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aie 32 Bd Miss Isabel Tanner, daughter of w. ton Gisborhe Starr Memorial Scholarâ€" W. Tanner. former Timmins High ship" to Toronto University, valued at School Principal, graduated from 8. $850; ~"The University Women‘s Club Former Timmins Girl Outstanding _cost and price of commodities (both war purposes. Now we have the ~the rate and volume of consumption #A s \ war years our productive capacity effortsâ€"must be directed to maintainâ€" » M period and they all are not yet solved: New problems and issues that were in the first _ instance _ considered _ of secondary importance now are develâ€" oping to an extént that commands careful thought and study. From the maze of ideas and ideals that gained prominence during the war years two stand out: the objec:â€" tive of a high level of emptoyment and the desire for stabnility. These "targets‘"‘ are not capable of achieveâ€" ment _ merely â€" through â€" legislative enactment nor are they capable of, statistical: measurement, yet they well may serve to set the course of economic activity for years to come. To reach these ubjectives there are a number of factors to be reckoneik with and a thorough understanding of these is of prime importance. I have particular refcrence to the impact of the warâ€"time ecxpansion of money, the domestic and foreign), and the effects of taxation. Is approaching the problem of retainiag a high levei of employment we must remember that during th and our productive possibilities inâ€" creased many timesâ€"but mainly for, isks of encouraging and increasing of. our products both at home and abroad. p\\’ith respect tostability, our: ing a balance between deflation an 4t M idys 5. /C â€" oi in There have been unforeseen diffiâ€" culties to cope \\'l_l_'l in this transition RECONVERSION A year ago we faced a major task of rec@sting Canada‘s greatly enlarged productive isystem to cope with the anticipated needs of peaceâ€"time both in Canada and abroad. This changeâ€" over involved the cancellation of war contracts .of ovér $1,000â€" million, the transference of at Jeast 145 million people from the armed forees and munition plants to civilian occupaâ€" tions, ~reconditioning ~of over: worked industries and the redistribuâ€" tion of available materials, Up to six months ago exceellent progress had beenâ€" made but then delays ensued through a series ol employerâ€"employee disputes which crippled the progucâ€" tion of many factories and imills during past summer. We lost among things during that. period a very large volume of indusâ€". trial production, which might now be regarded as the "unfinished business" ol ithe current year and which must be undertaken anew. dn the last two months there has â€"been a resumption ol business in all fields aind, taking the year as a whole, how well this massi¢teâ€"and arduous reconâ€" version work has been done muay be judged by a few facts, * *% Civilian employment during the year reached _record .peaceâ€"time level, in spite of the diffhculties of â€"creâ€" location, and it has been estimated that in the spring of this year 43 million â€"people gainfully emâ€" ployved. Production of civilian geods zenerally has _ been highâ€"excseding, in many lines, the volume established, in 1939, Noticeable, too, has been the â€"buoyancy of our exports which have been at an avoerage monthly rate of roughly $] 75 million, and this without the volume of war supplies that bulked large in exports in the| war years,. This average in compariâ€" son with 1935â€"1939 figures is about double the preâ€"war value,. Imports of a monthly average of approximately $150 million were the highest in the. recent history of this country. think we can all agree that this record is a worthy accomplishment. standing. The orchard districts have prospered, although the difficulties of obtaining adequate packing and shipâ€" ping materials hindered for a time the: marketing of many of the products. Forestry ~operations are the most active ever undertaken in Canada owing to a peak demand at home and abroad for lumber, wood pulp and. newsprint. All in all the year now: coming to a close can be considered a good one so far as our primary prod-i uects are concerned. Canada hag so long been.considered by many ln*w a country dependent [or its prosperity on the products of the land, beit in agriculture, forestry or mining, or of the sea, that the industrial development which took place during the war years may be overlooked. â€" This development . was essential to the war effort, butsin the year that has passed we have comâ€" menced a notewort hy reconversion to peaceâ€"time activities. More than twelve months have passed since the fighting ceased on the battle fronts of the recent World War. The people of many of the countries involved are directing their efforts now towards the achievement of their ideals of peaceâ€"time activity, and so it is in Canada. At the end of our crop year we view a country which has received a full nreasure of the bounty of Providence, This year‘s crops over all are among the highest on record. The harvest in the Prairie Provinces has been At the Annual Meeting of the Shareholders of The Canadian Bank of Commerce, held in the Head Office of the Bank in the City of Toronto, December 10th, Mr. Allan E. Arscott, C.B.E., Presi«â€" dent, and Mr. Stanley M. Wedd, Vireâ€"President and General Manâ€" ager, presented the Annual Stateâ€" ment of the Bank‘s operations in the past year, with a review of sbusiness conditions. Mr. Arscott‘s address to the meetâ€" ing follows, in part: + A. E. Arscott, President, The Canadian INTERNATIONAL TRADE IMPORTANT Test of High Em Countries‘ ' Trade V S. M. Wedd, Viceâ€"President and General Manager, Presents Stromng Statement of Bank. Record Assetsâ€"and Deposits. Bank of Commerce, States Mdlhe fin;*‘ 'i- connecti 1t timels to pdoint out that € angm in rates of pay for certain groups do little more tham give these groups greater comâ€" mancdcover thesavailable supply than those. groups not included . in ‘pay mcreases .*\nd an overâ€"all increase, MV C , 5\ SSCDHL+ _ ~bheem | +C ?nwanaad wirecent months. Wage | S€* s mt be trom. the | 4W Jfi“% 6 the ::; finfi (fi I i : e co:mecqu_l 1t timela | tim ‘to ‘point out that c anges in rates of the pay for certain groups do little more | evie Athe cconomy eauses a -wat- of "< rganizatiort 'fllroughout ¢g;cutire . systepm.. This shas ‘been enwnstfil'éd wirecent months. Wige tayes toâ€"agréater éxtent to .:l]low‘, of _a mO('hh(l:lation of direct income .taxes which. }arerlm\;ing €7 kaopering eBéct : 6h and prothuttion" in general. . «PRODUCTIONâ€"AND WAGES nds e ulc d +o . ty# 20 m Ni ul oi vâ€"-â€"â€"â€"-â€"--vcw *<The productnon has been inctrased* by ~Work -stappaqcs and shortages. . Because. of" the «interâ€" tepententt o1 allbranches of industry a disturbance or dislocation in anv " ‘Taxation afidâ€"spending in the main are inseparable; Atpis wyell umlerstood that taxes areâ€"necessary and that â€"no single ideal expenditureâ€"revenue patâ€" term â€"can be‘ outlined. ‘The .effect, however, of continued heavy taxation on peaceâ€"time activity in all spheres suggests fresh study towards revision of, â€"tax styrncture.© : Also, cohsideration â€"mav . well, be.given. to the advisability ofturnover or ‘sefecâ€" warâ€"time ‘taxes are paid willingly in the main because people are motivated sense of patriotism and datv. When this urge subsides tha conitinued heavy burden ‘of taxaâ€" tion becomes noticeable and acts as a deterrent to: investmenty to riskâ€"takâ€" ing, to saving, and also‘to productive activity. <Atâ€"must be recognized that taxes," wlwtlw thev are levied on _goods or services or carnings,; in the end ‘fal cupon the citizens. It is impossible to appraise the reaction ol all individuals concerned, but with the great body of workers the Thiporâ€" tant» factor=is notâ€"the gross income before tax ‘dedtiction at the sqource, but the amount ol (the "fakeâ€"home" pay:~‘tn the individual‘s mind the question of whether or not he is being reasonably _ rewarded chis w mk hinges on the net amount he receives io hisâ€"pay envelope. Thus the natural. incentive of the worker to put forth extra‘ effort ‘to achieve maximum per capita production, ‘with higher gross carnings, tends to diminish when heavily graduated income taxes have | the seffect of ~allowing ‘a~relatively lowor â€"net returnâ€"for â€"the extra work; consequently production suffers. In like fashion veiy highâ€"taxés have the élfecet of: dncouragmg venture capital necessary ‘for ‘the,, development of those assets: which have a rclatl\ ely hlgh rate of: dcplctu)n * ECC -‘0-.‘-‘ s\ 2E3 N2 dn t n ts c 0 0 WE ce h d h P 2c ) n o .c In _ interpreting inflationary _ or deflationary tendencies it is usual to begin with anâ€" assumed balance beâ€" "tween goods and services available on I theone hand, and the purchasing power ofâ€" the people on the cother. Deviations * from this balance are | viewed as inflationary or deflationary depencing upon which factor is in greater supply. » ; quantity | of money avy mlab e now for consumption purposes in relation to the present supply ~of" goods. emphasizes the inflationary potential. In pursuing this pattern of thought caution must be exercised in assuming that people will spend without regard for price or ‘exeraise of choice. However, as I have indicated already, the of the pendulum »depe nds upon many facâ€" tors, : not the l(-.N of which is the attitude of the consuming publicâ€" and their attitude cannot be forecast with any ‘degree of accuracy. Having regard for the above cirâ€" cyumstances it is in th«- interests of all business to consider in terms of curâ€" rent ¢onditions the: signilicance of term "peitâ€"up demand", and what has become known as the "backâ€"log" of unfilled orders. ()ulnmrnl\ ce mand is_governed _by prices, and upward price / adjustments may to restrain the volum of replacement demand. Care must be taken, thereâ€" fore, to aAvoid the making of commitâ€" ments which depend for success upon further price increases and free spendâ€" ing. ‘ Also it cannoet be o\nluukml that "pricing out of the market" can happen both at home and abroad. Hence it is necessary to keep in mind that incréeasing costs of, production can be the main ‘contributing factor to sud\ a (lC\ clopment. TAXATION . Among â€"herâ€"@wardsâ€"were three valuâ€" able achqla;fl;lpo: “The Frederick Newâ€" ton Gisborhe Starr Memorial Scholarâ€" Catherines Collegiate with outstanding inflation. â€"Overâ€"all policies must be designed to match consumption with ‘maximum output INF LATION ARY TENDENCIES .. IN THE. ECONOMY ~‘Fhere ~care many definitions of ‘inflation and much attention has been directed to its inherent evils. As an almost ingvitable accompaniment of chighâ€"level warâ€"production, there has been a marked "expansion : of the volume of money ‘which might be viewed as monetary inflation. On the otherhand,; by means of price and wage=controls, cinvestment of savings in Government bond issues and taxation to meet the costs of war, price inflation has béen moderate. However, ~the: increase in money supply bringsâ€"with it, ominous possiâ€" bulitifes, (the> seriousness of which depends on aniumber of factors. If people ‘decide‘to ‘hold their cash or savings deposits and to retain Governâ€" ment bonds bought during the war instead of making ‘purchases while goods are in â€"short supply, then to that extent the threat is reduced, but it will still be present â€"until increased production at relatively ‘stable prices brings the post:war supply ol goods into balance with the present volume of money. f P ingness to Canada ent is Foreign tw L should like to emphasize at this time that the satisfactory results of the past year‘s business are ample evidence that the staff of the Bank are competent and aggressive. They are_ a splendid group, of. men amd} women, ‘of whom the sharcholders can be justly proud. > h s BWE a c d3 «20 ---- E0Cs se NoP 3 t C ',I.‘l 1 *# see that the period they have been away has not been a handicap to them. It is a souree of great satisfaction to welcome back to the Bank so many of our staff who were in the Serviceâ€". We are taking all possible steps to EL i 30 4 5+ 80 Earnings for the past year are higher and it will be noted that after providing for increased dividends the amount _ carried forward into the Profit and Loss Account is $601,239, This is $205,713 in excess of the amount carried forward a year ago, Our various branches ‘continue to bevery: busy aud in a numberâ€"of instances areohviously in need nfi enlargement. However, rather than accentuate the existing shortages in materials, we are restricting our building program to the bare necesâ€" sities for the time being. Painting and repairs are of course being proâ€" ceeded with as the situation require and as manâ€"power is available. The total of the deposits by the public stands at $1,233,018,308, ‘repâ€" resentéed by $536,145,245 in current accounts and $696,873,063 bearing imnterest Current dloans inâ€" Canada now amount to $237,869,093. There is an increase â€" of_ $50,978,322° in these figures which is an indication of the general activity of postâ€"war business. QOur current loans elsew#ere amount $9,024,053. to $27,325,910 Our Call Loans in Canada, which amount to $14,526,710 are down from last ye@r and reflect to some degree the readjustment which has been taking place in the various stock markets. This also applies to the figures of our Call Loans elseâ€" \\hnv whiclt presently stand @# um t Public securities other than Canaâ€" dian _ now â€" aggregate $63,733,181. These are mostly represented ln the obligations of the United Kingdom and of the United States. We have on deposit with the Bank of Canada and in notes of that Bank $140,193,543. , Notes of and cheques on other banks amount to $37,421,893, Dominionâ€"and Provincial: Governâ€" ment securities, of which over 36% mature within two years, stand $770,381,773 1,500,000. _ This "is a_ gratifying reflection of our useful service. , As: you â€" will observe from the Annual Statenmient which is before you, the total assets of the Bank stand at $1,441,581,728, an increase of $£157,260,944 in the past twelve months. ()lnd\ assots â€" aggregate $1,1106,523, ”() or about 81% of llh, Jank‘s labilitics to the puhlw. We are pleased to present to you a balance sheet which indicates a satisâ€" factory growth in the business of the Bank and also to report that the number of our individual customers, both borrowers and_ depositors, is continuing. to show a substantial increase and now, aggregates over In conchusion, 1 may say that in today‘s transition period it is necesâ€" sary â€"toâ€" recognize theâ€" dithculties involved in replacing the war incenâ€" tive of "selfâ€"preservation" with the ideals of _ individual freedom and liberty.. In this task we tmust not lose_sight of the principles of demoâ€" cratic society, as we know them, in spiteâ€" attractive alternative proposals which ultimately must lead to the subjugation of the individual to the state. 1t is not my intention to attempt toâ€" allocate responsibility. but it becomes our businessâ€"the business of everyoneâ€" when conditions arise which make it impossible to operate as a free people, We Canadians, and I believe I speak for all of us, understood that the recent war was fought to destroy the possibility of control over our lives by the exercise of power, Maintenance of this objective through the transition is of equal importance, Let it be remembered that individual freedom and democratic government were recognized many centuries ago as the highest yet most ditkcult way of life to attain. f Our stake in world trade is perhaps as high as that .of, most countries involved in the trade discussions to be carried on in connection with the operation of international monetary agreements. _ Unless: nations work together on problems of trade, efforts to stabilize exchange rates and to encourage the flow of international investment capital will have fittle chance of ~being effective. _ Interâ€" national trade is the keystone in the whole program of economic coâ€"operaâ€" tion. It is obyious, therefore, that our aims must be at least to maintain the current Jevel of exports, to trade with a wide variety of countries, and to achieve a wellâ€"rounded balance with all. countries. It seems reasonable tkercfore to support the rehabilitation of European economic areas and their importâ€"export programs. Throughout the war years many reports have been received of the hig?n standing of Canada and Canadians. Even in recent months Canada‘s role as a creditor country has been noted favorably in other countries, perhaps because few, if any, political strings are attached. This is all to the good, and no Canadian can be other than proud of this record.. However, war conditions pass, and no less than ourselves are the people in other countries working toward rchabilitaâ€" tion. Tt is at this point that we must trade. not on our record of the war years but on the quality of our products and on our prices relative to competitors. Changing costs of proâ€" duction and other allied factors may well alter our terms of trade to our disadvantage. The test of sustained high domestic employment is the continued willingness of foreign counâ€" tries to engage in trade with us. assuming the same rate of produpâ€" tion, ‘ultimately completes the cyclic with everyone back in his relative position. GENERAL MANAGER‘S ADDRESS Isabel also won the 5th form Genâ€" eral Proficiency Medal, taking ten 1st class honors and one Ind class. She was Valedictorian of her class at the recent commencement exercises. Schoiarship‘" of $100; and the "Board of Edurcation Award" of $100. Three dimsensional posters make efâ€" fective decorations, and are easily made from cloth, stiff paper or other maâ€" terial.. This type of decoration is parâ€" ticulaxly effective made up in the traâ€" ditional, Christmas scenes such as the bringing in the Yule log, Nativity scenes, or â€"caroling. Christmas cards are a good source to go to for suggestions if you need a design for a poster or buletin board as a central piece. If color is to be added, paint the gourds or:â€"pine cones with poster paints and fasten them on the pine boughs with wireâ€"or string. Pine cones paintâ€" ed in white and edged with red or blue are especially striking when liung aâ€" gainst a dark green background. Christmas greens are the favorite deâ€" coration and most universally used in all countries. In America, the pines, holly and mistletoe are displayed in wreaths or hung.about the roum to give a holiday atmosphere. Otgher natural materials may be ag- ded, such as pine cones, shells, seed pods, ground pine or fruits. Christmas is the season for parties when people spend much of their time indoors either entertaining or being entertained. It. is during this season that everyone is looking for new ideas for decorating homes, offices; recreaâ€" tion centers or gathering places. Don‘t look at it. as a chore, or someâ€" thing that can be done in the last few days before the actual holiday. Make preparations for it ahead of timec â€" and you will see how much more enâ€" jJoyment everyone will get out of it. Have you been chosen to arrange your office or lodge Clmstmas party this year? ; _ _Last year the league was carried on â€"almost singleâ€"handed by Charley Lepâ€" pan, whoâ€"felt that if the boys were to receive the necessary training he would need assistance. Mr, Leppan felt that the enthusiasm of the boys last year warranted. a league this year. The new executive .elected were: .presid_ent.._ Charles Leppan; viceâ€"presâ€" ident, Howard MacGregor; Secâ€"Treas , Bob Buell. The executive will hold their next meeting.atâ€"3 o‘clock, Sunday, December 15, in the Municipal Building. Office or Lodge Decorated With . ' Little Effort The intention of the league was to provide organized hockey for boys unâ€" der 16, the age when future hockey players need proper training and coaching. : The league should help proâ€" vide Timmins senior players in future The first meeting of the Timmins Midget Hockey League met in the Municipal Building on Sunday to forâ€" mulate pla.ns and elect an executive for the coming season. Six Teams Proposed 1 Midget Hockey League . Wife Preservers In introducing the speaker for the day, Kiwanian Earle Barkwell, referâ€" red to the fact that Flight Lieutenant Arthur Carveth had spent eight years with the R. C. A. F. He had joined the service in 1938, and after giving. good service in Canada in the earlier days of the war, he went Ooverseas, where his work won him mention in despatches. He spent two and a half years overseas, and was adjutant of coastal, fighter and bomber command operational squadrons. During the final year of the war he was adjutant of bomber command operational sqthadâ€" rons. Mr. Carveth was a Montrealer, and came here to join the staff of CK.G.B. Recently he had been named as publicity director for Timmins Adâ€" ult Education committee. _ One of the interesting sidelights on life and attitude in the R. C. A. FP. was the fact quoted by the speaker in reâ€" gard to casualties. "There was never a form letter sent to a mother or other relative to tell them of the death of a loved one. The officers in charge alâ€" ways made time to write a ‘personal letter expressing the real sympathy that was felt." The speaker had special commendâ€" ation for the Commonwealth Air Training Plan, and the Canadian flying men who had made it so outstanding a sUCCEeSS. The food overseas was good, the speaker said, but quarters were usually overcrowded, and the winter weather was often very difficult, but the ground crews seemed to do their full duty desâ€" pite weather or anything else. After vivid outline of the training in Canada and overseas, the guest speakâ€" er touched on actual operational work in the war, mentioning patrticularly the battle against the submarines. The brilliant part taken by Canadian airâ€" men was explained, while the speaker had a word of praise for ground crews who had shown so much faithfulness and skill. In the squadrons under his charge only once did an aircraft fail to go on an operational trip as arranged. and even in that case it was believed that the manufacturer, rather than the air crew, might have been at fault. The incident happened on the last day of the war. As a sidelight, he mentioned that in one way, the men overseas did not acâ€" tually enjoy all the generous parcels sent them. In another way, of course, these were the most enjoyed of all. He had in mind cases like that of the Porcupinge Squadron, who had pooled their parcels, made and bought toys, and then played Santa Claus to an orphanage. This sort of plan was followed by practically all the squadâ€" rons, and the result was that the Canâ€" adian airmen by their good nature and generosity won the affection of the people of Britain. RCA.F. stood high, indeed, and had done a very fine job during the war Some of the credit for the high morale must go to the folks at home who showed such keen interest in the Air Force and by this interest and the parcels and letters had added to the strength of the men on active service. R. C. A. F. since its organization after the war of 1914â€"1918. Into a brief adâ€" dress, he packed a most interesting array of facts and figures and names of Canadian flying men, and held the seenest altention of all throughout He felt that in men and morale the A. B. Carveth, the guest speaker at the weekly luncheon of Timmins Kiâ€" wanis at the Empire hotel on Mondary, gave a comprehensive review of the Forcupine Kind Kiwanis Told NN N0 16 1600000 00000 000000 1000 61516006 100. 4 5 6 4 14 4 % 35 5 5 5 5 5 5 5 5 t 4 4 5 4 4 5 4 % % 9 Removal of controls on wages and salaries made at an unexpectedly early date, was wise. Whether the Governâ€" ment realizes that it inevitably ehforees a removal .of Price Control is doubtâ€" ful, but this is none the less true. We are now just about where the U. S. was in June, clinging to the shreds of a system of controls which is rapidly disâ€" integrating. There were no visitors for the day, except the guest speaker. Kiwanian W. Rinn, chairman of the Crippled Children‘s committee, reâ€" minded members of the club of the clinic held this week at Timmins, and the need for more cars to provide transportation for the youngsters to and from the clinic. President Ross read a friendly letter from South Porcupine Kiwanis club, thanking the Timmins club for hospiâ€" tality on the occasion of the recent birthday anniversary event, at which the members of the South Porcupine club were guests. The letter concluded with best wishes for the success and happiness of the Timmins club. Community singing for the day was led by Kiwanian Nick Basciano with Secretary W. H. Wilson at the piano. for the Kiwanis contribution to the hospital. This donation of $500.00 was much appreciated and was of valuable assistance at this time when increased costs make it difficult for ‘hospitals to continue without increasing their fees. Kiwanian Kinkel explained that the donation was made from refund from the Township of Tisdale in the matter of the license for the circus showing at Schumacher last summer under Kiâ€" wanis auspices. BRING YOUR INSURANCE UP TO DATE â€" â€" â€" call WAGE CONTROL 20 PINEC STREET NORTH Mclinnis Block REAL ESTATEâ€"INSURANCEâ€"MORTGAGES Room 3 Gordon Block, Pine St. N. Ph IT IS OUR BUSINESS TO SERVE YOU Simmsâ€"Hooker Pickering J. V. Bonhomme Money To Loan Agents With Underwriting Facilities For All Lines Of Insurance National Héusing Act Loans 4%% Commercial Loans 5 to 6° You‘ll Like Our Efficient] Service Timmins JANSSEN, Joseéphus Johannes Franâ€" ciscus â€" Last address: Noranda, Queâ€" BODNAR, Kyrylo Born Kolyndjany â€"â€" Polish, Last address, Sudbury. List of Missing Persons thought to be in Canada and sought by their friends or rélatives in other countries (November 15, 1946) :â€" anyone knowing of their whereabouts are asked to conâ€" tact the Canadian Red Cross Society, 95 Wellesley Street, Toronto, Canada. LARSON, Carl Last address: c/o S. Cummings, Timmins. From Denmark. KRYPCIAK, Bronis Born 1906 â€"~â€" Polish â€" tailor. Last address â€"â€" Fort William. SINGLE â€" RETURN $7.00 (ex $12.60 UNION BUS TERMINAL NORTH BAY Phone 101â€" 2 â€" 3 LEAVE NORTH BAY 10 a.m. 4.30p.m. 11.30p.m. (Standard Time) Phone 30 South Porcupine 8 BRUCE AVENUE Phone 2250 Ont.