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_-- + THE OSHAWA TIMES, Wednesday, December 9, 1964 1] Back Injury Halts Moore's Return TORONTO (CP) -- Dickie Moore's comeback attempt with Toronto Maple Leafs of the National Hockey League appéars to hinge on whether he can recover from a back injury suffered two weeks ago at New York. The 33-year-old left winger, ee up by the Leafs for 000 on waivers from Mont- real Canadiens last spring, was hurt when he was bounced into the boards backwards. He managed {o conceal the injury--a bruise to the base of the spine--until late last week when he could no longer skate. Moore said in an interview Tuesday night he has definitely not thrown in the towel on his attempt to pick up where knee injuries forced him to leave off with the Canadiens more than @ year ago. He said he had "'tried to skate out" the back injury but finally gave in to medical treat- ment. A shot of cortisone aifp affect him, he said, and now' the doctoi . have ordered rest. Leafs gave him permission to return to Montreal to look after his business interest there. HOCKEY SCORES STANDINGS coach, is facing an indefinite By THE CANADIAN PRESS American League Eastern Division WLT F APt Quebec 20 6 1115 66 41| Hershey 15 6 2 83 5232) Springfield 1015 2 78108 22] Baltimore 812 3 77 7419) Providence 718 0 64 9314) Western Division Rochester 15 7 2 84 6732 Buffalo 10 8 3 64 6223) Pittsburgh 812 3 68 8319) Cleveland 514 4 58 Tuesday's Results Springfield 2 Baltimore 7 Cleveland 2 Quebec 5 Ontario Junior A WLT F APt Toronto 16 5 1108 83 33 ee it ' H Hy 4 34/ Baltimore 97 Philadelphia 102 Sieve 10 8 6 91 Ase Detroit 102 New York 100 my Catharines 710 $ 80 0217 Boston 108 Los Angeles 98 Sita St. Louis 118 San Francisco 93 Kitchener 714 1 81106 15)° Montreal 612:2 77 8414 Hamilton Sil 4 Py 9414 Tuesday's Results St. es 6 Miagere fois 2 Peterborough 2 awa niagart ein tam at Hamilton Toronto at Peterborough Manitoba Junior Winnipeg Brayes 2 Winnipeg Warriors 0 das (OHA Jr. C )4 OLD COUNTRY SOCCER SCORES | LONDON (Reuters) -- Eng-| lish Soccer Association Cup, second round replay: Barnet 3 Enfield 6 (Barnet at home to Preston| -- End Saturday in third! round.) "IT was going to go Tuesday morning," he said, 'but I de- cided to go back to see the team doctor. I may see him again before I leave. I haven't said anything about quitting to anyone." Leaf manager - coach Punch Imlach hasn't given up on him either. "He was supposed to. see King (Clancy) today but didn't show up," Imlach said in an in- terview Tuesday. "I'm sure he had a good reason. "He hasn't told me he's nuke ting and anyway, I wouldn't ac- cept it. He's under contract for the season and I've said more than once, he's got until March to get in shape if he needs it. Moore has said he feels he is taking money from Léafs un- der false pretences but denies emphatically that his legs won't permit him to play in the Na- tional Hockey League. "There's nothing wrong with me that a goal or two won't cure," Moore told reporters a week ago. Alf Treen Faces OHA Suspension KINGSTON (CP)--Alf Treen, former Kingston Aces playing suspension by the Ontario Hockey Association, Harold Langabeer, secretary - manager of the Kingston club, said Tues- day. Kingston claims it still owns |Treen, who left the Aces prior to the start of this season to be- |come player - coach with Wind- isor Maple Leafs of the) Maritime Senior Hockey] League. Langbeer said Treen still hasn't been released from the} Ottawa - St. Lawrence senior hockey club. BASKETBALL SCORES NBA 'GUNS' FOR GIFTS @ Germen Mouser © Lee Enfield Sporter © Revolvers @ Gun Rocks @ Cleaning Kits © Shotguns » @ Holsters, Belts, ete. @ Cross Bows, ete. ete @ Time peyment, neo deposit, leyewey. All Phases of Gun-Work Handled, Large Stock. of Perts end Components Alweys 'On Hend". ART'S GUN REPAIR 1@ BOND ST. WEST 728-9731 NOTICE TO AUTOMOBILE INSURANCE POLICY HOLDERS | tion of We are proud to heve your car towed from to OUR YARD. 24 HOURS DAY or the South End Auto Body and Nagy's Body Shop com- bining years of fine working skills, making this the largest Independent shop with the best collision service the city has to offer, FREE TOWING If you are unfortunate enough to have an accident the scene of the accident NIGHT il be handled by experienced servicemen at our "se had Sette compound where it will be oppreised with no delay or cost to you. NAGY MO 344 DURHAM S. KING ST. E. THIS COULD BE 'YOU FOR QUICK, TOP SERVICE TORS Lid: 728-5175 DOWN'S Towing Service 723-7032 We meet today at the close of a vear that has been favourable for Canada in many respects. Economic con- ditions within our country have been generally good with each major region continuing to participate in the general prosperity. Total Gross National Product in 1964 is now expected to exceed $46 billion, an increase over last year of some 6 per cent in volume and approaching 8 per cent valued in current dollars. This:is the fourth year of steady growth achieved without marked pressures on labour and materials and within a framework of comparatively steady prices. It is a good record of sustained expansion. The strong rise in output this year has been achieved primarily through a sharp increase in export sales and a substantial rise in private capital investment. Exports On the export side, strong demand from the United States, the United Kingdom and other overseas customers has resulted in high volume sales of Canada's major traditional export items including wheat and flour, newsprint and pulp, lumber and ply- wood, and various semi-processed non-ferrous mineral prod- ucts. In addition, there has been a sharp rise in shipments of iron ore and concentrates, and there have been substantial sales of aircraft and parts, semi-fabricated steel, industrial and farm machinery and automotive products. Exports of products from the secondary manufacturing industries have shown encourag- ing gains in volume and variety, and the delivery of a sub- stantial portion of the 250 million bushels of wheat sold to the Soviet Union has been a major supplement to the usual flow of exports. The total value of merchandise exports from Canada is estimated at $6.2 billion for the first nine months of 1964, an increase of about 23 per cent compared with the corresponding period last year. Capital Investment Capital investment has also been the source of substantial stimulus to the economy. The estimate of total outlays for rivate and public investment including housing is $10.8 billion 'or this year. If this progtam is accomplished it will mean an increase in outlays over last year of about $1.5 billion, by far the sharpest increase since 1956. The sharp rise in capital investment in the business sector has resulted from a combination of developments. World demand for the products of our mines and -forests has increased in a number of the basic resource industries to an extent that war- rants further expansion of capacity. The devel of extensive energy resources is going ahead following the cris ion of agr for the sale of power to the United States. Industrial Production The general pattern of industrial activity has reflected the stimuli from exports and capital investment as well as the strength of d ial prod rose sharply during the latter part of last year and has moved gradu- pac fy po in a saw-tooth pattern through 1964, The average industfial production in the first eight months of this year was 9 per cent higher than in the corresponding period of jast year. Agriculture The ding di in the agricultural sector hae been the very high volume of wheat exports in the crop year ending July 31, 1964. Wheat and flour exports amounted to nearly 600 million bushels, almost 80 per cent higher than in the previous year and almost double the average for the preceed ten-year period. The dollar value of wheat exports in the | erop year was more than $1 billion and the major export mar- ket for Canadian wheat was the Soviet Union which putchased about 40 per cent of total export shipments. The wheat crop this year is estimated ai some 600 million bushels, 17 per cent below last year's record harvest but still the fourth largest on record. Consumer Sector Personal expenditures advanced markedly uuring the last half of 1963 and the early part of this year. The rate of spend- ing for durable goods was especially strong, paced by record purchases Of automobiles. Outlays for imported goods and for travel abroad increased quite sharply, following the pattern of previous business expansions. In the second quarter of this year consumer expenditures increased only slightly but the year-over-year increase was still almost 7 per cent. Personal income has followed a similar pattern, rising sharply in the fourth quarter of 1963 and the first quarter of this year. Government Sector In the first seven months of the current fiscal year, April to October, the Federal budgetary surplus was $451. million com- pared with a deficit of $128.6 million in the corresponding period of 1963. In the seven-month period this year expendi- tures were up $75.5 million but revenues were up $655 million, which suggests there is some possibility of "balancing the Federal budget in the current fiscal year. Employment The advance in economic activity this year has been accom- panied by some increase in employment. The total number of people at work in September was estimated at 6,754,000, an increase of 189,000 over a year earlier. Unemployment was estimated at 218,000 in September 1964, some 32,000 under a year earlier. The employment picture, in terms of the utilization of the labour supply, is the most favourable since 1957 and in some regions there are indications of considerable pressure on the supply of certain types of labour. Balance of Payments Pend balance of payments for the first half of 1964 a deficit in the current account of $518 million com- prs with a deficit of $452 million in the corresponding period ear. Exports and imports were up substantially in volume, po ee over 20 per cent. Merchandise exports for the six period amounted to $3,927 million and imports were anal at $3,767 million; the resulting favourable balance on merchandise trade was $160 million, up $12 million from a year earlier. At the same time, the continuing deficit on non-mer- chandise transactions increased from $600 million to $678 million, chiefly the result of larger deficits in the travel account and the interest and dividends account. In total, the current account deficit increased by $66 million. In this connection it is important to note the very sharp increase in the deficit on current account transactions with the United States built up principally as the result of the much larger inflow of merchandise imports although there was also some increase in the deficit on non-merchandise transactions. Outlook for 1965 It is from a record level of economic activity in the final quarter of this year that we move on into 1965. The levelling out which appeared in some areas of the economy around mid- year turned out to be temporary and the strong upward trend in total Output was resumed in the fall. The economy still appears to be functioning in good balance, inventory-sales ratios in manufacturing are satisfactory by historical standards, the volume of unfilled orders is substantial and competition is keep- ing a tight rein on prices. Strength is continuing to flow from many sources. There are indications that the surge in capital investment will continue through next year although the increase in volume may be somewhat less than this year. The climate for Canadian exports may not be quite as fa- vourable next year. Assessments of the economic outlook for the United States in 1965 indicate a somewhat slower rate of increase in economic activity than this year. Overseas there has been some slowing down in growth rates in a number of coun- tries which purchase substantial quantities of Canadian products. Consumer expenditures and government outlays for goods and services, the other two major-sectors of final product demand, have provided firm support to the economy through this year. Changes in detailed patterns of expenditure in these areas are to be expected as demands change in response to shifting income flows, population groupings and various special influences. However, there does not appear to be any reason to anticipate marked changes in the general trends of demand in these two sectors. During the coming year, the economy will continue to be affected by events and changes in policy at home and abroad that are difficult, if not impossible, to foresee. With this im- portant proviso in mind, there is good reason to approach the new year with confidence. Trends within the economy may be more varied and increases in output more moderate than in 1964 but, in general, economic conditions should continue to be favourable, Saving and Investment in the Canadian Economy There has recently been a good deal of discussion in Canada about the extent to which Canadians are themselves providing the necessary financing for their economic development. The largest single source of savings, and hence of investment funds, is from the retained earnings and depreciation allow- ances of corporations. The most important use of such savings is to finance additional real investment in Canada covering new construction, new machinery and equipment including mining equipment and drilling costs. The second major source of investment funds is personal savings. The savings derived from the business and personal sectors of our economy would normally be more than adequate to finance the real investment required by the private sector. This, how- ever, is not the whole story, since the various levels of govern- ment also draw heavily on the savings of the community, and the net borrowings of the government sector have the effect of reducing the amount of savings available for investment in the private sector of the economy. The extent to which the volume of domestic savings falls short of the achieved level of invest- ment, both private and public, is also the measure of our net import of foreign capital. If the problem is examined in these more fundamental terms, there are two course ion, each of which could help to reduce the gap between the actual volume of domestic savings and the volume required to meet the demands in Canada for private and public investment, The first approach is to try to encourage a greater flow of domestic savings; in this connection, taxation policies are obviously of great importance. The second is to reduce the net diversion of investment funds to all levels of government, leaving @ larger portion of present savings available for produc tive employment in the private sector. Canada Pension Plan The Canada Pension Plan now before Parliament will have an important influence on the flow of savings and the pattern of investment. It is important to consider what the impact of the plan will be on the availability of investment funds for use in the private sector of the economy as well as its effect on the over-all rate of growth in Canadian productive capacity. Much will depend on the ways in which the funds are used by the responsible government authorities and on whether the availa- bility of these funds tends to encourage increased government expenditures. Another aspect of the problem is the way in which savings are mobilized and made available to those requiring them to finance economic activity. As already indicated, business enter- prise may use its own savings directly for investment purposes, but its ability to do so frequently depends on the availability of working capital loans from the chartered banks, Insurance companies and pension funds also play a very important role in the process of gathering together savings and making them available in an economical and effective way for a wide range of economic activities. An important factor is that these institu- tions operate through a market process so that borrowers, whether private or governmental, have to compete for funds on a price basis, and lenders obtain a return which corresponds to the value placed on their funds in a free market. Role of Chartered Banks The chartered banks, of course, have a crucial part to play in the whole operation of the capital markets, Asa major i- tory of the savings of the community they are also a major source of financing for business, personal, and governmental operations. The funds entrusted to the banking system, whether as savings deposits, demand deposits, or other types of liabilities, are in no sense idle funds. They are constantly at work in the form of loans and investments in every branch of economic activity in Canada. The Chief General Manager has dealt with two of the major restrictions in the present Bank Act which inhibit the employ- ment of bank funds. The ceiling on lending rates and the prohibition against taking conventional mortgage security serve only to reduce the availability and increase the cost of credit in certain important areas of financing. The removal of these arbitrary limitations would mean that the funds en- trusted to chartered banks could be used even more broadly and more effectively in ways which could provide an added stimulus to the Canadian economy. William M. Currie, Chief General Manager, reviewed the balance sheet, highlights of which are summarized: The Bank's 98th Annual Statement reflects a growth in assets of approximately $255,000,000 to a total and new peak of over $5,500,000,000. The pace of the economy was reflected not only by an increase of $188,000,000 in total deposits but also by an increase of $286,000,000 in commercial and other loans. Deposits with other banks increased by $24,000,000, Govern- ment of Canada direct and guaranteed securities were reduced by $78,000,000, and call and short loans to investment dealers . and brokers were lower by $47,000,000. The liquid position of the Bank continues to be strong with quick assets at $2,560,000,000, equal to 48.99 per cent of the Bank's total liabilities to the public. The growth in commercial and other loans of almost 14 per CANADIAN IMPERIAL BANK OF COMMERCE Over 1300 branches to serve you "Good Reason to Approach the New Year with Confidence" "Trends within the economy may be more varied and increases in output more moderate than in 1964 but, in general, economic conditions should continue to be favourable," said J.P.R. Wadsworth, President, addressing the 98th Annual Meeting of the Canadian Imperial Bank of Commerce, om was widely spread over the full range of the Bank's lending siness. Bank Premises shows a net increase of $3,600,000 after j depre- ciation. During the year 62 branches were opened and 11 closed, to bring the total number of branches and banking offices to 1,334, of which 1,302 were located in Canada and 32 abroad. Total its, up $188,000,000 to $4,971 ,000,000, reflect an increase of $123,000,000, or 5.6 per cent in personal savi deposits, and a substantial increase in the total number of save ings bank depositors. Other deposits i poe by $1 10,000,000} included are other Canadi d and payable after notice and deposits in foreign pel oehnwcn Throughout the Bank there were gratifying increases in the total number of current and personal chequing account customers during the year. Turning to the statement of undivided profits, the net profit of $21,402,602 represents an improvement of $1,017,543 over last year. Earnings per share were $3.07 as compared with $2.93 in 1963. Total dividends of $15,678,000 were paid at the rate of $2.25 per share, leaving $5,724,602 which, together with the balance of $2,364,265 in undivided profits carried forward from 1963, made up a total of $8,088,867 from which $5,000,000 was transferred to Rest Account. The balance of $3,088,867 was carried forward to the 1965 fiscal year. Paid-up Capital, Rest Account and undivided profits totalled ee" and the Bank's shareholders increased by 1,282 to Growth in loans and deposits is perhaps the best evidence of the part played by the Bank in meeting the credit requirements of Canadians in every walk of life. The chartered banking system could finance a much wider range of Canadian needs. Two of the restrictions imposed by the Canadian Bank Act, the six per cent ceiling on loan interest and the prohibition against loans secured by conventional mortgages, prevent the banks from competing with other lending organizations whose rates would be lower if faced with chartered bank competition. Large seg- ments of the public thus are forced to pay higher rates than they would if the banks were permitted to compete in these fields. During the past two years data processing centres were opened in Montreal and Vancouver and this year a second come has been added to the Toronto centre. Presently, the book- eeping of over 200 branches in these three centres is largely done by this electronic equipment and the number of branches within the system is steadily increasing. Cheques processed in the Toronto centre alone have been increasing at a rate of 10 per cent per annum and the annual volume is now in excess of 100 million individual cheques. Modern electronic data processing eliminates much of the tedious bank work and releases person- nel for more challenging and constructive work. Important as these installations are, Canada's need for wide and diversified financial services extends to the smallest hamlet. In most cases chartered banks, including many of this Bank's able in the largest metropolitan centre. Such services are costly to maintain and reasonable charges for the many services performed are justified, The system provides these services at uniform cost, regardless location or the volume of business 'handled at individual branches. Asan i d ing ch dra banking points receive immediate credit and can use the funds immediately, as though they had been borrowed souse tase inter, The ceplulantian fequned er eae ae some time later. to clearing function is a complex and costly one which carries on around the clock. Opportunities for rapid promotion in a satisfying career in the Bank are offered to ambitious individuals. While planned, on-the-job training is the primary means of equipping person- nel with basic knowledge and special skills, there are in addi- tion widespread training facilities designed to assist officers of both sexes to equip themselves for increased responsibilities. A Staff College in Toronto and Career Centres in four major centres across the country provide instruction in a wide range of subjects. Men and women are encouraged to participate in the Fellow's Course in banking, and scholarships awarded annually present an opportunity to acquire a full university education. Officers of the Bank regularly attend executive development Programs at Canadian and other universities. In recent years an ber of the have been promoted to senior positions ; and every encouragement is given them to advance to positions of senior responsibility. The progress of the Bank during the year could only have been accomplished by men and women confident of their role in our future progress, devoted to the ideals and objectives of the Bank and willing to put forth a full measure of thoughtful effort. To all mémbers of the personnel I extend the thanks of " General Management and our compliments on a job well done, The full text of the President's and the Chiet General Manager's addresses moy be obtained by writing te the Secretary, Head Office, Toronto. ANNUAL STATEMENT HIGHLIGHTS YEAR ENDED OCTOBER 31, 1964 ASSETS Cash Resources (including items in mane: $ 742,717,000 Government and Other equ oan syeee 1,464,902,525 Call Loans. . be saab Fa koh ens ita ais 352,297,155 Total Quick isin. seccmmevernence. $2,550,016,779 Loans and Discounts. . 2,401 001,757 Mortgages and Hypothecs Insured under the N.H.A., 1954. . sane 207,784,086 Customers' Liability under 'Acceptances, Guarantees and Letters of Credit, as PBT GOBIVA.: 5. 6sc5 si ces0 2h5500 54 cane eee 235,695,194 Bank Premises. . Pieter ral tater iio te 71,092,743 Other Agsets. ....... cersevrcmstsyerrsssence 27,904,045 Total Assets. mm cimmmmeenmes $5,503,394,554 --_--_ LIABILITIES $4,970,723,634 Hae esas 235,605,194 Other Liabilities. He 19,206,859 Shareholders' Equity Capital Paid Up. Rest Account. Undivided Profits. Total Liabilities.......... STATEMENT OF UNDIVIDED PROFITS Profit after *income taxes... divers Dividends. . is seco eeeimenev en Amount Seiad forward. Balance of undivided profits" October 31, 1963 Transferred to rest account... mmmmson Balance of undivided vom October 31, 1964.. rr ta *Total provision for Income taxes $21,270,000