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ThEr nkri1iii$ iisctiiii ofSharehiders 4be Royal Bnk of Canada Living S~tandiard, Endongered bRpotyAsi '941îgb ý ost Economy"'l Costs must n $~ ilin Copeitvowitb Forein Prdg erSays Ptknsos eneal a *____________ aes ôiTeîEwîthe ank oi MFexbilltyimade<Ltu moiet nem ondiions. CTùk rpe fQr dollar esi he ioy a Bank covnrieeto hownood aaveby.r0wuinreachedariet nod red cipe cie aidto Britaîninii mvkig poufl4This, be s aid, was a 'new hig <~ooetîbte" W5raark hl Canianaibaiking bis- tory, and i te high festý_ver rýe- che zedency tWa con aperted by aniy Caiiadianbnk h hoeconomy n mh ne- GQOD PRESS 4BROAD iN- ]2eposits likewise lhad reachRcd turi and ap iiVba4riirs prt- CORGE <NLCECýý cei td1ota1s, said Mrn Atkin- vent Canadafron >0chieSnrg the. 4egree of nf pilitand biliitv "TIhe meatni to ur stabi1ty son .Irhey now stand aït $21341- 1 re fr rdrl ajutiient and rosperiy involve an in- 644,7C6, an incresae of $0,3, te maind for rr e ofdthe ad- resi± YMatulre attituJdn on 6 39 ever the previous year. "%; Wress of James Muir, Prýesiden4t, oI.Wown Part twa os ur is incouyagingto note," said at the Ar.nnal General Mectfan. future role ïn the society of Mvr, Atlkîfson, "that Caniadiaii, of ahareb-oldor -<sf The Roval ntos The amilable charge Jgenerally continue to save a Banh of Canada, Iiicrease~d fiex- çoninmonly levelleci 1by er'tics r ,easoiable proportion of thbeir ibility is nee4dd, h tnantaiae~ at home and abroad that, as incomes, Phe inecease in depo- if Canada 1 te make those prîce a nation, Cariadians âten o $its of the batik lias been aQ- aiutstnxieitsrnecessýary te main- be lindulýy conventioral and compagnied by the expansion in tain stability ~ and prosperity at coniplacent is not ithQut the mnmber of accouints on oiec haimpand tasurea ~coapetive j foixndation. 1iese eharacter- beoks. NWe nom, conduct over position ini world imaripits. cari- isties nigay actually be further %,351,000 accounts, and it is cd ada, ha declared, shoul4d aisc fur- encouriigezz by the z0ped p res i ,terest to note that the aunber ther in evýery plossile way th~e %w contiue to get,, broad- of deposit aceounts in Cnd nioveýmeiit toNvards a .vorld 'qt Yet inothing couleî, bha ý)c ias nmore than donbled' since liberalized taeandI convertible dangerous than the blaind as, 192 currenicies. 01 unitiori that as a peoile Wf. M.r Atkinson i-eportedl profitsý 'A thriVingý expert trndàe,'" si r iires the woi-rd with Ëtor the year had increastd, Mr. Muir, Mjis a means tiot oaly the superierity of aur char- 506,051 Iver the- previous year, of payig for imppe4s, but of se-~ acter, and açeonrplishnienits, AMter providling for taxes,de euring,thieuiglitquant'fy r rda ~ Meorre tly perbaps, preciation and divildende, the ne tien, lower costs for Canad4an 1 ur situation is akin la ta lat 1 rofits for teyear am2ounted te" goods whether these arc; exported oetaan heiress whcan neyer $8,63ý5,36. The baiik's Reserve, or ensunïed at homie, Canada be sure fliat she is Arniried 'und miew s at $ e 70,000,000, can hope te inaintain bier standard for lerself arid tiêt fierey This, the IPresidexît ioted, wae, of liring only if she lkeeps fieïr for ber wealth. Our great frthfrstielahean' tess -ce~pleel coipeitie -iti waIt~ p iatural resourçes la histo.ry, equivalert te twice the thGse eftiod esabrh d an inheri tari ewh, like a,ýn ba.nl0s Paidstp Capîtal, Thiis H red crsT E 4 iOivOua1 s heritance, Ji 1 -ycr', incre-ase in this fund, lie 1101 US E~QQi4 evtience of good fortunte ra- Sid, biac] resuited from the "'cosý!;axid prices ia the Ca ni- thertbtari talent, We haàVe trans1fer to it of net only a part diari ecupuoyvtend tae cii- 5fill, te Prove thiat we an f fthe year's eýarings but ise sul~ate4 in t1ývôway's: lrst. tlhel&< - iiake lhe xiost -ofthese nef -tu 1,4000ffn heba' are business taxes, >dles taxes, -al rources i 1b1iiiýig o a reserves for coiitigencies fxis axes, andu4 t ns duties great nation, 'e be'ause- the are1argeyîy- "If is'true th~at frj'egn i- The bai 'spi bgramme O,,ý- t atth sniacija eyeLarc, esain is a relativel im l brandilnrvnenhotne en-ibedded in t!ha os tbase. Sc- part of Canadas gross pub> durîng W eyear, Constructiorn onid, tIueIre are cataîp inviibla-' ad pivte nvst.o! abi, 1înec- bu d g 4Wbouse ifs i nsulat » ' moseexitenceê s it is precibely t -s frein ki- ca1gary blusîtièss vas cam - none fi e !s veiý wî1ii. Ëvestnient that has ~ii,- ýïmen"ced, and a new buildingfo- niaký ý ýme 2ýýadia i,-c(- venifs- ýianii1toi Branch -will be un- amw4uan r~~c~ eV~i - geod inieasure the dr aissty.6nekrace ci f1111'ý11_" PINA 1 neede- n reaeurce dvelup- dr.a hr1,6nv rnh' 1W th" i w ie y mrsýýjýw reliLThis la the usiualcoiirsýe and 4suh-bratiches were open- laisrcoyq andà caste-Pef iaiis- ofvents hi, a rapidly grügw- ed in Canldatnd i3- byanclie, î exampie, a lcertain iig oÛniTtry. Nevertheless, Lun- ntd : u4- lbra riche- were open- th rtails.-a the tii -ve ~prmovuixneivesit is ed abroadl. brin4giigthe, oa Vniýied.'fgdom foi- 'Bs, (or a. a fEr 1- hhkta proced ort aumber pi branchles- up ta 793, t-he currcnt- rate oe exc1 ange $3. the niatxlgassuaýiPii% of whlch 70 ae in i he foreigr 9)seRs - j5AO î6 NewYork- and $7.A0 iniToronto, A certa- iru eplrt baa s fe. -piec o- ri rtih gaib lased net so nmach li on whatRYA NKA OD equipme i eti ih 'ian 41in we are as on) wliat ROYALhave the -United Kihig<lem'(the ecui- "Canada is se cependent r.Akisndw o i valent of about $112 Canaiidianý-) Prosperitys on a heaithly r60W gr.ting nsn ero! e haakn ,rbs $219 in th'e United States > 0dst4<e,~ ee~ branches abroad, espe,ýcially i lu anid 9_75 in Montreai An Ameni- nment fuiids acros ier ber- the West ndesandBrth nt persells fer $77.50 ia Nevw favourable eopîniou a broacdi s 66 fuum4me -amd 4 ubidiay bult~"ett th'neprieeofi tha an '-specia1]ýl(.-il>~ta3-lt son- sanie artcle i'n MontreàI is ieate. -, rnhe bod, o a -Butif e ae ne todu- i under cousidera- ion the opening 'euti , if we rV e n efs tabro s- of- fwo additionaî offies in the $149aO apoin &infrindsabrad - aibbean area, àWNEY îUARK~ET NEEDEDý and ev-en miore irnporwtn if -w fiu Èrti inoethe fact - AwEare not ta fait in a"1v- ,Naýt1raJliy - e volumle af aur. "We naiftudeof inaesgve ing the dopnrcvelop- ,business abroad Huctuafes cwi thenaprtheisdabttrea th treo!ofeondtioovinrh- ment is generally ane fiat f av- iin rn 1 you ra i rn i odtos af 'ours freedlonj. of inte-enationai. - watural resources, we Musn maaiy couties wlhre we oper- trac e and exc-ange, Pressure for idopt those Iong-run meaw- ode. Froni finie -tatoimiex- special ia'eatmnenf, aven Co hen ures 'fiat remiove ~or reduce - charge rastrictions uimposed lin bac2ked by evidd,nf i4çsliip on ce rtain special harriers fA on certair èbuntnies- delay remiît- fie part of sainie Prducer eçonoric girow%,tb. , he ost tances b-ut, onuthe wholee. over. groupe lias been met by e ip4ata ee-arrins fle long1period yourbank basý moi(derafe- concessions, Moreoiver, is the smii-Snes of aur popu- - - ratd abroad, a satisfactory as 1 baaealready Laid, pur - lafion with a consequent nar.- solution bas aalý;y - beenfun monetar-y authority lias -dptd rowness ai aur .nafiioaal -mar- fp suieliternpoi'ry problemns, a polivy appropniate ta a nation ke. and the contr-ibuiomi made ta thta that Triuat'niaintain. a coam-peti--- overal. earnings afi t-e ban-k by tjv-e ps!floi in foreign rmarkets. thfli oreigr-ý dision ýhas awy Noff ~ea lrpotp.t a~e0 p. ---'l thinils.we can say tat Bri.- beeti W Pib while, If is, tiare- thîs poey lbas 'been- - e -activ~e tain and lier partrners lu the fore, gratifyiag - fat 21 ar n lea encouragement byou ceta sterling arca, as well as inost- o! positioef- repart - - at profit-jý bank eo- a money nmarket ii i ern't arnrsl esen -ise anci le t4er respects re-, --Canada, The Banh of Caad's Eu'irope, have not only accept- ifhaebu-aclenfoi ~etivf~esami s --ce-oeraton1 cd conivertibiiity as desirable in U ovrasdv-oifrfe with -Meancil institutions inthisi pnincipke, but have. in f acf sub- period under review.- respect have led. f0great ii- jeted. fienise ves fte cd lscip- 'Wifh respcect ft- te ge-neial .-roemmiB-t ody ometimg lina ln their domnestlc monefary cglarw'ter ,-of <oun -businéest more is needed, - 12fis firte tiow aný' fiscal' policy w.ic t- oe 'àroa-d, we continue aur polhcy fon Me e-cartared ban'ks-and ala] fthbe prererluisite-, ta converti- -of wi& distributie ofairisks 0f ber flnarial institutia rs i - 1le nd-rPrtoi f on n Canada netof arIyotasupport the bliy dorptiioabnsac efforts o! -fie central bank but. -"I believe the finie lias cone investmeflts às dversifi and t-o fake positive steps tc e nasa for tbe dollar alrea fa show, evi- s ond fi'rni tli stndpoint ai, their owa Intiative and cfivlty dence ai good faifla by-auug lquiy la fie, developaient o! a Cana- trade barriers bath in fheiorn ldian nioney markeh uc a of tarifiduties in' fiatforio!PRAME FO1USTAFF