Si
M
k
1
LEON
BALCER
flag
debate
Soon
End
Flag
Debate
MONTREAL
CP
The
Progressive
Conservative
par
partys
¬
tys
Quebec
leader
said
today
the
common
debate
on
the
flag
should
be
finished
by
the
end
of
the
week
Leon
Dalcer
did
not
elab
elaborate
¬
orate
on
his
prediction
But
he
did
stress
during
a
speech
to
the
Chamber
de
Commerce
de
Montreal
that
a
distinctive
Canadian
flag
is
one
of
the
necessary
parts
of
a
new
cons
constitution
¬
titution
for
Canada
Mr
Balcer
again
suggested
that
a
Royal
Commission
be
established
to
draw
up
plans
for
a
revamped
Canadian
cons
constitution
¬
titution
He
said
Quebec
democracy
is
in
great
danger
in
view
of
what
he
listed
as
three
dis
disturbing
¬
turbing
developments
Mr
Bal
Balcer
¬
cer
said
he
is
disturbed
when
he
thinks
in
his
words
a
trade
union
as
discredited
as
the
Seafarers
International
Union
giving
money
for
elec
elections
¬
tions
to
the
agents
of
the
peo
peoples
¬
ples
representatives
He
also
referred
to
in
his
words
fact
that
an
interna
international
¬
tional
narcotics
ring
can
ex
extend
¬
tend
its
tentacles
into
the
of
offices
¬
fices
of
government
ministers
and
MPs
and
that
finally
fraud
fraudulent
¬
ulent
bankruptcies
tarnish
the
reputation
of
those
who
have
been
elected
by
the
people
Mr
Balcer
filled
in
for
Op
Opposition
¬
position
Leader
Diefenbaker
whose
scheduled
address
to
the
Chambre
was
cancelled
after
Mr
Diefenbaker
became
ill
BIG
PARTY
NO
WEDDING
LONDON
AP
-
Horace
Davison
and
Jean
Dixon
dropped
in
on
the
local
vicar
in
Nedviorth
County
Dur
Durham
¬
ham
again
today
in
a
new
effort
to
get
married
Their
first
one
didnt
work
but
they
had
a
whale
of
a
wedding
reception
for
80
guests
Davison
32
and
Miss
Dixon
28
showed
up
Satur
Saturday
¬
day
at
St
Nicholas
Church
he
in
his
best
bib
and
tucker
she
in
a
lacy
bridal
gown
Vicar
James
Beattie
said
he
was
sorry
but
he
had
for
forgotten
¬
gotten
to
put
the
thing
down
in
his
book
and
the
banns
had
not
been
announced
so
no
wedding
Halfway
between
embar
embarrassment
¬
rassment
and
anger
the
bridal
couple
trooped
out
fol
followed
¬
lowed
by
their
guests
They
all
repaired
to
Jeans
home
where
Dad
Edward
Dixon
manfully
carried
on
Said
her
father
There
should
have
been
a
wedding
everybody
is
dressed
up
for
it
and
whats
more
important
the
wine
is
chilled
So
the
party
went
on
Jean
in
her
pink
honeymoon
dress
and
the
almost
groom
in
his
travelling
suit
The
vicar
meantime
got
busy
on
the
banns
and
a
spe
special
¬
cial
licence
At
todays
parley
it
was
arranged
to
conduct
the
ceremony
next
Saturday
The
reception
was
Just
a
rehearsal
the
couple
said
Access
Road
Work
Starts
From
Topley
BURNS
LAKE
Correspon
Correspondent
¬
dent
A
spokesman
for
the
department
of
highways
says
clearing
of
the
right-of-way
for
a
six
mile
access
road
from
Topley
Landing
to
the
ferry
dock
for
the
Granisle
Copper
mine
Is
due
to
begin
this
week
The
road
is
to
be
constructed
on
a
cost
share
basis
with
the
department
of
mines
Other
improvements
also
will
be
carried
out
In
that
area
Including
reconstruction
of
three
small
bridges
damaged
In
the
spring
floods
These
are
the
Tachek
Creek
bridge
11
miles
from
Topley
strimbold
Creek
14
miles
and
Lower
Tachek
Creek
bridge
18
miles
from
Topley
on
the
Topley
Land
Landing
¬
ing
road
CAKED
TO
UNWED
WINNIPEG
CP
-The
Bella
Rosa
home
for
unwed
mothers
here
has
cared
for
more
than
9000
women
since
It
was
estab
established
¬
lished
In
1898
by
the
Sisters
of
Mlsericordla
Wednesday
December
9
1964
THE
CITIZEN
17
Good
Reason
to
Approach
the
New
Year
with
Confidence
Trends
within
the
economy
may
be
more
varied
and
increases
in
output
more
moderate
than
in
1964
but
in
general
economic
conditions
should
continue
to
be
favourable
said
JPR
Wadsworth
President
addressing
the
98th
Annual
Meeting
of
the
Canadian
Imperial
Bank
of
Commerce
We
meet
today
at
the
close
of
a
year
that
has
been
favourable
for
Canada
in
many
respects
Economic
con
conditions
¬
ditions
within
our
country
have
been
generally
good
with
each
major
region
continuing
to
participate
in
the
general
prosperity
Total
Gross
National
Product
in
1964
is
now
expected
to
exceed
46
billion
an
increase
over
last
year
of
some
6
per
cent
in
volume
and
approaching
8
per
cent
valued
in
current
dollars
This
is
the
fourth
year
of
steady
growth
achieved
without
marked
pressures
on
labour
and
materials
and
within
a
framework
of
comparatively
steady
prices
It
is
a
good
record
of
sustained
expansion
The
strong
rise
in
output
this
year
has
been
achieved
primarily
through
a
sharp
increase
in
export
sales
and
a
substantial
rise
in
private
capital
investment
Exports
On
the
export
side
strong
demand
from
the
United
States
the
United
Kingdom
and
other
overseas
customers
has
resulted
in
high
volume
sales
of
Canadas
major
traditional
export
items
including
wheat
and
flour
newsprint
and
pulp
lumber
and
ply
plywood
¬
wood
and
various
semi
processed
non
ferrous
mineral
prod
products
¬
ucts
In
addition
there
has
been
a
sharp
rise
in
shipments
of
iron
ore
and
concentrates
and
there
have
been
substantial
sales
of
aircraft
and
parts
semi
fabricated
steel
industrial
and
farm
machinery
and
automotive
products
Exports
of
products
from
the
secondary
manufacturing
industries
have
shown
encourag
encouraging
¬
ing
gains
in
volume
and
variety
and
the
delivery
of
a
sub
substantial
¬
stantial
portion
of
the
250
million
bushels
of
wheat
sold
to
the
Soviet
Union
has
been
a
major
supplement
to
the
usual
flow
of
exports
The
total
value
of
merchandise
exports
from
Canada
is
estimated
at
S62
billion
for
the
first
nine
months
of
1964
an
increase
of
about
23
per
cent
compared
with
the
corresponding
period
last
year
Capital
Investment
Capital
investment
has
also
been
the
source
of
substantial
stimulus
to
the
economy
The
estimate
of
total
outlays
for
private
and
public
investment
including
housing
is
S108
billion
for
this
year
If
this
program
is
accomplished
it
will
mean
an
increase
in
outlays
over
last
year
of
about
SI5
billion
by
far
the
sharpest
Increase
since
1956
The
sharp
rise
in
capital
investment
in
the
business
sector
has
resulted
from
a
combination
of
developments
World
demand
for
the
products
of
our
mines
and
forests
has
increased
in
a
number
of
the
basic
resource
industries
to
an
extent
that
war
warrants
¬
rants
further
expansion
of
capacity
The
development
of
extensive
energy
resources
is
going
ahead
following
the
con
consummation
¬
summation
of
agreements
for
the
sale
of
power
to
the
United
States
Industrial
Production
The
general
pattern
of
industrial
activity
has
reflected
the
stimuli
from
exports
and
capital
investment
as
well
as
the
strength
of
domestic
demand
Industrial
production
rose
sharply
during
the
latter
part
of
last
year
and
has
moved
gradu
gradually
¬
ally
higher
in
a
saw
tooth
pattern
through
1964
The
average
level
of
industrial
production
in
the
first
eight
months
of
this
year
was
9
per
cent
higher
than
in
the
corresponding
period
of
last
year
Agriculture
The
outstanding
development
in
the
agricultural
sector
has
been
the
very
high
volume
of
wheat
exports
in
the
crop
year
ending
July
31
1964
Wheat
and
flour
exports
amounted
to
nearly
600
million
bushels
almost
80
per
cent
higher
than
in
the
previous
year
and
almost
double
the
average
for
the
preceeding
ten
year
period
The
dollar
value
of
wheat
exports
in
the
last
crop
year
was
more
than
SI
billion
and
the
major
export
mar
market
¬
ket
for
Canadian
wheat
was
the
Soviet
Union
which
purchased
about
40
per
cent
of
total
export
shipments
The
wheat
crop
this
year
is
estimated
at
some
600
million
bushels
1
7
per
cent
below
last
years
record
harvest
but
still
the
fourth
largest
on
record
Consumer
Sector
Personal
expenditures
advanced
markedly
during
the
last
half
of
1963
and
the
early
part
of
this
year
The
rate
of
spend
spending
¬
ing
for
durable
goods
was
especially
strong
paced
by
record
purchases
of
automobiles
Outlays
for
imported
goods
and
for
travel
abroad
increased
quite
sharply
following
the
pattern
of
previous
business
expansions
In
the
second
quarter
of
this
year
consumer
expenditures
increased
only
slightly
but
the
year-over-year
increase
was
still
almost
7
per
cent
Personal
income
has
followed
a
similar
pattern
rising
sharply
in
the
fourth
quarter
of
1963
and
the
first
quarter
of
this
year
Government
Sector
In
the
first
seven
months
of
the
current
fiscal
year
April
to
October
the
Federal
budgetary
surplus
was
S451
million
com
compared
¬
pared
with
a
deficit
of
SI
286
million
in
the
corresponding
period
of
1963
In
the
seven
month
period
this
year
expendi
expenditures
¬
tures
were
up
755
million
but
revenues
were
up
S655
million
which
suggests
there
is
some
possibility
of
balancing
the
Federal
budget
in
the
current
fiscal
year
Employment
The
advance
in
economic
activity
this
year
has
been
accom
accompanied
¬
panied
by
some
increase
in
employment
The
total
number
of
people
at
work
in
September
was
estimated
at
6754000
an
increase
of
189000
over
a
year
earlier
Unemployment
was
estimated
at
218000
in
September
1964
some
32000
under
a
year
earlier
The
employment
picture
in
terms
of
the
utilization
of
the
labour
supply
is
the
most
favourable
since
1957
and
in
some
regions
there
are
indications
of
considerable
pressure
on
the
supply
of
certain
types
of
labour
Balance
of
Payments
Canadas
balance
of
payments
for
the
first
half
of
1964
showed
a
deficit
in
the
current
account
of
518
million
com
compared
¬
pared
with
a
deficit
of
S452
million
in
the
corresponding
period
last
year
Exports
and
imports
were
up
substantially
in
volume
each
gaining
over
20
per
cent
Merchandise
exports
for
the
six
months
period
amounted
to
83927
million
and
imports
were
valued
at
3767
million
the
resulting
favourable
balance
on
merchandise
trade
was
1
60
million
up
1
2
million
from
a
year
earlier
At
the
same
time
the
continuing
deficit
on
non-merchandise
transactions
increased
from
600
million
to
678
million
chiefly
the
result
of
larger
deficits
in
the
travel
account
and
the
interest
and
dividends
account
In
total
the
current
account
deficit
increased
by
66
million
In
this
connection
it
is
important
to
note
the
very
sharp
increase
in
the
deficit
on
current
account
transactions
with
the
United
States
built
up
principally
as
the
result
of
the
much
larger
inflow
of
merchandise
imports
although
there
was
also
some
increase
in
the
deficit
on
non
merchandise
transactions
Outlook
for
1965
It
is
from
a
record
level
of
economic
activity
in
the
final
quarter
of
this
year
that
we
move
on
into
1
965
The
levelling
out
which
appeared
in
some
areas
of
the
economy
around
mid
midyear
¬
year
turned
out
to
be
temporary
and
the
strong
upward
trend
in
total
output
was
resumed
in
the
fall
The
economy
still
appears
to
be
functioning
in
good
balance
inventory
sales
ratios
in
manufacturing
are
satisfactory
by
historical
standards
the
volume
of
unfilled
orders
is
substantial
and
competition
is
keep
keeping
¬
ing
a
tight
rein
on
prices
Strength
is
continuing
to
flow
from
many
sources
There
are
indications
that
the
surge
in
capital
investment
will
continue
through
next
year
although
the
increase
in
volume
may
be
somewhat
less
than
this
year
The
climate
for
Canadian
exports
may
not
be
quite
as
fa
favourable
¬
vourable
next
year
Assessments
of
the
economic
outlook
for
the
United
States
in
1965
indicate
a
somewhat
slower
rate
of
increase
in
economic
activity
than
this
year
Overseas
there
has
been
some
slowing
down
in
growth
rates
in
anumber
of
coun
countries
¬
tries
which
purchase
substantial
quantities
of
Canadian
products
Consumer
expenditures
and
government
outlays
for
goods
and
services
the
other
two
major
sectors
of
final
product
demand
have
provided
firm
support
to
the
economy
through
this
year
Changes
in
detailed
patterns
of
expenditure
in
these
areas
arc
to
be
expected
as
demands
change
in
response
to
shifting
income
flows
population
groupings
and
various
special
influences
However
there
docs
not
appear
to
be
any
reason
to
anticipate
marked
changes
in
the
general
trends
of
demand
in
these
two
sectors
During
the
coming
year
the
economy
will
continue
to
be
affected
by
events
and
changes
in
policy
at
home
and
abroad
that
arc
difficult
if
not
impossible
to
foresee
With
this
im
important
¬
portant
proviso
in
mind
there
is
good
reason
to
approach
the
new
year
with
confidence
Trends
within
the
economy
may
be
more
varied
and
increases
in
output
more
moderate
than
in
1964
but
in
general
economic
conditions
should
continue
to
be
favourable
Saving
and
Investment
in
the
Canadian
Economy
There
has
recently
been
a
good
deal
of
discussion
in
Canada
about
the
extent
to
which
Canadians
are
themselves
providing
the
necessary
financing
for
their
economic
development
The
largest
single
source
of
savings
and
hence
of
investment
funds
is
from
the
retained
earnings
and
depreciation
allow
allowances
¬
ances
of
corporations
The
most
important
use
of
such
savings
is
to
finance
additional
real
investment
in
Canada
covering
new
construction
new
machinery
and
equipment
including
mining
equipment
and
drilling
costs
The
second
major
source
of
investment
funds
is
personal
savings
The
savings
derived
from
the
business
and
personal
sectors
of
our
economy
would
normally
be
more
than
adequate
to
finance
the
real
investment
required
by
the
private
sector
This
how
however
¬
ever
is
not
the
whole
story
since
the
various
levels
of
govern
government
¬
ment
also
draw
heavily
on
the
savings
of
the
community
and
the
net
borrowings
of
the
government
sector
have
the
effect
of
reducing
the
amount
of
savings
available
for
investment
in
the
private
sector
of
the
economy
The
extent
to
which
the
volume
of
domestic
savings
falls
short
of
the
achieved
level
of
invest
investment
¬
ment
both
private
and
public
is
also
the
measure
of
our
net
import
of
foreign
capital
If
the
problem
is
examined
in
these
more
fundamental
terms
there
are
two
courses
of
action
each
of
which
could
help
to
reduce
the
gap
between
the
actual
volume
of
domestic
savings
and
the
volume
required
to
meet
the
demands
in
Canada
for
private
and
public
investment
The
first
approach
is
to
try
to
encourage
a
greater
flow
of
domestic
savings
in
this
connection
taxation
policies
are
obviously
of
great
importance
The
second
is
to
reduce
the
net
diversion
of
investment
funds
to
all
levels
of
government
leaving
a
larger
portion
of
present
savings
available
for
produc
productive
¬
tive
employment
in
the
private
sector
Canada
Pension
Plan
The
Canada
Pension
Plan
now
before
Parliament
will
have
an
important
influence
on
the
flow
of
savings
and
the
pattern
of
investment
It
is
important
to
consider
what
the
impact
of
the
plan
will
be
on
the
availability
of
investment
funds
for
use
in
the
private
sector
of
the
economy
as
well
as
its
effect
on
the
over
all
rate
of
growth
in
Canadian
productive
capacity
Much
will
depend
on
the
ways
in
which
the
funds
are
used
by
the
responsible
government
authorities
and
on
whether
the
availa
availability
¬
bility
of
these
funds
tends
to
encourage
increased
government
expenditures
Another
aspect
of
the
problem
is
the
way
in
which
savings
are
mobilized
and
made
available
to
those
requiring
them
to
finance
economic
activity
As
already
indicated
business
enter
enterprise
¬
prise
may
use
its
own
savings
directly
for
investment
purposes
but
its
ability
to
do
so
frequently
depends
on
the
availability
of
working
capital
loans
from
the
chartered
banks
Insurance
companies
and
pension
funds
also
play
a
very
important
role
in
the
process
of
gathering
together
savings
and
making
them
available
in
an
economical
and
effective
way
for
a
wide
range
of
economic
activities
An
important
factor
is
that
these
institu
institutions
¬
tions
operate
through
a
market
process
so
that
borrowers
whether
private
or
governmental
have
to
compete
for
funds
on
a
price
basis
and
lenders
obtain
a
return
which
corresponds
to
the
value
placed
on
their
funds
in
a
free
market
Role
of
Chartered
Banks
The
chartered
banks
of
course
have
a
crucial
part
to
play
in
the
whole
operation
of
the
capital
markets
As
a
major
deposi
depository
¬
tory
of
the
savings
of
the
community
they
are
also
a
major
source
of
financing
for
business
personal
and
governmental
operations
The
funds
entrusted
to
the
banking
system
whether
as
savings
deposits
demand
deposits
or
other
types
of
liabilities
are
in
no
sense
idle
funds
They
are
constantly
at
work
in
the
form
of
loans
and
investments
in
every
branch
of
economic
activity
in
Canada
The
Chief
General
Manager
has
dealt
with
two
of
the
major
restrictions
in
the
present
Bank
Act
which
inhibit
the
employ
employment
¬
ment
of
bank
funds
The
ceiling
on
lending
rates
and
the
prohibition
against
taking
conventional
mortgage
security
serve
only
to
reduce
the
availability
and
increase
the
cost
of
credit
in
certain
important
areas
of
financing
The
removal
of
these
arbitrary
limitations
would
mean
that
the
funds
en
entrusted
¬
trusted
to
chartered
banks
could
be
used
even
more
broadly
and
more
effectively
in
ways
which
could
provide
an
added
stimulus
to
the
Canadian
economy
William
M
Currie
Chief
General
Manager
reviewed
the
balance
sheet
highlights
of
which
are
summarized
The
Banks
98th
Annual
Statement
reflects
a
growth
in
assets
of
approximately
255000000
to
a
total
and
new
peak
of
over
5500000000
The
pace
of
the
economy
was
reflected
not
only
by
an
increase
of
188000000
in
total
deposits
but
also
by
an
increase
of
286000000
in
commercial
and
other
loans
Deposits
with
other
banks
increased
by
24000000
Govern
Government
¬
ment
of
Canada
direct
and
guaranteed
securities
were
reduced
by
78000000
and
call
and
short
loans
to
investment
dealers
and
brokers
were
lower
by
47000000
The
liquid
position
of
the
Bank
continues
to
be
strong
with
quick
assets
at
2560000000
equal
to
4899
per
cent
of
the
Banks
total
liabilities
to
the
public
The
growth
in
commercial
and
other
loans
of
almost
14
per
CANADIAN
IMPERIAL
BANK
OF
COMMERCE
Over
1300
branches
to
serve
you
cent
was
widely
spread
over
the
full
range
of
the
Banks
lending
business
Bank
Premises
shows
a
net
increase
of
83600000
after
depre
depreciation
¬
ciation
t
During
the
year
62
branches
were
opened
and
1
1
closed
to
bring
the
total
number
of
branches
and
banking
offices
to
1334
of
which
1
302
were
located
in
Canada
and
32
abroad
Total
deposits
up
S
1
88000000
to
497
1
000000
reflect
an
increase
of
123000000
or
56
per
cent
in
personal
savings
deposits
and
a
substantial
increase
in
the
total
number
of
sav
savings
¬
ings
bank
depositors
Other
deposits
increased
by
S
1
1
0000000
included
arc
other
Canadian
deposits
on
demand
and
payable
after
notice
and
deposits
in
foreign
currencies
Throughout
the
Bank
there
were
gratifying
increases
in
the
total
number
of
current
and
personal
chequing
account
customers
during
the
year
Turning
to
the
statement
of
undivided
profits
the
net
profit
of
21
402602
represents
an
improvement
of
1
01
7543
over
last
year
Earnings
per
share
were
307
as
compared
with
S293
in
1963
Total
dividends
of
15678000
were
paid
at
the
rate
of
225
per
share
leaving
5724602
which
together
with
the
balance
of
2364265
in
undivided
profits
carried
forward
from
1963
made
up
a
total
of
8038867
from
which
S5000000
was
transferred
to
Rest
Account
The
balance
of
S3088867
was
carried
forward
to
the
1965
fiscal
year
Paid
up
Capital
Rest
Account
and
undivided
profits
totalled
277768867
and
the
Banks
shareholders
increased
by
1282
to
27098
Growth
in
loans
and
deposits
is
perhaps
the
best
evidence
of
the
part
played
by
the
Bank
in
meeting
the
credit
requirements
of
Canadians
in
every
walk
of
life
The
chartered
bankingsystem
could
finance
a
much
wider
range
of
Canadian
needs
Two
of
the
restrictions
imposed
by
the
Canadian
Bank
Act
the
six
per
cent
ceiling
on
loan
interest
and
the
prohibition
against
loans
secured
by
conventional
mortgages
prevent
the
banks
from
competing
with
other
lending
organizations
whose
rates
would
be
lower
if
faced
with
chartered
bank
competition
Large
seg
segments
¬
ments
of
the
public
thus
are
forced
to
pay
higher
rates
than
they
would
if
the
banks
were
permitted
to
compete
in
these
fields
During
the
past
two
years
data
processing
centres
were
opened
in
Montreal
and
Vancouver
and
this
year
a
second
com
computer
¬
puter
has
been
added
to
the
Toronto
centre
Presently
the
book
bookkeeping
¬
keeping
of
over
200
branches
in
these
three
centres
is
largely
done
by
this
electronic
equipment
and
the
number
of
branches
within
the
system
is
steadily
increasing
Cheques
processed
in
the
Toronto
centre
alone
have
been
increasing
at
a
rate
of
1
0
per
cent
per
annum
and
the
annual
volume
is
now
in
excess
of
100
million
individual
cheques
Modern
electronic
data
processing
eliminates
much
of
the
tedious
bank
work
and
releases
person
personnel
¬
nel
for
more
challenging
and
constructive
work
Important
as
these
installations
are
Canadas
need
for
wide
and
diversified
financial
services
extends
to
the
smallest
hamlet
In
most
cases
chartered
banks
including
many
of
this
Banks
1300
Canadian
branches
provide
the
only
financial
services
available
at
such
points
bringing
to
them
every
facility
avail
available
¬
able
in
the
largest
metropolitan
centre
Such
services
are
costly
to
maintain
and
reasonable
charges
for
the
many
services
performed
are
justified
The
banking
system
provides
these
services
at
uniform
cost
regardless
of
location
or
the
volume
of
business
handled
at
individual
branches
As
an
example
customers
depositing
cheques
drawn
on
other
banking
points
receive
immediate
credit
and
can
use
the
funds
immediately
as
though
they
had
been
borrowed
for
the
time
being
notwithstanding
that
the
negotiating
branch
bank
does
not
receive
settlement
at
one
of
the
central
clearing
points
until
some
time
later
The
organization
required
to
perform
the
clearing
function
is
a
complex
and
costly
one
which
carries
on
around
the
clock
Opportunities
for
rapid
promotion
in
a
satisfying
career
in
the
Bank
are
offered
to
ambitious
individuals
While
planned
on-the-job
training
is
the
primary
means
of
equipping
person
personnel
¬
nel
with
basic
knowledge
and
special
skills
there
are
in
addi
addition
¬
tion
widespread
training
facilities
designed
to
assist
officers
of
both
sexes
to
equip
themselves
for
increased
responsibilities
A
Staff
College
in
Toronto
and
Career
Centres
in
four
major
centres
across
the
country
provide
instruction
in
a
wide
range
of
subjects
Men
and
women
are
encouraged
to
participate
in
the
Fellows
Course
in
banking
and
scholarships
awarded
annually
present
an
opportunity
to
acquire
a
full
university
education
Officers
of
the
Bank
regularly
attend
executive
development
programs
at
Canadian
and
other
universities
In
recent
years
an
increasing
number
of
the
women
have
been
promoted
to
senior
positions
and
every
encouragement
is
given
them
to
advance
to
positions
of
senior
responsibility
The
progress
of
the
Bank
during
the
year
could
only
have
been
accomplished
by
men
and
women
confident
of
their
role
in
our
future
progress
devoted
to
the
ideals
and
objectives
of
the
Bank
and
willing
to
put
forth
a
full
measure
of
thoughtful
effort
To
all
members
of
the
personnel
I
extend
the
thanks
of
General
Management
and
our
compliments
on
a
job
well
done
The
full
text
of
the
Presidents
end
the
Chief
General
Managers
addresses
may
be
obtained
by
writing
to
the
Secretary
Head
Office
Toronto
ANNUAL
STATEMENT
HIGHLIGHTS
YEAR
ENDED
OCTOBER
31
1964
ASSETS
Cash
Resources
including
items
in
transit
742717099
Government
and
Other
Securities
1464902525
Call
Loans
352297155
Total
Quick
Assets
2559916779
Loans
and
Discounts
2401001757
Mortgages
and
Hypothecs
Insured
under
the
NHA
1954
207784038
Customers
Liability
under
Acceptances
Guarantees
and
Letters
of
Credit
as
per
contra
235695194
Bank
Premises
71092743
Other
Assets
27904045
Total
Assets
5503394554
LIABILITIES
Deposits
4970723634
Acceptances
Guarantees
and
Letters
of
Credit
235695194
Other
Liabilities
19206859
Shareholders
Equity
Capital
Paid
Up
69680000
Rest
Account
205000000
Undivided
Profits
3088687
277768867
Total
Liabilities
5503394554
STATEMENT
OF
UNDIVIDED
PROFITS
Profit
after
income
taxes
21402602
Dividends
15678000
Amount
carried
forward
5724602
Balance
of
undivided
profits
October
31
1963
2364265
9
8088867
Transferred
to
rest
account
5000000
Balance
of
undivided
profits
October
31
1964
30888C7
Total
provision
for
income
taxes
21270000
95