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!itIc Foicw n3« the champiltnship tthes, the C a n uc k s move 0o rague 1.r 6, contests and then take boa Switzerland ciub at Zur.ch in un affairs. Then they leave for Engâ€" x‘d plevinz: games in Paris on the and a couple of more in London wo orc saiing for home on April 12. +‘ club5 will be in charge of Max Silâ€" an and Dinty Mcore. It will be Johnny Kovich, the League‘s leadâ€" P ‘scorer has left for Sudbury to irain for the Canadian team which is going to Europe to compete in the world‘s h o c k e y championship in Btockhoim. (Johnny has a wonderful ahead of him but the Canadian .mm also has a tough schedule which sees them in 49 contests. The tour will take 15 weeks, arriv ng in England on 29 and leaving for home on 249. The bovs open the tilts playâ€" i thxee London teams, and then ve to Scotliend to show their stuff cveral exhibition tilts in the land ‘the heather. They are then due n England on vanuary 16th for coup.e cf more gaines there and en go to Paris for a rair and then m to Holland. Then wmey vnack the: r‘ ags and set out for Sweden to play counle of exhibit in tilt s to fill in e time the chamnion:thip s(_-hc-% gnlc opens on February lith, It will | unt.l Feb. 20, and ten countries ‘ée ‘expected to ba tle it out for the l y could win against the top team ‘@s well as when playng the lowly iQoh‘tbines and Papsrtowners. Until Mcmdavs game the line of Hepwor‘ hâ€" rneberryâ€"Ladds was the big guns but xey were stopped cold on Monday ‘night â€" but that didn‘t sttp the Porâ€" Adamoâ€"Houstonâ€"Sicoli trio woke out in a scoring rash and acâ€" ‘counted for 5 of the 6 goals. Watch the Porkics fly now. 4 Portkies finally look as though '*fncy,might bze coming into their own. hey were picked the season‘s beâ€" Aginning to win the league in a wa‘lk ‘ uL' things didn‘t look too good unt‘l counle of weeks ago. Maki‘s maulets miyde up of players from all over rada, with all the preâ€"tour trainâ€" ips done at Sudbury. Some trip eh! Â¥e won‘ their last toaree starts by wery decisive counis, Monday nigh‘‘s ,fi,_mc showed their lcyal following that sSALVATION ARMY SVN. 11 a.m. 2.15 p.m. Young Peoâ€" ple‘s Company 700 p.m. Speâ€" clal Serivcees for Cradles Roil J ; _~‘ Hunday. THURS. 2.30 p.m. lHome League * /7 p.m. Corps Cadets, 8.00 p.m. Public Meeting. ® i €¥â€"â€" 33A THIRD AVE. PlONE 391 2 WS\\\\\\\\\\\\\\\\\\' ¢13 Pine St. South Timmins . _ 70 Bruce Avenue South Porcupine *u.nc{ see the best selection in town. Winter zero weather can be for gotten if you heat your home with ; We have a selection to fit your home, large stove for the farmers, kitchen medium stove for the regâ€" ular kitchen, small,heaters if you have two rooms. We will give a liberal trade in on your used stove. Purchase on Simâ€" pson monthly payment plan. Spo_r_ts C_qmer Full Stock of Parts ~Cycle Changed â€"â€" Any â€"Make. WASHER and _ MOTOR Service Simpson coal and wood range Fast,â€" reliable ®»rvice on any make electric or engineâ€"drive wasxher, vacuum cleaner, floor polisher or ironer. Call at Dm' MeLellan A*R**L* * * * * * *3 * *% ‘‘veden to piay tilt s to fill in nilon:hip scheâ€" y lith, It will ten countries t ‘out for the champicnship s *A * * \wider with 17 points Adame having 7 ard 10, and Kovich 6 and 11. Hank *{.nneverry, Porkie winget, is fifth w.th 7 goals and 9 helpings for 16 pnints, and rounding out the ‘Big seven‘ are Hepworth and Ladds of the ‘crkies wi h 15 points. Jack Ladds been going all out the past few ~ames and his syurge made him the iapr goalgetter with 13. Aithough idle, Johnny Kovich still heads the assist depar ment with 11. Steve Brklacich ~f the Juniors still holds the penalty record with 33 minutes but is begnâ€" ~ ng to get some competition from Va.entin> who now has 25 minu‘es. T.ases totals were comuniled after Mon. _ wWhen Reg Clark of Clark‘s Men‘s Weuar agreed at the beginning of the season to d.nate a hat to any player tuining in a hatâ€"trick or a goalie reâ€" gisterins a shutâ€"out at the game play in the Scuth End Arena, he never guessed tnat he was going to be santa Claus os often. The last two home games oi the Pork:es Reg "o less than 3 Stetsons and came dangerouvsly close to making h:m dish cut arother tric. Ladds has earned himself two of the sombrercs and Hanneberry one while Cv Freeman came as cluge as possib‘e to registerâ€" ir: a shutout as only one goal has slipped by him in each of the last two night‘s tilt and do not imcludezsames. Tommy Houston was the other Ranger‘"s farm team at St. Pauli in he USHL. Here is a piece from one of the St. Paul papers, "One of the most improved pilayers in the USH.L is Dutch Delmonte of the St. Paul Sain s. In 43 games last season Dutch could on‘!y bag 12 points Thus far this seas:n in 14 games he has 9 goals and 8 assists for 17 points, and is playing brilliantly both on the defense and attazck. . . . Many fans will rememuer Red Reyno‘ds the shifty centreman wi h Doaome Porkies about 10 seasons azo. Well, ‘the npncpular redhead ahs shunned the stick and is now refereeâ€" mg in the American League. The South End Arena has added a hockey games. Be ween the blueâ€"line work o the name of Mat handle himself an around with mar tainly would have Combine‘s defense Ca tarello came ve Eim. Kirkland La est to come up a very handsome of to the Halifax St.. Cieveland Barons liked the lad ant Francisco for this cided to forget Dt home, much to the team serves a /large sh\. frats were not enough to satch the last night Iughâ€"filying Greenshirt pair of Andy ‘Theriauit rnd Raiph Orlands, who nead the scoring parade with 18 _ wints. Orlando has 12 counters and 6 assists, and Theriault has potted 8 and assis‘ed in 10. ny Kovich and Adamo are tied on next rung of ‘wder with 17 points Adame having 7 ard 10, and Kovich 6 and 11. Hank *{.nneverry, Porkie winget, is fifth w.th 7 goals and 9 helpings for 16 pnints, and rounding out the ‘Big seven‘ are Hepworth and Ladds of the ‘crkies wi h 15 points. Jack Ladds been going all out the past few ~ames and his syurge made him the iar goalgetter with 13. Aithough idle, Johnny Kovich still heads the assist depar ment with 11. Steve Brklacich here an Porcupine Porcupine onuto over was sent nior. seas Mar‘ és w When t Wear agr season to tuining it gistering p‘ay in t never gue: santa Cl: home gan ~0o less t dangerous cut arott ‘Mr.. Rae pointed out that, the Bank‘s statement showed ‘a highly diquid position, and ‘that total‘assets standing at $393 milâ€" lions, had reached the highest point in its history. After providing for Contingency Reserves, $237 sQOO for. Bank Premises depreciation, nd $950,000 for Dominion. and, Provwincial \ga«xes "NetPFr kwere>$t,122:000 out of whxch dividends of $700,000 were paid, and $422,000 carried forward to Profit and Loss account. This now stands at $1,054,000. Capital $7,000,000 and Reserve Fund of $10,000,000 remain unchanged, wl K Deposits Show Increase Deposits increased by $35 millions to a total of $358 millions, $8 millions being in Dominion Government deposits and the balance almost equally divided between interest bearing and nonâ€"interest bearing accounts. Competmve Banking System preferable to Nationalization » Ptes C. H. Carlisle tells Shareholders At the 78th Annual Meeting of The Dominion Bank, held at the Head Office, Toronto, on Wednesday, December 8th, the President and the General Manager addressed the Shareholders. ROBERT RAE, GENERAL MANAGER REVIEWS ANNUAL FINANCIAL ~STATEMENT The President, H. Carlisle, was in the Chair. Canada 9 s Banking System Cash Assets at over $68 millions are equal to 18.63% and Quick Assets at $241 millions are over 66% of public liabilities. Loans, Investments, Up Investment in Dominion Government securities increased by $19 millions, toâ€"a total ‘of $138 millions, comprising the bulk of a total investment of $162 millions, the balance being in Provincial and Municipal Government Bonds and other high grade securities. Current Loans in Canada at $132 millions were 3.7% higher. Splendid Work By Staff "The Bank is dependent on the services of its personnel for the successful conduct of its daily business operations, The Balance sheet which has been presented today is the result of the loyal and efficient labours of all members of the staff. We are grateful to them â€" for their coâ€"operation and service during the year., Being closely in‘ touch with all our employees, I know what a splenâ€" did job they have done and I wish to thank them sincérely on your behalf and my own." Cautious Attitude Advised "Statistics have recorded the unparalleled increase in prices and volume of business and employment over the postwar years, and have lately shown signs of rising less abruptly or even flattening out. This sugâ€" gests the advisability of business, large and small, maintaining anâ€" adequate working capital position and adopting a conservative attitude towards®> inventory accumulation and capital expansion. We are hopeful that the smaller increase recorded in our current loans is an indication that the customers of this Bank, in the main, are following this course." Total Assets Reach New Highâ€" Loans and Deposits Up, Gen. Manager Robert Rae Points Out “We are in the midst of a worldâ€"wide *cold‘ war which has already burst into flames in China. , Canada has taken an increasingly important part in the United Business Advised to be Cautious in Matter of Inventories and . Capital Expansion 78th Annual Meeting of Shareholders THE DOMINION BANK Hope for Lasting Peace nerte and There. . . . One South Porcupiner down but another South Porcupiner up was the theme in Torâ€" onuto over the weekend. Les Costello was sent to the Hornets for a little mor. season‘ng and Charlie Blair of Mar‘és was brought up for 3 games. £ PORCUPINE ADVANCE, TIMMINS, ONTARILO Nations Organization and we trust that the deliberations of that body, backed by preâ€" paredness, will result in a settlement of the differences which have arisen between Russia and the Western Democracies and that a lasting peace may ensue. We are sure that every Canadian will wish to support those in wh?m he reposes authority at this critical time.‘ In his address to the Shareholders, Mr. C. Carlisle, the President, said that a sound, economical and competltwe banking system was essential to the state, to the people, to business, and to their relations with foreign states, and that Canada had such a banking system. Mr. Carlisle then reviewed the major factors pertaining to the banks‘ shareholders and the operations of our banks. "Notwithstanding the successful operaâ€" tion of our present banking system, and the prosperity of the country and its people under this system, one of our political partiesâ€"the : Coâ€"operative Commonwealth Federationâ€"has declared that, if called upon to form the government, it will nationalize the Canadian Banks." ‘"Your Bank pays a dividend of 10% on the par value of its shares. This rate, to many, may appear excessive as compared with the rates paid on commercial investâ€" ments and government securities. The 10% which you as a shareholder receive on the par value of your shares is only equivalent to 3.87% on your total investment, or 4% on the current market value of your shares. » ‘‘‘The shareholders have contributed much to the financial soundness of the Bank. Out of the $12,900,000 paid for their shares, $5,900,000 has been transferred to reserve. Since the incéption of the Bank in 1871, out of yearly earnings additional amounts ‘have been transferred and the Reserve Fund now stands at $10,000,000. At all times adequate amounts have been set aside to provide for credit losses. "With a 3.87% return on the shareholders‘ total investment, can anyone fairly or justly claim that the shareholder has been receiving unduly high and unjust returns on his investment?" The security of this sound investment, greater now than at any previous time, must be maintained for the benefit of both shareâ€" holders and all who deal with the Bank, said Mr. Carlisle. "Legislation governing chartered banks is more comprehensive and exacting than that governing commercial companies. The Bank Act in part provides for inspection of the banks by the Inspector General of Banks, the submitting to the Government of monthâ€" ly detailed statements of the banks‘ operaâ€" tions, the auditing of the banks‘ affairs by two auditors, appointed by the shareholders at each annual general meeting. In addition, each hank bas its own supervisors who mainâ€" tain a continuing audit on all the branch operations of the bank. Therefore the Government has adequate information perâ€" taining to the transactions of each and all of the banks. This procedure does not conâ€" flict with the ownership nor with the operaâ€" tions of the banks. "The functions of the Bank of Canada are primarily to regulate credit and curâ€" rency, to promote the economic and financial welfare of the Dominion of Canada, and to transact businessâ€"both national and interâ€" nationalâ€"on behalf of the Government of Canada, but it is in no way a trading bank. Therefore its operations do not conflict with nor duplicate the operations of the chartered banks. The Bank of Canada and the chartered or trading banks give Canada a banking system surpassed by that of no other country. s roâ€"r~~*~â€" A C, H. CARLISLE, PRESIDENT, DISCUSSES CANADA‘S BANKING SYSTEM An Unsurpassed Banking System Legislation Regulates Banking player to almost wear one of Clark‘s free chapeaus as he mailed two goals and missed many more. Reg will unâ€" doubtedly be slad to see Hollinger and MciIntvre come to town rather than the Falls and Combines Dutchy De‘monte seems to be having kimself a g re a t year with the Ranger‘"s farm team at St. Paul in he USHL. Here is a piece from one of the St. Paul papers, "One of the most improved players in the USH.L. is Dutch Delmonte of the St. Paul Sain s. In 43 games last season Dutch could on‘y bag 12 points Thus far this seas:n in 14 games he has 9 goals and Provides Maximum Service ‘"‘The chartered banks are owned and conâ€" trolled by their shareholders. Bank stocks are widely distributed. The largest group of people holding Dominion Bank shares are those who hold from one to fifty shares, and constitutes 34% of the total number of shareholders. the auditorium is open for smoking and refreshments and you are treated to the piano stylings of Darwin Aitâ€" kin. . . . The League has changed the time of the games in which the Falls parlicipate to 8.15 and â€" very often later The biggest reason for the Fall‘s improved showing is the blueâ€"line work of a rugged basher by on., the name of Mathieu. He can real‘y handle himself and throws his weight around with marked abiity. He cerâ€" tainly would have looked good on the Combine‘s defense last year and Carlo Ca tarello came very close to snagging Kirkland Lake product was all est to come up and then received a very handsome offer which took him to the Halifax St.. Mary‘s Jun‘or team. Ci:eveland Barons cof the American liked the lad and sent him to San Francisco for this season but he deâ€" cided to forget pro hocke and come home, much to the delight of the Pails team . Terry Awientino deâ€" serves a /large shcre of the glory for Porkies‘s 6â€"2 win over | shirts on Monday nigsht. rugged Porkic rearâ€"guard, with a shoulder injury and was sent in to fill the brea responded handsome‘y and a voeman‘s chore. Don‘t b to see him on the blueline rather than along boards Do you kn on» who is having tougher Normie Woon? A couple ¢4 Dom Innarelli became rat with him and broke his then on Sa urday night against the boards and t( gap in the seat of nis m‘e will soon be askinsg heague vay for all damage while refereeing. ons ues cce in «s mm mm mm ~ TAJ The Taj Mahal is a fa sv~leum at Agra, India bui Jehan about 1629â€"50 as a t wife. the auditorium is open for smoking and refreshments and you are treated ton the piano stylings of Darwin Aitâ€" kin. . . . The League has changed the time of the games in which the Palls parlicipate to 8.15 and â€" very often later The biggest reason for the Fall‘s improved showing is the "Bank directors are carefully chosen from various professions and occupations and from different sections of the. country. Therefore, the banks: have the necessary information to enable them to give the maxiâ€" mum service to the people in all sections of our country.â€" This is evidently a more effhâ€" cient procedure than could possibly exist under Government ownership, where a few directors, appointed by the Government, would have control. The chartered banks are under no political direction, neither are they responsible to any party. The directorâ€" ate of a Government owned bank may change with a change of Government; that would be most disconcerting. In countries where Government ownership exists, political inâ€" fluence exists. Could we anticipate that Government owned banks would be an exception? Government owned banks deprive individuals as well as incorporated organizaâ€" tions of the right to invest in bank stocks. Government ownership of banks provides only one source for your banking requireâ€" ments; such a bank is absolute as to the terms, conditions and amounts that you may borrow or the service that you may receive, whereas at present you have the right of dealing with ten competitive banks. One is freedom of banking; the other is dicâ€" tatorship of banking. "Canada is a large ‘tountry}" "Compired with the United States it is 20% larger in area and 89% smaller in population. Thereâ€" Branch Banking Essential Freedom vs. Dictatorship Cash on Hand and in Banks, including Bank of Canada .. Deposit with Minister of s ks k. 0s Government and Other Securities...................}}>s s 64 n un s siv n in‘ ns s onle n se l o Totalâ€" Quick Commercial Loans and Discounts........................ y Baink Premises......1.,.;.... Liabilities of Customers under Letters of Credit, Acceptances and Sundry Other Assets............. i .. DepoOSit8. k e ky i t n Deposits by other Banks.,...............s k.k k ks e e k ks Motes in CIFCUIRUION «2l ..« Letters of Credit, Acceptances and Sundry Other Liabilities Total Liabilities to the Public. Capital Paid Up........‘.............. Undivided . Profits for the year ended 30th October, 1948, after making upprnpriati()ns to Contingency Reserves, out of which full provision for bad and doubtful debts has been kess s se e ks e k +s Provision for depreciation of Bank s s s >« es e e k e Provision for Dominion and Provincial % Dividends at the rate of ten per cent pEer @NNUM . ....+ .++ + > «e «+ «e + «e s e «n + Amount Carried Forward..... n i Balance of Profit and Loss Account, 3 1st October, 1947 ... «se «+ «+s Balance of Profit and Loss Account, 30th October, 1948 C. H. CARLISLE, President Condensed Statement as at 30th October, 1948 PROFIT AND LOSS ACCOUNT TAJ viAMHAL The Taj Mahal is a 1: at Agra, India bu Jehan about 1629â€"50 as a wife. fore, need for branuch banks in the United States is very limited, while in Canada branch banks are essential if we are to proâ€" vide our people with an adequate banking service. Canadian banks also maintain a national and international service. "During and since the war the chartered bankshavegivenevery support to our Governâ€" ment, sometimes without remuneration. The banks have been and are large purchasers of Dominion Government securities, their holdâ€" ings reaching a maximum in November, 1946 of $3,609,000,000.,â€"yield rates have ranged as low as .36%. "The banks have not been free from the high costs of operation. Notwithstanding these increased costs, the average rates charged to the customers of the bank have not been increased during a period of nine vyears following the beginning of the last war. This, in part, has been made possible by increased volume of *business and rapid turnover. If high costs continue or further increases take place, it will be necessary to increase operational charges. It is of interest to note the percentage of net profit earned on the total funds employed by the bank as reflected by the statement now under review is only 3/10ths of 1%,. "I believe that the people of Canada, who have knowledge of our banking system, will appreciate its soundness, flexibility, the safeguards surrounding its every transâ€" action, its greater freedom of choiceâ€"a sysâ€" tem that provides the maximum service. "I also believe that the Canadian. people would not choose to discard our present banking system for that of a state monopoly. ‘"You, who have thc rnght of franchise, will make the decision." Maximum Service Provided ROBERT RAE, Higher Cost of Banking ie Cf weeks ago _ rather peeved his watch, and ht he brushed a tore a large 7,000,000 10,000,000 1,054,510 famous mauâ€" built by Shah a tomb for his turned in surprised from now the right ‘ of anyâ€" luck than weeks ago ets. Norâ€" that the us ailned, A|€ . $358,501,5 53 6,055,390 604,484 10,261,8 50 .$375,423,277 $ 68,053,856 35,363 162,335,441 10,858,4 57 $241,283,117 136,034,805 5,803,570 General Manager 10,356,295 enc m $593 477,787 18,054,5 10 3395 477 787 PAGE Ss1X §$2:, 2,319,4 34 247,337 950,000 700,000 422,097 632,4 13 1,054,510 For a happy 1949 let‘s do all we can to further the nationâ€"wide campaign to eradicate â€" tuberâ€" culosis, which kills more people between 15 and 45 than any other disease. One way of supâ€" porting the fight against tuberâ€" culosis is by buying Christmas Seals, sole support of the volunâ€" tary tubserculosis associations in this countryv. Buy end Use Christmes Sea‘s A HEALTHY NEW YEAR 204 A A