NOW SHOWING. QUEEN'S UNIVERSITY CONCERT , January 19 55 at 8.15 pam. EARL SPICER, Baritone, Of Queen's Hall, Orystal Pal sce, Wembly Exhibition, etc. Wickets ............... 5c. at University Post Office. BLACK& Royal Bank Completes Most Successful Year Sir Herbert Holt, President, in Address to Shareholders, Deals With More Important Problems of the Country. ©. E. Neill, General Manager, Reviewing Statement, States Bank Has Never 8efore Been The annual meeting of sharehold- ers of The Royal Bank of Cahada held at the head office of the bank was marked by most interesting ad- dresses by Sir Herbert Holt, the ent, and C. E. Neill, the Gen- ; eral Manager. The bank had had one of the most successful years in its history and as a result total assets had reaéhed the record figure of $788,478,778, an increase of $204,689,269, the greatest {in any one year. Sir Herbert Holt in his ad- dress dealt more particularly with the urgent problems which Canada still has to work out. He was convinced that the consolidation of Canada's two great railway systems on a basis that would not penalize the past ef- ficiency and economy on the part of {the privately owned railway was the only practical means of quickly eliminating the present enormous loss. Mr. Neill reviewed the growth and expansion of the bank, more particu- larly since the absorption of the Union Bank of Canada and the Bank of Central and South America. PRESIDENT'S ADDRESS. Sir Herbert Holt, President, in his | address said, in part: 7 "Turning to conditions in Canada, We can see in different quarters en- courdging indications of improve ment. The usual statistics which re- flect the volume of business, indicate a tendency to expansion. THe cumu- lative totals of Bank Debits and car loadings are slightly above the cor- responding figures of last year. For- eign trade continues to increase and for the first eleven months ended November, 1925, reached a value of $1,920,048,928, being an increase of $227,701,280 over the corrésponding period of last year. Considering that the general level of commodity prices has been comparatively stable, the higher value of foreign trade is particularly significant of improved conditions. "Commercial failures, both in number and extent of liabilities, are lower than for some years. Build- ing operations have been more ac- tive. The total value of contracts awarded in the first eleven months {was $285,207,700, as compared with $247,393,300 last year. Mineral production records ate extremely gratifying. Gold, lead, sinc, nickel, copper and mi other minerals show increases in produc- tion. he. value of the -output of 1925 & 000 in 9,588,4 6 for record in Such a Strong Position. ~ of administrative surgery to remove some of our present disabilities. Not only should the cost of Government be reduced, but there must be a sus- pension of those unproductive capi- tal expenditures, often of a political nature, which have In the past few years added so largely to our ng- tional debt. The burden gf taxation can be lightened only. if the neces- sity for rigid public economy on a scale commensurate with the needs of the situation is resolutely faced. "I pass now to what is in my mind our most serfous domestic problem, that of the National Railways, the operation of which is annually plac- ing an enormous additional burden on an already overtaxed people. The practical difficulty in solving this problem is so great that we have as yet hardly approached a solution. "Under present conditions there is not sufficient traffic to enable two great continental railway systems to operate competitively with financial success. Canada has advanced to the Canadian National Railways in the last six years an amount averaging over $100,000,000 annually, amount- ing in the aggregate, according to Government and railway reports, to the sum of $710,943,247, which is greater than the entire capitalization and bonded indebtedness of the Cana- dian Pacific Railway. The country simply cannot afford the present rate of expenditures. "Some m fiust: be found to overcome this annual railway drain on the Federal Treasury, which al- ready absorbs more than the entire revenue from the Income Tax, and to avoid further capital expenditures which, under present conditions, are not likely to"be productive of addi- tional net earnings sufficient to pay interest on their cost. I am convinc- ed that the consolidation of our two great railway systems for the pur- poses of administration and opera- tion on a basis that would not penal- ize the past efficiency and economy on the part of the privately owned railway is the only practical means of quickly eliminating the present enormous loss. "I approach the question of tariff policy with reluctance. There is not lacking evidence that recent fiscal policy has had a disturbing ef- fect on established industries and the consequent industrial unemploy- ment has been the chief factor in the southward exodus. A great manu- facturing industry has been built up in Canada over a long period of years. Large sections of our popu- lation are supported by industrial wages or indirectly dependent on in- dustrial activity, There is need of & scientific study by a properly con- of | stituted board, to evolve and keep a gd in 1920. ews print uction was about 11.4% higher in 1924 and the combined output of the Canadian mills for the eléven months of last year was 1,383,121 tons, which was only 7,684 tons less than the total production of the United States mills in tlie same period. If our forests . | are properly conserved, this industry in| Will become a steadily increasing asset to Canada. "I cannot pass over the develqp- mer, | ment of our natiqnal power industry without comment. In November, the central stations of Canada produced 26,626,000 kilowatt hours; this is equivalent to nearly twice the pér capita power production in the Uni- ted States. Inaccessibility of coal d| and other factors are making Can- ada one of the great electrical power using countries of the world. The full realization of what home utilisation of this powér means in the development of home manufac ent| turing is producing a consensus of opinion conclusively opposed to power export. "A distinct changé for the better bas come over the basic industry of agriculture and this is the most im- portant element in the general situa tion. A splendid crop has been har- vested, in practically all country. The final estimates of the wheat crop are better liminary figures and place the total yield at 422,387,000 bus., an increase of 180,230,000 bus. over last which represent the second largest erop in our history, With prices at the present level it is estimated that the total value of Canadian field crops this year was about $500,000 | more than in 1924, _ "Not that trade and industrial | national Ye4le| cash profit, we have révised an adequate and stable tar- iff for protection of those industties which it is in the national interest to foster.and develop. As I said last year, increased protection is in many Cases unnecessary. "Stability is the thing to be de- sired. There is also the ever pres- ent necessity of revenue which, it not collected in the form of customs duties, must be raised by burden- some 'methods of direct taxation." GENERAL MANAGER'S ADDRESS C. E. Neill, General Manager. in his address to shareholders, said in part: "Before considering our balance sheet, I should like to refer to the purchases of the Union Bank of Can- ada and the Bank of Central and South America, which have already been mentioned by the President. "Through the former, we have se- cured an Invaluable connection in the Western Provinces and a sub- stantial addition to our already large chain of branches in. Ontario, We Were fortunate in completing the purchase just before 4 harvest of record value, and this has, resulted in a substantial increase in deposit in the West and helped in the lqui- dation of loans. "The purchase of the Bank of Cen- tral & South America. has proved to be a very satisfactory transaction. In addition to making a substantial congiderably augmented our business at certain points where we are already estab- ed and we have acquired branches in the Republics of Colom- AMUSEMENTS What the Press Agents Say About Coming Attractions "UNGUARDED HOUR." Stars Milton Sills in Romantic Role at Capitol. What would happen if a flippant, thrill seeking young American girl should set her cap for a conserva- tive, woman hating young foreign nobleman ? > This situation forms the unique theme of "The Unguarded Hour," a First National picture, which opens at the Capitol Theatre to-day, Milton Sills is starred as the noble- man, and Doris Kenyon has the featured role of the young American girl. An [excellent supporting cast has been jchosen for this picture. Jed Prouty, Claude King, Dolores Cas- sinelli, Cornelius Keefe, Lorna Du- veen, Vivia Ogden and Charles Beyer all deserve more than pass- ing praise for their work. ATTIRED IN SUIT OF EMPLOYER'S CLOTHING Young Man Is Missing From Farm--Other Articles Also Missing. -- A warrant has been issued for the arrest of Frank Chase, ng address, who stole a quantity of goods belong- ing to Mr. John McAllister, Pitts- burgh, on Saturday. The young man as engaged to work for Mr. McAllister, who has a large farm in the township of Pitts- burgh, on Friday. e was a very fine appearing chap, and members of the family thought he would he a | good man to have around the farm. Chase said that he came from To- ronto and was in. search of employ- ment. Mr. McAllister agreed to give him employment for a period of one year. On Saturday, while Mr. and Mrs. McAllister were in Kingston, the young man left for parts unknown, and when the members of the family made an investigation, they found that a brand new suit of clothes be- longing to Mr. McAllister, which had néver been worn, two gold watches, fountain pen and many other articles were missing. . It is thought that Chase may have jumped a freight train for Montreal. It is claimed that he was so nervy that after stealing the articles he donned the suit of clothes and shaved himself with Mr. WcAllister's razor. He called on a nearby neighbor and from that time until now no word has been heard of him, 3 The accused is about twenty-two years old and it is understood that lie came from Toronto. Another re- port states that he' was Tiving in De- troit and that he was deported for not having proper papers. It is also stated that Chase locked the door of the house and took the key away with him and that when Mr. McAllister came home he had to get into the house via one of the windows. Provincial Constable Maclachlan is working on the case. GIFT PRESENTED TO SUNDAY SCHOOL WORKER Miss Wilder Was Honored by Princess Street Church Sunday School. The Sunday School of Princess street Church gave full rein to its enthusiasm on Sunday, when all its 'departments assembled in the church auditorium,. to honor one who had for a number of years, been its be- loved and gifted guide as superin- tendent, Miss Emma Wilder. Most of the school has been informed of the reason of the gathering, only the one for whom the occasion was call- ed was to be uninformed. As Miss Wilder had been west and also in poor health for & time, the gather- ing was to welcome her back, and mark the schools' appreciation of her splendid services. Mr. E. E. Parkhouse, assisted by Mr. George Pound, called Miss Wil- der to: the platform and asked Mrs. Brebrer, one of the oldest workers of the school, to come forward and make an adress and also read one, which she most fittingly performed. Rev. L. M. England was also we | t0 speak, being the pastor of the chffrch when the choice of Miss Wil- der as superintendent was first made, called | H. D. Bibby THE DAILY BRITISH WHIG SPORT PRO. GAME ENDS IN A BIG RIOT Five Arrested in Montreal Sat- urda Night When Maroons Beat Canadians. Montreal, Jan. 18.--Montreal 'Maroons shut out the Canadiens 1 to 0 before a record crowd of 12,450 wildly exciting spectators, who jam- med the Forum to its utmost limit Saturday night, capturing the most exciting and nerve wracking battle waged between the two local pro hockey rivals since the inception of the intra-borough clashes in the N. H.L. one year and a half ago. Nelson Stewart, rjeky Maroon centre, scored the winning goal nine minutes after the start of the final period. The tally sent the crowd of Montreal supporters into the wild- est scenes of joy. But this uproar was as nothing 8 the disgraceful outburst which occurred two min- utes before the end of the contest ' when bottles, coins, watches and any other hand missiles were thrown to the ice by a crowd of hooligans in the rooters' section. Attempts by the ushers and plainclothes men to eject the offenders caught throwing the bottles led to a seriel of fights, as sympathizers interfered on be- half of tie culprits--and the entire rooters' section became a seething riot. It took five minutes to quell the disturbance and clear the ice of the debris. Five alleged offenders were arrested by the police. The bottle-throwing started when Mor- enz was carried off the ice, complete- ly knockéd out by a heavy body- check from Reg. Noble at the Mont- real defence. ROCKWOOD CURLERS PLAYED BROCKVILLE Four Rinks Defeated in Central Ontario League Series on Saturday. ockwood Hospital played at Brockville, in the Central Ontario League series, on Saturday, and the Brockville won the series by a score of 73 to 46. Following are the rinks. Rockwood Brockville: Dr. A. J. Kilgour W. Riley Neill Tutton F. Plunkett J. Kerr J. Tobin B. Sears J. Easson . Skip--14 Skip--117. Four rinks of . R. Leader F. Drawbridge James Scott J. B. Algle Skip--24 E. Cleggitt A. Mclvor H. Flowers F. Hartrick Skip--1 T. T. Wilkins R. M. Sheriff G. L. Gardiner H. W. Going © Skip--17 W. J. Ashby William Gibbs J. D. Scally R. F. Graham Skip--11 Dr. M. Goosse K. C. Cockrane W. P. Taupst J. L. James F. Lambert' A. L. Farquharson Dr. G. C. Kidd W. A. Mount Skip--14 Skip--15 Curling at the Kingston Club on Saturday resulted as follows: Ladies' Series. Mrs. McCartney Mrs. Revell Mrs. Linton Mrs. Sowards, Mrs. King Mrs. Bibby Mrs. McFarlane Mrs. W. Moore Skip--8. Skip--b Mrs. Nicol Mrs. Robertson Mrs. Bogart Miss Daly Skip--0 Series. W. B. Cooke J. Rigney W. Frizzell W. J. Drysdale Skip--11 Miss Chown Mrs. Lockett Mrs. Gwillim Miss Betts Skip--15% Club H. BE. Pearen W. M. Nickle D. B. Murray E. O. Bliter, Skip--12 J. Fraser J. B. McLeod A. Woodman J. McFarlane Bkip--T7 - . i P. Burke H. Hunt B. Abernethy W. Carnovsky T. J. Rigney * Skip--8 L. H. Watts H. Y. Chown Addressing the shareholders, "Through amalgamation, the such as slackening of competition tween banks is less severe than it development of new districts have been supplied from older rates than those current in the stage of development. moreover, contains a long list of through 1 of proper perspectiv in districts where everything one industry, by unit banks of calamitous. n "A great financial institution not only to our shareholders, but, realize, to the public of Canada; terest, because it is only to the or receive the confidence of the foster the best interests of every Canadian Banks In Better Position To. Serve Public One of the most complete and authoritative statements ever sub- mitted regarding the Canadian banking system and the present bank- ing situation was made by C. E. Neill, General Manager of The Royal Bank of Canada, at the annual meeting. been slowly reduced until the present situation is analogous to the condition existing in Great Britain, where the great bulk of the bank- ing assets of the country fs in the hands of five large banks. Fears have been expressed that the concentration of banking power in the hands of a comparatively few institutions may lead to bad results, feeling in regard to competition seems to have had its inception in the fear of what may happen in the future, rather than as a result of developments to date, for no one can say that the competition be- that the contrary is the case, and that a large proportion of the savings affected through amalgamations have been.passed on to the' public in the form of increased service and relatively lower charges. "The merits of branch banking as compared with a system of unit banks are a subject of debate in the United States to-day, and opponents of branch banking have stressed the advan interests of having their banking business in the hands of local in- stitutions, which are claimed to be more intimately in touch with conditions at the points concerned. For Canada, however, the &rgu- ments in favor of branch banking are, stronger than anything 'which can be in this country the necessary funds districts, United States at the same relative The banking history of the United States, epends on the success of one crop or the local banks had all their 0 have no hesitation in saying that had Western Canada been served Qe situation in 1931-22 would have been nothing short- "The ideal system is one which can combine a close understand- ing of local conditions with expert general supervision. proper conduct of a banking business something more than local knowledge is required, and in using the words "expert general super- vision," 1 have in mind the guidance which can be supplied only by executive officers of wide business experience, whose position en- ables them to keep their finger on the pulse of the world's business. are endeavoring to meet the situation'-by the appointment of outstanding business men in different sections of Canada as direc tors, and by a large measure of decentralization and local autonomy to the executive officers ia control of each district. : ada, covering the whole country, must have intimate, persistent and active Interest in every part of Canada. sound economic development of the country that we shall deserve us to secure a diversity of risk through the encouragement of the industries indigenous to the various parts of our country, and to keep. always before us the fact that we can achieve the greatest measure of success only If our actions and policies promote and Mr. Neill said: number of banks in Canada has or neglect of local interests. The has been in the past. We believe tage to local in my opinion, immeasurably said on the other side. In the and at much Jower average anks which have failed, either during boom periods, or because eggs in ope basket. I For the ! such as The Royal Bank of Can- We have responsibilities to = degree which I hope we fully in fact, there is no conflict of in- extent that we contribute to the public. Self-interest will prompt part of Canada." team at the K.C.I. gymnasium in a fast game and were defeated by the score of 45-29. H, Smith and D. Sanders were the bh scorers for the Collegiate team and Joliffe secured the most points for Queen's. The whole K.C.I. team worked i#ike a machine all the way through and deserved their victory richly. The teams: K.C.l1.--Defence, D. Sanders, Gratton; centre; Rdgar; forwards, H. Smith, Buck; subs., Bliss, F. Sand- ers; C. Smith. - ' Queen's ---- Defence, Ferguson, Walters; centre, Miller; forwards, Joliffe, McLaughlan; subs., Wilson, Young. . Lee HOOKEY RESULTS © NHL. Montreal 1, Canadiens 0. STOCK MARKETS (Reported by Jchuston & Ward, 86 Princess street, miombers of the Montreal and Toronto Stock Ex- changes.) New York, Jan. 18th, 1.30 p.m. Amer. Loco. ... ... 117° Amer. CR. . ov. ivory ov «0 284% California Pete. ... ... .. 31% . 148 49% 42% 86% 43% . 40% . 148% . Bb% 120% 8% 76% a vs 189 Pan. Amer. Pete. "B" ... .. 70% Plerce Arrow ... ... ....""7 380% Royal Dutch ... ... ... . 53 Bou. PAG... oi iii ahs. 10084 Sinclair Ol NV. ... J... +... 21% Standard Ol of N. J. ...... 44 Studebaker ... .. 68% Sexas Ol... ... ... ...." 31% Union Pacific ... ... .... 146% U. 8 Rubber ... ... .... 86% YU. 8: 8teel ... ... ... :.. 185 'Willey's Overland .... .... 20% Woolworth ... ... ... .. 202% : en : 3 Montreal. Jan. 18th, 1.30 "aw Bes sean » see sas p.m. 73% 93% ial she vase M15 "ep wae wise ane sua suv: man wan 4s BE Bcd wan es wee Wd Cems dee eva nr Spanish River, pfd. ... ... 114 {Smelters Vea vam ame tases 188 Shawinigan ... ... .. 168 Steel of Canada ... 87 Twin City... «ue 77 Winnipeg ... ... 41% sve ae man sas GRAIN QUOTATIONS. Chicago, Jan. 18th, 1.30 p.m. ches wee sense IMIY + seen 150% Ottawa Commissioner Almost Asphyxiated' -- Ottawa, Jan, 18.--A, F. Macallum, Commissioner of Works of this city, and - formerly of Hamilton, was nearly asphyxiated in his home here over the week-end due to a leakin gas jet. ood He had been suffering from bron- chitis 'and had been ordered héme from his work. Dr. T. A. Lomer, ¢ity medical officer of health, dropped in to see Mr. Macallum, and found Commissioner of Works overcome by gas fumes. Restorative measures were successfully appifed. s i Y.M.C.A, Thrift Week. : Sunday was "Share with Others Day" in the National Thrift week programme, as promoted by the local thrift committee from the Y.M.C.A. Several local 2 Tux] oor ,