JANUARY 1s. 194s ‘

[Frock QUOTA nous]

Montreal Exchange \ Iilillifi .___. L Mm“ ' l" melon-m - m, 22 1-2 . Jan. 17 - 0p _

B A on as 3;: 5W1! Quotations.

Bldl PM‘! -

uck em: u s-a 5-H Oloac

Bell Tel l“ Bathurat 1-1 on l0 1'4 1.54 Gun Pac l? 7-8 1s 12 sac 45 4'4 77 can Car I'd! m 1'3 3-00 can oar rid I 1-1 so 7F“ s a 1H l-i 19 utt l? 1-4 as 3cm Bridto 82 30m Coal PM 13 1-4 3.00 Don A ll 1-2 13 71st seas 44 1-2 m, Mm Steel B 8 1-4 1.61 Dryden 1° g1 14g 3-4 d A ' N 1B $33 a Co 11 1-1 1'! Gen Steel Wares 1° 3-4 ms Howard 11-h n l‘! Home Oil 3.25 1.00 Can Lncl .41 A 715g 101 mt Nickel 2.30 m, on 18 75g 2.15 Inti Pets ' 1 a 8.40 Lmp Tob 13 52 m 1-4 a 0 PowI 7 a 1A5 Con Smelt H i“ 1.39 Lake of Woods m 24 3-4 Power a 8 1.30 Mngsey name 9 -. 2s 1-2 M oll Front 9 3- 1.06 Nat Steel Car l0 1-4 a Can Nor Pfd 10 1-4 14 1-2 Noranda 52 l4 M51 154 Price 0cm 34 7;: Blflllv-n Power giliwlnlsm 1': 1-; H; s‘ w a Kirk o5 st Law Pfd 19 "a 00 Dom u-extile 1s 1- 0.00 Dom Tar 14 3" Ye! 10 wpg EnfecO 11A a 18:12 Bteel o fl _ - Brazilian 23 3 1 g1; 1-3 014‘ 3-4 ILY. Stock Exchange. as - 04 12 ’ 14 1-2 g3’ l 2 Anaconda 32 1-5 ' A2: Car and FdY 4° 7'3 3° Beth steel 70 1-4 5B N y c 24 1-2 4o : Ches a Ohio 53 1-8 11 ' Con Edison 35 7'9 3-35 Elec Auto Lite 43 1-2 36 Gen Elec 30 3-4 86 Gen Motors 54 3'3 33 at Nor Pfd. 5° i5 std OilNJ 58 3-4 ‘>3 Kennecott 37 7'9 32 Mimt Ward 5° 1-" 1'1 7-5 Nor Am 9° 1-07 rim Pete 47 1'4 2-70 u s Rubber 41 a-s 1.34 Radio corp 115'“ 18 1-2 T and 163 3-8 6.75 Q0 s1 s-s o4 Vanadium Cobb 3'4 1-37 w“, Union 47 1-2 1.4.2 West giflecl 122 lag 3 354 -- U s “e 2.45 T‘ 2.24 ' BANKS 3.40 14 4 g? 1 4 u . - ontreal l’! 1-2 L52 :.. Mygl 15 -4 21 , 24 - 21 2.20 PRODUCE so ‘ 44 1.34 i 1 2 45

MONTREAL, Jim. 17 — (OP) — 52 1-2 Produce prices today reported by zooouvcrdbn 0s the Dominion Department of ail- 500 Norgold 07 1-2 riculture follow:- 950lNormetal 69

527 Northlnnd 21 l2

EGG-S: Graded ehripments: t Nor Can 1.15 A Lsr e 36 16-36; A edium 32- 2 l10000brien 2.64 A pulets 26-27; B 29- . 50l0knltn 40

ZSOOOOmega 50

BUTTER; Wholesale iobbinil aoolPsculta l2

asteurlzed fresh and storage G119 laioolPac Oil 53 he 1 as lt-ss ti; N0 1 teuriwd 2750Pam0ur 1m

l s4 st-so. current receipt Que No 1 rsoslrsndcrc l1 ‘ pasteurized del Mtl; o 34 del qooopmwnan o3 l Mtl; firstagmde creamery Prints [fiofllpgymggfl 44 , ob price Is-av; first grade wi- morerrcii 1.20 ds, job price 38-36 H. 700EPick Cr 2.65 3001Pioneer 4.55

CHEESE: Current white and col- lii00EPoweil 1.12 cred. western 20 100B colored Qui’ 9515130 vt 9a 22, white 20 1-2 FOB; wholesale qoopremim- L40 white and colored for local trade @700 Preston 175 and export western 20 11 ‘M41: 4700lPurdzv 32 colored Que 23, White 2i 1/ -9l .4 20173lQueenston 1.30 for local trade. IOOOIReno 05

4500|Roche 11 3-4

rorxrons: 1b age lwal aoooieouyn 41 No l 1.50-1.00. N0 2 1.15- M. N0 l03l|Sln Ant 4.20 l Que 1.70-1 ‘l5 N B. . aoolsmd Rjy m P.E.I. 1.5-1 90 88008enat0r 33

_ 1500Shawkey 04 1-2

2030 Sherritt 71

_ ilOOISIgma l3

0c e s l0900lsiscoe '12

Bladcn 62

Springer 1.50

Steep Ro 2.66

1900 Sullivan 1 .57

l600Sylvan 2.51

, 100|Tobum 98

500,Towa8mac 30

i- 18900 ‘Trarucfiea $00 D fill .

OHIOABO, Jan. l7 — (AP) -— 00BO0Verenilata. 21 1-2 Grain futures markets ware quict mwalm Am“ 4,95 today and most prices werg on the c100 was; L, 1.25 of! side throughout the session. msoowegt M3,] 1_:r1 German reverses in Poland ac- nasiwut cu 1o 1-2 counted for increased offerings naslwn, Her; 4.15 during the final hour when new 1000lYmir 04 l2 low marks for the day were estab-

~ 00B

WINNIPIB, Jan. 17 -—- (OP) - 351mm l,“ United interests purcha- moms); g9 led 2,400,000 bushels of Nos. 1 and 325 Bridge 20 I northern wheat today on the 525 Pend Ore 1.39 Wlmlllifl Grain Exchanim- wfiTelnisk 7 8-4

jgtgl Sci-cl igpoo

‘TORONTO, Jan. l7 — (OP) -- viii-ii The Junior gold listings had their tsrs —1-Iel.ped by the continued strongest and busiest market in war news sentiment on the several months today on the Tor- took Market today was again onto Exchange and the gods as a cheerful nctivit, was per-

. group were up 129 in he index at haps less pronounced than re- ‘t! huyedtemhOik wsrelstaa- cently. er an nslg- n ficant ndex losses were posted mduatrial shares wan wlin the‘ by in. Bus; Metals, chief centre of_ attraction for idle . 7 o? mnds. Em “Mont. some Tex-

NEW YORK, Jan. 1 — ( ) — l8 "$5M?" 59m! 6T8 Bullish tendencies cropped out in met quiet support. Profit-taking the Stock Market today and lsad- however. Bwearcd in sec- lag mun-pushed‘ ahead fractions tion‘.

around a .

Canadian maintained l MONTREAL Jan. 17-40.?)- flrmtmnd, thuainsoflipostedAllgrc moveduplntheavsr- by McIntyre distiller: Sea- secs In a today 0n the stock gram. Dome was up ~14 and Lake- exchange and curb market except shore ad it. Canadian Pacific papers, which were marked down

A ~55“ a bit. Golds and banks went to new highs. Individual adiultmcnts

Government, Municipal, Corporation Securities BOUGHT - SOLD - QUOTED

r. .|. strum a noun-m in.

Member: Investment Dealers’ Association of Canada

E. M. BAGNALL-Manager * at. - ‘

l“ u ‘ H1O

_ .

ll

January 11th. 194s. After the min- utes of the last annual general lfleetins were approved, the Gen-

Dir ‘ s and presented an analy- sis of the financial statement ad- dressing the meeting, in part, as follows:

The assets have now reached the figure of $111,839,966, or an

assets have now reached a total sum of $19,521,383 Of the in- vestments those of the Federal and Government Governments due within two years, rose to $30,168,- 245 and longer term securities stand at $27,711,912, The total of the Municipal bonds and other sec-, "Titles l5 $10,859,188. Call loans have increased to $5,374,266. The total quick assets which stand at $93,632,993, are equnl to 87 per cent c‘: the total liabilities to the pub-l c. Since the outbreak of war, the bank has invested nearly all its quick assets in Canadian Govem-

which is very low. This cheap money policy dictated by neces- sity has created an unusual situ-i ation for the financial Institutions which, because of their functions,‘ are compelled to maintain a strung position and at the some time have satisfactory revenues. Ordinary commercial loans have increased from $13,779,274 to $15,178,349 which represents a gain of $1.399, 075. Loans to Municipalities and School Commissions show a dc- crease of $697,652. ‘~ Total deposits have reached a.

figure of $105,528,725, compared t0 $85,688,324 in 1943,

reflecting

been satisfactory. The profit for the period, amounting to $464,907- compared with $455360 in the previous year. Out of this Profit,

' Fed- a balance of $283,542; out oi’ this amount $75,000 was set aside as a. reserve for and the sum of $200,000 was paid to the shareholders in dividends, at the ratc of 5 pci" cent per annum. The balance on Profit and Loss Ac- count now stands at $230,386. compared to $221,845 in 1943. Referring to the duties of the officers and employees, Mr. Boy- er said: "1 wish to express my zip- preciation in all the officers and employees whose duties were again increased during the year. For them, the year was difficult. To their increased \vork xvas also added the training of inexperi- enced staff, largely female, which was necessary for the purpose or maintaining n satisfactory service to the bank's customers. I ex- tend my thanks to them for their loyalty and the continued effort, which was theirs durin the year which has just ended."

THE PRESIDENT'S ADDRESQ

Addressing the shareholders, Mr. Chas. A. Roy, President, first paid tribute to two of the oldest mem- bers of the Board of Directors, Mr. Alfred Lambert, of Montreal, and Mr. L. J, Coderc, of Sher- brookc, who dlnd during the year. Proceeding with his address, the President said: “The report which has been presented to you by the General Manager, reflects another year of success. You will have noted that it shows a remarkable

m. 44th ‘ shareholders ‘gfnufiha Pro o1 Bank] of Canada was held at the Banks Head Office, Montreal,

"a1 Whaler. Mr. J. U. Boyer,‘ read the report of the Board of tablishsd for estimable purposes,

increase of $19,440,266. The liquid

' of private enterprises in much the

THE cnaxcorrsrown GUARDIAN

President's Address

. PROVINCIAL BANK, 0F CANADA

ALQNUAL GENERAL SHAREHOLDERS MEETING General Manager's Report Indicates Prom-es sive Year

Plfltv in salaries has created an Bmbfl situation and has weakened the confidence of those who struggle to keep their busi- ness in a sound condition, while they are looking for an equitable solution of their roblcma.”

“The war control measures, ca- havc rendered l. most important service; at the same time. they have created a large number of problems, some of which are now more troublesome than they were a year or two ago. Amongst these problems are those of manpower and the n“ 1 increase of pro- duction costs, in relation to selling prices. Available manpower is lacking and experienced manpow- er cnn hardly be found for indus- tries other than those engaged on war work. The gradual mounting costs, at s. time when the selling prices are subject to a. ceiling fixed by the Government, is a source of worry to all, industrial-

ists, more particularly to those operating in a small way. Many businesses are faced with the

problem of being unable to oper- ate a reasonable profit, if the high scale of salaries, establish- ed during the war, carries on in the post-war period and the ceil-

g prices on the greater part of their products remain at the pres- ent level. It is of first import- ance that industry and business should have. the assurance of be- ing able to realize reasonable pro- fits after the war, in order that they may continue to give employ- ment to their present help. as well us to be in a. position to em- ploy men of the armed forces re- turning to civil life."

"Living under a Government controlled economy, which had to adopt war control measures, the present conditions are replete with complications. Obviously, there- fore. when the time comes to de- fine the future course of events, many unusual factors will have to be taken into consideration. As in the past, the Government's future fiscal policy will doubtless shape the programme cf activities

same way as it has influenced the business of industrialists and mer- chants during the war. On the Government, therefore, rests. in n large measure, the responsibility of making it possible, during the post-war period, for manufactur- ers to produce merchandise that will appeal to the consuming pub- lic, at home and abroad, at prices equal to those in the competitive market." “At the present time, purchasing

power is high and domestic nceus are considerable, and it seems pos- sible that industry and commerce will operate at high capacity for a certain period after the war. On the other hand, because pro- ductive capacity has been so de- veloped diirlng the Will‘ ycnrs. domestic demands may bc filled very quickly. It seems evident. therefore, that in order to main- tain such high capacity, we should think of the export trade, which offers n means of giving employ- ment, and is nlso a source of rev- enue. Thcre is not much doubt that, after the um", what our coun- try will necd is a most consider- able increase in its prc-wnr ex- port business, as an outlet for our surplus products. Certain foreign countries have, however, made known their views that they will only buy our products on the condition that we will buy theirs. If such importaticns should be appreciable, however, it m bring about an involved condii on in the domestic market."

increase in assets and will also have scch that the new resources \\'(.‘l‘(!, in large part, used to pur- chase Government bonds, thus maintaining a strong liquid posi-

on.

After having referred to the re- vision of the Bank Act, which took pince in 1944, and analyzed a few of the modifications which were brought nbout, the President made a brief review of the economic conditions, stating in part:

"In the economic field, the year 1944 followed about the same course as the year 1943. The maj- or nctivitlcs were, for the most part, devoted to the requirements of the war. The industrial expan- sion which took place during the course of the two preceding years ed on. The production munitions and war equipment re- mained at n high level and th working classes were remunera- tively employed. Industries en- gaged on civilian production, how- ever, had to slow up from time time, owing to a shortage of labour and because of the lack of raw materials-and this, in spite the easing of certain wnr trols. The price of the rcducts of those industries, used or both war needs and domestic consum - tion, as for example, ce buil material and supplies, reached such a high level that the construction of medium priced workmens houses is held up. The agricultural class made good pro- gress. Again favoured by an ex- cellent harvest, the farmers reap- ed higher returns than in the past and were thus in a position to im- prove their financial situation, by increasing their investments or by reducing their mortgqe indebted- ness. Retail trade in general was active, notwithstanding that cer- tain goods were difficult to obtain, except in limited quantities. The turnover is, however. reported to be greater than that of the pre- ceding ycar." .

“The benefits resulting from the expanded conditions brought about by the war, were not shared ual- ly by all classes of society. T osa who remained on civilian account business have been particularly af- fected and, because of high taxes and war control measures. found the going somewhat difficult. On the other hand, certain important mops, of whom employees of war ndustrles and agrlculturalists may be taken as an example. have suc- cgqded, by the exercise of pres- sure, from time to time, in obtain- ing an increase in their revenues. to compensate for the increase in the cost oi living, which had tak- en place since the outbreak of the war, The continual climb in sai arias and the rising cost of agri- cultural products have increased

of , con- I

"If it ls yet impoxlblc to esti- mate the possibilities of the post- wnr market, it still important for us to be in a position to offer our products at prices and of a quality equal/ to those prevailing in foreign markets. In order to obtain s. preference for our pro- ducts. it will probably be neces- sary for certain groups to change their way of thinking and manner ‘of noting, to work more and not L. less and to live a more simple and _thrifty life. Industries may also

have to operate on a smaller pro-

fit return. A considerable reduc-

.tion in Govemmeni expenditure

‘after the wnr, a reduction

| taxes of all kinds and an annual

,- reduction in the public debt after the war would be a more reas-

suring index to business men

than any other, which the Gov-

1 ernment might adopt as its fut-

| ure fiscal policy."

I “Under Government control. during the wnr, with the Govern- ment as the principal customer, competition between bush-i firms and competition between men for

all case clency

Director

non. SENATOR nus: unsun- GARD, x. c.

Honourable Senator Elie Beaure- gard, Montreal, to the Board nf Directors of The Prov- incial Blink of Canada. Senator

ll ti nst of livin! of those aqua ‘v )9 ‘til other enterprises, who ivnrc illLiDlE to step up their

Beauregard is President of Can-

ndiau industrial Alcohol Co. Lim- lied. and Vice-President, General ‘Security Insurance Co. Can-

ado.

,goes down and colt riaca. when c comes and we arc again faced with the elemental econ-

PBBC

omic facts of life, we are then forced to remember that the best way to lm rove our lot in to work hard and 0d by sound ad. ministration. not experience shows that, after a, period of est ex- pansion and pi sperity. t ere fol- lows a period of readjustment, when it is not one of depression. While Government controls will probably not be altogether suc- cessful in changing completely the course of events, t mauurcs, which have been aimed at avoid- ing widespread inflation, should render less difficult the problems of deflation after the war and, also, make lt possible to avoid, to a certain extent, a repetition of the painful experiences that foi- lowed the cessation of hostilities in i918."

"The progress which the Allied armies were able to make in 1944 fcreshadows the end of the Eur- opean conflict. When peace is rc- established, it il to be hoped that the considerable effort we have made during the war will be re- directed towards production for the well being of our people and to the restoration of our weakened

economy."

On motion of bk. A. Roy, seconded by Mr. J‘. . 1A- fcrce the Director's Report and statements submitted were adopt- ed unanimously.

The annual report of the Bonn‘. of Commlssioncrs-Censors was pro-- sented by the President of the said board, Hon. E. L. Patenaude, RC. KC, and was adopted.

The following Directors wen elected: Hon. Senator Elie Beau- regard. KC, Messrs. Cecil l» Carsley, C. G. cle Tonnaneour Hon. R. O. Groihe. M.L.C., Alfred Marois, Major R. H. Parent, Jean Rolland, Chs. A. Roy, George A Savoy.

The following were elected mem- bers of the Board of Commission- crs-Censors: Messrs. Narcisse Du- charme, L. E. Langis Gnlipeault, K. C., LL.L., B.Sc., Hon. Senator Antoine J. Leger, KC, Mr. Vic-

Director

MAJOR I. H. PARENT, M1). M010!‘ R. H. Parent, Ottawa Phy-

sician. elected to the Board of Directors of the Provincial Bank of Canada. Major Parent is 11181619114. of the mutual insurance company, St. Joseph Union of Canada. He is a former City Controller and was for many years

member of the Ottawa Hydro Commission.

tor Hot, N.P., H03. L. Paten- aude, PC, KC, Clement Trem- blay.

A-t a special meeting

of the Board of Directors held immedi- ately after the General Meeting of Shareholders, Mr. Che. A. Roy was rc-electod President and Meson. Jean Rdland and Geo. A. Savoy were re-elected Vice-Presi- dents. At a meeting of the Board of Commissioner -Censor.s hold sim- ultaneously, Hon. I. L. Paten- aude, P.C., K.C., was re-elected President and Hon, Sana/tor An- Xflki: J. Leger, KC, Vice-Presi-

eri .

TAMWORTH, England —- (CP) — ‘The latest rage among school- boys is collect the “numbe s" of various types o railway engines.

Juvenile court charged with rail- way trespass, reporting as many ns 200 at a time gathered here he- cause this Staffordshlre town is an important rail centre.

rAwz g:

Other rein II application. Male Help Wanted LIST BOY WANTED - APPLY uardian, 1'-27-tf. i-emale Help Wanted

MAD WANTED IOI. GEN- enl housework. Apply 021 Syd-

ney 8t. -l7-2i For Sale

Police called p, group of boys into

PEAK POI SALE. PHONE 985. ' 1-17-ll

POI SALE — l AYIIIIIII. COW. lo freshen soon. A. G. Stetson, Winaloe. 1-18-21,

GOVERNMENT APPROVED Chicks. Order chicks now. For prices and particulars write Marl Hatch , 692 Main . Saint John, 1.1183,“

r03. SAIL-s i! ow DRIV- mare. Apply m. Weddell, Kellfs Cross. 1-16-18.

FOR. SALE —- KITCHEN RANGE, we; A. with hot water back $86. . l'l'l Dorchester Street.

1-18-21.

FOR SALE —- COW TO FRESIIEN February 2nd. George Show, Brackley Point. 117-21-

FOR SALE — AT PELTWYALIJE. four patch female foxes, two proven breeders. Apply Mrs. Everett Jay. Kenslngton. 1-12-61.

This War——Four Years Ago q

By The Canadian Prcas

JAN, w, ISM-British met-i o! 36 regiltemd for military service, bringing total called to arms to 8,000,000 while the government was empowered to draft adult yopuln- tlon into all branches oi civil Cc- fence. French freighter Mendoza