The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-12-21

The 1O3rd Annual Meeting Of the
Bank of Montreal was featured by
special addresses on the industrial and
banking situation in the Dominion Of
Canada.
Sir Vincent Meredith Bart, the Presi-
dent. in his address, reviewed the COM
mercial conditions and the manner in
which Canada is affected by the world
wide conditions. Sir Vincent took the
view that Canada is well 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,
without serious Impairment of her COM
merctal and financial vitality.
Sir Frederick Williams-Taylor the
General Manager, in his address. dealt
with the principal banking develop
ments of the year and reviewed the
credit situation In the country.
Presidents Address.
Sir Vincent Meredith, the President.
in his address 70 shareholders, said in
The year just closed has been a
difficult one for bankers. but the prog
ress we have made and the results we
are. able TO show will. feel sure. prove
satisfactory to our shareholders.
IAN overwhelming demand for credit
has taxed resources to the utmost. Fol-
lowing a period OF excessive prices and
inflated currencies characteristic Of war
times, the country is now in the midst
OF the process Of readjustment. Ii has
been difficult TO make producers, mer-
chants and others carrying heavy
stocks. who have grown accustomed
recognizing the fact that IL is futile
TO attempt to overcome natural laws and
10 realize that economic conditions
which no artificial means can. alter.
HA 4wta4 IL 1ava..
The demand for intervention through
Government control Is still lnsistent In
some quarters. Canada alone cannot
control worldwide conditions and 1t is
IDLE TO turn TO the Government for re-
lief from falling prices. This applies
70 wheat as well as to other commodi-
ties.
Development OF Foreign Trade.
The necessity for financing foreign
trade has come very closely home and
pending an international working
scheme. l feel II would be well for
Canada to move locally. 1 am still OF
The opinion that a corporation to :oStsr
foreign trade so as 10 Keep our fac
tories busy and give employment to
labor is desirable and sooner or later
must be launched. IL export trade eau
be revived, II will solve many OF our
difficulties
Import Restrictions on Securities.
THE action OF the Minister Of Finance
IN calling upon al! dealers 20 refrain for
the present from purchasing Canadian
securities held abroad, for the purpose
of conserving the country's resources.
has met with criticism abroad as well
"a from some quarters at home. Never
theless. the Minister. In view of the
enormous trade balance against Canada
has wisely pursued the policy decided
upon.
Government Owned Railways.
Canada to-day has very large
National Railway System which is being
operated at a heavy loss, thereby in
creasing the load on an already heavily
fax-burdened country Sooner or later
some means must be found 70 relieve
this situation. Some confidently believe
that by proper public administration of
the lines deficits can be cut down. My
own view Is that the proper solution will
be found II the Government at the
earliest feasible time. divests itself OF
ownership and operation OF the roads
and places them under corporate con-
troll upon terms fair 10 the country and
upon conditions that will ensure the SER
vice for which the construction Of the
lines was undertaken.