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A ~rnE A ~T ~r~V1r~N A MITTT T U' v-~.T'rA~Tn PAGE THIRTEEN Ui1~DAY, DEC. l2th, 1946 TitiS ~.AN AJJIAIN bi. AI ~ÂVLtiX~, ~.J YY LVLLI.L~ V AA.5J.4A~d~ n....: business so the business session group nnîsneu LL1eII ~LL ~jJ-IJu..m~ *Ta Town Cooneil ing Up municipal accounts in pre- 'St.tutory Meeting meeting of Town Council, sche- Monday, Dec. US dued for 8 o'clock, Monday even- Town Clerk Alex Lyle bas been At this meeting the financial busyWit bisban-powredad-picture of the year's actîvities to- busywit hishan-powredad-gether with the work of commit- ding iQiachine for some days cast- tees will be reviewed. In view of heavy expenditures for public works, some completed, others continuing, it is expected thatý many ratepayers will be in attend- ance. If your subscription to The Statesman is due soon you will save 50c if you pay it now. GREAT TASKS INDERTAKEN BY INDUSTRY A. E. Arscott, President of The Cana- dian Bank of Commerce',* Outlines Progress Un Reconversion Unforeseen Difficulties Encouintered- Not Yet Ail Solved Bank's Progressive Year Reviewed by S. M. Wedd, .Vice-President and General Manager At the Annual Meeting of the Shareholders of The Canadian Bank of Commerce, held in the Head Office of the Bank in the City of Toronto, December lth, Mr. Alan E. Arscott, C.B.E., Presi- dent, and Mr. Sthnley M. Wedd, Vice-President and General Man- ager,- presented the Annual State- ment of the Bank's operations in the past year, together with a re- view of business conditions. Mr. Arscott's address to the meeting follows, in part: More than twelve months have passed since the fighting ceased on the battle fronts of the recent World War. The people of many of the countries involved are directing their efforts n0w towards the achievement of their ideals of peace-time activity, and so f it is in Canada. At the end of our crop year we view a country .which has received a full measure of the bounty of Providence. This year's crops over ail are among the highest on record. The harvest in the Prairie Provinces has been out- standing. The orchard districts have prospered, although the difficulties of obtaining adequate packing and ship- pigmaterials hindered for a time the m ~ arketing of many of the products. Forestry operations are the most active ever undertaken in Canada owing to a peak demand at home asd abroad for lumber, wood pulp and n>wsprint. AUl in ail the year now coming to a close cas be considered a good ose sofar as our primary prod- ucts are concersed. Canada has so long been considered by many to be a country dependent for its prosperity on the products of tUhe land, be it in agriculture, forestry or mising, or of the sea, that the industrial development which tools place during the war years may be overlooked. This development was essential to the war effort, but in the year that has passed we have comn mecda noteworthy reconversion to RECONVERSION A year a go wc faced a major task of recasting Canada's greatly enlargec productive system to cope with the anticipatcd needs of peace-time both in Canada and abroad. This change- * over involved the cancellation of war contracts of over $1,000 million, the transference of at lcast 14 million people from the armed forces anc munition plants to civilian occupa- tions, the reconditionisg of over- worked industries and the redistribu- tion of available materials. Up to six months ago excellent progress hac been made but then delays ensued through a series of employer-employee disputes which crippled the produc- tion of many factories and mills during the past summer. We losi amon other things during that pcrio a very large volume of indus- trial production, which might now b regarded as the "unfinished business' of the current year and which must bie undertaken ancw. In the last two months there has becs a resumptior of business in aIl industrial fields and, taking the year as a whole, bow well this massive and arduous recon- version work has becs donc may be judged by a few facts. Civilian employment during the year reached a record peace-time level, in spite of the diffilculties of re- location, and it has becs estimated that in the spring of this year 43/ million people were gainfully cm- ploycd. Production of civilian goods generally has been high-exceeding, in many lises, the volume established in 1939. Noticeable, too, has becs the buoyancy of our exports whicl have becs at an average monthiy rate of roughly $175 million, and this without the volume of war supplies that bulked large in exports in the war years. Tbis average in compari- son witb 1935-19,39 figures is about double the pre-mtar value. Imports of a monthly average of approxîmately 4150 million were the highest in the recent history o! this country.1 think we cas ail agree that this record is a worthy accomplishment. MAIN OBJECTIVES There have bees unforeseen diffi culties to cope with in this transition ~e riod and they ail are no t yet solvec. ew problems and issues that were in the first instance considered cf secondary importance now are devel- opin~ to an extent that commandç carertul thought asd study. . From the maze of ideas and idealE that gained prominence during thE _.r veirs two stand out: the obiec inflation. Over-alI policies must be designed to match consumption witb maximum output. INFLATIONARY TENDENCIES IN THE ECONOMY There are many definitions of inflation and much attention has becs directed to its inherent evils. As an almost inevitable accompasiment of high-level war production, there has bees a marked' expansion of the volume of moncy which might be viewed as moetary inflation. On the other hand, by means of price and wage controls, investment of savings in Government bond issues and taxation to meet the costs of war, price inflation has becs moderate. However, the increase in moncy supply brings with it omisous possi- bilitiesI the serioussess of which depends on a sumber of factors. If people decide to hold their cash or savings deposits and to retain Govers- ment bonds bought durisg the war instead of making purchases while goods are in short supply, thes to that extent the threat is reduced, but it will still be present until increased production at relativel5ý stable prices brings the post-war supply of goods isto balance with the present volume of money. In interpreting inflationary or Ldeflationary tendencies it is usual to 1begis with an assumned balance be- ltween goods and services available Qn i the ose hand, and the purchasisg xpower of the people on the other. -Deviations f rom this balance are viewed as inflationary or deflationary 1depending upos which factor is in tgreater supply. The quantity of fmoney availabJe now for consumptios purposes in relation to the present supply of goods emphasizes the inflationary potestial. In pursuisg this pattern of thought caution must sbe exercised in assumning that people wîll spend without regard for price or exercise of choice. However, as I have indicated already, the swing of the pendulum'depcnds upon many fac- tors, sot the least of which is the attitude of the consuming public- ýf and their attitude cannot be forecast 1 with any degree of accuracy. e Having regard for the above cir- à cumstances it is in the isterests of al business to consîder in tcrms of cur- rrent conditions the significasce of eterm "pest-up demand", and what ri has become known as the "back-log" Iof unfilled orders. Ordinarily, dcmand is governed by prices, and upward -price adjustmests may serve to -restrain the volume of replacement x demand. Care must be taken, there- I fore, to avoid the making of commit- i ments which depend for success upbn efurther price increases and free spencl- ing. Also it cannot be ovcrlookcd s that "pricing out of the market' cas ihappes both at home and abroad. t Hence it is necessary to kccp ins mmd ;- that increasing costs o! production ecas be the main contributing factor to such a developmcnt. 0 TAXATION n During war time taxes are paic willingly in the main because people ,v are motivated by a sense of patriotisir ,and duty. When this urge subsides ethe continued heavy burden of taxa- tion becomes noticeable and acts as a e deterrent to investmtpnt, to risk-tak- eing, to saving, and also to productive activity. It must be rccogsizcd that dtaxes, whetber they are levied on goods or services or carnisgs, in the -end faîl upon the citizens. It is ýs impossible to appraise the reaction of ,aIl individuals coscerned, but witlh dthe great body o! workers the impor- n tant factor isssot the gross iscome h before tax deduction at the source, y, but the amnount of the "take-home' ýs pay. In the individual's mmnd the ýs qusion of whethcr or sot he is being ~ esnably rewarded for his worl4 -hinges os the net amount he receives it in bis pay envelope. Thus the satural f incestive of the worker to put fortlr y extra effort to achieve maximum per ýe capita production, with igher'gross 1 earnisgs, tends to diminish wvhen ,d heavily graduated incomne taxes have the effect of allowing a relatively lower set returs for the extra work; consequently production suffers. In - like fashion very high taxes have the sn effect o! discouraging venture capital . necessary for the development of n those assets which have a relatively f higb rate o! depletion. 1- Taxation and spending in the main Isare inseparable. It is well understood that taxes are necessary and tbat no Is single ideal expenditure-revenue pat- e ters cas be outlined. The effecti assuming the same rate of produc- tion, ultimately completes the cycle with everyone back in his relative position. INTERNATIONAL RELATIONS Throughout the war years mas y reports have betn received of the high standing of Canada and Canadians. Even in recent months Cahada's role as a creditor country has been noted favorably in other countries, perhaps because few, if any, political strings are attached. This is ail to the good, and no Canadian cas be other than proud of this record. However, war conditions pass, and no less than ourselves are the people in uther countries working toward rehabilita- tion. It is at this point that we must trade not on our record of the war years but on the quality of our products and on our prices relative to competitors. Changing costs of pro- duction and other allicd factors may well alter our terms of trade to our disadivantage. The test'of sustained high domestic ernployrnent is the continued willingness of foreign count- tries to engage in trade with us. Our stake in world trade is pcrhaps as high as that of most countries involved in the trade discussions to be carried on in connection with the operation of international monetary agreements. Unless nations work together on problems of trade, efforts to stabilize exchange rates and to encourage the flow of international invesitment capital will have little chance of being effective. Inter- national trade is the keystone in the whole prograrn of economic co-opera- tion. It is obvious, therefore, that our aims must be at Ieast to maintain the current level of exports, to trade with a wîde variety of countries, and to achieve a wcl-rounded balance with ail countries. It seems reasonable therefore to support the rehabilitation of European economic areas and their import-export programs. In conclusion, I may say that in today's transition period it is neces- sary to recognize the difficulties involved in replacing the war incen- tive of "self- preservat ion" with the ideals of individual frecdom and liberty. In thîs task we m'ust sot lose sight of the principles of demo- cratic society, as wc know them, in spite of the secmingly attractive alternative proposais which ultimately must lead to the subjugation of the individual to the state. It is not my intention to attempt to allocate responsibility but it becomes- our business-the business of everyone- when conditions arise'which make it impossible to operate as a free people. Wc Canadians, and I believe I speak for ail of us, understood that the recent war was fought to destroy the bpossibility of control over our lives by the arbitrary exercise of power. Maintenance of this objective through the transition is of equal importance. Let it be remembered that individual freedom and democratic goveroment were recognized many centuries ago as the highest yet most difficult way of life to attain. GENERAL MANAGER'S ADDRESS t We are plcased to present to you a balance sheet which indicates a satis- factory growth in the business of the Bank and also to report that the number of our individual customers, both borrowers and depositors, is continuing to show a substantiai increase and now aggregates over 1,500,000. This is a gratifying rreflection of our useful service. As you will observe from the Annual Statement which is before you, the total assets of the Bank 1 stand at $1,441,581,728, an increase eof $157,260,944 in the past twelve i months. Quick assets aggregate s$1,116,523,416, or about 81%y of the -Bank's liabilities to the public. 1 We have on deposit with the Bank - of Canada and in notes of that Bank c$140,193,543. Notes of and chequeý ton other banks amount to $37,421,893. i Dominion and Provincial Govern- cment securities, of which over 360/r m nature within two years, stand al f$7 70,38 1,7 73. 'l Public securities other than Cana- dian now aggregate $63,733,181. These are mostly represented by the obligations of the United Kingdo'm and of the United StateF. Our Caîl Loans in Canada, which amount to $14,526,710 are down from last year and reflect to some s degree the readjustment which has J becs takîng Place in the, various ýnsities for t4é time being. Painting idand repairs are of course being pro- r- ceeded with as the situation requires ryand as man-power is available. l It is a source of great satisfaction a to welcome back to t he Bank so many ut of our staff who were in the Services. cn We are taking ail possible steps to gsee that the period they have been e away has sot been a handicap to them. I should like to emphasize at this ly time that the satisfactory results of of the past year's business are ample re evidence that the staff of the Bank n- are competent and aggressive. They n are a splendid group of mes an.l y women, of whom the shareholdete e, cas be justly proud. Clarke Council Has Busy Seassion Passing Resolutions The Clar-ke Township Council met Dec. 3rd, ail the members present. A meeting was cailed by the Reeve to discuss and pass a resolution agreeing to the condi- tions under which, the Counties will take over the road west of Kirby in the seven line and soutb by Keanes to the sixth line. The minutes, were approvd. The clerk i-ead the corrspond- ence and action taken as foilows: A request from the Department o! Public Wlfàre tbat the Reeve, Deputy Reeve and Clerk attend a meeting in Cobourg on the 6th o! December. It was agreed to attend. From the Department of High- ways i-e Newtonville monument was ordered filed. The' clerk was instructed to an- swei- a letter from the C.N.R. and state that the carrying capacity of the bridge at Lot 7 B.F. should be increased to 25 tons. The following resolutions were passed: Approving the by-law of the Counties taking over the new piece of County road from Kirby west and south. Permitting the treasurer to place the sum of $1,- 873.85 to the credit of the Police Trustees. Authorizing the treasur- er to pay the rates and a deben- ture as they- become due. Grant- ing the use of the basement o! the Township Hall for one Saturday night to the Teen Town group and setting the fee at $2.00. Instruct- ing the clerk to contact each school board stating that the school books must be audited early in the new year and that they make ar- rangements for the same as to time and place. Following accounts were or- dered paid: E. L. MacNachtan, Counties treasurer, county rate, $19,136.81; School rate $3,018.43; Orono Hydro, town hall lights, $16.2G; C. F. Awde, attendance officer, $10; Jean Perrior, 1 sheep killed by dogs, $15; C. J. Allun, 1 trip as valuer, $3; Wm. E. Davey, pneumo refilîs, 2 trips, $9; R. H. Wood, care o! hall, $20.50; Road vouchei- No. 12, $1,457.82. Council adjourned to meet again in the Council Chambers on Mon- day, Dec. 16, foi- the purpose o! closing the business of the year. Delightful Party For Mrs. Kenneth Clarke Her 79thBirthday Mrs. Kenneth Clar-ke o! 147 Agnes Street, Oshawa, held a tea on Sunday afternoon and even- ing, December 8th, the occasion being the 79th birthday of her mother, Mrs. Edwin Down. assisting Mrs. Clar-ke in looking after the guests were her sisei-s, Mrs. Haroldt Hayes of Columbus and Mrs. Fred Robbins o! Hamp- ton. Numerous cards, boûquets o! flowers and other gifts were i-e- ceiveci by Mrs. Down, and over 100 guests registered in the birth- day book made specially for the occasion. Mrs. Down was the former Miss Curtie Baker and was married to Mi-. Edwin Down in June 1888 in London, Ontario. For many years they resided on the Down farm on Base LUne West. Following the death of her husband, Mrs. Down moved into Oshawa snd lived for -a time at 105 Court Street. .Due to a hip injury five years ago, Mrs. Down has been confin- ed to bed but has always main- tained a keen interest in world affairs and in her family o! four sons and four daughters, they are Mi-. Heber Down o! Brooklin, Mr-. Noi-uian Down o! Ebenezer, Mrs. Harold Hayes (Maiion) o! Columbus, Mrs. Kenneýh Clar-ke (Mabel) o! Oshawa, Mr-. Wilbuh Down, Base Line West, Mrs. Fred Robbins (Olive) o! Hampton, Mrs. Orville Osborne (Beatrice) o! Bowmanville and Mr-. Russell Down o! Kedron who were ahl present to extend 'birthday greetings. BE CAREFUL 0F FIRE AT CHRISTMAS PARTY Every year, some Christmas festivities are marred by fi-e accidents to the Christmas tree, or to the decorations, or to the flimsy fancy dresses o! little chilinren. At tîmes, the results are tragic. Without care, the kindliest people may only be setting a danger trap for their childi-en. Christmas decorations generally are macde o! infiam- maoie material, and it is court- ing trouble to have a naked lignt anywhere in their vicinity. Foi- example, lighteci candles in paper lanterns suspended f rom the ceiling or hung on a Chris- tmas tree, or an improperly in- sulated string o! electric ights may ni-ove beacons o! danger. With childi-en romping about in their f imsy finery, the greatest care must be exercisedt thaý under no circumstances wdýuld it be possible for the children or the decorations to come into con- tact with a naked light, whether it be from gas, candle, or a f ick- ering flame from a stove. Also a gust o! wind may blow curtains or decorations across a naked light, and the damage is done. Great danger lurl<s in using strings o! electric lights that have done service the year before un- less they have been thoroughly examîned and tested before being put up. Each inch o! every set o! lights should be carefully in- spected for worn places in the insulation or outer cover. If a worn place is on the outer cover, a strip of! friction tape wrapped round it will help to pi-vent ac- cidents. If the inside insulation is vworn, the job is one for a practical electrician. The rough edges o! insulation will have to be trimmed off and the wl-e wi-apped spirally with friction tape above the break, overlapp- ing each turn about a ýquarter o! an inch and ensuring that the damnaged area is comprletely covered. Chum Valley Folk, Entertained Here The Opera bouse was f illed to capacity on Saturday evening for the show staged by the Chum Valley Folks in person, and de- votees o! this popular entertain- ment enjoyed a lengthy program o! old time song and dances with guitar and violin accompaniment. These players. may be heard on the radio on the regular Chum program but proved far more inteiesting by appearing in per- son. The fi-st part of the entertain- ment was a replica of their cus- tomai-y broadcast and the au- dience was thrilled to be able to see the various performers as well as hear them. The Kenny sisters were out- standing in several fine vocal selections and a guitar and violin entertainer interpretated groups of old time numbers in a clever manner% The entire company of nine people ail showed' versatility in their various parts and* merited their advertising slogan,-"Can- ada's greatest old time show." H. & S. To Sponsor Ontario Panorama At B.H.S. Auditorium The Home and School Associa- Iion are sponsoring Willard's On-1 tario Panorama in the Hîgh School auditorium on Friday, Dec. 20 at 8 p.m. Gordon Sinclair and Alan Savage who are known to radio fans as top-notch entertainers will be present in person. Five or six local people will be asked questions regarding their work or testing their knowledge o! facts, without previous coach- ing. This show will be broadcast throughout old Ontario over CFRB, Toronto. Ail o! the ticket receipts, toge- ther with a donation o! $50.00 from. the Wlllard Chocolate Co. will go to, the local community Recreational Council, through the courtesy o! the Home and School Club. There ai-e no trick questions or .posed efforts to be funny-just, a variety o! items about rural On- tario which everyone will enjoy. The admission to this unusual show is only 25c and we stress again that the entire proceeds will remain in town. PLAINLY AND BLUNTLY To put it plainly and bluntly there can neyer be peace in a pagan world. There can neyer be peace of any kind-at home, in business or between nations. And a pagan world doesn't ne- cessarily mean a world of in.fldels. It can mean a world of people very much like you and me-ev- en those of us who go to church, believe in God, and, the possibility of a better life, both here and hereafter. It does, however, mean a world of people who do not let these beliefs seriously affect their lives. A pagan does not believe in a better world seriously enough to work for it. He works instead to get ail he can out of the life he knows. His is a philosophy of cbemand and he is bound to run bang up against ail the others who demand something for them- selves. He, therefore, shapes a world where clash, deadlock, di- vorce, delinquency andi war are not only possible but inevitable. The opposite to a pagan is a Christian-and- not just a pious man-not just a church-goer with a private plan for personal sal- vation-but a go-getter with a workable plan for salvation of the world. He believes in a bet- ter way of life enough to work for it. And not only in the here- after but here and now. The effective Christian, more- over, not only believes in God but believes that God can tell him how to build this better world. As a result of what he "hears" in this way, you find hlm out chang- ing lives, building teamwork, win- ning the hearts and minds of the millions. You find. him living to make the other fellow great-the one way to unite men and, nations, and build a. world where war is impossible-even unthinkable. Don 't use average figures based on country - wxde building costs as a guide to figuring the present insuir- able value of your. proper- ty. Base this value on a local builder's estimiate of the cost of rebuilding your property in case of fire, less present depreciation. Then, for correct inaurance, Stuart R. James INSURANCE - REAL ESTATE quecessor te J. J. Ma8on & Son' rPhones: Office 681 - House 403 'King St. BowmianvWle St. Pu1'ms C.GII.T. Has Interesting Meeting The regular meeting of St. Paul's C.G.I.T. News was helà in the lecture room on Wednes- day Dec.4 with a good attend- ance. President Joan Rice open- ed the meeting. She then turned the worship service over to Ruth Prescott. Quiet music was played and the cail to worship read. We then sang "Take Time to be Holy." The Sciipture was red by Ruth'Robbins. The Offering was taken and the Offeratory Hymn sung. The last hymn was "Safe in the ai-ms of Jesus" fol- lowed by a closing prayer read by Grace Abernethy. President Joan Rice then opened the bus- iness meeting and. Secretary Shirley Grant read the minutes of the previous meeting and the roll caîl was answered. It was decîded that our last meeting be on Dec. 11. There was no other Il j; CIIRISTMAS MUJSIC Christm~as M~usic Album Ferry Comno ",Whlte Christmna" Freddy Martin was adjourned. The girls then divided into their groups. The senior girls had a guest speaker, Mrs. R. Cale who spoke to us on Etiquette. We were told much about hairdressing and finger nails etc. Her talk was very much enjoyed by ail. The junior I "-white Christms" Dîna Shore The Night Before Christms Narrated bY PMiltonl Cross with Victor salon OrcheStIa "OCome Al ye FaithfUV" Trlnity Choir Helen Traubel, -soprano etc., and these things will be shown to the senior group at the next meeting. A vote of thanks was rendered to Mrs. Cale by'President Joan Rice and the meeting closed with taps. Nuteracker Suite 1v ial lyrics by Spis and Bis Orcb, Dramatized Fair: with musical bac Milton Cross witi of The LadY- Ne: AIRE] NEWCASI (OPEN EVEN' Vith spec- te l ,- ke Jones keeps On giviflg yetr tae GIFT SUGGESTIONS kgrOTals Cole porter Album the cast David R.ose and Orchestra ,xt Door "sShowboat" Album N TOMMY Dorsey & Orchestra 14 Music of Glenn Miller, Artie silop Shaw, Benfly Goodman, ILE Freddy Martin, Vaughfl qINGS) Munroe rfL n Quality Tea ORANGE PEKO! PAGE THIRTEM ýý. ÉýA"ATYA'K'r IOMMArrVCZXKATJ (INTAMO r-q ti p b b v e b 0 h 0 b b v s r r t t c t i