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i u : f JAX AND DISTRICT NEWS John Mills, Representative -- Phone Pickering 355-J-3 Rjax Library il i y Very Popular | AJAX (Special to The Times- Gazette) -- A total of 808 books lwere circulatec in the first two 'weeks the new library was open, [that is from December 15 to De- | cember 31. : Mrs. Munro, librarian, is well pleased with the public response 'and is working hard to get more books on the shelves. Over 400 per- ns have become members and i majority are making full use of b new service. Many persons "have donated some good books [from their own bookshelves and 1 further donations are welcomed . ' It is interesting to know that all [| the books belonging to Mr, W. W. I Ridout, former trustee have been (| donated. Miss Munroe will inaug- | urate the children's story hour this | Saturday a.m. at 10.30. Children | of 10 years and under are very wel- | come to attend and hear Miss Mun- ll ro 'read stories suitable for this | age group. Our librarian is well I qualified for this task having con- ! ducted a children's story hour over ll a northern Ontario radio station || for three Fears. | Skating Rink Now Ready lI AJAX (Special to The Times- | Gazette) -- The children's skating | rink opposite the post office is now | ready for the youngsters and is | being well patronized. Another rink in the Exeter-Kings | Crescent park has been flooded and available to childrep in that dis- trict. Hockey sticks are forbidden while I free skating is in progress. AJAX ( to Gazette) -- The regular meeting of the Ajax Board of Trustees will be held in the Board room on Thursday, January 15, at 7.30 pm. This meeting should have been held on January 9 but was postponed due to the absence of two Board Rsk Drivers Use Caution AJAX (Special to The Times- Gazette) -- The recent snow storm did not cause much inconvenience to Ajax citizens. The snow plow operated during the night and streets were cleared very early in the day. i The new pavement is very slip- pery in places and sanding opera- tions have covered the worst places. Drivers are urged to take every precaution to prevent accidents and not to leave cars where they will hinder snow plowing. Overnight parking will result in a parking ticket being attached and possbly your car towed away. Firemen Will TakeFirst Aid AJAX (Special to The Times- Gazette) -- Ajax volunteer firemen are considering taking a first aid course this winter. § Both Red Cross and §t. John's Ambulance Association courses are being studied and instructions will commence as soon as the men have decided which course they consider the better. The instruction will be of con- siderable value to the community and the men are to be commended on their action in readying them- selves for any emergency. C.M.H.C. BOWLING LEAGUE Stampeders Pinheads Schmoos High singles, January 6: Betty Harden 276; men, Yaroff 251. High triples, January 6: ladies, Betty Harden 644; men, Don Walk- er 662. ! List Of Missing Sought their whereabouts should contact The Canadian Red Cross Society, 95 Wellesley Sjreet East, Toronto. AMESMANN, Alfred -- Born in Vienna, Austria in 1926. Came to Canada in 1952. Believed living in Following is a list of persons, be- Montreal. ARNEY, Henry -- Came to Can- ada from England about 1904. May Jove lived in B.C. Enquirer, niece, . Ethel Gregory. ANGELKOFF, Blazhe -- Mace- donian. Lived in Condorobi, Kastor- a Looe. Came to Canada in , Lived in Toronto and Mont- real. Enquirer, Elena Angelkova. BIELECKI, Zygmunt -- Born in Solotui, Zbaraz, Poland 1019. Liv- ed in Toronto, Ont. Enquirer, sister, Mrs. Sabina Koslowska. BEATSON, Mrs. John (nee Helen Mearns) -- Born in Scotland. Came #0 Canada in 1940, Lived in Toronto. Enquirer, niece, Francis Murphy. BOWLER, Mrs. Ada Bibbey Ro- berts (widow of Henry Bowler) -- Born 1880 in Liverpool, England. - Lived in Toronto. , Karol -- Born in Mont- real. Seaman, arrived in Vancouv- er, B.C. from New Zealand in April, 1852. Enquirer, mother. KORCZYNSKA, Michalina (maiden name) -- Born in Roman- iwka, Terbowla, Ukraine. Daughter of Joseph and Maria. Came to Can- ada in 1923-26. Enquirer, cousin, Julien Koza. KRUPA, Andrew -- Born in Ten- kinsk, pow. jotrkow, Poland. Came to Canaga after World War II. Enquirer, sister, Mrs. Johan Uchman. KUCERA, Vaclav -- Born 1928 in Chrudim, Czechoslovakia. Came to Canada in 1948 from Paris, France. Enquirer, E. Austen. CH, Simeon -- Came to Canadd\in 1947. Lived in Toronto. Enquirer, Ivan Javorsky. LUKOWSKI, Nikolaj -- Born in 1913, Came tc Canada in 1947. Liv- ed in Sudbury, Ont. Enquirer, Eliz- abeth Boxleidner. MacNAUGHT, John Henry--Born 1903 in Ireland. Came to Canada in 1919. Lived in Vancouver, B.C. En- quirers, E. MacNaught, and James MacNsught. Mother in Ireland is McEWEN, Elmira William--Was living in St. Catharines, Ont. when last heasd from. Enquirer, Arthur Wigely. McBRIDE, Elmer Lloyd -- Born 1930 in Oxbow, Sask. Worked on farm in Olds, Alta. Enquirer, fath- er, Frederich McBride. MAGAMI, Mr. Umetaro -- Born in 1912 in Kamloops, B.C. Origin, y Friends Japanese. Lived in Victoria, B.C. Enquirer, Mrs. Nobu Magami. MAI, Kurt -- Born in Frankfurt, Germany in 1919. Came to Canada from U.S.A. Enquirer, father, Rich- ard Mai, MITCHELL, John Mansar--Born in 1887 in Oromocto, New Bruns- wick; son of William and Eunice. Last address, Ocean Falls, B.C. Worked' on boats. Enquirer, broth- er, Charles Robert Mitchell, PODSIADLO, Jozef -- Son of Joz- ef and Ludwika, Came to Canada after 1946. Enquirer, Roman Pod- siadlo. PARIC, Muhamed -- Born in 1924 in Sarajevo, Yugoslavia. Lived in Toronto. Enquirer, sister-in-law, Azida Paric. RAMSAY, William James--Born 1908 in Webbwood, Ont. Lived in Port Alberni, B.C. Enquirer, sister, Mrs. Mabel Tolley. Mother is ill. STOJSCHIN or STOJSIN, Milor- ad -- Born in 1918 in Sevkerin, Yugoslavia. Came to Canada in 1948, worked in St. Thomas and Fingal, Ont. Enquirer, father, Mita Stojsin. SZUSZKIEWICZ, Antoni and Karol, brothers --Born in Hin- kowce, Tarnopol, Poland. Came to Canada in 1906 and 1912. Lived in Alberta. Enquirer, relative, Karol Dolinski. SHURSCHEWSKU, Mrs. Irm- gard (husband, Junik, and child, Harry) --Came to Canada from Germany in 1951. Enquirer, Mrs. Irma Korczak. THOMSON, John -- Came to Can- ada from Penniculk, Midlothian, near Edinburgh, Scotland. Lived in Ocean Falls, B.C. Enquirer, father in Scotland. VIRSTIUK, Nikolai -- Age about 63. Came to Canada from Rouman- ia about 1908. Enquirer, niece, Hel- ene Virstiuk. ZELNIK, John -- Born in 1893 in Cadca, Czechoslovakia: son of Stepan and Maria. Lived in Mont- real and Toronto. Enquirer, neph- ew, John Zelnik, now in Australia. Oshawa Youth Faces Charge After Accident TORONTO (CP)--Oscar Carrier, 20, of Oshawa Friday night was charged with careless driving by police, who said he was the driver of an auto that struck 18-year-old Georgina Hawkes in suburban New Toronto. The girl was taken to hospital with a fractured pelvis and mul- tiple cuts to the face and arms. LOANS QUICKLY! You can get $50 to $1000 without barkable security. QUIETLY! Loans made promptly on your own signature. CONVENIENTLY! Select your own repayment plan. 024 pt to birt P Up n i er, MOr® peop borrow from Household Finance than any ether company in its field. Phone or stop in today! 25th YEAR iN CANADA HOUSEHOLD FINANCE d floor, ph 5-1139 OSHAWA, ONT. v oH rE classes A S.S. KRESGE COMPANY APPOINTMENTS B. B. MARK The 8. 8. Kresge Company Lim- ited announces the appointment of B. B. Mark as Director of Merchandising and Sales, and of - H. C. Starkweather as Director . of Store Operation and Person- H. C. STARKWEATHER nel. The 8. 8. Kresge Co. Limited operates 68 stores in the major cities of Canada. Expansion will continue in 1953, with five new stores under construction and two stores to be enlarged and modernized. $500,000 School Opened Designed to offer everything in the way of up-to-date education which could not be provided in the old schools at Beaverton, Canning- ton and Sunderland a modern, spacious building, built at a cost of $500,000, was officially opened last night by Premier Leslie M. Frost, a mile west of Cannington. The school will accomodate 220 pupils from an area 25 miles long and 10 miles wide. ; "With the municipalities co-oper- ating in this way," said Stanley Rickard principal, "the result is a better schaol afid considerably im- proved teaching facilities, ! "We are able to offer splendid options to the student who just can't fit into the normal academic work," said Mr. Rickart. "Boys may study drafting, woodworking, sheet metal and weiding trades. Girls can learn cooking, sewing, dress-making and even launder- ing." Situated on 10 acres, the school has a staff of 10 and three stand- ard classrooms, rooms for com- mercial, science, industrial arts and crafts and home economics, a cafeteria and a gymnasium. Mr. Rickard was formerly prin- cipal at Beaverton. Eldon Beach who was head at the Cannington school, is now in charge of the in industrial arts and crafts. Miss O. M. Clark, prin- cipal at Sunderland, now has a position at Campbellford. ' MERGED THREE STAFFS. Despite the closing of three schools for one, no teacher was left without work and all but Miss Clark joined to form the staff of In Brock North District. One new teacher was added. The school is oil heated. The ceilings are treated with a new plaster for better acoustics. The ground floor is terrazza in the hallways and asphalt tile in the classrooms. Linoleum keebs walking silent upstairs, There is al- so a room-to-room public address system. Classes began Monday. Students arrived in two large buses each carrying 50 passengers, three small- er ones and by 15 other transport arrangements worked out by the students themselves. Many younger ones don't care for the idea of riding as much as 12 miles in a 'half-hour bus trip and rising half an hour earlier, "but they'll get over that soon," said the principal, 'when they come to understand how much more we have here than they had at their old schools." WORTH LONG TRAVELLING Teachers voice no complaints. "It's a long wey to travel from Beaverton each day," said T. J. McCormick, who has the Grade XIII class, "but it's worth it to teach in a school as modern as this. I guess people travel longer to to work in Toronto." At both Cannin and Sunder- land, public and high school stu- dents were crowded into the same building. The one at Cannington was built in 1874. The large gymnasium can be closed off from the rest of the school and is de: ed to be used as an auditorium well, serving a vital need in the district as a modern communtiy centre. Police Asking Boost In Wages Pending since the end of last October a request, from the mem- bers of the Oshawa Police Force, for a discussion to determine rates of remuneration and conditions of work will be taken up shortly by the Oshawa - Police Commission. Members of the commission in- dicated at their inaugural meeting yesterday that it would be ready to go into the matter shortly. The members of the force, who received an increase in wages of $400 in 1951, received no increases last year. They are now seeking an increase of $800 and reduction in the work week from 44 to 40 hours. The force is asking for eleven statutory holidays of the seven given now and the issuance of a peajacket to members of the force who work in the 'cruisers during the fall and winter months. A platoon system is also being asked for as well as two pairs of boots a year instead of one. The men are also asking that their uniforms be cleaned and pressed once a month. Rose From $100-a-Year Office Job TORONTO (CP)--Sydney Henry Logan, 71, who rose from $100-a- year office boy in a Nova Scotia bank to president of the Canadian Bank of Commerce, died at his home Friday. He retired as chair- man of the board of that bank in 1948. Mr. Logan was a director of the Canadian Bank of Commerce, the Western Assurance Company, the British American Assurance Com- pany, Imperial Life Assurance Company, National Trust Company Ltd., Brazilian Traction Light and Power Company, Maple Leaf Gar- dens and British Oxygen Canada Ltd. Born at Debret, N.§., Mr, Logan entered the Halifax Banking Com- pany in 1897, He held a succession of positions with the Canadian Bank of Commerce, which ab- sorbed the Halifax company in 1903. As supervisor of the foreign department in Toronto he travelled in the Far East, South America and Europe. In 1937 he was named president and elected chairman in 1944. Mr. Logan served as president of the Canadian Bankers' Association in 1936-37. The township of Charlottenburgh in Glengarry county, Ontario was named in honor of Queen Charlotte, the wife of George III. SALLY'S SALLIES Cope. 1993, King Features Syndicate, Inc, World rights Seemed. "CALLING ALL TRAINS etd "The boss says you sound as if you worked en Fibber McGee's Columnist For TORONTO (CP)--It may be a philosophical discussion on drink- ing today, abstracts from & maga- zine article tomorrow. Whatever it is that has aroused J. V. McAree's curiosity, he has found that it interests his readers, too. They may not like what he writes about the topic under dis- cussion--Wednesdays and = Satur- days are set aside to print their views as expressed in letters--but i he commands their attention. The Globe and Mail editorial- page columnist has held his read- ers for a half-century, ever since he was assigned to write a column for the old Toronto Mail and Em- pire to "explain things that read- ers usually missed in the news." That was Jan. 12, 1902. His Fourth Column has been a daily feature since. . It's no longer the fourth column on the editorial page. That was changed some years ago when the Globe and Mail, line with changing newspaper practice, put a political cartoon in JVM"s spgce. The column now is in columns seven and. eight but is still known, though not so headed, as JVM's Fourth Column, Born in 1876, the burly, white- haired columnist says he doesn't want to quit. His "perfect finish' he says, is to be able to write a column 'the day before my funeral." John Verner McAree says he writing his column for 50'years un- til a friend pointed it out. He pre- that's what he has wanted to be ever since he left school and made "playing hookey & permanent thing." His first steps in that direction were writing letters on contentious issues to the Toronto Daily Star-- at the request of the Star pub- lisher, the late Joseph Atkinson. Mr. McAree one day would assail dogs running at large and attack dog-haters the next. His first newspaper job was on the Mail and Empire. In 1937, the CRA SATURDAY EVENING Recreation on the Air, reported by Bill Smith, (CKLB). 6.15 p.m. Neighborhood Assoc. Square Dance, Hosts -- Central Council, 9.00 - 11.45 p.m. MONDAY MORNING Lions Club Room for the Blind, 9.00 - 5.30 p.m. Recreation office open all day, 9.00 - 530 p.m. MONDAY AFTERNOON Adult--Woodshop, 2.004.00 p.m. Shuffleboard. 2.00 - 4.00 p.m, Strength and Health Club. 2.00- 4.00 p.m. Children -- Leathercraft. 4.15- 5.30 p.m. Shellcraft, 4.15 - 5.30 p.m. Woodshop. 4.15 . 5.30 p.m. Girls' and Boys' gym. 4.15 - 5.30 p.m. Teen-agers -- Shffleboard. 4.15- 5.30 p.m. Table Tennis. 4.15 - 5.30 p.m. MONDAY EVENING Adult -- Studio Club Rehearsal. 7.00 p.m. Woodshop. 7.00-9.00 p.m. Strength and Health Club. 7.00- 9.00 p.m. : Boxing Instructions. 7.00-9.00 p.m. Oshawa Little Theatre. 7.30 p.m. Meeting of the Oshawa Junior Yacht Club. 7.30 p.m. TUESDAY MORNING Lions Club Room for the Blind. 9.00 - 5.30 p.m. Recreation office open all day. 9.00 - 530 p.m, TUESDAY AFTERNOON Adult -- Woodshop. 200 - 4.00 p.m. Strength and Health Club. 2.00- 4.00 p.m. Shuffleboard. 2.00 - 4.00 p.m. Children. -- Leathercraft. 4.15 - 5.30 p.m. Shellcraft. 4.15 - 5.30 p.m. Woodshop. 4.15 - 5.30 p.m. Girls' and Boys' Gym. 4.15 - 5.30 p.m. Teen-agers -- Shuffleboard 4.15- 5.30 p.m. Table Tennis. 4.15 - 5.30 p.m. TUESDAY EVENING Adult -- Woodshop. 7.00 - 9.00 p.m. ' Strength and Health Club. 7.00- 9.00 p.m. Barbershoppers. 7.00 - 9.00 p.m. Leathercraft. 7.00 - 9.00 p.m. Blind Bowling (Motor City Al- leys). 7.00 p.m. Boxing Instructions. 7.00 < 9.00 p.m. Board of Directqrs' Meeting (CRA). 7.30 p.m. WEDNESDAY MORNING Lions Club Room for the blind. 9.00 . 5.30 p.m. Recreation office open all day, 9.00 - 530 pm. WEDNESDAY AFTERNOON Adult -- Woodshop. 2.00 - 4.00 p.m. Shuffleboard. 2.00 - 4.00 p.m. Strength and Health Club. 2.00 - 4.00 p.m. Children -- Leathercraft. 4.15 - 5.30 p.m. Shellcraft. 4.15 - 5.30 p.m. Woodshop. 4.15 - 530 p.m. p 2 and Boys' Gym, 4.15-5.30 Teen-agers -- Shuffleboard, 4.15- 5.30 p.m, Table Tennis. 4.15-5.30 p.m. WEDNESDAY EVENING Adult -- Woodshop. 7.00 - 9.00 p.m. Strength and Health Club, 7.00- 9.00 p.m. Boxing instructions. 7.00 - 9.00 p.m. Harmony Neighborhood Assoc. meeting at Harmony School. 8.00 p.m. Radio Park Neighborhood Assoc. meeting, 22 Westmount Ave. 8.00 p.m, Neighborhood Association Bowl- ing, (Motor City Alleys), 9.00 p.m. Teen-agers -- Shuffleboard. 7.00- 9.00 p.m, Table Tennis. 7.00 - 9.00 p.m. YWCA SATURDAY EVENING : { OVER-20 CLUB DANCE: A week- ly club dance held for those in the community over 20 years of age, 9.00 - 12.00 pm. Would Write Up To Last hadn't realized that he had been | fers to be called a reporter, for " 50 Years. paper was amalgamated with the Globe to form the Globe and Mail, now Toronto's only morning news- paper. As a side job to his repor- torial assignment, he had to handle a children's column. This flour- ished and when the paper decided that a background news column should be written, Mr. McAree was nominated. "It's been going every since," he says. "I've never. sought an- other job. I've never wanted an- other job." PLAN WORLD TOUR EDMONTON, England (CP)--Ed- ward Whitefoot, 74, and his wife, Elizabeth, 76, inherited the major part of a £21,316 fortune left by an unknown cousin in Wales. The couple for years lived in a modest flat in this Middlesex district, but now plan a "world tour and a holi- \ THE DAILY TIMES-GAZETTE, Saturday, January 10, 1053 § TORONTO (CP)--New dairy con- tracts with Great Britain to re- vive Omtario's "dying" cheese in- Ontario Milk Producers' League. At a meeting here the league demanded the federal government seek new contracts with Britain by accepting goods instead of dol- ars. Another resolution passed by the league asked the government to ask the United States to lift its dairy restrictions. It also asked that all fluid milk produced out- side Ontario be passed through li- cenced dairies in this province and that the Ontario milk control board be given jurisdiction over all in- eoming milk. Approval also was given to a day in warm Ceylon." resolution calling for a single act dustry weer urged Friday by the] Want Ontario To Control All Milk Shipped For Sale to cover all phases of the dairy industry. ; H. Caslor of Brampton asked the league to appoint a comunittee to consider the situation and press the government for such an act, which would cover control, marketing and price structures throughout the province. The resolution was pase even if they have to be paid forged The 1952 executive was. re-elec- ted for 1953. It includes president, Gordon Greer, Ottawa; vice-presi- dents, W. H. Hoiles, Nobleton, D.C, Rogers, Kingston; executive, G.G. Callon, Ancaster; Kenneth Crews, ville: E. Farnsworth, Hunts. ville; W. R. Peters, New Liskeard; | J.C. Robb, Ilderton; O. A. Snyder, | Respelers and W. H. Wilmot, Tor- onto. { "Classified Ads are sure to pay. Phone The Times with yours today. | The Annual Meeting of Shareholders Healthier Free Exchange Rates, Lower Tariffs, Encouragement of Foreign Investment, Key To Economy, Says President own self-interest Canada's dependence on the world | economy, and her responsibility to it | because of her increased importance | in the world was the main theme of | the annual address of James Muir, ! President, at the Annual General Meeting of Shareholders of The Royal Bank of Canada. Self-interest and high moral purpose, he said, lead in the case of Canada to a common goal: the rehabilitation of | the world economy. Reliance on the free price system, he felt, is pre- requisite to the removal of numer- ous obstacles to healthy world trade which exists today. "Unfortunately the world's econo- mic ills are more easily diagnosed than cured," said Mr. Muir, "The most spectacular symptom is, of course, the so-called shortage of dol- lars which still persists seven years after the end ofthe Second World War. "In international trade, goods must be paid for either in the ex- porter's currency or in funds that are freely convertible into that cur- rency. The world chooses to buy goods and services from the United States and Canada at such a rate that, even with the multitude of restrictions imposed by the import- ing countries;~dollar payments for imports exceed lar earnings from exports by more than $5 billions per year. THE SHORTAGE "Exchange control can check the loss of dollar reserves for a time, but it does nothing to combat, in- deed it may intensify, the underly- ing unbalance that causes the dol- Jar drain. In contrast, a free rate moves automatically to restore bal- ance in the international accounts. "1 do not mean to say, nor have I ever said, that free exchange rates will solve the whole problem; there is no simple solution. Nevertheless, it is surely unwise to forego the ad- | vantages of a free market merely because after its adoption, some problems will still remain. "In the short run, the dollar coun- tries should act without delay to re- move excessive tariff barriers and customs formalities that now -pre- sent unnecessary obstacles to over- seas imports. Canada, especially, has much to gain by reducing the pre- ponderance of U.S. goods among her imports; and at the same time the | release in this way of extra dollars to overseas countries would tend to reduce Canada's dependence on the US. export, market. "In the lofig run, an investment programme will be of the greatest importance in correcting the funda- mental economic weakness that lays our allies open to recurring dollar crises. Briefly, investment may pro- vide relief in three main ways: first, soft-currency countries may concen- trate their domestic investment on industries producing dollar-earning exports or producing goods which otherwise would have to be import- ed from the dollar area; second, dol- lar area countries may concentrate their foreign investment in the the soft-currency countries may make direct dollar-earning invest- ments in the dollar area itself. PROBLEMS OF INVESTMENT "The way to encourage private in- vestment in underdeveloped coun- tries is not to create another inter- national lending agency but to se- cure a general elimination or re- duction of the present restrictions in these countries on the repatria- tion of earnings, in the capitaliza- tion of earnings which are not or cannot be transferred, and on the effective control by its owners over equity capital when the majority | interest resides outside the under-| developed ccuntries. | "In the last analysis, internation- al investment and economic devel- opment depend upon a change of | heart in the underdeveloped Coull= | tries themselves. I believe this] change will be easier if those coun- tries adopt the short-run monetary and exchange-rate policies I have already discussed. Any easing of the dollar shortage by these means will make it easier to tranSfer in-| terest, dividends, and capital sums out of these countries; and the mere power to withdraw will in turn en- courage new investment and thus create a further improvement in the exchanoe nosition of. these | ge. p> nest Sal same types of industry; and third, [| Urges dollar countries to remove excessive trade barriers and customs formalities. "Canada serves high moral purpose and by accepting her present-day responsibilities." "EASY" CREDIT CAN BE COSTLY TO CONSUMER Three devices, Mr. Muir said, had been available to correct the lull in business which had occur- red early in 1952. These were tax reductions, price reductions, and easier credit terms. Despite some reductions in excise taxes, the effect of the 1952-53 budget had been to impose a heavier over-all burden of taxation; price reduc- tions, while they had occurred to some extent, played a relative- ly small part in the revival of trade which took place towards the halfway mark of 1952. "It was the third device," he said, "that of easier credit terms, which was apparently chosen by business and g vernment as the means to restore a stronger cur- rent of business activity. Consu- mer credit controls were abolish ed on May 6th; 1952, and the voMintary restrictions on bank lending were removed, at the suggestion of the Bank of Cana~- da, on May 20, 1952. We are ex- periencing the buoyant effects of these decisions, Indeed, there is some evidence that the decline in activity has been over-cor- rected, and that inflation has again become a threat to the economy. "So-called 'easy' consumer credit can be most costly both to the consumer and to the econ- omy as a whole, The effect on sales is immediate and gratify- ing to business; but repayment of the debt by the public in the future may well result in an en- forced reduction in consumer spending on durable goods to a level quite as low and depressing as that which followed our pre- budget buying spree of 1951. If this reduction were to occur along with other deflationary factors, such as heavy inventor- ies and a reduction or a levelling off in armament expenditure, our present boom might seem, in re- trospect, an unsound and tem- porary one. Indeed, the econo- mic pattern today bears no lit- tle similarity to that of 1928 and 1929. Then, as in 1952, the ex- pansion of consumer instalment credit played an important part in increasing sales and main- taining retail prices at a time when raw material prices were on a steady decline. The result then, as in 1952, could only be a concealed inflation with its at- tendant dangers. "I believe that a sounder pros- perity in 1952 would have result- ed from greater use of the two other corrective devices, namely tax and price reductions. These interact with and reinforce one another in promoting a healthy expansion; in other words, the expansion they promote will not be based on the shifting sands of consumer credit." i there if healthy long-run invest- (ment is to be encouraged; and no | plan or assistance programme of in- | vestment institution can serve as a substitute, | BASIS FOR OPTIMISM Mr. Muir concluded with an ap- peal to Canadians to exercise dis- cretion when discussing Canada's | prospects to their friends in other tcountries. "It may be pleasant," he | said, "to have one's nation regarded {highly abroad; but the boom psy- | chology that prompts even small in- | vestors in other countries to rush into Canadian securities should teach us caution. Both our good re- pute and our long-term prosperity will be far safer if we do not over- sell Canada now. Let us then tem- per our private optimism with a lit- tle public caution, especially when we are talking to Canada's many friends abroad. "Canada made a valuable contri- bution to the revival of faith in the traditional price mechanism when she freed the dolla in September, 1950, and removed all exchange con- trols a little over - year later. In other countries there are legitimate differences of pinion on whether or not the time has come to make a similar Bit Sage Plein aasii for - freedoii. The Royal Bank of Canada General Manager Reports Assets Over $2.6 Billions T. H. Atkinson, General Manager in reviewing the bank's 1952 report stated that total assets of The Roy- al Bank of Canada have now reach- ed the imposing total of $2,691456,- 873. This, he said, was a new high mark in Canadian banking history, and is the highest ever reported by any Canadian bank. Deposits likewise had reached record totals, said Mr. Atkinson. They now stand at $2,527,510,437, an increase of approximately $176,« 000,000 over the previous year, "This increase," said Mr. Atkinson, "reflects not only substantially higher balances in the names of former clients but has been accom- panied by a record making number of new names on our books. The number of deposit accounts on the books of the bank now exceeds 2,- 250,000, an increase of well over 100,000 during the year." Mr. Atkinson reported profits for the year had increased $1,762,382 over the previous year. After pro- viding for taxes, depreciation and dividend: including an additional divid. of $875,000 he rate of 25¢ per share), the bank transfer red $3,000,000 to Reserve Fund, which now stands at $55,000,000. The bank's programme of ime provement to branches, which has gone on steadily since the end of the war, continued during the year to provide the public and staff with modern, up-to-date facilities and surroundings. Some 275 branches were provided with new or improve ed premises, 18 new branches were opened, and a further seven are in the course of preparation. ROYAL BANK ABROAD Mr, Atkinson reviewed the hise tory of the bank's extensive organi zation abroad, pointing out that ite growth had followed actual or po= tential channels for Canadian trade development, Offices were establish- ed only after a careful survey on the ground to ascertain whether the field was adequately banked, and if not, whether the bank could not only service Canada's export trade, but could contribute something worthwhile to the business com=- munity in the particular country, and operate on a reasonably profie table basis. The volume of business transact ed by our foreign branches remains very substantial indeed, and profi- table. During the past year, our overseas chgin has again demon- strated its as an important complement to our Canadian organ=- ization. Not only was this so from the standpoint of record earnings, but the contribution made in the direction of business to the Canae- dian field through contacts estabe lished abroad was well worth while, | As has been said in our published reports of previous years, through our extensive overseas direct repre- sentation plus our world-wide rela- tions with correspondent banks and the specialized departments we op- erate in Canada to aid traders, we {are proud of the services we pro- vide and also of the contribution we {make towards facilitating traders, | the value of which can hardly be assessed in a nation which ranks third in world trade. PRAISE FOR STAFF "It is a daily occurrence in Head Office to receive letters indicating that at one point or another some member of the staff has gone out of his or her way to deal kindly and thoughtfully with the problems of a client. Public opinion of a bank is by and large the opinion held of individual branches of the bank so that our reputation is largely de- pendent on the deportment and ac- tions of branch personnel. That it is in good hands is amply evident, "An expanding business inevitably places increased demands on the | staff and in the past year we are well aware that at many points our officers have been faced with diffi. ' culties which at the moment may {have seemed insurmountable, In no case, however, was there the slight- est evidence of a breakdown in ser= vice to the public and so, on behalf of the executive officers of the bank, I say a heartfelt "thank you" to the staff. In turn, on their behalf, I have no hesitation in assuring the | directors and shareholders that the {demands of the future will be met by the staff in the efficient, warm, {and friendly manner they have dis- | played in the past." | agreement that ultimately this is what must be done. "Our country is young, its econo= mic system is strong, and its capa city for growth will put our ree sources of imagination and entere prise to a severe but welcome tests | This is what 'We should remember when we become | greatly impres- sed with the diffi ies still ahead of us. There is little excuse for gloom in a young country that even now on the ach ox wud Sin fied candles Stais ConiGenwy tries. Nevertheless, the will must be there is & surprising amount of | threshold 'of national greatness."