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hE] 9 CRE FRAN ONY or TRIN Cre 8 TE LF 50T PRA TR RAE IIE BASSE otha PEA LE POR SPAR YA SEAR ATER CEASA VIA BG vr AIRE a SH LARARPE TE Ss RR = 3 ~ IN & The Royal Bank of Canada | Annual Meeting a Sydney G. Dobson, President, declares increased industrial put, co-operation. between management and labour and "substantial tax reductions would provide bedrock of future prosperity -- "If business, labour and government keep their heads, there is no reason why we should not com- plete delayed reconversion "to step forward in future.' out- ng, $his. year and prepare © Jyped valuable aid to traders. Muir, General Manager, reports assets at record level for sixth consecutive year -- notes increased financial assistance rendered business 'and individuals--deposits at $1,963,103,951 reach new high point--foreign branches F : . \ ---y 'Warning that layish government expenditures provide no assurance ef good times, and that living standards cannot be raised through Jess production 'and higher' wages, was voiced by Sydney G, Dobson, President of The Royal Bank of Canada at the bank's Annual Meeting, On the other hand he declared that increased production and * whole-hearted co-operation - -be- tween management--and - labour would provide a solid basis for prosperity. He also notedsthat the. present level of taxation was a drag on business and that substan- tial tax reductions would give an incentive to individuals and 'to in- dustry, encourage expansion and mew ventures, c¢ncourage greater production and lower prices and, therefore,prove an aid to; a higher standard of living. CANADA PLAYS FULL PART Stgessing the increasingly im- portant role of Canada in world. affairs, Mr. Dabfon said: "Canada is playing her full part in the peace organizations and served on mine international bodies. She was the second largest contributor of food and thé third largast contribu- ° tor of money to UNRRA. She has the largest store in the world of the basic essential of atomic ener- y--uranium, I belicve that though mm numbers the Canadian people carry small weight _in_the world, when the account of world. well- being comes to be added up it will, be found that the weight of Can- ada's influence was a big factor in whatever success' is attained." ~#] think that experiences of the past few years have brought home to all of us the fact that business and industry exist to satisfy the' needs of people. ribo "There are many wants, such as political and. economic security, fa- cilities-for improvement: and relaxa- tion; competent: health services, and . wider education, but I shall speak articularly 'of the business aspects. believe that prosperous business "conditions will be the bedrock upon which people will satisfy most: o their other wants, - % SUCCESS NOT MADE OF DREAMS . "There have been all sorts of plans laid out by advocates of im- rovement in our economic affairs, Put it is becoming clear that many of the old principles of sound eco- nomics wjll survive, and some that had beet, abandoned must be re- turned to. On the whole our Cana- dian people are sensible and sound. They are entertained. by -pictures ~~ and stories of Utopia, but they know that success is not made of dreams, The story of Canada's ad- vancement.is one of people and re- sources, and the ingenuity of the . people in using the resources. "Roughly '68 - per cent of our 'population are under 40 years' of age. That means that the numerical bulk of the people is not yet 'set' in its ways, but is of an -age-to de- mand the latest, or better than the "atest, in devices, comforts and ser- vices of all kinds. It is a thought to keep every business executive on the alert, because people's wants, sule the market and decide the "profit or otherwise of production. "Given an intelligent. approach by business executives who are trying in a sincere way to develop a better knowledge of what the consumers want, there is no reason why Canada cannot look forward to a period of great: expansion, _.profitable' business, and higher 'standards of living. a . "I regret very much 'the irre- sponsible * outlook many persons have regarding work and wages. 1 am one who believes that the time will come again when possession of a job will be considered an as-, set, when having a little money as a standby will loom larger in peo- e's' minds than leisure hours." rue satisfaction can be found only" when the worker values mainly the. work he 'does, and not how much he is able to-compel his employer. fo pay. I believe in a high standard of living for everyone, and in leis- wre, but. I. am sorry to say that too many of our people to-day make high wages and plentiful ~ "feistire. the greatest aims of their fives. They pay too little attention to the fact that every .producer is 'also a consumer, so that what they gain as producers they. lose as cori- 'gumers. It is wholly false to say | that less production and more pay per worker can assure us of pros- . erity; just as false as to think t raw materials and labour costs _ ean be increased without at least _ a. corresponding. increase - inthe - gost of living." . FOREST WEALTH Reviewing Canadas eompetitive position; nted particularly to | Canada's 19,000 square miles of productive st wealth and urged. that ac- steps be taken "to assure its fon, "Cana "are fens lly surprised," he said, "when they learn that their pulp and pa- mills take only bout 23 per int. of the annual' forest crop, fuel fakes 81 per cent,' 1 laneous wets: ,, and pulpwood is per cent, ad fortunate f, Dobson 1 of the. pulp and paper industry the .|- bilities. We cannot, therefore, af- "Though pulp and paper creates mote employment than any other manufacturer and is the largest sin- gle item im Canada's export trade, yet fire, insects and discase con- sume 60 per cent, more wood an- nually than do the pulp and paper "mills. Other countries have suc- ceeded in practically eliminating wastage due to nature. In Sweden, with less than 8 per cent. of Can- ada's forest area, there are more than twice as many forest engi- neers as in Canada. ~ - VALUE MULTIPLIED "I wish to draw one fact particu- larly to your attention, In 1945 the pulp and paper industry took pulp- wood valued at $122 million, 'and converted it into products which had a gross value of $400 million, ° In other words, the industry multi- ~ plied more than threefold the value to Canada of its pulp and wood cut. In course of that process, its mills gave 'employment to 40,000 persons and paid. them $80) mil- ' lion in salaries and wages. In ad- _ dition, it supplied workers in the - woods® with employment and their wages amounted to: $75 million. When you add the purchase of ma- terials and supplies, $184 million, - you realize how important the in- dustry is to the whole economic life 'of the nation, "That this industry could be fur- ther expanded is evidént_when we --eonsider--that--the--pulpwopd__ship-__ ped -out of Canada in a raw state in a. year would supply a large paper-making industry. i "The. lumber industry which~ in- cludes. production of sawn luniber, shingles and boards, has been in- . creasing. steadily, 'As in the case value of the forest cut has been much increased by processing, in this case almost doubled. : NEW PRODUCTS FROM WOOD : "In addition, new horizons are opening up/for the use of our forest products, Such as in the manufac- ture of plastics and textiles. This field so far has only just been tap- d, and- holds 'tremendous possi- ford to waste or to see carelessly destroyed ny portion of our great forest resources. : . "Throughout the responsible fi- = nancial press during late months, we have seen articles to the effect that today more than ever increas- ed industrial output is a necessity. We peed the best cooperation pos- sjbly' between management 'and la- bor, The high rate of productivity which would result would be the . only effective influence 1 know of . against inflation." : Dealing = with "the question of taxation," Mr. Dobson. noted that war expenditure was. down to 35 . percent. of what it was in the peak year. "Yet the government 1s col- Jecting in this taxation year an amount equal to 24. per cent of the approximate 1946 national income compared with 11,05 per cent. in 1938. The Finance Minister set his requirements at ' $2,769,000,000 in "his last budget, compared with _ $334,400,000 in 1088. . DRAG ON BUSINESS "Now it doesn't matter where that revenue is accumulated by. the government, or how it is taken, the withdrawal of this money consti- tutes a drag upon business. Sub stantial reduction in faxes would give an incentive to individuals and to industry, encourage expansion and new ventures, encourage. great- _ .er production and lower prices, and therefore prove an aid toward a higher standard of living. 'Some' will say the government needs the money for social welfare and subsidies and so on, but would point out that lavish govern- 'ment expenditure has been unsuce cessful in creating prosperity, 'let the government do it' attitude will not get us anywhere, and' ne- Weessity alone should be the decisive factor in judging whether to retam some of the warfime controls 3 ractices. In some cases the manus, acturers' profit has been squeezed 2) betwéen rising' costs and, the price ceilings. 1 approve the policy of removing controls gradually, but. as' quickly as goods and services become available, and I am hopeful 'that world and 'domestic conditions will soon permit us to return to a free economy: % ! "This country reached maturity through its war 'effort, politically . 'and~ industrially. If business, "labor and government keep their heads there is no reason why we should~ not complete dur delayed recon- "version plans this year, and prepare . to step forward in future" " 'GENERAL MANAGER'S ADDRESS In presenting the bank's 77th An- i Report, Mr, Muir, General consecutive year the total assets of the bank, which now stood at $2. ord levels, New records had been established in many- departments of the bank's husiness. Liquid assets - totalled $1,609,742,160 representing. '$1.60 per cent. of the tofal fab - 'tle h ors h; ) rhs Mahle of commercial . time high point of Manager, stated that for the sixth ~ ~-181,974,316; had reached new recs ff loans In Canada is up by $35,780, 321," said Mr, Muir, "but this does not give a true picture for the rea- son that at Nevember 30, 1048, a Viclbry Loan campaign was in full swing; nor is the loan total a eom- plete index of the financial assist- ance which is being supplied by fhe bank to our OE aa in their' post-war business activities. In. cluded: under the heading 'Other Bonds, Debentures and Stocks' are »many millions of dollars Fépresent: . ing the purchase by the bank of short-to mid-term bonds and de- bentures issued by. clients to enable, © them, to carry out expansion and improvements -of a: capital nature. "In addition, the smaller class of customer continues to take sub- stantial advantage of our facilities. This is demonstrated, for example, by the fact that during the past year'we have.made a total of nearly 150,000" 16ans of $500 and under for personal purposes. : { "Qur loaning business abroad hag also continued to expand.as is il lustrated by a well diversified in crease. of $16,628,715 in commer- cial loans." RECORD DEPOSITS The General] Manager noted . that total deposits had increased by more $74,000,000 togthe new all: 1,963,103,951, The number of deposit accounts in operation continues to grow and as a matter of fact has increased in Canada alone by 116,000 during the year bringing the total in operation up to 1,670,000, ! "The profits for the year were $003,244 greater than for the pre- ceding 'twelve months' operations. As you will have observed from the Directors' Report, it has been decided to transfer to the Reserve Fund of the bank -$5,000,000 from the amount at credit of Profit & Loss 'Account, "There will still be left the sub stantial sum of $1,467,414 to be carried" forward. : : © "You will also note that the Re- serve Fund has been further in- creased by the addition to it of the sum of $15,000,000, bringing the Reserve Fund of the bank up to $40,000,000. "It may be recalled that in the depression period of the middle 30's it was dgcided to transfer $15,000,- --000-from*the-Reserve-Fund-to--in--- ner reserves, Time, however, has shown this to have been an overly conservative precaution. "Conse quently the entry has simply been reversed." ; Lo AID TO FOREIGN TRADERS Discussing the wide network of branches operated by the bank, Mr, Muir referred particularly to the useful role played by the bank's foreign branches in facilitating for- eign trade, - 'The unique position which we: ocupy," 'he said, "as thé «Canadian bank with the most ex- tensive -chain of foreign branches, enables us to render exporting and importing clients a banking service ° which. cannot be paralleled." Mr. Muir spoké in higliest praise of the loyalty, ability and interest of 'all members of the staff. "Your bank is not the handiwork of any one man," he said, "nor even of any small group of men. On the con-. trary, it is a monumént to' the co- operative effort of many, cach one serving with enterprise and enthu- siasm in his or her particular sphere. of duty. - - "I cannot commend these men and women too highly to you, nor, as I sec it, can the Management of the bank render a greater service to you than that they should at all times try to ensure that a staff such as I have deseribed is-foster- ed, encotiraged and maintained." Fire Bird _ Cries of "Hey, Pete!" by Punkin, the parrot, saved the Theodore E. Peters family from fire which broke out in the night at their home in Radioots, N.Y. Pe awakened, the blaze, ch started an overheated stove. A navy 'veteran, he got Putikin in Algiers. i 1 J! eleven cooks, two divorces, © seven '- landlords? . change can you suggest?" "she wrote home for more money. . sion it would make, she opened her .- Seeing an 'ol smoked, 'you might have been seventy by now!" ©. His Mistak . "Who is that talkative woman over there?" we s cus!" . p Houses like that above built of prefabricated dlamisum. panels, are b#ihg erected in Akron, Ohig, by 'the Good- year Aircraft Corp. Exterior surface is of sheet aluminum . attached to wood. Between outer shell and inner fiber- board finish is layer of alum- inum foil serving as insula- tion. Sides and roof are coated with plastic paint and impregnated with asbestos.- Upper section of = house + shown is of wood, to demon- "strate variety possible, with this: type of building. At right, a workman ~ tightens = bolt (arrows) that: hold the wall sections together. Each section is made of a series of aluminum panels, riveted together at the factory. ING See 25 +... JUST IN FUN ... \ . Even j a Her allowance had run opt, so Feeling uncertain as to the impres- letter and wrote. "P.Se--1" did not like writing to you. In faet| Iran after the postman to get this letter back." Several days later she received the following reply. "Dear daught- ter: You'll be glad to xnow that I |* didn't get your letter. Dad." Put Years On Him The old lady 'was: very much against smoking, and' took every opportunity of speaking against it. 1 ntleman obviously. enjoying pipe, she couldn't re- sist tellfig about tlhe evils of to- bacco. { "It knocks years off your life," she fithistied. "Just think of 'that!' "Well, madam," replied: fhe old gentleman, "look: at me -- never been -ill a day in my life. I have smoked regularly since I' was six: teen, and I'm sixty now: What do - you say to that?" : "What do I say?' thundéret 'the old lady. "Why, man, if you hadn't "My wife." : "Sorry, my mistake." "No, mine!" Just 'Be- Quiet : The doctor told the film actress that she Was rin down and'needed a change. ' A : © "Al change" said she; "Do you know that durifig: the last eighteen months: I've: had: three: husbands; four cars, three jewel robberies, and What 'other (5) wb ------ Wouldn't Think So. As the man rushed frantically down. the: country. lane, he came across a farm lad. 5 "Quick," he panted. "A man-eat- ing tiger has escaped from the cir- "Ee," said: the countryman pla- cidly, "which way be it going?" . "You don't think I'm 'chasing it, do you?" exploded the runner with a gasp. ; 1} 3 ~ 4 ¢ : % - Second: A. 'First: Advertising Genius A room-seeking young resident "of St Catharines, Ont, speedily solved his "problem with the fol- lowing o advertisement; "Having trouble buying soap flakes, lard or . bacon? Young man, working in a large grocery establishment, re: . quires room, breakfast and dinner No Distinction six days a week, privite home." "Yes, son," said the man of the _ house, "when I was your age 'I was next highest in my grade." "Don't take that too seriously." sighed mother, "your father weht to a little red schoolhouse and there were only two pupils-in his class." Abbot And Costello First, Electrician: "Have you any _ |. four-volt, two-watt bulbs?" "Second. Ditto: "For what?" First: "No, two." "Two what?!" / / Yes! ' : : * 'Which Church ~ Nurse--"What church do you be- long to?" Patient--"None." Nurse--"Well, what church do you go -to-when you: do go?" Patient--"If you must know, the church. which I stay away from | is the-Baptist."" + most of the: time when. I don't go \ 2 - ~ Know Your ~ Hockey Stars By Bd Pitkin The first member of the Toronto |. Maple Leafs to sport a: moustache since Andy Blair was in his hey- . day, young. Garth. Boesch (pros 1 "nounced Bush) looks as if he'll bea: very solid citizen on Toronto: de- i fense this sea- i: son. Boesch, like Garth Boesch troubile- Defence some: task of re 3 "verting from Boesch's case, he has had previous 'experience ass a rearguard. With Pittsburgh' last' season, he alter- § nated between: right wing and de- féenserand in 43 league games pick- ed up 15 goals and nine assists for 24 points. In six playoff games he acquired another four points. * * ~h Garth is not a spectacular oper- . ator - but is more of dependable: type and; it iis this: latter. characteristic that convinced Toronto management that he would ES Born at Milestone, Sask., Oct. 1, 1920, Boesch: has just turned 26, He's a six-footer, scales 185, and is hockey start with Father Murray's Notre Dame Hounds, playing jun- senior ranks in 1940-41 and aided Regina Rangers to: victory in the Allan Cup finals: for the Dominion . segior championship.: He remained { with Rangers the following sea- son and although they were elimin- "Boesch gained recognition as the - outstanding player in the league and 'was presented withthe Gordon Efficiéncy grin pee Ee ---- Air Force in March, 1942, and gain. ed the rank of Flying Officer. When the war ended, he was in- vited' to try out with the Leafs, was sent to Pittsburgh for sedson- Boesch was assigned to a defense role and, after a slow start, began . 1 guard patrol with, celerity. | School of Herring Delays Ocean Liner Herrings--thousands' of them-- "| delayed the 24,000-ton America on her latest voyage. : ~~ Chief - Engineer Pat Brennan, talking to reporters before the crack liner set out on a return. trip to down to 19 knots compared with the usual 23 or 24. ' Nobody could figure it out. | about four-tans-ofrthe fish:had heen Li hauled in by "scoops" in the ship's bottom used to. take tin sea :water i for. cooling: engines. f ' five hours to shovel them out," the. Harry Watson, | is essaying the forward to. defense; although in-'| the solid, * the |" bé a capable man_in rugged going. 'cool in operation. He got his ior hockey with that school tear, from 1936 to 1939. He moved up tox | ated dy Lethbridge: Maple Leafs, | Medal. : +1 Garth joined thé Royal Canadian | made a favorable impression and. ing.. At training camp this year,' . to pick up the rudiments of 'rear: New York, said: the: vessel slowed' | | On arrival, it was discovered that. i "Both the port and starboard. condensers were: crammed full: of the fish," said Brennan. "If took us' = Er 7 ail 3 Jops. Repalriated Allied headquarters has ree ported the completion of mass res patriation of Japanese and other nationals from all areas in the Western Pacific and the Far East" under United Sfates control. 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