The New York herald., 1921-12-23
MEETINGS.
Bank Of Montreal
Annual General Meeting
Canada's Principal Problems and How They
Can Be Overcome.

following the recent upheaval in
Europe. but 7 think Canada has an
exceptional opportunity of filling up
her waste spaces if a vigorous. sus-
tanned immigration policy is set In
motion. We need people upon the
land--the cities will take care OF them
selves. Now that the United states
has restricted the inflow into that
country, now that Great Britain has
awakened to the advantage of direct
ing her emigrants to outer parts OF
the Empire, the time seems opportune
for Canadian agencies of all kinds to
exhaust every effort to turn the
stream to our shores. so that our
vast uncultivated arabic territory may
be populated and made productive
General Managers Address.
Sir Frederick Taylor. the
General Manager, in his address to
the shareholders, referred more par
ticularly to the affairs Of the Bank
and the manner in which the various
developments of the year had been
met. OF special interest was the an
nouncement regarding the unusuai
banking conditions which had pre-
vailed during the past year ana IN
this connection Sir Frederick said
Inevitably, losses brought about
through the unprecedented drop in
the price of commodities and the
heavy decline in the market vaiue OF
securities have in many instances
fallen indirectly upon the banks.
"More money has been lost by for-
eign banking institutions operating IN
certain directions abroad than ever
before in q similar period IN any
country. q,
II think it may be asserted thas IN
Canada banks generally have peen
,noro fortunate when compared with
those of other countries, and whlie
doubtless all Canadian, banks nave
lost money in loan accounts tnat
have gone bad during the past year
no disaster has developed"
Reviewing the general conditions
in the country, Sir Frederick pointed
out the necessity Of paying the PEN
atty Of having mortgaged our future
in the building of superhuous rail-
ways and In other extravagances'
Summing up the situation in this re-
gard, Sir Frederick said in part
"As regards the outlook in Canada
and the prospect as affecting Cana
dian business generally. l have nc
desire to Join the list Of oracles who
predict the date when normal con-
ditions will be restored. For one
thing, values are out of joint Our
main dependence is on our natural
resources, and at present the purchas-
ing power Of the products thereof
is at the lowest level reached for
several years past. On the other
hand we still have with us high
prices in other directions. while retail
prices generally are conspicuously out
Of line.
"It is all very well to talk about
our vast resources, but we as a
people have pledged those resources
and wasted our substance to an ex-
tent only now being realized. Evi-
dence of this is, first, in the great
sum of nearly two hundred million
dollars annually sent abroad to meet
the interest on our debts; and, second,
that our dollar is at serious discount
in the United States, with which coun-
try we trade so heavily.
'"The Canadian resources that re-
main intact are the manhood Of the
Dominion and the industry and am
bition OF our citizens. In these re-
spects Canada is still rich, and, hav-
ing learned our lesson from that in
exorable teacher, stern experience, we
shall emerge from our difficulties in
time a wiser nation and then pro-
ceed to the full development of o
great inheritance on q sound and
sure basis, turning the experience
of the past to the advantage OF the
future"