nECEMPER
9,
1941
THE
DAILY
NEWS
PAGE
THREE
Bank
of
Montreal
President
Asks
For
Realism
on
Post-War
Problems
.RE
READY
FOR
WINTER
George
W.
Spinney
Declares
That
An
Economic
Millennium
Cannot
Materialize
Hy
Ordtr-in-Councll
Fine
Suits
B.
C.
Gardner,
General
Manager,
Reviews
for
Every
Figure
Changes
In
Hank
Act
At
Annual
Meeting
of
Shareholders
en
c
r
Our
new
and
varied
winter
selection
Includes
styles
lor
every
figure
tall,
short,
stout
or
slim.
Wide
assortment
of
patterns,
all-wool
fabrics.
Precise
fit
masterful
tailoring.
You'll
have
no
trouble
being
suited
here.
No
Charge
for
Alterations
MORGAN'S
MEN'S
&
BOYS'
WEAR
3til
Ave.
(Next
to
Ormcs)
uy
I
our
innsimas
uiris
now;
M'k
A..
Ul
IV
V.
n
J
V
'
la
I
J
F
I
1
1
Also
Some
Ladies'
Goods.
T
i
-
AL
SA
VINCI
(
KS
Store
opens
dally
at
9
a.m.
IF
I
S
KOK
H
i
MKN
.
.
.
D.il.
ol
xrt
1..
-I
.
I
Mil
l
stton
$6.45
p.
if
rp.
S
J1IK
1
ItiS
ouc
i.au
r.i:
to
cnoosc
special
X
1
.1111
S
.hi
I
i
.1
ci?
-
Black
and
brown-
$2.75
to
$3.50
i
Leather
Jackets
-"ciudc
$14.45
t6
$17.50
Bill
Folds
s
sweaters
rinc
Wool
Worslwi
Suits
$1.95
coiion
anu
wool
Duuons
anu
zippi-i
okjrc
"Special
$1.95
10
$6.00
I
.1
1
-
Lcauicr
ucits
Special
75c
to
$1,25
JKain
Coats
-Social,
now
-
$6.95
njaoardinc
Coats
r
lmedalt
sizes
Special,
now
$14.00
r
.
-
.
a
-
w
'
nd
brown
stripe
all
sizes
Special
....
$32.50
'ViD.ler
Overcoats
i
wlptlon
all-wool;
some
arc
semi-ready
make;
'i
'
m
-
it
r-
ri
r-r
r
n
u
v
i
1
Coveralls
''J'-
all
sizes
Now,
Suit
$3.75
NTS
FOR
THE
LADIES
.
.
.
a'
SMI,
M.
h
andards-
-all
sizes
Special,
pair
i)Uc
"''Kiit,
niceiy
iiiiiiimi
m
jimo
j)vi,tJ
GIFTS
FOR
THE
BOYS
.
.
.
ovvcaicrs
uisu
cotton
miAiuru
au
UOC
J
t
rt.
ft
"
ft
ll
III
"
-
11
made
with
culfs
and
belt
loops
all
sizes
.1
m
-
;
$Z.0
'
leal'"
-sizes
11
to
4'2
$3.50
t0
$4.25
1
"k
raincoats
i
sizes-
-wlU
keep
dry
$3.75
J
All-Wool
Overcoats
'ni!
full-llned-Rcal
valud-Now
$11.95
b
ijn
s
opori
voui5
v"""
GIFTS
FOR
THE
HOME
.
.
.
.U....1
in
i
"uill
lilnn
rolR
u"iy
Regular
$0.75
Now
qD.yO
Mi...,
.nil..
.
a
s
UU-wool
RptMil.-ir
$20.
Now.
Pair
...
XI
7.1111
I
u
t
w
-
-
f
WWW
C
CLOTHIERS
LIMITED
ADVERTISING
COPY
WILL
BE
APPRECIATED
of
Urging
that
the
wares
of
the
nanarra
vonrlnra
hn
irrntprl
with
a
"nice
sense
of
discrimination,"
George
W.
Spinney,
C.M.G.,
president
of
the
Bank
of
Montreal
told
the
127th
annual
meeting
of
onaiciiuiutjs
nidu
me
nue
post-war
objectives,
as
he
saw
tneni,
were
full
employment
arising
out
of
productive
activity
and
operating
under
conditions
of
individual
liberty
to-produce
a
high
standard
of
living
in
real
terms
of
goods
and
services.
Mr.
Splnnev
said
that
he
did
nnt
unnw
nf
nnv
w.-w
in
which
these
ends
can
be
achieved
except
through
production
on
the
I
oroaaesi,
possiDic
scaie
ana
inc
freest
possible
exchange
of
the
resultant
products
within
Canada's
own
borders
and
beyond
them.
The
president
warned
against
the
assumption
"that
a
post
war
economic
millennium,
in
which
everybody
will
be
more
secure,
richer
and
presumably
nappier,"
can
materialize
by
Order-in-Councll.
"But
to
take
an
honestly
realistic
look
at
the
posi-war
prospect,
he
con
tinued,
is
to
recognize
that
the
reconversion
of
Industry
to
civilian
production,
the
re-em
ployment
in
peace-time
pursuits
or
tnose
now
In
the
Armed
Forces
and
In
war
work
and
the
restoration
of
our
external
trade
on
satlsfacory
basis
wilL
Involve
problems
of
tremen
dous
magnitude.
And
after
giving
full
value
to
everything
that
governmental
agencies
can
usefully
do
to
aid
the
transition
from
war
to
peace,
there
will
remain
a
vast
area
of
effort
and
opportunity
that
will
challenge
to
the
utmost
our
courage.
Ingenuity
and
powers
of
co-operation."
The
Ileal
Basis
of
Welfare
In
his
reference
to
the
"panacea
vendors,"
Mr.
Spinney
declared
that
we
shall
also
need
to
have
a
clear-headed
appreciation
of
the
true
significance
of
measures
which
Jnay
redistribute
goods
and
services
but
which
themselves
do
not
in
crease
productivity.
Some
of
these
measures
were
undoubt
edly
desirable,
but
we
should
not
rail
into
tne
error
or
regarding
them
as
short-cuts
to
national
prosperity.
He
said
that
full
employment
was
not
necessarily
wholly
synonymous
with
material
welfare
and
that
high
national
income
was
not
necessarily
the
end
of
economic
policy.
iicy.
It
was
at
this
stage
his
address
that
he
cmpha-
sized
that
the
only
way
he
knew
in
which
these
ends
could
bo
achieved
was
"through
produc
tion
on
the
broadcast
nossiblc
scale
and
the
freest
possible
ex
change
or
the
resultant
products
within
our
own
borders
and
beyond
them."
As
to
Canada's
past-war
pos
sibilities
Mr.
Spinney
said
that
he
was
no
"pessimist",
and
continued:
"Canada
will
start
out
into
the
post-war
era
with
some
great
advantages.
Due
to
the
tremendous
stimulus
of
war
production,
our
economy
has
become
better
balanced
and
diversified
as
between
the
primary
Industries
and
manufacturing
than
ever
before.
Our
population
has
acquired
new
skills.
We
have
brought
about
a
veritable
revolution
In
productive
meth
ods
and
techniques
that
is
full
of
promise
for
the
future.
I
think
also
it
is
fair
to
say
that
our
reputation
and
stature
among
nations
of
good-will
has
become
enhanced,
a
factor
of
no
small
significance
from
the
standpoint
of
external
trade.
Moreover,
we
have
been
able
to
accomplish
our
vast
mobilization
of
material
resources
without
subjecting
our
economy
to
the
stresses
and
our
people
to
the
cruel
injustices
of
inflation.
It
seems
to
me
that
our
hope
of
achieving
our
post-war
aims
depends
in
large
measure
upon
maintaining
these
advantages."
Practical
Objectives
The
desirability
or
defeating
Inflation
was
emphasized
by
the
speaker,
who
declared
that
it
will
be
essential
that
the
success
achieved
thus
far
in
hold
ing
down
prices
and
living
costs
be
maintained
and
carried
through
Into
the
period
of
postwar
readjustment.
Discussing
the
nost-war
rela
tionship
between
government
and
individual
enterprise,
he
ex
pressed
the
view
that
a
supine
dependence
on
government
would
represent
the
negation
of
the
qualities
most
necessary
to
an
enterprising
and
democratic
economy.
However,
he
saw
the
costs
of
government
continuing
at
a
higher
level
than
beiorc
me
war.
nddinc
that
under
such
con
ditions
"the
distribution
of
the
cost
of
Government
becomes
matter
of
peculiar
importance;"
for
if
these
costs
arc
distributed
in
such
a
way
that
incentives
are
diminished
and
individuals
or
corporations
arc
thereby
discouraged
or
deterred
from
entering
into
productive
undertakings,
then
the
net
result
will
be
a
loss
to
the
Canadian
people
In
terms
and
an
International
Bank
for
Reconstruction
and
development
recently
put
forward
at
Bretton!
Woods.
He
felt
that
the
success-
j
ful
application
of
the
principles!
underlying
these
two
proposals1
could
do
much
to
encourage
and
'
iaciinaie
me
now
oi
interna-;
tlonal
commerce
upon
which
the
lortuncs
of
all
nations
of
goodwill
so
greatly
depend.
Banks
and
Their
Reserves
In
referring
to
the
decennial
revision
of
The
Bank
Act,
Mr.
Spinney
dealt
particularly
with
the
subject
of
Inner
or
Contingent
Reserves
which
occupied
a
substantial
part
of
the
hear
ings
of
the
Banking
and
Com
merce
Committee.
He
referred
to
the
custom
of
setting
up
such
reserves
as
having
been
recog
nized
from
the
very
inception
of
banking
legislation,
and
said:
"The
history
of
Canadian
banking
indicates
clearly
that
many
of
the
banking
difficulties
of
earlier
days
would
have
been
avoided
if
proper
provision
had
been
made
for
unforeseen
losses.
This
applies
not
only
to
bank
failures
but
to
bank
mergers,
which
in
many
cases
would
have
been
unnecessary
if
adequate
reserves
had
been
set
up."
The
Bank
of
Montreal
had
followed
the
practice
of
setting
up
such
reserves
and
the
speaker
expressed
doubt
if
"we
could
have
weathered
all
the
storms
of
the
past
17
years,
and
con
tinued
to
play
our
part
in
serv
ing
the
community,
if
the
man
prudently
set
aside
reasonable
sums
to
meet
the
inevitable
change
in
business
conditions."
Without
reviewing
in
detail
the
long
discussion
in
Committee,
Mr.
Spinney
said
that
it
was
made
clear
that
reasonable
provision
for
losses
must
be
considered
as
an
expense
of
doing
business,
and,
therefore,
as
a
charge
In
computing
taxable
income.
Tax
Adjustments
and
Earnings
B.
C.
Gardnert
General
Man
ager
of
the
bank,
dealt
with.,
the.
accounts
and
reicrrcd
to
tne
ci
-fects
on
its
operation
of
the
Bank
Act
revision.
He
pointed
out
that,
while
gross
earnings
for
the
past
year
iiad
shown
an
increase,
net
earnings
after
federal
taxes
(which
amounted
to
$3,725,000)
were
somewhat
lower
than
for
previous
year
at
$3,194,000
as
compared
with
$3,303,000.
The
re
duction
in
net
earnings
lie
pointed
out,
was
a
result
of
the
adjustments
in
taxation
to
which
the
President
had
referred.
Gross
earnings
had
Increased,
he
said,
despite
a
lower
average
yield
on
investments
and
a
re
duced
level
of
commercial
loan;.
The
General
Manager
pointed
out
that,
although
increased
volume
of
business
had
caused
somewjiat
crowded
conditions
in
some
offices,
the
Bank
had
adhered
to
its
decision
against
ex
tensions
to
the
buildings
in
war
time,
but
that
interior
altera
Ions
had
been
made
In
some
brandies
to
provide
more
space.
Changes
in
Bank
Act
He
reviewed
the
important
changes
In
the
Bank
Act
and
stated
that
although
the
new
Interest,
limitations
will
make
it
difficult
to
handle
some
types
of
personal
loans
at
a
profit,
the
Bank
would
continue
to
maicc
every
effort
to
meet
the
credit
requirements
of
worthy
borrow
ers
whether
transactions
arc
large
or
small.
The
removal
of
the
long
es
tablished
note-Issuing
functions
of
the
banks,
he
pointed
out
follows
upon
the
curtailments
imposed
in
the
1934
revision.
As
the
notes
of
this
iianK
nave
served
as
a
well-known
and
ac
ceptable
medium
of
exchange
Jor
more
than
a
century,"
nc
continued,
"we
shall
naturally
regret
their
disappearance,
although
In
recent
years
this
privilege
has
yielded
little
If
any
profit
to
the
Bank."
"It
is
unfortunate,"
he
said,
"that
in
the
record
of
the
hearings
many
erroneous
statements
and
charges
remain
uncontra
dicted.
Some
critics
blame
the
banks
for
extending
credit
too
liberally,
while
others
were
equally
sure
that
the
banks
were
i
too
restrictive.
'
Much
time
has
of
employment
and
living
stan-
,,
.!.,.
ut,
nhstrnr.t
riis-
dards.
He
urged
the
-encourage-1
nf
mrmpt.fi
rv
fhcnrv
and
'
f
.r.Hll.
!
J
the
of
nroduc
.
.
mrnt
of
nrosesscs
Hon
and
interchange
through
private
agencies
rather
than
through
the
channels
oi
government
spending.
Maintaining
Exports
Discussing
foj-eign
trade
as
a
factor
In
developing
our
natural
resources
and
maintaining
prosperity.
Mr,
Snlnncv
mentioned
the
problem
of
providing
waya
and
means
whereby
our
foreign
customers
can
pay
for
the
high
volume
of
Canadian
goods
we
should
like
to
see
them
buy.
In
this
connection
he
referred.
to
our
very
direct
and
definite
in
of
such
matters
as
'costless
credit,'
'debt-free
money
and
the
iuu
,o
reserve
pian.-
it
is
ou-
vious
that
lacking
extensive
ana
expert
study
a
number
of
specific
proposals
were
put
forward
without
knowledge
of
their
real
Implications."
It
is
hoped,
he
said,
that
with
in
reasonable
limits,
and
subject
to
appropriate
safeguards,
it
will
be
possible
for
the
Bank
to
extend
credit
of
a
somewhat
longer
term,
particularly
in
the
approaching
period
of
conversion
from
war-time
to
peace-time
production.
The
Act,
as
finally
terest
in
the
proposals
for
an
passed,
he
continued,
gives
the
International
Monetary
mnci'
nanus
Huequate
scope
w
viu
GEORGE
W
SPINNEY
President
of
Bank
of
Montreal
vlde
the
Same
high
type
of
banking
service
to
which
the
Canadian
people
arc
accustomed
and
which
they
accept
as
a
matter
of
course.
"The
banking
system,
like
all
other
fields
of
human
activity,"
he
saw
in
this
connection,
"Is
always
capable
of
Improvement
and
must
change
with
changing
times,
dui
it
is
a
;
system
that
nas
scjved
.
tne
country
well
and
I
am
confident
will
continue
to
do
so
in
the
days
that
lie
ahead."
Reconversion
Problems
In
pointing
out
that
business
activity
In
the
country
continued
at
high
levels
throughout
the
past
year,
Mr.
Gardner
stated
that
the
business
outlook
is
influenced
by
uncertainty
as
to
i.hn
extent
and
nature
of
war
production
requirements.
It
is
probable,
he
said,
that
in
the
ensuing
twelve
months,
major
problems
of
reconversion
of
industry
from
war
to
civilian
output
will
become
an
important
element
In
the
business
picture.
The
General
Manager
concluded
his
address
by
paying
a
tribute
to
the
staff
of
the
Bank
and
reviewing
plans
for
re-absorption
of
those
employees
now
on
mili
tary
service.
It
was
planned,
he
said,
to
provide
for
refresher
tiinlnlni
f
nr
nil
fill
agement
in
good
,
times
had
not
I-
civilian
life.
"Briefly."
he
said.
readjusts
It
is
our
intention
to
place
these
officers
on
the
salary
and,
within
a
reasonable
time,
in
the
position
i
which
they
would
normally
have
expected
to
attain
had
tney
been
in
the
continuous
service
ot
tne
Bank.
Our
object
is
to
see
that
they
have
not
lost
ground
through
their
service
to
their
country."
LONDON,
0
It
can
be
disclosed
now
that
a'Ircra'rt
which
dropped
jeeps
and
six-pounder
guns
in
Normandy
on
D-Day
were
Halifaxes.
Relieve'
Jff
mdache
Pain
3m77
Aspirin
Eases
Headacho
Almost
Immediately
Gepuinc
Aspirin's
new
prices
now
make
it
easier
than
ever
for
you
to
get
fast,
effective
relief
from
headache
misery.
WHY
ASPIRIN
WORKS
SO
FAST
,
Sec
with
your
own
eyes
why
Aspirin
takes
hold
of
pain
a
few
minutes
after
taking.
Drop
an
Aspirin
Tablet
into
n
glass
of
water.
Almost
instantly
it
begins
to
dissolve.
And
that
same
fast
action
takes
place
in
your
stomach.
That's
why
Aspirjn
relieves
you
so
quickly.
For
years
Canadians
have
relied
on
Aspirin
for
fast
relief,
for
effective
relief
above
all
for
dependable
relief.
Get
Aspirin
at
your
druggist's
today
I
Nfw
Rroucrx)
Yhiccs
-
FocVglBoiof
12
,
now
lie
Economy
Bottlo
of
24..
now
294
Family
ii
of
100
now
79c
A
SPIRIN
Th
Day;
crois
on
each
tabltt
it
your
ouarant
thai
It's
Aipltln
B.
C.
GARDNER
General
Manager.
Bank
Montreal
WOMEN'S
GREAT
RECORD
LONDON,
B
Labor
Minister
Bevin
informed
parliament
that
about
8C
percent
of
all
single
wo
men
between
18
and
51
are
now
in
auxiliary
services,
civil
defence
or
industry.
v
V
V
V
V
y
V
V
V
V
V
y
v
y
y
J.
M.
S.
LOUBSER
D.C.,
B.A.
CHIROPRACTOR
Wallace
Block
Phone
610
Income
Tax
Returns
Prepared
See
II.
E.
MORTIMER
324
2nd
Ave.
Phone
88
y
y
y
y
y
y
y
y
ASTHMA
Dont
Gasp
for
Ilrcnlh
Sold
on
Money
Hack
Ouarantevl
ORMH'S
Ltd.
y
y
y
y
y
y
y
y
y.
y
y
y
y
y
y
y
y
y
y
y
y
y
y
y
M
y
y
y
y
y
y
y
y
y
y
y
y
y
y
y
y
y
y
y
Sh
an
oes,
Slipp
Telephone
81
t)r
82
'eteeee,ss'e',-e'2
PLEASING
CHRISTMAS
GIFTS
ers,
cP-
urses
Now
On
Sale
at
FASHION
FOOTWEAR
518
3rd
Ave.
W.
IHE
BUIKLEY
MARKET
Features:
A
a
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
f!
A
A
A
A
A
A
A
A
A'
A
A
A
A
A
A
A
A
A
A
A
A
A
w
A
A
A
A
A
A
A
CENTRAL
INTERIOR
Beef
:
Pork
.
Poultry
Products
Under
Most
Sanitary
Conditions
311
Third
Ave.
Phone
178
KWONG
SANO
I1ING
HOP
KEE
CHOP
SUEY
HOUSE
012
7th
AVE.
WEST
(Next
to
King
Tal)
Ajl
your
patronage
welcome
Open
5
p.m.
Outside
to
12
p.m.
Orders
from
to
12
pm.
PHONE
RED
247
2
p.m.
Tallies
and
Lamps
6
m
Here'
are
gifts
that
will
bring
both
Mom
and
Dad
comfort
and
a
lasting
remembrance.
Beautifully
designed
tables
to
hold
their
favorite
books,
Dad's
pipes
and
Mom's
sewing.
Handsome
lamps
that
will
lend
charm
to
the
living
-mrt
room
and
make
reading
pleasurable.
Choose
Nowl
i
nnonnuo
AMnrocnu
ltd
SB
ft
rite.'
FEDERAL
BLOCK
THIRD
AVENUE
PRACTICAL
(GIFT?
KAIEN
HARDWARE
CO.
A.
MacKENZIE
FURNITURE
LTD.
Phone
775
"A
GOOD
PLACE
TO
BUY"
Christmas
Gift
Suggestions
Simmons
and
Restmore
Spring
Filled
Mattress,
all
sizes
Bed
Spring,
all
sizes
Bedroom
Suites,
In
4
pieces
Chesterfield
Suites,
in
3
pieces
250
Pictures
most
beautiful.
Come
and
see
them.
Just
came
for
Christmas
327
3rd
Avenue
POULSEN'S
LUNCH
Gth
AVE.
E.,
BESIDE
P.O.
STATION
"B"
As
Good
as
the
Best
Better
than
the
Rest
POULSEN'S
GROCERY
Our
stock
fresh
and
complete,
prices
right
Courtesy
and
Service
Free
Delivery
Red
441
TRY
OUR
CLASSIFIED
ADS
THEY
GET
RESULTS
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