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A ape tt AA Ne A tty hati eg Montebello, Que. -- As long as the money supply remains fixed and the demand for bank credit continues to grow, the chartered banks. of Canada will have to ex- ercise extreme care in the handl- ing of their credit facilities to ensure that the overall total of bank loans does not increase. So declared Ulric Roberge, presi- dent of The Canadian Bankers' As- sociation, at the Association's an- nual meeting here today. Mr. Ro- berge, completing his second year in office, added however: 'I am sure I say that every effort will be made to see that small borrowers, including the personal borrower, will receive fair treatment in this period of increased demand for bank credit against a static money supply." e Reviewing what he described as 'an unusual period in banking"' Mr. Roberge said that for months before the turn of the year there was little demand for bank loans, although the banks were in -excel- lent position to satisfy increased demands. This was despite the fact that since last October the Bank. of Canada had held the money supply under tight restraint. Banks Sell Bonds _"Suddenly", continued Mr. Ro- berge, "at the turn of the year, the demand for bank loans started to increase and that trend has con- tinued. Faced with a static money supply, the banks were forced to liquidate holdings of treasury bills ahd government bonds to put them- selves in a cash position to satisfy the demand for loans.' Obviously, he added, this process couldn't continue indefinitely; the banks' supply of government bonds was not limitless and, apart from that, "there is a limit beyond which prudent banking dictates no bank can go in the liquidation of its bond portfolio'. Mr. Roberge continued: "Until such time as those responsible for national monetary policy decide, in the light of their appraisal of relevant circumstances, that some further increase in the money sup- ply may be permitted, the banks have no alternative but to exercise the utmost care in the handling of their credit facilities, in order to avoid any significant further in- crease in the over-all total of bank loans." = Speaking of the Canadian econ- omy generally, Mr. Roberge said many indices indicated a recovery from the recession. '""'The recov- ery", he added, "is resting basic- ally on continued strength in con- sumer demand and a revival of business inventory.' It seemed to be limited to domestic fields, he remarked, and was not noticeable in the trend of Canada's foreign trade. Balance of payment posi- tion continued to give cause for concern. Savings Hit Record High A highlight in the banking pic- ture, said Mr. Roberge, was that personal savings deposits in the chartered banks had hit an all- time high of more than $7.1 billion "an accumulation of stored-up purchasing power that is particu- larly significant when the economy -- shows every sign of a speed-up."* To illustrate '"'the tremendous progress and growth" of the Cana- dian banking system, Mr. Roberge compared today's figures concern- ing certain phases of banking with those 'of 1950, when he became a member of The Canadian Bankers' Association. It all added up to the fact that "practically everybody in Canada is a bank customer". During the past nine years, he said, bank accounts have increased from slightly more than eight mil- lion to about 12 million, and total Canadian dollar deposits increased from $7 billion to more than $12 billion. In the same period, the chartered banks ,paid out more than $1 billion in interest to sav- ings depositors, Mr. Roberge said. Mr. Roberge said that on De- _ cember 31,1958, there were 1,531,- 569 loans on the books on the char- - tered banks, apart from mortgage loans under the National Housing Act. Personal loans to individuals _for non-business purposes, together ' with loans to farmers, represented 1,304,118 or 85 per cent of the total number of loans. eT Ae nds oh _ Personalized Service ~ From Canadian Banks, Aid Small Borrower _"This", suggested Mr. Roberge, "is clear evidence that the char- tered banks do not overlook the in- dividual in their lending policies and clear evidence that the small, personal borrower regards a bank as his number one source of finan- cial assistance."' To date, he added, the chartered banks have approved loans exceed- ing $1,117. million under the Na- tional Housing Act, aiding in the construction of 109,000 new homes throughout Canada. More than 122,- 000 home. improvement loans amounting to $127 million had also been made by the banks, Mr. Ro- berge said. To cope with the increasing use of bank services by more and more 'people, in the past nine years alone the number of bank branches has »>|been increased from 3,650 to more than 4,700, he said. Bank staffs had been increased from 44,161 to 64,- 409. Lands and Forests Review Although Esker Lake Park has been in existence for- approximate- ly four years, the official opening will take place on June 9. In ad- dition to local Lands and Forests personnel who will be participating in the opening ceremonies, it is expected that the following per- sons will also be in attendance: The Honourable J. W. Spooner, Minister of Lands and Forests; R. Hambly, Regional Forester for the Northern Region from Cochrane; Mr. W. B. Greenwood, Chief Di- "But", Mr. Roberge concluded, 'nm all this startling growth and development one factor has re- mained the same: the personalized service that Canadians have come to expect of the banking system. That has been maintained and strengthened as millions of Cana- dians can attest. It is the deter- mined policy of all banks and bankers to keep it as our greatest tradition." Thursday, June 18, 1959 vision of Parks for the Department of Lands and Forests; also mem- bers "Of the' Kirkland Lake Town Council. It is hoped that many of the pub- lic will find it possible to attend the opening. There are numerous American hunters participating in the annual spring bear hunt in the Swastika District. Probably the proudest hunter in the district is one hunting out of Dave Bailey's Hunt Camp on Huff Lake. This hunter recent- ly bagged a 90 pound timber wolf in that area. For those who are not aware of the fact, it is legal for.residents to kill wolves on their $1.00 gun---li- cence and for non-residents to shoot wolves on their bear licence. An: interesting group of bear hunters are to be found in the vi- cinity of the Matachewan, Engle- hart Management Road. These three hunters are using bows and arrows as their weapons, and on last contact they had bagged two small bear. The Regional helicopter based at Cochrane, spent this week.working out of the Swastika District. The biggest single job was to ferry The~ Haileyburian © Page 7, sections of abandoned*=hydro towers from their location on the hydre line north of Matachewan to Young Davidson Mine where the sections could be picked up by truck. These towers will be reconstruel- ed at various Deputy Chief Rang- er Headquarters. for hose drying towers. In addition to the foregoing, the helicopter spent approximately two days on cut control work. While the District aircraft is used extensiye- ly for this work, the helicopter is able to get the observer closer te the ground and to hover over a spot requiring more than a casual: look. The helicopter was also-able to service fairly inaccessible fire tow~- ers with maintenance require- ments. Classified Ads Bring Resulis OF cur its 50 Ibs. 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