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too soon not for a sun life mortgage protection policy it isnt its never too soon to have a sun life of canada man discuss your life insurance problems with you you will find him qualified and competent in all life insurance matters the sun life representative in your community is clarence kroll r r 2 georgetown triangle 7 2027 lanes haulage for excavating and grading ponds cellars etc top soil sand gravel call tr 72521 credit restraint designed curb inflationary trend the present policy of credit re straint applied by the chartered banks as a result of the monetary actions and suggestions of the bank of canada was designed to sustain and prolong prosperity by not allowing an inflationary spree to take over it was stated by f w nicks president of the canad tan bankers association at montc- bcllo quebec speaking at the association s annual meeting mr nicks said the pressure for additional credit dur ing the past 12 months had bien unusually strong so much so tlure had been increasing restraint ap plied bj the bank of canida this means said mr nicks loans have income less easy to oh tain increases have become diffi cult to arrange and for some pur poses quite out of the question it may seem strange to talk of credit restrictions while there is abundant ev tdence of continuing prospent for the countiy jl lar fe he said hut we arc living in an ant- of economic management not onlv in canada but in all lead ing nations and one of the prime objectives of such management is to sec that booms do not get out of hand and lay the troundw rk for depressions bank of canada role mr nicks said the dank of tan jiij in regulating credit and iur nncj gencnilh usul recognizee mow tar powers to mire isi or diminish the chattered hunks i fire jatc capacity to supplj irulit in the form of loins or must nunts in addition sometimes the central bank souclil inform il ar i ane ments v it h th i hark 1 e d banks to dial with spcial situu turns dunnt tin past e n thir liis bun itensi use of b lh tin thuds if he iildid tin spieiil ir r infimt nts which h il bit n in u in the pist jnr tne helped ilons with more orthodox methods to modiriti a too iapid t pan i n of credit this is if loursi ill to tin lood rxpcrunu is show in thit it tikes a good deal of deternuna tion ind lathei strong nudiunc to bnn a siirini business expinsion under re isomblv cfftetive control 1 the credit restrictions no doubt ire a burden on inanj businesses and individuals which would like to have grc iter iecess to undine tcas twin stewardesses iduiii il twins mariru j inc ransier left and mary bell ransier jri lu itiel recently as tnns can ula air lines bttwirdcsscs based m 1 r nt the cirls ire 1 ca a only twin flight attendants they were born md ulucit il in ciilliiigwood ontino and graduated as registered nurses fr m ilia duicrul and marine hospital 34 john street georgetown tr 73951 manufacturer of the finest fiberglas reinforced boats boats motors trailers new and used for sale or for rent open evenings and all day saturdays come in and discuss your boating problems with us fuel oil service facilities it is unpleasant to hi told by one s banker that thue is smipl not enough money to to r hind i in bankir to i finds il unplt isjnt mil difficult t have to ippl rislnimnc nit wins against his eiist mil rs tht alternatives when i eomi to think iboul it howivti mr nieks uiiilinuid it is pntt clear hi it it is better to put up with i tcrttin am nnt of rest mil now and ti work out our fmnual problems in a spirit f cooperation and e nice rn fir ii femnl intirist thin to inept dm iltei natives ror the iltcrnatiws mithl he either in the i hont of in fl ition with the itti ndant d inie i of a serious subsequent shikcout or else a return th ippar ilus of dintt contr l over business and indmdu il activities whieh m ist of us ire happ to haw put behind mr nicks liaieil the risinj de manel for bank credit in 1955 ind bserid that it has remained un usually strong so far this year the inereise in total linadian loins from march 1955 to may 1956 wis around si 2 billions or roughly 30 i per cent this sharp growth was i based on the remarkably rapid recovery from the business rcces i i iion of 1954 there were few bus imssmen bankers or government experts mr nicks observed who i foresaw the rapidity of this recov cry and it was therefore not sur prising that restraining measures lagged somewhat behind the reali tics until late in the past car tighter monetary policy the tightening of the monctar situation became noticeable m the autumn when the bank of canada acted to keep down the banks cash reserves and signalled the tighter position by several increases in the bank rate the banks to provide for loan commitments had to sell securities as these sales increased prices declined and interest rates moved upward this pressure spilled over into other interest rates as well and more recently in the light of the pronounced increases else where the various banks made up ward adjustments in landing char res mr nicks said one of the spe cial requests made of the charter ed banks by the bank of canida concerned term loans to corpora tlons and direct purchases of cor porate securities by the banks the whole field of capital investment had been one of extraordinarily high activity and the highly com petitive atmosphere of canadian banking with each bank striving to meet the legitimate require oil storage tanks 20000 bals storage capacity our green and lemon trucks available to bring you on the spot service budget terms arranged whkentnerson trlangu 73851 brings us to your door ments of its i us to men both old and new helped to linnj about a subslantijl growth in these term loins anil holdings of torpor ite securities when the ii ink of ca nada asked the ehartcred b inks to refrain from m ikini new commit ments for uim lu ins mi nick said the ehirureel lunks re adiiv oh nd in idililion to this spit ifie re quest he e milium d the bank of t inada j luil the hinks to exam me vet in full j applications for new credits ind for renewals of existing credits with j view to maint nnin control ofcr future j tiowlh s i result if this discus sion reinforced and emphasied b the general pressure on the banks cash posit ii n ind bj tht ptnalk invoked in selling securities it hi wer prices the lunks have institu ted restraining policies policial have taken hojd ihouch such policies have not prevented a further significant in creise in innk loans mr nicks said there is no doubt thit the jhave held the siippl of credit be i low what it would otherwise hau been ilrcausc of the continued i strength of the busines upsurge and also because of commitments undertaken when credit was mort genenll avail ible the momentum of the expansion in loans has been ve ry great ind has carried right through the winter and spring n verthelfss the effects of tighter monev have taken hold and are eertainl limiting the sie of the expansion in loans one further measure proposed by the hank of canada in novcm ber wis that the chartered hanks should adopt a practice of maintai ning a 15 per cent minimum ratio of liquid assets cash day today loins and treasury bills to depos lis the hanks agreed to work to ichieve by miy 31 1958 a 15 per cent ratio of which 8 per cent would be the already established legal minimum cash reserve and the other 7 per cent would be trea sury bills and day today loans mainly of course bills the purpose of the minimum ra tio in the view of the bank of can nada was to increase the effective ness of a restraining monetary pol icy by limiting the ability of the banks to dispose of such liquid as sets in order to expand loans it was felt by the bank of canada that the adoption of a practice of keeping a secondar reserve of h quid assets in addition to cash would assist tn banning the influ ence of monetary restraint to bear earlier more gradually and with greater certainty than would other wise be the case page 3 the georgetown herald wednesday evening july 18 1956 plumbing and heating licensed plumbers certified lennox dealers ted tom hicken and clapham trungls 73952 triongle 73737 lets finish the job qive towards the pool now blessed event at north halton golf club some months ago the herald chatting columnist reported a sad affair at north halton golf club when a storm wrecked the swans nest and scattered a number of hatching eggs leaving them bro ken iast week the swans had better luck and a famil of seven voting ones can now be seen on the upper pond near maple ave young swans are relatively rare and their presence at the golf club has drawn many curioui sightseers to view them prev acknowledged s 36 309 08 georgetown fire brigade 300 00 proceed pop sale swimming pool open house 13 20 david p williams 25 00 mrs ii m sloart 100 clarke gihson 500 ro a rradlov 10 00 jack dalles jr 10 00 c wellington wilson 500 mrs c j buck 25 00 harold f gilmer 25 00 gerald a mccroa 25 00 girls pipe band 25 00 lions bingo and peanut day proceeds 1300 00 tolal to date 38078 28 wmw loans ixcujsivi with ust oar nationwide credit cud issued to alt customer at no extra cost good at over 1000 affiliated office ia canada th us hawaii and alaska coma in ead apply today get 50 to 1 500 or more bafofejhringor after voratiml get caih for vacation in fort on trip by phoning brit employed men and women married or single get a prompt yea to their loan request phone for 1 trip loan come in fodayf team j jo te 1 100 er mere tmsonal finance co si main street north brampton 2nd floor ovar chappies phorwi 1874 open evenings by appointment phone fo evening houw urn met ti ttildtoti ill laironndlng item ptrniwl floanci cootpoof f ctweii i ill m ii ift i i oli i m tfud mia calud v uas uorrit i the telephonr rings and everythings ok si mam f tin i ilk m make cr da say don t v irr ti n s nni one lus te work latt or can i ke t j i i il i r ii i- to i in il an appointment the lejqihone 1 t- the r in in tin e like tin whether ou are nuking tin i ill r re i ism it the r adv reassurance provided in ur it ii jiliiine e in in prev inui beyond worels tin- is jum one i countless examples of how our telephone pays its way as it makes lift happur easier mort secure the bell telephone company of canada youre not a good driver if you have this fault parking with even part of your car on the highway is against the law good drivers always park completely off the road moving traffic needs all the road space how good are your driving habits department ol highways ontaw