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Except
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insertion
02'
BANKS
MUST
BE
SAFE
Friday,
January
20,
1939.
"
The
address
given
by
Colonel
J.-
ty.
Nicholls
to
the
Gyro
Club
this
week
was
something
that
was
badly
needed
at
a
time
when
the
tendency
Is
to
pull
down
everything.
The
great
feature
of
Canadian
banks
has
been
that
they
have
been
safe.
Very
few
people
have
lost
money
as
a
OPINIONS
DIFFER
Many
Canadians,
both
German
and
Italian,
are
being
either
recalled
or
asked
to
keen
in
touch
with
the
consul
Seventieth
Annual
Meeting
Mining
Industry
Since
the
inception
of
the
depression
in
1930,
mining
had
consistently
furnished
the
backlog
and
the
most
encouraging
factor
in
Canadian
industrial
life.
Volume
of
production
In
many
Instances
exceeded
in
1938
the
high
figures
of
1937.
The
output
of
gold
had
again
reached
a
new
record
of
approximately
4,680.000
fine
ounces,
valued
at
$164,500,000,
an
increase
of
14
per
cent
over
1937.
The
spec-
tabular
nrocrfMc
nrhlpvpri
In
Great
Britain.
"These,"
he
said,
"mark
the
greatest
departure
from
the
policies
of
trade
restriction
and
national
self-sufficiency
since
the
war
and
cannot
fail
to
further
the
common
outlook
and
cordiality
existing
between
the
British
and
American
peoples.
It
is
striking
that
the
agreements,
covering
an
enormous
volume
of
trade
and
embodying
hundreds
of
reductions
of
duties
and
lessened
restrictions,
include
not
a
single
increase.
At
the
present
time
no
detailed
analysis
of
the
ef
feet
of
the
agreements
on
specific
industries
is
feasible
but
there
can
be
no
doubt
that
they
will
bring
about
an
important
expansion
in
trade."
Referring
to
the,
subject
of
'Interest
rates,
Mr.
Wilson
remarked,
"I
believe
it
often
true
that
11
the
relationship
exists
long
enough,
the
debtor
comes
to
hate
his
creditor.
By
the
same
token,
I
suppose
Opinions
differ
as
to
what
should
be
the
attitude
of
SJL
of
interest
once
the
payment
seems
Great
Britain
and
r
ranee
toward
bpam.
Many
people
feel
that
the
British
Empire
should
take
a
stand
in
favor
of
government
Spain.
Then
again
there
are
more
perhaps'
who
would
hesitate
to
take
part
in
a
quarrel
which
is
none
of
ours.
Sympathies
are
divided
and,
when
we
ever
go
Into
war,
if
we
have
to
do
so,
we
cannot
afford
to
do
so
when
We
are
not
a
unit
in
its
favor.
Those
who
are
strong
for
constitutional
government
feel
that
Spain
has
a
right
to
any
form
of
government
she
wants.
She
elected
a
Socialist
administration
and
she
got
a
government
that
Btarted
out
to
confiscate
things.
This
was
objected
to
and
the
civil
war
commenced.
CANADIANS
RECALLED
a
burden.
If
you
believe
in
the
principle
of
private
property
you
must
believe
in
the
legitimacy
oj
interest.
If
It
is
proper
for
a
person
as
a
result
of
thrift
to
acquire,
say
a
small
property,
there
are
few,
if
any,
who
would
suggest
that
this
property
should
be
available
for
use
by
others
without
some
compensation.
Therefore,
if
compensation
for
the
use
of
property
be
legitimate,
why
should
compensa
Js-vrt
lrt
It
cm
1
1
1
iso
1
Att
t
iria
rvcf
av
SO?"
Interest
Rates
"You
trequenUy
hear
it
asserted
that
tbe
burden
of
Interest
has
become
Intolerable
and
that
relief
can
only
be
brought
about
by
dras-
of
the
nation
from
Which
they
came.
Often
these
people
tic
measures,
a
forced
conversion
are
naturalized
Canadians
and
have
relinquished
any
of
public
debt
is
sometimes
urged,
claim
the
mother
country
may
have
on'
theni.
As-
Can-
accompanied
by
reference
to
the
adiane
they
will
have
to
make
up
their
minds
if
they
are
atUo
of
ifJL
lLSSr
,
,
.
J
,
.
.
r,
,.
1
.,f
t
i
-e
menllng
on
this
point
of
view,
Mr.
content
to
retain
their
Canadian
citizenship
and.
if
neces-
WUsoa
Kk,
the
average
rate
sary,
defend
their
adopted
country.
It
Is
difficult
for
on
the
outstanding
Austraiun
debt
some
of
them
for,
naturally,
they
nave
ties
with
the
old
had
been
cut
by
25
per
cent
since
land
which
are
not
easily
broken.
Of
this
they
may
be
that
country's
debt
conversion
in
sure,
however,
and
that
is
that
the
British
people
will
not
1831r?,la.!era"t"n0,f
itartany
war.
If
there
is
a
wp
it
will
be
only
because
the
&S$rt
5
government
at
London
feels
it
is
unavoidable
consistent
per
cent.
"The
best
way
to
keep
With
honor.
the
burden
of
debt
as
light
as
pos
Royal
Bank
of
Canada
Canadian
and
Intematiunal
Economic
Situation
Discuss
ed
Iry
Morris
W.
Wilson,
President
and
Managing
Director
Commends
New
Trade
Agreements
Points
out
Failure
of
Economic
Policies
of
Totalitaran
States
Sydney
(J.
Dohsott.
fiefleral
Manhsrer.
Reviews
Balance
Sheet
Continued
Progress
Shown
Present
Out
look
Distinctly
Encouraging
1
view
and
disregard
the
first
prin
cie&
ot
sound
economics
as
they
had
made
are
ooing
at
present.
iue
aecune
in
German
exports
had
become
acute
since
the
September
crisis.
"Data
available
indicate,'
said,
"that
in
1938
total
exports
were
actually
less
than
in
1932
and
1S33.
the
nadir
ot
the
world
depression
and
the
last
two
years
prior
to
the
Nazi
regime."
'Internal
business
in
Germany
is
exceedingly
acUve
and
full
employment
has
been
achieved,
but
only
at
the
cost
of
colossal
deficits
in
the
government
budget
Indeed,
one
German
authority
has
stated
that
an
amount
equal
to
53
per
cent
of
the
national
Income
is
absorbed
roleum
operations
in
the
Turner
K1"",,UKm
"
Valley
of
Alberta
was
also
note-
It
was
obvious,
said
Mr.
Wilson,
that
Local
readers,
per
line,
per
Insertion
-25
1
worthy
stated
Mr.
Wilson.
'
By
J
the!no
DOantzy
coula
pursue
such
a
po
Advertising
and
Circulation
Telephone
D8
News
Department
Telephone
86
Member
of
Audit
Bureau
ot
Circulations
DAILY
EDITION
11..
1
1
W..s
-J
a
end
of
November,
60
crude
oil
wells
"vy,
pcu.b
r..uu
wasJ
ion
and,
unless
it
were
reversed,
were
In
production
and
drilling
under
way
at
20
others,
with
output
he
see
anything
but
a
during
1938
175
per
cent
greater
c"""'
ucu
''8
ol
ulca"
than
in
1937.
Unemployment
and
relief
were
still
serious,
although
continued
Improvement
was
reported.
Tourist
trade
returns
had
beer
most
encouraging,
expenditures
by
tourists
in
Canada
totalling
aproxi-
mately
$275,000,000
during
1938.
V....
T..
A
m
I
.run..nt.
of
living
In
Germany.
These
re
marks
apply
with
equal
force
to
the
Italian
situation."
The
decline
In
buslneis
activity
In
Great.
Britain
had
been
halted
and
business
In
the
United
States
had,
since
May
last,
shown
the
mo5t
;
rapid
recovery
ever
reported
in
ltsl
i
statistical
annals.
v,,
'
"'r;;:;"v,l0H,
Mr.
Wilson
aUo
spoke
with
satis-
"
new
,"ZT.
17,7j;:i
'acti
co-operation
result
of
banks
failing
to
pay
their
way.
When
we
place;
t
mutual
understanding
achieved
f.
-
ii
a.
i
...in
t.
(Canada
and
the
United
States
and
.
uur
in
tneir
we
ieei
sure
mat
ji
win
saie.
money
Keeping
pe
.
.between
tw
ppn
thf,
the
United
nItPfl
RtatM
States
and
and
In
regard
to
borrowing,
the
idea
is
prevalent
that
the
banks
are
too
careful.
Colonel
Nicholls
points
out
that
they
have
to
carry
out
certain
regulations
imposed
oh
them
by
Parliament
and
they
cannot
make
loans
for
some
purposes.
They
cannot
for
instance
loan
money
with
real
estate
as
security.
It
is
not
allowed
under
the
Bank
Act.
When
they
loan
they
must
be
satisfied
that
the
money
will
lie
repaid
because
the
money
is
not
theirs
and
is
only
held
by
them
in
trust.
Much
of
the
opposition
to
the
banks
comes
from
people
who
have
been
refused
loans.
The
bank
manager
has
not
considered
them
a
good
investment.
The
most
of
people
would
probably
agree
with
the
decision
of
the
bank
manager.
Many
of
us
have
known
what
it
is
to
be
refused
a
loan
and,
looking
back,
we
feel
that
in
most
cases
the
refusal
was
justified.
Safe
banks
make
for
stability
and
Canada's
banks
have
for
many
years
been
the
pride
of
the
country.
n
relations
between
Great
Britain,
Trance
and
the
United
States
and
ilso
the
countries
of
North
and
South
America
as
evidenced
at
the
recent
Lima
Conference.
"The
outlook
tor
Canadian
business
is
again
favorable
and
the
upward
trend
would
seem
to
be
def-nltely
restored,"
concluded
Mr.
Wilson.
"The
International
situation
s
still
obscure
and
further
com
am
sure
we
may
look
forward
to
1939
with
courage
and
confidence,
General
Manager's
Addrew
Mr.
Sydney
O.
Dobson,
General
Manager,
in
reviewing
the
Annual-5
Balance
Sheet
remarked
that
thejjj
bank's
total
assets
were
now
at
the
g
lighest
point
since
1920
and
total
IS
pared
to
expand
their
business.
It
would
be
a
strange
type
of
banker
who
would
prefer
the
small
return
from
government
bonds
to
the
more
remunerative
commercial
rate."
Mr.
Dobson
also
pointed
out
that
control
of
"credit"
Is
not
within
the
power
ot
the
Chartered
Banks
but
is
a
prerogative
of
the
Bank
of
Canada,
which
alone
decide.?
whether
a
policy
of
"easy"
op
"tight"
money
Is
to
be
pursued.
The
attention
of
the
shareholders
waa
also
drawn
to
the
educational
publicity
conducted
by
the
banks
through
the
newspapers
last
year.
"It
Is
hoped
these
arUcles
will
help
to
clarify
In
the
public
mind
what
banks
can
do
and
what
they
ore
not
permitted
to
do,
and
at
the
same
I
level.
Current
loans
Increased
mo-;!
ierately
during
the
year
but
a'o
more
active
demand
for
commercial
a
loans
was
desirable.
g
Taxes
had,
however,
become
an.g
ever
Increasing
burden
for
thel?
bank,
"For
every
dollar
distributed
to
shareholders
by
way
of
dividends,
71c
is
paid
out
in
taxes
in
Canada,"
said
Mr.
Dobson.
Answering
the
criticism
sometimes
voiced,
that
banks
are
investing
too
large
a
portion
of
their
funds
In
government
bonds
and
too
little
in
assisting
business
en-
terprlses,
Mr.
Dobson
said,
"we
cannot
compel
unwilling
borrowers
in
of
J.
h
w,
t0
use
our
au'P1"
funds
If,
for
'
various
reasons,
they
are
not
nre-
The
Letter
Box
UllOUT
SAN1TAUV
CONDITIONSl
Editor,
Dally
Mews:
j
One
thing
which
has
not
been
much
discussed
in
the
press
Is
the
sanitary
condition
In
our
city
es
peclally
this
aide
of
the
city.
It
Is
a
known
(act
that
the
raU
problem
vfis
practically
unknown
until
Barbate
was
Introduced
as
building
niaterlal
on
the
road
which
is
commonly
Known
as
The
Want
age
Road.
Now,
however,
it
has
be-
I
come,
not
only
a
problem
but
a
A
comprehensive
review
of
econ-
sible,"
continued
Sir.
Wilson.
"Is
'minor
disaster,
oralc
conditions
both
in
Canada
and
to
maintain
your
credit
at
high
:
1
abroad,
with
particular
reference
standing
and
thereby
obtain
the-
In
the
summer
time
these
unln-to
the
daugecs
of
the
economic
po-
benefit
of
lowest
current
rates.
1
he
vlted
guests
keep
fairly
well
to
their
llcles
now
being
pursued
In
Oer-
rate
at
which
the
Dominion
bor-
nunung
grounos
aiong
um
many
and
Italy,
featured
the
rows
eomDares
most
favorably
with
.
ae
ttoad
1,ere
artagt
is
still
be
address
of
Morris
W.
Wilson.
Presl
dent
And
Managing
Director
at
the
7Cth
Annual
Meeting
of
The
Royal
Bank
of
Canada.
Mr.
Wilson
referred
with
satisfaction
to
the
fact
that
conditions
In
Canada
had
been
relatively
stable
despite
the
setback
in
the
j!
notable
progress
and
business
in
j
I
Canada
had
now
resumed
Its
up-I
ward
trend.
that
of
other
first-class
nations.
fnftt
n
kAAmA
cf
rrvn
if
tllOV
rVn-
United
States.
Recovery
from
the
?
V"T
JiY
,
recession,
which
was
general
during
the
closing
months
of
1937
and
:t
he
first
half
of
1938,
jlng
dumped.
In
the
fall,
when
sporting
conditions
are
not
so
good
foreign
Aiiairs
,hpr
th.v
.v
k-Hm-
fipmmoda-
The
situation
abroad
remained
tlonjl
orouna;
the
houses
of
their
difficult,
stated
Mr.
Wilson,
and
human
neighbors
and
they
come
In
expressed
the
"opinion
that
"fate
Iull
force
0ne
ot
my
neighbors
will
overtake
the
totalitarian
coun-
had
a
very
promising
potato
patch
tries
in
due
course
if.
in
their
ef-
Jn
nu
back
vard
but
when
he
came
to
dig
them
up
he
found
that
this
particular
Job
was
already
done
by
the
rati.
But
doing
away
with
citizens'
with
these
problems,
a
citywlde
campaign
Is
needed.
It
Is
futile
for
house
owners'
to
try
as
individuals
and
therefore
t
would
like
to
hear
j
UIIIC
3
FEED
OF
SALMON
Fisheries
llesrarch
Board
to
Look.
Tester
of
the
Nana
lino
Biologies!
u
am
m
nrl
II
unnCini
a
hla
lriiMkf
m
,m
I
Inn
Complaining
does
not
sound
so
nice
.
.
.
.
.
,
.
but
it
?eems
to
me
that
if
everybody
Alt
you
wish
to
Try
a
Classified.
ERIC
ROSANO
Station.
Dr.
Prltehard
durtnx
the
comlnj
of
the
life
history
of
the
salmon
of
th
(!Vt.fli
nll'ftr
f
nrt
I
a
r
Tff
present
session
of
Parliament
to
provide
a
seagoing
boat
to
assist
In
emphasize
how
necessary
a
Investigations
on
the
Pacific
Coast.
safe
and
sane
banking
policy
is
tot
It
would
be
newly
built
especially
the
welfare
of
the
country."
'designed
and
equipped
for
the
work
Hufciur
Outlook
Canada
had
escaped
the
more
serious
effects
ot
the
recession
In
business
which
first
appeared
In
the
United
States
about
eighteen
months
ago,
concluded
Mr.
Dobton.
Conditions
In
Canada
had
remained
comuaratlvelv
stable
and
results
1
In
which
It
Is
to
be
used.
Appointment
of
a
new
of
the
Fisheries
Research
Board
to
succeed
the
late
R.
R.
Payne
of
Vancouver,
who
died
last
year,
is
expected
to
be
made
sharUy.
The
annual
meeting
at
Ottawa
reviewed
work
ot
the
past
year
and
achieved
in
1938
could
be
regarded
,dltcus5d
P1,n
Ue
future
as
reasonably
saUsfactory.
"The;
present
outloak
includes
a
number
LONDON
GOLD
TRICE
cf
factors
which
are
distinctly
en-J
couragiog."
he
said,
"and
I
look
LONDON.
Jan
20:
CT
nave
as
promising
a
future
as
has
$34.01
on
Wednesday,
dropping
an-our
own."
other
5c
yesterday
to
$3459.
00000000000000000000000000000000000000000600600000000
a
MacKenzies
Furniture
Phone
775
Estb.
1924
Venetian
Blinds
Made
by
Klrxh.
New
spring
steel
can
be
flexed
apart
eight
inches,
cannot
warp
or
rust
feather-like
lightness,
complete
control
of
t:ht
The
latest
In
Venetian
Blinds.
Terms
Arranged
Heat
In
Blasts
from
Coal
That
Lasts
BUY
Bulkley
Valley
Coal
o
0
000666006000000000tt00066000000000000000000
OOOOCHS"
Jauu&r
20
li
Rr
lanqi
lnviqoralinq
Refreshment
This
advertisement
Is
not
published
or
displayed
by
the
Liquor
-.ntroi
tvmr
nr
hv
the
Government
of
British
Columbia.
James
Roosevelt
Is
Welcomed
At
Hollywood
Lunch
Into
North
Uland
Troblem
HOUYWOOD,
Jan
20
iCfi
.
.
.11
ft
a
-
....
Jn
view
ot
a
controversy
which
1
property
is
not
the
main
1
trouble
arose
last
summer
as
a
result
of
caused
by
the
rats.
It
is
well
herring
seining
near
the
North
Is-
ne
knon
that
they
find
their1
way
In
land
trolling
grounds,
the
Usher
-
under
someone
s
house
and
die
men
claiming
that
henlng
are
an
there.
It
certainly
causes
a
stink,
important
part
ot
salmon
food,
the
President
and
Mrs,
Franklin
Rmwrlt
uix
tendered
a
Knchron
following
hi.
arrlnl
jiiume
executive
annex
as
tV
president
of
the
Bamuel
Ooidr
tnovln
picture
enterprwe
la
preeh.
young
Itoowelt
it;d
Uu
he
had
not
obtained
hu
potlir
Black,
poisonous
files
were
also
Fisheries
Research
Board
ot
Can-through
political
influence
unxnown
oeiore
uiey
iouna
mese
aaa
win
unaeriaKe
an
invesugauuoi
nrmxirn
win
iruir
uj
pun
k
r
.
I
.
.1,
.
aftl
A.
J
.
I
A
I
.....
I
k
T
k.
mU.A
t.
M.
..lit
.
i
Road.
Contrary
to
the
rats
these
food
of
spring
and
coho
salmon.
'month
studying
the
dUtrtfr2fcr
lies
make
their
raids
in
the
sum-
John
Dybhavn
ot
Prince
Rupert.end
of
the
Industry
beforn
rrunt
mer
Ume.
But
they
cme
In
their
a
member
of
the
board,
announce
Unit
here
to
tax
up
nu
prsi:
multitudes
and
get
in
everywhere,
following
his
return
to
Prince
Ru-
headquarter,
defying
screen
doors
and
other
such
pert
yesterday
after
attending
the.
fortifications.
annual
meeting
ot
the
board
In
It
seems
to
me
that
In
coping
Ottawa.
The
investigation
will
be
I
iarrled
out
under
the
supervitton
of
Hotel
Arrivals
Savoy
M.
Ni
,Jon.
KulkaU.i
Royal
J.
Wak.
Vancouver
Prinre
Rupert
R
D
Tlma.
city
Mr'
B
(
Improvements
t'KT"
made.
00
Prltehard
Ipent
some
time
in
the
and
r.
Terrace
lrfl.tnM
M.m.
n
.h
inu.
gatory
work.
Mr.
Dybhavn
dlKkned
that
the
k
wjmriiuiii
j-
i
oe
aoie
to
ooiain
runas
irom
me
Steamship
Snilinji
For
Vanc-oitm
Tuesday-
Cardrna
1
3!
Thursday
S.
Prince
George
11
15
j:
Frldav
fU
Prin
Adrlilde
11
fJ
a.
Venture
10:
39
p
Januarv
10
and-
3ft"
88
prlr
member
The
;lexltles
may
develop
In
foreign
at-1
lonvard
to
the
future
with
con-
Montreal
price
ot
bar
gold
on
the
.sirs.
Barring
such
an
eventuality.
Wdence.
as
I
believe
tew
countries
London
maarket
was
otf
2c
at
Norah
rrom
Vancouver
Sunday
as.
Cardena
4
pr
Wed.
Ss.
Pr.
Oeorge
10
30U
Friday
as.
Pr
Adelaide
4
pi
as.
Venture
Januarv
12
and
26-
ss
Norah
For
Anyox
and
Stewart-Sunday
as.
Cardena
Wednesday
Ss.
Prim
e
George
C.N.R.
Trains
For
the
Eat
ri
r
i
.
tj
1
1
..
....
J
.
.A
f
days
8
r3
5
"rriij
l
he
F.axt
Tuesdays.
Thursdays
and
Atnrdav
11
rf
HEX
Bowling
Alley
For
Health
and
a
Slim
WiW
Line
Bowl
Fr
Renervatlons
Phone
tH
THE
SEAL
'
QUALITY
GOLD
SEAL
Fancy
Keel
Sockeye
PINK
SEAL
Finest
Pink
Salmon
Packed
by
the
only
o
canning
company
with
a
the
year
round
payroll
Prince
Rupert