New-York tribune., 1920-12-23

The 103 Annual Meeting Of the
Bank of Montreal was featured by
special addresses on the industrial
and banking situation in the Domin-
ion of Canada.
Sir Vincent Meredith Bart, the
President, in his address, reviewed
the commercial conditions and the
manner in which Canada is affected
by the worldwide conditions. Sir
Vincent took the view that Canada
is we'll buttressed on many sides, and
that the exercise of prudence and
sagacity should enable her to meet
the shock of falling prices, restricted
credits and debated currency, with
out serious impairment Of her COM
mercial and financial vitality.
Sir Frederick liamsTaylor, the
General Manager, in his address,
dealt with the principal banking de-
velopments of the year, and reviewed
the credit situation in the country.
Presidents Address
Sir Vincent Meredith, the Presi-
dent, in his address to shareholders,
said in part
The year just closed has been a
difficult one for bankers, but the
progress we have made and the re-
suits we are able to show will, I
feel sure, prove satisfactory TO our
shareholders.
"An overwhelming demand for
credit has taxed resources to the ut
most. Following a period of excess
sive prices and inflated currencies
characteristic Of war times, the
country is now in the midst of the
process Of readjustment. 1t has
been difficult to make producers,
merchants and others carrying
heavy stocks, who have grown accus-
toned to high prices, accept the in
evitable by recognizing the fact that
it is futile to attempt to overcome
natural laws and to realize that eco
nomic conditions which no artificial
means can alter alone are the cause
of price decline. The demand for in
tervention through Government con-
tlol is still insistent in some quar-
ters. Canada alone cannot control
worldwide conditions, and it is idle
to turn to the Government for relief
from falling prices. This applies to
wheat as we'll as to other commodi-
ties.
Development of Foreign Trade
"The necessity for financing for
eign trade has come very closely
home, and pending an international
working scheme, feel it would be
we'll for Canada to move locally. I
am still of the opinion that corpo-
ration to foster foreign trade so as
to keep our factories busy and give
employment to labor is desirable and
sooner or later must be launched. If
export trade can be revived, it will
solve many Of our difficulties.
Import Restrictions on Securities
"The action of the Minister of
Finance in calling upon all dealers
to refrain for the present from pur-
chasing Canadian securities held
abroad, for the purpose of conserv-
ing the country's resources, has met
with criticism abroad as we'll as
from some quarters at home. New
ertheless, the Minister, in view of
the enormous trade balance against
Canada, has wisely pursued the pol
ity decided upon.
Government Owned Railways
Canada to-day has a very large
National Railway System which is
being operated at a heavy loss,
thereby increasing the load on an
already heavily tax-burdened coun-
try. Sooner or later some means
must be found to relieve this situa-
ton. Some confidently believe that
by proper public administration of
the lines, deficits can be cut down.
Ny own view is that the proper solu-
tion will be found if the Government,
at the earliest feasible time, divests
itself of ownership and operation of
the roads and places them under
corporate control upon terms fair to
the country and upon conditions that
will ensure the service for which the
construction Of the lines was under
taken.
Resume
"To sum up, the situation in Can
ada at, present as I view IT, is that