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The St. Anthony‘s Roman Catholic Church, beautifully decorated with roses and chrysanthemiums, was the scene of a charming wedding on Wedâ€" nesday morning at 8.30 o‘clock, when Jeanmncite, daughter of Mr. and Mrs. Edward Gauthicr, became the bride of Mr. James McGrath, son of the late Mr. J. P. McGrath, and of Mrs. Mcâ€" Grath, of Marmora, Ontario. The Rev. Fr. Guevremont performed the marâ€" riage ceremony in the presence of a large number of friends of the popular young couple. During the ceremony, wedding music was played by the Sisters of Assuinpâ€" tion at the organ, and Lorraine Poitras, sister ‘®f "the bride, beautifully sang Pretty Wedding Event at St. Anthony‘s Church Church Beautifully Decorated for Wedding Yesterday Morning, When Miss Jeannette Gauthier and Mr. James McGrath Were United in Marriage. "Ave Maria," by Millard, and later wiih Miss Juliette Gauthier, also a sister of the bride, the selection, "Mon Bien Given in marriage by her father, the bride was very lovely in a floorâ€"length dress of raspberry chiffon velvet, made on princess lines, with a dirndl style jacket to match, fashioned with a Peter Pan collar and short full sleeves. She wore a shoulder length vell of raspâ€" berry tulle, with insets ‘vf sequins, caught in a Juliette cap of gold sequins, and long gold metallic gloves and gold sandals. Her corsage was made up of mauve orchids and lilyâ€"ofâ€"theâ€"valley. Aime The groom‘s gift to the bride was a fitted travelling set. Mr. and Mrs. McGrath will reside in Timinins. Lucille Elkins attended her sister, charmingly attired in a gown of black satin. with beautifully finished silver metalic embrodery, fashoned wth a fitted bodice, full skirt and â€" square neckline. Long white gloves, a Juiliote cap of silver mesallic with a shoulder length vyeil of black net with silver embroidery., black satin shoes, and a corsage of Templar roses with fern acâ€" cented her ensemble. Mr. Thomas Casey acted as groomsâ€" main. Following the ceremony, a wedding breakfast was served at the home of the bride‘s parents, 27 Kent avenue. The bride‘s mother chose for the occasâ€" ion a mauve and grey enseimble. Later in the day a wedding dinner was servâ€" ed, and in the evening the bride and groom received their numerous friends at a reception. Miss Juliete Gauthier, sister of the bride, wore a gown of black moire, trimmed with black velvet and sequins, and Lorraine Poitras, sister of the bride, chose a gown ‘uf black velvet, Radio companies‘ statements on teleâ€" vision lately have been varying between extreme optimism and exireme pessimâ€" ism, depending on the occasion. . On the prospect of television coming into the living rooms, the statements slip invo vague and distant forecasts, writes Alton Cook in the New York World Telegram. He gives these excerpts from a statement issued by General Eiectric: The statement concedes ignorance about the number of hours of watching television before eye scrain sets in. Alâ€" so on the willingness to darken a room for the receiving set. They still claim no more than 40 or 50â€"mile radius for any television transmitter under the present developâ€" ment. Audienees smaller and Expenses Up. The high cost of receivers will make the audience smallâ€"small, at leasw, as compared to radio. Because of added scenic and rehearsal costs when an audience is seeing as well as hearing, programmes will cost much more than they do in radio. (That last item may be overrated. Mr. Cook notes. Major movie companâ€" ies set $100,000 as a minimum picture cast, but many a Broadway play is produced for $10,000. Ncearly every nisht of she week brings a radio proâ€" Table models will retail for $150. Cabinet seits start at $350. (Other manufaccurers have advertised sets for less, but the pictures were small, about the size of the bottom of a milk bottlle). Pictures are being received up to the widtih of five newspaper columns, height a little less. _ That is in the most exponsive receivers. (There have been demonstrations of larger pictures, but so far they have been dim and Pictures are width of fi height a litt most expensiv been demonst but so far t feathery). High Cost of Receivers One of the Handicaps. cas(, prod nigh gran THURBDAY, JANUARY 26TH, 1039 gramme that costs more than $10,000). The summary refrains from mentionâ€" ing that excellent pictures now are beâ€" inz recceived. A couple of hundred reâ€" ceiving sets. most of them in the hands of NBC executives and engineers, reâ€" ceive theim from the Empire State Building transmitter, which usually oporates a couple of afternoons and evenings a woeek. Engiish televiston has broadceast tenâ€" nis matches and other outdoor events. Experiments with mobile transmitters have been successiul in America. By colncidence a girl jyumping from a winâ€" dow was volevized one day and a fire another. Most authoritative guesses (lhis is not from General summary}) now are against immediate prospec! of television emerging from experimental stages. ays Television Not YÂ¥ Rival to Radio xÂ¥ The Advance Want Advertint While Grace Line Saria Rosa was in West Indian waters a flock 0% small migrating birds, estimated at Birds in Migration Take Rest on Ships Birds Played Part in the Disâ€" covery of America. (From Toronto Telegram>) "More than four million depositors have confidence in Canadian banks and leave their savings with them." "Relatively speaking Canadian proâ€" ducers have been much better supâ€" plied with credit in difficult vears than have their in the United States." "Banks‘ margin of profit is much lower than that of any other successful business" The six ty â€"cighth Annual Meeting of The Dominion Bank was held in Toronto on Wednesâ€" day, the 25th of January, when the President Mr. C. H. Carlisle and the General Manager, Mr. Robert Rae., addressed the shareholders. Mr. Rae in his address directed his remarks principally to the figures of the Bank‘s Balance Shceet and the Profit and Loss Account. After taxes totalling $259.5%6, dividends,. and other usual payments and contributions, the Profit and Loss Account was increased by $35,122, and now stands at $805.937. he said. He continued as folâ€" lows conceirning the various items in the stateâ€" ment. Deposits Increase "Notes of the Bank in Circulation were $5.260,â€" 80, a decrease of $268,252. "Total deposits were $122,236,237, consisting of deposits by the public bearing interest, $82,649,â€" 949. those not bearing interest $38,053,214, and Dominion and Provincial Government deposits $1.0633.074. as compared with a total of $117,782,â€" 320 a vear ago, an increase of $4,553.917. "Acceptances and Letters of Credit Outstandâ€" ing were $2,975,524, an increase of $908,8290, reâ€" {lecting larger exports and imports of foreign soods and commoditiecs by the customers of the Bank towards the end of the year. Liquid Position Sstrong "Cash Assets, $25,811,060, are equivalent to 19.79% of the public liabilities, and Readily Realizable Assets, including Government, Municiâ€" pal and other Bonds, and Call and Short Loans, amounted to $89.313,872,. or 68.485, of the liabil â€" ities to the public, indicating a sound liquid posiâ€" tion. Investments in highâ€"grade securities, Mr. Rac said, totalled $55,424.072. They were $54,048,741 a year ago.. Call and Short Loans against firstâ€" class securitiocs were $5,284,505 in Canada and $2.489.733 at the Bank‘s New York Agency and London, England, Branch, he stated. Gratifying Results from Constructive Policy Towards Commecrcial Loans. "We are pleased to report," the General Manaâ€" cer declared, "that Current Loans and Discounts in Canada now stand at $47,119,795, an increas: of $5,603,.541 over those of a year ago, "It has always been the policy of this Bank to develop a sound commercial loaning business and it is a matter of gratification that we have obtainâ€" ed a satisfactory share of this business during the past year. We welcome application for sound loans, no matter how small they may be, Improve=ments in Bank Premiscs Mr. Rae then referred to improvements in branch office buildings. "Last year we reported that contracts had been let for the erection of a modern twoâ€"storey banking building at Victoria, B.C. This was completed and I personally attendâ€" ed the opening ef the office in October last; I can assure you that it is a credit to your Bank. "Several branch offices were remodelled during the year, including that at Ottawa. It is our polâ€" icy to improve our premises from time to time as conditions warrant. "During the past year," Mr. Rac continued, "I interviezved the Manager of almost every branch of the Bank. In the Autumn I visited the Prairie Provinces and British Columbia and held conferâ€" ences at the principal citiee en route, with the local Managers and those from nearby points. 1 also had the pleasure of meeting many of the Bank‘s customers in Western Canada." After paying tributeto the coâ€"operation of the Bank‘s Staff, numbering 1.354, Mr. Rae gave his assurance that "the Bank is in a strong position, and is ready to take care of any legitimate busiâ€" ness which may be offered." MK,. C. H, CARLISLE Mr. C. H. Carlisle, the President of The Dominâ€" lon Bank, commenced his address with a brief summary of the results shown in the Annual Statement. "It is encouraging to note the increase in total assets. the higher percentage of loans to assets, the net earnings continuing satisfactorilyâ€"notâ€" withstanding unprecedentedly low rates of inâ€" terest prevailing in the security markets. Durâ€" ing the year many valuable new accounts have been vpened. No major credit losses have been sustained. Improvements directed to higher effiâ€" ciency have been and are being made in the Bank‘s operations." After referring to the appointment of Mr. T. Wilding and Mr S. C. Cook as Assistant Generalâ€" Managers within the year, and to the success of Mr. Rae in the position of General Manager which he assumed a year and a half ago, Mr. Carlisle proceeded to examine thoroughly the position of the Canadian Chartered Banks in relation to the Public and Business and Government, THE DOMINION BANK 68th Annual Report 2,000 and scemingly woellâ€"nigh ex«â€" hausted, swooped down upon the ship and made themseives at home. They showed no fear of humans, freely onâ€" tered cabins and lounges and devoured bits of fooud that passengers and crew proferred them. They rested contentâ€" edly throughout the night, but when daylight camé and the refreshed birds sighted Crooked Island, 150 miles northâ€" east of Cuba, they took off in its direcâ€" tion and soon were lost to sight. On the Santa Rosa‘s arrival at New York it was reported that the birds were wild canaries. This identification however, was scouted by the orinthâ€" olozical experts of the American Musâ€" eum of Natural History. It is possible Mr. Carlisle said: "Over a period of time there has been heard criticism of Canadidan Chartered Banks. I presume a thorough understanding, on the part of the public, of national finance and of a monetary system is more, perhaps, than one can hope for, and a measure of crivicism is to be exâ€" pected and is not wholly to be deplored. It is important, however, that those desiring a fair and reasonable appreciation of the facts should have such facts presented, and I am going to take this opportunity of endeavouring to lay before you, in as clear and simple a manner as I can, certain fundamental truths and relevant considerations which it seems to me the public should keep in mind. I do this because of the vital importance ol a realization, on behalf of the people generally of the soundness, and as well of the fairness of this country‘s financial system. â€" It is indeed danâ€" gerous if the public get the view that there is something basically unjust or unsound in such system, and, consequently, should seck to subâ€" stitute revolutionary and untried theories for practices which have stood the test of experience and have accounted in no small measure for the advance, which over long years and against real obstacles, our people as a whole have achieved." Misundcrstandings About the Banks. Banking and the Public "The main criticisms maybe enumerated as follows:â€"that Banks hold Government in debt slavery: that they do not loan money to help busiâ€" ness: that they give service only to the few; that they manufacture money and credit at will, costâ€" ing them nothing; that when business declines Banks are responsible:; that the small taxpayer is maintaining the Banks which are making high profits and paying their shareholders excessive dividends. that the Banks enjoy a monopoly, both as to receiving money on deposit and as to lending powers." The motives of critics are often questionable, Mr. Carlisle pointed out, but in spite of this some people are misled, Therefore an exposition Of basic facts should be given., Four Million Depositors "The first important truth," Mr. Carlisle pointâ€" ed ‘out. "is that Canadain Banks have served this Dominion well as guardians of the people‘s savâ€" ings. This in point of fact is the primary funcâ€" tion of Banks, and, if they failin this funig¢tion, nothing can atone for such ability of this service was recognized by even the great â€" Socialist Chancellor, Phillip Snowden, when, in 1935, he wrote of Banks doing similar service in Great Britain:â€"‘Even if the Banks were nationalized. they would have to be managed as they are now, if their solvency was to be mainâ€" tained‘ It would be difficult to find any country in which guardianship of the people‘s‘ savings has been more faithfully discharged than in Canada, Not for fiftyâ€"eight years has any banknote passâ€" ing as currency been dishonoured. At the presâ€" ent time savings accounts are at the highest peak in Canadian history. They are indeed 200 millions of dollars higher than in 1929. More than four million depositors have confidence in our Banks and leave their savings with them. It is surely fitting that reckless assailants and soâ€"called monâ€" etary reformers should remember that their acâ€" tivities adversely affect the interests of more than four millions of people who have money deposiâ€" ced in Canadian Banks. Incidentally, this is someâ€" thing which the depositors themselves should not forget. Chartered Banks sifeguard these savings. The Debt Situation "That Governments in this country are heavily in debt is conceded, but, Banks have not created and are not responsible for such debt. Deb% conâ€" sists merely of the use by one person or inslituâ€" tion of the savings of another. There is no way of getting out of debt except by paymentâ€"any other attempt is to defraud or to despoil the lender of his savings. â€" Canada, however, is not bankrupt nor are we a bankrupt people. Our debt can be paid if we will only correct the conditions which have raised it to abnormal dimensions and are continuing to add thereto." Inflationary "Reform" Hurts Low Incomes Analyzing monetary "reform" movements, the speaker declared that "there is one thing common to the whole of themâ€"they all lead to inflation. There are those who checerfully accept the thought of inflation. The fact is, though, that inflation is nothing more nor less than a drastic and irrationâ€" al increase in prices, involving at the same time the despoiling of defrauding of the lender of his savings. The increase in prices is irregular, spasâ€" modic and unjust, Wages under such circumâ€" stances never increase and never can increase at the same time as other prices rise. Péople of low incomes are always the chief losers, There never was a time in the world‘s history, whether in the sphere of Government or of the individual, when honesty was not the best policy and when disâ€" honesty was not a catastrophe as well as a crime. If any change be necessary in our monetary sysâ€" tem the Bank of Canada has all the powers reâ€" quired to make that change. The Officers of that Answering the charge that Banks do not lend freely enough to farmers and to business men, the President said, "They are most anxious to do so because this is their chief source of income. They use the mobilized savings of the people to financeâ€"within reasonably safe limitsâ€"requireâ€" ments of business; to enable Canadians to proâ€" duce real wealth from farms and mines, from forests and waters; to market crops and products Bank are experienced oankers, understanding the Banking systems of the principal countries, and doing business with Banks throughout the world. Our people would likely prefer to leave this matâ€" ter with them than to entrust it to the layman or the politician." Banks Anxious to Leond THE PORCUPINE ADVANCE, TIMMINS, ONTARIO ofi se Grase linor‘s skipper, Curt Zastrow, however, was the extraordinary large number of the birds in distress. In nearly forty years at sea he had known many exbausied birds, single or groups, to save themselives from Uhreatened dessh 2t sea by alighting on ships, but never before had he witnessed so vast a number of migrants taking a safety ride together. Birds Played Part in America Discovery Four hundred and fortyâ€"six years azo, in the same season in which the Santa Rosa acted as ferryboat to its 2000 visitants, another Sama â€" the Santa Mario of Columbusâ€"encountred a large company of migrating birds in these same watery wastes of the vast and unknown Atlantic. In the discovâ€" erer‘s case, however, it was the birds that came to whe rescue, showing Colâ€" umbus and his disheartened sailors the most direct route to the New World. The flights of birds from the Berâ€" mudas to the Bahamas that Columbus saw when his frighicned seamen were threatening mwiny unless he turmed about and headed for Europe, proved a deciding factor in the great discovery. Dt. Frank M. Chapman, curator of orinthology at the American Museum, points out that on on Ocvtober 3, 1492, Columbus recorded that the members of his crews were again uttering amnurâ€" murs and menaces" against him, but that on the following day the admiral wrote that "they were vis‘ted by such flights of birds, and the various indiâ€" cations of land became so numerous that from a state of despondeney they passed to one of confident expectaâ€" tion." Soagoing Aviary Saved Birds at Sea Soagoing Aviary Saved Birds at Sea Some years ago it was not uncomâ€" mon for cervwain European ships to take on, at times, the character of travelâ€" ling aviaries. One vessel that sailed in such a manner that the purchaser gets his money and gets good monecy without delay. Wages, in a considerable degree, depend upon Bank advances, and indeed the whole mechanism of business rests upon the soundness of the prinâ€" ciples used by our Banks in determining their advances. Canada‘s development as the fourthn great exporting nation of the world has been facilitated â€" indeed, largely brought about â€" through sensible use of her banking credit." Commercial Loeans Another complaint is that Banks are using their money to become holders of Government Bonds. Mr. Carlisle explained that, ‘"There are times. when the amount of such Bonds held by Banks is larger than at other times, but this necessarily is because the legitimate demand for funds by business and primary producers is stagnant. By ‘Legitimate demand‘ is meant such demand as the prospects and reasonable requireâ€" ments of the borrower justify. The Banks naturâ€" ally prefer commercial loans because such conâ€" stitute the more profitable end of their business. Commercial loans made by Canadian Banks, as contrasted with such loans made by United States Banks, now show that Canadian Commerâ€" cial loans in 1938 were 88% of what they were in 1926, a year of average lending. The correspondâ€" ing proportion in the United States was only 58 . It is, therefore, established that, relatively speakâ€" ing, Canadian Business and Canadian producers have been much better supplied with credit in difficult years than have been their competitors in the United States. Commercial loans increased in this country in 1938 by 100 millions of dollars or more; while Noans to the Goverment increased by only something over twentyâ€"six millions of dollars. t 4ok d se s "The Banks. as a matter of fact, hold but a fraction of the outstanding se@uritiecs of the Dominion and Provincial Governments. As of November 30th last, these aggregated 6.322 imilâ€" lions of dollars, both direct and guaranteed. Of this total the Chartered Banks held only 1,129 millions, or Comparative Intcrest Rates "It is said the rate of interest paid on deposits is low. In the United States, with which country comparisons are fairer than in any other, the rate paid on deposits is much lower still, and no inâ€" terest whatever is paid on demand deposits. Diviâ€" dends to shareholders are sometimes criticized, but here again there are considerations wholly left out of account. The par value of Bank stock is fixed by law at one hundred dollars.. The conâ€" solidated figures of all Banks, however, show that the actual price at which these shares were issued and sold was, on the average, one hundred and sixtyâ€"five dollars. A further fact also must be kept in.mind,.and it is this:â€"Shareholders have left with the Banks undistributed profits to the average exterlt of thirtyâ€"four dollars per share. It follows that each shareholder has an investâ€" ment of one hundred and ninetyâ€"nine dollars per share and not merely the one hundred dollars par THE DOMINION BANK Cash on Hand and in Banks, including Bank of Canada Deposit with Minister of Finance Government and Other Securities Call Loans Commercial Loans and Discounts Bank Premises............ Liabilities of Customers under Letters of Credit, Acceptances and Sundry Other Assets }eposits :........... Deposits by Other Banks Notes in Circulation .. Letters of Credit, Acccptanccs and Sundry Other Liabilities ..... The General Manager, The Dominion Bank, Toronto, Ontario. We report that we have examined the above condensed Balance Sheet as at December 31, 1938, and compared it with the books at Head Office and with the certified returns from the Branches. We have examined the cash, and the securities representing the Bank‘s investments, held at the Head Office and certain of the larger Branches as at December 3i, 1938, and in addition we examined the cash and the securities held at certain of the imporâ€" tant Branches during the year. We have obtained all the information and explanations that we have required, and in our opinion the transactions of the Bank which have come under our notice have been within the powers of the Bank. Toronto, Ontarie. 17th January, 19 39. In our opinion the Balance Sheet discloses the true condition of the Bank and is as shown by the books of the Bank. apital, Reserve and Undivided Profits ondensed Statement as at 31st December, 1938 through the Bay of Biscay, when at a considerable distance from land, beâ€" came, for example, the "resting place of a goidfinch and a chaffinch and also of snipes." Moreover, "a white ow!l flew around the ship, and still more surprising," says a writer of that day The actual seaâ€"going aviary, the motor ship Delftdiyk, of Rotterdam visâ€" ited America in 1936. Its tenderâ€"heartâ€" ed skippoer, John Samperius, had spent twenty years rescuing exhausted and lost birds at sea. His collection of forty pets in cages included a Japanese thrush, saffron finches from Colombia, a Holland blackbird, two Cuban doves, several varieties of canaries and two Clark‘s crows. LNX it C\ value. Thus, for example, when an eight per cent dividend is paid, it really amounts to practically four per cent., on the shareholder‘s investment "The Banks‘ margin of profit is much lower than that of any other successful business. Net carmings of Canadian Banks for the year 1938 have been approximately oneâ€"half of one pet cent. on total assets." Government Control To dispel the misconception that the Chartered Banks are a monopoly, Mr. Carlisle named sevâ€" eral of the other classes of financial institutions making loans or receiving deposits in Canadda, But. he added, "There is no institution in our country so carefully supervised by Government for the protection of the public as is the Chartered Bank. It is subject to the most rigid inspection and to Parliamentary scrutiny of the most perâ€" sistent kind. Regular reports to the Minister of Finance and to the Bank of Canadaâ€"reports which are laid before Parliamentâ€"are year by vyear demanded. There is continuous inspection by the Inspectorâ€"General of Banks, and by auditors who are appointed by the shareholders. In addiâ€" tion, the Bank Act itself is revised every ten years. It is important that the public recognize the restraints under which these institutions opâ€" erate. and., consequently, the care with which their management must be conducted." ‘ Worldâ€"Wide Reputation Quoting the parable, "A prophet is not withâ€" out honour save in his own country," Mr. Carlisle surveyed the position of Canadian Chartered Banks in comparison with other systems. ‘"The Canadian system stood the holocaust of war and its aftermath, and as well survived without fatality the greatest business depression of all time. In 1933, some 4,000 Banks in the United States with assets of 3,569 millions of dollars were forced to suspend, and as late as January 1, 1937. two thousand, seven hundred and wcightyâ€" seven of these Banks with deposits aggregating 2.880 millions of dollars had failed to reâ€"open. Throughout all this period Canadian institutions stood firm. No depositor had reason for an hour to fear for the safety of a single dollar. It is difficult to exaggerate the importance of this Banking integrity to the whole Dominion,. A wellâ€" regulated system and a high sense of responsâ€" ibility to depositors and to the country constitute the foundation stones of Canadian Banking stability, and Canadian Banking stability was the rock upon which business recovery was built." Prosperity Can Result Only From Production; Efficient Production Always Gets Credit in Canada The President‘s conclusion contained a message of practical encouragement. "There is no legerâ€" demain to be performed with gold or without gold that can make peéople more prosperous, or that can relieve a load of debt. Prosperity can only result from production, and indeed, production ecfficiently conducted can always oblain credit under any sound banking system. It always gets credit in Canada." D. MecK, MeCLELLAND, FX.A of Price, Watethouse Company of Peat, Marwick, Mitchel! Co a* ® H. CARLISLE To Have Roses from Your Garden in Winter Time Writing recently in "Gardening," Margaret G. Cameron says: If you war. roses from your own garden in winter, goâ€"rond the beds in summer in the early part of the day, when the dew has all dried from the rosebuds and select those just showing color. Cut them with a sharp knife, leaving as long a stem as possible.© Have ready some melted wax. and immediately dip the cut stems im<o this. Allow the wax to set; then wrap the rosebuds in tisâ€" sue paper and pack them in a box. Put the box in a dry, cool place where there is no danger of frost. When the rose« buds are wanted, unwrap them, cut off the waxed ends, and put them in tepid water. The buds will gradually open, and be as fresh as if newly gathoered. $ 25,811,061 304,500 55,424,072 7,774,239 3,‘.83 842 $148,380,004 $122,336,237 2,361,012 5,260,489 3,616,329 m mt in e c m c mc om $133,574,067 1 4,805,9 7 $148,380,004 89,313,872 50,115,290 5,667,000