘this season but he deâ€" cided to forget nro hocke and come home, much to the delight of the Pails team Terry %alentino deâ€" sorves a large shcre of the glory for Porkies‘s 6â€"2 win over the Greenâ€" ghirts on Monday nisht. Neil Pirie, rugged Porkie rearâ€"guard, was out with a shoulder injury and Talentino was sent in to fill the breach. ‘"Tarts" responded handsomely and turned in a yoeman‘s chore. Don‘t be surprised to see him on the blueline from now rather than along the right boards Do you know of anyâ€" ons who is having tougher luck than Normie Woon? A couple of weeks ago Dom Innarelli became rather peeved with him and broke his watch, and then on Sa urday night he brushed against the boards ana tore a large gap in the seat of nis trousers. Norâ€" mie will soon be askings that the eague vbav for all damages sus‘ained, while refereeing. mss m o« TAJ MAMHMAL The Taj Mahal is a famous mauâ€" snleum at Agra, India built by Shah Jehan about 1629â€"50 as a tomb for his Wwile. "Canada is a large ;country...C mpared with the United States it‘ Ts”Zfi% arget in area and 89% smaller in population. Thereâ€" Branch Banking Essential Freedom vs. Dictatorship DOMINION BANK Cash on Hand and in Banks, including Bank Deposit with Minister of Finance............ Government and Other Securities........... Call es sns en udnc ns 6 a k 6k + n a Deposits by other .k kss ks es kess k e Notes in .0. + Letters of Credit, Acceptances and Sundry Other Liabilities . Total Quick Assets.............. Commercial Loans and Discounts....... Bink .. se ce Liabilities of Customers under Letters of C and Sundry Other Assets....... Total Liabilities to the Public....... Capital Paid ... .e 66e 6 k. es ReCserve .+ «« siy s +4 2 .2 2 2t 8i d Undivided Profits........... nÂ¥ 100 Profits for the year ended 30th October, 1948, after making appropriations _to Conm:tgency Reserves, out of which full pr(nls doubtful debts has been made.,......... PAET 4 Provision for depreciation of Bank Prcmnscs ........... Provision for Dominion and Provincial Taxes....... 7 Â¥a Dividends at the rate of ten per cent per annum...... ... Amount Carried Balance of Profit and Loss Account, 31st October, 1947 Balance of Proft and Loss Account, 30th October, 1948 C. H. CARLISLE, President Condensed Statement as at 30th October, 1948 PROFIT AND LOSS ACCOUNT es and Sundry Other Lmbxlmcs iithe Rubnl1t.: 22 * ol TAJ MAMHAL The Taj Mahal is a famous mauâ€" snleum at Agra, India built by Shah Jehan about 1629â€"50 as a tomb for his Wife. THE fore, need for branch banks in the United States is very limited, while in Canidda branch banks are essential if we are.to proâ€" vide our people with an adequate banking service. Canadian banks also mamtam a national and international service.> "During and since the war the chartered bankshavegivenevery support toour Governâ€" ment, sometimes without remuneration. The banks have been and are large purchasers of Dominion Government securities, their hold â€" ings reaching a maximum in November,; 1946 of $3,609,000,000.,â€"yield rates have r:inged as low as 36%. ‘"You, who have tha right of franchlsc, will make the decision." "The banks have not been free from#the high costs of operation. Notwithstanding these increased costs, the average. rates charged to the customers of the bank )1ave not been increased during a period of nine years following the beginning of. theâ€"last war. This, in part, has been made possnblc by increased volume of business rapid turnover. If high costs continue or further increases take place, it will be necessary to increase operational charges. "I believe that the people of: Canada, who have knowledge of our banking system, will appreciate its soundness, its flexibility, the safeguards surrounding its every transâ€" action, its greater freedom of choiceâ€"a $ysâ€" tem that provides the maximum service. * > "I also believe that the Canadian people would not choose to discard. our present bainking system for that.of.a state monopoly. It is of interest to note the percentage of net profit earned on the total funds employed by the bank as reflected by the statement ow under review is only 3/10ths of 1%,. redit, provision for bad and Maximum Service Provided ROBERT RAE, of Canada. .$ 7,000,000 10,000,00p 1,054,510 Higher Cost of Banking Acceptances CGeneral Manager $ 68,053,8 56 35,363 162,335,441 10,8 58,4 57 $241,283,117 136,034,805 5,803,5 70 $393,477,787 $358,501,553 6,055,390 604,484 10,261,8 50 $375,423,277 $393,477,78B7 10,356,295 18,054,5 10 $2,319,434 247,337 950,000 700,000 422,091 632413 1,054,510 For a happy 1949 let‘s do all we can to further the nationâ€"wide campaign to icate â€" tubarâ€" culosms, which kills more people between 15 and A5 than any othar disease. One way of aupâ€" eulasis is by Euyw’ Christmas Seals, sole su the volunâ€" tary tnhreul associations in this country. porting the fight evulams w by bu: Buy end Use Christmas Sea‘s PAGE BIX 204 A A tu barâ€"