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TR1JR81~AY, DEC. loth, 1959 TEE CANADIAN STATESMAiI. EOWMANVILLE. ONTARIO PAGE TWENTY-THEEE "Confident of the Immediate Outlook" Bank od Commerce Presidenf Sounds Note of Optîmism DurinPg Bank's Annual Meeting and abroad suggIe.ý: lnoa we may be reasonably coi.tident of thec immediate outlook", Neil J. Mc-1 Kinnion, president of The Can- adian Bank of Commerce, told uha reholders at the bank's 93rd annual meeting, Dec. 8th. Much of our national income, how- ever, is based on export mar- kets for naturel and semi-pro. ceesed products, and much ofl our lndustry depends on a small but growixig domestic market,l and for the long term we must1 closely observe the internation- ai environment, while creating a good business climate at hiome, Mr. MeKinnoti said. The past year has been mark- ed by 'rapid recovery from last Iyear's recessive phase", a reco',- ery largely generated by con- sumer expenditure, with a markedl growth in the purchase of durable goods. Gross National Product shows an increase of some 5 'Ai percent on a constant dollar basis, as at the end of the lecond quarter, and it iseemns like'y that the iricrease will ,continue through the balance of the year, Mr. McKinnon said. The recovery was m6ade in a year in which niany strains were placed on the cconomy. A r i severe winter had an adverse ta avoid immobility in tihe batik- effect on employment, and the ing systemn and to re-establish weather generally did not help confidence in the market for to increase crops. The lumber- public bond issues". Beneficial men's strike in British Colum- effects to the economy and to bia, and the protracted steel financial markets resulted andi strike in the U.S.A. both had the action of the banks, through retarding effects.i diminlshing the selling of Gav- It is not yet possible, Mr. Mc- erriment bonds, followed by a Kinnon said, to judge the full Period of rençwing and in some Ieffect of the U.S. steel strike çn cases adding ta their holdings Canadien manufacturing, which of treasury bills, helped ta re- appears at present to be resum- duce interest rates and restore ing an upward trend. But a stability. large demand for durable gootis In predicting a 'promising andi a high level of disposable near-term outlook for thse Can- personail income are buoyant adian economny, Mr. McKinnon factors, he atideti.I stressed the need for a business Agriculture, ôn the whole, cimate which wil give thse ne- had a satisfactory year, during cessary incentives ta individuais which the trend towards mod- and corporations to grow and ern business retbods ini farm- expand. in- continued. Maniagemen.-t Reviewinig the bank's bal- techniques and agricultural sci- ance sheet, J. P. R. Wadsworth, ence, combineci with the in- vice-president and general mari- creased use of modern machi a- ag-er, noted that personal sa::- ery arc transKorrning our agri- ngs deposits hati reached a re- cultural- life, Mr. MeKinnon cord toLal of $1,368,000,000 and saiti. lans heti increased by $188,. Capital investnient in 19.59 671,000 during the year. excecded forecasts mnade car-! In spite of the large expan- lier in the cear and the outlook sion of loans, a strong liqiud for 1960 is for' greater expen-li- position had been maintaineti, turc for mnacYnîery .ai-d indu.- with quick assets at 53.5 per- trial construction, cent of liebilities to the public. Increased demand for 1bans An offering to the shareholders of ail types, particularlY bY, in December 1958 increased smaller borrowers, causeti a ra- paid-up capital by nearly $9 pid increase in bank loans in million, end the rest account by the carly part of the year. Ir $19,736,000, he saiti. the absence of leadership Intensive efforts during the through a central bank interest year aocelerated thse clearing of rate or otherwisc. the charter- cheques in transit, Mr. Wads- ed banks took steps to stabilize IWorth saiti, reducing the total a situdtion which was impair- oif transit items by $78.5 million. ing confidence in capital mar- ince a little more than haif of kets, Mir. IveKinnon said. An, these items conai.L-t of cheques announcrement by The Canadien drawn on branches of the bank, Bankers' Association in MaY this action resulteti in a reduc- warned of the tightening mone-I tion of general deposits. of ep- tary situation, but a continu- proximately $40 million. This, ance of strain on banking together with the withdrawal resources, accompanied by se- of funtis, mentioned in lest vere stress in public markets, year's report, which badl been eventually forced the chartered temporarily on deposit, resulteti banks "to exercise forceful in a net reduction in total de- leadership and control in order posâp of $64,6 17,000. Mr'. Weads- Worh pointed out that thse as- sets represented by transit items do not eamn interest. Profite after taxes increased by $906,033, andi incomne taxes were up by $2.1 miIlion, Mr. Wadsworth said. le I T'ý Teen Town There will b. a Teen Town Dance this Saturday, Dec. 12, beginning at 8:30 at thse Lions 'Centre. Tise dress is casual andi the price of admission is 35c. for members and 60c. for non- members. As a apecial attraction "Tise Doves" wiIl be gay'n anotiser visit. There wil be a dorprise drawn later in tise evening. On Friday. Dec. 18, tise Teen Town COhristmas party willI be ~held. Furttier announceementz î~will be available in next week's peper. ENNISKILLEN Tlhe animal C. G.I.T. Christ- mas Vesper, Candle-lighting and 2White Gift Service took place Ien Sunday eevening, Dec. Oth et 7:30 in the churcki wihich look- ed fest.ive with Wl brightly lighted Chsrstmas tree, donateti by the Wxn. Howelle lazily and gay reci candles .v.rywhere. A large congregation participateti ,~withthse C.G.I.T. group fia very me nigfUl andrevernt service. An organ prelude of Christ- mas Camais was iplayed by Miss Lois Ashton. Thse twenty nei- bers proceeded to thse choir loftt during thse opening hymn. Two choir nunibers were renidered, "Bring a Toreh Jegnnette, lim- belle" and "O Holy Nlght" un- der the direction of Mrs. W. A. Logan. MiL" Doris Wright read tse Cali to Worship andi Misses Brenda ElUis, Cheryl Rowan and Doris Wright led i the pray- ers. ITe Christmsas Seripture was reati in parts by Misses Mary Yeo, Donna Yellowlees, Cheryl Rowen, Laure Griffun, Patsy Ells, and Katismyn Sle- mon. '~Miss Doris Wright introducezl ~the sto.ry"MV1h-;e Christinas Live ,~Today" which was given by Misses Shirley Avery, Carole Begley, Maureen MeNair, Lau- ra Bowman, Patsy Ellis andi Lois Ashton. Miss Brenda Ells w&3 leader of the Candle-lighting Service with Misses Linda Yeo, Mary Yeo and Laura Griffin, as cen- dle-ltghters. Thse group formeti a senti-cirole around thse Comn- munion table wgth ]ighted cen- dles and repeatèti their pue'- pose. Miss Kétbrya Sienson reed tise prayer o.! dedication, of! the offering which was me- ceived by issges Betty Wright, Betty Jane Werry, Leowna Fer- guson, andi Muriel Grittin. Events for thsecoemlng week were announeed by Miss Cheryl Rowan, ?Mis Lirâda Yeo ex- plaizsed thse destination for thse "Whilte Gtfts" for thse senior eltizens at tise Home iCa- bourg andth ie congregatlon generously suppli.d two large boxes of gitts wbIhloh vM b. de- livered by r. M. J. Bobbs be. for ChistasDay. Our Min- ister Rov. W. X. Login pro- nounced the bisditl. Foi- lowing ths e »cogesuoa hymn the girls sang «Tape» a± tise iclose of tise m.,ice Miss Doreen Trewin andi bro- ther Donald, spmt Swiday with Lloyd and Barle Trewin, Bléck- jMr. ansd Mm'. Fred Tonu, Mr. anti M.s. Barl Trewln attended 2the reception for Mr. and Mrs. Arthujr Hyland at the. home o1 - .bku, ~, MWAW14s END CEDAR CHESTS Good seleetion $3950 up FLOOR LAMPS Tri-light $1595 MIRRORS PLATE GLASS Varlety of aigeu Mud sape. $8,95 Up TABLES Ve -« Good seeeidoat from which t» ehoose $109 5 RECLINING CHAIRS Deluxe Style $69.50 up TABLE LAMPS La.ge azm oftnet 1style. $ 8.953up DESKS. for the student $19.95 UP Anmi depeait wMf hold auy article for Christmas Delivery 4 FULL FLOORS 0F FINE FURNITURE Fe F. MORRIS CO, 37 KING ST. E. MA 3-5480 - 0Tm~¶. J lu '9- M7 <T&iEN TI4RE LiTTLE MATOK- GIRL-. I AND SAW A SEAXrIFL Yelverton. with Mr. and Ms,. Lorne Lamb. Mrs. Milton Werry, Mr. aidVMr. andi Mrs. L. Steinton, Mrs. JO-ln Borrowdale, Oshawa, Doris and Geil, were Saturday were et home with Jas. A. Wer- visitors at Roy Hopes, Port ry for dinner on Sunday. Perry. School Concert, is on Decei- Mr. and Mus. Gordon Yeo, ber 17. Everyone welcome. attended the chrîstening of Lit- Wayne Beckett spent the tle Miss Dianne Woodley at St. weekend with Mr. 0. Beckett John's Church, Bowmenville. andi Arvelle, Tyrone, and with !on Sunday. .them visited Mr. and Mrs. John Mr. and Mus. Frank McGill, Beckett, Scugog Islandi. Miss Clara Page, Toronto, Mrs. Mr. and Mrs. Arthur Tamb- Annie Willoughby, Mrs. A. lyn, Cen'bray, were visitors et Williams, Oshawa, were visit- Mr'. and Mrs. R. J. Ormiston's. ors with Mrs. E. Page. Mr. and Mrs. Gordon Werry, Mr. and Mrs. Ralph Virtue Miss June Werry, Mr. Graham were visitors xith Mrs. Jim Hughes, Toronto, were Sunday, Bell, Orono. callers. Mr. anti Mrs. Jack Holdstock, Miss Reta Dickey and bro- Bowmanville, Mr. O. Beckett, ther Alien, Hampton, wereé Miss Axvella Beckett, Tyrone, L.IT ANOTI4ERFf were Sunday visitors at F. Beckett's. Mr. and Mrs. Cemeron Oke, Oshawa, with Mr. A. Oke andi Miss Elsie Oke. Ted Yeo, hes returned home from three wceks' visit et Mich- igan. Mr. ai-d Mrs. John Griffin, Mr. and Mrs. Floyd Beckett, were with Mx. and Mrs. Gor- don Beech. Maple Grove. Mr. Arthur Stainton, Peter- borough, is spending a couple of weeks with Mr. and Mrs. Allan Werry. Mr. and Mrs. Ralph Sadler and .fainily, Nestleton, with Mr. and Mrs. Fred Toms. Dr. andi Mrs. Clark Werry, Toronto, with his parents, Mr., and Mrs. E. A. Werry. Miss Lamna Wearn, Grae Hospital, Toronto, at home with Mr. and Mrs. A. L. Wearn. Mr. and Mrs. Harold Avery. Ronny and Sharon, Union, with Mr. and Mrs. Clarence Avery. Mr. and Mrs. Allan Werry at- tended a family gatbering for MT. and Mrs. H. Richards, Osh- awa, on Saturday- on their 40th Wedding Anniversary. Misses Betty Jane Werry andi Donna Yellowlees, were over- night guests of Misses Sandra and Sharoan Werry. Mmf. A. Telfer and Paul,- To- ronto, were with Mr. and Mrs. A. L. Wearn. Mrs. Willis Woods, Millbrook, visited Mr. and Mrs. E. A. Wer- ry recently. Mr. Bill Werry and boy friend, Montreal, were Satur- day evening guests with hie cousins, Mr. and MTs. E. A. Werry. Happiness is enly a byýpro- duct of suecessful living.-Aua- ten Fox Riggs. AI] power and happiness av* spiritual, and proceed from goodness.-Mary Baker Eddy. 1 wish you a11 the >oy that you can wish.-William Shakes- peare. For friendly, courteous insuronce service... W. m* k a àpon t sive you itop-notch 1W. :surance advice 'and scrv4ý ice . .. in a fri..ndly., 'courttous way. Try %W and Sme STUART I. JUNES INSURANCE Office gma 3-5681 19EAL ISTA&TS 3A -5493 1~ NEW HOME HEATING PLANI Rent'a Natural Gas fully aOutomatic cOMV ERSION BURNER There's o n. to fit nost furnaces, boilers and "design" ignifs, #he w ih.r type . e. # lf.L FR11 *INSTALLATION *SERVItC< mdamwouuu Instail now...you'D enjoy dependable gas heat! 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MA 3-3231 Bowmanville TIM CANADL« BTATERC«. BOWIL&Nvn,.m ONTARM TffUnanAY, DEC. 1 Oth, 1959 PAGE TWENTY-TMM e*S9vý> + -1ý iwe 4~ 14- ýle""",