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§ MWWWWMQI Cpl. Alec Greychuk Lieut, G. Fogerty, of Monteith, visitâ€" ed friends in town last week. Captain Ramsay, VY. G. of C., was a Timmins visitor last week. Mrs. H. A. MacDonald arrived this week from Fort Erie. Petty Officer Charlton, RCNVR is a Timmins visitor this week. AY, DECEMEER X3RD, 1943 Miss Rose RBorkoski, of Toronto, is visiting in town for the holiday season. Pte. Art Barnet, R.C.O.C., is spending a leave in town visiting wife and friends for Christmas. 6y Moro, Qusen‘s University at Kingston, arrived on Monday to spend Christmas at his home in town. Cpl. Russ Moocre, Canadian Army at North Bay, arrived on Monday to spend a leave visiting at his home in town. Pte. Jchnny Cooke, stationed at Thiâ€" lo, Man., is spending ‘a leave with his wife and family, Messines Ave. sSgt. Carl Johns, Kingston, arrives this week to spend Christmas leave with relatives and friends in town. Surgeon Lieut. C. E. Irvine, R.CNNV, R. at St. John, Newfoundland, is visitâ€" ing at his home, Hart St., for Christmas. Steve Potocny, Toronto University, arrived on Eaturday to spend Christâ€" mas at his home in town. P.O. Maurice Vachon visiting at his home in holiday. Helgi Hongisto, Victoria College, Torâ€" onto, arrived last week to spend the holiday at his home in town. Glen Code, of Toronto, is a visitor to town this week, renewing old friends and acquaintances. Pat Rosece, of Toronto, arrived last week to visit friends and relatives in town. nd Lieut. George Percival, Canadâ€" ian Army, is visiting at his home in Schumacher this woek. Lieut. R. H. Neame, Canadign Army, is visiting at the home of his parents, Mr. and Mrs. A. Neame, Patricia Blyvd. Mrs. M. Cole arrived last week to visit at the home of Mr. and Mrs. K. Eyre for the holiday. Emile Tremblay, RCAF. is spendâ€" ing ia furlough visiting friends and relatives in town. P.O. Armnold Black, R. C. 4 : 48 szpending a leaye at his home in town this week Mr. Sidney Helperin, Toronto Uniâ€" versity, arrived home last week to visit for the holiday season. Lieut. ‘G. McCord, of Monteith, spent a leave visiting his friends and relatives in town last week. Jerry Larmer arrived last week from Scollard Hall, as 'North Blay, to visit at his home, Cherry St., for the holiday. days fat kerite. Miss Margaret Keeley arrived on Saturday from St. Joseph‘s college in Toronto, to spend the Christmas holiâ€" § Civic Holiday Proclamation 8 Local and Personal EYES EXAMINED GLASSES FITTED Irvin Rosner, R. 0. EYESIGHT SPECIALIST For Appointment Phone 1877 BUCOVETSKY BLDG. 21 Third Ave. Timmins Monday, Dec. 27th, 1943 § Pursuant to a resolution of the Municipal Counâ€" cil, I hereby proclaim % to be a Civic Holiday. It is requested that all places of business remain closed on that day and that all citizens join in the observance of the holiday. her home at the Buffalo Anâ€" Scientific Accuracy With on, RCAF., is in tcwn for the by Mr. D. M. MacPhail arrived from Sarnia this week to visit relatives and friends in town. George DeFelice, of Indianapolf§, is visiting at his hcome in Schumacher for Christmas and New Years. LA.C. Henry Kelneck arrived Wedâ€" nesdlay from Lachine, to spend Christâ€" mas visiting his wife and son in town. Lieut. Vernon visiting Miss Margaret Gentile, of Toronto, is visiting at her home in town this week. Lieut. Conrad Lavigne, arrived last week from Vernon B.C., to visit relaâ€" tives and friends in town. Sgt. A. Wright, RCAF. is spending Christmas leave visiting relatives and friends in town. LAC. Gil Gauthier, RCAF. staâ€" tion at Brandcn, is visiting friends and relaitives in town for the holiday. Bdsm. Joe Bilenki, O.T.C., Brockville is spending Christmas at his home in Schumacher.> Johnny Roy, Queen‘s University at Kingston, arrived Wednesday to spend the holidays at his home on Spruce St. Bernard Lalande, of Val Cartier, arâ€" rived on Sunday to spend the holiday with his wife, Lakeshore Rd. Allan Keeley arrived on Tuesday from Queen‘s University, to spend Christmas with his parents, Mr. and Mrs. D. E. Keeley, McIntyre Property. Miss Rose Marie Martin arrived toâ€" day from Toronto to spend the holiday at the home of her parents, Mr. and Mrs. D. Martin, Fifth Ave. Miss Edra MacDonald, of Fort Erie, arrived this week to spend Christmas at the home of her parents, Riverside Drive. Misses Doris and Nora MacDonald, of Welland are spending Christmas and New Years at their home, Riverside Drive. LA.C. Bob Pearce, RCA.F. at Camp Borden, is spending a leave visiting rel. alsives and friends in Timmins and South Porcupine. Cpl. Tris Cocklin, R.C.A.F. Women‘s Divisicn, is at present spending Christâ€" mas leave visiting her relatives and friends in town. Miss Florette Nadon, of Ottawa, is spending the Christmas holidays visitâ€" ing at the horngs of Mr. and Mrs. C. Desaulniers. Miss Lucette Hansen, of Queen‘s Unâ€" iversity at Kingston, is spending Christ. mas at the bome of her parents Mr. and Mrs. R. Hansen, Tamarack St. Miss Leila Bown, Public School Staff, left on Tuesday for Hamilton, after which she will proceed to Sarnia to take un permanent residence. Lawence Hedican arrived this week from Labrador, to spend the holiday visiting his relatives and friends in town. Bertha Sheridan, R.CAF. Women‘s Division, stationed at Ottawa, is spendâ€" ing a leave visiting her friends and relâ€" atives in town. Tom Harkness, attending University at Kingston, has arrived in town to spend Christmas with his parents, Tamarack St. Mr. Bill Minthorn arrived on Saturâ€" day from Ridley College at St. Satherâ€" ines, to spend the holiday at the home of his parents, Dr. and Mrs. H. L. Minâ€" thorn, Hemlock St. Pte. A. Byrom, of the C.W.A.C.‘s staâ€" tioned at Brantford, is spending Christâ€" mas leave in town visiting at the home of her parénts, Mr. and Mrs. G. H. Byrom, Hemlock St. Misses Laura Ballantyne and Inez Powell, of Kapuskasing, will spend Christmas visiting at the home of the former‘s parents, Dr. and Mrs. H. Veitch. J. E. Brunette, Mayor. M. O. Bissonette, stationed at B. C., is spending Christmas parents and friends in town. COpi. Alec Greychuk, is spending| Jim Ogilvie, R. C. A. F. is spending Christmas leave at his home in town.| a leave at his home in town. Opl. Les Mason, RCASC. spent Albert Fatura, R.C.AF. is a Timmins weekâ€"end leave in Timmins. visitor this week. Mr. and Mrs. W. J. Kitts of Matheson were in town on Monday. Manny Abrams, RASC. arrived ely overseas last week. Don Ramsay, Queen‘s University at Kingston, is spending Christmas at the home of his parents, Maple St. Cpl. D. W. Bent, Canadian Army, 13 spending a leave in town. Helen Thrasher, Canadian Army Nursing Corps, is spending Christmas at the home of Mrs. Leddy, Sixth Ave. Klaus Hakkinen, arrived from University to spend at the home of his parents Jorma Kallio arrived this week from University to spend the hcliday visiting his home on Hollinger Ave. Hugh Allan, Canadian Army stationâ€" ed at Toronto, arrived on Wednesday to visit friends and relatives in towliL Cpl. Wm. Kuinka, Canadian Army stationed at North Bay, is spending Christmas visiting his wife, Sixth Ave. Mike Hriskovich, Queen‘s University at Kingston, is spending Christmas at the home of his parents, Maple St. LA.C. Albert Portelance, stationed at Halifax, is spending Chris‘imas leave visiting his family in town. Mrs. D. Martin, recently recovered from ar cperation in Toronto, arrived at her home, Fifth Ave. on Thursday. Pte. Guy Chenier, stationed at Camp Borden, arrived toâ€"day to spend a leave visiting relatives and friends in town. Set. Fred Boisvert, R.C.A.F. stationed at Halifax, is spending Christmas leave in town. Mr. and Mrs. Albert Hopkins and Wayne, of Porcupine, were in town on Tuesday. | Mr. and Mrs. John Fogg left on Sun. day for Florida where they will spend the winter. Among the Ontario girls graduating last week from No. 2 Training School Toronto, R.CAF. were ‘Gladys Wills, schumacher, as Clerk Stenographer.. Miss Betty June Balantyne, of Torâ€" onto, arrived on Tuesday to visit at the home of Dr. and Mrs. H. Veitch, for the holiday. Pte. Russ Bentley, Canadian Army at Aldershot, N.S., arrives Friday to spend Christmas visiting relatives and friends in itown. - Mr. and Mrs. Len Godin, of Hamilton, arrive toâ€"morrow, to spend Christmas at the heme of Mr. E. J. McDonald, Jchn Ave. Mrs. J. Iannarelli, of Toronto, arrived last week to be the guest of Mrs. Harry Cowden, Gold Centre, for the Christâ€" mas holidays. . Mrs. I. K. Pierce returned on Satâ€" urday from Kirkland Lake, where she attended the funeral services of her late uncle, Mr. A. Carswell. frcm Toronté University, to spend Christmas at the home of his parents Mr. and Mrs. M. Ryan, Elm St. Mr. BRruce Taylor, Toronto Universâ€" ity, arrived last weekâ€"end, to visit at the home of his parents Dr. and Mrs. C. Tayler, Tamarack St., for Christmas. Ordinary Seaman A. Barsevich, visitâ€" ed at the home of his parents in South Porcupine last week before proceding to the West Coast. Mrs. J. Melvilleof Toronto, arrived this week to spend the holiday at the home of her daughter, Mrs. R. Stock, Cherry St. Mr. Mac Baker, of Toronto Universâ€" ity, arrived on Monday, to spend the noliday at the home of his parents, Mr. and Mrs. V. H. Baker, Spruce St. Misses Stellia and Muriel Rothwell, of Grimsby, are spending the holiday at the home of their parents, Mr. and Mrs. H. Rothwell, Mountjoy St. Mabel Thrasher, RCAF. Women‘s Division, stationed at Summerside P. EI., is spending Christmas leave visitâ€" ing friends in town. . Andy Therriault, Canadian Army stationed at Petawawa, is spending Christmas leave, visiting his home, Commerical Ave. Sgt. T. G. Carswell, RC.AFP. station~â€" ed at Tremion, arrivgd toâ€"day to spend Christmas leave at the home of his sister (Mrs. I. K. Pierce, Birch St. Miss Agnes Evans left toâ€"day for Toronto where she will be the guest of Mr. and Mrs. Jim Craney for the holiâ€" lay. Mrs. F. Evans, cf Toronto, and young son. Bryn, arrived on Monday to spend Christmas at the home of her parenis Mr. and Mrs. D. Ostrosser, Hemlock Street. Mr. Max Ryan, arrived on Saturday this week Christmas Rae. St. TGE PoORCUPINE ADVANCE, TMMINS, oNTARXIO Walter Ceceini, Canadian Army, is a Timmins visitor this week. Capt. W. Atwood, V.G. of C., was a Timmins visitor over the weekâ€"end. Mr. H. Stone, of Troquois Falls, visited friends in town over the weekâ€"end. Lieut. R. McIntosh, of Monteith, was a Timmins visitor over the weekâ€"end. Mr. W. J. Doran left on Sunday to spend the ‘holiday in Toronto Mrs. Coleman and son Jimmy, of Sudbury are spending Christmas at the home of Myrs. J. Burd, Main Ave. Romeso Guiseppe, Canadian Army, is visiting friends and relatives in Timâ€" mins this week. Stoker Boyd Prentice RCNVR., arâ€" rived toâ€"day to spend Christmas at his home in Schumacher. Pte. Tom Kovich, Canadian Army stationed at Kingston, arrived home toâ€"day to spend Christmas leave. Mr. and Mrs. Geo. Pratt, of Iroquois Falls, were Timmins visitors over the weekâ€"end. Miss Mary Everard, of Port Credit, arrived on Wednesday to spend the holâ€" idays at her home on Tamarack St. Mrs. Basil Davis left on Sunday for Hailfax where she will sperd Christâ€" mas with her husbang of the R.C.NV.R. Lieut. N. Boothe, of the CW.A.C. Recruiting Unit in Timmins, left on Sunday for Montreal. Mr. and Mrs. E. M. Paukert, of Troâ€" quois Falls, were Timmins visitors over the weekâ€"end. _ Miss Marie Rogers, will arrive from Toronto during the weekâ€"end ito visit her home, Birch St. L.A.C. Tony Harting, RCA.P., staâ€" tioned at Montreal is home spending Christmas with his parents. Georgette LeJambe, C.W.A.C.‘s staâ€" tioned at Toronto, is spendin‘g ~the holiday visiting her parents, Spruce St. Tony Martin, Ottawa University, arâ€" rived on Saturday to spend the holiâ€" days at the heme of his parents Mr. and Mrs. D. Martin, Fifth Ave. Dan Marshall, Ferry Command, and Mrs. Marshall, of Montreal, are visiting friends and relatives in town for Christmas. Miss Evelyn Rymer, of Nobel, arâ€" rived on Saturday to spend Christmas at the home of her parents Mr. and Mrs. D. Rymer, Tamarack St. Miss Dorothy Dodge, of Hamilton, is spending Christmas at the home of her parents Mr. and Mrs. W. R. Dodge, Tamarack St. Connie LeJambe, Canadian Women‘s Corps at Hamilton, is spending Christâ€" mas leave at the home of her parents, Mr. and Mrs. G. LeJambe. a leave visiting friends and relatives in town. Stoker 1 Dave Wemyss, of R.CN.VR. at St. John, arrived on Sunday to spend Miss Anngabelle Lang arrived toâ€"day from North Bay to spend Christmas at the home of her parents; 1 Patricia Blyvd. Misses Harriet and Ellen Harkness, of Montreal, are spending Christmas at the home of their parents, Mr. and Mrs. A. R. Harkness Tamarack St. Pte. Norman Cripps, Canadian Army stationed at Toronto, arrived toâ€"day to spend Christmas at the home of his parents, Schumacher. Noel Belec, of Ottawa University, arâ€" rived on Sunday to spend Christmas at the home of his parents, Mr. and Mrs. A. Belec, Hemlock 6. Mrs. Frank Wismer, of Toronto, is spending Christmas at the home of her parents, Mr. and Mrs. W. R. Dodge, Tamarack St. ; Lieut. Leslie Redford, Canadian Army stationed at Petawawa, arrived Wednesâ€" day to spend Christmas leave at the home of his wife and family, 1 Patricia Blvd. Mrs. W. Bonnville, of Kenogami Que. arrived last week to visit at the heme of her parents, Mr. and Mrs. G. Leâ€" Jambe, Spruce St. Lieut. Fred Evans, Barryfield Ont., arrived on Wednesday to spend Christâ€" mas with his wife an family at the home her parents, Mr. and Mrs. D. Osâ€" trosser, Hemlock St. Allan Stanley is home for Christmas from Boston where he is playing with the Olympics. He will return next week after spending the hboliday with his parents, Fire Chief and Mrs. Stanâ€" levy The financier‘s daughter threw her arms around the neck of the brideâ€" groomâ€"toâ€"be. "Oh, Walter," she said, "Dad‘s going to give us a check for a present!" "Good!" said Walter. "Then we‘ll have the wedding at noon instead of at tyo o‘clock!" "But why, dear?" "The banks close at three!"â€"Exchang> WEDDING LAC. RAmpel, RCAF. stationed at Gauelph, arrived on Saturday to visit friends and relatives in town over the holiday SYSIEM OF FREE ENTERPR ISE DEEMED BEST FOR CANADA S. H. Logan, President, The Coanadian Bank of Commerce Declares War Being Fought to Preserve Freedom not Bureaucracy At the Annual Mecting of the Shareholders of The Canadian Bank of Commerce, held in the MHead Office of the Bank in the City of Toronto December 14th, Mr. 8. H. Logan, President, and Mr. S, M. Wedd, General Manâ€" ager, presented the Annual State« ment of the Bank‘s operations in the past year, together with a review of Business Conditions. Mr. Logan‘s address to the meetâ€" ing follows: The British Commonwealth of Nations has been and is producing mearly oneâ€"quarter of all the supplies and armament of the United Nations, exceeding the combined output of Germany, â€" Austria and occupied Czechoslovakia. Of this great total the United Kingdom produces threeâ€" quarters, and of that share threeâ€" quarters is being sent abroad. Now the great production of the United States rolls onâ€"war expendiâ€" tures of $90,000,000,000 this yearâ€"a Lalf of this in fighting materialâ€" guns, munitions, planes, tanks, motor vehicles, ships, etec.â€"enough to equip 10,000,000 men in their own services and furnish Lendâ€"Lease supplies to Allied forces and civilians of $9,000,â€" 000,000 annually. In Canada production of armament bas not been as large this year as was at first projected. There have been excess accumulations of certain supâ€" plies, scarcity of materials, time spent on reâ€"engineering resulting fron simplified â€" specifications and costâ€" saving devices, and in some areas labour shortages and_ unfortunate labour disturbances. Yet the naâ€" tional effort as a whole this year was on a vastly greater scale than in 1942, experditures of the Dominion of Capada for war purposes increasing by 40 per cent. to $3,947,000,000 ENTERPRISE MENACED Such has Canada done as a nation at war. Despite these accomplishâ€" ments, both of labour and the men by whose own initiative and under whcose guidance have been bult great enterprises and who have given the benefit of their years of personal experience, there is being fostered in some quarters an agitation against free enterprise, whether it be indi vidual or corporate. These reflections are aimed to cast doubt, suspicion and prejudice against any businessâ€" first against the large corporations calling them monopolhstic, but aimed also at any individual enterprise. Apparently distrusting all motives and capabilities but their own, those behind the movement advocate a new system under which all producâ€" tion, labour and distribution would be directed by them alorne. They forget, or ignore, the advancements and achievements that have been made under an enterprise system. They overlook or gloss: over the increases in production ‘and the efforts to lower the cost to the sumer, to provide employment and generally to raise the living standards of all. S. M. Wedd, General Manager, Emphasizes Bank‘s Wideâ€"spread Service to Public Any such programme â€" demands thoughtful examination by every citiâ€" zen, for however wellâ€"intentioned these proposals for bureancratic conâ€" trol may be, they have elements of danger for all classes: farmers and other producers, manufacturers, tradesmen, professional people and wageâ€"earners, The inevitable end of such a system is a form of dictatorship and â€"domination of ithe national economy, with capital, production «nd labour committed to whatever venâ€" tures, whether economic or political, a few leaders may decide. Apart altogether from shareholders in corporations, our system of individâ€" ual enterprise actualty is made up of over 1,250,000 proprietors of business in Canada. â€"These proprietors are the owners of farms, factories, mills, worksl)obps, retail stores and other small business establishments, The interests of this vast number %' citizens engaged in enterprise on their own account, as well as others, would be greatly endangered permanent economic control, and they should not be misguided by the argument that complete socialism is Jeasible merely by control of key industries. Socialism cannot stop short of absolute control every individual business unit, small and large. ALLIES‘ WAR PRODUCTION DANGERS TO ALL CLASSES DANGERS TO LABOUR AsQ te|â€" The people of Canada bhave the ,.| choice of two roads. One is paved as | with promises that a socialistic governâ€" 2, | mentâ€"no matter how the result is to of | be obtainedâ€"can guarantee security ag | and an abundant life for alt from some Q, | imaeginary source of wealth and wellâ€" being. Always this road has ended in economic disaster. BANKING The most ardent supporters of governmental regimentation extend their arguments to nationalization of banking. So far, they do not claim that the Canadian banking system is inadequate or inefficient. It seems that there persists among advocates of nationalized banking the idea that the chartered banks monoâ€" polize credit in some measure for the soâ€"called "big interests." â€" Moreover, it is implied that the banks control; partly or wholly, the "big interests,‘ or that the "big interests‘" control banking in the true sense of the word, for then all the banking business of the people of Canada would be under political control and each individual‘s account be subject to scrutiny by a representative of socialistic authority. Surely the millions of people who conâ€" stitute the banking publicâ€"the four million depositors and the hundreds of thousands of borrowersâ€"would not wish to submit to such results of nationalization. soâ€"called "big interests." â€" Moreovet, it is implied that the banks control; partly or wholly, the "big interests,‘ or that the "big interests" control them, erroncous assumptions since no bank, so far as we know, has any large stock holdings in any trading corporation, nor has any "big interâ€" est" any important bolding in bank: stocks. The greater part of the business of our ten chartered banks, which are highly competitive, is directly with the general public through over 3,000 branches manned by staffs trained to render impartial community service, principally on their â€"individual â€" responsibiity. In this Bank, for_ example, branch managers deal directly with fully nineâ€"tenths of the borrowing tranâ€" sactions through their own offices, making thousands of loans each year to all classes of the public, manufacturers, traders, farmers, wageâ€"carners and others. Agaim, to note the activities of this Bank, its Personal Loan Department, in addiâ€" tion to the above loans, in the Iast few years has lent about $64,000,000 to nearly 400,000 people, an average of $150 per loan. Nationalization of the Canadian bhanking system would be monopolistic it has been altogether smooth, and that no mistakes have been made by those who have followed it, but we do say definitely that it led to Canada‘s great progress. We also say with strong confidence that this thoroughfare of enterprise is the only one that can lead to business expansion, full employment and betâ€" ter economic and social opportunities for all. It is the road that will be travelled by a free and happy people. POSTâ€"WAR CONDITIONS T he other road is our present system of free enterprise. We do not say that $ L % % s CÂ¥ P s of . 1 fishermen an« after the wai manufacturers foreign trade a prepared to m everlastingly â€" maintain â€" that the ouners and managers of business are entitled to a fair and just return aupon their investments." ENTERPRISE THE BEST ROAD tramed sol@Y to be retrai tions, and to there will be eeâ€"operation PERSONAL INITIATIVE NECESSARY FOR PROGRESS We must remember that Canada‘s mnagnificent effort in this war has een duc in large measure to the supâ€" wirt and initiative of her million odd what £ 1 be an dual re t be an ace comesâ€"and we cannot irm it will take, whether it armistice with a period of adjustment or whether it abrupt ending which will all of us speedy readjustâ€" icetime needsâ€"there is one ich we are sure, and that is spending «~export price; that is what the world is for what we have to must also buy from id if our export trade ined. ne of commercial life| duction Pecords LHBHL BE L444 ied efficiency. We may |__ General crop outâ€"turns were nearly ect, after the first unâ€"| oneâ€"third below those of last year: cmands forâ€" civilian | Apart from the farm labour shortage ill bring about a high | acute in some of the largest loyment and generally | tion areas, was the most unfavourable :. Some of those now | planting and growing weather in for war work will have| many years in Central and Eastern 1 for peacetime operaâ€" | Canada. complish this smoothly | _ shortages account for a quired a fine degree Of | drop of about 15 per eent. in forestry between labour _ @And | products and nearly 10 per cent. in to ensure that both| minerals, although even sharper employees will receive | declines occurred in gold production sure of return for the| ang at some individual base metal they render. | mines. AL INITIATIVE |_ As we all know, the _sb:;jlt from a YÂ¥ FOR PROGRESS | peace to a war economy mt ves many memmber that Canada‘s complicated problems, but the readâ€" in * | justment from a war to a peace basis, ffort in this war has hich h ce measure to the supâ€"| we have to face, presents even of her million odd greater difficulties. This is because in rorises. _ If" political the first place the shift to war produc« *A +A Aaa | pijomw is a shift from production to meet »d to destroy or weaken ried % e c im _ | va uncertain requirements of , advancement of this on sane ndnidual reatly be retarded, and of individual consumers to rility tend to become uction to meet a concmtmte.d UE * demand for munitions of war and, in s the second place, because under the ning from no less a PCYâ€" | impuise of patrintic emotion people 3ritish Prime Minister, | gecept more readily the sacrifices and ston Chure hill, agamMmst | inconveriences involued. _ However, «as issued in these words, | the smooth readjnstment to peace te: conditions is hardly less important t beware ;r’-ym to|\ than the converse and it can be ciety in whic y | achieved if we all work together with anything except the | the same determined purpose that has â€"official, a society where | characterized mmldtn, national gzains no reward and | contribution to the successful prosecu» rivileees, I say "try to\ tion of the W ar, ses, â€" If political destroy or weaken vancement of this y be retarded, and r tend to become stationed at a Christmas bnuild‘ because of all the races in the world our people wonuld be the last to consent to be governed by a bureaucracy. Freedom is their lifeâ€" blood . . . We must expect taxaiion after the war to be heavier than it was before the war, but we Ho not intend to shape onr plans or levy taxation in a way which by removing personal incentive wonld destroy initiative and enterprise." There are still great opportunities in this countryâ€"as great as ever in the pastâ€"for people with initiative, ability and a progressive spirit. They must be free to. go forward as the result of their own individuality and enterprise and feel that this war was fought to preserve that freedom and not to develop and build up a bureaucracy. GENERAL MANAGER‘S ADDRESS The Financial Statement now preâ€" sented shows the aggregate assets of the Bank at $1,003,183,000, the highest in our history and representâ€" ing an increase of $116,522,000 over the corresponding figure of the previous fiscal year. Stlxrsh reserves are ~$165,559,000 and total quick assets at $7:4,660,000 are equivalent to 75.10 per cent. of the Bank‘s total lfiabilities to the public. > of the figures which have just been presented. In the first place we have 1,132,973 deposit accounts, of which 97 per cent are accounts of ind it idnuals. In view of this large number of acâ€" counts entrusted to the Bank which we operate solely on the direction of the respective depositors accord ing to their it is necessary for us to maintailt large cash reserves, the first line of which is the Bank‘s holidings of notes 2/ the Bank of Canada and the large alances which it carries at all times on deposit with that institution. Folâ€" _lowing this first line there is the large investment in the short and mediun: term securities of the Dominion of { Canada. â€" After this backfromul of {iquidity there are the Bank‘s loans to individuals and industry. The Canadian banks are, of course, at all times anxious to develop their loaning business and in this way assist in the financing of the needs of agriculture, â€"business and enterprise generally. _ In the past twelve months this Bank has made 201,697 ind ividual loans to its customers and it might be mentioned here that of these over 60 per cent. were for amounts of $200 or Our total deposits now stand at $913,879,000, an increase of $121,â€" 319,000 over last year. This mcerease is made up principally of $65,648,000 in demand deposits and $50,611,000 in deposits bearin interest, the latter notwithstanding the very substantial investments which have been made by our customers in Victory Loan bonds. It may be interesting at this time to analyze in a general way the makeâ€"uf» less. There is then the investment in the Capital Stock of the Bank. There are 12,228 shareholders and of these 7,630 reside in Canada; the others almost entirely in Great Britain and the United States. The average holding is about 24 shares. An examination of the figures which I have just outlined shows that while the assets of the Bank are large in the aggregate they mainly counterâ€" balance the liabilitiee to a great number of individual depositors. FINE STAFF RECORD The integral and vitalizing factor in the production of our Balance Shoet is, of course, the staff of the Bank. In the past year the banking system, in addition to its already enlarged dayâ€" toâ€"day responsibilities due to war activities, has taken on among other governmental services "coupon bankâ€"~â€" ing" for the Ration Board. In the past year 323 additional members of the staff have joined the services, bringing the total upto 1,618. Of these 45 have given their lives for their country and we shail miss them deeply. I am sure you wiil join with me in extending to their relatives our sympathy. With respect to our young men and women now in the services, we would like to add that it is our‘ hope that they will soon be back in civil life and to say that our foremost thought is to see that employment is immediately available for them in the Bank. BUSINESS CONDITIONS The past year has.set a new high record in industrial activity in Canada in response to the greatest requirements for war materials ever known. There have also been brought into operation the last of the newlyâ€"= built plants and extensions underâ€" taken: in earliee years to provide facilities for the vast and wellâ€" rounded armament production that has made Canada the fourth largest arsenal among the United Nations. Mrs. Don Howard, of Belleville wilth her lhibtle dsughtes o1 <y, is V 8ME wmother Mrs. Retillv, for the Christâ€" On the other hand, the primary industries, agriculture, forestry, minâ€" ing and fishing, all showed lower proâ€" duction records than in 1942. General crop outâ€"turns were nearly oneâ€"third below those of last year: Apart from the farm labour shortage acute in some of the largest tion areas, was the most unfavourable planting and growing weather in many years in Central and Eastern Canada. #t t EV