The Ottawa Journal from Ottawa, Ontario, Canada • Page 14

BiiJK if mm 46th ANNUAL SHAREHOLDERS' MEETING i 1 Address delivered Es. L. Patenaude, President SCIENTIFIC AND RATIONAL DEVELOPMENT Of OUE NATURAL The chief elements of prosperity and stability are industry, thrift and enterprise. Addressing the Shareholders, the President, tht Hon ourable Es. L.

Patenaude, follows: Recalling the loss to the Bank cf one of its former -Vice-Presi Mr Jean" Holland, who had Y' been a Director of the Bank since 1837, the Honourable Ma Pate- rtaude paid respects to the deceased and Xo the latter' father. Mr. S. J. B.

Rolland, a former President. Referring to the reslgnatiort-of Mr: Chi A Roy.as President and Managing Oirector of be said the. services Tendered by v-i' in predecessor to the Bank from 1905 to the end of the last fiscal 3year bad been such that he "fle-' aervesT rom the Shareholders a generous measure of their grati-tade. Mr. Roy, he added, had BOX.

ES. ii. FATENAUDE. P.C, K.C. President iTha Provincial Bask of Canada giverTfelrnself unsparingly to tha development of the3ank and this bad contributed significantly to the presenVneed Of relinquishing the heavy burden of office.

The was happy to announce teat Mr. Roy's long experience Would remain at the of the Board of Directors, Referring to -this1 Annual Statement, the President said the year pl4 had been notable-for a gratU fying increase in loans and jahort term Investments. At the same time a strong cash position had maintained and; profits r.kepi "at a satisfactory level. However, he sounded a note of caution stating Jthat current do- rnestic- and international problems, even 'though their presence was traceable to historic causes, could become sources -of profound disturbance. Conflicts, be continued, economic political and other.

have invaded new areas' while becoming more acute. Jfo nation can feel itself immune-J frojn the- current unrest. No point-Ctt-lhe globe is free from uneasiness. Everywhere events prove i the Interdependence of a peoples. Notwithstanding reper-cussions of this universal unset-tlement on a young country such as Canada, he urged confidence in Individual Horoscope By FRANCES DRAKE.

j. Look in the section in which your birthday comes and find what your outlook is. according to the stars, for Tuesday January 14. March 21 to April 10 (Aries) A neutral data. Take it easy in passing out your money, there JV' will ha times wheat it be morm useful- -to possess.

Don't start what you can't finish. En- Joy the little things. April 21 to May 20 (Taurus) May run up against' obstacles in business or otherwise. Be amen-, abler Financial disappointments can be lessened by carefully watching trends, and how you spend. May 21 June 21 (Gemini).

Some unfavorable tendencies. Your "planet advises caution, rspeclally in money matters, in--; vestments. May be some delays 'getting results, criticism to jrour plans. Keep --June 22 to July 23 (Cancer) Family affairs, love, romance, relations with friends, social -mat-- tera sponsored today. Improving habits and standing with coworkers can help tomorrow's business success.

Jaly 24 to Angus. 22 (Leo) Much better trend Vxists than shows on surface. You can safe-: ly try out some new idea, "long planned scheme. Have confidence. Excellerjt prospects for heart inr terests.Jrom 8 p.m.T "jj to' SeptemberW "(Virgo) Generous offerings wait your sincere, steady efforts.

Some 'exciting moments likely bearing good tidings. will achieve if you stay. within some limitations. y9imbev to October 23 (Libra) Influences for your advancement Some of your suc- cess in others' hands, their1 help a commanding factor use it graciously. Loved ones will also play i big part in your success.

October--24 to November -22 (Scorpio) Some secret trends, J--'v yet "-food conditions prevail gen I erally to' promote your worthy "N-J-Cplana." Don't be "too trusting, emo-tienal orpositive. Be moderate, aensible. November 23 to December 22 (Sagittarius) Especial gains through tact, doing a good without expecting compensation (then benefits "'will come two- Ill THE OTTAWA JOURNAL. by The Honourable RESOURCES 1 P.C., K.C.. stated, In part, as i i the future because of the sound ness of our economic structure, the country's unimpeachable rec ord in meeting its obligations, the relatively large volume of business maintained and its unequal led resources.

Dealing with the utilization of natural resources, he advised scientific and rational development, adopting principles of conserva tion ensuring a maximum present yield without Jeopardizing the future. Raw materials without work and enterprise are barren and cannot bring forth wealth. If. tot all that, we add thrift and savings, we have. the principal elements of prosperity and of success for both the Individual and the country as a whole.

Enterprise, work and thrift create capital. It is never of spontaneous but it springs from the pooling of our Initiative and effort. Everything 'which retards business progress destroys capital or hinders Its -Here as elsewhere equilibrium has yet to be restored. The war is over, but peace is still awaited. Half the world revels in plenty and comfort; the other half suffers from deprivation.

Dissimilar Interests are rending apart peoples who should be orawjng closer. While some fear the superabundance of money, others are already hopelessly entangled In currency problem. In a brief reference to the low rate of interest on investments, the President said the yield from high-class short-term investments appears too low, especially if the interest paid on savings and the constant rise in operating costs are taken into account Yields, on longer term Investments, he added, would continue at a low rate for a long 'time to come because of present long-term conversions of issues normally found in individual and 'institutional portfolios. The Honourable Mr. Patenaude advocated retrenchment in public budgets, reductions in taxation, lowering of the cost of living and increasing the return on savings to contribute to the birth of.

new Initiative and to stimulate the desire to save. Stating that such a policy would tend to develop self-reliance, he warned that the present- paternalistic trend in government catering to individual needs was opening the way to the abuses of Socialism. In closing, the Honourable Mr. Patenaude expressed the hope that we may recover completely some of the old-time Qualities and virtues of thrift, prudence, justice and mutual help. It is with a spirit of co-operation among all that we shall be able to make necessary readjustments, to maintain the activity of our industry and commerce, to safeguard our economic structure, and to continue to honour our i tin- fold).

Avoid any rashness where affections are concerned. December XI to January 31 (Capricorn) Upsets if temperamental explosions indulged today. Get along amicably with fellow workers, those who are really your friends. Proceed cheerfully. January 22 to February 20 (Aquarius) Most of our failings and trouble come from.

doing the opposite of what we should do or said we'd do. Let's stay on the straight 'and narrow today. Best results therefrom February 21 to March 20 (risces) indications of some unheralded favors, i Administer your efforts, express tastes in a i tactful manner. Avoid pandering, gaining through questionable means; NO a YOU-BORN TODAY: Are very capable, systematic, usually thrifty. Should analyze situations well, then make decisions quickly.

You have management ability, are athinker, and get results when serious about a thing. Sometimes overperslstent, a little heedless of good advice. Turn to those who would help you. Stick to loved ones, especially in times of stress. Avoid oversecre-tiveness.

I Mrs. Carl Reynhold Dies'at Granum, Alfa. A former resident of Ottawa, Mrs. Frances G. Reynhold, died on Friday on Granum, aged 78.

She waa a daughter pf the late Mr. and Mrs. John Carruth-ers, of Ottawa, and widow of Carl Reynhold. She ia survived by three brothers, Major H. E.

Carruthers, of Toronto; George M. Carruthers, of Vancouver, and Hector K. Carruthers, of Ottawa; and by two sisters. Mrs. Bert Aikens and Mrs.

John Brady, both of Ottawa. The funeral service is being held today in Calgary, and the remains will be brought to Ot by her brother, George M. to WTarruthers. of Vancouver, ifor "private burial. MONDAY, JANUARY II, 1J47.

Mr. J. U. Boyer, Commcnis Annual NOTABLE INCREASE INVESTMENTS After approval of the minutes of the last annual general meeting, 1 the General Manager, Mr. J.

U. oyer, read the report of the Board of Directors and presented an analysis of the financial statement addressing the meeting, in part, as follows: The post-war period of recon- version has proceeded at an accelerated rate notwithstanding unfortunate strikes which temporarily have, delayed production in some industries. However, he continued, the volume of business done by the Bank has been much more extensive than last year and the figures in the statement indicate a substantial increase under several headings and. all-time highs in some cases. Referring to balance sheet fig urea he pointed to an increase over 1945 of $8,848,891 in total assets which now amount to I would ask you to Hake particular note ot the increase In the total assets of your Bank which Is a criterion of the confidence it enjoys and its' broader participation in the national said Mr.

Continuing his comments, the General Manager stated that an analysis of the assets reveals a strong liquid position. In fact, cash on hand and other readily realizable assets amount to and represent 84 of the Bank's liabilities to the public. Cash on hand, deposits with and notes ot the Bank of Canada and deposits with foreign Banks have been maintained at the usual high level and amount to $19,737,558. Investments I Include $42,764,934 in short term bonds of the Dominion and Provincial Governments and an Increase of over 1949. Longer term, Federal and Provincial Government securities amount to a decrease of $4,881,073 compared with last year.

On the whole, these investments yield a low rate of interest to financial Institutions because of the continued weakness in money rates. Mr. Boyer, reviewing loans and discounts, aaid that the period of transition from war production to production for civil use reflects a substantial-Increase in loans to industry, commerce and agriculture. Loans to rnunicipalities and school corporations have also been more numerous. The increase in the production" of agricultural products, with higher prices in the latter prevailing, have enabled many farmers to replace their agricultural machinery, to install electric systems on farms and to modernize their dwellings.

Current loans amounted to $23,913,908 on 30th of November last, an Increase of 42.6 or $7,628,579 compared to last year. i Referring to total deposits, Mr. Boyer recalled that they how amounted to $134,077,904 i as against $126,789,771 a year ago and $49,333,803 in 1938. You will observe that savings deposits stand at $100,827,720 which reflects an increase of $14,910,369 compared to last year. Non-interest bearing deposits amount to $26,131,773 and indicate little change from a year ago.

The price of most commodities being higher, stocks carried represent a proportionately greater money value which is reflected in lower bank balances. Federal Government deposits which are subject to wide fluctuations appear to have been reduced generally and those appearing in the 'statement amount to $7,118,011. In reviewing the profit and loss account, the General Manager referred to the satisfactory Increase in the Bank's profits for the year, which after making the usual appropriations, amount to $506,282. From this amount $161,738 has been set aside to provide for Federal taxes; $98,262 has been written off Bank premises and dividends of $210,000 have been paid Alexander March Dies In Ottawa Hospital Alexander March, a resident of Gatineau Mills, for the past 21 died on Sunday in an Ottawa hospital following a short illness, He was in his 46th year. Mr.

March waa born in New foundland' and waa the son of Wilson March and his Wia, the late Bertha Slade. He had been employed as a millwright ate the International Paper Company for the past 21 years. Mr. March waa married in Ottawa in 1943 to the former Alexandrine Seguin, who survives. Besides his father and his wife, Mr.

-March Is survived by two sons, Ralph and Roy, of Ottawa; a daughter, Miss Verna, of Ottawa, and a brother, Ernest, of Gatineau Mills. The funeral will be at Hulse and Playfalr at two o'clock on Wednesday afternoon. Rev. L. O.

Bunt will conduct the service and interment will be in East Terapleton United cemetery. EUGENE DOMPEEHRE. 'a A life-long resident of Hull, Eugene Dompierre, 61, died Sat urday at his home. 111 St Lawrence street, Hull, following a long illness. Born in Hull, he was the son of the late Alfred Dompierre and the former Hermellne Girard.

He received his education at Hull schools and attended Notre Dame church. He was married in 1931 the former Rose Alva Beaupre, who survives, 1 He is also survived by one son. Paul Emile, at home; six daugh 1 tors, Colette, Anita Susan, Denise, General Uager, IN ASSETS, LOANS, AND DEPOSITS J. U. BOYER General Manager The Provincial Bank of Canada to shareholders.

Ifl this connection your directors have considered it appropriate to increase the dividend from 9 to 6 per annum, The balance at credit ot Profit-'and Loss Account on 30th November, 1946, amounted to $306,629 as against $270,345. in 1949. The sum of. $1,000,000 which had been transferred to internal reserves from 1832 to 1939 both years Inclusive, to provide for possible, contingencies had' not been used and waa transferred to reserve fund which now stands at $2,000,000. In closing, the General Manager expressed his appreciation to the Board for their helpful co-operation and he extended hearty thanks to the officers and members of the staff generally for their devotion to duty and dose co-operation during, the fiscal year just i- It was moved by Mr.

Victor Levesque, seconded by Mr. Hector Couslneau and resolved that the shareholders wish to express their regret at the decision taken by Mr. Charles A. Roy to 'retire as President and Managing Director; that they vote! their thanks for his contribution to the constant progress of the Bank during his 41 years ot service; that they congratulate the Board of Directors on their felicitous choice in calling to the presidency, the Honourable Es. L.

Patenaude, former Lieutenant-Governor of the Province of Quebec; who ranks among the foremost citizens of this country. Were elected to the Board of Directors: Honourable Senator Elle Beauregard, K.C., Honourable Jules A. Brillant, M.L.O, Messrs. C. Carsley, C.

G. de Tonnan-cour, Honourable R. O. Grothe, MX.C, Mr. Alfred Marols, Major R.

H. Parent, M.D., Honourable Es. L. Patenaude, P.C., K.C., and Mr. George A.

Savoy. Were elected members -of the Board of Messrs. Narcisse Ducharme, L. E. Lang's Galipeault, K.C., B.S., Edouard Gohier, Honourable Senator Antoine J.

Mr. Victor -Morin, Mr. Clement remblay. At a special meeting 'of the Board of Directors held lmmedi- lately after the shareholders' meet ing, tne Honourable s. u.

Patenaude, P.C., ICC, waa re-elected President of the Bank and Messrs. Cecil L. Carsley and George E. Savoy, Vice-Presidents. At a meeting of the Board of Commissioners-Censors, Mr.

Victor Morin was re-elected President and the Honourable Senator Antoine J. Leger, K.C., Vice-President, Helen and Plerretteiill at home; one step-daughter, Mrs. Emile Monette; iwo brothers, Wilfrid, HuU, and Albert. Lake St. Mary; four sisters, Mrs.

Leon Lacelle, Mrs; Mathlas Lacelle, Rome, NY; Mrs. George Dugas and Mrs. Arsidas Morin, both of Hull. The funeral will be held Tuesday from the Emond Funeral Home for requiem high mass at Notre Dame Church at 8.45 a.m. Interment will be In Notre Dame cemetery.

i it, We must vacate one of our large Furniture Warehouses by Feb. 1st I therefore everything SOME EXCELLENT BARGAINS IN, CHESTERFIELDS BEDROOM SUITES BREAKFAST SETS. OCCASIONAL CHAIRS and OCCASIONAL 'PIECES "You Can Always Do 712 SOMERSET W. $-6211 -( in 7 HERBERT F. GORDON, Deputy Minister of National Defence for Air, who has gone on leave preliminary to his retirement on June 10.

Dr. A. L. Foster Dies at 80 Dr. Archibald Leslie Foster, Ottawa physician and member of the ataff of the Ottawa Civic for many years, and formerly of the staff of the Ottawa General Hospital, died oh Sunday evening in, an Ottawa hospital after an illness of three years.

He was in his 81st year. Dr. Foster had been a member of the medical profession in Ottawa for more than 43 He waa born in Ottawa oniMay .21, 1866, and received his secondary education at Lisgar Collegiate. He was a graduate of McGlll University and took a post-graduate course at Edinburgh University. Dr.

Foster retired from active participation in his profession three years ago but retained bis position on the1 consulting board of tha Civic Hospital until the nresent time. He attended- the West EndJ Methodist Church and had been a member of the Doric Lodge AF and AM for the past 50 years, for which he was recently presented with a medaL A son of the late Mr. and Mrs. Joseph Foster, he wss married In Carleton Place In 1891 to the former Janet Graham who prede ceased him in 1939. Dr.

Foster is survived by a daughter, Mrs. Dorothy Bagg; two grandchildren, Susan and Janet Foster, of Montreal, a sister-in-law; Mrs. E. S. Johnston.

A son, Dr. Graham Foster, died in Rev. Dr. John Woodside' will conduct the service at the parlors of McEvoy Brothers on Tuesday afternoon at 3.30 o'clock, inter ment will be In Beechwood ceme tery. v- George H.Bryson And J.

W. Waynes Leaving CiffPosfs George Herbert Bryson, super intendent of streets, Is on leave from the city pending retirement on superannuation. "Joseph Haynes, street foreman, is also retiring from the civic sendee on pension. 1 i Mr. Bryson who waa born in Kirkcaldy, Scotland, will be 65 on February 21 when he goes on pension.

He cameito Ottawa in 1905 and in that year joined the Engi neering Department. Two years later he resigned and for a num ber of years worked on surveys, mostly in Western Canada. I In 19321 he rejoined the Works Department as assistant street BUDerintendent On the retire ment of J. Wellington Nelson he became superintendent He was educated at Kirkcaldy, Borough School and Glasgow Technical School. I Mr.

Haynes was born Eng land and came to Ottawa in 191 when he Joined the engineering department He will be 65 in FIRE IN HOUSE. A two-storey frame house oc- by Paul Brareau, 30 Cpurcellette street, Hull, was damaged to the extent of $75 early Sunday morning, when fire, caused by an overheated stovepipe, destroyed part of the dining-room walla Hull firemen from stations No. 1 and 3, under Chief Emile Bond, answered the call and brought the fire under control in less than half an hour. Damage to the house, owned by Wilfrid Leblanc, of Hull, lis covered by insurance. Cars Stop at the Door.

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