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PAGE TWO At one time the fact that a man could retire while he was still young, was either a sign that he was a smart business man, or he had been left more money than he needed. In this day and age, it is a mark of neither, for a smart busiâ€" ness man does not retire from active business too early in life, even if he has the money to do so. It has become a recognized fact that a man who has worked all his life should not abruptly leave all his business connections and activities for a life of ease. It does things to him, both morally and physically. Even the Life Insurance companies consider a man who has retired entirely from active business to be a very poor risk. This of course would not apply to all men. For instance, we know of one popular business man who was practically retired from active participation in the operation of his business, but he is by no means idle. This man some years ago, bought himself a farm in the north country. On the property that he obtained, there was a goodâ€"sized lake, which has always held a number of brook trout, a fish that he both likes to catch and eat. h. THE BEAN PRINTING & PUBLISHING CO. Owners and Publishers Subscriptions Payable in Advance $2.00 per year in Canada; $3.00 W outside Canada. ® Smfia copies 5 Authorized as second class mail, Post Office Department, Ottawa. As soon as he had obtained this property, he set to work | improving the buildings with a view to living in thent at least most of the year. The farm house was renovated, but not to the | point where he would think that he was living in a city home.! A wind generator was installed and celectricity replaced the old oil lamps, but that was the major change he made from what t.he} farm had been when he bought it. No attempt was made to have | However, the lake itself did occupy a great deal of his attenâ€" tion. As we said before, the lake controlled a fair number of Brook Trout, a species he wanted in the lake. Unfortunately, it also contained a number of perch, and their numbers were inâ€"| creasing a lot faster than were the trout He knew that to get rid of the perch and replace their numbers with trout was going | to take a lot of work. He has happily been pursuing this life for: the past several years. His retirement has done him no harm, for | he is probably working harder now than he did during the yearsl he was in business. A government itself can produce hot.hing, therefore they can give nothing. Their one source of revenue is out of the pocket of John Public, and only as he gives can the government return. a fancy lawn or shrubbery that did not go with the rough sur roundings the house was situated in. This type of retirement will do man no harm. If you have a hobby or hobbies which will keep you occupied part of the time, and will give you something to think about and plan for. . . then retirement at an age where you can still be active, is good. It is the man who has never learned to play or to follow a hobby, Talk of "free" medical aid for all Canadians has been part of the line of many of our politicians in their latest speeches. [It has also formed a good part of many discussions among private individuals, and the word "free" is becoming just a little tattered. There is nothing "free". It doesn‘t matter whether it is mediâ€" cal aid, the baby bonus, or any of the other government "vote getters", the fact still remains that they are not free. ‘ The baby bonus is of little practical use except to bolster the support which the present government knows it must have to maintain public support. It‘s just another case of robbing Peter to pay Paul, for all taxpayers help to pay the baby bonus. Those who have large families are helped to a certain extent, but it is extremely doubtful if the children themselves benefit to any marked degree. This is rather blunt. We hope however, that you will take it in the spirit intended. The Boy Scouts and Girl Guides of Canadaâ€"168.000 of them â€"will observe Scoutâ€"Guide Week from February 20 to 27. If, as many of us do, we take the Scouts and Guides for granted they‘ll mark the occasion by themselves. For four decades we have seen Scouts and Guides quietly performing worthwhile services. Have we really watched and appreciated? to whom retirement is dangerous. This man has nothing to look forward to, he deteriorates in much the same manner as does an idle piece of machinery . . . he doesn‘t wear out . . . he rusts out. Certainly the Scouts and Guides themselves ask for no specific recognitionâ€"their "Daily Good Turn" has always been without reâ€"imbursement. . . They have been taught that their duty is to "be useful and help others". Nevertheless, they do merit more than a friendly distant approvalâ€"or casual acceptance of their efforts to become better citizens. The same applies to Medical Service or any other "service" offered by the Government. Regardless of what they call it, or how many times they use the word Free: payment for any service will come out of the public‘s pocket. It has to. There is no other place it can come from. granted they i/ mark the occasion by themselves. For four decades, WEBER HOLSTEIN we have seen Scouts and Guides quietly performing worthwhile _ HERD BRINGS $11,645 services. Have we really watched and appreciated? mDesplte (.;.tormy we:thc:.ir, fe To Ce“rt_ainly thg Scoug and Guides themselves ask for no specific . ,hegediff,z}"sal ;v:lse ?,? thaen purgl_. recpgmtxonâ€"thexr ‘"Daily Good Turn" has always been without bred Holstein herd of Aaron M. reâ€"imbursement. . . They have been taught that their duty is to 1Weber, held January 6 at the ‘"be useful and help others". Nevertheless, they do merit more‘}f;ead 2&5}3‘%}0?lgmrl:"m ?,} t};ran a friendly distant a_pprovalâ€"â€"or casual acceptance of their“$11,645 for a general average of efforts to become better citizens. 38343. Seventeen milking feâ€" Their theme this year is ‘"Preparing for Tomorrowâ€"Today". males averaged $427; 7 bred heiâ€" The sole object of Scoutâ€"Guide Week is to demonstrate the trainâ€" ?fers * refer ces Ts tone ing in Citicensiip that Seout a cula o K ‘and 4 heifer calves $179. The f nship that Scouting an Guiding provide for Canadian !two yearâ€"old herdshire brought boys and girls. This will be achieved by a carefully planned $350 on the bid of Harold G. program which will see some branch of scouting or guiding | Anderson, Fergus. demonstrated every day. (_fl?f’p._gm,:_-e._o;{ u;‘e_.qu.:v_v”nfiqs Their theme this year is ‘"Preparing for Tomorrowâ€"Today". The sole object of Scoutâ€"Guide Week is to demonstrate the trainâ€" ing in citizenship that Scouting and Guiding provide for Canadian ‘boys and girls. This will be achieved by a carefully nlanned Scouting and Guiding are a "way of life" for our boys and girls. The more Scouts and Guides we have, the better citizens we will have. Lord Rowallan, €hief Seout of the British Comâ€" monwealth, summed it up this way: "Scouting and Guiding form one of the real hopes for a better understanding among peoples of the world, for it is a common basis upon which people of all countries and creeds can meet." If Scoutâ€"Guide Week did nothing more than to emphasize and spread abroad the youthful spirit of tolerance, fellowship and friendship, it would serve a purpose that would ‘be felt around the world. Let us take a little more interest in Scouts and Guides. They are Canadians in the making and of a truth they are "Preparing for Tomorrowâ€"Today". VALUABLE LEAFLET AVAILABLE FOR CORN GROWERS Prepared by the Ontario Corn Committee, headed by Dr. Truâ€" man Stevenson of the Dominion Department of Agriculture, Otâ€" tawa, a very valuable leafiet is available for corn growers of Ontario. The corn committee is made up of representatives of both Dominion and Ontario Deâ€" partment representatives. The circular can be obtained from the Ontario Department of Agriculture, Toronto, or from any local Agricultural Represenâ€" tative. Under the caption "Corn Hyâ€" brids Recommended for Producâ€"| No species c tion in Ontario", a list of early, | more frequent t medium and late corn, luiub{e which the cowar for plnm.'mfil in the Province, is |fear, the depend given. Each hybrid is selected and the friend i to meet conditions in the areas Caleb C. Colton. THE WATERLOO CHRONICLE o Be Usefu! And Help‘ Others Don‘t Retire Too Early "Nothing Is Free" FRIDAY, JANUARY 21, 1949 On the back of the circular is a map of Ontario carefully marked with climatic zones for corn. Meteorological data has been supplied by the Ontario Research Foundation, for comâ€" pilation of the zones. designated ‘‘The zones outlined in the map are based on the average number of frostâ€"free days and the total number of heat units registered during the growing season," it is explained. _ Corn growers or those planâ€" ning to fimt corn this year are urged to secure a copy of the circular as early as possible. No species of falsehood is |Africa. more frequent than flattery; to sns which the coward is beu'ayed' by | The telling of a falsehood is fear, the dependent by interest, like the cut of a sabre; for and the friend by tenderness.â€"(though the wound may heal, the S anic ons ‘ Top price of the dag was $505 paid by Elgin Laughlin, Caleâ€" our boys and don, for an eightâ€"yearâ€"old cow. etter citizens J\Mrt.l”Laughlin x]a‘lj.soh p_?id 35(‘)’0 tf}tl)r iti _ |a threeâ€"yearâ€"o eifer an e British Com ‘top price for a bred heifer of $500. George Bennett, Belâ€" s for a better mont, was the big buyer of the is a common |day, securing 10 head for a total ‘|Federal de Electricidad to finâ€" ‘ance imports of equipment and ‘maxerinh necessary for the comâ€" |pletion of hydroâ€"electric power stations, transmission lines and \distribution systems in various gan.s of Mexico. The second, for 10,000,000, will be relent by the borrowers to the Mexican ii‘ht and Power Company, Ltd., to finance the e:rmdm of its faciâ€" |lities in the Mexico City area. _ | Mexico, faced with a rapid growth of population, urgently \needs a greater supply of elecâ€" ‘tricity in order to make possible the growth of industry and the |increase of agricultural producâ€" ‘tion through modern irrigation. ‘Industrial production has alreaâ€" ‘dy been restricted by a shortage Many of these accidents should not have occurred. For instance, on Canadian farms the most frequent accident is farm falls, and the most frequent cause is the existence of trapâ€" doors and inadequately protectâ€" ‘ed stairs. Hand railings on open |stairs, and.a railing to guard | every stairway opening and Jtrap-door, will I‘Pt'evem. many inâ€" jurious falls New treads to reâ€" lplace old worn stef» on stairâ€" | ways may zost a little more than | patching, 4 t will proba'blg cost \less than a aoctor‘s bill and time |lost while & broken bone is ‘mend'm%. Patched steps give a sense of security that only too ioften does not exist. Plenty of light is an added precaution, and stairs in a barn are much safer v;lhg: kept free from hay and chaff. WASHINGTON. â€"Two loans totalling more than thirtyâ€"four million dollars have been grantâ€" ed for electric twer developâ€" ment in Mexico the Internaâ€" tional Bank for &ecommuon and Development, one of the Specialized Agencies of the United Nations. The joint borrowers are the Mexico Gets Bank‘s Loans for Electric Power Development Comision Federal de Electriciâ€" dad,. a Mexican eiovemmem afency for the development of e ecu:‘{;ov(er facilities and the Nacio Financiera, an official financing institution. The first loan, for $24,100,000 of power in the most developed areas. The loan agreements provide that the Bank shall be furnished with complete information showing that the funds to be disbursed will be used only for the purposes specified in the agreements. 20 _ This is the second time that the International Bank has granted loans for development purposes in the American Reâ€" publics. Last March the Bank approved credits in the amount of $16,000,000 for the developâ€" ment of hydroâ€"electric power and agriculture in Chile. Safety First is Good Farm Rule During the winter months when things are not quite so busy on the farm is a good time to remedy that hazard which nearly caused an accident back in the summer. Perhaps it was a faulty trapâ€"door or inadeâ€" quately protected stairs in the barn, an unsafe pullâ€"pen, or loose boards on the house veranâ€" dah. Whatever it was, if it isn‘t fixed there may be a real acciâ€" dent this summer. It is estimated that there were 37,200 nonâ€"fatal accidents on Canadian farms in 1947, and 30,â€" 000 of these were to men. Durâ€" ing the same year in the United States 19,500 farm people were killed accidentally and 1,800,000 were involved in nonâ€"fatal injuâ€" ries involving lost time. _ A cause of some farm acciâ€" dents which is often overlooked is the use of too loose clothing. Long, loose slickers worn on a wet day can cause a stumble, or if it is windy can blow into enâ€" gines or machinery which is in operation. It reduces the risk somewhat if a belt is worn with such garments. ‘scar of it will remain â€"Saadi Other high "Frices included $450 by G. A. Hamilton, Brantâ€" ford, for a sixâ€"yearâ€"old cow $450 by Edwin Morl, Tavistock, for a threeâ€"yearâ€"old $500 by M. M. Griswold & Son, Norwich, for a fourâ€"yearâ€"old and $400 by Gordon Fisher, Elora, for a exghbéear-old. J. B. Maitland & Son, Elora, paid the top price of $3,470. These included six milking females, a fiveâ€"yearâ€" old at $500, another 5â€"yearâ€"old at $470, three others at $400 each and a sevenâ€"yearâ€"old at $410. and a seven-%ear-old‘ at $410. He also paid $265 for a bred heiâ€" fer and secured three open yearâ€" lings at $230, $205 and $200. _ _ Auctioneers were A. B bacher and Angus Martin. for a heifer calf of $245 and also purchased another calf at $230. SsOUTH AFRICAN EGGS The first consignment of Ae’r” to be imported from South iâ€" ca since the war has arrived in London. It represents the iniâ€" tial shipment under a British Ministry of Food contract for eight million efip to be purâ€" chased in the Union of South Africa. by the THIS ORICINAL DOCUMENT | A BARGAIN YEAR TO PURâ€" CHASE REGISTERED SEED hu\ily recompense them _ for their cost of production. This, then, is a bargain year for Canâ€" adian farmers to purchase Re. gistered seed in greater quantiâ€" ties than usual, and for farmers who have not hitherto followed the practice of using Registered seed to do so this year. It is not necessary for any farâ€" mer to purchase large quantities of Registered seed. A few bushâ€" els sown on clean summerfallow or other clean land each and every {.;ar is all that is necesâ€" sary. ese few acres allotted to Registered seed should be sown and harvested with care, the seed stored so that it will be free from impurities and from other grains, then carefully seeded again the next year on Because of a sudden and unâ€" expected lack of demand from Europe for Registered seedsâ€" owing to their difficulty in obâ€" taining foreign exchangeâ€"there is today a ponsiderable surplus of Registered seed of many kinds and varieties in Canada. Seed s'”oiwe.n, therefore, have red their prices on seed to comparatively low levels, which larger acre:&es. By doing this a farmer would have in two or three years sufficient high quaâ€" lity trueâ€"toâ€"variety seed to sow his whole farm and at a small cost to himself. Because new strains are being developed almost every year, it pays any farmer to continue with this practice and to purâ€" chase a few bushels of improved strains each and every year. By doing this any farmer‘s crop will be maintained at the very highest standard of quality; inâ€" _ Farmers are reported to be alâ€" ready looking for top quality seed in Bruce. In Dufferin County a few young pigs are moving at $12 to $13. Potatoes are 80 to 90 cents with the odd load at $1. Roads are in a very icy condition everywhere and in spite of mild weather many township roads are blocked. _ deed over the years the high quality will ‘be gradually imâ€" proved. _ ooo g:g::i; ?;g:m‘fre edOtsegd Ii‘;’[tional Refugee â€" Organization each and every farmer each year | ror seciaring mak in amasto P ould not only bring this t or 1ofler, declaring that its importâ€" more money, but because more anc&ztecannott Te maaers u2 of _the â€" commercial â€" product [;’;lvegf’"‘" of the numbers inâ€" wome. be soum tne a ibier ) Doi Srmlang offered to accept amount of foreign exchange Will | sons aixfnu:es i demamerce to. flow into Canada, which in turn gple© of performing work on would be highly beneficial to state hydro eleciric projects: 50 ut whoie iAnational economy state hydroâ€"electric projects; 50 T1 those. therefore, who are in. widbows or mothers with one terested in the advancement of h -20? Ol;lphans. "In0 sags afticultuxe and in the progr&s?::,‘m,fg,w}:r “?(;;\;_s .inatzloossg?gle. of Canada should, as well as hospitals; fey are able to o incourage and 80 elderly persons "generalâ€" the use by farmers of more Reâ€" y fit” for Ssome ligkt employâ€" stered seed ment," some of whom may be & . married couples. Canadian | agricultural proâ€" ducts are sold on the basis of quality. This quality with most of our agricultural products not only commands a premium on of our competitors, but in addiâ€" tion results in our products beâ€" ing given priority by foreign buyers. So the use of a few bushels of Registered seed by hflways and township roads. Middlesex, reports indicate that activity in beef cattle marâ€" keting is almost nil. There is, however, active enquiry for daiâ€" ry cattle to replace animals beâ€" ing turned down in restricted area testing. Some car lots of registered seed grain are being sealed and shipped to Unircd States markets. Continued mild weather in many parts of Ontario has not injured fall wheat, Ontario reâ€" presentatives of the Department of Afiriculture reported in their weekly crop reports for the week ending January 8th. _ _ The sudden change back to winter temperatures will likely cause difficultyâ€"in condition of highways and township roads. In Oxford there is considerâ€" able icy coverage in the winter wheat crop. Dealers report that seed grain "is a drug on the market." + In Muskoka area truckâ€"loads of baled hay are coming in at $25 per ton. A portable seedâ€" cleaning plant has been opcratâ€" ing throughout Muskoka for two weeks. In Ontario county, egg production is holding up well and dairy cattle are in strong demand. Weaning pigs are findâ€" Some corn is being shelled and marketed although meisture content with the mild weather last week, was still high. â€" THE WATERLOO (Ontario) CHRONICL B EXTRACTS FROM WEEKLY CROP REPORT "There goes Mr. Jonathan Remingtonâ€"Revington IIIâ€"probably wearing those red fAlannels with a blue patch on the seat." LAFFâ€"Aâ€"DAY £ ME"/governmental action on behalf 1Â¥ iMmâ€" of those refugees who cannot be | iresemed on the basis of their .PYOâ€"|economic value alone, the govâ€" asis Of | ernment of New Zealand has ofâ€" h most i fered asylum to 1,000 DP‘s more ::tsn n(;)’:. th%n one-v.hu"ld of themd ;g ll)e widows, orphans and elder rodgg'fi\g::sons who find it difficult to n aCC‘~â€" ; be resettled elsewhere. cts beâ€"| William Hallam Tuck, Direcâ€" foreign | torâ€"General of the U.N. internaâ€" 1N burn areas. Ice harvest is likely to be soor in this district. In Northern Ontario Cochrane North reports the price of mp has dropped to 65 cents. In Raiâ€" ny River district a new ‘venture has been started in broiler proâ€" duction, the chicks being flown from Eastern Ontario. Hay confinues to move slowly with prices ranging from $20 to $25 per ton on car. Potatoes are movu? slowly _ with â€" prices around $1 in car lots. In Thunder Bay district whole milk producers received an inâ€" crease of 38 cents per hundredâ€" weight in December. This has resulted in a demand for good dairy cows and consequently prices have risen. Groups of refugees will be seâ€" lected by a mission sent into Germany and Austria by New Zealand. IRO will provide transportation for selected refuâ€" gees, while all arrangements for their resettlement will be hanâ€" dled by New Zealand. Accepted groups will enjoy the same rights, liberties and working conditions accorded to all forâ€" eigners living in New Zealand, and will be eligible for citizenâ€" ship within five years, the IRO announcement says. _ _ City Council passed the necesâ€" sary bylaw confirming the apâ€" pointment. better condition than a year ago. Milk production is low but food supplies are better than for There is a good demand for milch cows in Sudbury with prices ranging from $175 to $200. Widows, Orphans Accepted by New Zealand New Zealand offered to accept 100 families of up to four perâ€" sons, if the wageâ€"earner is capâ€" able of performing work on state hydroâ€"electric projects; 50 widbows or mothers with one child; 200 orphans or adoption in private homes; 300 single women for work in hospitals; and 80 elderly persons "generalâ€" ly fit for some light employâ€" ment," some of whom may be married couples. n A Toronto firm, manufacturâ€" ers of margarine, disclosed that the butter substitute will go on sale in Twin City groceries on Thursday afternoon. potate price is very disappointâ€" ing to growers. In Eastern Ontario some seed im cleaned up but dealers are ho back and possible demand prices constitute the "64 dollar question". A persistent demand for farm help is reportâ€" are holding back and possible e wh gmLCu‘:nd prices comtAitute the "64 ~â€"â€"_â€". 0 question". persistent s demand for farm help is reportâ€" sy‘m ,G' Dobson, P resident ed in Carleton County. ._|Canada‘s progress and tree« m*?â€"rlfiemd:mm n:h,.c..a.;ufn::e....? the maior motivatina force â€" being organized in Braeside, Margarine to Sell For 45¢c Pound at Local Groceterias Chain stores and corner groâ€" ceries alike will have their supâ€" plies, but the quantity will be limited for the present because it is impossible to supply the deâ€" mand. It wil be priced at 45 cents a pound. Appoint Merner To Welfare Post Rentfrew reports a new unit of the Eastern Ontario Cattle Breeâ€" ders‘ Association in process of Wallace P. Merner was apâ€" pointed Waterloo welfare adâ€" ministrator at a salary of $300 per annum at Monday night‘s council meeting. ing a ready market at $12 to $14 GENEVA.â€"In the first direct VERY POOR CONDITION for President. "It works so well that the lowest paid workers in these North American democraâ€" cies are better fed, better housed, and better supplied with the comforts of life than are the great mass of the population of collectivist countries. And they enjoy freedom." "Sociallsm and Communism do not seek to make the best of people‘s minds and enterprise. On the contrary, their process is to level all people by dragging down those who might have suâ€" perior attainments. They need a strong centralized government with control over all sections of the economy. They are not sysâ€" tems of freedom, but of rationed democracy, in which liberty is doled out like social security beâ€" nefits. Incentives are lost, and individual initiative is smotherâ€" ed. Standards of work and proâ€" duct remain unimproved, beâ€" cause jobs are assured without regard for efficiency or performâ€" ance. The ambition of men deâ€" clines to doing just as much as has to be done and no more. Pregress is sacrificed to a worâ€" ship of averagesâ€"and they are averages somehow arrived at so as to be well within the reach of the least progressive. Promoâ€" tion on merit is abandoned in favor of promotion in turn. Skilled workers receive very litâ€" ‘tle more than unskilled workers. It is only natural that such a state of affairs should drive the ‘best brains out of a country. NIGHT CLASSES VERY POPULAR WITH FARMERS A most popular project as far as Ontario farmers are conâ€" cerned is the night classes and short coprses being conducted in various parts of the province. "It is true that we can examâ€" ine our rising export business of the past few months with cerâ€" tain satisfaction. Last October saw us strike a new high record Agricultural _ Representatives report that in many areas, faâ€" ther and mother as well as sons and daughters enrolled early in the season and have kept up reâ€" gular attendance at the courses of instruction. Some short courses are exâ€" over a week, others are held one night per week for the entire winter while still others are held one or two afternoons and evenin?s a week. Kemptville Agricultural School staff memâ€" bers are assisting as instructors at the courses. * "Under this system people think hard and work hard beâ€" cause there are reasonable reâ€" wards. The need of incentives is recognized in every country where men are free to choose whether they shall work or not work, and how hard they shall work. "In all collectivist economies â€"Communistic or Socialisticâ€" the idea prevails that dictators or bureaucrats can arrange the lives of people better than peoâ€" ple can do it for themselves. Caâ€" pitalism, on the other hand, beâ€" lieves that individuals should be free: to express their abilities and thereby bring about a betâ€" ter standard of living and a betâ€" ter social order. "Our system hinges on initiaâ€" tive, the courage to invest capiâ€" tal, the right to table a reasonâ€" able profit from such enterprises as are successful and the obligaâ€" tion to stand such losses as may be incurred in enterprises which The threat to personal freeâ€" dom inherent in the Socialist and â€" Communist phnosogh.ies. and the high promise of Canaâ€" da‘s future‘ were stressed at the Annual Meeting of the Shareâ€" holders of The Royal Bank of Canada. ,"On the evidence beâ€" fore the world today, cag’(t)xlism works" said Sydney G. bson, "Our successful development of natural resources confirms our belief in private enterprise as the best motivating force in an economic system. All the natural resources imaginable are useless until they are brought out where they can be turned into serviceable goods, and the primary seeker, the most sucâ€" cessful finder, and the greatest manufacturer has been private enterprise. "Our present peak of business is being maintained to a large extent by artificial respiration in the form of credits from Canâ€" ada and the United ‘States. To realize our position‘ we need only imagine what would be the state of our commerceâ€"and therefore of our standard of livâ€" ingâ€"if the Economic Recovery Programme and our own loans to Europe were suddenly cut off. in domestic exports, both in toâ€" tal and_ in shigments to the United States Our total in the first 11 months of 1948 was $250 "Not only are the farmers gnininfda ’l‘?l( deal of benefit in the field of instruction, but they are enjoying the opportunity of "I believe in equality, so long as it is equality of opportunity in education, careers and public life. Socialism is a force which holds back, while enterprise is a force which propels us forâ€" ward, and gives men and woâ€" men a chance to display their talent and their worth." FOREIGN TRADE While Canada‘s export figures had shown satisfactory gains during the past few months, Mr. Dobson warned that, "there is nothing in our foreign trade picâ€" ture today about which we can afford to be complacent. sydney G. Dobson, President, deciares private enterprise the very basis of Canada‘s progress and treedom â€" Right to take risks and reap rewards the major motivating force in country‘s development â€" ‘"Socialism and communism are not systems of freedom, but of rationed democracy, in which liberty is doled out like social security benetits . « records in field of Canadian Banking â€" Royal Bank assets exceed $2,222,000,000â€"Deposits reach new Canadian record of $2,067,488,000 â€"â€"Protits moderately higher â€" $4,000,000 added to Reserve Fund. James Muir, Viceâ€"President and General Ma A rts high ords in figld of C a23.., y _ ie ~inper reportst new high The Royal Bank of Ganada Annual Meeting of Shareholders One of the outstanding feaâ€" tures noticed, it is reported, is the large number of young vetâ€" erans of the last war, who are enrolled in these classes. These young men in many cases have started farming under the Vetâ€" erans Land Act and are really anxious to master the elemenâ€" tary goints of farming. They are ta ins full advantage of the courses offered. Instruction is given in farm science, motor mechanic? engiâ€" neering, farm shop and farm â€" ‘‘There are still large reserves available for development. A government tabulation shows 40 million horseâ€"power available, and a little less than eleven milâ€" }ion developed by turbine instalâ€" ation." EECCRO CE E100 OEDROTLMETEAT TES "We <Canadians mxght apâ€" ?vhigv&r:-bllgob:::efl:;e:‘ ~§3 praise ourselves and our posg- reference. "It has become eyi.|Dilities a little higher than we dent," said Mr Dobson, "that | 2"° inclined to do. No country Western Canada, and particularâ€" | °" earth has a future that proâ€" ly Alberta, has"become one of | MS° to surpass or even to equal t{‘e brightest prospects for our CS Whenever we forget that fufure fu 1 l}t i.spggmcast th’ntliact some Canadian voice must by 1950 &p y(;il requirements of‘,speak out, reminding us both of m{r Prairiez will gg satisfied out|th2 Ereatness of our resources 5 and the responsibility that rests of home production ajxl\d lthere‘upon us fo take a mmature and (r:lalzrb:wikseutxs’plu'l%hi:v?s aitr,nf)ofr(:f an ardent view of Canada‘s caâ€" ant beca v barrel of ou}pacity for economic developâ€" :“oducedu:;dechr:ysmedein Cap. ment. Then, surely, a breed of gda conserves from three to five CCUT@geous, clearâ€"sighted and dollars of United States dollar C2N2daâ€"conscious men will arise eXxcha v |who will become acutely seized mnge. Jo[ the fact that we are in duty CONCLUSION bound to develop these reâ€" "I believe that more attention|sources and endowments and needs to be paid to the educaâ€" fdeal with them in cur day for tion of our people in the responâ€" the greater good of generatiors sibilities as well as the advanâ€")of Canadians vet to come. Classes are conducted jointly by the Ontario Department of Agriculture and the Ontario Deâ€" partment of Education in many cases. Enrolment as high as 450 are reported from some districts while in other areas classes take in some 30 or 40 students. and the business man have their greatest worries. No matter how they balance increased laâ€" bor costs with technical adâ€" ‘vnnee. and other increased costs with prevention of waste, they ‘are driven, in spite of all their ingenuity, to raise prices to their customers. ELECTRIC POWER The importance of Canada‘s hydroâ€"electric power developâ€" ment to the national economy was emphasized by Mr. Dobson. \Wide distribution of power and its healthy development had been, he said, vital factors in lpromoting Canada‘s industrial progress and maintaining a high standard of living. "Each inâ€" stalled hydraulic horseâ€"power, if operated continuously throughâ€" out the year, would be the equiâ€" valent of the power obtained from 4 tons of coal. On this baâ€" sis, the present hydraulic instalâ€" lation in Canada might be said to represent the annual use of about 44 million tons of coal. Discovery of additional oil in Alberta and Saskatchewan was meeting their neighbors at these instruction ° classes," a spokesâ€" man for the Ontario Department of Agriculture says. "I believe that more attention needs to be paid to the educaâ€" tion of our people in the responâ€" sibilities as well as the advanâ€" tages of democratic citizenship. Too much stress is being placed, these days, on human rights and not enough on human obligaâ€" tions. If it is reasonable for a man to expect to be taken care of when disaster threatens or strikes him, he should be eduâ€" cated to know that he needs to contribute his share to the welâ€" fare of the nation. I deplore the increasing trend among a porâ€" tion of the younger generation loday to think too much of seâ€" curity and not enough about goâ€" ing out and really accomplishâ€" ing something for themselves. lities to the public. Commercial loans in Canada had also inâ€" creased denoting "an expansion of connections and clients as million higher than in the cor responding period of 1947." ~‘We live in a world where we should not expect to receive something for nothing. This is an old, old law recognized in economics, and no discovery by any political party or reform faction has ever found a permaâ€" nent substitute. Queer creeds based on ease and leisure may rise and flourish for a time, but they always run into difficulty which can be overcome only by work." GENERAL MANAGER‘S ADDRESS Mr. James Muir, Viceâ€"Presiâ€" dent and General Manager, reâ€" viewed the bank‘s 1948 Annual Report and noted that new high water marks in the bank‘s proâ€" gress had been established durâ€" ing 1948. Assets had topped $2,â€" 222,000,000, a point never before reached. The bank‘s liquid asâ€" sets equalled 74%, of nfll liabiâ€" Turning to domestic affairs, Mr. Dobson noted that while the pressure of demand has tended to push prices steadily higher, there has been a levelling off in the rate of increase. "It is with regard to prices," he said, "that the manufacturer "It seems to me that those| , ,_ who work for wages are illâ€"adâ€" |A1D TO TRADE vised when they rush into deâ€"| The important role mands which are planned to|the Royal Bank‘s give them an immediate advanâ€"; lem of fore tage through increased wnges, therins us while losing sight of the fact|S*" . nave that there is an important lor «xperience term aspect to be consid ue said. "Our How much money a wo. . outside of Canada makes is far less significant t _wfoundland, and still in how much he can buy, and if . _eration, is that in Havana, is to buy anything at all his emâ€"|Cuba, opened fifty years ago ployer must be able to stay in’_lh\s spring. Apart from those competition with manufacturers| in Newfoundland, we have at in the rest of the world." igfeseé\l 62d bral:j(('jh::s ¢;ub;;:‘le anada, and, in a ition to IS ELTEh‘;.Tii‘rfaiomwe?of Canada's'direfl reprg'sentanon which covâ€" rtan ers New York, London, Paris l’:‘y:t:“o- :})e‘;g;c mpg:::] g:;’:;:{’; and most Solllnh American counâ€" was emphasized by Mr. Dobson. }3‘:;‘ %s have unituans aiien: Wide distribution of power and|sive‘ correspondent _ relations its healthy development had with b & th hout th been, he said, viiat factors in | uL s Saon benue s aok promoting Canada‘s industrial| ferred, if not unique. pusition to s ie o t | t o many, SBait . 9 . â€" i & â€" staHe«: £ydrau}ic ho"lse‘!’tg;_”e'v hif e).',iega:nStradcel actis'iiies.ana as for opera continuously oug -‘ out the year, would be the eauiâ€") NEED FOR ENTERPRISE "It is with regard to prices, "The farmer is no longer tisfied to hole up on his f for the winter. He is desirou meeting his fellow citizens spokesman said. "Whatever the outlook for Canadian business in the short run, _ our _ longâ€"run _ position should be secure. For our ecoâ€" nomic fortunes as a nation deâ€" pend, not on disturbing short run ups and downs, but on our tremendous wealth in natural resources. Of course. natural reâ€" sources are of little use unless they are developed. And I agree heartily, therefore with what the President has just said about the need for ambition and enterâ€" prise. machinery care. Motor mechanâ€" ics is a favorite class due tp the growing use of the tractor in modern farming. Reforestation, agricultural â€" engineering _ and farm building construction and repairs are also among the subâ€" jects taught. In several counties soils, crops and animal diseases have at tracted large enrolments. Exâ€" pert instruction is given by trained instructors‘ Another popular subject beâ€" ing given at both short courses and night classes is planning of community programs Ifiost farm areas have developed a new attitude very favorable to community getâ€"togethers sing songs and other phases of com munity life stt auiis d eA m e __‘"We have a large organizaâ€" tion, 10,567 men and women, and if there is sometimes a tenâ€" dency for members of the staff to feel that they are but very small cogs in a vast machine, I ask them to dismiss the thought, for every single job in the bank is importantâ€"every single job must be well done. That our staff, both men and women, are discharging these important duâ€" ties with untiring efficiency and in Eood spirit is properly exemâ€" plified in the fact that the sucâ€" cess embodied in this year‘s Anâ€" nual Report is in no small meaâ€" sure due to their efforts. The Executive are fully aware of thisâ€"and acknowledge it grateâ€" fully. â€" We have reason to be proud of our staff, and on their behalf I ean tell the sharchoiders. the public. and our clients that they can all rely on the knowâ€" ledge that the members of the staff will endeavour to continue to serve them wellâ€"with effiâ€" ciency â€" with accuracy â€" and with friendliness." PRAISE FOR STAFF "It is no secret that‘ public opinion of the bank is forméd by and large through dealings with the staff, and so the Royal Bank‘s prestige is largely dcâ€" pendent on personnelâ€"for it is through them that the bank is known to the world for what :t isâ€"good, bad, or indifferent. In all modesty, I feel I can properâ€" ly say that the bank is held in the highest esteem, not only in Canada but in the many counâ€" tries where we have branches. The important rol« the Royal Bank‘s tem of fore‘ therins ber of depositing clients and toâ€" tal deposits of $2,067,488,000, an increase of $133,303,000 over the previous year, and a new hfl water mark in the history of bank. Earnings had been moâ€" derately higher, and in addition to providing for the customary deductions including taxes of $3,150,000 and increased diviâ€" dends (g: Shareholders, had enâ€" abled the bank to transfer $4,â€" 000,000 to the Reserve Fund which now totalled $44,000,000. This left a carry forward in Proâ€" fit and Loss Account of $1,532,â€" well the fulfilment of the adâ€" dit.iorfil needs of old customers". Mr. Muir aiso noted a further substantial increase in the numâ€" is no lung(‘r Sa up on his farm He is desirous of