The following text may have been generated by Optical Character Recognition, with varying degrees of accuracy. Reader beware!

UNEVEN PATTERN |TTTE JO U W IAL, e-Trafalgar, Centennial Issue. Jime Vt, V&7 Nicks See Inflation Pressure Easing Montbello, Que. -- Inflationary pressures in Canada have eased to some extent m the pajst few months, it was stated here last Fri day by F. W. Nicks, president of The Canadian Bankers' Associa tion. " I would not wish to suggest," he told the annual meeting of the Association, " that the inflationary danger has passed and that mo netary conditions may soon ease. There remain strong upward pres sures on costs and prices." In a general review of credit restrictions, Mr. Nicks said a pe riod had been reached when the problems of monetary management had become increasingly difficult. The impact, or bite, of tight money was strengthening and its effects becoming more and more wide spread. This called for alertness on the part of the monetary authori ties in watching the changing econ omic currents, not only of Canada but of the United States, so that when the time comes to relax tight money, the change will be made promptly. Looking back to 1955, it appeared that Canada was slow in changing from easy to tight money, considerably slower than American monetary authorities. " It could be," he added, " a more serious matter to lag behind the United States in the event of a change in the other direction." There is an uneven pattern in Canada's economy, some very strong elements, some weak spots and others where demand has been easing. " Conditions change very quick ly," he continued, " and to gauge the turning points in advance or even at the time is not a matter that can be determined with assur ance, but an art requiring a sense of changing developments and a high order of judgment. No central bank or any other group of experts anywhere have yet found an an swer to this problem of timing, and no .full answer is possible." The impact of tight money is far from even, Mr. Nicks stated, and this is particularly true in Canada where many businesses have access to sources of funds in the United States and elsewhere. " In addition," he- continued, " since central banking policy works largely through the banking system and only indirectly through other financial institutions provid ing credit, some sources of capital are less affected than others, again with varying impact on different types of borrowers." The result was that miracles should not be expected of mone tary policy. There were inherent limitations in its use and if pressed too far, its impact could become so uneven as to create pressures that would undermine its effectiveness. In the last few years the pendu lum has swung strongly in all wes tern countries towards emphasis on monetary policy. To expect too much of monetary policy " might result in disillusionment and a swing in the other direction tow ard emphasis on direct controls and interference with individual initiative and the price system." The Association president said the suggestions of Governor Coyne of the Bank of Canada contained in his 1956 annual report and re lating to the use of savings depo sits in the banks "require serious consideration and the chartered banks are studying them thorough ly and carefully." The chartered banks, he conti nued, are not opposed to change. Nevertheless, they are " the custo dians not only of the liquid funds of business but of much of the liquid savings of the Canadian people and our prime responsibil ity is toward our depositors. "Fundamental changes in the banking organization are far more than technical matters to be work ed out between the banks and the Bank of Canada. They concern al most everyone in this country and I am sure would not be undertaken without the widest possible consi deration of their purposes and im plications." ' Mr. Nicks noted how the Cana dian banking system had adapted itself to sharply changing conditions within the past two years without dislocation or confusion and how the chartered banks had responded to national monetary policy both through the machinery of central banking control and through active cooperation with the Bank of Canada. Indicating how the national pol icy of monetary restraint had af fected the chartered banks, he said that total Canadian bank de posits -- the main element in the supply of money -- increased less than one per cent from May, 1956 to May, 1957 and current accounts --largely business deposits -- ac tually declined in amount over the same period. Credit restraint can take full effect only over a considerable pe riod of time and by June, 1956, seven to nine months after res training measures had been taken by the Bank of Canada, the in crease in general loans came to a halt. Since then the total has been comparatively stable with some tendency to rise in recent weeks. Some Dogs Like Portrait Painted But Artist Admits Others Bored MONTREAL, (CP) -- Witk her pastels poised the artist turned to the subject to begin the portrait --and the subject was hiding in a clothes closet. But Mrs. Alec Renaud of nearby Chambly, Que., expects that sort of thing from her subjects. They're canines -- some famous, some champions, others just old hound dogs. " Their personalities are as dif ferent as people's," says Mrs. Re naud. "Believe it or not, some dogs are intrigued by the work of the ar tist. Some are bored, even to the yawns they don't stifle. Some are terrific hams bidding for atten tion and putting their best face forward" Some are stern -- such as the dog that simply stared coldly at the artist at work. " I just couldn't succeed in get ting the kind of impression I wanted," says Mrs. Renaud, who aims for personality in her pic tures. Then there's the wire-haired terrier that refused to pose. " He went into hiding and it took an awful lot of coaxing to get him to consent to sit for me. Eventually the reward he was offered, which he carefully sniffed, paid off and the portrait turned out all right." What about Mrs. Renaud's own dog, Joli, a white minature poodle -does he like his portrait painted? Nope--Joli prefers to be photo graphed. " As soon as I reach for m j camera he strikes a pose and the click is his signal that the game is over for a while." OPENED IN 1850 The Scotch Kirk, formally known as the Canada Presbyterian Church, was opened here in 1850, on the north side of William St, between Dundas and Reynolds Sts. It was constructed at a cost of 430 pounds, and was a white frame structure. LAST OF THE 'HOOKERS Here is one of the last of the once great fleet of schooners that put into Oakville's harbour during the final decades of the 19th cen tury. Only a handful were still in the sailing business by 1909, when this picture was taken. But just a few years before that, these doughty vessels brought in up to 1 , 0 0 0 tons of coal each trip, picked up full holds of wheat. Nuns Sell Island By Montreal For Reported $2,000,000 Sum MONTREAL, (CP)--They still *all it Nuns' Island, although the nuns have left. Its real name is He St. Paul. ' For more than 250 years, the sisters of the Congregation of Notre Dame have lived quietly on their island in the St. Lawrence River, less than 1 , 0 0 0 yards from the shores of Verdun, a city on Montreal Island itself. Now they've gone. They boarded A ferry one bright May day, and departed. Their place will be tak en by a real estate firm that plans to develop the island into a $ 1 0 0 ,0 0 0 ,0 0 0 housing scheme, planned to make it what the promoters say will be the "most beautiful resi dential community in Canada." The nuns have boujght a 21-acre farm at Ste. Dorothee, a few miles west, where they will carry on their work of caring for ill, aged and resting nuns. Behind, they leave a remarkable history. Each spring, they faced flooding when ice jammed on the St. Lawrence River. They made a floor moveable in one barn so that they could raise it and the livestock above the flood waters. So close and yet so far from the north shore, the nuns have often been isolated for days by the icebreak-up. Once, a plane dropped bread because their supplies were cut off. The island's recorded history goes back almost as far as Mont real itself, founded 2 2 years before lie St. Paul was granted by a roy al councillor in France to three early residents of French Canada, for their services to Louis XIV. The sisters bought their first holdings in 1706 and gradually bought more, until 1769, they own ed the entire island. Total cost is said to have been about $ 1 ,0 0 0 . It's reported they sold it for $2,- 30H E B MUNICIPAL FOOD BILLS In 1880, town council cared for more than 500 tramps who sought sustenance. It is presumed that these early hobos weren't housed in the cell that has won country wide fame during the past two decades. Your children need the lift that VISITING only milk can give. Serve lots of wholesome, health ful MILK. perfect food. It's nature's most B R IT A IN A. W. MASON AND COMPANY 000,000. A bridge is planned for Verdun to Nuns' Island, and then across the river to the south shore. Pre liminary work has already started. THIS YEAR? Going: to Britain this year? If you are, keep in touch with home news -- sports, finance, politics, and cur rent events. C A N A D A Weekly R E V 1 E W -- the only Canadian paper edited and published in Europe is on sale at leading hotels and newsstands. Fast cable news rives you a weekly report on Canadian affairs One Day Service on Rubber Stamps Made-to-Order · SEWERS · DRAINAGE Experienced - Dependable Local ICE CREAM MILK CHEESE COTTAGE CHEESE BUTTER CREAM HILL RUBBER STAMP SERVICE 52 Colborne St. W est, Oakville PHONE VICTOR 4-6361 LET H ILL STA M P YO U R BILL Victor 5-0591 CANADA WEEKLY WELL EQUIPPED The Oakville Rifle Volunteer Company, some 74 strong, were outfitted by the govt of the pro vince with Enfield long rifles, tunics and trousers, and shakoes of brilliant green. In 1862, this unit drilled three evenings each week. GILBRAE DAIRY Davis St. Oakville m w a REVIEW VI. 5-0451 DEPCND O N YOUR P H A R M A C IST We require a doc tor's prescription always · to pro tect y o n and your health. A plate-flat road makes any cm feel good . . . but that's not test enough for a Buick. Buick's matchless ride gives you smooth performance on even the roughest roads--sails serenely over the bumps. That's why you need a Buick . . . so decide now and see your nearby Buick dealer. . . soon! f i l l l o i t s PHARM ACY LET US SMOOTH the WAY! W e can supply all sizes of crushed stone for your drive or garden path. Fill -- Top Soil The Lome Warwood Story You could quite feasibly say that the success of Lome Warwood is due to one thing-- customer satisfaction and service. Never has an order been too small or a request so im possible that it didn't demand one hundred per cent cooperation from the staff at Warwoods. Gordon Bartholom ew VI. 5-1547 > T h a t is the way it will always be. W -tC llO "* `s W M l,lO O « W lC K 1 * The progressive atmosphere is in the store itself-- it's busy, alive-- it radiates friendliness. If ever there was a best year to buy a Buick . . . this is It i With all that's new in Buick for ' 57 . . . new almost every thing . . . there's no doubt about the outstanding value in new cars. So take advantage o f a better Buick buy in every price field. Special, C e n tu ry , Super o r R o a d m aster . . . your big buy is Buick ! A general m o t o r s val u e Special Series-- 2-Door Rimer* Don't take our word for it, though. Ask a customer of Warwood's. You'll have no trouble finding one either, for they ore the Best Dressed men in Halton County. W e're proud to know you. And that in a nutshell is our success story. G ifts & Greetings for Y o u -- through JVELGOM E W A G O N b o m Y o u r Fri«adljr Business N eighbors <u>d C iv ic and £ o d a i jW e lfa r* Leaders On the occasion of: Arrivals of newcomers to town CALL THE JOURNAL We congratulate the Town of Oakville on its 100th A nniversary Lome Warwood MEN'S an d BOY'S WEAR 72 COLBORNE ST. OA K VILLE M 2 4 5 7 * WHEN BETTER AU TO M OBILES A R E BUILT BUICK WILL BUILD THEM HITCHC0X MOTOR SALES LTD* PONTIAO - BUICK - CADILLAC - G.M.C. TRUCKS Sales and Service PHONE VL M ( R OAKVILLE JU£T OFF COLBORNE ON GEORGE SOUTH FOR INFORMATION CONCERNING THIS SERVICE I ______________