THE BARBIE EXAMINER MONDAY JANUARY 15 1951 Iuuu The Annual Meeting of Shareholders The Royal Bank Of Canada Voluntary Curb on Spending General Manager Reports 2Million Would Speed Rearmament and Deposi Accounts Preserve Our Free Economy ll Atkinson tier Lil Staring levitating the banks 1930 Al ntial liepoit stated trial total sets of The Royal Batik of Canada 11I ttu1iti dellitiUUtXl lltt highest point 111 the tit1d of Can 15 Physical controls useful but no substitutei for real attack on inflation Non adian banking Deposits had also incl iscd riiattriaily to reach 52 ml nary expert ures must cut remit the highest point 111 the history of the bank There had also been is gratifying increase in the number of the banks depositors the actual num ber of accounts being over 2000 000 practically 1000000 oi which were 111 Canada Since January 1043 the number of accounts on our books illrCalHHlarllsiin creased by about 000000 or 16 President proposes fourpoint anti inflation program llow the inflationary spiral can undermine the very basis of free Canadian democracy and the pos ltiit steps which slioultille laken now to meet this threat Were cm lNCOME TAXES COULD BECOME TWOEDGED SWORD phasiied by James Muir in his The most powerful weapon in kmW Presidential address at the annual The light against inflation is gen WI15 5923893 111111315 meeting of shareholders of The erally supposed to be stiff if mm by ll lcncml lloyal flank of Canada Increase in the income tax But An prowling 10 Ule The Korean war said My Muir tht test of cffictencv must be dcdumlum clumti Si and the threat of war tltsittlteiu that any income ta increases louwo Vllmdi mu 7153i tullrltltthltl to prolit and loss account of 53050725 bringing this account to 56920039 From this total $0000000 has been llllllelll hail itlltllitt spending and re ward saving Such criterion would Jill drastic had posed new inationary prob lems on an economy already fat igued by the long struggle against ination since the close of World rule increases in corpor War 11 We no ionizer have that Ate taxes especially excess pro Cd Hm RESfine hmd whit excess capacity in capital and tits taxes tend to encourage 500 530000000 inanpower that riiade possible more WING in inanagwrwrrt and in NEW BRANCHES During the your 15 new branch offices were completed in addition to winch rather extensive renova lddition excess protits taxes are lrbitrary in their impact and ntlationary in tltcir tlnal effect guns and more butter in the early years of the last struggle Full employment of men atld normal peacetime demand for capsl in Canada resources is mhmm of wow Ti pmomt monm MK on WWI Ide 63 hI introduced Friday January has special timii gear shift is introduced in the popular mm thong hcmI itself In blunt instrument that work NH chnhmlmlm Itrisi deluxe cab having many of chi interior re halfton units Typical is the F8 fivetori means WWNWT that any additional iii SPonders and srvcrs ound am in assen or model shown aboyt Wm 091va 1m cvWIVSS it milV igl3lj mill p1l1d1155311j fmements usually lnet only curtailing demand prove to be the only weapon which ink had ISHIOILWEIUlIub II II lSCIIlICH this inttins that the if It Uttwunt power to check pm tn we ill =t=9F=9F= mfl additional demand upon our eeon Ptltttultz even though in the WWII 535101 itOUkkttlttHi omy arising out of rearrnament Jrocess some saving is hit as 9pm mnnmc brmwhes and mm min In Simmgmplw must ht mm by cutting hmk Umi subbranch We are now operating January it and haw hm 0m thhm To minimize these faults and britlthts and 17 subbranches Mrs led ilipwell is ill in bed at and conslhhpttun 2400ng ensure fairness would sug gest that airy inccrease in in omc tax burdens should rc fognize ii that an effective at iack upon inationary spending can only be made by broaden ng the tax base through lower personal exemptions t2i that quity demands the vigorous re duction of income tax evasion AID TO TRADERS Tire General Manager reported another satisfactory year for the banks branches in the West Indies Central and South America and in other areas outside Canada ilc noted particularly the important service performed by these bran 5051 or REARMAMENT This curtailment of peacetime demand is the cost of wartime re armament This cost cannot the postponed it must be met at oitce And the fundamental problem of war economies is to ensure that only the least essential part of no it tho apparent outside CtIiICS in facilitating and promoting our public School teacher Mr Mrs Bennett who has spent the Avoid disappointment at farrowing time by feeding pLacctimL dcmdnd thus umul the xed wage and SIIIIIIIV liradc between Canada and other IStuipLSS reports only 14 pupils 111 holiday with her daughter Mrs 300 Mix Brood Sow Ration to your brood sows CdII lump that quhv and em 1015 Important and neces Columntee tscliool last week due to the 1085 Squibb returned to her home with Wiili the present and potential market for hogs unduly In hm aI we cart reduce thL iencv alike denrnid ihc eve complement thC Gavcrrt It is with pleasure that we 0130 lles epidemic We trust Ann Jam them nmalHittcrnand weak untlmfty pigs mean nothing less than dislocation of our economy caused ion mm II ImIDI meni trade activities ware the the first RoundUp of 1951 by welHiathlcen Watt escapes them as immcniclosteito both the farmerIandIthc nation by new armament expenditure if hogsthh of SingunzNWT banking services and firsthand coming the new members of the hht came into this watt0m COOP Mix Brood Spw IRatwndij an 03030 we mdwc this diSlmaiim Cl 31 the public In itiusimiilrl knummgc mm branches comminw appointh this week mm Dec 23 last Jean and BOD ELL PLANNED LUNCH laxalim my that ifisiijiiipaiiliiduiiiiiliiidlfigigs 11 weaned can Increase the effectiveness of mm lhis mmm ilclllllltllc abroad can and do contribute by the town COUHCU William hie are victims Mowers and 01ml homemakcrs iouarsclfhaiidsomc dividends by fecdingitto 0hr wax CHML and at m0 5am mmud xvmpon of IIISIUIIImCO With our chain now numbering 01 Craig and Jack Gable are past There are 01in 357 days left in who pack lunches every dayIshould your wwhiueasom me we Can Unsure that the co romiums and if Ct tiiClllsi Ofces msmc 0f canad and With mambch Who are SUM SCIVIIPVM plan these luluth to and dom we mm dorcnd Ct if savings bonds over libs vhf mews Who have been trained their in 0W Han 11 be 10 supplemenidhe Other meals or the be prcsmvm 19 limlmd Sllck tttt language 50 the 1950 Chairman was 10 KM Why good 1110011 well planned am aware that to implement he third suggestion may be uork for genius in political Ind social invention but if so we should be looking for him fthcr1se as tax rates rise the olunt instrument of the income tax may become dangerous ind perverse weapon that peti illzcs saving even more than 11 penalizes spending The failure to exempt saving when incorne taxes are very iigh will not only reduce their aowcr to prevent inflation What part of peacetime demand can most economically be sacri ficed to the needs of defence There are broadly Three areas of demand in which cutbacks might conceivably be tirade They are 11 the demand by consumers especially for durable goods tili the demand by business for mat erials needed inthc expansion of plant and equipment and 13 the demand by government for iron military goods and services Further inflation can be avoided and are frilly conversant with local requirements we are in an unriv alled position to assist Canadian exporters and importers and all those directly interested in the de velopment of foreign commerce Over the years tlte foreign service of the bank has offered excellent opportunities to young Canadians who have desired to makea career of international banking Such op portunities still exist for young men of courage who have the background and preparation re in me molmy value or melcased the short run but may in the qmmd to qualify 01 npmtam armament 15 offset by the reduced long run prove poqhivc hm Posts in our foreign network of demand by consumers business blnChCS gcr to dcmocracv itself and government for nonmilitary trequ of loft and goods and services may TRIBUTE TO STAFF mzld The gratifying figures we have by Strong middle ClaSSI It before us today are due to very large degree to the efficiency enl thiisiasm and aggressiveness of the members of the staff from junior clerk up and it is tting that should say to them formal but very sincere thanks for job well done In the ordinary daytoday bus iness of the bank our staff contin ued the happy tradition of friend liness always associated with The Royal Bank of Canada For their friendly conduct of business as well as for their read inessto rise and meet emergen cies Yexpress the thanks of man agement to our almost 12000 staff members and as well to those other employees of the bank who con tribute so much to the efficiency of the organization can assure the Directors and shareholders that morale is high and that whatever new come upon us in the nowopenitig year your staff will measure up NOT Enough Once the limits of voluntary saving have been reached we are forced to rely on increased taxes and on physical controls Physical controls may operate indirectly through credit curbs or directly through government allocation of scarce materials combined in var ious degrees with price control and rationing These physical controls are not properly speaking dcflationnry at all From bitter experience after the last war we know that phys Iical controls conceal but do not directly reduce inationary press ure They attack the symptoms and leave the disease itself un cticcked Their proper use is to divert demand from scarce to rela tively less scarce goods and ser vices or in some cases to provide astopgap until scal and mone tary policy can reduce inationary Would be tragedy indeed if democracy should pdrish be ausc in the supposed interest of its own defence it liquidated this guardian of democratic institutions not as substitutes for true antiinflationary policy Perhaps we should not ignore the possibility that having failed to realize their hopes of capitalist collapse through postwar depress ionlthe communists are now try ing to engineer capitalist collapse through the inationary pressure of continuous armaments boom But once the required amount of armaments expansion has been de termined the inationary problem created by that expansion must somehow be met As means to this end should like once more to emphasize the pressure through direct action 32223 igsfriezhgtixgaigf Physical controls have their use tam ordinary expenditures at the espeCauY total war bill they lowest possible level If democra are no suhsmme for deViccs that tic governments fail to meet this believe this is the spirit appro priatento the true Canadian char acter it may not bevtoo much to hope that Canada may become as it were working model of the free economy in action and constant reminder to the world at large that the road to economic freedom is also the shortest and safest road to saviiuru YEAR social progress The 1951 National Health Week in Canada February 410 is the seventhannualobservance of the week we wit Po any attickrmauonf obligation they will in effectwbe giving measure of aid and com FIGHT fort to the enemy At this stage The suggestions made in this the most importantweapon in the appraisal of ways to light ination whole arsenal of war controls is woulcl think be broadly accept the control of ordinary govern able to majority of citizens whc ment expenditure titerinsidekor outside the govern Emphatically the priceof Our intend1 would summarize them as safety is not only the7 expenditure follows of vast sulmsprovided by savings 1Voluntary saving through the and31taxes but eternal vigilance Ipatriotic restraints of consumpv over the uses to Which these funds tion should be encouraged by are put major defence effort the precept andexample of has such an impact upon our eco government business and 1011110 resources and our standard private citizens ie through of living that democratic govern lessI nonmilitary expenditure ment Would be guilty of criminal by government less capital negligence if it did not do all it expansion by business and could to preserve the free economy less consumption especially byfconflning itsordinary expendiJ on credit on the part ofpri tures to the absolute minimum vate citizens We have all heard it said at one Voluntary saving should be time or another gthat American encouraged borxbwing dis capital is taking over our economy couraged and scal policy My reply is simply thatwifthist is made effective by allowing true then we have no one to blame continued movement towards but ourselves If Canadian capital higher interest rates is not playing large enough part ToxesIrequiredto prevent in in developing our resources and fiction should penalize con expanding our industry the red sumption and reward saving son must be not that Canadian cap whether through direct taxes pitalis too meagre for the job but consumptionor through that in spite of the high stakes incometakes than exempt to Canadian capital refuses to take some degreejthc boua de the risk From here on let us see of tillerpublic to it that our vision ourvenergyi 18 especially in and ouririsktaking spirit are not puttoi and found wanting Actually new spirit of enter prize is abroad iii the landper sonally have great faith in it appointed for further three years and these three experienced inernv crises i0 pm hhe oftezgfgn tocotiigmgiiisggig iockey oteir town we feel some recrea if Wechiuld like to mention that tional servicewould be welcomed Excellentfor types Ofbdlf NOT GREASY BU IIPIlease Submit sampleTold leWhIani ii FOR COMPEIENT CUleULl II RoOo UlvlOMIIKIST 31 HthUN JLWLLLIJUD MM MmWandHOPTOMETRISTS Hm APPUINTMENT Hui hlmmr ARR ONTAR 32 lni 8M8 ssss ssss ssn RD TRUCK LINE publicly THE 1951 cars as art optional feature Steeringcol rail and both James and Reg llip Teds iwell have the measles so 05 BETHESDA Hurling has been tnttlllIDth MIS Blltllttih is 510W1y Tm January ti cring from the effects of hot tc Congratulations to Miss Ethel tum fm 0111510 and Lloyd RODEO 0t Rm Guam Gummvrst whimhid U100 tW 01 mmlttd Sitt ims 88m birthday Chrmmns Day mam Jmmary 1951 33 EN ROBINSON 1lhe community hopes he may see MrI and Mm Goutht Squibb Barrie Recreation counsellor dimmer 10 birthdays sued mme in Fellow Fans ented for the friends family andlmld we puckedI pays dividends fans of these minor hockey play in hcahh and mmth hers will provide solid continuityCrs 1111111111 revenue 10nlh1 for the Cornmntees work Missone big night 0f the year IS 1110 Ethel Crossiand through pressure WNW 0f 111141110013 the annual bill of business has been forced to ro quot ltd DUICiHlSiHH 0t Stlitabltl DRUMHELLER Alta icri First local hunter to gab pair of banded ducks Trapper Harris PHONE 2429 siu With out yttu ICmitun it iccmmtim for0 rims league cohhteh hm 1pm of Omega winners It is not necessary to STIIIIISII FfllfdIthft $51133 Mrs Edythe litttmomt has btt wmmim the advantages and mitt Wilt doitlcihltwiiilldwlicilhcr wimcd I0 CUIIIIIIMII ho UNIV bumms of such Churchspun ti piiied term of Miss Crosslind lim SOlCd OllsJIUiYaittm 101 OUY Dung itlmy were banded at the samcl time or in the same locality Poppicton well known in Home 01105 mildc 00551010 by the dona and School and Scout and Cub tion of much time Ibr members work has been appointed as of the many denominations and threeyear member and A1d the fulfillment of successful sca Girdwood and Aid Boorman son can only be assured by large are the town council appointees turnout of spectators at their final to the Committee for oneyear flight Thc Purchase 0f ttCkCtS terms To old members and new twhich are soon to be sold by appointees we offer sincere wel the Dillytl is 0013 secondary 10 come and the hope that good the desire of the youngsters to port on the state ofithe union and th the outgorng chairman Mr liars eahnghvith public IspeakhgI 01 risen is desirous of fulIIturn gammth Iand function roommih out to expedite the numerous items teesI chairing of meetingSI em It of busmess in hand is felt the latter coursewill appeal to members of the Town and dis communlty sermes course have man View their playoff cff for 19il is OMS Courses II commmecMeeng With the GilOperation 0f the Next Tuesday Jan 16 the Com Recreation Committee and the mime M11110 their rm WWW Community Programs Branch the meeting meh by conStitUtmn Kiwanis CIUb 0f Barrie Will Show is the annual meeung Thls Hm 1y be Sponsoring two courses Which meetmg 0f the year lnvowcs the they feel Wm meet With consmer elecuon 0f theexecuuve mlccrs able parmpauon one Will be T0 kee our half personnelr 0f Oiufllgogriiiltzere youth Leademhip course Which IV iriiigilihlyufmdmgs The agenda gigtfigfnwtiio plgisrznihgfrgszifdriLl for the rst meeting of the year Sibihty of leading our youth of to always 100k5 like lengthy ro daYtmd the second course Will be ncw corona Skiing triCt Who are inVOlVBd in the man ea We hardly need to remind the administrative andexecutive jobs ski enthUSIaSt that the Mofult which are natural functions in gt i11ngagulillizadipeignghagt tag democratic communitya CorFtIiiriIgi AIR directly under presi ent re successful weekends The family smithS supervisiom the Youth membership tickets are evidently having great appeal and it looks 10th Course will be headEd by Jack Ough and the Community Course iieiffiii lvndgkingedkfcdiiizrnviii under the hmmans 0f Ray MADEOF llIE FINESI INGREDIENTS Livingston have had toface some bitter dis inrm appomtmems during the bag W0 Shans INC EE Last Bunday over CKBB we re questeda any ideas or suggestions which could be utilized whereby winters Commencing this Satur day free instruction will be avail able at the Club for children from YOIIR um so WELLGRGOMED iggidfyhuclbcgingotcokegnggilglzifijfii by these personsywm are unable No GUMW NOAKAHES Comm toget about as freelyias mostof it NOT STICKY NONDRYING letltfllihtt ttlhlt lwihgzcheldLifiiiieditlgfdae $03131thlguliheyfidgacorxenlwuid No SOHO attritI January 24 To temphasize this certainlylwelcome any may we point out that on this toward this end d4fh Suggestlons ID in eitivt lile Pay for bk