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ae ®, <4 9 SALLY'S SALLIES Annual Meeting of Shareholders | ? The Royal Bank of Canada Sydney G. Dobson, President, declares private enterprise the very basis of Canada's progress and freedom--Right to take risks and reap rewards the major motivating force in country's i development--"Socialism and communism are not systems of freedom, but of rationed de- mocracy, in which liberty is doled out like social security benefits." James Muir, Vice-President and General Manager, reports new high records in field of Canadian. Banking--Royal Bank. assets exceed $2,222,000,000--Deposits reach new Canadian record of $2,067,488,000--Profits moderately higher--$4,000,000' added to Reserve Fund. The threat to personal freedom + inherent in the Socialist and "om- munist philosophies, and the high promise of Canada's future were stressed at the Annual. Meeting of the Sliigtioliss of The Royal Bank of Canada. "On the cvidence before - the world today, capitalist works" said Sydney G. Dobson, President. "lt works so well that the lowest paid workers in these North American democracies -are better fed, better housed, and better supplied with the comforts of life than are the great mass of the population of collectivist countries. And they enjoy freedpm.' "Our successful development of natural resources confirms our be- lief in private eriterprise as the best motivating force in an economic system. All the natural resources imaginable are us:less until they are . brought: out where they can be turned into serviceable goods, and ' the primary seeker, the most suc- and _the greatest cessful finder, : nas been private manufacturer | enterprise. "Under this system people' dink hard and 'work hard because there are reasonable rewards. The need of incentives is recognized in every country where men are free to choose whether they shall work or not work, apd how hard they shall work. . "In all -collectivist cconomies-- Communistic - or Socialistic -- the idea prevails that dictators or bur- caucrats can arrange the lives of cople better than people can do it or themselves. Capitalism, on the other hand, believes that individuals should be free to express their abil- ities and thereby bring about a bet- ter standard-of living and a better social order. : : "Our system hinges on initiative, - the courage to invest capital, the. right to take a" reasonable profit from such enterprises as are suc- cessful and the obligation to stand such losses as may be incurred in enterprises which fail. THREAT TO FREEDOM - "Socialism and Communism "do not scek to make the best of people's minds and enterprise. On the" contrary, their process --is--to- level all people by dragging down those who might have superior at- tainments. They need a strong cefi- tralized government with contiol over all sections qf the economy, They are not .systems of freedom, but of rationed democracy, in which liberty is doled out like social secur- ity benefits. Incentives are lost, and individual initiative is 'smothered. Standards of work and product 'e- main unimproved because jobs are assured without regard for effi- ciency or performance. The ambi- tion of men declines to doing just as muc™ as has- to be.done and no more. Progress is sacrificed to a worship of averages--and they are averages somehcw arrived at so as / to be well within the reach of the least progressive., Promotion on merit is abandoned in favour of pro- motion in . Skilled workers re- ceive yery little more than unskilled workers. 1t.i8 only natural that such a state of affairs should drive the best brains out of a country. "I believe in equality, so long as it is equality of opportunity in edu- cation, . careers + and public life, 'Socialism, is a force which holds back, while enterprise is a force which propels us forward, and gives men and wonten a chance to display their talen* and their worth." ; FOREIGN TRADE "hile" Canada's export figures hau shown satisfactory gains during the past few months, Mr. Dobson warned that, "there is nothing in our foréign trade picture today about which we can afford to be complacent, "Our present peak of business is being maintained to a large extent by artificial respiration in the form of credits from Canada and the Unjted States. To realize our posi- tion we need only imagine what would be the state of our commerce --zond therefore of our standard of living--if * the Economic Recovery Prozramme and our own loans to fieope were suddenly tut off. "tis true that we can examine _oy - fising 'export business oi the past few months with certain satis- faction, Last October saw us strike a new high record .in domestic ex ports. both in total and in shipments: "tthe United States. Our total in to first 11 months of 1948 was $250 million higher than in the: corres- ponding period of 1947." Turning to domestic affairs, Mr, Dobson noted that while the pres- sure of demand has tended to bush prices steadily higher, there has been a levelling off in the rate of increase. PRICES "It is with regard to prices," he said, "that the manufacturer and the business man have their greatest worries, No matter how they bal- ance increased labour costs with technical advance, -and other in- creased costs with prevention of waste, they are driven, in spite of all their ingenuity, to raise prices t~ their customers. "It seems to me that those who work for wages are ill-advised when they rush into demands which are planned to give them an immediate a 'vantage through increased wages, while losing sight of the Ret that there is an impogtant long-term as- pect to be considered. How much money a worker makes -is far less significant than how much he can buy, and if he isto buy anything at all his employer must be able to stay in competition with manufac- turers in the rest of the world." ELECTRIC POWER The importance of Canada's hy- dro-clecric power development to the national economy was cmpha- sized by Mr. Dobson. Wide distri- bution of power and its healthy d¢:velopment has been, he said, vital factors in promoting Canada's in- dustrial progress and maintaining a high standard of living. "Each in- stalled hydraulic horse-power, if operated continuously throughout tle year, would be the equivalent of the power obtained from 4 tons of coal. On this basis, the present hydraulic installation in 'Canada might be said to represent the an- nual use of about 44 million tons of coal. i "There are still large reserves available for development. A gov- ernment tabulation shows 40 Jnillion horse-power available, and a little less than eleven million developed by turbine installation." Discovery of additional-oil in Al- berta and Saskatchewan was a favorable development to which Mr. Dobson made special reference. "It has become evident," said Mr. Dob- son, "that Western Canada, and particularly Alberta, has become one of the brightest prospects for our future supply. It is forecast that by 1950 the oil requirements of our Prairies _ will be' satisfied out of home production and there may 5e a surplus available for other mar- kets. This is important because every barrel of oil produced and consumed in Canada conserves from three to five dollars -of United States dollar exchange." CONCLUSION "I believe that more attention needs to be paid to the education of our- people in the responsibilities as well as the advantages of democra- tic citizenship. Too. much stress is being placed, these days, on human rights and not enough on human obligations. If it is reasonable for a man to expect to be taken care of when disaster threatens or strikes him, he should be educated to know that he needs to contribute his share to the welfare of the nation. 1 deplore the increasing trend among a portion of the younger generation today to think too much of security rand not enough about going out and really accomplishing something i for themselves. : "We live in a world: where we should not expect to receive some- thing for' nothing. This is an old, old law recognized in economics, and no discovery by' any political party or reform faction has ever found a permanent substitute, Queer creeds based on ease and leisure may rise and flourish for a time, but they always run into difficulty 1-hich ~can be overcome only by work." ~ GENERAL MANAGER'S ADDRESS Mr, James Muir, Vice-President and General Manager, reviewed the bank's 1948 Annual Report and noted that new high water marks in the bank's progress had been es- tablished during 1948. Assets had topped $2,222.000,000, a point never before 'reached. The bank's: liquid assets equalled 74% of all liabilities to the public. Commercial loans in Canada had. also increased denoting - id , 8ir, but there's no tele wislon in the operating room." ay Silly Solomon! The prim, bespectacled Sunday school teacher brought her young class to. order. ; "Now, you have just heard me tell'y6u the story of wise King So- lonton," she sald. "And of the two' woman who both claimed the baby, and how King Solomon ordered the baby cut:in two, and half Riven to each supposed mother: where: upon one of the women cried to the king to give the child to the other woman, thus proving that she hor- self was the real mother." - The teacher paused and glanced around lier class. | "Now, | am going to. ask one of you in the class what you would "an expansion -of connections and clients as well as the fulfilment of | the additional needs of old custom- ers." Mr. Muir also noted a further substantial increase in the number of depositing clients and total de- posits of $2,067,488,000, an increase of $133,303,000 over the previous year, and a new high water mark ir the history of the bank. Earn- ings had been moderately higher, and in addition to providing for the customery Ueductions including taxes of $3,150,000 and increased dividends for Shareholders, had en- abled the bank to transfer $4,000,- 000 to the Reserve Fund which now totalled $44,0000,000. "This left a carry forward in Profit and Loss 'Ac-- count of $1,532,000. AID TO TRADE The important role nlayed by the Royal Bank's extensive system of foreign branches in furthering Cane ada's trade. was stressed by Mr, Muir. "We have had a hali-ceii- tury's experience in this regard," he said. "Cur-oldest branch outside of Canada and Newfoundland, and still in operation, is that in Havana, Cuba, opened fifty years ago this spring.. Apart from those in New- foundland, we have at present 62 branclies outside Canada, and, in addition to this direct representdtion which covers Ney York, London, Paris and most South American countries as well as the Caribbean - arca, we have unusually extensive correspondent relations with banks throughout the world. Your bank is in a preferred, if not unique posi- tion to facilitate, as it has for many years facilitated, Canada's foreign trade activites. NEED FOR ENTERPRISE "Whatever the outlook for Cana- dian business in the short run, our long-run position should be secure. For our economic fortunes as a nation depend, not on disturbing short run ups and downs, but on our tremendous wealth in natural 'resources. Of course, natural re- sources are of little use unless they are developed. And I agree } eartily, therefore, with what the President has just said about the need for ambition and enterprise. "We (fanadians might appraise ourselves and our possibilities a little higher than we are inclined to do. No country on earth has a future that promises to surpass or even to equal ours. Whenever we forget that fact, some - Canadian voice must speak out, reminding 1s both of the greatness of our resouc-=+ ces and 'the responsibility that rests upon us to take a mature and an ardent view of Canada's capacity for economic development, Then; surely, a breed of courageous, clear- sighted and Canada-conscious men will arise who will become acutely scized of the fact that we are in duty bound to develop these te- sources and éndowments- and deal -- with them in our day for the.great- er good of generations of Canadians' yet to come, : PRAISE FOR STAFF 'It is no secret that public opinion of the bank is formed by and large through dealings with the staff, and so the: Royal Bank's prestige is largely dependent on. personnel-- for it is through them that the bank is known to the world for. what it is--good, bad, or indifferent. In all modesty, I feel I can proper- ly say that the bank in held in the highest esteem, not only in Canada but in the many countries where we have branches. ' "We have a large organization, 10,567 men and women, and if there i$ sometimes a tendency for mem- bers of the staff to feel that they are but very small cogs in a vast machine, I ask them to dismiss the t' ought, for ever single job in the bank is important--every single job must be we done. That our staff, both men and women, are discharging these important duties with untiring efficiency and in good spirit is properly exemplified in. the fact that the success embodied in this year's Annual Report is in no small measure due to their efforts. The Executive are fully aware of this--and acknowledge it gratefully. "We have. reason to be proud of our staff, and on their behalf I can tell the shareholders, the public, and our clients that they can all rely on 'the knowledge that the members of the staff will endeavour to continue --with accuracy'-and with frien y have done if you had been in King 4 i t- serve them well--with Sifidiency linesg." ~~ l EAE EE RE STE Dar ¥ 5 a es LE VL 4 SEE RENE ret Het AY "4% ? - ; HEY RIE (FA Lge Al pA NE EE Si AP RE PSR AE & br ths Sha i Ea brat IASG ARCHER 10 LIGA PARE Bl \ na SLAW ULI WE. 45 a af Ld LE Arthur Schneider was blinded by a bullet during the war. One night, to while away the time, he picked up a piece of plastellin, and by mornity the blind veteran had fashioned a crude elephant he's T nized as hobby that has since developed into a career. , Now, at : of the most promising of sculptors, Apove he shows soi of the femarkably lifelike animals he has cated, while below he works on a bronze bust &f his little son, Act That Threatens All Our Industry Decision .0f the Privy Council rul- ing the Sashatchewan Trade Union Act valid is of immense significance to independent labor and employers. This is not some local bill designed to gét control of industry in a pro- vince where industry is of relatively minor importance. It is a pattern to be followed in all Canada if the CCF ever succeeds in gaining power of Ottawa. This particular legislation, . like several other "key bills- put through Regina since 1944, is actually the * work of the CCF national high com- mand. Saskatchewan, which has the: only CCF government in the Do- minion, merely happens to be the laboratory for CCF key experi- ments. Because it is largely rural it has proved a most convenient laboratory for CCF industrial ex- periments. handling, and by exempting agri- cultural employment, the Douglas: government in that province has been able to put through radical legislation with little opposition. The fact that this bill has been upheld by the Privy Council has nothing whatever to do with the quality of the legislation, of whether it is good or bad. In declaring this bill valid the Privy Council merely rules that it is constitutional, that labor matters of this kind come within the jurisdiction of the pro- vince. The blunt truth .is that this bill is bad, a direct threat to the independence of. labor-and manage- ment throughout all Canada, says The Finacial Post. . : Under. this discriminatory act all control in labor matters is vested in a government-appointed Labor Board with unlimited dictatorial powers. Firms which disregard or disobey the rulings of this board can and actually have been seized "by the government. Orders of the By a little judicious. virtually placed beyond the reach of _ the law and need have only 25% representation in any plant to reach that privileged position. Employers can be fined up to $5,000 aid im- prisoned for a year. They must re- instate any employee discharged for what the politically appointed labor board may call union activity. Legislation of that kind, if allow- 'ed to spread, could deliver all Can- adian industry, absolutely and final-" ly, into the hands of a government board appointed by the CCF party. It would be a death warrant for private enterprise from the organ- _grinder.to the largest corporation. The Happy Life Two old "friends, apart for 20 years, met the other day. "Great to see you, Joe," hailed one of them. "I guess you're a mar- ried man by now." "No," answered his friend, "I never took the plunge." "You must be crazy, Joe," the first one exclaimed. "You don't realize what it means to be married. Take me, for instance, I come home very night from a hard day at the office to a Avarm, comfortable-house, My wife is waiting to hand me my slippers and -the evening paper. Then she cooks me a luscious din- ner, topped with my favorite liqueur, and plants me in my easy chair by the fire, She hands me . my pipe and she washes the dishes, Finally, she comes and snuggles down by my side and starts to talk. She talks, and talks, and talks, and talks, I wish she'd drop dead." te. CL oi > - Thankful * An elderly man sat down beside me in the lobby of a hotel remark- ing, "I feel like I was 75 years old thls morning." "That's too bad," I replied sym: pathetically. "have to make contacts, you know, 'Brace was deceiving her but she . strange "said. "then "the flood of strikes had inun-- . they were in their tails, too. Contacts by Night © By Art Taylor MINUTE TION "Again tonight?" asked Kitty; trying to be light and casual. and succeeding 'only in sounding sjrained and accusing. "'Fraid I must," said Brace, Ie also tried "to" be casual but he sounded weary. And looked weary; too tightly drawn, Some burden of the spirit was beginning to break through his outer defenses. "I h , and--" "I know." Indeed, she did know it. She had listened to it at regular intervals for the past six weeks, It had sounded plausible at first, but contacts that had to be made every night for x weeks seemed slightly incredible, 'race didn't argue. He "just said, "Sorry, hon. I'm hoping it won't last much longer. I know it's tough on you, sitting here by yourself night after night." "Think nothing of 4," Kitty said brightly. "I adore being a business widow." Brace moved over to where she sat, trying to decide whether he should tell her now or let the thing drift. He knew it couldn't go on like this much longer, but again he tem- porized and remained silent, merely squeezing her arn. But tonight, Kitty was definitely oft the beam and there was no re- sponse to the private signal. Prob- ably Brace had expected none be: cause he picked up his hat and left without another word. Kitty knew didn't know 'why or how. From then on, life for Kitty be- caine conjecture, trust, distrust and despair. Maybe it was the war. It did things to men, everyone But Brace was the same old Brace when he came back. The first six months were practically - idyllic and Brace and Bill had been" so enthusiastic about this new busi- ness they had hatched out in spare moments out in the Pacific. And dated the country and swamped some businesses and washed others into stagnant backwaters. That was + hen Brace became worried and restless and began stepping out. Fach night it was harder to take. This night, she knew, was going to be very bad. The phone rang. That booming voice on the other end could belong to only one person. "Uncle Edward!" she squealed in de- light, 'W'here are you?" "At the leading hostelry. I just had to come see if you ware still in existence. I'll give you and the boy friend just fifteen minutes to don the glad rags and we'll paint this burg a nice vermillion." Kitty said, "The boy friend is out, bu: give me ten minutes and I'll lielp you give it a double coat.' She took him to the Chateau in the Pines. It was new and swanky and thirty miles way. It was too ex- pensive for Brace and Bill so there was no danger of running into them. She was too proud to try to follow them, whatever they were up to. And then she saw Brace and Bill Very handsome and immaculate The captain beckoned to Brace. Bill tried to step In front of him and take the call but Brace pulled him back, and with steady "face ap- proached the table. . Kitty's heart turned over. Why the two crazy youngsters. -Work- in_ night and day to sp thelr pre- ci us business from golng on the rocks and too proud to let igs how thev were domg ik Without a 'sign of recognition, Brace spread the ornate menus im front of them, "The caviar is' un= kn Ww "usually good to-night, sir," he-saidy #also-the baked pheasant," "How about it, Uncle Edward, © "It doesn't make a bit of diffee- etice, Uncle FRdward," caroled Kitty, "If this handsome y waiter sliould bring me frieassed sawdust, it would taste Ike am- Lrosia and nectar.' And slipping her haud up under the napkin draped so properly over the handsome young walter's arm, she squeezed the arm--hard. Kitten?" boomed Why They Split Because her husband made her address him by his military title of Major and salute him whenever he passed, a Milwaukee woman was granted a divorce. * * . A woman complained to a De troit court that her husband sprinkled snuff on her and then hit her with a cabbage. - . - * In Missouri, a housewife charged in her divorce suit that when she re e----_ ag served steak-.and onions, her hus- | band had lis own ideas about shar- ing them: he ate the steak and left her the onions. * i * * A Pittsburgh woman didn't con- sider her husband's attentions dur- ing an illness as being properly solicitous. She sought divorce, charging that while she was ill her husband sent an undertaker to see .~ her and also funeral ordered wreaths. ' WILLIE WEATHER Says: I wonder it . more women act haughty in the winter or in the summer. : Probably in the winter, which would only be 'natural. There -are----so--many more cold shoul- winter. DOES YOUR BACK ACHE? Sitting In a draft--working in a damp Places feet--there are dozens of things which may cause a backachel But there's one way thousagds _of lans have found to help relieve this oe itlon--Dr. Chase's Kidney- 4 t Livi s, This effective remedy tones up the kidneys and the liver-- and brings welcome rellef from pains in he small of the back caused b "oold" In the kidneys. So insist on thls rellable remedy--proven by over half- Saentyyy Liver Pills. At all drug counters. 19 €QON ay 1 hr inhale the att healing fumes, qufek celief, It's fast acting! Get a bottle today. + YOU WOMEN Here's Good News! Are you between the ages of 38 52 A gol through that tayhog functional 'middle-age' peri 'peculiar to women? Does this m You 2ffor from hot flashes, clammy, ug, 0, W * Then po i pi el hen Vegetable oh symptoms! a dle-age' women pound 4 nkham's \ no opiates--no ound cont OA, Eonjiniod Solomon's place. Alright, Willle. But to her horror and constern- ation William, In' all the bright la- ~~ nocence of seven years, spoke wp | thus: "I would have said: must you ladies quarrel over a mere baby ?~there's . plenty more where ths one eame from'." f Which? A track supervisor received the allowing memo from his foreman: 'm sgnding in gctident report shout Casey's foot, which he struck with e¢ maul. Now, under 'Re- marks' do you want mire oo Casey's?" v 'Why board are enforceable without the right of appeal. Labor unions are "No, {t ain't," said the old boy cheerfully. "Because I'm 85." Honey and Hank HOT FLASHES... FEEL CHI BELA pllyppueh, ° 's larly to. holy oo fdas' WHO SUFFER 4 ™ i oi It helps hature (you know groat = octors oal ac 0 A RRR SEPIA: hat wi" 4 also a stomachic | ders during the s use--Dr. Chase's Kidney. Lydia E. Pinkham's VEGETABLE COMPOUND © nN " CF A v Li _ ad 3 Zs err CT 3 it ¥ Lae Tn PRGA fe yy ~! 5 4 ¢ Ry vs y : Re i SN OT RAR Se er fn, Sars - Er AS r---- Soe ox en & ia "So wr Ri TI a) Ter Ee em EGov, SAC I A]