New-York tribune., 1919-12-13

The annual meeting of the Bank OF
yontreal this year proved of very spe-
s;sl interest, owing to the important
mstters dealt with in the addresses of
S;r Vincent Meredith, Bart, President,
sni Sir Frederick Williams -Tay ior,
General Manager.
During the past year Canada. along
9TH the rest of the world. has been
,sssing through very exceptional con-
ditions, and it is generally recognized
hat there are very many problems
siead that viii have to be carefully
uorked out Many Of these problems
are not confined entirely to Canada.
IS they relate to the exchange situa-
.;on between this country and the
United States.
There is also the difficult problem of
souitable taxation, which must be
worked out in Canada. and Sir Vincent
referred to the handicaps suffered by
Canada as result of the business
nroft tax and made the recommended
ion that taxation should be placed on
all classes Of the community who have
he ability to pay.
Sir Frederick Williams Taylor made
an interesting statement in connec-
tlou WIFI VIC poitSy 1o.loWcu Uy OdHh-
srs during the war period, showing
that there had been absolutely no profit
eering whatever by the banks of
Canada, for the price of money had
not been raised, and that alone of all
commodities the cost to the borrower
Of loanable funds of the banking in
stitutions of this country remains un-
changed. Sir Frederick also dealt par
tjcularlv with the position of the Bank
of Montreal. and stated that it had
never been in a healthier state than
at present, and on this account was we'll
prenared to meet any conditions and
CONTINGENCIES that might arise.
~ Sir Vincent Meredith, in his ad-
aress to shareholders, said in part:
Foreign Trade Well Maintained
The foreign trade of the Dominion
has been we'll maintained and the out
Iook gives no cause for apprehension
Of an early recession. The latest
available figures. those of the seven
months ending October 31st, show
IMPORTS to have been S543 $40, 600 and
exports S6S8S90.000. AS compared
with the corres sponding period last
year, there was decline of $16,400,-
goo in imports and of $31 200 600 in
tHpO.to, q ieAdClNety iiSiS Qc-
crease, while the favorable balance of
The price index of commodities not
having materially varied during the
periods under review, the deduction
may be made that the volume Of our
ioreign commerce has not greatly
changed, although the figures of par
tcular products have fuctuated con-
sderably. Thus. the export of food
stuifs was larger III value by $114,-
100000 this year than last in the
seven months, and the export of wood
and wood products, including paper.
S25S00 600 larger. On the other hand
miscellaneous exports, which include
munitions, show a decrease of Sl4l,-
10000.
Immigration and Production
There are three indispensable factors
10 the upbuilding of Canada-immigra-
ton, production and exports. lmmi-
grafton during the last five years has
been negligible owing to the war.
In my judgment, it is of vital i'm
portance that our unoccupied areas be
settled and made productive with as
lnucn rapdlty as possible, the future
prosperity of the country and ability
~ A4OSN oNi QtbtS SSfS UtP' nun :,
on increased production. 1t is believed
that nations Will not war again in this
generation, and the objection 10 the in
coming Of aiien people is in conse-
quence mitigated. The combing should
not. therefore, be made too fine.
There arises the question of methods
Of taxation, which may require read
.nstment to meet postwar conditions.
Trade is being hampered by 4 some
what penalizing excess business profit
tax, and unless this impost is speedily
reduced or abandoned altogether we
cannot meet uno ncum bered competition
on equal terms. Furthermore. enter
PRISE and expansion are stiAcd and
foreign establishments deferred from
entering TIE Canadian industrial field.
taxation should be So distributed that
=, Will not have the effect of making
ms country too dear to live in and
hereby divert intending residents to
other countries.