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PASE NINE Opportunities for Trade Exransion Featured at Royal Bank Meeting Sir Herbert Holt, President, Points Out That the Strength | of the Business Structure is Such That There is No Rea- | ison to Look Forward to More Than a Moderate Reces- sion in Business During 1930 C. E. Neill, Vice-President and Managing Director, Urges Canada to Take Fuller Advantage of Enormous Tourist | Traffic From the United States -- Would Make Pur. | chasing of Canadian Products an Essential Part of a| Trip to Canada M. W. Wilson, General Manager, in Reviewing Annual Re- port, States Zoth Total Assets and Profits Constitute | New Record For Canadian Banking--Bank Not Carry- | ing So-called Undigested Securities | Bir Herbert Holt, President paints-- C. E. Neil, Vice- president and man- MW, Wilson, General Manager-- The annual meeting of sharehold- ers of The Royal Bank of Canada not only marked the close of the most successful year on record, but was rendered specially interesting by constructive addressesdelive red by Sir Herbert Holt, President; C. E. Neill. vice-president and managing director, and Morris WV. Wilson, gen- cral manager. Sir Herbert, in addressing the shareholders, pointed out that in spite of the losses incurred by thou- sands of investors throughout Can- ada and the United States, the strength of the business structure is such that there is no reason to look forward to more than a moderate re- scission in business during 1930. "Fortunately," he added, "specula- tive excesses were confined to secu- rities, commodity prices have remain- stable; inventories are low; employ- ment and wages are being maintain- "With due recognition of the im- portance of the tourist trade in Eu- rope, it must be conceded that Can- ada holds first place among the playgrounds of the world. The scenic beauty of the Canadian Rockies, the lakes and rivers of Central Canada, the historic landmarks and traditions of Quebec and the summer resorts or the Maritime Provinces, are attract- ing approximately fifteen million vis- itors a year. The Dominion Burcau of Statistics has estimated that these! visitors spent 230 million 'dollars mn the country in 1928 and in 1929 the { total must have been close to 300 mil- | lion dollars. It is estimated that only about 60 million dollars of this sum, or less than $4 per capita, was spent for goods which were taken trom the country. Unparalleled Opportunity for Trade} "I'his great annual migration pre- sents an unparalleled opportunity fox increasing our trade. As yet therc| has been no concerted effort to build | Comparative Figures 1928 and 1929 First Ten Months A perfunctory glance at the export figures of Canada during the past year gives the impression of a general downward trend.' Stands on a $1069 067.353 1924-25 Canada's Abroad Trinidad. Trade Commissioners A. BRITISH WEST INDIES, .R. T, Young, Pert of Spein, ed at a relatively high level, the in the tradition that there are purchases | Analysis shows, however, that the reverse is provement in industrial efficiency has | which can be made in Canada more true. / £0) Ny BRITISH WEST INDIES. F. W. Fraser; Kingston 2 continued and the financial position | 22Yantageously than in the United ie : /0\ AA : L. M, Cosgrave, Shanghai of industry is excellent, both poston States. It 1s estimated that in France Due to conditions which no one can A .James Cormack; Havana of large liquid reserves and satisfac- the amount of sale to ' ach visitor | control, the export of raw material, mainly .Hercule Barré, Paris fory profits during last vear. Such |3VCrages about 3/30. 1 we could i d grai od hy .L. D. Wilgress, Hamburg conditions bon | Sota" SEM make purchasing in Canada suffi-| grain and grain products, shows a decrease Henri Turcot, Athens Situation Warrants Optimism | CIN!IY attractive so that aver of $70,700,000. J.C. MacGillivray, Rotterdam But, on the other hand, exports of goods, Paul Sykes, Hong Kong manufactured or partly manufactured, show y A tvs ings ue of merchandise taken out of the] Pg Rig hia Ra Weg country by each visitor amounted to an increase of $46,500,000, which is at the rate of 9.49. neither the prospects in foreign trade ony Olle eth of thiy sum, 2 wou " nor the situation in Canadian indus-| ic 2 Terence ol More Manone try. trade ond agriculture, warrant biliion dollars a year in our trade. The trend of the year's activity in export trade is clearly in the direction of increased exports of manufactured or partly manufac- pessimism concerning the outlook for Ct will require Jarge-scale adver- | the coming year. It is true that the tising to make visitors from the Un tured goods, while the export of raw materials has declined considerably. small crop, the stagnation in the lum- | ited States realize that numerous | Exports ber industry, the unsatisfactory price | items which are now or may w the | for newsprint and the decline in se- | near future be placed on the free list For First Ten Months of 1929 Compared with First Ten Months of 1928 curity prices have somewhat damp-|In Canada, can be bought in this | ened enthusiasm, but I look forward | country at prices substantially below to 1930 as being a year of normal ac- | those w hich they have to pay in their Goods, fully or : partly manufac- 1928 1929 increase tured (except --decrease tivity in business unless unforeseen [Own country. Where manufacturers . $470,582,601 $514,985,409 9.4% developments in the world wheat si it- and merchants can agree among Other commodities 209,767,048 224,789,418 7% + sation react in a manner to causc | themselves to such a policy, they further substantial injury to Cana-| might ask the government to place Wheat. . 304,170,889 200,310,311 51%, --- Other grains. .... 34,944,278 18,842,430 859, dian interests. i certain specific articles of foreign ori- Wheat flour... 51,444,533 45,707,655 12%, -- ..J. H. English, Dublin ITALY ...A. B. Muddiman, Milen JAPAN. \ J. A. Langley, (Commercial Secretary for the Canadian Legation at Tokye) Kobe (Acting Trade Commissioner) ..C. Noel Wilde, Mexico City ..G. R. Heaaman, Batavia .C. M. Croft, Auckland .F. H, Palmer, Oslo .G. R. Stevens, Lima ..J. A. Strong, Panama C. S. Bissett, Cape Town .. Harrison Watson, London J. Forsyth Smith, London Harry A. Scott, Liverpool Douglas S. Cole, Bristol Gordon B. Johnson, Glasgow .. Frederic Hudd, New York R. S. O'Meara, Chicago San Francisco (to be opened later) IRISH FREE STATE 51.363 709.672 1928-29 | EACH YEAR IT GROWS IN VOLUME AND IMPORTANCE TO EVERY COMMUNITY IN MEXICOy NETHERLANDS, EAST INDIES......... UNITED KINGDOM. "Many farmers in the west incur- {gin on the free list with a view to red substantial losses as a result of | using such items as leaders in the { the destruction wrought by the | Promotion of the sale of allied classes drought. It is discouraging to see | f goods of Canadiam manufacture," the results of a year's work destroyv-| General Manager's Address ed. Nevertheless, the large crops! Morris W. Wilson, general man- and high prices of previous years had | ager, reviewed the 60th annual re- improved the financial position of the port and balance sheet, for the year farmers so that most of them w | ending November 30. 1 figures UNITED STATES Director of Commercial Intelligence Service C. H. PAYNE, Ottawa more fortunately situated than {a ers in other parts of the world. Ne ther the low price for the crop of 1928 nor the small yield of 1929 has caused general distress, in the face] of the two unfavorable years, the] volume of western business has been maintained at a surprisingly satisfac- tory level." Ad of Ind Council After dwelling on the success ob- tained by Presiaent Hoover in secur- ing the active co-operation of indus- trial leadership throughout the coun- try in the recent crisis, Sir Herbert urged that it would be to the advan- tage of Canada to establish a non- partisan Advisory Council, composed of men of outstanding ability, repre- sentative of industry, agricuiture and labor, 'This Council would bring about a close rapprochement be- tween government, industry, agricul- fure and labor that would assist the formulation and execution of effec- tive measures for the maintenance of that equuibrium which would ensure stable prosperity." In summarizing gencral conditi in the country, Sir Herbert said:-- "In most lines, business has been conducted with prudence and conser- vatism. The conditions which pre- cede. depressions arc not present. Although there may be some rescis- sion from the recent high levels of maximum activity in industry and trade, there 'should be no doubt that the prospects favour a- continuanc of that balanced expansion which has characterized our. recent: prosperity. Vice-President's Address €. E Neil, vice-president and man- aging' director, submitted to the meeting a very interesting proposal by which Canada nught benefit to a greater extent from the tremendous tourist traffic that is coming annual- ly info the country from the United States. "As a definite movement in the' direction of trade expansion," said Mr. . Neill, "Canada should be- come known as a country where the tourist from th. United States might purchase distinctive articles of mer- chandise at lower prices than are f ¢ in a country of prohibitive t The geographical position of the nitedState s has given Canada an 'opportunity to develop the art of skilled ' merchandising in 2 manner that does mot exist on a similar deale in other, countries. ial Advisory both of assets and profits, constitute new record for Canadian bar g. i rib tal assets of $1,001,442741 arc | shown, being an increase of $92,046,- 850 for the year. Deposits have ed $64,620,923 and now stand at $7 v67,/08. . Call loans in Canada are substan- | tially the same as a year ago; while those abroad have increased py 29,135 to $66,175,557. tnat until recently prevaued in York attracted money trom all parts | of the. world, and it 15 the investn ent | of certain special déposit of a morc | or less temporary nature more than | accounts tor the increase in our New York call loans. We have studiously refrained from restricting oe cial credit in Canada to take advan- | tage of high rates that prevailed in New York. "The growth of our business in wll departments has been fnost gratify- ing, and I think the bank has main- tained its reputation of taking care of the legitimate requirements of its | customers during a difficult period." | In commenting on the recent stock] {market - developments, Mr. Wilson said; "The past year has not been | without its difficulties. Money has been tight and the stock market pans} ic in October and November -- the | | like of which the modern world has | never seen--created acute and un- usual problems. I am happy to say | that our experience with our sai} loans was entirely satisfactory. Mar- ginal demands were promptly met. Furthermore, it may be pertinent to! report that we are not. carrying any so-called undigested securties. | This is the sixticth ycar since 'the | cstablishement of the Royal Bank | ot Canada. During thesc sixty years | the expansion of Canadian produc- | tion and internal and external trade | has surpassed the most optimistic ex- pectations. There is no institution that has been more closely identificd with this development than The Roy- al Bank, and none more keenly in- terested in the success of business in every part of Canada. The views just expressed by the President jus- tify confidence in the continued in- increase in world demand for Cana- dian products. In the future, as in the past, the continued growth of the bank will be dependent upon the welfare of the agreiulture, industry, and trade of Canada. | YOU SHOULD "60 | Sourw: THIS ell todo Canadians go to Flor- ida and California in the Winter be- cause it is the thing to do. Their iriends 'are there. 'the amusements they: enjoy most arc waiting. These ba) strips of the sea coast are not limited 'to the financially independant, People 'from every business and pro- fession find relaxation and pleasure at the hundreds of towns that dot th Be "sonthern coasts. Quick travel jgthens your .vacation. Varied ac- - imodation fits the expense to your pucket--and vou'll get new experi- ¢nees good for months of conversa- tion, Beautifully illustrated folders and complete information from any agent of Canadian National Railways, USED TO TAKING | A woe-begone specimen of the] tramp tribe made a call at a rural residence to ask for aid. The door was opened 'by a woman of angular proportions, severe in demeanor, ane] uncertain of age and temper. Having speedily ascertained the object of! the unexpected visit, in raspy tones | she observed: { "I shall not give you anything. If you had been wise you would not have come here, Do you know who I am? "I'm 'a policeman's wife, and if he were here he would take you, hndl, very quickly, too." : The tired tramp looked at her quietly for a minute, and then replied i believe you, ma'am. If he took| you he'd take.anybody." | i XPORT business now provides more than two million Canadians with their livelihood. nearly a quarter of our population depend upon it for what they eat and what they wear; for their homes, their savings, their comforts and their luxuries. Export trade exerts its beneficence in every Canadian community and on every Canadian farm. Roughly, a third of our total annual produc- tion--to a value of $1,363,700,000--is shipped to other lands. Per capita, Canadians are the second largest exporters in the world. ON A SOLID FOUNDATION Because it is Profitable Business, Canadian effort year by year is more actively directed towards supplying markets abroad. Our export trade stands on a solid foundation. Our goods are in demand. Last year no less than 411° new business agencies in foreign lands were opened by our Trade Commissioners on behalf of Canadian manufacturers and producers. Our exports have become highly diversified. More than 600 distinct classes of commodities are embraced, and the list is ever expanding. TRADE HON. JAMES MALCOLM, Minister. \ eA NS aS] ft So vast has Canada's foreign trade become, that~" THE DOMINION Our goods are finding their way wherever trade routes Tead. ne IN REMOTE LANDS Think for a moment of this diversification, and see how our people are blazing the trails of business all over the world. Here are some examples: Fence Wire for New Zealand, Auto- mobiles for India, Lanterns for East Africa, Builders' Tools for Fiji, Agricultural Implements for Sweden, Wallpaper for Chili, Box Shooks for Egypt, Ice Cream for China, Milk for Honduras, Leather for Hong Kong, Fish for Dutch East Indies, Rubber Tires for Czecho-Slovakia, Canvas Shoes for the Straits Settlements, Flour for Portuguese East Africa, Machinery for Brazil, Motor Trucks for Mesopotamia, Radio for Argentine, The ground is well prepared for still further expansion. Will you take advantage? Canada's 32 Trade Commissioners abroad are constantly drumming up new markets, Wherever a Trade Commissioner's Office has been" opened, without exception there has been an increase in trade. The demand for Canadian goods is growing in every country where we are represented. OTTAWA assist exporters. fi HOW CANADIANS CAN HELP It remains, however, for Canadians to grasp the larger opportunities offering. Producers and manufacturers can help our export in several ways: 1. Producing the kind of commodities other countries want. 2. Maintaining production so as to assure continuity of supply. 3. Keeping all products up to rigid standards. 4, Becoming familar with business methods abroad. This is Canada's business. It is every eit. zen's business, because the more goods Canada sells abroad, the more certain and the morc ample will be her continued prosperity. GET LATEST INFORMATION In addition to the Trade Commissioners' Offices throughout the world, the Department of Trade and Commerce maintains at Ottawa a highly specialized Commercial Intelligence Ser: vice. The sole duty of this organization is to v The DEPARTMENT of AND COMMERCE F. C. T. OHARA, If you have an export problem, first write the Commercial Intelligence Service. Up-to-date information will be provided and your business will be facilitated in every way possible. <Q across a word, "Transatlantic?" SURELY! Young Jack, like most children, was in the habit of asking quesfions, His mean?" | worthy thirst of knowledge, however, produced unworth~ thoughts in the Po of 'his harassed mother. 'So whilst reading one day he came' don't bother me." "Docs 'trans' mothe: always mean across "I suppose it does and do stop|ia "Mother, what 'does Transatlantic worrying "Then, 1 "Across the Atlantic, of course, and TS a cross parent, like you now, 80. mother? | ig * The wotoreydlist was oun unfamil-Vwas lepning 1 gronnd and directly before him me with questions." was a fork in the road, with no suppose transparent, signpost to tell him which way to "Which way two Stumpville?" he tasked a dejected looking man who again=t a fence, ---- lish it was a darn sight farther." The man waved his hand towards the left, "Thanks," "How far is it?" id "Taint far," was the drawling re- said the motor cyclist, "When you get "THAT WAS HIM "How did your father know wenl out in the Gar yesterday?" "Quite #imple! You know tha' there you'll stout gentleman we ran over? That was father,"--Buen Humor, Madrid