Hon nf $373 per person per year, prosperity at presenULtVcls can Prince Gupctt aHg EJcivj Wednesday, January 14, 1948 l nna mat un dollar., or tne make it pay. fame value) the personal in conservation seeded ' incrcase in bank loans with) In providing facilities for for-equanlmily. eign traders was stressed by Mr. "The number of personal, Mulr. loans made during the year con- "Over a long period of years tinues large. These are prin- "ir activity in foreign countries 4" "Canada's present prosperity, which Is spread so widely in our come of Canadians lias increased from $301 per capita in 193d to $603 in 1940. The total personal expenditure on consumer ciuallv in the Soul) and under "as noen an outstanding iea- The Royal Bank of Canada nation, is based upon the de- in fact, the ture ot our service to Canadian velopment of Canada's natural 'category, where, oans totalled i business, we nave expanded in numoer oi new poods and services amounted to $3,714 million in 1933 and $5,926 keeping with the progress of the resources. "Agriculture, because it sup v y- ( one hundred and fifty-five thousand. When one considers million m 1946, an increase of 'Mk f0Wiv:: Annual Meeting the high volume ot tlie.se per- maid who layi down , ' T - Congri,manj Sydney G. Dobson, President, declares European recovery most important factor in Canadas economic life. "Should American Continent fail to provide what is necessary to save Europe, the effect on our economy would be serious." Intelligent participation in Marshall Plan will be of service to both Canada and the I'nited States. 00 per cent compared with our population increase of 10 per cent. This increase in the sum spent on personal consumption goods suggests a significant rise in the standard of living.'" KECIPE FOK PROSPERITY Thesa figures. Mr. Dobson said, were gratifying and en-couraning, but two dangers had to be faced to maintain present prosperity. One danger was the possibility of economic collapse in Europe. The other was inflation. "Price rises." he said. plies the basic need of men for lood, is of highest importance. "This source of livelihood for farmers and of revenue for the country is worth preserving. It is becoming recognized that the fertility of our soil 1 not everlasting. Fortunately Canada has an opportunity to apply measures of conservation rather than of reclamation. We must not wait for 'dust bowls' to form, or for prairie farms to be buried in sand. "The same need for conservation is found in our forest resources. More than 27 per cent of the value of our exports stems from our forests. "Better protection and im- sonal loans from banks, plus the substantial business of personal loan and allied companies, all at a time when tnere is full employment and high wages, the thought occurs that perhaps a living-boyond-one's-mcans policy is abroad. If so, it is unhealthy." Mr. Muir poinied out that there had been an increase of $33,654,989 in the banks public deposits and that total deposits stood at $1,934,185,849. He reported that the number of depositors continued to expand and now totalled over one and three quarter million. PROFITS "It will have been satisiac-tory for you to learn that the profits were $1,818. 132. 9i higher James Muir, General Manager, reports marked increase in commercial loans . , . public deposits again increase . . . profits improve. Royal Bank depositors now total 1.730,(10(1. I'nique service-to foreign traders provided through 71 branches in foreign countries. iort'ign country ana tne development of Canada's external trade. The result Is that The Royal Bank of Canada Is very much integrated with the commercial life of many nations and lias become for their business men a real and atractive symbol ol Canada. - "Last year I made reference to the unique position we occupy legarding our branches abroad and I believe it bears repeating, because it is our belief that there is no adequate substitute for direct representation by our own trained organization, experienced in Canadian ways and fully Informed by close lrason of the needs and offering.' ol Canadian businessmen. "Apart from world-wide relations with banking houses, we have seventy-one branches outside of Canada. There Is a constant flow of information regarding market and general conditions from these branches to a central department at our Head Oflice in Montreal, and similar information reaches us from correspondents thruireh- '"make it more necessary tnan cvci iui us to measure our real advance in dollars of constant have value. The rest of the rise in proved cuting practices The vital importance of Euro- cntly restore European econ- money value is lor the most part conrtibuted in recent health. years The Marshall pean recovery to the welfare of.omic toward preservation of our for the empty air of inflation. When Canada, and the part Canada ; Plan, "one of the happiest sug- can play in restoring Europe to vr' est wealth, but there is still a very heavy annual loss from fire money Incomes are excessive relative to the available supply ol goods, as they are now, the gestions ever made in internti tional relations." and the Gen eva trade agreements last Nov and insects which should bei logical way to reduce the pres than in the preceding year, he said. "The amount required for government taxes was $2,850,000, after deduction of which there ember were, lie said, important substantially reduced. Forest conservation is a must'. steps to world recovery. A.i in-;s,ire on prices is to increase the tellirrent nroprammf for North supply of goods. We have the I "There can be no better ex- fJ LORETTA YOUNG nt t,r no ihis'amDle of newlv created wmIMi remained $5,874.519 48 from the American participation in the physical equipnic ..-oi,n r.iV ...,'ij !-.. .., ...... hut the hnmm turtnr is m.rf.i.!- than' that nf -mr minmcr inrins- i years operations. Dividends re- Maiflimii iruiu wtfui.1 tju ut an- " - j . , . ri t f ') vipg tn hnti-i dmI i mr) rho.a comoetent workman seeking try Forty vears aeo the total 1 9L,llea d oisoui .-cm, si merit oi : V4 JOSEPH COTTEN N X ETHEL BARRYMORE , ...v. wv,m w.v ; A , t ... . .. I .,., , ". . anH rl.,i .n 1 jut the world where we do not United States. to get out of his machine the (dollar value of our mine produc-I E ? aePrei'1;lUon vvholp nroriiirtinn nf uhii-h it uUion in a vpar was S42 million- bank premises amounted to economic health.- were stressed ! by Sydney G. Dobson. President of the Royal Bank of Canada, at the bank's annual meeting. "Should the American continent fail to provide what is necessary to save Europe," he said, "the effect on our economy would be serious. I mention this because it is not generally enough realized that Canada depends to the extent of 30 of her national income upon export trade. In addition it should be noted that Canada s exports to the Western European countries in the last pre-war year composed 47 of her total exports, a fact operate branches ot our own. is to RECORD OF ACHIEVEMENT capable. I believe that what I in ten years it had become $108 ?a92'6.?7 v. After . providing Tiljs VDU appreciate, en- Canada, said Mr. Dobson. had,sa"i a year ago still holds true, minion in tne peak year 1941, H . 2 " "nn, Vi i? c.oles us t0 Iurmsn a h8nly kfThe Farmers Daughter d,-. ui j u., r... ... inerp arp km sun I rnn too mnnv many . nonn peopie r naa reacnea million. The'"" ... ,-. ,." , . """" , licient, unmatcnea and vaiuuoie u rii QiLin tti.ti l v Lilt A.-ir-u uv rniv idence Notable nrosjrp.ss had ; v'no make high wages ana mines have added to Canada's " rrout and lo.s accouik, serVice to exnortinH and lm- been made in both production ! plentiful leisure the nreatest wealth some $12 blilion since V '""'s. f',,l'aw'",ulalu ui -.porting clients.' of their lives: still too mining statistics were first keDt. 1 ''l'Il)1 nnH trarip HnritTO' rpppnt vpnrc ailllS ! I 11 rfHfc illll i.L. !nH tho sta.lrKrrw nf livilic nf 1 tliailV y who believe that less pro- "Not much is neard in Canada i"1 HKANCHtS AUKOAI) Ihp PntlnriJin npnnlp ln.H mmu ii ' dUCtion and more pay per about our fisheries, although Tne imnortaut rnl. ni:ivpd hv Canada's for- "u,Ker 15 a souo Dase lor pros- tney give employment to 8a,000 the branches of Tne Royal Bank which emphasizes the import-' marked gains. eign trade." he said "reaenedlV -"ui OI course, a persons in tne primary and pro- ol Canada m Ionian countries a new high total in tne first ten lallacy. An honest uay's work cessing branches, and the in- i ance oi European recovery to the maintenance of Canada's economic health." l7-BBBj-' 1 j jlffflau Stanwyck - Kocart "TIIK TWO MKS. ( A months of 1947 S4 435 600 000' Ior an nonest days pay is still vestment in them amounts to I This was madt up of all kinds oi a Rod recipe for prosperity,! $75 million. I goods, raw and processed perhaps the only formula that ' Development of hvdro electric "Seventv-five vears ago we insure lower prices, a higher power in the last forty years has exported eoods "to the money standard of living, and Iasiingjbeen rising sharply and con-value of $18 per capita; in 194f, S00cl tlnles for a11- I sistently. Our present instal-' we exported goods worth $H:4! "Part of our current output, i lations. producing 10 '4 million! KKOI.I.S" !ler capita, an increase of ten of course, is devoted to enlarge-, norsepower. place us second, TRIIHTE TO STAFf ' A warm tribute to the staff ' j ior their splendid en-operation and service, and devotion to the ' welfare of th ebu.siness in which ; they w ere engaged was voiced i by Mr. Muir: "I have reason to hope that . cur personnel know of the high regard in which they are held," he said. "I have never come across in all my years of contact with other business institutions, a I staff more earnest, more de-: oted to the welfare of the bnsi- ness with which they were asso- j "iated. or more conscious of : their important place in the economy of the nation. A kooo banker must be part accountant financier, diplomat, lawyer and econmoist, and above all he; must be a human being with j the ability to understand hi-, fellow men. I am proud to sav i that the staff ol tins bank. with all these necessary qualities, has Mr. Dobson pointed out that Canada had already done much to help provide Europe with the necessities of life. Canadian exports to Europe in 1946 had amounted to $932 million. In the past few years Canada had provided over $2 billion worth of aid to Europe in the form of loans, credits and gilts. "However, what has been done by Canada and other countries, has not been enough," said Mr. Dobson. "Plans are under way vhich it is hoped will, in the course of a few years, perman- I'll "If ; JT A . traded king I intiou in mitt jtent i tr cen M tf times. Employment exceeded ment and replacement of plant clllv lo lne united btaies. in i five million for the first time and equipment. Necessary re-! development of water power,! on record in August last. Pro- placements of plant must be i and as vet onJy 20 per cent of ; ductivity, too, is high. Canada's made, and at times expansion 1 cur potential power has been: national income increased from is essential; but a strenuous developed. j S3.972 million in 1938 to $9,464 effort must be made, to limit REEDOM OF ENTERPRISE I million in 1946. When trans- non-economic expansion of con-1 it is onlv right to sav at this ! lated into dollars of the same struction. Much conr tmction I point that th" greatest advan-' value, we find the increase tu is going forward no at costs ces in well-bpin for ilieir ivn-1 HcSp-fii an EMERGENCY 4 ' Ei be 97 per cent, equal to an addi- so high that only i ii a i continuous, pie have been made in countries like our own where freedom of ".enterprise has been allied to 1 natural resources. The reatrict- : ive trade practices of so-called 4 t ' if 2 jLiSli . . 3 - Mfcww , f 'nil: ..." ire: When the pniH-r riu-dicatioii ran relieve s i and hasten Improved health, yon can rely on ;s your diM tor s prescription .tx-edi!y. PIIONK Kl 'planned' economies deprive the i j t f m m a m m m m m also the spirit ot teamwork which is so essential to happy relations, and which counts so much in the fine results of the year's activity. The staff of the bank numbers in excess of 10.400more RUPERT MENS AND BOYS STORE Your BOND Suit, Sir! JEI iTV . 1 4 'I t! j ' . - . than half of whom are women. loted They have done a splendid job wona oi mat ireeaoin oi ae- velopment. ana expansion of I business, and free interchange i of goods which alone can bring decent living conditions on a ; wide scale. J1 "It is significant that in all 5 1 the world the only countries to wnicn Europe can turn for ef- fective help are these two uem-B ocracies of America, Ireo enter-a prise countries. It is obviously B not we who are unstable, but B the totalitarian countries. It is not we who are depressed, but the totalitarian countries. It is aft t throughout the year. We are greteful to them and commend them highly to you." -uthi in i Made to Mew sure inland waterway FROM $29.50 TO 42.95 m m c m m a m m The Groat Lakes waterways,' .i Tailored to Perfection Men and Boys JJj RUBBER BOOTS Hip-L'iig!!). '' i-I ' -li'-i-ri Knee High, Ankle Hsidi l not we who arc short of proauc- tion of the things people need to iive. but the totalitarian coun- more than 2,000 miles of shipping lanes, links the mid-west cities of Canada and the United States with Eastern ports. tmth RUniiKRS IN ALL STYLES iU B trios. . j "It would, however, be very 1 v.rong to be complacent. Pro- press depends upon our keeping ; our freedom, and how much ! freedom business shall keep ,and how lonu it will last, depend upon our ability to recognize GEORGE HILL & SONS LTD. tATT lor r Ask your neighbor. He knows! Yes Sir. Dozens of Prince Rupert men are wearing Bond Made-to-Measure Clothes. The price actually is no more than the price of a ready made suit but the style and fit is all your own. Dozens of Cloths 6-Week Delivery CURBS ERRING HUSBANDS Under Burmese la,w the wife may take her place as head of the household if her husband drinks too freely. P.O. Box 737 62I3K1AUM ( ab i fiiuersiana ana meet our obli- t p. gations to the nation as a whole. ! lit should be our ob iocti vf t.n htei BjShow that free enterprise Is the1'' nded $100,000 FIRE IN HAMILTON 5 CITY TRANSFER j 5 Vic Menzied PHOTOGRAPHED McBridc St. and First Ave. Winter Clearance Phone rS?S WINTER t3r OVER That Is all your Car or Truck may need to keep It rolling through till Spring DAN'S SERVICE STATION Knlarsing, I'lilurc Iramifjy m ('"'"j" economic system in tne B ' history of the world liexible B i enough to change in keeping : with the needs of its people. At I the same time it is the only : economic system in the history i of the world that has ever I brought about great stability land advancement of the stand- ,ard of living of the people living under it." general managers Jj 1 ADDRESS In presenting the bank's VCth Annual Report. Mr. James Muir Three-alarm fire in Hamilton did dam2 of nearly $100,000 when flames gutted the ou.iu.nn anfi destroyed stock of the L. and O. Paper Co. One fireman and one bystander were injured. A lireman directs a stream ol water Into the building. Only the walls stand today. Advertise !n tne Daily News 950 Mkm Specials 14-99 , wa. Chandler and CowrfJJ, 210 Fourth Street B 'S ioved MEN'S OVERCOATS All Sizes. Reg. Prices $25 to $36 i QUICK .-jeUBijlJ PRINCE HUPEIiT. BC j to b MiKride Street Green fi().") !v,.vav.vaw.v1"1fa'. MEN'S SPORT JACKETS All Sizes. Imported Tweeds. Reg. $5 to $30 ttrlie 12-99 1.95 m H TRY $3 BOYS' ZIPPER WINDBREAKERS All Sizes i General Manager, reported that I the bank's total assets now t. stood at $2.093.641,218 Gl and' that liquid assets constituted I I 74v of the banks liabilities to! j the public. j j "One feature of this year's i , balance sheet is the market! in- j i crease in commercial loans In : i Canada," said Mr. Muir. "This1 J i item is $120,238,037.47 larger B than a year ago, reflecting an' B I experience common to all banks. I $1.95 BOYS' SWEAT SHIRTS 99c All Sizes Rex Cafe FOR TASTY MEALS Chop Sucy Chow Mcin CHINESE DISHES Ot'R SPECIALTY COMPANION PRODUCTS Shaving Cream . .. ;o Hair Tonic 1 Oil Crrme-Oil Hair Dressing .... 7: Hair Oil 7,-o After-Shave Talc loc Deodorant KOt 365 BEARDS A YEAR and ONLY ONE FACE Be KinJ To It! COLONIAL CLUB SSIAVIKC CREAM h Wind Is IrnlM kiM, ollll IN tx' cil baia, v4 In ilck.BMinr l,"' So"' mi rii band, and nan oiH Nl " ' Gal lab today ALL BOYS' COATS AND SNOWSUITS REDUCED u . OPEN 8 A.M. TO 2 A.M. jnc lea.wn ior it is tiie very high level of business activity, tne expansion of production facilities, the increased volume of goods on hand, anri SECOND AVENUE, OPPOSITE PIIINCE RUPERT HOTEL '1 SEE I S ABOUT THE McCUTCHEON PHARMACY LTD. the influence of higher prices It takes more dollars tnan it did a year ago to conduct a compar- ' able amount of business. As a consequence, the amount ot commercial borrowings represents a substantial sum, and I think I may say in passing triat I do not view a rapid and large The Popular (E. C. Wallace, Manager) S.S. New "AMTSCO" Rubber Third Avenue at Sixth Street I'limie ' I, -r SAVOY HOTEL Carl Zarelli, Prop. Phone 37 P.O. Box 5 FRASER STREET MBS PRINCE LING THE TAILOR tVe are taking cleaning and pressing and steam pressing while you wait. PHONE 649 220 Sixth Street S RUPERT tlllir Irani Sails For ILUUIl I ILL , , j rnnce ituperi I S CONSTRUCTION WORlf' For Easily applied Lasts a lifetime Comes in a wide range of colors, solid and shades. Will not break or curl. Announcing our new HOLMES TOWING AND WRECKING TRICK SERVICE FASTER SAFER LESS EXPENSIVE VANCOUVER AND INTERMEDIATE PORTS EACH THURSDAY AT 11:15 P.M. For KETCHIKAN WEDNESDAY MIDNIGHT For Information call or write City or Depot Ticket Offices. PRINCE Rl'PERT, B.C. Prompt, PLUMBING AND HEATING WE DO IT Jut Your Remodelling, Addition, Repairs p'u5S Finishing given prompt attention Our new Wasop Rock Drill and Floor Sander at Your Service L With this new equipment we can do the job with the least possible effort and save you money by cutting down labor charges to a minimum. RUPERT MOTORS LTD. "Complete Automotive Repair Service" Day Phone 566 (Nights, Black 320) PHONES 651 - 652 PHILPOTT, EVITT & CO. LTD. Coal - Lumber - liuilding Supplies - Paints CALL BLUE 610 SERVICE PHONE 108 Prince Rupert Plumbing & Heating P.O. Box C54 Prince Ituperl, IT IT'S MADE OF WOOD WE MAKE IT