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t THE ROYAL BANK OF CANADA 74th ANNUAL MEETING Morris W. Wilson, President and Managing Director, urges post war planning on basis of free enterprise Only system likely to appeal to self-reliant young Canadians. Sydney G. Dobson, Vice-President and General Manager, reports assets over $1,291,000. Liquid position exceed- ingly strong War adds heavily to routine duties of banks. The intent and ability of the free enterprise system to meet the chullcn.ui- of the post war world was tin 1 keynote of an address by Morris VV. Wilson, President and Mnn: tfing Director of The Koyal l!an . of Can-adit at the bank's 71th Annual Meeting. "Assuming intelligent co-opera- tion on the part of povernment," said Mr. Wilson, "free enterprise, which bus already provided for the people who live under it the irrca.est decree of comfort and se- curity in thi- world's history, can meet the challenge of the post- war \\orld. It can, by accepting further social responsibility, save the people from tin- evils that ufconipnny state control obliter- ation of private- life, destruction of personal freedom, elimination cf Individual incentive, and the i-M motion of those extra (jams which fairly jfo to those who work specially hard. "Free enterpri.se, with its wealth of experience, established posi- tion, and wide resources, is the only system known to us under which the jol> can be done. The prophet who now foretells that our whole system will be swept away in favour of some economic heaven and earth as yet unformed, is not only misguided but danger- He is dangerous because his preaching* interfere with confid- ent concentration on the war effort, and they are menacing to the practical solution of the pro!>- IfrriK of peace. "Chaiijjes must take account of realities rather than theories. When this war is won, the soldier w ill wish to get back to his every- day life; the farmer will still want to own his farm; the small house- owner will desire to retain his ownership; the retailer, the whole- --:ili-i, and the manufacturer will br found as anxious as ever to carry on their own branches of i>ur free enterprise; and the three million thrifty holders of their roiiMtry'n bonds will still look for, and be ei. titled to, their interest cninings. "The idea of profit, which is merely payment for work and ini- hativo, is deep-rooted in human nature, and after the war it will still motivate individuals and cor- !'; bodies. In progressive countries, development is con- stant. As to Kudden, revolution- ary change which would uproot tlie economic system, upset the mode of life and disperse the savings, investments and insur- ance of the people of this nation, I think the proposition needs only to be stated to reveal its folly. At the same time, it Is dangerous to allow its propaganda to go on unanswered." BENEFITS OF I RF.E ENTERPRISE Mr. Wilson said he did not ridi- cule the views of anyone upon the sole ground that he was H socialist <>r demagogue. "The weaknetis however, of those who theorize about post- war economy" ha said "often liut in their lack of practical experi- ence of business and their disre- gard of ,he widespread, undeni- .ililc diffusion of the benefits of free entr-i-privc in the form of ris- ing standards of living. This ex- perience and (]< .e facts are read- ily available. Husiness should assemble and analyze them, and in cue-lit in the public their irres- istible conclusions, showing the true intent and ability of the sys- tem of free enterprise to do the things that need to be done. That M (he only real way to carry the iii'liriiHTit of the people. "There are plenty (if hard- tc :iiled people in Canada who, for inslnnre, have money in the bank: there nre more limn five million di-piisit iici-iiiini i, totalling mure than S.'!.. !((> million. Your bank i une Im* .-,:jl>st initially over <me million deposit accounts. There .ire more than three million ('ana- holding Ihi'ir country's Vic toiy Itonds. Wiij- Siivings Certifi- cate or other government obliga- tion. There ar' more than four in Ilion individual holders <>f life iriMii'iineo policies in Canada. These hre the pt-ople who, alert to iheir own well-befna, will tell the theorists anil agitators what liungPM. are acceptable in the mode of life which, with all the fault* il may possess, has pro- 'lured these saving and these bul- warks of personal and family se- cin-ity. These are the people who oiiift be considered by those who seek lo influence the conr<e of I'M 1,1 " Mr. Wilson readily ackliow It'dgpd that (In* system of free ntcrprise in fact ih,. \\h,,|,. economic system and our insti- tution* of fi-po Government, were tli results of evolution and e\ pr ".si-d the i onvictioil, (hut :>oinc <' (he changes which had been !n ought about by the war would r.'inain. "There must ami will be development, particularly in the realm of maximum em|i]ovniciit and freedom from want. The <u dinary people eif tin- world will look to some agency at the war's clone (o axert muss iinempliiy men!. N'o pretentious plan'* for pensions, nor all tho social se- riirily measures devised by Cov- eriu.eiit" \\\\\ lie effective with- out a fo'ution of the employment problem," IIP said, COLLECTION OF TAXES Referring to the present method of collecting personal income taxes, Mr. Wilson expressed the opinion that the present eight months' lug in payments created a most serious difficulty so far as the individual taxpayer was concerned and could not be in the best interests of the country. He pointed out that at present the taxpayer was always eight months in arrears in his payments and that this extra tax liability could, under certain circumstances, be- come a very serious burden. He felt that a cancellation of taxes for the eight months involved would r.ot necessarily result in any diminution of revenue to the State. It would only become necessary to retain the higher scale of taxation for a somewhat, longer period, and at all times the Government would then be collecting its taxes fj-om current earnings and not on earnings of the preceding year. Mr. Wilson hoped that the Government would respond favourably to the many representations that were being made to it on this subject, GENERAL MANAGER'S ADDRESS In presenting the financial statement, Mr. Sydney G. Dobson, Vice-President and General Man- ager noted that the present high tempo of business activity due to war was clearly reflected in the bank's balance sheet and that under a number of headings re- cord levels had been attained. Despite steady expansion in the bank's business, profits had been reduced, due in part to relatively low yields on the bank's heavy investments in government bonds and to increased taxes. Because of the decrease in net income, the bank bad found it necessary to reduce the dividend rate of 8 r i to 6^. In this con- nection Mr. Dobson noted that during the past \'i years bank shareholders had had their divi- dends reduced more drastically than those in most other lines of business and that or. the basis of to-day's dividend, the return is only 3.27% on the average cost of the shares to the public over a period of years. "Total assets are now $1,2!)!.- 615,946, an all-time high in the history of the bank and an in- crease during the year of $21C,- 496,185." said Mr. Dobson. "Our liquid position is naturally very strong, total liquid assets of $!0,440,23!) representing 75.44% of our total liability to the pub- lic." Mr. Dobson also noted that de- posits totalling 11,181,817,192 had increased by over $225,000,- 000. Of the total J!'2!i,03!i,<(10 wera in Canada. COMMERCIAL LOANS "Commercial Loans in Canada expanded during the year $K(,- 365,550, and are now $255,1 !,- 401. Included in this amount are temporary loans of S I2,!)71,183 to assist purchasers of Victory Ponds. As there was but a small total of such loans current at the end of the previous year, it will be seen that ordinary commercial loans are considerably lower as compared with a year" ago. Con- sidering the tremendous expan- sion in business activity through- out Canada, the situation is anomalous, but the explanation is that the expansion is largely in connection with war work. This is either financed directly by the Government, or, because of prompt settlement for monthly or fortnightly accounts, the manu- facturer is able to finance with- out any, or at any rate with very moderate, assistance. There has never been a period in the history of this bank and I may say a similar situation applies to 'the other banks when the ratio of commercial loans to deposits has been so low. The outlook in this respect is not encouraging, as un- fortunately the tendency seems to be for the Government to ex- tend il policy of directly finan- cing industry eng.-igfd in war work." The General Mana'i-i lep'irled that, in conformity with the gov- ernment's wish to conscrvi- man- power, (lie bank had closed 39 offices. This, hit said, did nut mean lessening of business for thp bank but rather a consolidation. It did. however, represent an in- < M nienoe to some of the blink's customers but he felt thai they would appreciate that the oxireii- cios of war necessitated such .steps. MANY OF STAFF IN UNIFORM "Miiriif.:- the war peiiol out- staff in Canada has increased from ii, !<;,> tu f!,0l:>, the now inember-i being almost .ill young women. Our male st^ff \\ now reduced to ;18 per e.-nt. of tho total ami il is not uncommon to find that at, a branch with 15 to 'JO employee* there are only -1 or fi MICH. I cannot speak too highly of the manner in which these new members of our staff, many without any picuou-; IMI- i nes- experience, have cMried on their ilulir . often under diffic'il! condition-'.. Routine woik b.is in creased ns a result of war activilv. The handling of Victory Loan an plication- nm| the n.-oti:iilnn of ANNA THE RIVETER Her name's not KOMI-. l>ct she's the champion woman riveter at a Canadian shipyard somewhere on the Atlantic coast. Like many other women. Anna Mae Mac- kay helps build 5000-ton ships. coupons alone entail a great deal of additional work and the volume of cheques in circulation has grown considerably. Many of the young women recently engaged are called upon to assume respon- sibilities which under normal con- ditions would be performed by experienced men. This means that the senior officers, in addi- tion to looking after their own duties, must devote much time to supervision and training. "We are proud of the contribu- tion made l>y our staff to the armed services. Since the out- break of war we have granted leave of absence for military service to 1,876 men. Of this number, 1.7!2 enlisted fiom Can- adian branches, and this is equiva- lent to well over half of the male staff under t,"i years of age at the outbreak of war. I am sure I am voicing the feeling of the share- holders when I say that we wish a safe return to these men who are serving their country so patri- otically. "Unhappily there have been ca- sualties. Thirty-four of our young men, whose names are recorded in the printed proceedings of this meeting, have given their lives in the service of Canada. These names arc hold in honour, and we pay tribute to their memory." Pilots' Uniforms Made Flame-proof A new formula whereby uni- forms worn by U.A.F. pilots may be made flame-proof has been discovered by the scientists (J. A. IVzoldt and his son C. V.. C. Pet- zoldt. it was revealed recently. Their research was financed by the shipping magnate, Sir Hector MacNeal, who wanted tn contri- bute to the safety of K.A.F. flier* after his son-in-law was killed <n operations over the North Sou in 1!MO. In a demonstration of th formula, young 1'etzoldt donned one of the flame-proof suits, was sprayed with gasoline ami set afire but was not harmed. British Tar Turns From Rum To Milk The modern lioyal Navy is turning more ;uul more from rum to milk. The navy reported that only PiO per cent of its sailors now take their rum ration, compared with r> per cent in l:>:M, KS per cent in HI 1 3 and !U |>cr cent in 1850. It saiil li 1. 000.000 cans of con di used milk were supplied to tho fleet in recent month*. For common ordinary sore throat ^Relieves distress from MONTHLY FEMALE WEAKNESS i ..'!. E. Plnkham's Vegetable Compound not only helps rellnvi' monthly pain but nliio wnk nerv- <n IMlIni* due to monthly func- tional dlrturtanoM. Tt helps butui \m ii'ilHtiuicp uKnlntt tllstrrBH ot "rtltn- c ult dy " Mode In rnnadn. Have You Heard The officer gazed sternly jit the private who bud been brought be- fore him. "Dill you call the serg:ant liar 1 .'" he demanded. "I diil. sir." "And a twister?" "Yes, sir." 'And did you go on to describe him as a pop-eyed, knocked-kr.eed, black-blighted stooge?" The private hesitated. Then, with a note of regret in his voice, he replied: "No, sir, I forgot that!" The man at the theatre wai annoyed by the conversation in the row behind. "Excuse me," he eaid, "but we can't hear a word." "Oh," replied the talkative one, "and it it any buinet< of your* what I'm telling my wife?" A young lady, finding herself stranded in a small town, asked an old man at the station where she might spend the night. "There ain't uo hotel here, but you can sleep with the station agent." "I'll have you know I'm * lady." "So is the station agent." SIX-CENT SHAVE "So he said I was .. pot- iihcd gentleman, did he?" Well, yei. It meant the tame thing." "Ah! What was the exact word?" "He laid you were a slip- pery fellow." A teacher, examining a class, asked the following question of a little girl, intending it for a catch: "What was the difference be- tween Noah's Ark and Jonn of Arc?" "Xoah's Ark was made of wood and Joan of Arc was ma:d of Orleans." "You called the plaintiff a rogue, a (windier and an Why did you box hii cart into the bargain?" "Wel ; , he if rather hard of hearing." The British Y.M.C.A. services are staffed, by 100,000 volunteer workers. Cigarettes may be six dollars in China, but this American soldier in India is getting a shave for six cents. Mohammed Yagub, th barber with the many implements in his belt, goes the rounde giving Yanks in New Delhi shaves before reveille. Sergt. Wilbur E. Brandt of Cleveland is enjoying this one. Modern Etiquette By Roberta Lee 1. Is it proper for one to tip his soup plate at the dinner table in an effort to scoop out the last drop? 2. Is it proper for a man to use a double sheet for his note paper? 3. What does it indicate when a person laughs loud and almost shouts when talking? 1. Does a woman ever take the aisle seat when she is at- tending a theatre with a man? 5. What kind of flowers should a bride wear if she is married In traveling costume and prefers not to carry an arm bouquet? (i. When a hostess notices that a certain guest is eating but very little, should she call attention to it? Antwen 1. No. It is far better to leave a little soup in the plate. A bowl or dish of any kind should not be tilted. 2. It is all right to do so, but a single sheet is preferable. 3. It indicates one of two things, ill-breeding or nervousness. A person who is well-bz'ed and per- fectly poised will not laugh so loudly that it can be heard fifty feet away, and in conversation will always speak in a low, modu- lated voice. 4. N'ever. She always enters the row first, and her es- cort takes the aisle seat. 5. She may wear a corsage of orchids, gardenias, or any flower that suits her fancy. 6. N'ever. Per- haps the guest is not feeling well. It is better to say nothing unless the guest offers an explanation. Waste Paper Waste paper is so urgently needed in Britain that household- ers have been asked to search their cupboards and bookshelves anew and send to salvage authori- ties any books not considered worth keeping. CLASSIFIED ADVERTISEMENTS AITOMOIIII.KS VSUU SfclJ CAKS WITH <JUUL> TlililS. See us first. Mount Pleasant Mo- tors limited. L sed Car Lot tt 2U{u >i.i . street; llcau urfice, (.:;. Mount t'lias-n.i ttoud. To- runlc.. Telephone HY. 2181. AMMU.S I'l I'I'IKS U A\Tl'U>. CKUSSBKIOU :intl others. Also Kilobits. Guinea i'iB". Ferrets. State number and sex. flail, St. Ijiiwrence Market. Toronto. lltllt IIIIK KJ1TKKN I1KKKUS AM. A'JKS, L: i'v. M , chick.- Mime prices, c'nt- ulirKiK.'. Fuirview Farms. St. .\l:i:ys. Unlnrlo. UKT T\VKI>I>I,K fHlt/KS NOW. l.'tKt your we rouldn't suppl: tin- (I'liiuixl for Twrddle chicks. This >e.'ir our cupiu-.ty is 100.000 chick* w>'kl.v. I'll! the "all out" il>-IiKtlul r<u poultry nif.-it and vitut \a jitill on tin- tipm'.'iilc. ber:iu>c of i'jtri-it> of nil kituM of meat. Vnur poultry and CBK run help nii'i't I hi' ili'iii.-iml Ttt.-d.l!. i. 'in- ili. srdin- fill'- tirei'ds. Govern- ment Appiou il chick" from liluodii !r(l breeders that have iM'iuiuht Intf n-umiK to .-u many poultry ;iuil UK men. It take* in i M imii-l tiini* and I...I ril money to raise "run-of- Hii'-MiiH" chirks as It uVi-.s tin- hti."k>. sturdy, fut-ffrowloff, li.-.ivj -I 'j in-i TwoililU- I'hu-ku. \! ii turlii'.vs and older Jillllel!t. Writ.- fin- e.it.ilimue. I'.M'! price hi .'i i.il , .nli'M fnldi'i. T flJli- < 'In. I. il.-i . in ; let l.imitfd. I'\-r- uiis Ontario. \\ i: AHVISI: ORDERING! 1:1: \V fhn-lis iiou In m-t lull this ,\i':ii '- |iroi;rani of Imin. .u.il i-\ii i p: oiluct U'll, r.-[i\.oiull> in hatrliint is tu onlor only. 1,'iickcri'ls K.'ii.l iiitfstiiifiils with nii'al rationiim pu^silili- later. Sl.n I 'I i -hn lo l:rtl> H.iti lUT.V. i:! .lohn N.. llainilUin. < ' lit MM-:** roil SAI.K \\KKKI.Y NKWsi'.u'Ki: AM> .101: print int; plant iti Hiimll Ontario town. All e\i'i'lU-ttt opportunity, H inn- man stuip 1U<\ It'.::. TS \. I. laid.' W.. Torontn. i in. 'N - KUH SA.1.U . ONK Al'KK LAND. House hydro, garage, burn. Good business. Box 19-'. \Vlnsham. Ont. 1U SHKKF, CI.U'F'l.NCJ M.VCHINK. riiupltiB Tankf, \VatPr Troughs. Klcitrii- Feni'i'.s. Arthur McKay, Holland landing, Uiuario. o\ tL\Vt, VUU ANYTHING NKEDS dyeing or cieatiinic? Write to u> for luformatloii We ar Klad tc answer your questions. Depart- ment 11. barker's Dye Works i.inm.it. !'. Vong* Street. To- ronto. IIIIMI:ST IIIOI.I- WAM'llU IMIKISTIAN \V(IMAN VVANTUn AS hi-ir .'Krr[ier and to look aftrr auril Indy \vliilo daughter works- must I,,, kind, trustworthy ami linn- Miuiki'r; mmd refcroncCH: Ufbl houaenold dntirs. A H.L..! home, iifar I'oi't Credit, linx 4IK, 7.i Aili'laldo St. W.. Toronto. FAU.MM V A 11 M S, St'IU'IUtAN PllOBKH- ti.'i. mirth of Toronto. Applj I: _ II K'liio, Itl.'hinnnJ Hill. I'AIOI K)H S11.IC I't'l: SAI.K, f.j Al'UK I'-AKM. S rciiiii lirii-k huiisi-. hydro Hi mllo.i fmm Tlllmry Apply Joe t'luill HI-. I! li .'., Tillilliy. I'lMIII Ill's i:i:iiW\ ANIi WHITK. KXrKl" 1- III Illllltl-l-'r. Mlllr.1 I.:.H. rcll1all<!l J"'- 1 " 1 . yoni linn &o, \\ m. >; ,i win. llmtfrsvilli-, tint. BAt'MKKKA Kin >T HALM destroy* offensive udor Injiantly 45c buttle. uttuwa agent I'cnman Uru^ Stiite. Ottawa. II \ IIIIIUI --I \ . -i 111. ill L K A K N HAIKHKUSSINU I'HK Kobcrtnon method. Informutlon on request rtKardlnu clnaves Rubcrtson'e Hnlrdressing Acad- -in>. KIT Avenue Kond, Toronto. M \i,i in:i.r \VAXTEII T\V(> SINtiLK MKN. UKXF.UAI. fnrnior. eood nilli horses, other irood milker hand or nru'lrtiiv Fifty-five n month und board. Refi-ronri'!'. Ci-netcau ISrothers. .\nihfrtliiir^. !:.!!. ::. Ontario. MI:IUCAI. STOITKU Ul'ICKl.Y - Hackac-he. Hfndache. nhininiatii- pains. l>iz- /iin's.-. Smarting. liurniiiK from Kklny. l.lvrr. Itladder dN.'nlfis. Conitlpatloo. SowriKii U r a n d Horl) Juice I'ompotind. lars'- liottle 11.00 mailed postpaid. Write to-day. Windsor Drui; i\i. " \\iiul-iir, I'anaila. t;oon .vnvirK! i:vr:i:v sri'i.in:- er of Hh.'iin\ati>- IVnns or Neur- itis should try Dixun's lirmody Munro's Drue st.iro. :;:::. Kisi'n Ottawa. Postpaid $1.00. UK .MI cni.i's. SIM'S \iisi: Mi-.ir. ' ppo. Influenza r,.|ii.v,',l m five UnvtM with Vapinol Inhalant 50 treatments 11.00; trial si?.i' "."ic i>oMi'"ld. WlMisiii; iMti'i; ro " IX \l:,\l (Mis AN OKB'KK TU KVl'.KV I NV i:\TOK l.lst of InveotlODI anil full infor- mation sent frro. The Unnisay (.'p.. UoKistered ratenl Attorneys 1*7 :: K:uik Sired, tntau a. I'.T-SJ., i-llii I ni.i: \i-n\ DON'T TRUDGE THROUGH I'lir iii ... i, .,, . Km) HAVE YOUR SNAPS i p \ I I > I - A I n MM M.VKKS it. CASE. i'.KCISTKICKIi I'uited States. Canadian. British Patent Attorney. Booklet gratia. Established over forty year*. U I'aJsnin Avenue. Toronto. _ _ I'OV1.TU\ BUY KAULY OOI'KKKEIS FOK most profit, quick cash crop. Uaise a brood before your pul- lets. Available every week. !X?K- horns, Hampshire. Hybrid* Kocks. fri.'e list. Fisher Orch- ards, tJox W.. Freeman. Unt. WHITI: rornix BANTAMS ANII Pekin Ducks. $4.00 pair; Bronze Turkey Hens J7.00 .-aoh. ln Chateau Farm, Fen.-loi. Falls I'UOI-KUTIKS MA.\TI.I TO III \\ K \\.V\T ATTUAITIVK HDilKS with or without small aorenKi- for coih buyers. Any Kix>d dis- trict within hundred inlli-s of Toronto. S,;n.d comploto particu- lars with prtci'u at once. No Charra of any kiml unlrss w* Powell and Company 6 St C! i : Mast. Toronto. raonotri n, h < ,-i ,.,i ),} Any ti or If e.xpusuro film |<erfect;v devt'iopccl nrul printer) for otilv 25c Supreme iiuulliy and f:ist si>rvlc Kiianinteed. IMPERIAL PHOTO SERVICE Sliilioii J I'on.nlo Free Helps For Inventors Kveryone with u HUK| Idea should K2S?PV y ,.i !l , ecuri ' llu Illustrated l;ooklt "li'ortiuiies f,om inven- sml the bandionu form M lour Invention." t!et Haahctt. SJ (Juccn Stunn, Ottawa" I''ETHIBHHTUNUAUUH t r. iti'ii: Solicitors vn.i.\i;i: PROPKKTY. 3 ACRK lot. 1H story brick. liOO capacity h." honse. small cow barn, also HI a.'i, farm, close main roml neai Stratford, new house and feiH-e? PXChaDffe for larm-r farm .Idiniis. pay diffenvice. IQ-..I Murray, \voiroii. tint. KOI: ssvi.i.;. WISHP-ONV: INCIIUVT- or. double deck, conl burninu capaclt) 1,800 aifs, !: , ff0 od con- dition. Price 1300.00 Herbert KohNmith. strath--, i.. Ont. K i: \' . i 1IIC.H\V\V Hi ACKKS N K A I! Qrand l:-inl. hl:irk muck R.-irdcn younir orchard, nico n-\\- house. electricity, i-ric.- IIK>U- $i2i' down. Rtffhway village It :icr- K(x,ii !,-i,.|; hi.nsi-. mioil stiihlc for cattle. IIOKS. h, tn. ubundant wni, r. electricity. I'vloft $250(1; <- 'lown. \Vnt. I 1 , rc |'I\- etor. Onl. I'HKNS~\\ ANTKU \V\\Ti:i> PONY CYLINDER PRESS -'" x ,'!S" and (.Jor.ltui 14" x SJ". must In- in KOOI! rumlitlnii. Uoi '''-. \ili'l mil' \\ . Turonto. UUKI MATH' I'AINS ITS IM1'HI!T-\\T KVKKY Sl'K- fi'i-er nf Khciimatic I'nins or Neurltl; ihould try DiMm's Item cd.v. Mini-,, '.i lrm Slni'c 3JS l'!li;lii. Ottiiwa. l'o>i|, :i,l >l.i'fl. IM IM'lliS FOH SVI.I: IJIi'M^TKUI'Ili Sl'i;iN,;KK SVAN- tif. Uorircouj t'lippie'S of supcriur quality, Mrs. ll..ct..r AriiistrnnK. t "--"-mn-iii-. Ontnrlo. STAMI's" APIMJOVA1JJ o V K I; TWENTT thous'inil different i:ritiah nnd rprcUjn to choose from. Rcnnetfa Stiimjis. in M.-MM,, Avenue, Toronto. WK isrv t)|. D STAMI' (.OI.l.KH'- tiniit. hiu-hest prices paltl. (.YHmr UCK.. 'iiv Hlfury. Montrenl. I>.(J TI'IACIIKII %V\\TI-:l :oi I.AIS KlVKlt. I'HOTKSTANT teacher -:intcii for s.s. No. t. Kenuirk. linulnls River, small school, salary eisht hundred: cuinni.'iicc at oiu c. Mrs. M Vi'iinc. ll> LftBSdown* Av>>.. S:iut Mi' M:ili(>.. Otlt.